<SEC-DOCUMENT>0000814052-25-000036.txt : 20250227
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<ACCEPTANCE-DATETIME>20250227140227
ACCESSION NUMBER:		0000814052-25-000036
CONFORMED SUBMISSION TYPE:	20-F
PUBLIC DOCUMENT COUNT:		330
CONFORMED PERIOD OF REPORT:	20241231
FILED AS OF DATE:		20250227
DATE AS OF CHANGE:		20250227

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			TELEFONICA S A
		CENTRAL INDEX KEY:			0000814052
		STANDARD INDUSTRIAL CLASSIFICATION:	TELEPHONE COMMUNICATIONS (NO RADIO TELEPHONE) [4813]
		ORGANIZATION NAME:           	06 Technology
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			U3
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		20-F
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-09531
		FILM NUMBER:		25677126

	BUSINESS ADDRESS:	
		STREET 1:		GRAN VIA 28
		CITY:			28013 MADRID
		STATE:			U3
		ZIP:			00000
		BUSINESS PHONE:		00 34 91 584 0640

	MAIL ADDRESS:	
		STREET 1:		GRAN VIA 28
		CITY:			28013 MADRID
		STATE:			U3
		ZIP:			00000

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	NATIONAL TELEPHONE COMPANY OF SPAIN
		DATE OF NAME CHANGE:	19880708
</SEC-HEADER>
<DOCUMENT>
<TYPE>20-F
<SEQUENCE>1
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<DESCRIPTION>20-F
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scheme="http://www.sec.gov/CIK">0000814052</xbrli:identifier><xbrli:segment><xbrldi:explicitMember dimension="ifrs-full:MaturityAxis">tef:Expiringin2026Member</xbrldi:explicitMember><xbrldi:explicitMember dimension="ifrs-full:GeographicalAreasAxis">country:VE</xbrldi:explicitMember></xbrli:segment></xbrli:entity><xbrli:period><xbrli:startDate>2024-01-01</xbrli:startDate><xbrli:endDate>2024-12-31</xbrli:endDate></xbrli:period></xbrli:context></ix:resources></ix:header></div><div id="i63478826478c4e0dbabc502413383f6b_1"></div><div style="min-height:31.5pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><div style="text-align:center"><span><br/></span></div><div style="text-align:center"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">As filed with the Securities and Exchange Commission on February 27, 2025</span><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"/><td style="width:98.900%"/><td style="width:0.1%"/></tr><tr style="height:3pt"><td colspan="3" style="border-bottom:1pt solid #000000;border-top:2pt solid #000000;padding:0 1pt"/></tr></table></div><div style="margin-top:3pt;text-align:center"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:14pt;font-weight:700;line-height:115%">UNITED STATES</span></div><div style="text-align:center"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:14pt;font-weight:700;line-height:115%">SECURITIES AND EXCHANGE COMMISSION</span></div><div style="margin-top:1pt;text-align:center"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">____________________________________</span></div><div style="text-align:center"><span><br/></span></div><div style="text-align:center"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:14pt;font-weight:700;line-height:100%">Washington, D.C. 20549</span></div><div style="margin-top:1pt;text-align:center"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">____________________________________</span></div><div style="text-align:center"><span><br/></span></div><div style="text-align:center"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:14pt;font-weight:700;line-height:100%">FORM <ix:nonNumeric contextRef="c-1" name="dei:DocumentType" id="f-1">20-F</ix:nonNumeric> </span></div><div style="padding-left:18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">(Mark One)</span></div><div style="padding-left:31.5pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:96.774%"><tr><td style="width:1.0%"/><td style="width:8.205%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:89.595%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:middle"><span style="color:#000000;font-family:'Wingdings',sans-serif;font-size:12pt;font-weight:400;line-height:100%"><ix:nonNumeric contextRef="c-1" name="dei:DocumentRegistrationStatement" format="ixt:fixed-false" id="f-2">o</ix:nonNumeric></span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) 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style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%"><ix:nonNumeric contextRef="c-2" name="dei:EntityAddressAddressLine1" id="f-18">Distrito Telef&#243;nica</ix:nonNumeric>, <ix:nonNumeric contextRef="c-2" name="dei:EntityAddressAddressLine2" id="f-19">Ronda de la Comunicaci&#243;n</ix:nonNumeric>, <ix:nonNumeric contextRef="c-2" name="dei:EntityAddressAddressLine3" id="f-20">s/n</ix:nonNumeric>, <ix:nonNumeric contextRef="c-2" name="dei:EntityAddressPostalZipCode" id="f-21">28050</ix:nonNumeric> <ix:nonNumeric contextRef="c-2" name="dei:EntityAddressCityOrTown" id="f-22">Madrid</ix:nonNumeric>, <ix:nonNumeric contextRef="c-2" name="dei:EntityAddressCountry" format="ixt-sec:countrynameen" id="f-23">Spain</ix:nonNumeric></span></div><div style="margin-bottom:9pt;text-align:center"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Tel. +34 <ix:nonNumeric contextRef="c-2" name="dei:CityAreaCode" id="f-24">91</ix:nonNumeric> <ix:nonNumeric contextRef="c-2" name="dei:LocalPhoneNumber" id="f-25">482 3733</ix:nonNumeric>, Fax. <ix:nonNumeric contextRef="c-2" name="dei:ContactPersonnelFaxNumber" id="f-26">+34 91 482 3817</ix:nonNumeric>, e-mail: <ix:nonNumeric contextRef="c-2" name="dei:ContactPersonnelEmailAddress" id="f-27">amv@telefonica.com</ix:nonNumeric></span></div><div style="margin-top:9pt;text-align:center"><span><br/></span></div><div style="margin-top:9pt;text-align:center"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%"><ix:nonNumeric contextRef="c-3" name="dei:ContactPersonnelName" id="f-28">Adri&#225;n Zunzunegui Ruano</ix:nonNumeric>, Head of Investor Relations</span></div><div style="text-align:center"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%"><ix:nonNumeric contextRef="c-3" name="dei:EntityAddressAddressLine1" id="f-29">Distrito Telef&#243;nica</ix:nonNumeric>, <ix:nonNumeric contextRef="c-3" name="dei:EntityAddressAddressLine2" id="f-30">Ronda de la Comunicaci&#243;n</ix:nonNumeric>, <ix:nonNumeric contextRef="c-3" name="dei:EntityAddressAddressLine3" id="f-31">s/n</ix:nonNumeric>, <ix:nonNumeric contextRef="c-3" name="dei:EntityAddressPostalZipCode" id="f-32">28050</ix:nonNumeric> <ix:nonNumeric contextRef="c-3" name="dei:EntityAddressCityOrTown" id="f-33">Madrid</ix:nonNumeric>, <ix:nonNumeric contextRef="c-3" name="dei:EntityAddressCountry" format="ixt-sec:countrynameen" id="f-34">Spain</ix:nonNumeric></span></div><div style="text-align:center"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Tel. +34 <ix:nonNumeric contextRef="c-3" name="dei:CityAreaCode" id="f-35">91</ix:nonNumeric> <ix:nonNumeric contextRef="c-3" name="dei:LocalPhoneNumber" id="f-36">482 8700</ix:nonNumeric>, Fax. <ix:nonNumeric contextRef="c-3" name="dei:ContactPersonnelFaxNumber" id="f-37">+34 91 482 8600</ix:nonNumeric>, e-mail: <ix:nonNumeric contextRef="c-3" name="dei:ContactPersonnelEmailAddress" id="f-38">ir@telefonica.com</ix:nonNumeric></span></div><div style="margin-bottom:3pt;text-align:center"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(Name, Telephone, E-mail and/or Facsimile number and Address of Company Contact Person)</span></div><div style="margin-top:1pt;text-align:center"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">____________________________________</span></div><div style="height:4.5pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><span><br/></span></div></div></div><hr style="page-break-after:always"/><div style="min-height:31.5pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><div style="margin-top:3pt;text-align:center"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Securities registered or to be registered pursuant to Section 12(b) of the Act:</span><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:92.338%"><tr><td style="width:1.0%"/><td style="width:59.889%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:10.981%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:25.830%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Title of each class</span></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Trading Symbols</span></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Name of each exchange on which registered</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%"><ix:nonNumeric contextRef="c-4" name="dei:Security12bTitle" id="f-39">Ordinary Shares, nominal value 1.00 euro per share</ix:nonNumeric>*</span></div><div style="text-align:center"><span><br/></span></div></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">TEF*</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%"><ix:nonNumeric contextRef="c-4" name="dei:SecurityExchangeName" format="ixt-sec:exchnameen" id="f-40">New York Stock Exchange</ix:nonNumeric>*</span></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%"><ix:nonNumeric contextRef="c-5" name="dei:Security12bTitle" id="f-41">American Depositary Shares, each representing one<br/>Ordinary Share</ix:nonNumeric><br/></span></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%"><ix:nonNumeric contextRef="c-5" name="dei:TradingSymbol" id="f-42">TEF</ix:nonNumeric></span></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%"><ix:nonNumeric contextRef="c-5" name="dei:SecurityExchangeName" format="ixt-sec:exchnameen" id="f-43">New York Stock Exchange</ix:nonNumeric></span></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">&#160;Guarantee ** by Telef&#243;nica, S.A. of the following, each of Telef&#243;nica Emisiones, S.A.U.</span></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="padding:0 1pt"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-style:italic;font-weight:400;line-height:100%">&#160;<ix:nonNumeric contextRef="c-6" name="dei:Security12bTitle" id="f-44">Fixed Rate Senior Notes Due 2027</ix:nonNumeric></span></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%"><ix:nonNumeric contextRef="c-6" name="dei:TradingSymbol" id="f-45">TEF/27</ix:nonNumeric> </span></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%"><ix:nonNumeric contextRef="c-6" name="dei:SecurityExchangeName" format="ixt-sec:exchnameen" id="f-46">New York Stock Exchange</ix:nonNumeric></span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-style:italic;font-weight:400;line-height:100%">&#160;<ix:nonNumeric contextRef="c-7" name="dei:Security12bTitle" id="f-47">Fixed Rate Senior Notes Due 2036</ix:nonNumeric></span></div></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%"><ix:nonNumeric contextRef="c-7" name="dei:TradingSymbol" id="f-48">TEF/36</ix:nonNumeric></span></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%"><ix:nonNumeric contextRef="c-7" name="dei:SecurityExchangeName" format="ixt-sec:exchnameen" id="f-49">New York Stock Exchange</ix:nonNumeric></span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-style:italic;font-weight:400;line-height:100%">&#160;<ix:nonNumeric contextRef="c-8" name="dei:Security12bTitle" id="f-50">Fixed Rate Senior Notes Due 2038</ix:nonNumeric></span></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%"><ix:nonNumeric contextRef="c-8" name="dei:TradingSymbol" id="f-51">TEF/38</ix:nonNumeric> </span></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%"><ix:nonNumeric contextRef="c-8" name="dei:SecurityExchangeName" format="ixt-sec:exchnameen" id="f-52">New York Stock Exchange</ix:nonNumeric></span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-style:italic;font-weight:400;line-height:100%">&#160;<ix:nonNumeric contextRef="c-9" name="dei:Security12bTitle" id="f-53">Fixed Rate Senior Notes Due 2047</ix:nonNumeric></span></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%"><ix:nonNumeric contextRef="c-9" name="dei:TradingSymbol" id="f-54">TEF/47</ix:nonNumeric></span></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%"><ix:nonNumeric contextRef="c-9" name="dei:SecurityExchangeName" format="ixt-sec:exchnameen" id="f-55">New York Stock Exchange</ix:nonNumeric></span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-style:italic;font-weight:400;line-height:100%">&#160;<ix:nonNumeric contextRef="c-10" name="dei:Security12bTitle" id="f-56">Fixed Rate Senior Notes Due 2048</ix:nonNumeric></span></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%"><ix:nonNumeric contextRef="c-10" name="dei:TradingSymbol" id="f-57">TEF/48</ix:nonNumeric> </span></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%"><ix:nonNumeric contextRef="c-10" name="dei:SecurityExchangeName" format="ixt-sec:exchnameen" id="f-58">New York Stock Exchange</ix:nonNumeric></span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-style:italic;font-weight:400;line-height:100%">&#160;<ix:nonNumeric contextRef="c-11" name="dei:Security12bTitle" id="f-59">Fixed Rate Senior Notes Due 2049</ix:nonNumeric></span></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%"><ix:nonNumeric contextRef="c-11" name="dei:TradingSymbol" id="f-60">TEF/49</ix:nonNumeric></span></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%"><ix:nonNumeric contextRef="c-11" name="dei:SecurityExchangeName" format="ixt-sec:exchnameen" id="f-61">New York Stock Exchange</ix:nonNumeric></span></td></tr></table></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:0.1%"/><td style="width:1.547%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:97.153%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">*</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Not for trading, but only in connection with the listing of American Depositary Shares, pursuant to the requirements of the New York Stock Exchange.</span></td></tr></table></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:0.1%"/><td style="width:2.353%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:96.347%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">**</span></td><td colspan="3" style="padding:2px 1pt;text-align:justify;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:100%">Not for trading, but only in connection with the listing of the Fixed Rate Senior Notes Due 2027; Fixed Rate Senior Notes Due 2036;  Fixed Rate Senior Notes Due 2038; Fixed Rate Senior Notes Due 2047; Fixed Rate Senior Notes Due 2048; and Fixed Rate Senior Notes Due 2049; each of Telef&#243;nica Emisiones, S.A.U.<br/></span></td></tr></table></div><div style="margin-top:3pt;text-align:center"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">____________________________________</span></div><div style="margin-top:6pt;text-align:center"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Securities registered or to be registered pursuant to Section 12(g) of the Act: </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">None</span></div><div style="text-align:center"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">____________________________________</span></div><div style="margin-top:6pt;text-align:center"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act: </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">None</span></div><div style="margin-top:1pt;text-align:center"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">____________________________________</span></div><div style="margin-top:3pt;text-align:center"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">The number of outstanding shares of each class of capital stock of Telef&#243;nica, S.A. at December&#160;31, 2024 was:</span></div><div style="margin-bottom:6pt;margin-top:6pt;text-align:center"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Ordinary Shares, nominal value 1.00 euro per shar</span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">e: <ix:nonFraction unitRef="shares" contextRef="c-12" decimals="INF" name="dei:EntityCommonStockSharesOutstanding" format="ixt:num-dot-decimal" scale="0" id="f-62">5,670,161,554</ix:nonFraction> </span></div><div style="margin-bottom:1.5pt;margin-top:1.5pt;text-align:center"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.</span><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"/><td style="width:48.900%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:48.900%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%"><ix:nonNumeric contextRef="c-1" name="dei:EntityWellKnownSeasonedIssuer" id="f-63">Yes</ix:nonNumeric> </span><span style="color:#000000;font-family:'Wingdings',sans-serif;font-size:10pt;font-weight:400;line-height:100%">x</span></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">No </span><span style="color:#000000;font-family:'Wingdings',sans-serif;font-size:10pt;font-weight:400;line-height:100%">o</span></div></td></tr></table></div><div style="margin-bottom:1.5pt;margin-top:1.5pt;text-align:center"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">If this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934.</span><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"/><td style="width:48.900%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:48.900%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Yes </span><span style="color:#000000;font-family:'Wingdings',sans-serif;font-size:10pt;font-weight:400;line-height:100%">o</span></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%"><ix:nonNumeric contextRef="c-1" name="dei:EntityVoluntaryFilers" id="f-64">No</ix:nonNumeric> </span><span style="color:#000000;font-family:'Wingdings',sans-serif;font-size:10pt;font-weight:400;line-height:100%">x</span></div></td></tr></table></div><div style="margin-bottom:1.5pt;margin-top:1.5pt;text-align:center"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.</span><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"/><td style="width:48.900%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:48.900%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%"><ix:nonNumeric contextRef="c-1" name="dei:EntityCurrentReportingStatus" id="f-65">Yes</ix:nonNumeric> </span><span style="color:#000000;font-family:'Wingdings',sans-serif;font-size:10pt;font-weight:400;line-height:100%">x</span></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">No </span><span style="color:#000000;font-family:'Wingdings',sans-serif;font-size:10pt;font-weight:400;line-height:100%">o</span></div></td></tr></table></div><div style="margin-bottom:1.5pt;margin-top:1.5pt;text-align:center"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (Section 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).</span><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"/><td style="width:48.900%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:48.900%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%"><ix:nonNumeric contextRef="c-1" name="dei:EntityInteractiveDataCurrent" id="f-66">Yes</ix:nonNumeric> </span><span style="color:#000000;font-family:'Wingdings',sans-serif;font-size:10pt;font-weight:400;line-height:100%">x</span></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">No </span><span style="color:#000000;font-family:'Wingdings',sans-serif;font-size:10pt;font-weight:400;line-height:100%">o</span></div></td></tr></table></div><div style="margin-bottom:1.5pt;margin-top:1.5pt;text-align:center"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or an emerging growth company. See the definitions of &#8220;large accelerated filer&#8221;, &#8220;accelerated filer&#8221; and &#8220;emerging growth company&#8221; in Rule 12b-2 of the Exchange Act (Check one):</span><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:87.231%"><tr><td style="width:1.0%"/><td style="width:24.169%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:18.006%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:22.320%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:31.105%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%"><ix:nonNumeric contextRef="c-1" name="dei:EntityFilerCategory" id="f-67">Large Accelerated Filer</ix:nonNumeric> </span><span style="color:#000000;font-family:'Wingdings',sans-serif;font-size:10pt;font-weight:400;line-height:100%">x</span></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Accelerated Filer </span><span style="color:#000000;font-family:'Wingdings',sans-serif;font-size:10pt;font-weight:400;line-height:100%">o</span></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Non-accelerated Filer </span><span style="color:#000000;font-family:'Wingdings',sans-serif;font-size:10pt;font-weight:400;line-height:100%">o</span></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Emerging growth company </span><span style="color:#000000;font-family:'Wingdings',sans-serif;font-size:10pt;font-weight:400;line-height:100%"><ix:nonNumeric contextRef="c-1" name="dei:EntityEmergingGrowthCompany" format="ixt:fixed-false" id="f-68">o</ix:nonNumeric></span></div></td></tr></table></div><div style="margin-bottom:1.5pt;margin-top:1.5pt;text-align:center"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13 (a) of the Exchange Act. </span><span style="color:#000000;font-family:'Wingdings',sans-serif;font-size:11pt;font-weight:400;line-height:120%">o</span></div><div style="margin-bottom:1.5pt;margin-top:1.5pt;text-align:center"><span><br/></span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:center"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The term &#8220;new or revised financial accounting standard&#8221; refers to any update issued by the Financial Accounting Standards Board to its Accounting Standards Codification after April 5, 2012</span></div><div style="height:4.5pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><span><br/></span></div></div></div><hr style="page-break-after:always"/><div style="min-height:31.5pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:center"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.  </span><span style="color:#000000;font-family:'Wingdings',sans-serif;font-size:11pt;font-weight:400;line-height:120%"><ix:nonNumeric contextRef="c-1" name="dei:IcfrAuditorAttestationFlag" format="ixt:fixed-true" id="f-69">x</ix:nonNumeric></span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:center"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. </span><span style="color:#000000;font-family:'Wingdings',sans-serif;font-size:11pt;font-weight:400;line-height:120%"><ix:nonNumeric contextRef="c-1" name="dei:DocumentFinStmtErrorCorrectionFlag" format="ixt:fixed-false" id="f-70">o</ix:nonNumeric></span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:center"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant's executive officers during the relevant recovery period pursuant to &#167;240.10D-1(b).  </span><span style="color:#000000;font-family:'Wingdings',sans-serif;font-size:11pt;font-weight:400;line-height:120%">o</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:center"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Indicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing:</span></div><div style="margin-bottom:1.5pt;margin-top:1.5pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"/><td style="width:7.905%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:89.895%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:center"><span style="color:#000000;font-family:'Wingdings',sans-serif;font-size:10pt;font-weight:400;line-height:100%">o</span></div><div style="text-align:center"><span><br/></span></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">U.S. GAAP</span></td></tr></table></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"/><td style="width:7.905%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:89.895%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:center"><span style="color:#000000;font-family:'Wingdings',sans-serif;font-size:10pt;font-weight:400;line-height:100%">x</span></div><div style="text-align:center"><span><br/></span></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%"><ix:nonNumeric contextRef="c-1" name="dei:DocumentAccountingStandard" id="f-71">International Financial Reporting Standards</ix:nonNumeric> as issued by the International Accounting Standards Board</span></div></td></tr></table></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"/><td style="width:7.905%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:89.895%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:center"><span style="color:#000000;font-family:'Wingdings',sans-serif;font-size:10pt;font-weight:400;line-height:100%">o</span></div><div style="text-align:center"><span><br/></span></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Other</span></td></tr></table></div><div style="text-align:center"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">If &#8220;Other&#8221; has been checked in response to the previous question, indicate by check mark which financial statement item the registrant has elected to follow.</span><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"/><td style="width:43.658%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:54.142%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#000000;font-family:'Wingdings',sans-serif;font-size:10pt;font-weight:400;line-height:100%">o</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Item 17</span></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#000000;font-family:'Wingdings',sans-serif;font-size:10pt;font-weight:400;line-height:100%">o</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Item 18</span></div></td></tr></table></div><div style="text-align:center"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).</span><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"/><td style="width:43.658%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:54.142%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Yes </span><span style="color:#000000;font-family:'Wingdings',sans-serif;font-size:10pt;font-weight:400;line-height:100%">o</span></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">No </span><span style="color:#000000;font-family:'Wingdings',sans-serif;font-size:11pt;font-weight:400;line-height:100%"><ix:nonNumeric contextRef="c-1" name="dei:EntityShellCompany" format="ixt:fixed-false" id="f-72">x</ix:nonNumeric></span></div></td></tr></table></div><div style="text-align:center"><span><br/></span></div><div style="height:4.5pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><span><br/></span></div></div></div><div id="i63478826478c4e0dbabc502413383f6b_7"></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div><span><br/></span></div></div><div style="text-align:center"><span><br/></span></div><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.853%"><tr><td style="width:1.0%"/><td style="width:89.090%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:8.710%"/><td style="width:0.1%"/></tr><tr><td colspan="6" style="padding:2px 1pt;text-align:center;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:14pt;font-weight:400;line-height:100%;text-decoration:underline">TABLE OF CONTENTS</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_10">CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS</a></span></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_10">7</a></span></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_13">CERTAIN TERMS AND CONVENTIONS</a></span></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_13">9</a></span></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_16">PRESENTATION OF CERTAIN FINANCIAL INFORMATION</a></span></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_16">13</a></span></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_19">PART I</a></span></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_19">14</a></span></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:11.25pt"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_22">Item 1. Identity of Directors, Senior Management and Advisors</a></span></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_22">14</a></span></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:24.75pt"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_25">A.&#160; Directors and Senior Management</a></span></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_25">14</a></span></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:24.75pt"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_28">B.&#160; Advisers</a></span></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_28">14</a></span></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:24.75pt"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_31">C. Auditors</a></span></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_31">14</a></span></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:11.25pt"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_34">Item 2.&#160; Offer Statistics and Expected Timetable</a></span></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_34">14</a></span></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:11.25pt"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_37">Item 3.&#160; Key Information</a></span></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_37">14</a></span></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:24.75pt"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_40">A.&#160; Selected Financial Data</a></span></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_40">14</a></span></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:24.75pt"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_43">B. Capitalization and Indebtedness</a></span></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_43">16</a></span></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:24.75pt"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_46">C. Reasons for the Offer and Use of Proceeds</a></span></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_46">16</a></span></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:24.75pt"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_49">D. Risk Factors</a></span></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_49">16</a></span></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:11.25pt"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_52">Item 4. Information on the Company</a></span></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_52">30</a></span></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:24.75pt"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_55">A. History and Development of the Company</a></span></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_55">31</a></span></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:24.75pt"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_58">B. Business Overview</a></span></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_58">43</a></span></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:24.75pt"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_73">C. Organizational Structure&#160;</a></span></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_73">83</a></span></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:24.75pt"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_76">D. Property, Plant and Equipment</a></span></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_76">83</a></span></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:11.25pt"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_79">Item 4A. Unresolved Staff Comments</a></span></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_79">86</a></span></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:11.25pt"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_82">Item 5. Operating and Financial Review and Prospects</a></span></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_82">86</a></span></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:24.75pt"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_85">A. Operating Results</a></span></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_85">86</a></span></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:24.75pt"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_88">B. Liquidity and Capital Resources</a></span></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_88">98</a></span></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:24.75pt"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_91">C. Research and Development, Patents and Licenses, etc.</a></span></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_91">102</a></span></div></td></tr></table></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">4</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.853%"><tr><td style="width:1.0%"/><td style="width:89.090%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:8.710%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:24.75pt"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_94">D. Trend Information</a></span></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_94">104</a></span></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:24.75pt"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_97">E. Critical Accounting Estimates</a></span></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_97">105</a></span></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:24.75pt"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_100">F. Non-GAAP Financial Information</a></span></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_100">105</a></span></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:11.25pt"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_103">Item 6. Directors, Senior Management and Employees</a></span></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_103">112</a></span></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:24.75pt"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_106">A. Directors and Senior Management</a></span></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_106">112</a></span></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:24.75pt"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_109">B. Compensation</a></span></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_109">121</a></span></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:24.75pt"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_112">C. Board Practices</a></span></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_112">122</a></span></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:24.75pt"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_115">D. Employees</a></span></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_115">122</a></span></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:24.75pt"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_118">E. Share Ownership</a></span></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_118">122</a></span></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:24.75pt"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_121">F. Disclosure of a Registrant's Action to Recover Erroneously Awarded Compensation</a></span></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_121">123</a></span></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:11.25pt"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_124">Item 7. Major Shareholders and Related Party Transactions</a></span></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_124">123</a></span></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:24.75pt"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_127">A. Major Shareholders</a></span></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_127">123</a></span></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:24.75pt"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_130">B. Related Party Transactions</a></span></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_130">123</a></span></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:24.75pt"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_133">C. Interests of Experts and Counsel</a></span></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_133">124</a></span></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:11.25pt"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_136">Item 8. Financial Information</a></span></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_136">124</a></span></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:11.25pt"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_139">Item 9. The Offering and Listing</a></span></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_139">136</a></span></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:24.75pt"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_142">A. Offer and Listing Details</a></span></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_142">136</a></span></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:24.75pt"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_145">B. Plan of Distribution</a></span></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_145">144</a></span></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:24.75pt"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_148">C. Markets</a></span></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_148">144</a></span></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:24.75pt"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_151">D. Selling Shareholders</a></span></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_151">144</a></span></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:24.75pt"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_154">E. Dilution</a></span></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_154">144</a></span></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:24.75pt"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_157">F. Expenses of the Issue</a></span></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_157">144</a></span></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:11.25pt"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_160">Item 10. Additional Information</a></span></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_160">144</a></span></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:24.75pt"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_163">A. Share Capital</a></span></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_163">144</a></span></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:24.75pt"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_166">B. Memorandum and Articles of Association</a></span></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_166">144</a></span></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:24.75pt"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_169">C. Material Contracts</a></span></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_169">157</a></span></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:24.75pt"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_172">D. Exchange Controls</a></span></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_172">163</a></span></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:24.75pt"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_175">E. Taxation</a></span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%"> </span></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_175">164</a></span></div></td></tr></table></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">5</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.853%"><tr><td style="width:1.0%"/><td style="width:89.090%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:8.710%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:24.75pt"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_178">F. Dividends and Paying Agents</a></span></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_178">168</a></span></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:24.75pt"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_181">G. Statements by Experts</a></span></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_181">168</a></span></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:24.75pt"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_184">H. Documents on Display</a></span></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_184">168</a></span></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:24.75pt"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_187">I. Subsidiary Information</a></span></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_187">168</a></span></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:11.25pt"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_190">Item 11. Quantitative and Qualitative Disclosures About Market Risk</a></span></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_190">168</a></span></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:11.25pt"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_193">Item 12. Description of Securities Other Than Equity Securities</a></span></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_193">169</a></span></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:24.75pt"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_196">D.American Depositary Shares</a></span></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_196">169</a></span></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_199">Part II</a></span></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_199">173</a></span></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:11.25pt"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_202">Item 13. Defaults, Dividend Arrearages and Delinquencies</a></span></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_202">173</a></span></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:11.25pt"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_205">Item 14. Material Modifications to the Rights of Security Holders and Use of Proceeds</a></span></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_205">173</a></span></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:11.25pt"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_208">Item 15. Controls and Procedures</a></span></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_208">173</a></span></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:11.25pt"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_211">Item 16. [Reserved]</a></span></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_211">174</a></span></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:11.25pt"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_214">Item 16A. Audit Committee Financial Expert</a></span></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_214">174</a></span></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:11.25pt"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_217">Item 16B. Code of Ethics</a></span></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_217">174</a></span></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:11.25pt"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_220">Item 16C. Principal Accountant Fees and Services</a></span></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_220">174</a></span></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:11.25pt"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_223">Item 16D. Exemptions from the Listing Standards for Audit Committees</a></span></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_223">175</a></span></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:11.25pt"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_226">Item 16E.&#160;&#160; Purchases of Equity Securities by the Issuer and Affiliated Purchasers</a></span></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_226">175</a></span></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:11.25pt"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_229">Item 16F. Change in Registrant&#8217;s Certifying Accountant</a></span></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_229">175</a></span></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:11.25pt"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_232">Item 16G. Corporate Governance</a></span></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_232">176</a></span></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:11.25pt"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_235">Item 16H. Mine Safety Disclosure</a></span></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_235">178</a></span></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:11.25pt"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_238">Item 16I. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections</a></span></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_238">178</a></span></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:11.25pt"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_241">Item 16J. Insider Trading Policies</a></span></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_241">178</a></span></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:11.25pt"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_244">Item 16K. Cybersecurity</a></span></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_244">178</a></span></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_247">Part III</a></span></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_247">181</a></span></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:11.25pt"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_250">Item 17. Financial Statements</a></span></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_250">181</a></span></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:11.25pt"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_253">Item 18. Financial Statements</a></span></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_253">181</a></span></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:11.25pt"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_256">Item 19. Exhibits</a></span></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:100%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_256">181</a></span></div></td></tr></table></div><div><span><br/></span></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">6</span></div></div></div><div id="i63478826478c4e0dbabc502413383f6b_10"></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><div style="margin-top:9pt;text-align:center"><span style="color:#a6a6a6;font-family:'Arial',sans-serif;font-size:14pt;font-weight:400;line-height:120%">CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS</span></div><div style="margin-top:9pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">This Annual Report contains statements that constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the &#8220;Securities Act&#8221;), Section 21E of the Securities Exchange Act of 1934, as amended (the &#8220;Exchange Act&#8221;), and the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The forward-looking statements in this Annual Report can be identified, in some instances, by the use of words such as &#8220;will,&#8221; &#8220;shall,&#8221; &#8220;target,&#8221; &#8220;expect,&#8221; &#8220;aim,&#8221; &#8220;hope,&#8221; &#8220;anticipate,&#8221; &#8220;should,&#8221; &#8220;may,&#8221; &#8220;might,&#8221; &#8220;assume,&#8221; &#8220;estimate,&#8221; &#8220;plan,&#8221; &#8220;intend,&#8221; &#8220;believe&#8221; and similar language or other formulations of a similar meaning or, in each case, the negative formulations thereof. Other forward-looking statements can be identified in the context in which the statements are made or by the forward-looking nature of discussions of strategy, plans, objectives or intentions. These statements appear in a number of places in this Annual Report including, without limitation, certain statements made in &#8220;Item 3. Key Information&#8212;Risk Factors,&#8221; &#8220;Item 4. Information on the Company,&#8221; &#8220;Item 5. Operating and Financial Review and Prospects&#8221; and &#8220;Item 11. Quantitative and Qualitative Disclosures About Market Risk&#8221; and include statements regarding our intent, belief or current expectations with respect to, among other things:</span></div><div style="margin-top:9pt;padding-left:27pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:19pt">the effect on our results of operations of competition in telecommunications markets;</span></div><div style="margin-top:9pt;padding-left:27pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:19pt">trends affecting our business, financial condition, results of operations or cash flows;</span></div><div style="margin-top:9pt;padding-left:27pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:19pt">ongoing or future acquisitions, investments or divestments;</span></div><div style="margin-top:9pt;padding-left:27pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:19pt">our capital expenditures plan;</span></div><div style="margin-top:9pt;padding-left:27pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:19pt">our estimated availability of funds;</span></div><div style="margin-top:9pt;padding-left:27pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:19pt">our ability to repay debt with estimated future cash flows;</span></div><div style="margin-top:9pt;padding-left:27pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:19pt">our shareholder remuneration policies;</span></div><div style="margin-top:9pt;padding-left:27pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:19pt">supervision and regulation of the telecommunications sectors where we have significant operations;</span></div><div style="margin-top:9pt;padding-left:27pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:19pt">our environmental, social and governance commitments and targets;</span></div><div style="margin-top:9pt;padding-left:27pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:19pt">our existing or future strategic partnerships or joint ventures;</span></div><div style="margin-top:9pt;padding-left:27pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:19pt">the potential for growth and competition in current and anticipated areas of our business; and</span></div><div style="margin-top:9pt;padding-left:27pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:19pt">the outcome of pending or future litigation or other legal proceedings.</span></div><div style="margin-top:9pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Such forward-looking statements are not guarantees of future performance and involve numerous risks and uncertainties, and actual results may differ materially from those anticipated in the forward-looking statements as a result of various factors. The risks and uncertainties involved in our businesses that could affect the matters referred to in such forward-looking statements include but are not limited to:</span></div><div style="margin-top:9pt;padding-left:27pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:19pt">changes in general economic, business or political conditions in the domestic or international markets in which we operate or have material investments that may affect our business, financial condition, results of operations, cash flows and/or the performance of some or all of our financial indicators, including as a result of the evolution of increasing trade or geopolitical tensions in certain parts of the world, including as a result of the Russia-Ukraine war, armed conflict and political instability in the Middle East, the possible imposition of tariffs by major economies, inflation, the pace of monetary stimulus withdrawal, interest-rate hikes or higher-for-longer interest rates, worsening of fiscal sustainability in some European countries, economic and political uncertainties in Spain and other countries in which we operate or the impact of Brexit, among others;</span></div><div style="margin-top:9pt;padding-left:27pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:19pt">compliance with data privacy regulations and the impact of our or third parties' failure to comply with any such regulations, including liability for any loss, transfer or inappropriate modification of customer data or general public data stored on our servers or transmitted through our networks;</span></div><div style="margin-top:9pt;padding-left:27pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:19pt">exposure to currency exchange rates, interest rates or credit risk, including in relation to our investments or in some of our financial transactions;</span></div><div style="margin-top:9pt;padding-left:27pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:19pt">existing or worsening conditions in the international financial markets;</span></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">7</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><div style="margin-top:9pt;padding-left:27pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:19pt">the impact of current, pending or future legislation and regulation in countries where we operate, as well as any failure to renew or obtain the necessary licenses, authorizations and concessions to carry out our operations and the impact of limitations in spectrum capacity;</span></div><div style="margin-top:9pt;padding-left:27pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:19pt">compliance with anti-corruption laws and regulations and economic sanctions programs and the impact of any breach of any such laws, regulations and programs;</span></div><div style="margin-top:9pt;padding-left:27pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:19pt">our inability to anticipate or adapt in a timely manner to changing customer demands and/or new ethical or social standards;</span></div><div style="margin-top:9pt;padding-left:27pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:19pt">changes in our competitive position, including as a result of the entry of new competitors, market concentration via mergers or changes in control at key competitors in the markets where we operate, as well as the impact of any failure to comply with any antitrust regulations or any regulatory actions imposed by antitrust authorities;</span></div><div style="margin-top:9pt;padding-left:27pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:19pt">any failure to attract and retain technology talent sufficient to ensure we are able to execute our strategic plan and remain competitive;</span></div><div style="margin-top:9pt;padding-left:27pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:19pt">our inability to anticipate and adapt to the rapid technological changes that characterize the sector in which we operate, or to select the right investments to make;</span></div><div style="margin-top:9pt;padding-left:27pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:19pt">our dependence on suppliers, their failure to provide necessary equipment and services on a timely basis or otherwise meet our performance expectations, and any restrictions that may be placed on our use of certain suppliers;</span></div><div style="margin-top:9pt;padding-left:27pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:19pt">the impact of unanticipated network interruptions, including as a result of sabotage or extreme weather events;</span></div><div style="margin-top:9pt;padding-left:27pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:19pt">the impact of cyber-threats and cyber-security actions;</span></div><div style="margin-top:9pt;padding-left:27pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:19pt">the impact of impairment charges on our goodwill, property, plant and equipment, intangible assets, investments accounted for using the equity method, deferred taxes or other assets as a result of changes in the regulatory, business, economic or political environment or other factors;</span></div><div style="margin-top:9pt;padding-left:27pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:19pt">the impact of a decrease in our liquidity or difficulties in our ability to finance ourselves, as well as limitations on our ability to repatriate funds from subsidiaries in other countries; </span></div><div style="margin-top:9pt;padding-left:27pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:19pt">our ability to address physical, regulatory, reputational, transition and business risks associated with climate change and emerging and developing environmental, social and governance standards;</span></div><div style="margin-top:9pt;padding-left:27pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:19pt">the impact of the Ordinary Insolvency Procedure involving Telef&#243;nica del Per&#250;, on our reputation and otherwise;</span></div><div style="margin-top:9pt;padding-left:27pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:19pt">the outcome of pending or future litigation or other legal proceedings, and</span></div><div style="margin-top:9pt;padding-left:27pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:18.3pt">our ability to complete any pending acquisition, divestment or other significant transaction as planned or to achieve the expected outcome from any completed acquisition, divestment or other significant transaction (including our 50:50 joint venture with Liberty Global in the United Kingdom, VMED O2 UK Limited).</span></div><div style="margin-top:9pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Readers are cautioned not to place undue reliance on those forward-looking statements, which speak only as of the date of this Annual Report. We do not undertake any obligation to update any forward-looking statements that may be made to reflect events or circumstances after the date of this Annual Report including, without limitation, changes in our business or acquisition strategy or planned capital expenditures, or to reflect the occurrence of unanticipated events.</span></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">8</span></div></div></div><div id="i63478826478c4e0dbabc502413383f6b_13"></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><div style="margin-top:9pt;text-align:center"><span style="color:#a6a6a6;font-family:'Arial',sans-serif;font-size:14pt;font-weight:400;line-height:120%">CERTAIN TERMS AND CONVENTIONS</span></div><div style="margin-top:9pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Our ordinary shares, nominal value 1.00 euro per share, are currently listed on each of the Madrid, Barcelona, Bilbao and Valencia stock exchanges (collectively, the &#8220;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Spanish Stock Exchanges</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8221;) and are quoted through the Automated Quotation System under the symbol &#8220;TEF&#8221;. American Depositary Shares (&#8220;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">ADSs</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8221;), each representing the right to receive one ordinary share, are listed on the New York Stock Exchange (the &#8220;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">NYSE</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> &#8221;) and on the Lima Stock Exchange. ADSs are evidenced by American Depositary Receipts (&#8220;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">ADRs</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8221;) issued under a Deposit Agreement with Citibank, N.A., as Depositary.</span></div><div style="margin-top:9pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">As used herein, &#8220;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Telef&#243;nica,</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8221; the &#8220;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Telef&#243;nica Group,</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8221; the &#8220;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Group</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8221;, the &#8220;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Company</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8221; and terms such as &#8220;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">we,</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8221; &#8220;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">us</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8221; and &#8220;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">our</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8221; mean Telef&#243;nica, S.A. and its consolidated subsidiaries, unless the context requires otherwise.</span></div><div style="margin-top:9pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">"p.p."</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> means percentage points.</span></div><div style="margin-top:9pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">"YoY"</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> or </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">"y-o-y" </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">means year-on-year. </span></div><div style="margin-top:9pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">For definitions of &#8220;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">operating results before depreciation and amortization</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">", </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">"operating results before depreciation and amortization after leases"</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">, &#8220;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">net financial debt</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8221;, &#8220;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">net financial debt plus leases</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8221;, &#8220;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">net financial debt plus commitments</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8221;, &#8220;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">net financial debt plus leases plus commitments</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8221; and &#8220;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">adjusted</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">free cash flow</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8221; see &#8220;Item 5. Operating and Financial Review and Prospects&#8212;Non-GAAP Financial Information&#8221;. </span></div><div style="margin-top:9pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Below are definitions of certain technical terms used in this Annual Report:</span></div><div style="margin-top:9pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">"5G"</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> is a technology succeeding the mobile technology called 4G. The aim is to make the navigation experience and Internet downloads more agile. </span></div><div style="margin-top:9pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">"Access"</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> refers to a connection to any of the telecommunications services offered by Telef&#243;nica. A single fixed customer may contract for multiple services, and Telef&#243;nica believes that it is more useful to count the number of accesses a customer has contracted for, rather than to merely count the number of its customers. For example, a customer that has fixed line telephony service and broadband service is counted as two accesses rather than as one customer. </span></div><div style="margin-top:9pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">"ARPU" </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">is total mobile service revenues during the relevant period divided by the average number of retail accesses (based on the beginning and the month-end number of retail accesses during such period), divided by the number of months in such period. </span></div><div style="margin-top:9pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">"Artificial Intelligence"</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> refers to a technology that enables computer systems and machines able to simulate human learning and perform complex tasks requiring comprehension, problem solving, decision-making, creativity and autonomy.</span></div><div style="margin-top:9pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">"AWS"</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> or Amazon Web Services refers to Amazon's service platform offering data base storage, content delivery and other functionalities that can help a business to grow.  </span></div><div style="margin-top:9pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">"B2B"</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> or business to business is the business segment. </span></div><div style="margin-top:9pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">"B2C"</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> or business to customer is the residential segment. </span></div><div style="margin-top:9pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">"Bundle"</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> refers to a combination of products that combine fixed services (wirelines, broadband and television) and mobile services. </span></div><div style="margin-top:9pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">"CATV"</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> or community antenna television is a system of delivering television programming to consumers via radio frequency (RF) signals transmitted through coaxial cables, or in more recent systems, via light pulses through fiber-optic cables.</span></div><div style="margin-top:9pt;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">"Churn"</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> is the number of disconnections over the average customer base in a given period divided by the number of months in such period.</span></div><div style="margin-top:9pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">"Cloud computing"</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> is a service whereby shared resources, software and information are provided to com</span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">puters and other devices as a utility over a network (typically, the Internet). </span></div><div style="margin-top:9pt;text-align:justify;text-indent:22.5pt"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">"Cloud Phone"</span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> is an application that allows the transfer of files between two smartphones in a simple way.</span></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">9</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><div style="margin-top:9pt;text-align:justify;text-indent:22.5pt"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">"Com</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">mercial activity"</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> includes the addition of new lines, replacement of handsets, migrations and disconnections. </span></div><div style="margin-top:9pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">"Connected car"</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> is a vehicle equipped with Internet access and generally through a local wireless network or satellite.</span></div><div style="margin-top:9pt;text-indent:22.5pt"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">"Convergent"</span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> refers to the offer of a fixed service together with a mobile service. </span></div><div style="margin-top:9pt;text-align:justify;text-indent:22.5pt"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">"Data ARPU" </span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">is data revenues during the relevant period divided by the average number of retail accesses (based on the beginning and the month-end number of retail accesses during such period), divided by the number of months in such period.</span></div><div style="margin-top:9pt;text-align:justify;text-indent:22.5pt"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">"Data revenues"</span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> include revenues from mobile data services such as mobile connectivity and mobile Internet, premium messaging, downloading ringtones and logos, mobile mail and SMS/MMS. </span></div><div style="margin-top:9pt;text-align:justify;text-indent:22.5pt"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">"Data traffic"</span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> includes all traffic from Internet access, messaging (SMS, MMS) and connectivity services over Telef&#243;nica's network. </span></div><div style="margin-top:9pt;text-align:justify;text-indent:22.5pt"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">"DTH (Direct-To-Home)"</span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> is a technology used for the provision of TV services.</span></div><div style="margin-top:9pt;text-align:justify;text-indent:22.5pt"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">"Fixed telephony accesses" </span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">includes public switched telephone network (PSTN) lines (including public use telephony), integrated services digital network (ISDN) lines and circuits, "fixed wireless" and Voice over IP accesses.  </span></div><div style="margin-top:9pt;text-align:justify;text-indent:22.5pt"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">"FTRs"</span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> or Fixed termination rates is an established fixed network tariff that applies when a customer makes a call to someone in a network operated by another operator. </span></div><div style="margin-top:9pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">"FTTH"</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> or Fiber to the Home is a telecommunications technology that consists of the use of fiber optic cabling and optical distribution systems for the provision of Internet services and IPTV to homes, businesses and companies.</span></div><div style="margin-top:9pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">&#8220;FTTP&#8221;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> or Fiber to the Premises refers to equipment used in fiber access deployments where fibers extend all</span></div><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">the way to the end user premises and the equipment is designed and optimized for use in residential applications.</span></div><div style="margin-top:9pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">"FTT</span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">x"</span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> is a generic term for any broadband network architecture that uses optical fiber to replace all or part of the metal local loop. </span></div><div style="margin-top:9pt;text-align:justify;text-indent:22.5pt"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">"Gbps"</span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> means Gigabytes per second.</span></div><div style="margin-top:9pt;text-align:justify;text-indent:22.5pt"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">"GHz" </span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">means gigahertz.</span></div><div style="margin-top:9pt;text-align:justify;text-indent:22.5pt"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">"ICT"</span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> or information communication technology is the acquisition, processing, storage and dissemination of vocal, pictorial, textual and numerical information by a microelectronics-based combination of computing and telecommunications.</span></div><div style="margin-top:9pt;text-align:justify;text-indent:22.5pt"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">"Interconnection revenues" </span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">means revenues received from other operators which use Telef&#243;nica's networks to connect to or finish their calls and SMS or to connect to their customers. </span></div><div style="margin-top:9pt;text-align:justify;text-indent:22.5pt"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">"Internet and data accesses"</span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">, </span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">"Fixed broadband accesses" </span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">or </span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">"FBB accesses"</span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> include broadband accesses (including retail asymmetrical digital subscriber line (ADSL), very high bit-rate digital subscriber line (VDSL), satellite, fiber optic and circuits over 2 Mbps), narrowband accesses (Internet service through the PSTN lines) and the remaining non-broadband final customer circuits. Internet and data accesses also include "Naked ADSL", which allows customers to subscribe for a broadband connection without a monthly fixed line fee. </span></div><div style="margin-top:9pt;text-align:justify;text-indent:22.5pt"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">&#8220;IoT&#8221;</span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> or Internet of Things refers to technologies that allow both mobile and wired systems to co</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">mmunicate with other devices with the same capability. </span></div><div style="margin-top:9pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">"IPTV"</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> or Internet Protocol Television refers to distribution systems for television subscription signals or video using broadband connections over the IP protocol. </span></div><div style="margin-top:9pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">"ISDN"</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> or Integrated Services Digital Network is a format commonly used for transmitting information through a digital high speed connection. </span></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">10</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><div style="margin-top:9pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">"Local loop"</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> means the physical circuit connecting the network termination point at the subscriber's premises to the main distribution frame or equivalent facility in the fixed public telephone network. </span></div><div style="margin-top:9pt;text-align:justify;text-indent:22.5pt"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">"LTE"</span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> or Long-Term Evolution is a 4G mobile access technology. </span></div><div style="margin-top:9pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">"Market share"</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> is the percentage ratio of the number of final accesses over the existing total market in an operating area. </span></div><div style="margin-top:9pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">"Mb" </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">means Megabytes.</span></div><div style="margin-top:9pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">"</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Mbps</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">" means Megabytes per second.</span></div><div style="margin-top:9pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">"MHz" </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">means megahertz.</span></div><div style="margin-top:9pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">"MMS" </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">or </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">"Multimedia Messaging Service"</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> is a standard messaging system allowing mobile phones to send and receive multimedia content, including sound, video and photos. </span></div><div style="margin-top:9pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">"Mobile accesses"</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> include accesses to the mobile network for voice and/or data services (including connectivity). Mobile accesses are categorized into contract, prepay and IoT accesses. </span></div><div style="margin-top:9pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">"Mobile broadband" </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">includes Mobile Internet (Internet access from devices also used to make voice calls such as smartphones), and Mobile Connectivity (Internet access from devices that complement fixed broadband, such a</span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">s PC Cards/dongles, which enable large amounts of data to be downloaded on the move). </span></div><div style="margin-top:9pt;text-align:justify;text-indent:22.5pt"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">"MTR"</span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> or mobile termination rate is an established mobile network tariff that applies when a customer makes a call to someone in a network operated by another operator. </span></div><div style="margin-top:9pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">"MVNO"</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> or mobile virtual network operator is a mobile operator that provides mobile services through another mobile operator. An MVNO pays a determined tariff to such mobile network operator for using the infrastructure to facilitate coverage to its customers. </span></div><div style="margin-top:9pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">"Net adds/Net loss" </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">is the difference between the customer base as of the end of a certain period compared to December 31 of the prior year.</span></div><div style="margin-top:9pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">"OTT services" </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">or over the top services means services provided through the Internet (such as television and video streaming). </span></div><div style="margin-top:9pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">"Pay TV"</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> includes cable TV, direct to home satellite TV (DTH) and IPTV. </span></div><div style="margin-top:9pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">"PSTN" </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">is Public Switched Telephone Network. </span></div><div style="margin-top:9pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">"Revenues"</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> means net sales and revenues from rendering of services. </span></div><div style="margin-top:9pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">"Service revenues"</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> are total revenues minus mobile handset sales. Service revenues are mainly related to telecommunication services, especially voice- and data revenues (SMS and data traffic download and upload revenues) consumed by Telef&#243;nica's customers. </span></div><div style="margin-top:9pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">"SIM"</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> means subscriber identity module, a removable intelligent card used in mobile handsets, USB modems, etc. to identify the user in the network.</span></div><div style="margin-top:9pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">"Smart Wi-Fi"</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> is an application in which users can control their Wi-Fi network and the devices connected to it from their mobile.</span></div><div style="margin-top:9pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">"SMS"</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> or &#8220;Short Messaging Service&#8221; is a standard messaging system allowing mobile phones to send and receive text messages.</span></div><div style="margin-top:9pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">"STB (Set-top box)" </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">is a device that converts a digital television signal to analogue for viewing on a conventional set, or that enables cable or satellite television to be viewed.</span></div><div style="margin-top:9pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">"Tbps"</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> means terabytes per second.</span></div><div style="margin-top:9pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">"Tracker" </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">is a special server which contains the information needed for users to connect with other users.</span></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">11</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><div style="margin-top:9pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">"UBB"</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> or </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Ultra Broadband</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> is the fiber-to-the-premise broadband which is capable of giving a minimum download speed of 100 Mbps and a minimum upload speed of 50 Mbps. </span></div><div style="margin-top:9pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">"VMO2" </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">refers to VMED O2 UK Limited, our 50:50 joint venture with Liberty Global plc in the United Kingdom,</span></div><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">or to the Group&#8217;s VMO2 operating segment, as the context requires.</span></div><div><span><br/></span></div><div style="text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Voice traffic"</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> means voice minutes used by Telef&#243;nica's customers over a given period, both outbound and inbound. </span></div><div style="margin-top:9pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">"VoIP"</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> means voice over Internet protocol. </span></div><div style="margin-top:9pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">"VPN"</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> or Virtual Private Network extends a private network across a public network and enables users to send and receive data across shared or public network.</span></div><div style="margin-top:9pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">"Wholesale accesses"</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> means accesses Telef&#243;nica provides to other companies, who then sell services over such accesses to their residential and corporate clients.</span></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">12</span></div></div></div><div id="i63478826478c4e0dbabc502413383f6b_16"></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><div style="margin-top:9pt;text-align:center"><span style="color:#a6a6a6;font-family:'Arial',sans-serif;font-size:14pt;font-weight:400;line-height:120%">PRESENTATION OF CERTAIN FINANCIAL INFORMATION</span></div><div style="margin-top:9pt;text-align:justify;text-indent:20.25pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In this Annual Report, references to &#8220;U.S. dollars,&#8221; &#8220;dollars&#8221; or &#8220;$,&#8221; are to United States dollars, references to &#8220;pounds sterling,&#8221; &#8220;sterling&#8221; or &#8220;&#163;&#8221; are to British pounds sterling, references to &#8220;real&#8221; or "reais" refer to Brazilian real and references to &#8220;euro&#8221;, &#8220;euros&#8221; or &#8220;&#8364;&#8221; are to the single currency of the participating member states in the Third Stage of the European Economic and Monetary Union pursuant to the treaty establishing the European Community, as amended from time to time.</span></div><div style="margin-top:9pt;text-align:justify;text-indent:20.25pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Our consolidated financial statements as of December 31, 2024 and 2023, and for the years ended December 31, 2024, 2023 and 2022 included elsewhere in this Annual Report, including the notes thereto (the &#8220;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Consolidated Financial Statements</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8221;), are prepared in conformity with International Financial Reporting Standards (&#8220;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">IFRS</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8221;) as issued by the International Accounting Standards Board (&#8220;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">IASB</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8221;).</span></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">13</span></div></div></div><div id="i63478826478c4e0dbabc502413383f6b_19"></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><div style="margin-top:9pt;text-align:center"><span style="color:#a6a6a6;font-family:'Arial',sans-serif;font-size:26pt;font-weight:400;line-height:120%">PART I</span></div><div id="i63478826478c4e0dbabc502413383f6b_22"></div><div style="margin-top:9pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:14pt;font-weight:400;line-height:120%">Item 1. Identity of Directors, Senior Management and Advisors</span></div><div id="i63478826478c4e0dbabc502413383f6b_25"></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">A. Directors and Senior Management</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Not applicable.</span></div><div id="i63478826478c4e0dbabc502413383f6b_28"></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">B. Advisers</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Not applicable.</span></div><div id="i63478826478c4e0dbabc502413383f6b_31"></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">C. Auditors</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Not applicable.</span></div><div id="i63478826478c4e0dbabc502413383f6b_34"></div><div style="margin-top:9pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:14pt;font-weight:400;line-height:120%">Item 2. Offer Statistics and Expected Timetable</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Not applicable.</span></div><div id="i63478826478c4e0dbabc502413383f6b_37"></div><div style="margin-top:9pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:14pt;font-weight:400;line-height:120%">Item 3. Key Information</span></div><div id="i63478826478c4e0dbabc502413383f6b_40"></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%"> A. Selected Financial Data</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The following table presents certain selected consolidated financial data. It is to be read in conjunction with &#8220;Item 5. Operating and Financial Review and Prospects&#8221;, &#8220;Item 4. Information on the Company&#8212;Business Overview&#8221; and the Consolidated Financial Statements. The consolidated income statements and the consolidated statements of cash flows data for the years ended December 31, 2024, 2023 and 2022 and the consolidated statements of financial position data as of December 31, 2024 and 2023 set forth below are derived from, and are qualified in their entirety by reference to, the Consolidated Financial Statements. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Our Consolidated Financial Statements have been prepared in accordance with IFRS as issued by the IASB.</span></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">14</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><div style="margin-top:3pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The basis of presentation is described in detail in Note 2 to our Consolidated Financial Statements.</span></div><div style="margin-top:3pt;text-align:justify;text-indent:20.25pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:96.052%"><tr><td style="width:1.0%"/><td style="width:63.740%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:10.619%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:10.619%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:10.622%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Millions of euros</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2022</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2023</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2024</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Consolidated Income Statements Data</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"/><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"/><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Revenues</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">39,993&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">40,652&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">41,315&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Other income</span></div></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2,065&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,541&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,692&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Supplies</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(12,941)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(13,298)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(13,377)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Personnel expenses</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(5,524)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(7,207)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(5,882)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Other expenses</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(10,741)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(10,298)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(12,554)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Depreciation and amortization</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(8,796)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(8,797)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(8,799)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">OPERATING INCOME</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">4,056</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2,593</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2,395</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Share of (loss) income of investments accounted for by the equity method</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">217&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(2,162)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(49)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Net finance expense</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(1,227)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(1,915)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(2,018)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Net exchange differences</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(86)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">11&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">229&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Net financial expense</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(1,313)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(1,904)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(1,789)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">PROFIT  (LOSS) BEFORE TAX</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2,960</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">(1,473)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">557</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Corporate income tax</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(641)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">899&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(348)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">PROFIT (LOSS) FOR THE YEAR</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2,319</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">(574)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">209</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Attributable to equity holders of the parent</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2,011&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(892)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(49)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Attributable to non-controlling interests</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">308&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">318&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">258&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr style="height:3pt"><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"/><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"/><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"/><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Other Data</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"/><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"/><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Weighted average number of shares-Basic (thousands)</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%;position:relative;top:-3.5pt;vertical-align:baseline">(1)</span></div></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">5,740,105&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">5,668,142&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">5,635,695&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Basic  (loss) earnings per share attributable to equity holders of the parent (euro)</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%;position:relative;top:-3.5pt;vertical-align:baseline">(1)</span></div></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">0.31&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(0.20)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(0.06)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Diluted  (loss) earnings per share attributable to equity holders of the parent (euro)</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%;position:relative;top:-3.5pt;vertical-align:baseline">(1)</span></div></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">0.31&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(0.20)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(0.06)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Basic (loss) earnings per ADS (euro)</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%;position:relative;top:-3.5pt;vertical-align:baseline">(1)</span></div></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">0.31&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(0.20)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(0.06)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Diluted (loss) earnings per ADS (euro)</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%;position:relative;top:-3.5pt;vertical-align:baseline">(1)</span></div></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">0.31&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(0.20)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(0.06)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Weighted average number of ADS-Basic (thousands)</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%;position:relative;top:-3.5pt;vertical-align:baseline">(1)</span></div></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">5,740,105&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">5,668,142&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">5,635,695&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Dividends per ordinary share (cash and scrip) (&#8364;)</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">0.30&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">0.30&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">0.30&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Dividends per ordinary share (cash and scrip) ($)</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%;position:relative;top:-3.5pt;vertical-align:baseline">(2)</span></div></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">0.31&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">0.33&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">0.32&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr style="height:3pt"><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"/><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"/><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"/><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Consolidated Statements of Financial Position Data</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"/><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"/><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Cash and cash equivalents</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">7,245&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">7,151&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">8,062&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Property, plant and equipment</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">23,714&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">22,944&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">21,439&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Total assets</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">109,642&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">104,324&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">100,502&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Non-current liabilities</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">54,834&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">53,829&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">52,019&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Equity </span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">31,708&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">27,096&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">22,749&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Capital stock</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">5,775&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">5,750&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">5,670&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr style="height:3pt"><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"/><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"/><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"/><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Consolidated Statements of Cash Flows Data</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"/><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"/><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Net cash provided by operating activities</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">11,763&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">11,649&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">10,994&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Net cash used in investing activities</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(5,327)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(4,286)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(5,223)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Net cash used in&#160;financing activities</span></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(7,925)</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(7,186)</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(4,672)</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr></table></div><div style="padding-left:22.5pt;text-align:justify;text-indent:-22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline">(1)</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%;padding-left:16.15pt">The per share and per ADS computations for all periods presented have been reported using the weighted average number of shares and ADSs, respectively, outstanding for each period, and have been adjusted to reflect the stock dividends which occurred during the periods presented, as if these had occurred at the beginning of the earliest period presented. </span></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">15</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><div style="margin-bottom:9pt;padding-left:22.5pt;text-align:justify;text-indent:-22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline">(2)</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%;padding-left:16.15pt">Quantities in U.S. dollars are calculated in accordance with the conversion rate published by the Depositary (Citibank, N.A.) in connection with each dividend payment.</span></div><div style="margin-bottom:9pt;text-align:justify;text-indent:-4.5pt"><span><br/></span></div><div id="i63478826478c4e0dbabc502413383f6b_43"></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">B. Capitalization and Indebtedness</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Not applicable.</span></div><div id="i63478826478c4e0dbabc502413383f6b_46"></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">C. Reasons for the Offer and Use of Proceeds</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Not applicable.</span></div><div id="i63478826478c4e0dbabc502413383f6b_49"></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">D. Risk Factors </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Telef&#243;nica Group&#8217;s business is affected by a series of risk factors that affect exclusively the Group, as well as a series of factors that are common to businesses of the same sector. The main risks and uncertainties faced by Telef&#243;nica, that could affect its business, financial condition, results of operations and/or cash flows are set out below and must be considered jointly with the information set out in the rest of this Annual Report.   </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">These risks are currently considered by the Telef&#243;nica Group to be material, specific and relevant in making an informed investment decision in respect of Telef&#243;nica. However, the Telef&#243;nica Group is subject to other risks that have not been included in this section based on the Telef&#243;nica Group&#8217;s assessment of their specificity and materiality based on the Telef&#243;nica Group&#8217;s assessment of their probability of occurrence and the potential magnitude of their impact. The assessment of the potential impact of any risk is both quantitative and qualitative considering, among other things, potential economic, compliance, reputational and environmental, social and governance ("ESG") impacts. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Risks are presented in this section grouped into four categories: business, operational, financial, and legal and compliance.These categories are not presented in order of importance. However, within each category, the risk factors are presented in descending order of importance, as determined by Telef&#243;nica at the date of this document. Telef&#243;nica may change its vision about their relative importance at any time, especially if new internal or external events arise.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;text-decoration:underline">Risks related to Telef&#243;nica's Business Activities. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Telef&#243;nica's competitive position in some markets could be affected by the evolution of competition and market consolidation. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Telef&#243;nica Group operates in highly competitive markets and it is possible that the Group may not be able to market its products and services effectively or respond successfully to the different commercial actions carried out by its competitors, causing it to not meet its growth and customer retention plans, thereby jeopardizing its future revenues and profitability.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Additionally, the Telef&#243;nica Group could be affected by the regulatory actions of antitrust authorities. These authorities could prohibit certain actions, such as new acquisitions or specific practices, create obligations or impose heavy fines. Any such measures implemented by the antitrust authorities could result in economic and/or reputational loss for the Group, in addition to a loss of market share and/or harm to the future growth of some of its businesses.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The entry of new competitors in core markets (leveraging asymmetric regulation and wholesale obligations for incumbents), market concentration via mergers by other players (e.g. MasOrange in Spain and Vodafone/Three in the United Kingdom) or changes in control at key competitors (e.g. Vodafone &#8211; Zegona in Spain), may re-configure markets. This could affect Telef&#243;nica&#8217;s relative competitive position, impacting the potential evolution of revenues and market share, especially if new entrants pursue aggressive customer acquisition strategies. Additionally, new entrants could decide to accelerate network rollout (e.g. 5G) aiming at differentiating in the market, which could lead to increased competition in infrastructure.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Today most telecom operators, such as Telef&#243;nica, include services beyond core connectivity services in their portfolio, albeit the weight of these services is relatively minor. Competitive dynamics for digital services are different, since these markets are dominated by specialized over-the-top (OTT) players and big tech, which leverage global platform economics and strong customer brands.     </span></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">16</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">If Telef&#243;nica is not able to successfully face these challenges, by ensuring a supply of cutting-edge technology products and services and maintaining its competitiveness against current or future competitors, the Group's business, financial condition, results of operations and/or cash flows could be adversely affected.</span></div><div style="margin-top:9pt;text-align:justify"><span><br/></span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Telef&#243;nica could be affected by disruptions in the supply chain or international trade restrictions, or by the dependency on its suppliers.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The existence of critical suppliers in the supply chain, especially in areas such as network infrastructure, information systems or handsets with a high concentration in a small number of suppliers, poses risks that may affect Telef&#243;nica&#8217;s operations. In the event that a participant in the supply chain engages in practices that do not meet acceptable standards or does not meet Telef&#243;nica&#8217;s performance expectations (including delays in the completion of projects or deliveries, poor-quality execution, cost deviations, reduced output due to the suppliers own stock shortfalls, or inappropriate practices), this may harm Telef&#243;nica's reputation, or otherwise adversely affect its business, financial condition, results of operations and/or cash flows. Further, in certain countries, Telef&#243;nica may be exposed to labour contingencies in connection with the employees of such suppliers.   </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">As of December 31, 2024, the Group depended on three handset suppliers (one of them located in China) and seven network infrastructure suppliers (two of them located in China), which, together, accounted for 85% and 83%, respectively, of the aggregate value of contracts awarded in 2024 to handset suppliers and network infrastructure suppliers, respectively. One of the handset suppliers (not located in China) represented 46% of the aggregate value of contracts awarded in 2024 to handset suppliers. </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">As of December 31, 2024, the Telef&#243;nica Group had approximately 100 information system ("IT") providers that together accounted for 80% of the total amount of IT purchase awards made in 2024, seven of them representing 30% of purchases in that area and time frame.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">If suppliers cannot supply their products to the Telef&#243;nica Group within the agreed deadlines or such products and services do not meet the Group&#8217;s requirements, this could hinder the deployment and expansion plans of the network. This could in certain cases affect Telef&#243;nica&#8217;s compliance with the terms and conditions of the licenses under which it operates, or otherwise adversely affect the business and operating results of the Telef&#243;nica Group. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In addition, the possible adoption of new protectionist measures in certain parts of the world, including, the imposition of tariffs by major economies, the adoption of lockdown or other restrictive measures as a result any crisis or pandemic, as well as disruptions derived from geopolitical events such as the Russia-Ukraine war, armed conflict and political instability in the Middle East, among others, could disrupt global supply chains or may have an adverse impact on certain of Telef&#243;nica&#8217;s suppliers and other players in the industry. Any of the above could increase prices for Telef&#243;nica and ultimately make our services more expensive for our customers, which could adversely affect the business and operating results of the Telef&#243;nica Group. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">National security concerns may also limit Telef&#243;nica&#8217;s ability to utilize certain suppliers and require it to incur additional costs. Several EU countries have imposed restrictions on the use of telecom suppliers that are considered high-risk for 5G network infrastructure, such as certain Chinese suppliers. In Germany, Telef&#243;nica and other mobile network operators have entered into public law contracts with the Federal Ministry of the Interior and Community that obligate the mobile network operators to stop using all critical components made by Chinese suppliers in their 5G core networks by the end of 2026. The operators are also required to replace the critical functions of such suppliers&#8217; 5G network management systems in the access and transport networks of the 5G mobile network with technical solutions of other manufacturers by the end of 2029. This requires the cooperation of the suppliers, who must provide open interfaces for controlling the network elements.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The semiconductor industry in particular is facing various challenges, as a result mainly of supply problems at a global level, which in turn is affecting multiple sectors (including technology) through delivery delays and price increases, which could affect the Telef&#243;nica Group or others who are relevant to its business, including its customers, suppliers and partners. Since 2021 a specific monitoring has been carried out and action plans have been developed by the Group with respect to the supply chain challenges resulting from the armed conflict in Ukraine as well as the potential discontinuation of use of some suppliers as a result of tensions between the United States and China. While Telef&#243;nica's supply chain has been generally resilient in recent years, despite various stresses affecting the semiconductor industry and raw materials, this may change in the future.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The imposition of trade restrictions and any disruptions in the supply chain, such as those related to international transport, could result in higher costs and lower margins or affect the ability of the Telef&#243;nica Group to offer its </span></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">17</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">products and services and could adversely affect the Group's business, financial condition, results of operations and/or cash flows.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Further, in its sale of digital services, the Telef&#243;nica Group regularly integrates the digital services it offers with third-party technologies. Similar to more traditional supplier relationships, these integrations subject the Telef&#243;nica Group to the risks of performance failures by these third parties and the cost of continuously monitoring these strategic partners to ensure they maintain appropriate levels of accreditation and that the technologies they provide remain secure and up to date. Any such performance failure by the third parties or the technologies they provide could negatively impact the digital services offered by the Telef&#243;nica Group, and the Group's business, financial condition, results of operations and/or cash flows could be adversely affected as a result.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Telef&#243;nica could be affected by the global technology talent shortage and the need for new skills in the workforce due to rapid technological changes, which may limit the Group's competitiveness.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The changing need for new skills in the workforce due to ongoing technological disruptions and the shortage of technology talent in the marketplace pose significant risks that may affect the Group's competitiveness.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The successful execution of Telef&#243;nica's strategic plan and Telef&#243;nica's ability to compete effectively now and in the future depend to a large extent on the Company's key talent, as well as on a highly skilled workforce. Experienced profiles in the technology sector are in high demand and competition for talent is fierce worldwide. A lack of talent and the necessary skills in the Group can slow down innovation and adaptation to rapid changes in the sector, impacting business opportunities and the quality of services provided. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">While the Group takes various steps to manage these risks, including by fostering a culture of continuous learning, though ambitious employee training and reskilling programs, motivating and seeking to retain the Group's key talent and by redefining Telef&#243;nica's corporate culture to ensure the company's long-term growth and sustainability, there can be no assurance that such steps will be sufficient.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">If the Group fails to attract and retain technology talent, this could negatively affect the Group's business, financial condition, results of operations and/or cash flows.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">The Group requires government concessions and licenses for the provision of a large part of its services and the use of spectrum, which is a scarce and costly resource.</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Many of the Group&#8217;s activities (such as the provision of telephone services, Pay TV, the installation and operation of telecommunications networks, use of spectrum, etc.) require licenses, concessions or authorizations from governmental authorities, which typically require that the Group satisfies certain obligations, including minimum specified quality levels, and service and coverage conditions. If the Telef&#243;nica Group breaches any of such obligations, it may suffer consequences such as fines or other measures that would affect the continuity of its business. In addition, in certain jurisdictions, the terms of granted licenses may be modified before the expiration date of such licenses or, at the time of the renewal of a license, new enforceable obligations could be imposed or the renewal of a license could be refused. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In addition, the Telef&#243;nica Group requires sufficient appropriate spectrum to offer its services. The intention of the Group is to maintain current spectrum capacity and, if possible, to expand it, through the participation of the Group in spectrum auctions which are expected to take place in the next few years, which will likely require cash outflows to obtain additional spectrum or to comply with the coverage requirements associated with some of the related licenses. While Telef&#243;nica considers its current spectrum capacity to be sufficient in all the regions in which Telef&#243;nica operates, the Group's failure to retain or obtain sufficient or appropriate spectrum capacity in these jurisdictions in the future, or its inability to assume the related costs, could have an adverse impact on its ability to maintain the quality of existing services and on its ability to launch and provide new services, which may materially adversely affect Telef&#243;nica&#8217;s business, financial condition, results of operations and/or cash flows.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Any of the foregoing, as well as the additional matters addressed below, could have an adverse effect on the business, financial condition, results of operations and/or cash flows of the Group.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Access to new concessions/ licenses of spectrum.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In Spain, the Ministry of Economic Affairs and Digital Transformation (currently the Ministry of Digital Transformation and Civil Service) approved in June 2023 a modification to the National Frequency Allocation Table ("CNFA"), allowing for the possibility of making available 450 MHz of the 26 GHz spectrum band, to companies, industries and </span></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">18</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">organizations operating in a specific sector, that deploy private networks to support their connectivity needs (verticals). This could mean more competition in the private corporate network segment. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In the UK, following the clearance of the merger between Vodafone UK and Three UK, the Office of Communications ("Ofcom") has confirmed that it will hold an auction for 26 GHz and 40 GHz bands in the third quarter of 2025. </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In Latin America, the following 5G auction processes are expected in 2025: in Peru, on July 4, 2024, a law was approved that allows the Ministry of Transport and Communications (MTC) to advance in the process of reordering the 3.5GHz band so that it can be used for the provision of 5G services and assign 5G spectrum without launching a public bidding process, as long as there is no lack of available spectrum to cover the demand of all interested operators. There is no specific information on when the MTC could advance in the process of reordering and assigning spectrum of the 3.5GHz band. On September 20, 2023, after an employee presented a false document regarding his academic degree, Telef&#243;nica del Per&#250; was disqualified following a decision of the government procurement supervisor (OSCE), from contracting with the Peruvian state for a period of 36 months, meaning it cannot request concessions for spectrum or participate as a contractor or subcontractor in any government tender process. Telef&#243;nica del Per&#250; has initiated legal actions against the sanction resolution, and the aforementioned employee was fired and criminally prosecuted. Telef&#243;nica del Per&#250; has concessions for the provision of public telecommunications services and 4G and 5G spectrum (including in the same 3.5 GHz band, but obtained in a previous auction) with validity that exceeds the disqualification period. In addition, this disqualification does not affect the renewals of Telef&#243;nica del Per&#250; licenses and we expect it would not preclude Telef&#243;nica del Per&#250; from accessing additional spectrum for the provision of 5G services through the reordering process provided for in the July 4, 2024 law.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In Brazil, the Agencia Nacional de Telecomunica&#231;&#245;es (&#8220;ANATEL&#8221;) is conducting a public consultation (until April 7, 2025) about a long-term schedule for spectrum auctions. This proposal includes frequencies in multiple bands for awards in the short (2026&#8211;2028), medium (2029&#8211;2032) and long term (2032&#8211;2036). With regard to 700 MHz in the 6 GHz band (6425&#8211;7125 MHz), ANATEL plans on submitting rules for the award to consultation in the second half of 2025 and granting the award by 2026. In addition, on January 31, 2025, ANATEL concluded the public consultation on the 700 MHz band Auction Proposal, which involves the spectrum that was returned by the provider Winity in 2023. According to the proposal, regional lots would be offered, with priority for participation given to providers that do not yet have spectrum authorizations in the 700 MHz band, and only if there is no interest from these providers, established providers would be able to acquire spectrum. The auction is expected to take place by the second half of 2025. </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Existing licenses: renewal processes and modification of conditions for operating services.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In Germany, in May 2024, the Bundesnetzagentur (&#8220;BNetzA&#8221;) published a draft decision on the extension of the frequencies at 800 MHz, 1800 MHz and 2.6 GHz, which will partially expire at the end of 2025. The draft decision provides for the existing frequency usage rights in the above mentioned frequency ranges, to be extended for a transitional period of five years. It is expected that BNetzA will adopt a final decision in the first quarter of 2025. The extension of the usage rights would be accompanied by obligations for the further deployment of mobile networks, particularly in rural areas and along transport routes. There would also be a requirement to negotiate with MVNOs on the purchase of wholesale mobile services as well as an obligation to negotiate national roaming and a co-operative shared frequency usage below 1 GHz with 1&amp;1 Mobilfunk GmbH (&#8220;1&amp;1&#8221;). Finally, an obligation would be imposed to continue existing spectrum leasing arrangements between network operators. As part of a second set of actions, a larger procedural framework is expected to be established for utilization from 2031 onwards, including with respect to rights of use and new frequency ranges that expire in 2033 or become newly available for mobile communications in the coming years. A decision on this set of actions is planned for 2028. </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In the UK, mobile spectrum licenses are generally indefinite in term, subject to an annual fee set after a fixed period (usually 20 years) from the initial auction. In 2033, after this mentioned fixed period, Ofcom will set spectrum fees for 800 MHz and 2.6 GHz bands. VMO2 currently holds spectrum in both of these bands. </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">With respect to Latin America: </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In Brazil, ANATEL approved on February 8, 2021, Resolution 741/2021 which sets the regulation for the transition from the existing concession regime to a new authorization model for the provision of fixed commuted telephony services (&#8220;STFC&#8221;). On December 16, 2024, Telef&#244;nica Brasil, ANATEL, the Brazilian Federal Court of Accounts and the Brazilian Ministry of Communications signed an agreement on the terms and conditions for the adaptation of the STFC concession contracts to an authorization instrument (the &#8220;Self-Composition Agreement&#8221;). The Self-</span></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">19</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Composition Agreement includes several key conditions: (i) Telef&#244;nica Brasil is required to make specific investments on terms established under the agreement; (ii) Telef&#244;nica Brasil must maintain the provision of fixed-line telephone services in certain  locations without adequate competition, within the concession area until December 31, 2028; (iii) all pending administrative and judicial proceedings related to the concession at ANATEL or in the courts must be resolved, and Telef&#244;nica Brasil must withdraw any cases filed against the regulator; and (iv) Telef&#244;nica Brasil must commit to fulfilling public interest pledges for up to ten years as part of the adaptation process. Completion of the migration to the authorization regime is conditioned upon the signing of a unified authorization term with ANATEL, compiling all previous licenses into one single title, which is expected to occur during the first quarter of 2025.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">ANATEL agreed to extend authorizations of the currently existing bands of 850MHz until November 2028, of 900/1800 MHz between 2031 and 2035 (depending on the region), and of 2100 MHz, until 2038. Additionally, pursuant to Resolution n&#176; 757/2022, ANATEL intends to carry out, respectively, a refarming action consisting of the promotion of changes in the channel arrangements of the 850 MHz (2028) and 900/1800 MHz (2032) sub-bands.  Certain specific requirements imposed for these renewals, including those related to the valuation criteria and obligations, are still under review by the Federal Court of Accounts.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In Peru, an arbitration process was started by Telef&#243;nica del Per&#250;, to challenge the decision adopted by the Ministry of Transportation and Communications (&#8220;MTC&#8221;), denying the renewal of concessions for the provision of fixed-line services, valid until 2027, which ended with a favorable award for Telef&#243;nica del Per&#250;. The award recognizes that the methodology applied to assess compliance with the concession obligations in the concession renewal process was not in accordance with the provisions of the concession contract. The MTC, following this award, has initiated a new evaluation of Telef&#243;nica's request of renewal of these concessions for the period 2027-2032. In any case, Telef&#243;nica del Per&#250; S.A.A. holds other concessions for the provision of fixed-line services that allow it to provide these services beyond 2027. The renewal of the 1900 MHz band in all of Peru, except for Lima and Callao, which expired in 2018, and of other licenses to offer telecommunications services were requested by the Group and a decision by the MTC is still pending. Nevertheless, these concessions are valid while the procedures are in progress.       </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In Ecuador, the concession contract that authorizes the provision of telecommunication services by Telef&#243;nica and includes the spectrum licenses (25 MHz in the 850 MHz band and 60 MHz in the 1900 MHz band) that expired in November 2023, was extended on several occasions, with the last extension being authorized until May 15, 2025, under the same conditions as the original contract through an addendum and through provisional payments applicable to the new concession rights. At the end of 2024, the negotiation process for the renewal of the concession contract for a 15-year period was suspended by the Telecommunications Regulation and Control Agency (ARCOTEL) because it requires a favorable opinion from the Ministry of Economy and Finance (MEF) in relation to the terms and conditions agreed for the renewal. Once the opinion of the MEF is issued, we expect that the negotiations will resume.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">During 2024, the Group&#8217;s consolidated investment in spectrum acquisitions and renewals amounted to 157 million euros, mainly due to the acquisition of spectrum in Colombia (183 million euros in 2023, mainly due to the acquisition of spectrum in Argentina). In the event that the licenses mentioned above are renewed or new spectrum is acquired, it would involve additional investments by Telef&#243;nica. </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Further information on certain key regulatory matters affecting the Telef&#243;nica Group and the concessions and licenses of the Telef&#243;nica Group can be found in Appendix VI "Key regulatory issues and concessions and licenses held by the Telef&#243;nica Group" of the Consolidated Financial Statements.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Telef&#243;nica operates in a sector characterized by rapid technological changes and it may not be able to anticipate or adapt to such changes or select the right investments to make.</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">  </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The pace of innovation and Telef&#243;nica's ability to keep up with its competitors is a critical issue in a sector so affected by technology such as telecommunications. In this sense, significant additional investments will be needed in new high-capacity network infrastructures to enable Telef&#243;nica to offer the features that new services will demand, through the development of technologies such as 5G or fiber.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">New products and technologies are constantly emerging that can render products and services offered by the Telef&#243;nica Group, as well as its technology, obsolete. In addition, the explosion of the digital market and the entrance of new players in the communications market, such as mobile network virtual operators ("MNVOs"), internet companies, technology companies or device manufacturers, could result in a loss of value for certain of the Group's assets, affect the generation of revenues, or otherwise cause Telef&#243;nica to have to update its business </span></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">20</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">model. In this respect, revenues from traditional voice businesses have been shrinking in recent years, while revenues from connectivity services (e.g., fixed and mobile internet) are increasing. To diversify revenue sources, Telef&#243;nica offers new digital services such as Internet of Things (IoT), cybersecurity, Big Data, Artificial Intelligence and cloud services among others. Although these services still have a substantially lower weight in Telef&#243;nica's total revenues, the related revenues represented more than 40% of the Company's B2B revenues in 2024 and grew by double digits compared to 2023. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Additionally, the world of telecommunications is evolving towards a model of programmable networks and services. This type of network can be used by programmers in a completely new and different way than it had been in the past. As a first big step, the GSMA (Global System for Mobile Communications) is leading the Open Gateway initiative for the standardized exposure of APIs (Application Programming Interface) to developers. This is a totally new market in which telecommunications companies must be able to develop not only attractive services but new skills in order to be successful. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">One of the technologies currently being developed by telecommunications operators, including Telef&#243;nica (in Spain and Latin America), is the FTTx type networks which allow the offering of broadband accesses over fiber optics with high performance. However, the deployment of such networks, in which the copper of the access loop is totally or partially replaced by fiber, requires high levels of investment. In Spain, more than 90% of the retail copper network has been switched off. Due to regulatory requirements, the remaining portion of the network is expected to be switched off by May 2025.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">As of December 31, 2024, in Spain, fiber coverage reached 30.8 million premises. There is a growing demand for the services that these new networks can offer to the end customer. However, the high levels of investment required by these networks result in the need to continuously consider the expected return on investment. Telef&#243;nica is constantly looking for co-investments through Telef&#243;nica Infra, but it may not be able to identify suitable partners. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In addition, the ability of the Telef&#243;nica Group's IT systems (operational and backup) to adequately support and evolve to respond to Telef&#243;nica's operating requirements is a key factor to consider in the commercial development, customer satisfaction and business efficiency of the Telef&#243;nica Group. While automation and other digital processes may lead to significant cost savings and efficiency gains, there are also significant risks associated with such transformation processes. Any failure by the Telef&#243;nica Group to develop or implement IT systems that adequately support and respond to the Group's evolving operating requirements could have an adverse effect on the Group's information, business, financial condition, results of operations and/or cash flows.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The changes outlined above force Telef&#243;nica to continuously invest in the development of new products, technology and services to continue to compete effectively with current or future competitors. Any such investment may reduce the Group&#8217;s profit and margins and may not lead to the development or commercialization of successful new products or services. To contextualize the Group&#8217;s total research and development effort, the total expenditure in  2024 was 647 million euros (741 million euros in 2023), representing 1.6% of the Group&#8217;s revenues (1.8% in 2023). These figures have been calculated using the guidelines established in the Organization for Economic Co-operation and Development (&#8220;OECD&#8221;) manual. Telef&#243;nica's investment in CapEx in 2024 was 5,475 million euros (5,579 million euros in 2023).</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">If Telef&#243;nica is not able to anticipate and adapt to the technological changes and trends in the sector, or to properly select the investments to be made, this could negatively affect the Group's business, financial condition, results of operations and/or cash flows.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">The Telef&#243;nica Group's strategy, which is focused on driving new digital businesses and providing data-based services, involves exposure to risks and uncertainties arising from data privacy regulation.</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Telef&#243;nica Group&#8217;s commercial portfolio includes products and/or services whose provision involves the processing of large amounts of information and data. This entails an enormous responsibility, while at the same time increasing the challenges related to compliance with strong and growing privacy and data protection regulations throughout the Telef&#243;nica Group's footprint, which may stifle the technological innovation that characterizes it and to which the Group is committed. Similarly, the Group's efforts to promote innovation may result in increased compliance risks and, where applicable, costs.</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Telef&#243;nica is subject to Regulation (EU) 2016/679 of the European Parliament and Council of April 2016, on the protection of natural persons with regard to the processing of personal data and on the free movement of such data ("GDPR"), which is considered by the Group as a common standard of compliance in all its operations, even beyond the European Union. Additionally, the European Union has initiated a data legislative strategy that seeks to </span></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">21</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">make the EU a leading space for the data-driven society, allowing data to flow freely throughout the territory and between different sectors. As a result, it is expected that new regulatory obligations will be imposed on operators.</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In addition, since 2017 the European Union has been considering a proposal for a future European regulation concerning the respect for privacy and protection of personal data in electronic communications (&#8220;e-Privacy Regulation&#8221;), which would repeal Directive 2002/58/EC. If approved, the e-Privacy Regulation could establish additional and more restrictive rules than those established in the GDPR, with the consequent increase in the risks and costs that this could entail for Telef&#243;nica. Discussions on the proposal for the e-Privacy Regulation have stalled, and the European Commission is studying different regulatory alternatives on the matter, which creates additional uncertainty with respect to the applicable regulatory framework going forward, which may negatively affect the development of new innovative products.</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Moreover, considering that the Telef&#243;nica Group operates its business on a global scale, it frequently carries out international data transfers concerning its customers, users, suppliers, employees and other data subjects to countries outside the European Economic Area ("EEA") that have not been declared to have an adequate level of data protection by the European Commission, either directly or through third parties. In this context, it is particularly relevant to have the necessary legal and technical controls and mechanisms in place to ensure that such international data transfers are carried out in accordance with the GDPR, in an environment marked by uncertainty on this issue as to the most adequate and effective measures to mitigate such risks. </span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">With regard to the international transfer of data to the United States, on July 10, 2023, the European Commission adopted its adequacy decision for the EU-U.S. Data Privacy Framework. The adequacy decision concludes that the United States ensures an adequate level of protection for personal data transferred from the EU to U.S. companies participating in the EU-U.S. Data Privacy Framework. This adequacy decision remains subject to challenge by privacy activists as was the case with previous decisions.</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Telef&#243;nica is subject to data privacy regulations similar to the GDPR in the non-EU countries in which it operates, including the United Kingdom, Brazil, Ecuador, Chile and Peru, increasing compliance risks and costs in these countries. For example, since its formal exit from the European Union ("Brexit&#8221;), the United Kingdom has implemented its own data protection framework, which largely mirrors the GDPR with certain tailored adjustments. Subsequent legislative efforts to simplify compliance for businesses in the United Kingdom (and, therefore, reduce data protections), while unsuccessful to date, have raised data privacy risks for EU companies who, like Telef&#243;nica, regularly engage with UK partners. Any such potential shifts in the applicable data privacy framework necessitate careful monitoring by Telef&#243;nica to mitigate compliance and cross-border data transfer risks. </span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">To limit the risks derived from international transfers of personal data among Telef&#243;nica Group companies, the Telef&#243;nica Group adopted Binding Corporate Rules (BCRs), approved by the Spanish Data Protection Authority on March 8, 2024, following a procedure of co-operation between the European data protection authorities. However, there can be no assurance that such rules will be sufficient to ensure compliance with requirements in every jurisdiction in which the Telef&#243;nica Group operates. </span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Data privacy protection requires careful design of products and services, as well as robust internal procedures and rules that can be adapted to regulatory changes where necessary, all of which entails compliance risk. Failure to maintain adequate data security and to comply with any relevant legal requirements could result in the imposition of significant penalties, damage to the Group&#8217;s reputation and the loss of trust of customers and users. </span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Telef&#243;nica&#8217;s reputation depends to a large extent on the digital trust it is able to generate among its customers and other stakeholders. In this regard, in addition to any reputational consequences, in the European Union, very serious breaches of the GDPR may entail the imposition of administrative fines of up to the larger of 20 million euros or 4% of the infringing company&#8217;s overall total annual revenue for the previous financial year. Furthermore, if eventually approved, the e-Privacy Regulation or any similar alternative regulation may set forth sanctions for breaches of it similar to those provided for in the GDPR.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Any of the foregoing could have an adverse effect on the business, financial condition, results of operations and/or cash flows of the Group.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Telef&#243;nica may not anticipate or adapt in a timely manner to changing customer demands and/or new ethical or social standards, which could adversely affect Telef&#243;nica's business and reputation.</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">To maintain and improve its position in the market vis-&#224;-vis its competitors, it is vital that Telef&#243;nica: (i) anticipates and adapts to the evolving needs and demands of its customers, and (ii) avoids commercial or other actions or </span></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">22</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">policies that may generate a negative perception of the Group or the products and services it offers, or that may have or be perceived to have a negative social impact. In addition to harming Telef&#243;nica's reputation, such actions could also result in fines and sanctions.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In order to respond to changing customer demands, Telef&#243;nica needs to adapt both (i) its communication networks and (ii) its offering of digital services. </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The networks, which had historically focused on voice transmission, have evolved into increasingly flexible, dynamic and secure data networks, replacing, for example, old copper telecommunications networks with newer technologies such as fiber, which facilitate the absorption of the exponential growth in the volume of data demanded by the Group's customers. </span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In relation to digital services, customers require an increasingly digital and personalized experience, as well as a continuous evolution of the Group&#8217;s product and service offering. In this sense, relatively new services such as "Living Apps", &#8220;Connected Car&#8221;, &#8220;Smart Cities&#8221;, &#8220;Smart Agriculture&#8221;, &#8220;Smart Metering&#8221;, "Solar 360" and "Perplexity" (an Artificial Intelligence-driven answer engine service) which facilitate certain aspects of the Group&#8217;s customers&#8217; digital lives, are being developed. Furthermore, new solutions for greater automation in commercial services and in the provision of the Group&#8217;s services are being developed, through new apps and online platforms that facilitate access to services and content, such as new video platforms that offer both traditional Pay TV, video on demand or multi-device access. In addition, Telef&#243;nica has launched new customer care applications (My Movistar in Spain, Me Vivo in Brazil, My O2 in the United Kingdom) and developed a virtual assistant, Aura, with the aim of increasing the accessibility of the products and services the Group offers. However, there can be no assurance that these and other efforts will be successful. </span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In the development of all these initiatives it is also necessary to take into account several factors: firstly, there is a growing social and regulatory demand for companies to behave in a socially responsible manner, and, in addition, the Group&#8217;s customers are increasingly interacting through online communication channels, such as social networks, in which they express this demand. Telef&#243;nica's ability to attract and retain clients depends on their perceptions regarding the Group&#8217;s reputation and behavior. The risks associated with potential damage to Telef&#243;nica's reputation have become more relevant, especially due to the impact that the publication of news through social networks can have.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">If Telef&#243;nica is not able to anticipate or adapt to the evolving needs and demands of its customers or avoid inappropriate actions, its reputation could be adversely affected, or it could otherwise have an adverse effect on the business, financial condition, results of operations and/or cash flows of the Group.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;text-decoration:underline">Operational Risks.</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Information technology is key to the Group's business and is subject to cybersecurity risks.</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Telef&#243;nica's operations, as well as the products and services it provides, rely on information technology systems and platforms that are susceptible to cyberattacks. If successful, these attacks can hinder the effective provision, operation, and commercialization of our products and services and our customers&#8217; use of the same. Therefore, cybersecurity risks are among the most significant risks for the Group. </span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Telecommunications companies worldwide, including Telef&#243;nica, face a continuous increase in cybersecurity threats. These companies and their customers are becoming increasingly digital, processing and storing valuable information electronically relying on cloud services provided by third parties, permitting remote access and teleworking by employees and collaborators and expanding IoT environments. All of this complicates security management, forcing companies to review security controls beyond the traditional corporate network perimeter. At the same time, cyberattackers, including both state and independent actors, are becoming more sophisticated, armed with high levels of funding and advanced digital tools that use technologies such as artificial intelligence and machine learning. Threats include unauthorized access to systems, the installation of computer viruses or malicious software, and security breaches in the supply chain, with the aim of improperly obtaining sensitive information or disrupting the Group's operations, which may result in regulatory penalties. Furthermore, traditional security threats persist, such as the theft of laptops, data storage devices, and mobile phones, along with the possibility that Group employees or collaborators may leak information and/or perform acts that affect their networks or internal information. Additionally, the Telef&#243;nica Group is aware of potential cybersecurity risks arising from various international conflicts and monitors cyberattacks that may affect its infrastructure.</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In the past three years, the Group has suffered various types of cybersecurity incidents that have included: intrusion attempts (direct or phishing), exploitation of vulnerabilities and corporate credentials being compromised; </span></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">23</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Distributed Denial of Service (DDoS) attacks, using massive volumes of Internet traffic that saturate the service; and malicious actions to carry out fraud in respect of services provided by Telef&#243;nica. In some of these incidents, personal data from our customers and employees has been stolen. To date, none of these cybersecurity incidents have had material consequences for the Telef&#243;nica Group, but this may change in the future. </span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The development and maintenance of systems to prevent and detect cyberattacks is costly and requires ongoing monitoring and updating to address the increasing sophistication of cyberattacks. In response to these risks, Telef&#243;nica has adopted technical and organizational measures as defined in its digital security strategy, such as the use of early vulnerabilities detection, access control, log review of critical systems and network segregation, as well as the deployment of firewalls,</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">security controls in the supply chain, intrusion-prevention systems, virus scanners</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">incident response and recovery procedures, and backup systems. However, Telef&#243;nica can provide no assurance that such measures are sufficient to avoid or fully mitigate such incidents. The Telef&#243;nica Group has insurance policies in place intended to cover certain losses arising out of these types of incidents. However, due to the potential severity and uncertainty about the evolution of the aforementioned events, these policies may not be sufficient to cover in its entirety all losses that may arise out of a cybersecurity attack.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Climate change, natural disasters and other factors beyond the Group's control may result in physical damage to Telef&#243;nica's technical infrastructure that may cause unanticipated network or service interruptions or quality loss or otherwise affect the Group's business.</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%"> </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Climate change, natural disasters and other factors beyond the Group's control, such as system failures, lack of electric supply, network failures, hardware or software failures or the theft of network elements, can damage Telef&#243;nica's infrastructure and affect the quality of, or cause interruption to, the provision of the services of the Telef&#243;nica Group. For example, in late October 2024, record-breaking flooding and related power outages in Valencia, Spain, resulting from a high-altitude, cut-off low-pressure storm system, caused severe damage to Telef&#243;nica's infrastructure. Fixed and mobile services were affected, and certain municipalities (104 at the worst moment) lost all communications. Repairs to the damaged infrastructure took up to 10 days. Telef&#243;nica's operations have also been affected by power outages in certain Latin American countries due to droughts and flooding. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Further, changes in temperature and precipitation patterns associated with climate change may increase the energy consumption of telecommunications networks or cause service disruption due to extreme temperature waves, floods or extreme weather events. These changes may cause increases in the price of electricity due to, for example, reduction in hydraulic generation as a result of recurrent droughts. Further, as a result of global commitments to tackle climate change, new carbon dioxide taxes may be imposed and could affect, directly or indirectly, Telef&#243;nica Group, and may have a negative impact on the Group&#8217;s operations and results. Telef&#243;nica analyses these risks in accordance with the guidelines set forth in the Corporate Sustainability Reporting Directive (CSRD), and with the recommendations of the Task Force on Climate-Related Financial Disclosures (TCFD).   </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Network or service interruptions or quality loss or climate-related risks could cause customer dissatisfaction, a reduction in revenues and traffic, the realization of expensive repairs, the imposition of sanctions or other measures by regulatory bodies, and damage to the image and reputation of the Telef&#243;nica Group, or could otherwise have an adverse effect on the business, financial condition, results of operations and/or cash flows of the Group.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;text-decoration:underline">Financial Risks.</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Worsening of the economic and political environment could negatively affect Telef&#243;nica's business. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Telef&#243;nica&#8217;s international presence enables the diversification of its activities across countries and regions, but it exposes Telef&#243;nica to diverse legislation, as well as to the political and economic environments of the countries in which it operates. Any adverse developments in these countries, such as economic uncertainty, inflationary pressures, rapid normalization of monetary policy, exchange rate or sovereign-risk fluctuations, as well as growing geopolitical tensions, may adversely affect Telef&#243;nica&#8217;s business, financial position, debt management, cash flows and results of operations and/or the performance of some or all of the Group&#8217;s financial indicators. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In recent years, successive shocks have ushered in a period characterized by extraordinary uncertainty and the simultaneous occurrence of multiple negative disruptions. Inflationary pressures arising from bottlenecks associated with the rapid post-pandemic recovery, coupled with increases in commodity prices, led to a robust response from central banks (raising interest rates and withdrawing liquidity from the system) and a significant loss of purchasing power for consumers. Additionally, the recent higher wage demands observed internationally, reflecting both the strength of labour markets, especially those in major developed economies, and the prevalence (though to a lesser extent than in the past) of wage indexation mechanisms, have also contributed to these inflationary pressures.</span></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">24</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Although inflationary pressures eased in 2024, there are recent signs that progress is stalling in some countries where the Group operates, or even reversing course as in Brazil. Price pressures and relatively high interest rates persist in many countries. Geopolitical events such as the Russia-Ukraine war, armed conflict and political instability in the Middle East and the possible imposition of tariffs by major economies pose risks to inflation dynamics, interest rates and exchange rates. Moreover, there is a risk that the decrease in global liquidity and higher-for-longer interest rates could generate increased financial volatility, giving rise to new stress episodes, especially if inflation proves to be more persistent than expected. Additionally, premature monetary easing by central banks could lead to resurgent inflation, potentially triggering a new stagflation period akin to the 1970s.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Looking forward, elements that could worsen the effects of the current situation include the escalation of armed conflicts and potential disruptions to energy and goods supply, as well as possible additional increases in commodity prices. This could result in a potential de-anchoring of inflation expectations and higher-than-expected wage hikes, prolonging and amplifying the inflation-recession scenario. As a consequence of the above, economic growth is expected to remain weak in the short term, with the risk of recession still present in some parts of the world.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">So far, the main European countries where the Group operates have been affected by the ongoing geopolitical conflicts mainly through the price channel (higher commodity prices, intermediate inputs and salary costs, among others), as their direct trade and financial exposure is limited. However, there continues to be a concern in Europe  about energy dependence in the face of potential episodes of gas shortages and lengthening energy transition. Latin America could be affected by lower external demand associated with slower global growth, deteriorating terms of trade, tighter financial conditions and doubts about debt sustainability.   </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">As of December 31, 2024, the contribution of each segment to the Telef&#243;nica Group's total assets was as follows: Telef&#243;nica Spain 25.7% (26.0% as of December 31, 2023), VMO2 7.6% (7.5% as of December 31, 2023), Telef&#243;nica Germany 17.7% (17.8% as of December 31, 2023), Telef&#243;nica Brazil 22.2% (25.0% as of December 31, 2023) and Telef&#243;nica Hispam 14.1% (14.4% as of December 31, 2023). Part of the Group's assets are located in countries that do not have an investment grade credit rating (in order of importance, Brazil, Argentina (sold in February 2025), Ecuador and Venezuela). Likewise, Venezuela and Argentina are considered countries with hyperinflationary economies in 2024 and 2023.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">During 2024, the contribution of each segment to the Telef&#243;nica Group's revenues was as follows (does not include VMO2 that is recorded by the equity method and therefore does not contribute to the consolidated revenues): Telef&#243;nica Spain 31.0% (31.1% in 2023), Telef&#243;nica Germany 20.6% (21.2% in 2023), Telef&#243;nica Brazil 23.3% (23.7% in 2023) and Telef&#243;nica Hispam 21.9% (20.6% in 2023).</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The main risks by geography are detailed below: </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In Europe, there are several economic and political risks. Firstly, the evolution of armed conflicts poses a threat to growth and inflation prospects. Any worsening in the supply of gas, oil, food, or other goods due to disruptions in the supply chain would negatively impact their prices, with a consequent effect on the disposable income of both households and businesses. In the medium term, this could result in wage increases, a persistent rise in inflation, and tighter monetary policy. Any of the above could have a negative impact on the cost of financing for the private sector, including Telef&#243;nica, and could trigger episodes of financial stress.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In addition, there is also a risk of financial fragmentation in the eurozone, meaning that interest rates may react differently in different countries within the eurozone, leading to differences in yields on bonds issued by more indebted countries (including Spain) and those issued by less indebted countries, making it challenging for the former to access credit at low rates. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Lastly, Europe faces three significant long-term risks. First, Europe may fall behind in the global technological race in particular because of both its dependence on several critical raw materials, indispensable for key sectors, that must be imported from other regions, and its lag in technological innovation. Second, a burdensome regulatory environment in the European Union poses a significant threat to business, impeding growth and eroding competitiveness, with companies based in countries and regions where regulations are relatively less complex, extensive or restrictive. Third, demographic factors such as declining birth rates and population aging may have a negative impact on the region's labor force and long-term growth prospects.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Regarding political risk, centrist political groups maintained a majority following the 2024 European Parliament elections but nationalist and populist parties made significant gains. It remains to be seen whether greater </span></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">25</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">fragmentation in the parliament will hinder governance and the continuity of the ongoing agenda in fiscal and economic matters, climate and energy policy as well as other aspects of regional governance.</span></div><div style="margin-top:9pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%;padding-left:10pt">Spain: </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">there are several local sources of risks. One of them stems from the risk that high commodity prices and/or the emergence of wage pressures could prolong the inflationary episode with a deeper impact on household income. Secondly, further delays in the disbursement of Next Generation European Funds (NGEU) could limit their final impact on GDP growth and employment. In addition, as one of the most open countries in the world from a commercial point of view, being among the top ten countries in respect of capital outflows and inflows globally, Spain could be negatively impacted by the rise of protectionism and trade restrictions. Lastly, the impact of higher-for-longer interest rates could be a source of financial stress due to high public indebtedness and lead to a possible correction in the real estate market. In the long term, the challenge is to increase the growth of potential GDP through improvements in productivity and investment and ensure the sustainability of public debt.</span></div><div style="margin-top:9pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%;padding-left:10pt">Germany</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">: the risk of energy shortages has diminished recently due to Europe's response in terms of diversification of energy sources and the rapid construction of regasification plants in the country. However, it is possible that problems with energy supply may arise again. Alternative sources for gas imports could be limited, consumption could be higher due, for example, to an unusually cold winter, or competition for gas from other countries could increase. On the other hand, there is concern that higher-than-expected wage growth and/or higher input costs could lead to more persistent inflation diminishing competitiveness among the manufacturing sector. As for the medium to long term, there is a risk that prolonged or escalating geopolitical tensions could reduce international trade or increase competition to German-made products with a consequent impact on the country&#8217;s potential growth, which is dependent on exports. Additionally, following the German federal election, it is relevant that a stable majority is formed capable of addressing the major challenges facing the country, especially in terms of investment needs. Finally, long-term challenges remain, such as the ageing of the population.</span></div><div style="margin-top:9pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%;padding-left:10pt">United Kingdom</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">: more persistent inflation could weigh on consumption and further depress economic growth. In particular, there is a concern that currently dynamic wage growth could lead to a further increase in the prices of goods and services, preventing inflation rates from totally normalizing. On the other hand, although the UK economy has few direct trade links with Russia and Ukraine, it is vulnerable to developments in the global energy market as it is the second European economy with the largest share of gas in the energy mix. Finally, the formal exit of the United Kingdom from the European Union on December 31, 2020 (Brexit) has created new barriers to trade in goods and services, mobility and cross-border exchanges, which will continue to entail an economic adjustment in the medium term. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In Latin America, the exchange rate risk is currently considered moderate by the Telef&#243;nica Group, except in Venezuela, but may increase in the future. The end of electoral events and rapid central bank actions to contain inflation may, at least partially, limit the impact of external risks (global trade tensions, abrupt movements in commodity prices, concerns about global growth, tightening U.S. monetary policy and financial imbalances in China) and internal risks (managing the monetary normalization and the possible fiscal deterioration) but there is no assurance that this will be the case.</span></div><div style="margin-top:9pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%;padding-left:10pt">Brazil</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">: fiscal sustainability and increased economic intervention remain the main domestic risk. Despite recently announced measures to curb public spending, tax reforms aimed at simplifying the indirect tax system and promoting stronger and sustainable economic growth and an upward revision of Brazil's credit rating outlook by Moody's, volatility surrounding fiscal sustainability has increased. Moreover, inflation expectations have continued to deteriorate following the poor performance of the Brazilian real in a context of fiscal volatility, paving the way for further interest rate hikes and increasing the risks of a more pronounced economic slowdown.  </span></div><div style="margin-top:9pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:112%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:112%;padding-left:10pt">Chile, Colombia, Peru and Ecuador</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:112%">: these countries are exposed not only to changes in the global economy, given their vulnerability and exposure to changes in commodity prices, but also to tightening of global financial conditions. On the domestic side, existing political instability and the possibility of further social unrest and the resurgence of populism could have a negative impact in both the short and medium term. In this regard, measures that result in excessive growth in public spending that jeopardize fiscal balance could have a negative impact on sovereign credit ratings, further deteriorating local financing conditions. If inflation is more persistent than expected, this could limit central banks' ability to respond to an abrupt drop in activity levels and could also increase the risk of financial instability. Political uncertainty has decreased in Chile, following the rejection of a proposed new Constitution in December 2023, but the maintenance of the former status quo could give rise to new social demands. A presidential election is due to take place in November 2025 (and a runoff election may follow in December 2025). In Colombia, the structural reforms promoted by Colombia's government are expected to be more market friendly due to the weakening of the government coalition. In Peru, the government succeeded in reducing the social protests against the installation of the current administration, although it remains politically weak. In </span></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">26</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Ecuador, presidential and legislative elections were held in February 2025. The election took place against a backdrop of unprecedented social and economic challenges, as well as armed conflicts between the government and several organized crime groups. A run-off presidential election will be held in April 2025. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">As discussed above, the countries where the Group operates are generally facing significant economic uncertainties and, in some cases, political uncertainties. The worsening of the economic and political environment in any of the countries where Telef&#243;nica operates may materially adversely affect the Group&#8217;s business, financial condition, results of operations and/or cash flows.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">The Group has experienced and, in the future, could experience impairment of goodwill, investments accounted for by the equity method, deferred tax assets or other assets.</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%"> </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In accordance with current accounting standards, the Telef&#243;nica Group reviews on an annual basis, or more frequently when the circumstances require it, the need to introduce changes to the book value of its goodwill (which as of December 31, 2024, represented 16.4% of the Group&#8217;s total assets), deferred tax assets (which as of December 31, 2024, represented 6.6% of the Group&#8217;s total assets) or other assets, such as intangible assets (which represented 9.8% of the Group's total assets as of December 31, 2024), and property, plant and equipment (which represented 21.3% of the Group's total assets as of December 31, 2024).  In the case of goodwill, the potential loss of value is determined by the analysis of the recoverable value of the cash-generating unit (or group of cash-generating units) to which the goodwill is allocated at the time it is originated, and such calculation requires significant assumptions and judgment. In 2024, Telef&#243;nica recorded impairment losses on intangible assets and property, plant and equipment in Argentina in an aggregate amount of 1,274 million euros and impairment losses on goodwill in an aggregate amount of 866 million euros with respect to the cash-generating units in Chile (397 million euros), Peru (226 million euros), Telef&#243;nica Tech UK &amp; Ireland (192 million euros) and BE-terna Group (51 million euros). Likewise, impairment losses were recorded in Peru in 2024, including impairment losses on intangible assets (54 million euros) and on goodwill allocated to the fiber optics business (34 million euros), as well as a reversal of deferred tax assets for loss carryforwards (91 million euros).  Additionally, following the analysis of the recoverability of the assets of Pangea (the wholesale fiber optic company in Peru) at the end of 2024, an impairment of property, plant and equipment amounting to 108 million euros has been recorded, as well as a reversal of deferred tax assets amounting to 13 million euros (see Notes 2, 6, 7, 8, 25 and 30 to the Consolidated Financial Statements). In 2023, impairment losses in the goodwill of Telef&#243;nica Ecuador were recognized for a total of 58 million euros. In addition, VMO2, Telef&#243;nica's 50:50 joint venture with Liberty Global in the United Kingdom, recorded in 2023 an impairment of goodwill amounting to 3,572 million euros, with a negative impact of 1,786 million euros on the share of (loss) income of investments accounted for by the equity method in the consolidated income statement of the Group in 2023.  </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In addition, Telef&#243;nica may not be able to realize deferred tax assets on its statement of financial position to offset future taxable income. The recoverability of deferred tax assets depends on the Group&#8217;s ability to generate taxable income over the period for which the deferred tax assets remain deductible. If Telef&#243;nica believes it is unable to utilize its deferred tax assets during the applicable period, it may be required to record an impairment against them resulting in a non-cash charge on the income statement. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Further impairments of goodwill, deferred tax assets or other assets may occur in the future which may materially adversely affect the Group&#8217;s business, financial condition, results of operations and/or cash flows.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">The Group faces risks relating to its levels of financial indebtedness, the Group's ability to finance itself, and its ability to carry out its business plan.</span><span style="color:#006476;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The operation, expansion and improvement of the Telef&#243;nica Group's networks, the development and distribution of the Telef&#243;nica Group's services and products, the implementation of Telef&#243;nica's strategic plan and the development of new technologies, the renewal of licenses and the expansion of the Telef&#243;nica Group's business in countries where it operates, may require a substantial amount of financing. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Telef&#243;nica Group is a relevant and frequent issuer of debt in the capital markets. As of December 31, 2024, the Group's gross financial debt amounted to 38,782 million euros (37,061 million euros as of December 31, 2023), and the Group's net financial debt amounted to 27,161 million euros (27,349 million euros as of December 31, 2023). As of December 31, 2024, the average maturity of the debt was 11.3 years (11.6 years as of December 31, 2023), including undrawn committed credit facilities. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">A decrease in the liquidity of Telef&#243;nica, or a difficulty in refinancing maturing debt or raising new funds as debt or equity could force Telef&#243;nica to use resources allocated to investments or other commitments to pay its financial </span></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">27</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">debt, which could have a negative effect on the Group's business, financial condition, results of operations and/or cash flows.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Funding could be more difficult and costly to obtain in the event of a deterioration of conditions in the international or local financial markets due, for example, to monetary policies set by central banks, including increases in interest rates and/or decreases in the supply of credit, increasing global political and commercial uncertainty and oil price instability, or if there is an eventual deterioration in the reputation, solvency or operating performance of Telef&#243;nica. As of December 31, 2024, the Group's gross financial debt scheduled to mature in the following 12 months amounted to 5,590 million euros and the gross financial debt scheduled to mature in 2026 amounted 2,607 million euros. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In accordance with its liquidity policy, Telef&#243;nica has covered its gross debt maturities for the next 12 months with cash and credit lines available as of December 31, 2024. As of December 31, 2024, the Telef&#243;nica Group had undrawn committed credit facilities arranged with banks for an amount of 11,017 million euros (10,634 million euros of which were due to expire in more than 12 months). Liquidity could be affected if market conditions make it difficult to renew undrawn credit lines. As of December 31, 2024, 3.5% of the aggregate undrawn amount under credit lines was scheduled to expire prior to December 31, 2025. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In addition, given the interrelation between economic growth and financial stability, the materialization of any of the economic, political and exchange rate risks referred to above could adversely impact the availability and cost of Telef&#243;nica's financing and its liquidity strategy. This in turn could have a negative effect on the Group's business, financial condition, results of operations and/or cash flows.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Finally, any downgrade in the Group&#8217;s credit ratings may lead to an increase in the Group's borrowing costs and could also limit its ability to access credit markets.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">The Group's financial condition and results of operations may be adversely affected if it does not effectively manage its exposure to interest rates or foreign currency exchange rates.</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Interest rate risk arises primarily in connection with changes in interest rates affecting: (i) financial expenses on floating-rate debt (or short-term debt likely to be renewed); (ii) the value of long-term liabilities at fixed interest rates; and (iii) financial expenses and principal payments of inflation-linked financial instruments, considering interest rate risk as the impact of changes in inflation rates. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In nominal terms, as of December 31, 2024, 83% of the Group's net financial debt had its interest rate set at fixed interest rates for periods of more than one year. The effective cost of debt related interest payments for the last 12 months excluding leases was 3.32% as of December 31, 2024 compared to 3.80% as of December 31, 2023. To illustrate the sensitivity of financial expenses to variations in short-term interest rates as of December 31, 2024: (i) a 100 basis points increase in interest rates in all currencies in which Telef&#243;nica had a financial position at that date would have led to an increase in financial expenses of 41 million euros, whereas (ii) a 100 basis points decrease in interest rates in all currencies (even if negative rates are reached) would have led to a reduction in financial expenses of 41 million euros. For the preparation of these calculations, a constant position equivalent to the position at that date is assumed of net financial debt.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Exchange rate risk arises primarily from: (i) Telef&#243;nica&#8217;s international presence, through its investments and businesses in countries that use currencies other than the euro (primarily in Latin America and the United Kingdom); (ii) debt denominated in currencies other than that of the country where the business is conducted or the home country of the company incurring such debt; and (iii) trade receivables or payables in a foreign currency to the currency of the company with which the transaction was registered. According to the Group's calculations, the impact on results, and specifically on net exchange differences, due to a 10% depreciation of Latin American currencies against the U.S. dollar and a 10% depreciation of the rest of the currencies to which the Group is most exposed against the euro would result in exchange gains of 42 million euros as of December 31, 2024 and a 10% appreciation of Latin American currencies against the U.S. dollar and a 10% appreciation of the rest of the currencies to which the Group is most exposed, would result in exchange losses of 42 million euros as of December 31, 2024. These calculations have been made assuming a constant currency position with an impact on profit or loss as of December 31, 2024 taking into account derivative instruments in place. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In 2024, the evolution of exchange rates (without considering the effects of hyperinflationary countries) had a negative impact in the year-on-year growth of the Group's consolidated revenues and operating results before depreciation and amortization, subtracting 2.2 percentage points and 2.9 percentage points respectively (in 2023 it had a positive impact of 0.2 percentage points on year-on-year revenue growth and no impact at the operating </span></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">28</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">results before depreciation and amortization level). Furthermore, translation differences in 2024 had a negative impact on the Group's equity of 959 million euros (positive impact of 37 million euros in 2023). </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Telef&#243;nica Group uses a variety of strategies to manage this risk including, among others, the use of financial derivatives, which are also exposed to risk, including counterparty risk. The Group's risk management strategies may be ineffective, which could adversely affect the Group's business, financial condition, results of operations and/or cash flows. If the Group does not effectively manage its exposure to foreign currency exchange rates or interest rates, it may adversely affect its business, financial condition, results of operations and/or cash flows.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;text-decoration:underline">Legal and Compliance Risks.</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Telef&#243;nica and Telef&#243;nica Group companies are party to lawsuits, antitrust, tax claims and other legal proceedings.</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%"> </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Telef&#243;nica and Telef&#243;nica Group companies operate in highly regulated sectors and are and may in the future be party to lawsuits, tax claims, antitrust and other legal proceedings in the ordinary course of their businesses, the outcome of which is unpredictable. </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Telef&#243;nica Group is subject to regular reviews, tests and audits by tax authorities regarding taxes in the jurisdictions in which it operates and is a party and may be a party to certain judicial tax proceedings. In particular, the Telef&#243;nica Group is currently party to certain tax and regulatory proceedings in Brazil, primarily relating to the ICMS (a Brazilian tax on telecommunication services) and the corporate tax. </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Telef&#243;nica Brazil maintained provisions for tax contingencies amounting to 314 million euros and provisions for regulatory contingencies amounting to 179 million euros as of December 31, 2024. In addition, Telef&#243;nica Brazil faces possible tax and regulatory contingencies for which no provisions are made (see Note 24.c. "Provisions&#8212;Other Provisions&#8212;Telef&#243;nica Brazil" and Note 25 "Tax matters&#8212;Tax Litigation in Telef&#243;nica Brazil" to the Consolidated Financial Statements).</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Group makes estimates for its tax liabilities that the Group considers reasonable, but if a tax authority disagrees, the Group could face additional tax liability, including interest and penalties. There can be no guarantee that any payments related to such contingencies or in excess of Telef&#243;nica's estimates will not have a significant adverse effect on the Group&#8217;s business, results of operations, financial condition and/or cash flows. In addition to the most significant litigation indicated above, further details on these matters are provided in Notes 25 (Tax matters) and 29 (Other information) to the Consolidated Financial Statements. The details of the provisions for litigation, tax sanctions and claims can be found in Note 24 Provisions of the Consolidated Financial Statements. </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Telef&#243;nica Group is also party to certain litigation in Peru concerning certain previous years' income taxes in respect of which Telef&#243;nica has been notified that the judicial resolutions which resolve the contentious administrative processes are unfavorable to the Group and will require it to pay taxes related to prior years. At the end of the relevant proceedings, the Tax Administration, through an administrative act, has not yet finally determined the amount of the payment obligation. The total provision as of December 31, 2024 amounted to 2,739 million Peruvian soles (approximately  700 million euros at the exchange rate at such date).                                </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">An adverse outcome or settlement in these or other proceedings, present or future, could result in significant costs and may have a material adverse effect on the Group's business, financial condition, results of operations and/or cash flows.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Increased scrutiny and changing expectations from stakeholders, evolving reporting and other legal obligations and compliance with the Telef&#243;nica Group's own goals regarding ESG matters, may expose the Telef&#243;nica Group to various risks.</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:112%">The Telef&#243;nica Group may be unable to adapt to or comply with increasingly demanding expectations from analysts, investors, customers and other stakeholders and new regulatory reporting or other legal requirements related to ESG issues. Further, expectations and requirements may differ from region to region, may be based on diverging calculation or other criteria and may experience material changes as they still are at their emerging phase.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Further, the Telef&#243;nica Group's disclosure of information on its ESG objectives and initiatives in its public reports and other communications (including its CO</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:6.5pt;font-weight:400;line-height:120%;position:relative;top:1.41pt;vertical-align:baseline">2</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> emission reduction targets) exposes it to the risk that it will fail to achieve these objectives and initiatives. </span></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">29</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Although the Telef&#243;nica Group is working to comply with new ESG reporting requirements, to achieve its objectives, and to meet the expectations of its stakeholders in these matters, if the Company is unable to meet these expectations, fails to adequately address ESG matters or fails to achieve the reported objectives (including its CO</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:6.5pt;font-weight:400;line-height:120%;position:relative;top:1.41pt;vertical-align:baseline">2</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> emission reduction targets), the Telef&#243;nica Group&#8217;s reputation, its business, financial position, results of operations and/or cash flows could be materially and adversely affected.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">The Telef&#243;nica Group is exposed to risks in relation to compliance with anti-corruption laws and regulations and economic sanctions programs.</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Telef&#243;nica Group is required to comply with the anti-corruption laws and regulations of the jurisdictions where it conducts operations around the world, including in certain circumstances with laws and regulations having extraterritorial effect such as the U.S. Foreign Corrupt Practices Act of 1977 (the "FCPA") and the United Kingdom Bribery Act of 2010. The anti-corruption laws generally prohibit, among other conduct, providing anything of value to government officials for the purposes of obtaining or retaining business or securing any improper business advantage or failing to keep accurate books and records and properly account for transactions. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In this sense, due to the nature of its activities, the Telef&#243;nica Group is increasingly exposed to this risk, which increases the likelihood of occurrence. In particular, it is worth noting the continuous interaction with officials and public administrations in several areas, including the institutional and regulatory fronts (as the Telef&#243;nica Group carries out a regulated activity in different jurisdictions), the operational front (in the deployment of its network, the Telef&#243;nica Group is subject to obtaining multiple activity permits) and the commercial front (the Telef&#243;nica Group provides services directly and indirectly to public administrations). Moreover, Telef&#243;nica is a multinational group subject to the authority of different regulators and compliance with various regulations, which may be domestic or extraterritorial in scope, civil or criminal, and which may lead to overlapping authority in certain cases. Therefore, it is very difficult to quantify the possible impact of any breach, bearing in mind that such quantification must consider not only the economic amount of sanctions, but also the potential negative impact on the business, reputation and/or brand, or the ability to contract with public administrations.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Additionally, the Telef&#243;nica Group&#8217;s operations may be subject to, or otherwise affected by, economic sanctions programs and other forms of trade restrictions (&#8220;sanctions&#8221;) including those administered by the United Nations, the European Union, the United States, including by the U.S. Treasury Department&#8217;s Office of Foreign Assets Control (OFAC) and the United Kingdom. Sanctions restrict the Group&#8217;s business dealings with certain countries, territories, individuals and entities and may impose certain trade restrictions, among others, export and/or import trade restrictions to certain goods and services. In this context, the provision of goods and services by a multinational telecommunications group, such as the Telef&#243;nica Group, directly and indirectly, and in multiple countries, requires the application of a high degree of diligence to prevent the contravention of sanctions. Given the nature of its activity, the Telef&#243;nica Group&#8217;s exposure to these sanctions is particularly noteworthy.    </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Although the Group has internal policies and procedures designed to ensure compliance with the above mentioned applicable anti-corruption laws and sanctions regulations, there can be no assurance that such policies and procedures will be sufficient or that the Group's employees, directors, officers, partners, agents and service providers will not take actions in violation of the Group's policies and procedures (or, otherwise in violation of the relevant anti-corruption laws and sanctions regulations) for which the Group, its subsidiaries or they may be ultimately held responsible. In this regard, Telef&#243;nica cooperates with governmental authorities in connection with the enforcement of anti-corruption laws. For example, certain companies within the Group have been the subject of corruption investigations and charges in the past, one of which recently resulted in a financial penalty. See &#8220;Item 8. Financial Information&#8212;Consolidated Financial Statements&#8212;Other Proceedings&#8221;.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Failure to comply with anti-corruption laws and sanctions regulations could lead to further financial penalties, termination of government contracts, and the revocation of licenses and authorizations, and could have a material adverse effect on the Group's reputation, or otherwise adversely affect the Group's business, financial condition, results of operations and/or cash flows.</span></div><div id="i63478826478c4e0dbabc502413383f6b_52"></div><div style="margin-top:9pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:14pt;font-weight:400;line-height:120%">Item 4. Information on the Company</span></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">30</span></div></div></div><div id="i63478826478c4e0dbabc502413383f6b_55"></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><div style="margin-top:9pt;text-align:justify;text-indent:13.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">A. History and Development of the Company</span></div><div style="margin-top:9pt;text-align:justify;text-indent:13.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Overview</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Telef&#243;nica, S.A. is a corporation duly organized and existing under the laws of the Kingdom of Spain, incorporated on April 19, 1924. We:</span></div><div style="margin-top:9pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:10pt">are a diversified telecommunications group which provides a comprehensive range of services through one of the world&#8217;s largest and most modern telecommunications networks;</span></div><div style="margin-top:9pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:10pt">are focused on providing telecommunications services; and</span></div><div style="margin-top:9pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:10pt">operate principally in Europe and Latin America.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify;text-indent:13.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The following significant events occurred in 2024:</span></div><div style="margin-top:9pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:10pt">On January 3, 2024, certain subsidiaries of Telef&#243;nica Spain endorsed the agreement reached on December 28, 2023 with the most representative trade unions to (i) sign the III Collective Bargaining Agreement, which runs until December 31, 2026 and can be extended for a further year; and (ii) execute a collective redundancies plan affecting up to a total of 3,420 employees (the "Collective Redundancies Plan"). Employees who turned 56 years or older in 2024 and with a seniority of more than 15 years could adhere to the Collective Redundancies Plan. However, targets were established that resulted in limits on adherence in critical areas or additional redundancies based on business reasons. The present value of the estimated payment flows resulting from the Collective Redundancies Plan was estimated in a provision of 1,320 million euros (before taxes), recorded as of December 31, 2023 under "Personnel expenses" (see Note 24.a to the Consolidated Financial Statements), with no cash impact as of such date.  </span></div><div style="margin-top:9pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:10pt">On January 13, 2024, the second annual extension of the sustainability-linked syndicated credit facility for up to 5,500 million euros of Telef&#243;nica, S.A. was exercised, extending the maturity date to January 13, 2029.</span></div><div style="margin-top:9pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:10pt">On January 17, 2024, Telef&#243;nica, S.A., through its wholly-owned subsidiary Telef&#243;nica Emisiones, S.A.U. launched under its European medium-term notes program (the "</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">EMTN Programme</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">") a new issuance of notes guaranteed by Telef&#243;nica, S.A. in an aggregate principal amount of 1,750 million euros. This issue was split into two tranches. The first tranche, with an aggregate principal amount of 1,000 million euros, due on January 24, 2032, pays an annual coupon of 3.698% and was issued at par. The second tranche, with an aggregate principal amount of  750 million euros, due on January 24, 2036, pays an annual coupon of 4.055% and was also issued at par. The settlement of the transaction took place on January 24, 2024. An amount equivalent to the net proceeds was intended to be allocated towards eligible investments in accordance with the Sustainable Financing Framework, including the transformation and modernization of telecommunications networks based on high-speed fixed and mobile networks, including supporting infrastructure and software to improve the energy efficiency of the networks, as well as the implementation of Telef&#243;nica's Renewable Energy Plan, and development and implementation of digital products and services with a focus on saving energy and/or natural resources.</span></div><div style="margin-top:9pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:10pt">On January 19, 2024, Telef&#243;nica Audiovisual Digital, S.L.U. was awarded exclusive broadcasting rights for five matches per matchday of the Spanish First Division Football League National Championship for pay television in the residential market in Spain. Telef&#243;nica Audiovisual had first pick on 18 matchdays and second pick on 17 matchdays (or the applicable portion for the 2024/2025 season), including the second match of the season between Real Madrid and Barcelona. In addition, it was awarded exclusive broadcasting rights of one matchday for the 2024/2025 season and three matchdays in the remaining seasons. The award covers the 2024/2025 season, beginning January 20, 2025, as well as the 2025/2026 and 2026/2027 seasons. The price has been set at 250 million euros for the 2024/2025 season and 520 million euros for each of the 2025/2026 and 2026/2027 seasons (see Note 29.c "Other Information&#8211;Commitments" to the Consolidated Financial Statements).</span></div><div style="margin-top:9pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:10pt">On January 22, 2024, regarding the voluntary public acquisition offer in the form of a partial offer (the "Offer") launched by Telef&#243;nica &#8212; through Telef&#243;nica Local Services GmbH&#8212; for shares of Telef&#243;nica Deutschland Holding AG ("Telef&#243;nica Deutschland") announced in November 2023, the Company reported that, following the expiry of the acceptance period, the Offer had been accepted by shareholders holding 233,732,773 Telef&#243;nica Deutschland shares, representing approximately 7.86% of its share capital and voting rights, for an approximate amount of 549 million euros. In addition, Telef&#243;nica had made direct market purchases, from January 1, 2024 to January 26, 2024, for a total of 113,999,566 shares of the aforementioned subsidiary, for an approximate amount of </span></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">31</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">268 million euros. Thus, as of January 26, 2024 Telef&#243;nica owned, directly and indirectly, 2,799,576,769 shares which represented 94.12% of the share capital and voting rights of Telef&#243;nica Deutschland.  </span></div><div style="margin-top:9pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:10pt">On February 5, 2024, Telef&#243;nica Emisiones S.A.U. redeemed 1,000 million euros of its notes issued on February 5, 2019. These notes were guaranteed by Telef&#243;nica, S.A. </span></div><div style="margin-top:9pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:10pt">On February 22, 2024, the Audit and Control Committee and the Nominating, Compensation and Corporate Governance Committee of Telef&#243;nica adopted the following resolutions relating to their composition: (i) to appoint Mr. Jos&#233; Javier Echenique Landiribar as Chairman of the Audit and Control Committee; and (ii) to appoint Mr. Peter L&#246;scher as Chairman of the Nominating, Compensation and Corporate Governance Committee.</span></div><div style="margin-top:9pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:10pt">On February 23, 2024, Telef&#243;nica filed with the United States Securities and Exchange Commission its annual report on Form 20-F for the year ended December 31, 2023.</span></div><div style="margin-top:9pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:10pt">On March 6, 2024, Telef&#243;nica Europe B.V. carried out the following transactions related to its capital structure:</span></div><div style="margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#9702;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:9.96pt">a new securities issue amounting to 1,100 million euros, guaranteed by Telef&#243;nica, S.A. An amount equal to the net proceeds of the issue of the securities was subject to specific eligibility criteria to be applied to finance new or refinance existing projects, as detailed in Telef&#243;nica's Sustainable Financing Framework. The settlement took place on March 15, 2024; and</span></div><div style="margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#9702;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:9.96pt">a tender offer for any outstanding 1,300 million euros Undated 6 Year Non-Call Deeply Subordinated Guaranteed Fixed Rate Reset Securities. Telef&#243;nica Europe B.V. accepted the purchase in cash of the tendered securities for an aggregate principal amount of 1,097 million euros. The tender offer settled on March 18, 2024.</span></div><div style="margin-top:9pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:10pt">On March 7, 2024, Telef&#243;nica announced a decision to make, through Telef&#243;nica Local Services GmbH, a public delisting acquisition offer with the aim of acquiring the shares in Telef&#243;nica Deutschland not yet directly or indirectly held by Telef&#243;nica. On March 20, 2024, the relevant offer document was published following its review and approval by the German Federal Financial Supervisory Authority (Bundesanstalt f&#252;r Finanzdienstleistungsaufsicht), and the acceptance period for the delisting offer commenced. The offer could be accepted in respect of up to 156,565,942 Telef&#243;nica Deutschland shares, corresponding to approximately 5.26% of the share capital and voting rights in Telef&#243;nica Deutschland, at an offer price of 2.35 euros per share. On March 26, 2024, Telef&#243;nica Deutschland's management and supervisory boards issued the joint reasoned statement with respect to the delisting offer, recommending that its shareholders accept the delisting offer. The acceptance period expired on April 18, 2024. On April 23, 2024, Telef&#243;nica had reached approximately 96.85% of the share capital and voting rights of Telef&#243;nica Deutschland after giving effect to the acquisition at settlement of the number of shares for which the delisting offer had been accepted and considering the number of Telef&#243;nica Deutschland shares held directly or indirectly by Telef&#243;nica at the close of the last trading day of the acceptance period, which corresponded to 2,880,817,453 shares of Telef&#243;nica Deutschland. The total number of shares for which the delisting offer was accepted, together with the number of Telef&#243;nica Deutschland shares acquired from the announcement of the delisting offer until the close of the last trading day of the acceptance period, was 74,338,954 shares, representing approximately 2.50% of Telef&#243;nica Deutschland's share capital and voting rights, acquired for a total consideration of approximately 175 million euros, funded entirely with cash. Lastly, the management board of the Frankfurt Stock Exchange approved the delisting of the shares of Telef&#243;nica Deutschland which became effective as of April 18, 2024.</span></div><div style="margin-top:9pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:10pt">On April 12, 2024, the Annual General Shareholders' Meeting of Telef&#243;nica held at second call approved all the resolutions submitted by the Board of Directors for deliberation and vote by the General Shareholders' Meeting. Likewise, it was informed that a proposal made during the meeting by a shareholder was rejected by a majority of more than 99%. In addition, the Annual General Shareholders' Meeting approved the distribution of a dividend in cash charged to unrestricted reserves, by means of a payment of a fixed gross amount of 0.30 euros during 2024 payable in two tranches, for each existing Telef&#243;nica share and carrying entitlement to this distribution on the following dates: (i) the first payment in cash of a gross amount of 0.15 euros per share was made on June 20, 2024, and (ii) the second payment in cash of a gross amount of 0.15 euros per share was made on December 19, 2024.</span></div><div style="margin-top:9pt;text-align:justify;text-indent:40.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On the same date, the Board of Directors of Telef&#243;nica, following a favorable report from the Nominating, Compensation and Corporate Governance Committee, unanimously adopted the following resolutions regarding the reelection, and the ratification and appointment of Directors approved in the abovementioned meeting: i) to re-elect Mr. Isidro Fain&#233; Casas as Vice-Chairman of the Board of Directors; ii) to re-elect Mr. Jos&#233; Javier Echenique </span></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">32</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Landir&#237;bar as Vice-Chairman of the Board of Directors and Lead Independent Director; iii) to re-elect Mr. Isidro Fain&#233; Casas, Mr. Jos&#233; Javier Echenique Landir&#237;bar, Mr. Peter L&#246;scher and Ms. Claudia Sender Ram&#237;rez as members of the Executive Commission of the Board of Directors; and iv) that the Directors re-elected, and ratified and appointed by the Annual General Shareholders' Meeting who were members of any of the remaining Committees of the Board of Directors (i.e. Mr. Jos&#233; Javier Echenique Landir&#237;bar, Mr. Peter L&#246;scher, Ms. Ver&#243;nica Pascual Bo&#233; and Ms. Solange Sobral Targa) continue as members of the same. In this regard, Mr. Echenique Landir&#237;bar would continue as a member of the Audit and Control Committee, and of the Nominating, Compensation and Corporate Governance Committee; Mr. L&#246;scher of the Nominating, Compensation and Corporate Governance Committee and of the Audit and Control Committee; Ms. Pascual Bo&#233; of the Nominating, Compensation and Corporate Governance Committee; and Ms. Sobral Targa of the Sustainability and Regulation Committee. In addition, the Audit and Control Committee agreed to re-elect Mr. Jos&#233; Javier Echenique Landir&#237;bar as Chairman, and the Nominating, Compensation and Corporate Governance Committee agreed to re-elect Mr. Peter L&#246;scher as Chairman.</span></div><div style="margin-top:9pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In addition, the Board of Directors of Telef&#243;nica at its meeting held on such date, resolved to carry out the implementation of the share capital reduction through the cancellation of treasury shares approved by the Annual General Shareholders' Meeting held on the same date under item IV of its Agenda. The share capital of Telef&#243;nica was reduced in the amount of 80,296,591 euros, through the cancellation of 80,296,591 shares of Telef&#243;nica then held as treasury stock, with a nominal value of one euro each. The share capital of Telef&#243;nica resulting from the reduction was set at 5,670,161,554 euros corresponding to 5,670,161,554 shares with a nominal value of one euro each. On May 13, 2024, the public deed relating to the share capital reduction was registered in the Commercial Registry of Madrid.  </span></div><div style="margin-top:9pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:10pt">On May 8, 2024, the Board of Directors of Telef&#243;nica unanimously resolved to accept the voluntary resignation presented by Ms. Carmen Garc&#237;a de Andr&#233;s from her position as Director of Telef&#243;nica, for personal reasons and in order to contribute to the process of orderly renewal of the Board of Directors of Telef&#243;nica. The Board of Directors expressed its gratitude for the services rendered to Telef&#243;nica during her tenure. Consequently, Ms. Carmen Garc&#237;a de Andr&#233;s was no longer a member of the Board of Directors Committees of which she was a member (i.e. the Audit and Control Committee and the Sustainability and Regulation Committee). To fill the abovementioned vacancy, and following a favorable report from the Nominating, Compensation and Corporate Governance Committee, the Board of Directors resolved to appoint, by co-optation, Mr. Carlos Oca&#241;a Orbis as Proprietary Director to the Board of Directors of Telef&#243;nica, nominated by the shareholder Sociedad Estatal de Participaciones Industriales. Likewise, the Board of Directors resolved, following a favorable report from the Nominating, Compensation and Corporate Governance Committee, to appoint Mr. Carlos Oca&#241;a Orbis as a member of the Executive Commission and the Audit and Control Committee.</span></div><div style="margin-top:9pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:10pt">On July 31, 2024, in relation to the subsidiary Colombia Telecomunicaciones S.A. ESP BIC ("Colombia Telecomunicaciones"), Telef&#243;nica informed that the Telef&#243;nica Group entered into a non-binding agreement with the Millicom Group to explore a possible corporate transaction, with respect to the assets that both Groups have in Colombia. This potential transaction is subject to the signing of the definitive agreements between the companies involved and the obtaining of the corresponding regulatory approvals, and may involve the sale of the Telef&#243;nica Group's shares in Colombia Telecomunicaciones.</span></div><div style="margin-top:9pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:10pt">On July 31, 2024, Telef&#243;nica, S.A. drew down 150 million euros of its bilateral loan signed on March 27, 2024 and maturing in 2034.</span></div><div style="margin-top:9pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:10pt">On October 31, 2024, Telef&#243;nica, S.A. drew down 140 million euros of its bilateral loan signed on October 9, 2024, and maturing on October 31, 2031.</span></div><div style="margin-top:9pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:10pt">On November 7, 2024, Telef&#243;nica Espa&#241;a Filiales, S.A.U. ("Telef&#243;nica Espa&#241;a Filiales") reached an agreement with Vodafone ONO, S.A.U. ("Vodafone Espa&#241;a") to incorporate a joint company, whose main activity is the commercialization of a fiber to the home (FTTH) network for its shareholders, Telef&#243;nica Espa&#241;a Filiales and Vodafone Espa&#241;a, so that they can in turn provide retail and wholesale broadband access services. The joint company is expected to cover approximately 3.6 million premises, with assets that are currently part of Telef&#243;nica de Espa&#241;a&#8217;s FTTH network and that represent approximately 12% of its national network. It is estimated that the joint company will initially have around 1.4 million clients, which implies a penetration level of approximately 40%. As part of the transaction, the required agreements for the provision of services by Telef&#243;nica Group to the joint company must be signed. After the closing of the transaction, Telef&#243;nica Espa&#241;a Filiales will hold a 63% in the joint company and Vodafone Espa&#241;a the remaining 37%.</span></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">33</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:10pt">On November 12, 2024, Telef&#243;nica obtained a favorable award regarding the investment dispute with the Republic of Colombia (Case ICSID No. ARB/18/3) submitted to the International Center for Settlement of Investment Disputes (&#8220;ICSID&#8221;), pursuant to the Agreement between the Republic of Colombia and the Kingdom of Spain for the Promotion and Reciprocal Protection of Investments (APRI). The tribunal determined that Colombia failed to comply with its obligation to grant fair and equitable treatment to Telef&#243;nica's investments under Article 2(3) of the APRI, and it ordered Colombia to pay the amount of 380 million U.S. dollars (approximately 358 million euros at the exchange rate of November 12, 2024) plus compound interest at a rate of 5% per year as compensation for the damages caused (i.e., the entire principal amount and interest claimed by Telef&#243;nica). In addition, the tribunal ordered Colombia to pay Telef&#243;nica&#8217;s attorneys&#8217; fees with respect to the arbitration proceedings, together with the corresponding interest. On November 27, 2024, the Republic of Colombia filed a request with the ICSID to annul and suspend the award.</span></div><div style="margin-top:9pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:10pt">On December 4, 2024, the first one-year extension option of the 145 million euros syndicated credit facility of Telxius Telecom, S.A. was executed. The facility has two annual extension options at the request of Telxius Telecom, S.A., which would allow the facility's maturity to be extended up to 2030.</span></div><div style="margin-top:9pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:10pt">On December 16, 2024, Telef&#243;nica, S.A. drew down 100 million euros of its bilateral loan signed on November 21, 2024, and maturing on December 16, 2031.</span></div><div style="margin-top:9pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:10pt">The second one-year extension option of the 360 million euros syndicated facility of Bluev&#237;a Fibra S.L.U., was executed on December 20, 2024, extending the maturity date to December 20, 2029.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">For information on certain significant events that have occurred to date in 2025, see &#8220;&#8212;Recent Developments&#8221;.</span></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">34</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><div style="margin-top:9pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:115%">Business areas</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In 2024 the Telef&#243;nica Group is reporting financial information, both internally and externally, according to the following segments: Telef&#243;nica Spain, VMO2, Telef&#243;nica Germany, Telef&#243;nica Brazil and Telef&#243;nica Hispam (formed by the Group's operators in Colombia, Mexico, Venezuela, Ecuador, Argentina (sold in February 2025), Chile, Peru and Uruguay).</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The segments referred to above include the information related to the fixed, wireless, cable, data, Internet and television businesses and other digital services provided in each related region. Inter-segment&#160;transactions&#160;are&#160;carried&#160;out on an arm's-length basis.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In 2024, impairments losses on goodwill of Peru and Chile cash-generating units have been included in the Telef&#243;nica Hispam segment, and impairments losses on goodwill of Telef&#243;nica Tech UK &amp; Ireland and BE-terna Group have been included in "Other companies" , which is described below (see Note 7 to the Consolidated Financial Statements). Likewise, impairment losses on intangible assets and property, plant and equipment in Argentina and on intangible assets and held for sale assets in Peru, as well as the reversal of deferred tax assets for loss carryforwards, have been included in the Telef&#243;nica Hispam segment (see Note 6, 8 and 30 to the Consolidated Financial Statements).</span></div><div style="text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In 2023, impairment losses on goodwill of the Ecuador cash-generating unit were included in the Telef&#243;nica Hispam segment (see Note 7 to the Consolidated Financial Statements).</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The VMO2 segment information included in this Annual Report is presented under management criteria, and shows 100% of VMO2&#8217;s results. In addition, information included in this Annual Report on the accesses of the Group and the VMO2 segment includes 100% of the accesses of VMO2. Telef&#243;nica&#8217;s actual percentage ownership of VMO2 is 50% and its results are accounted for under the equity method.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Information relating to other Group companies not specifically included in the segments referred to above is reported under "Other companies" (see Appendix I to the Consolidated Financial Statements), which includes Telef&#243;nica, S.A. and other holding companies, as well as companies whose main purpose is to provide cross-sectional services to Group companies, and other operations not included in the segments. The Incremental Group and BE-terna Group, acquired in March and June 2022 (see Note 5 to the Consolidated Financial Statements), respectively, are reported within "Other companies". "Other companies" also includes the share of results of investments accounted for by the equity method corresponding to the fiber optic companies in which Telef&#243;nica Infra, S.L. ("T. Infra") has ownership interests (see Note 10 to the Consolidated Financial Statements).</span></div><div style="margin-top:9pt;text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Group centrally manages borrowing activities, mainly through Telef&#243;nica, S.A. and other companies included in &#8220;Other companies&#8221; (see Note 19, Appendix III and Appendix V to the Consolidated Financial Statements), so most of the Group's financial assets and liabilities are reported under &#8220;Other companies&#8221;. In addition, Telef&#243;nica, S.A. is the head of the Telef&#243;nica tax group in Spain (see Note 25 to the Consolidated Financial Statements). Therefore, a significant part of the deferred tax assets and liabilities is included under &#8220;Other companies&#8221;. For these reasons, the results of the segments are disclosed up through operating income.</span></div><div style="margin-top:9pt;text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Revenues and expenses arising from intra-group invoicing for the use of the trademark and management services were eliminated from the operating results of each Group segment. The results of the holding companies also exclude dividends from Group companies and impairments of investments in Group companies. These adjustments have no impact on the Group&#8217;s consolidated results. In addition, segment reporting considers the impact of the purchase price allocation to the assets acquired and the liabilities assumed by the companies included in each segment. The assets and liabilities presented in each segment are those managed by the heads of each segment, regardless of their legal structure.</span></div><div style="margin-top:9pt;text-align:justify"><span><br/></span></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">35</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><div style="margin-top:9pt;text-align:justify;text-indent:20.25pt"><span><br/></span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The following chart shows the organizational structure of the principal subsidiaries of the Telef&#243;nica Group at December 31, 2024, including their jurisdictions of incorporation and our ownership interest. For further detail, see Exhibit 8.1 to this Annual Report.</span></div><div style="margin-top:9pt;text-align:justify"><span><br/></span></div><div style="margin-top:9pt;text-align:justify"><img src="tef-20241231_g1.jpg" alt="Captura de pantalla 2025-01-30 130646.jpg" style="height:330px;margin-bottom:5pt;vertical-align:text-bottom;width:684px"/></div><div style="margin-top:9pt;text-align:justify;text-indent:20.25pt"><span><br/></span></div><div style="margin-top:9pt;padding-left:18pt;text-align:justify;text-indent:20.25pt"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:6.5pt;font-weight:400;line-height:120%;position:relative;top:-3.5pt;vertical-align:baseline">(1)</span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> Investment accounted for under equity method.</span></div><div style="margin-top:9pt;text-align:justify"><span><br/></span></div><div style="margin-top:9pt;padding-left:18pt;text-align:justify;text-indent:20.25pt"><span><br/></span></div><div style="margin-top:9pt;text-align:justify"><span><br/></span></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">36</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><div style="margin-top:9pt;text-align:justify;text-indent:20.25pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Telef&#243;nica, S.A., the parent company of the Telef&#243;nica Group, operates as a holding company with the following objectives:</span></div><div style="margin-top:9pt;padding-left:40.5pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">coordinate the Group&#8217;s activities;</span></div><div style="margin-top:9pt;padding-left:40.5pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">allocate resources efficiently among the Group;</span></div><div style="margin-top:9pt;padding-left:40.5pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">provide managerial guidelines for the Group;</span></div><div style="margin-top:9pt;padding-left:40.5pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">manage the Group&#8217;s portfolio of businesses;</span></div><div style="margin-top:9pt;padding-left:40.5pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">foster cohesion within the Group; and</span></div><div style="margin-top:9pt;padding-left:40.5pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">foster synergies among the Group&#8217;s subsidiaries.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Our principal executive offices are located at Distrito Telef&#243;nica, Ronda de la Comunicaci&#243;n, s/n, 28050 Madrid, Spain, and our registered offices are located at Gran V&#237;a, 28, 28013 Madrid, Spain. Our telephone number is +34 900 111 004.</span></div><div style="margin-bottom:9pt;margin-top:9pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Capital Expenditures </span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Our principal capital expenditures for the years ended December 31, 2024, 2023 and 2022, consisted of additions to property, plant and equipment</span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:112%"> and additions to intangible assets, including spectrum. In 2024, 2023 and 2022, we had capital expenditures of </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:112%">5,475</span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:112%"> million euros, </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:112%">5,579 million euros and 5,819 million euros, respectively, in line with Telef&#243;nica&#8217;s objective to reduce CapEx. </span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Our objective is to reduce CapEx while improving its allocation to maximize revenues, aiming for a CapEx-to-revenue ratio below 12% by year-end 2026. In recent years, most of our CapEx has been allocated to expanding both our mobile and fixed footprint across all markets, transitioning our IT systems to future-oriented architectures and enhancing the capacity of our core networks. These initiatives collectively accounted for more than two-thirds of the Company&#8217;s total CapEx in 2024.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:115%">Year ended December 31, 2024</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Capital expenditures in 2024 decreased by 1.9% compared to 2023. Capital expenditures in 2024 included the cost of spectrum mainly in Colombia, amounting to 157 million euros.</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Investment by Telef&#243;nica Spain amounted to 1,571 million euros and was primarily focused on continuing the deployment of the fiber optic network. The number of homes passed in Spain reached 30.8 million by year-end 2024. In Spain, more than 90% of the retail copper network has been switched off. Due to regulatory requirements, the remaining portion of the network is expected to be switched off by May 2025. In terms of mobile deployment, the development of the 5G network remains a priority, with a focus on expanding coverage in rural areas. By the end of 2024, 5G coverage reached 91% of the population. Investment by Telef&#243;nica Germany in 2024 amounted to 1,141 million euros and was primarily focused on expanding the footprint and capacity of the 5G network, which has reached a 99% coverage footprint across the country, as well as strengthening the capacity of the 4G network to ensure an optimal customer experience. Investment by Telef&#243;nica Brazil in 2024 amounted to 1,583 million euros and was primarily directed toward the expansion of the 5G mobile network, to cover 504 municipalities, ensuring the quality of the 4G mobile network, and expanding the fixed fiber business, including both the customer base and the network, which totaled 29.1 million homes passed with FTTH by year-end 2024. Investment by Telef&#243;nica Hispam in 2024 amounted to 1,001 million euros and was mainly focused on improving mobile networks through coverage expansions, capacity enhancements, and 5G deployment in Argentina, Colombia, Uruguay, and Chile. Additionally, there was a strong emphasis on the deployment of proprietary fixed networks in the region, supported by the fiber optic companies currently operating in Chile, Colombia and Peru. Efficient management of available resources and the pursuit of synergies remained key for the region, driven by regional initiatives that enable synergy in negotiations and the identification of best practices to be replicated across other operators, as well as the process of phasing out legacy systems.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Year ended December 31, 2023</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Capital expenditures in 2023 decreased by 4.1% compared to 2022. Capital expenditures in 2023 included the cost of spectrum mainly in Argentina and Spain, amounting to 183 million euros.</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Investment by Telef&#243;nica Spain amounted to 1,607 million euros and was primarily focused on continuing the deployment of the fiber optic network to achieve the goal of decommissioning the legacy copper network. Telef&#243;nica Spain&#8217;s fiber optic network reached more than 29 million premises passed by year-end 2023. Likewise, investment </span></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">37</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">in 4G network capacity continued, as well as in the deployment of the 5G network, where population coverage had reached 87% by the end of the year. Investment by Telef&#243;nica Germany in 2023 amounted to 1,133 million euros and was primarily focused on continuing the strong progress in network modernization, especially with respect to 5G, where 94% population coverage had been reached by the end of 2023. Telef&#243;nica Germany also made investments in expanding 4G capacity, to absorb traffic growth and reduce congestion nodes. The transformation of the transport network in Germany continued in 2023 as well as the transformation of the business support systems (BSS) in IT. Investment by Telef&#243;nica Brazil in 2023 amounted to 1,671 million euros and was mainly dedicated to extending the capacity of 4G mobile networks, improving quality, absorbing traffic growth and preparing the network for 5G deployment, as well as a massive rollout of 5G in the 3,500MHz band. Telef&#243;nica Brazil continued the expansion of its FTTH network, reaching more than 26 million premises passed by year-end 2023. Investment by Telef&#243;nica Hispam in 2023 amounted to 938 million euros and was mainly focused on the improvement of mobile networks (with coverage expansions and capacity reinforcement) as well as on the deployment of our own fixed network through the fiber optic companies incorporated since 2021 (in which we generally retain a non-controlling stake) that operate in Chile, Colombia and Peru and through certain strategic alliances in Argentina. The efficient administration of available resources and the optimization of CapEx were the main management levers in the region, focusing on the simplification and digitization of processes and the promotion of regional initiatives to accomplish synergies during the negotiation of projects and to identify the best practices in the region that can be replicated in other operating businesses. Further, focus was placed on the legacy shutdown process, such as achieving the mainframe technology shutdown with the complete migration of clients to the full stack system.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Year ended December 31, 2022</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Capital expenditures in 2022 decreased by 19.9% compared to 2021. Capital expenditures in 2022 included the cost of spectrum mainly in Colombia, Brazil, Argentina and Uruguay, amounting to 173 million euros.</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Investment by Telef&#243;nica Spain amounted to 1,550 million euros and was primarily focused on continuing the deployment of the fiber optic network, exceeding 28 million premises passed by year-end 2022, as well the development of the 5G network, reaching 85% population coverage at the end of the year. Investment by Telef&#243;nica Germany in 2022 amounted to 1,209 million euros and was primarily focused on continuing the progress in 5G roll-out and network modernization. 5G population coverage stood at approximately 80% at year-end, significantly over-achieving the initial target and aiming for nationwide 5G coverage by no later than 2025. Investment by Telef&#243;nica Brazil in 2022 amounted to 1,795 million euros and was mainly dedicated to extending the coverage and capacity of 4G mobile networks, with a population coverage of 96%, and the improvement of network quality and deployment of the FTTH network in the fixed business, exceeding 23.3 million premises passed. Investment by Telef&#243;nica Hispam in 2022 amounted to 1,058 million euros and was mainly focused on the improvement of mobile networks (with coverage expansions and capacity reinforcement) as well as on the deployment of our own fixed network. The efficient administration of available resources and the optimization of CapEx were the main management levers in the region, focusing on the simplification, digitization of processes and the search for synergies through the promotion of regional initiatives.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Financial Investments and Divestitures</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Our principal financial investments in 2024 were: (i) a voluntary public acquisition offer for shares of Telef&#243;nica Deutschland. The offer was announced by Telef&#243;nica on November 7, 2023, and the acceptance period for the offer commenced on December 5, 2023 and expired on January 17, 2024 without extension. Upon the conclusion of the acceptance period, the offer had been accepted by shareholders holding 233,732,773 Telef&#243;nica Deutschland shares, representing approximately 7.86% of Telef&#243;nica Deutschland&#8217;s share capital and voting rights, for an approximate amount of 549 million euros. The offer was settled on January 26, 2024. In addition, from January 1, 2024 to January 26, 2024, Telef&#243;nica made direct market purchases, outside of the offer, acquiring a total of 113,999,566 shares of the aforementioned subsidiary, for an approximate amount of 268 million euros. Thus, as of January 26, 2024, Telef&#243;nica owned, directly and indirectly, 2,799,576,769 shares representing 94.12% of the share capital and voting rights of Telef&#243;nica Deutschland; and (ii) a subsequent public delisting acquisition offer for the shares of Telef&#243;nica Deutschland not yet directly or indirectly owned by Telef&#243;nica. The offer was announced by Telef&#243;nica on March 7, 2024, and the acceptance period for the offer commenced on March 20, 2024 and expired on April 18, 2024. Upon conclusion of the acceptance period, the delisting offer had been accepted by shareholders holding 74,338,954 shares, representing approximately 2.50% of Telef&#243;nica Deutschland&#8217;s share capital and voting rights, for an approximate amount of 175 million euros. The delisting offer settled on April 29, 2024. As a result of the delisting offer and direct market purchases made by Telef&#243;nica, Telef&#243;nica reached approximately 96.85% of the share capital and voting rights of Telef&#243;nica Deutschland as of April 23, 2024. See &#8220;&#8212;Public Takeover Offers&#8221; for additional information. </span></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">38</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><div style="text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:112%">In addition, on November 7, 2024, Telef&#243;nica Espa&#241;a Filiales, S.A.U. (Telef&#243;nica Espa&#241;a Filiales) reached an agreement with Vodafone ONO, S.A.U. (Vodafone Espa&#241;a) to incorporate a joint company, whose main activity is the commercialization of a fiber to the home (FTTH) network for its shareholders, Telef&#243;nica Espa&#241;a Filiales and Vodafone Espa&#241;a, so that they can in turn provide retail and wholesale broadband access services. The joint company is expected to cover approximately 3.6 million premises, with assets that are currently part of Telef&#243;nica de Espa&#241;a&#8217;s FTTH network and that represent approximately 12% of its national network. It is estimated that the joint company will initially have around 1.4 million clients, which implies a penetration level of approximately 40%. As part of the transaction, the required agreements for the provision of services by Telef&#243;nica Group to the joint company must be signed. After the closing of the transaction, Telef&#243;nica Espa&#241;a Filiales will hold a 63% in the joint company and Vodafone Espa&#241;a the remaining 37%.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Our principal financial divestiture in 2024 was the sale of our stake in China Unicom for an aggregate amount of 147 million euros.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Our principal financial investment in 2023 was the acquisition by Pontel Participaciones, S.L. (Telef&#243;nica's subsidiary then held 83.35% by Telef&#243;nica and 16.65% by Pontegadea Inversiones, S.L.) of 40% of the share capital of Telxius Telecom, S.A. from Taurus Bidco S.&#224; r.l. (a company managed by KKR) on January 18, 2023 as a result of which acquisition Pontel Participaciones, S.L., became the sole shareholder of Telxius Telecom, S.A. (which later absorbed Pontel Participaciones, S.L.). Within the framework of this transaction, Pontel Participaciones, S.L. carried out a capital increase fully subscribed and paid up by its shareholders in proportions agreed between them, in such a way that both Telef&#243;nica and Pontegadea Inversiones, S.L. paid out 111 million euros. The impact of this transaction on the consolidated statement of changes in equity was a reduction in equity attributable to the parent company for an amount of 46 million euros and a reduction in equity attributable to minority interests for an amount of 585 million euros (see Note 17 to the Consolidated Financial Statements).</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Telef&#243;nica did not complete any significant financial divestitures in 2023.  On July 6, 2023 Telef&#243;nica Hispanoam&#233;rica, S.A. ("Telef&#243;nica Hispanoam&#233;rica") entered into agreements to sell 54% and 10% stakes in Pangea, the wholesale FTTH company in Peru, to KKR and Entel Per&#250;, respectively. Upon settlement of the transactions, which are currently pending the final agreement between the parties, Telef&#243;nica Hispanoam&#233;rica will retain a 36% stake in Pangea (see Note 30 to the Consolidated Financial Statements).</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Our principal financial investments in 2022 were: (i) the acquisition of the mobile assets of the Oi Group on April 20, 2022 for consideration of 1,093 million euros; (ii) the acquisition of Incremental Group on March 21, 2022 for consideration of 104 million euros (including potential contingent payments linked to its future performance); (iii) the acquisition of BE-terna Group on June 9, 2022 for consideration of 191 million euros (including potential contingent payments linked to its future performance); and (iv) the closing on December 20, 2022 of the agreement between Telef&#243;nica de Espa&#241;a, S.A.U. and T. Infra with a consortium formed by Vauban Infrastructure Partners and Cr&#233;dit Agricole Assurances to incorporate a company, Bluevia Fibra, S.L., for the deployment and commercialization of an FTTH network mainly in rural areas in Spain, after obtaining the corresponding regulatory authorizations and the fulfillment of certain other agreed conditions. The consortium acquired 45% of the company for the amount of 1,021 million euros.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Our principal financial divestiture in 2022 was the sale on January 13, 2022 of Telef&#243;nica M&#243;viles El Salvador to General International Telecom El Salvador, S.A. de C.V.  for 139 million U.S. dollars (approximately 121 million euros at the exchange rate at such date), after the satisfaction of the relevant closing conditions and once the relevant regulatory approvals were obtained.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Active portfolio management is part of Telef&#243;nica&#8217;s strategy and therefore it may undertake transactions involving its or its subsidiaries' shares, including transactions similar to those undertaken in the 2022-2024 period or otherwise, at any time.</span></div><div style="margin-bottom:9pt;margin-top:9pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Public Takeover Offers</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On November 7, 2023, Telef&#243;nica, through its subsidiary Telef&#243;nica Local Services GmbH, launched a partial voluntary public tender offer for shares representing up to approximately 28.19% of the share capital and voting rights of Telef&#243;nica Deutschland. The consideration offered to Telef&#243;nica Deutschland shareholders amounted to 2.35 euros in cash for each share, representing a premium of approximately (i) 37.6% over Telef&#243;nica Deutschland's previous day closing price and (ii) 36.3% over Telef&#243;nica Deutschland's volume-weighted average price during the three months prior to the announcement. The offer acceptance period began on December 5, 2023 and ended on January 17, 2024 (both inclusive). </span></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">39</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">At the date of the offer announcement, Telef&#243;nica was the owner, directly or indirectly, of 71.81% of the share capital and voting rights of Telef&#243;nica Deutschland, and, consequently, the offer was announced for shares representing approximately the 28.19% of share capital and voting rights remaining. Upon the conclusion of the acceptance period, the offer had been accepted by shareholders holding 233,732,773 Telef&#243;nica Deutschland shares, representing approximately 7.86% of Telef&#243;nica Deutschland&#8217;s share capital and voting rights, for an approximate amount of 549 million euros. The offer settled on January 26, 2024. </span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In addition, Telef&#243;nica made direct market purchases, outside the offer, from January 1, 2024 to January 26, 2024, acquiring a total of 113,999,566 shares of the aforementioned subsidiary, for an approximate amount of 268 million euros. Thus, as of January 26, 2024 Telef&#243;nica owned, directly and indirectly, 2,799,576,769 shares representing  94.12% of the share capital and voting rights of Telef&#243;nica Deutschland.  </span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On March 20, 2024, Telef&#243;nica, through its subsidiary Telef&#243;nica Local Services GmbH, launched a public delisting acquisition offer with the aim of acquiring the shares of Telef&#243;nica Deutschland not yet directly or indirectly held by Telef&#243;nica. The cash consideration offered to Telef&#243;nica Deutschland shareholders was 2.35 euros per share. Upon conclusion of the acceptance period on April 18, 2024, the delisting offer had been accepted by shareholders holding 74,338,954 shares, representing approximately 2.50% of Telef&#243;nica Deutschland&#8217;s share capital and voting rights, for an approximate amount of 175 million euros. The delisting offer settled on April 29, 2024.</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">As a result of the delisting offer and direct market purchases made by Telef&#243;nica, Telef&#243;nica reached 96.85% of the share capital and voting rights of Telef&#243;nica Deutschland as of April 23, 2024. The management board of the Frankfurt Stock Exchange approved the delisting of the shares of Telef&#243;nica Deutschland, effective as of April 18, 2024.</span></div><div style="text-align:justify"><span><br/></span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Together, these purchases made in 2024 produced an increase of 28 million euros in the equity attributed to the parent company and a decrease of 1,057 million euros in the equity attributed to minority interests.</span></div><div style="margin-top:9pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Recent Developments</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The principal events that have occurred since December 31, 2024 are set forth below:</span></div><div style="margin-bottom:9pt;margin-top:9pt;padding-left:18pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:28pt">On January 10, 2025, Telef&#243;nica Germany GmbH &amp; Co. OHG completed the early termination of its 750</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> million euros sustainability-linked syndicated credit facility signed on December 17, 2019 and originally scheduled to mature in 2026.</span></div><div style="margin-top:9pt;padding-left:18pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:28pt">On January 13, 2025, Telef&#243;nica, S.A. signed an extension with respect to its sustainability-linked syndicated credit facility for up to 5,500 million euros for an additional year (extending the maturity date to January 13, 2030). Additionally, Telef&#243;nica signed 2 extension options for 1 additional year each, permitting Telef&#243;nica, S.A.,to extend the maturity date of the credit facility to January 13, 2032.</span></div><div style="margin-top:9pt;padding-left:18pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:28pt">On January 15, 2025, Telef&#243;nica, S.A. signed a bilateral loan in the amount of 125 million euros maturing on January 15, 2035. As of the date, there was no outstanding amount under this bilateral loan.  </span></div><div style="margin-bottom:9pt;margin-top:9pt;padding-left:18pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:28pt">On January 16, 2025, Telef&#243;nica, S.A. through its wholly-owned subsidiary Telef&#243;nica Emisiones, S.A.U., launched in the Euro market under its EMTN Programme an issuance of Notes guaranteed by Telef&#243;nica, S.A. in a principal amount of 1,000 million euros. This issue, due on January 23, 2034, pays an annual coupon of 3.724% and was issued at par. The settlement of the issuance took place on January 23, 2025.</span></div><div style="margin-bottom:9pt;margin-top:9pt;padding-left:18pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:28pt">On January 17, 2025, Telef&#243;nica Emisiones, S.A.U. redeemed 1,250 million euros of its notes issued on January 17, 2017. These notes were guaranteed by Telef&#243;nica, S.A. </span></div><div style="margin-bottom:9pt;margin-top:9pt;padding-left:18pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:28pt">On January 18, 2025, Telef&#243;nica, S.A. in view of its new shareholding structure and that some of its relevant shareholders expressed the convenience of embarking on a new stage in the executive chairmanship, Telef&#243;nica&#8217;s Board of Directors, which met on the aforementioned date to assess the situation, under the chairmanship of Mr. Jos&#233; Mar&#237;a &#193;lvarez-Pallete, adopted, following a favorable report from the Nominating, Compensation and Corporate Governance Committee, the following resolutions:</span></div><div style="margin-bottom:9pt;margin-top:9pt;padding-left:54pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#9702;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:27.96pt"> To agree on the orderly renewal of the Company's chairmanship, in order to adapt it to its new shareholding structure.</span></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">40</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><div style="margin-bottom:9pt;margin-top:9pt;padding-left:54pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#9702;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:27.96pt">To approve the termination of the contract signed with Mr. Jos&#233; Mar&#237;a &#193;lvarez-Pallete as Executive Chairman of Telef&#243;nica&#8217;s Board of Directors, and to request from him, in accordance with the provisions of Article 12.2.a) of the Regulations of the Board of Directors, his resignation from his position as Director. Mr. &#193;lvarez-Pallete, in response to said request, tendered his resignation as a Director, which was accepted by the Board of Directors.</span></div><div style="margin-bottom:9pt;margin-top:9pt;padding-left:54pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#9702;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:27.96pt">In order to guarantee an adequate replacement in the executive chairmanship of the Company, to approve the appointment by co-optation of Mr. Marc Thomas Murtra Millar, as Executive Director of the Company, also appointing him as Executive Chairman of the Board of Directors and delegating to him all the powers that may be delegated by the Board of Directors, to be exercised jointly and severally. Mr. Murtra accepted his appointment as Executive Chairman of Telef&#243;nica, on this same date. </span></div><div style="margin-bottom:9pt;margin-top:9pt;padding-left:18pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:28pt">On January 29, 2025, the Board of Directors of Telef&#243;nica, S.A., resolved with the abstention of the Executive Directors and upon proposal of the Nominating, Compensation and Corporate Governance Committee, to appoint Mr. Peter L&#246;scher as Lead Independent Director. On the same date, the Audit and Control Committee resolved  to appoint the Independent Director Ms. Mar&#237;a Luisa Garc&#237;a Blanco as Chairwoman of that Committee.</span></div><div style="margin-bottom:9pt;margin-top:9pt;padding-left:18pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:28pt">On February 14, 2025 the Board of Directors of Telef&#243;nica del Per&#250;, S.A.A. (&#8220;Telef&#243;nica del Per&#250;&#8221;), with the aim of achieving an orderly restructuring of the liabilities of said company, resolved to invoke the Ordinary Insolvency Procedure, established under the Peruvian law (</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Ley General del Sistema Concursal</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">) with respect to Telef&#243;nica del Per&#250;. The invocation of said insolvency procedure is focused on the financial and operational restructuring within the framework of the applicable insolvency law. Thus, the protection of the insolvency framework, established by the</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%"> Ley General del Sistema Concursa</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">l, will allow Telef&#243;nica del Per&#250; for an orderly restructuring of liabilities with the arrangement of its creditors. In order to facilitate the invocation of the Ordinary Insolvency Procedure, Telef&#243;nica Hispanoam&#233;rica has granted a credit facility of up to 1,549&#160;million Peruvian soles (approximately 394&#160;million euros at an estimated average rate of 3.93 Peruvian soles per euro), subject to strict conditionality and with a maturity of 18 months, to meet exclusively operational cash requirements of Telef&#243;nica del Per&#250;. The financial situation of Telef&#243;nica del Per&#250; has been very negatively affected by tax contingencies that are more than 20 years old (see "Item 8. Financial Information&#8212;Consolidated Financial Statements&#8212;Tax Proceedings&#8212;Tax litigation in Telef&#243;nica del Per&#250;), as well as by administrative decisions that have placed the company in a competitive disadvantage within a particularly challenging market environment. In relation to the abovementioned tax contingencies, Telef&#243;nica is currently in arbitration before the International Centre for Settlement of Investment Disputes (ICSID). See "Item 8. Financial Information&#8212;Consolidated Financial Statements&#8212;Legal Proceedings&#8212;ICSID Arbitration Telef&#243;nica, S.A. vs. Republic of Per&#250;. As previously informed to the market, Telef&#243;nica reiterated that Telef&#243;nica del Per&#250;&#8217;s liabilities are not guaranteed by any other company of the Telef&#243;nica Group. Telef&#243;nica will continue to explore strategic alternatives with regard to its investment in Telef&#243;nica del Per&#250;.</span></div><div style="margin-bottom:9pt;margin-top:9pt;padding-left:18pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:28pt">On February 24, 2025, Telef&#243;nica's subsidiary TLH Holdco, S.L.U., a company 100% owned by Telef&#243;nica, sold all the shares that it held in Telef&#243;nica M&#243;viles Argentina, S.A. representing  99.999625% of its share capital and of the entire share capital of its operations in Argentina to Telecom Argentina S.A. The total price for 100% of the shares transferred amounts to 1,245&#160;million U.S. dollars (approximately 1,189&#160;million euros at the date of the transaction). The signing and closing of the transaction took place simultaneously.</span></div><div style="padding-left:13.5pt;text-align:justify;text-indent:27pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:28pt">On February 26, 2025, the Board of Directors of Telef&#243;nica unanimously resolved, following a favorable report from the Nominating, Compensation and Corporate Governance Committee, the following resolutions: related to the Board of Directors: i) to appoint, by co-optation, Mr. Olayan Alwetaid as Proprietary Director to the Board of Directors of Telef&#243;nica, nominated by the shareholder Green Bridge Investment Company SCS / Stc Group, filing the existing vacancy on the Board of Directors after the passing of the Vice Chairman, Mr. Jos&#233; Javier Echenique Landir&#237;bar; ii) to accept the voluntary resignation presented by Mr. Francisco Jos&#233; Riberas Meras from his position as Director of Telef&#243;nica, in order to allow the Company to continue with the orderly renewal process of its Board of Directors, taking into account that his current mandate as Director of the company would have expired on April 23, 2025. The Board of Directors has expressed its gratitude for the services rendered to Telef&#243;nica during his tenure; iii) in order to fill the abovementioned vacancy, and at the proposal of the Nominating, Compensation and Corporate Governance Committee, to appoint, by co-optation, Ms. Ana Mar&#237;a Sala Andr&#233;s as Independent Director to the Board of Directors of Telef&#243;nica; iv) to appoint the Director, Mr. Carlos Oca&#241;a Orbis, as Vice Chairman of Telef&#243;nica&#8217;s Board of Directors; related to the Committees: i) to appoint Ms. Mar&#237;a Luisa Garc&#237;a Blanco as Member of the Executive Commission; ii) to appoint </span></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">41</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><div style="padding-left:13.5pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Mr. Carlos Oca&#241;a Orbis as Member of the Nominating, Compensation and Corporate Governance Committee; iii) to appoint Ms. Ana Mar&#237;a Sala Andr&#233;s as Member of the Sustainability and Regulation Committee, in replacement of Ms. Mar&#237;a Luisa Garc&#237;a Blanco. </span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Public Information</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The SEC maintains an Internet site (www.sec.gov) that contains reports and other information regarding issuers that file electronically with the SEC, including Telef&#243;nica. See "Item 10. Additional Information&#8212;Documents on Display". Additional information on the Group is also available on our website at www.telefonica.com. The information contained on such websites does not form part of this Annual Report on Form 20-F.</span></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">42</span></div></div></div><div id="i63478826478c4e0dbabc502413383f6b_58"></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">B. Business Overview</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Telef&#243;nica is a telecommunications service provider with its footprint in some markets in Europe and Latin America. Telef&#243;nica offers its customers a wide range of products and services, based on the latest technologies available in each area. Within its core telecommunications business, Telef&#243;nica deploys next-generation networks (based on fiber and 5G) to connect the societies in which it operates. Our objective is to create, protect and promote fixed and mobile connections and digital services for our customers helping them to take control over their digital lifestyle. Therefore, we primarily offer our customers the connectivity they need to interact and live in the markets where we operate through simple products and services while protecting their data and managing it in a responsible way. We rely on modern technology to create a better and more inclusive society. We aim at offering our customers the possibility to reach the digital world regardless of their location, economic status, level of digital knowledge and capacities.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Telef&#243;nica Group&#8217;s strategy aims to:</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Enhance value through:</span></div><div style="margin-bottom:9pt;margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:13.8pt">Making our world more human, by connecting lives in a sustainable way as we continue to leverage opportunities in our markets and deliver towards our strategy focused on value creation.</span></div><div style="margin-bottom:9pt;margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:13.8pt">Offering good connectivity, for which our infrastructure management and our continuous investment in network and platforms are key.</span></div><div style="margin-bottom:9pt;margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:13.8pt">Good connectivity is the enabler for all digital services. Telef&#243;nica provides a wide range of services over connectivity through a fixed and mobile bundled offer which includes video and digital services. We offer our customers additional data in order to amplify services through unique, simple and clear offers. Telef&#243;nica includes services beyond core connectivity services in its portfolio, such as Internet of Things (IoT), cybersecurity, Big Data, Artificial Intelligence and Cloud services among others.</span></div><div style="margin-bottom:9pt;margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:13.8pt">Focusing on customers&#8217; needs, making their life and digital experience easier through customized offers, </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">With the following enablers:</span></div><div style="margin-bottom:9pt;margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:13.8pt">End-to-end digitalization: seeking the reduction of our legacy investments to increase virtualization, the reduction of physical servers, data centers and applications, the digitalization of IT systems and processes and the digitalization of front and back office. Digitalization efforts undertaken in the past have allowed Telef&#243;nica to provide a rapid response to companies as they adapted to and sought to enhance their competitiveness in the new landscape. </span></div><div style="margin-bottom:9pt;margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:13.8pt">Continued focus on the simplification of processes and cost efficiencies right sizing the Company and realization of synergies in the United Kingdom, Brazil and Germany. In 2024, Telef&#243;nica continued the digitalization and automation of sales channels and customer care, process improvements and modernization and rationalization of the network. The Company is driving efficiencies to reduce operating expenses through switching from copper to fiber broadband networks and legacy technology switch-off. Telef&#243;nica leads copper switch-off in Europe, and in Spain more than 90% of the retail copper network has been switched off. Due to regulatory requirements, the remaining portion of the network is expected to be switched off by May 2025.</span></div><div style="margin-bottom:9pt;margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">Digital trust: as we manage ever more personal information about our customers, their trust in us is key. Telef&#243;nica seeks a relationship of trust with its customers, and therefore we invest in network security. Telef&#243;nica is developing tools to protect information stored on user devices and transmitted across our fixed and mobile communications networks, as well as to protect customers' digital identity.</span></div><div style="margin-bottom:9pt;margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:13.8pt">Fiber, 4G and 5G deployment enables Telef&#243;nica to maintain and grow its customer base in terms of accesses, and decrease churn, by offering customers a better experience. These networks help Telef&#243;nica </span></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">43</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><div style="margin-bottom:9pt;margin-top:9pt;padding-left:36pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">to contribute to make technology more accessible and sustainable, to continue to maintain high quality services for home offices and a higher consumption of entertainment services.</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:120%">  </span></div><div style="margin-bottom:9pt;margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:13.8pt">In recent years, Telef&#243;nica has diversified its revenue mix with adjacent businesses. Although these services still have a substantially lower weight in Telef&#243;nica's total revenues, these revenues represent more than 40% of the Company&#8217;s B2B revenues and grew at double digits as of December 31, 2024. These efforts include: </span></div><div style="margin-bottom:9pt;margin-top:9pt;padding-left:72pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:120%">&#9702;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:13.75pt">Telef&#243;nica Empresas</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> in Spain continues to advance in its proposals for the business segment. Positive developments on this front include the collaboration agreement with Microsoft to facilitate the adoption of Copilot+ PCs, Windows devices with integrated AI. This collaboration will allow Spanish companies to upgrade their workstations and improve their productivity through advance digital solutions.</span></div><div style="margin-bottom:9pt;margin-top:9pt;padding-left:72pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#9702;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.46pt">Energy:</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> GUD Energ&#237;a, is a joint venture created in 2024 to capture the opportunities generated by the opening of the free market with a focus on the sale of personalized renewable energy solutions throughout Brazil, helping consumers to cut their energy bills.</span></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">44</span></div></div></div><div id="i63478826478c4e0dbabc502413383f6b_61"></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:14pt;font-weight:700;line-height:120%">Results Highlights</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In 2024, Telef&#243;nica delivered a good operational performance. Telef&#243;nica maintained a strong market position, growing in high-value accesses such as fiber and mobile contract. The company has grown in reported revenues y-o-y, but impairment losses on assets have had an adverse effect on profit. Investments in next generation networks, like Fiber and 5G, have allowed Telef&#243;nica to maintain and grow its customer base in terms of accesses, by offering customers a better experience. In addition, Telef&#243;nica has driven efficiencies to reduce certain operating expenses by switching from copper to fiber broadband networks and switching off certain legacy technologies, network sharing, reducing energy costs through hedging agreements and right-sizing the organization.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The table below shows the evolution of accesses over the past three years as of December 31 of such years:</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.561%"><tr><td style="width:1.0%"/><td style="width:35.023%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:11.675%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:11.675%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:11.675%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:11.675%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:11.677%"/><td style="width:0.1%"/></tr><tr><td colspan="12" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">ACCESSES</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%;position:relative;top:-3.5pt;vertical-align:baseline"> (1)</span></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td colspan="3" style="padding:0 1pt"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Thousands of accesses</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2022</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2023</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2024</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">%<br/>YoY 23/22</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">%<br/>YoY 24/23</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Fixed telephony accesses </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%;position:relative;top:-3.5pt;vertical-align:baseline">(2)</span></div></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">27,941.9&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">26,261.2&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">24,386.6&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(6.0&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%)</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(7.1&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%)</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Broadband</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">26,303.9&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">26,787.8&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">27,402.5&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1.8&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2.3&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 43.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">UBB</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">23,757.7&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">25,048.7&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">26,249.0&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">5.4&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">4.8&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 66.25pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">FTTH</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">14,273.0&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">16,121.4&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">17,933.4&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">13.0&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">11.2&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Mobile accesses</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">292,168.1&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">298,569.5&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">300,271.4&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2.2&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">0.6&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 43.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Prepay</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">129,685.7&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">127,766.9&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">122,298.0&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(1.5&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%)</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(4.3&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%)</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 43.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Contract</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">126,242.3&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">130,134.1&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">132,704.7&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">3.1&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2.0&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 43.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">IoT</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">36,240.1&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">40,668.5&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">45,268.8&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">12.2&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">11.3&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Pay TV</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">10,586.5&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">10,258.5&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">10,110.8&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(3.1&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%)</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(1.4&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%)</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Retail Accesses</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">357,213.3</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">362,073.4</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">362,289.8</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">1.4</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">%</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">0.1</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">%</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Wholesale Accesses</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">25,932.9</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">25,724.2</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">27,660.0</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">(0.8</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">%)</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">7.5</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">%</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 43.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Fixed wholesale accesses </span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">3,665.7&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">3,579.9&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">3,422.2&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(2.3&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%)</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(4.4&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%)</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 49.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">FTTH wholesale accesses</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">3,211.7&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">3,295.3&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">3,352.7&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2.6&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1.7&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 43.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Mobile wholesale accesses</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">22,267.2&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">22,144.3&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">24,237.7&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(0.6&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%)</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">9.5&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%</span></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Total Accesses</span></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">383,146.2</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">387,797.6</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">389,949.7</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">1.2</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">%</span></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">0.6</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">%</span></td></tr></table><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Notes:  </span></div><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:5.2pt;font-weight:400;line-height:115%;position:relative;top:-2.8pt;vertical-align:baseline">(1)</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:115%"> The access information provided as of December 31, 2024, 2023 and 2022 includes 100% of the accesses of VMO2. Telef&#243;nica&#8217;s actual percentage ownership of VMO2 is 50%. </span></div><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:5.2pt;font-weight:400;line-height:115%;position:relative;top:-2.8pt;vertical-align:baseline">(2)</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:115%">  Includes fixed wireless and VoIP accesses.</span></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">45</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The table below shows the evolution of accesses by segment:</span></div><div style="margin-top:9pt;text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:115%"> </span><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.269%"><tr><td style="width:1.0%"/><td style="width:34.246%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:10.682%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:10.682%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:12.596%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:12.596%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:12.598%"/><td style="width:0.1%"/></tr><tr style="height:15pt"><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:100%">&#160;</span></td><td colspan="3" rowspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">23/22 YoY variation</span></td><td colspan="3" rowspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">24/23 YoY variation</span></td><td colspan="9" style="border-top:1pt solid #b6b6b6;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">% Over Total Accesses</span></td></tr><tr style="height:15pt"><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Accesses</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2022</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2023</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2024</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Telef&#243;nica Spain</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1.2%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1.9%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">10.6%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">10.6%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">10.7%</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;VMO2</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(0.2%)</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">0.6%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">15.1%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">14.9%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">14.9%</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Telef&#243;nica Germany</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1.9%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(0.4%)</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">12.8%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">12.9%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">12.7%</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Telef&#243;nica Brazil</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">0.6%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2.7%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">29.3%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">29.2%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">29.8%</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Telef&#243;nica Hispam</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1.4%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(3.3%)</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">29.0%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">29.0%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">27.9%</span></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Other companies</span></td><td colspan="3" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">8.4%</span></td><td colspan="3" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">13.1%</span></td><td colspan="3" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">3.3%</span></td><td colspan="3" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">3.5%</span></td><td colspan="3" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">4.0%</span></td></tr></table></div><div style="margin-bottom:9pt;margin-top:9pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Accesses 2024 vs 2023</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Telef&#243;nica&#8217;s </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">total accesses</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> were 389.9 million as of December 31, 2024, increasing by 0.6% year-on-year, mainly due to increases in mobile contract accesses in Telef&#243;nica Brazil and IoT accesses in VMO2 and Telef&#243;nica Brazil, offset in part by the decrease in prepaid accesses, mainly in Chile and Mexico, due to the high competitiveness in the prepaid market and the decrease in fixed telephony accesses across the Group.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Mobile accesses</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> totaled 300.3 million as of December 31, 2024, up 0.6% compared to December 31, 2023, mainly as a result of the good performance in mobile contract accesses in Telef&#243;nica Brazil and IoT access growth in VMO2 and Telef&#243;nica Brazil, offset in part by the decrease in prepaid accesses mainly in Chile and Mexico, due to the high competitiveness in the prepaid market. Postpaid accesses represented 52.0% of the Group's total mobile accesses excluding IoT (+1.6 p.p. year-on-year).</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Fixed broadband accesses</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> stood at 27.4 million at December 31, 2024, up 2.3% year-on-year. Retail fiber (FTTH) accesses stood at 17.9 million at December 31, 2024, growing by 11.2% compared to December 31, 2023.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Pay TV accesses </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">totaled 10.1 million as of December 31, 2024, down 1.4% year-on-year. </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Accesses 2023 vs 2022</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Telef&#243;nica&#8217;s </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">total accesses</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> were 387.8 million as of December 31, 2023, increasing 1.2% year-on-year. This increase was mainly attributable to mobile accesses in particular in Telef&#243;nica Hispam, Telef&#243;nica Brazil and Telef&#243;nica Germany as well as growth in VMO2's IoT accesses.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Mobile accesses</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> totaled 298.6 million as of December 31, 2023, up 2.2% compared to December 31, 2022, an increase mainly attributable to the growth in mobile accesses in Telef&#243;nica Hispam and postpaid accesses in Telef&#243;nica Brazil. Postpaid accesses represented 50.5% of the Group's total mobile accesses in 2023, excluding IoT accesses (+1.1 p.p.).</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Fixed broadband accesses</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> stood at 26.8 million at December 31, 2023, up 1.8% year-on-year. Retail fiber (FTTH) accesses stood at 16.1 million at December 31, 2023, growing by 13.0% compared to December 31, 2022. </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Pay TV accesses</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> totaled 10.3 million as of December 31, 2023, down 3.1% year-on-year, mainly due to the strategic decision to discontinue the DTH service in Telef&#243;nica Brazil and in Telef&#243;nica Spain due to higher penetration of customers in service bundles that do not include TV</span><span style="color:#2b3447;font-family:'Telefonica Sans',sans-serif;font-size:9.5pt;font-weight:400;line-height:120%">.</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The tables below show the evolution of Telef&#243;nica's estimated access market share for mobile and fixed broadband for the past three years. </span></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">46</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"/><td style="width:63.812%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:10.595%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:10.595%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:10.598%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Competitive Position Evolution</span></td><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td colspan="3" style="border-bottom:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"/><td colspan="6" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Mobile Market Share </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%;position:relative;top:-3.5pt;vertical-align:baseline">(1)</span></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Telef&#243;nica</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2022</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2023</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2024</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Spain</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">27.5%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">27.3%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">27.5%</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">United Kingdom </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%;position:relative;top:-3.5pt;vertical-align:baseline">(2)</span></div></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">29.6%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">28.9%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">23.9%</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Germany</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">34.2%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">32.9%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">31.4%</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Brazil</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">38.9%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">38.7%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">38.8%</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Argentina</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">28.5%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">28.2%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">27.6%</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Chile</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">25.5%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">27.0%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">20.5%</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Peru</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">29.0%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">27.1%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">26.2%</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Colombia</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">25.6%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">24.8%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">22.6%</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Venezuela</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">53.3%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">53.9%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">54.3%</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Mexico</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">18.3%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">18.2%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">18.9%</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Ecuador</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">31.4%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">30.1%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">28.8%</span></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Uruguay</span></td><td colspan="3" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">27.8%</span></td><td colspan="3" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">24.6%</span></td><td colspan="3" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">21.5%</span></td></tr></table></div><div style="padding-left:4.5pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline">(1)</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%"> Internal estimates in each year.</span></div><div style="padding-left:4.5pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline">(2) </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">The percentage refers to VMO2's market share as of September of each year. </span></div><div style="text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"/><td style="width:63.812%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:10.595%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:10.595%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:10.598%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"/><td colspan="6" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">FBB Market Share </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%;position:relative;top:-3.5pt;vertical-align:baseline">(1)</span></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Telef&#243;nica</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2022</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2023</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2024</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Spain</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">34.0%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">32.8%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">32.1%</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Brazil</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">14.6%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">14.2%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">14.4%</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Argentina</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">11.3%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">11.5%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">12.0%</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Chile</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">31.5%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">31.5%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">29.2%</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Peru</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">55.1%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">43.8%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">33.9%</span></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Colombia</span></td><td colspan="3" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">15.1%</span></td><td colspan="3" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">16.2%</span></td><td colspan="3" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">16.5%</span></td></tr></table></div><div style="text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline">(1)</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%"> Internal estimates in each year.</span></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">47</span></div></div></div><div id="i63478826478c4e0dbabc502413383f6b_64"></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><div style="margin-top:9pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:700;line-height:120%">Consolidated results</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In this section, we discuss changes in the Group&#8217;s consolidated income statements for the years ended December 31, 2024, 2023 and 2022.  </span></div><div style="margin-top:9pt;text-align:justify"><span><br/></span></div><div style="text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"/><td style="width:33.841%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:8.256%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:8.256%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:8.256%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:7.818%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:8.256%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:8.256%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:8.261%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</span></td><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Year ended December 31,</span></td><td colspan="6" style="border-bottom:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Variation</span></td><td colspan="6" style="border-bottom:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Variation</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Consolidated Results</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">2022</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">2023</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">2024</span></td><td colspan="6" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">2023 vs 2022</span></td><td colspan="6" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">2024 vs 2023</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Millions of euros</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Total</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Total</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Total</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Total</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Total</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">%</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Revenues</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">39,993</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">40,652</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">41,315</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">659</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1.6%</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">663&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1.6%</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Other income</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2,065</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,541</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,692</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(524)</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(25.4%)</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">151&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">9.8%</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Supplies</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(12,941)</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(13,298)</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(13,377)</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(357)</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2.8%</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(79)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">0.6%</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Personnel expenses</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(5,524)</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(7,207)</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(5,882)</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(1,683)</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">30.5%</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,325&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(18.4%)</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Other expenses</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(10,741)</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(10,298)</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(12,554)</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">443</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(4.1%)</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(2,256)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">21.9%</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Operating results before depreciation and amortization</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">12,852</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">11,390</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">11,194</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">(1,462)</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">(11.4</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">%)</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">(196)</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">(1.7</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">%)</span></td></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Depreciation and amortization</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(8,796)</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(8,797)</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(8,799)</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(1)</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">0.0%</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(2)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">0.0%</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 13pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Amortization of rights of use (leases amortization)</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(2,065)</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(2,159)</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(2,235)</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(94)</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">4.6%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(76)</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">3.5%</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 13pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Amortization of intangible assets, depreciation of property, plant and equipment</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(6,731)</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(6,638)</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(6,564)</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">93</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(1.4%)</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">74</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(1.1%)</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">OPERATING INCOME</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">4,056</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2,593</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2,395</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">(1,463)</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">(36.1</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">%)</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">(198)</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">(7.6</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">%)</span></td></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Share of (loss) income of investments accounted for by the equity method</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">217</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(2,162)</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(49)</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(2,379)</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">c.s.</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2,113</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(97.7%)</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Net financial expense</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(1,313)</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(1,904)</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(1,789)</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(591)</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">45.0%</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">115&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(6.0%)</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">PROFIT (LOSS) BEFORE TAX</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2,960</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">(1,473)</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">557</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">(4,433)</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">c.s.</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2,030</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">c.s.</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Corporate income tax</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(641)</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">899</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(348)</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,540</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">c.s.</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(1,247)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">c.s.</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">PROFIT (LOSS) FOR THE YEAR</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2,319</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">(574)</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">209</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">(2,893)</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">c.s.</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">783</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">c.s.</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Attributable to equity holders of the parent</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2,011</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(892)</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(49)</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(2,903)</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">c.s.</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">843&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(94.5%)</span></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Attributable to non-controlling interests</span></td><td colspan="3" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">308</span></td><td colspan="3" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">318</span></td><td colspan="3" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">258</span></td><td colspan="3" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">10</span></td><td colspan="3" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">3.1%</span></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(60)</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(19.0%)</span></td></tr></table></div><div style="text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">c.s.: change of sign</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Analysis of Results 2024 vs 2023</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Group's operating results in 2024, compared to 2023, have been impacted mainly by:</span></div><div style="margin-bottom:9pt;margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">&#8211;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:12.44pt">Impairments of goodwill, assets held for sale and other assets</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">: In 2024 Telef&#243;nica recorded impairment losses on intangible assets and property, plant and equipment in Argentina in an aggregate amount of 1,274 million euros and impairment losses on goodwill in an aggregate amount of 866 million euros with respect to the cash-generating units in Chile (397 million euros), Per&#250; (226 million euros), Telef&#243;nica Tech UK &amp; Ireland (192 million euros) and BE-terna Group (51 million euros). Additional impairment losses were recorded in Per&#250;, including impairment losses on intangible assets (54 million euros) and impairment losses on held for sale assets corresponding to  fiber optics business in Peru , which include property, plant and equipment (108 million euros) and goodwill (34 million euros) (see Notes 2, 6, 7, 8 and 30 to the Consolidated Financial Statements).</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:107%">In 2023 there was an impairment of goodwill amounting to 58 million euros in Ecuador. </span></div><div style="margin-bottom:9pt;margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">&#8211;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:12.44pt">Restructuring costs:</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> The impact of restructuring costs was much lower in 2024 (104 million euros) than in 2023 (1,538 million euros). Restructuring costs in 2023 related mainly to the Collective Redundancies Plan adopted by certain companies in Telef&#243;nica Spain in 2023.</span></div><div style="margin-bottom:9pt;margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">&#8211;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:12.44pt">Impairment of goodwill in investments accounted for by the equity method:</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> In 2023, VMO2 recorded an impairment of goodwill amounting to 3,572 million euros, with an impact of 1,786 million euros on the share of (loss) income of investments accounted for by the equity method in the consolidated income statement of the Telef&#243;nica Group. No impairment of goodwill in investments accounted for by the equity method was recorded in 2024.</span></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">48</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><div style="margin-bottom:9pt;margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">&#8211;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:12.44pt">Foreign exchange effects and hyperinflationary adjustments:</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> In 2024, foreign exchange effects (without considering the impact of hyperinflationary countries) had a negative impact on the year-on-year growth of the Group's consolidated revenues and operating results before depreciation and amortization, subtracting 2.2 percentage points and 2.9 percentage points, respectively, due mainly to the significant depreciation of the Brazilian real against the euro (in 2023, foreign exchange effects had a positive impact of 0.2 percentage points on year-on-year revenue growth and no impact at the operating results before depreciation and amortization level). In relation to hyperinflationary countries, the exchange rate used to translate inflation-adjusted items denominated in Argentine pesos in the consolidated financial statements as of and for the year ended December 31, 2024 was the closing exchange rate as of December 31, 2024 which was 1,073.18 Argentine pesos per euro (893.45 Argentine pesos per euro as of December 31, 2023). The annual inflation rate in Argentina for 2024 was 117.8%. As a result of these changes in the exchange and inflation rates, in 2024 Telef&#243;nica Argentina contributed 2,226 million euros to the consolidated revenues of the Telef&#243;nica Group and a loss of 84 million euros to operating income (1,237 million euros and a loss of 199 million euros, respectively, in 2023) before the 1,274 million euros impairment losses described above. </span></div><div style="margin-bottom:9pt;margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">&#8211;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:12.44pt">ICSID arbitration award: </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On November 12, 2024 Telef&#243;nica obtained a favorable award in an investment dispute submitted to the International Centre for Settlement of Investment Disputes (&#8220;ICSID&#8221;) against the Republic of Colombia (see Note 29.a to the Consolidated Financial Statements) for an amount of 380 million U.S. dollars (approximately 358 million euros based on the exchange rate at such date). The principal amount component of the award was recorded under "Other income", whereas the corresponding interest component was recorded under "Finance income". On November 27, 2024, the Republic of Colombia filed a request with the ICSID to annul and suspend the award. See &#8220;Item 8. Financial Information&#8212;Consolidated Financial Statements&#8212;Legal Proceedings&#8212;ICSID Arbitration Telef&#243;nica, S.A. vs. Republic of Colombia&#8221;.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Revenues</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> in 2024 totaled 41,315 million euros, up 1.6% year-on-year compared to 2023, due mainly to the positive growth in service revenues (+2.5%) driven by higher B2B revenues (+4.8%), offset in part by the depreciation of various Latin American currencies (in particular the Brazilian real) against the euro.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Other income</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> mainly includes work on fixed assets and gains on disposal of assets. In 2024, other income amounted to 1,692 million, up 9.8% year-on-year compared to 2023. The year-on-year increase was driven mainly by the award received by Telef&#243;nica in ICSID arbitration proceedings against the Republic of Colombia, with an impact of 380 million U.S. dollars (approximately 358 million euros).</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The evolution of expenses is explained below:</span></div><div style="margin-bottom:9pt;margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:10pt">Supplies</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> amounted to 13,377 million euros in 2024, up 0.6% year-on-year, mainly as a result of higher costs in Telef&#243;nica Spain and Telef&#243;nica Brazil driven, by costs associated with IT-related activity (including digitalization projects by B2B customers) in Telef&#243;nica Spain and higher equipment purchases and handset costs in Telef&#243;nica Brazil as further explained under &#8220;Segment results&#8221;.</span></div><div style="margin-bottom:9pt;margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Telefonica Sans',sans-serif;font-size:9.5pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:9.32pt">Personnel expenses</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> amounted to 5,882 million euros in 2024, down by 18.4% year-on-year. Personnel expenses were higher in 2023 mainly as a result of the Collective Redundancies Plan adopted by certain companies in Telef&#243;nica Spain in 2023 (resulting in a provision of 1,320 million euros before taxes).</span></div><div style="margin-bottom:9pt;margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The average headcount was 101,384 employees in 2024, down 2.6% compared to 2023. </span></div><div style="margin-bottom:9pt;margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:10pt">Other expenses</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> amounted to 12,554 million euros in 2024 up 21.9% year-on-year, mainly as a result of impairments of goodwill and other assets. In 2024, Telef&#243;nica recorded impairment losses on intangible assets and property, plant and equipment in Argentina in an aggregate amount of 1,274 million euros and impairment losses on goodwill in an aggregate amount of 866 million euros with respect to the  cash-generating units in Chile (397 million euros), Peru (226 million euros), Telef&#243;nica Tech UK &amp; Ireland (192 million euros) and BE-terna Group (51 million euros). Additionally, Telef&#243;nica recorded in Per&#250; impairment losses on intangible assets (54 million euros), impairment losses on held-for-sale assets corresponding to the property, plant and equipment of the fiber optics business of Pangea (108 million euros) and goodwill (34 million euros). In 2023, there was an impairment of goodwill amounting to 58 million euros in Ecuador.</span></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">49</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">As a result of the foregoing, operating results before depreciation and amortization totaled 11,194 million euros in 2024 down 1.7% year-on-year. </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Operating results before depreciation and amortization is a non-GAAP financial measure. For a reconciliation of operating results before depreciation and amortization to operating income, see &#8220;Item 5. Operating and Financial Review and Prospects&#8212;Non-GAAP Financial Information&#8221;.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Operating results before depreciation and amortization after leases in 2024 totaled 8,448 million euros, down 4.0% year-on-year, due to the lower operating results before depreciation and amortization mentioned above, and higher costs associated with operating leases in 2024. </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Operating results before depreciation and amortization after leases is a non-GAAP financial measure. For a reconciliation of operating results before depreciation and amortization after leases to operating income, see &#8220;Item 5. Operating and Financial Review and Prospects&#8212;Non-GAAP Financial Information&#8221;.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Depreciation and amortization</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> amounted to 8,799 million euros in 2024, remaining stable compared to 2023 (8,797 million euros).</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Operating income</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> totaled 2,395 million euros in 2024 compared to 2,593 million euros in 2023. The year-on-year decrease was due mainly to the higher other expenses (as a result of impairments), partially offset by the lower restructuring expenses incurred in 2024, as well as the higher service revenues (+2.5%).</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">share of (loss) income of investments accounted for by the equity method</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> in 2024 was a loss of 49 million euros, compared to a loss of 2,162 million euros in 2023. The higher loss in 2023 was mainly due to the results of VMO2, which were adversely affected by a goodwill impairment amounting to 3,572 million euros (1,786 million euros of which was reflected in the consolidated income statement of the Telef&#243;nica Group in 2023). </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Net financial expense</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> amounted to 1,789 million euros in 2024, decreasing 115 million euros compared to 2023. The lower amount in 2024 is mainly due to the positive impact of 154 million euros in interest associated with the favorable award relating to the ICSID arbitration procedure initiated by Telef&#243;nica, S.A. in 2018 against the Republic of Colombia.  </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Corporate income tax</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> represented an expense of 348 million euros in 2024 compared to an income of 899 million euros in 2023. The income in 2023 was mainly due to the tax effect of the provision associated with the Collective Redundancies Plan and the recognition of deferred tax assets for the future use of tax credits, both in Spain. </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">As a result, loss for the year attributable to equity holders of the parent</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> in 2024 was 49 million euros, mainly due to the impairments recorded, compared to a loss of 892 million euros in 2023. </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Profit attributable to non-controlling interests </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">was 258 million euros in 2024 (compared to 318 million euros in 2023). The variation is mainly due to decreases in the results attributable to minority interests in Germany, following the public takeover bid, and in the results attributable to minority interests in Brazil.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">CapEx </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">totaled 5,475 million euros in 2024, down 1.9% year-on-year, in line with Telef&#243;nica's objective of reducing CapEx. </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Analysis of Results 2023 vs 2022</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Group's operating results in 2023, compared to 2022, have been impacted mainly by:</span></div><div style="margin-bottom:9pt;margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:120%">&#8211;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:11.33pt">Restructuring costs:</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> The impact of restructuring costs was much higher in 2023 (1,538 million euros) than in 2022 (179 million euros). Restructuring costs in 2023 related mainly to the Collective Redundancies Plan adopted by certain companies in Telef&#243;nica Spain in 2023.</span></div><div style="margin-bottom:9pt;margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">&#8211;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:12.44pt">Capital gains/losses on sale of business:</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> In 2022 Telef&#243;nica booked gains from the sale of fiber optic assets in Colombia (162 million euros) and in the United Kingdom (20 million euros) (see Notes 10 and 26 to the Consolidated Financial Statements). Telef&#243;nica did not book gains from similar sales in 2023.</span></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">50</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><div style="margin-bottom:9pt;margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:120%">&#8211;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:11.33pt">Foreign exchange effects and hyperinflationary adjustments:</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> Foreign exchange effects (without considering the impact of hyperinflationary countries) had a small positive impact on our 2023 results compared with 2022, when there was significant appreciation of the Brazilian real against the euro that positively impacted our 2022 results. In relation to hyperinflationary countries, the exchange rate used to translate inflation-adjusted items denominated in Argentine pesos in the consolidated financial statements as of and for the year ended December 31, 2023 was the closing exchange rate as of December 31, 2023 which was 893.45 Argentine pesos per euro (189.08 Argentine pesos per euro as of December 31, 2022). The annual inflation rate in Argentina for 2023 was 211%. As a result of these changes in the exchange and inflation rates, in 2023 Telef&#243;nica Argentina contributed 1,237 million euros to the consolidated revenues of the Telef&#243;nica Group and a loss of 199 million euros to the consolidated operating income of the Telef&#243;nica Group (2,066 million euros and a loss of 270 million euros, respectively, in 2022). </span></div><div style="margin-bottom:9pt;margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">&#8211;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:12.44pt">Impairment of goodwill and other assets</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">: In 2023 the impairment of goodwill amounted to 58 million euros in Telef&#243;nica Ecuador. In 2022 the impairment of assets amounted to 77 million euros, in Telef&#243;nica Argentina. </span></div><div style="margin-bottom:9pt;margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">&#8211;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:12.44pt">Impairment of goodwill in investments accounted for by the equity method:</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> In 2023, VMO2 recorded an impairment of goodwill amounting to 3,572 million euros, with an impact of 1,786 million euros on the share of (loss) income of investments accounted for by the equity method in the consolidated income statement of the Telef&#243;nica Group.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Further, the Group's operating results in 2023 and 2022 were impacted by the acquisition of the mobile assets of the Oi Group on April 20, 2022 for consideration of 1,093 million euros, which was entirely paid in 2022. See "Item 5. Operating and Financial Review and Prospects&#8213;Operating Results&#8213;Significant Factors Affecting the Comparability of Our Results of Operations in the Periods under Review&#8221; and Note 2 to the Consolidated Financial Statements.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Revenues</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> in 2023 totaled 40,652 million euros, increasing 1.6% year-on-year</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">due mainly to the growth in service revenues (+1.5%) and handset sales (+3.0%).</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Other income</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> mainly includes capitalized costs on fixed assets, gains on disposals and other operating income. In 2023, other income totaled 1,541 million euros compared to 2,065 million euros recorded in 2022, a decrease of 25.4%. The higher amount in 2022 was impacted by the capital gains resulting from the sale of fiber optic assets in Colombia (162 million euros) (see Notes 10 and 26 to the Consolidated Financial Statements).</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The evolution of expenses is explained below:</span></div><div style="margin-bottom:9pt;margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:10pt">Supplies</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> amounted to 13,298 million euros in 2023, up 2.8% year-on-year, mainly as a result of higher handset costs in all segments due to higher commercial activity with a higher number of gross adds and continued inflation.</span></div><div style="margin-bottom:9pt;margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:10pt">Personnel expenses</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> amounted to 7,207 million euros in 2023, up by 30.5% year-on-year compared to 2022, mainly as a result of higher restructuring costs (+24.6 p.p.) which relate mainly to the Collective Redundancies Plan adopted by certain companies in Telef&#243;nica Spain in 2023, resulting in a provision of 1,320 million euros, before taxes, and higher expenses in all segments.</span></div><div style="margin-bottom:9pt;margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The average headcount was 104,124 employees in 2023, up 1.5% compared to 2022</span></div><div style="margin-bottom:9pt;margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:10pt">Other expenses</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> amounted to 10,298 million euros in 2023, down 4.1% year-on-year. This decrease was mainly attributable to </span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">lower expenses in Telef&#243;nica Spain, as a result of lower  energy costs as well as savings associated with higher efficiencies, mainly related to network and system costs, and Telef&#243;nica Brazil, due to the acquisition price adjustment recorded in connection with Oi&#8217;s assets and cost efficiencies due to digitalization.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">As a result of the foregoing, operating results before depreciation and amortization totaled 11,390 million euros in 2023, compared to 12,852 million euros in 2022, a year-on-year decrease of 11.4%. The period-on-period evolution was strongly impacted by total restructuring expenses in 2023 of 1,538 million euros (-10.6 p.p.), which relate mainly to the Collective Redundancies Plan adopted by certain companies in Telef&#243;nica Spain in 2023 (resulting in a provision of 1,320 million euros before taxes) and the decrease in capital gains recorded in &#8220;Other income&#8221; from the sale of businesses compared to 2022. Operating results before depreciation and amortization is a non-GAAP </span></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">51</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">financial measure. For a reconciliation of operating results before depreciation and amortization to operating income, see &#8220;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Item 5. Operating and Financial Review and Prospects Non-GAAP Financial Information</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8221;.</span></div><div style="margin-bottom:9pt;margin-top:9pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Depreciation and amortization</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> amounted to 8,797 million euros in 2023. It remained stable compared to 2022 (8,796 million euros). </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Operating income </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">totaled 2,593 million euros in 2023 compared to 4,056 million euros recorded in 2022. The period-on-period evolution was strongly impacted by the total restructuring expenses in 2023 (-33.5 p.p.), which relate mainly to the Collective Redundancies Plan adopted by certain companies in Telef&#243;nica Spain in 2023 (1,320 million euros before taxes) and the capital gains on the sale of businesses in 2022 (-4.3 p.p.). </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">share of (loss) income of investments</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> accounted for by the equity method in 2023 was a loss of 2,162 million euros, compared to an income of 217 million euros in 2022, mainly due to the results of VMO2, which were adversely affected by a goodwill impairment amounting to 3,572 million euros (1,786 million euros of which was reflected in the consolidated income statement of the Telef&#243;nica Group), mainly due to the decrease in projected cash flows of VMO2 as a consequence of the effects of the macroeconomic conditions and competitive environment in the United Kingdom and the increase in the discount rate (WACC). </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Net financial expense</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> amounted to 1,904 million euros in 2023, increasing 591 million euros compared to 2022. The lower amount in 2022 was mainly due to extraordinary income of 526 million euros related to payments by the Spanish administration to the Group of delayed interest in connection with tax litigation in Spain.  </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Corporate income tax</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> represents an income of 899 million euros in 2023 compared to an expense of 641 million euros in 2022, mainly due to the tax effect of the provision associated with the Collective Redundancies Plan and the recognition of deferred tax assets for the future use of tax credits, both in Spain. </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">As a result,</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%"> losses for the year attributable to equity holders of the parent</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> in 2023 was 892 million euros, compared to a profit of 2,011 million euros in 2022. </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Profit attributable to non-controlling interests </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">was 318 million euros in 2023 (compared to 308 million euros in 2022). The variation is mainly due to an increase in profit attributable to non-controlling interests in Brazil, partially offset by a decrease in profit attributable to non-controlling interests in Colombia.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">CapEx </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">totaled 5,579 million euros in 2023, down 4.1% year-on-year, impacted by lower spectrum purchases in 2023 (-1.6 p.p.).</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span><br/></span></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">52</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><div style="margin-bottom:9pt;text-align:justify"><span><br/></span></div><div id="i63478826478c4e0dbabc502413383f6b_67"></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:14pt;font-weight:700;line-height:120%"> Segment results</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">For information on how segment information is presented in this Report, see &#8220;&#8213;History and Development of the Company&#8213;Business areas&#8221;.</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%"> </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">TELEF&#211;NICA SPAIN</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The table below shows the evolution of accesses in Telef&#243;nica Spain over the past three years as of December 31 of such years: </span></div><div style="margin-top:9pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"/><td style="width:38.373%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:10.595%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:10.595%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:10.595%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:11.619%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:11.623%"/><td style="width:0.1%"/></tr><tr><td colspan="12" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">ACCESSES</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td colspan="3" style="padding:0 1pt"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Thousands of accesses</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2022</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2023</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2024</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">%<br/>YoY 23/22</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">%<br/>YoY 24/23</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Fixed telephony accesses </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%;position:relative;top:-3.5pt;vertical-align:baseline">(1)</span></div></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">8,102.3&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">7,948.4&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">7,774.9&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(1.9&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%)</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(2.2&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%)</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Broadband</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">5,854.5&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">5,934.7&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">6,020.5&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1.4&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1.4&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 37pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">FTTH</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">5,042.2&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">5,345.4&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">5,615.4&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">6.0&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">5.1&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Mobile accesses</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">19,347.3&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">20,115.0&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">21,054.0&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">4.0&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">4.7&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 37pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Prepay</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">796.0&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">705.4&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">492.6&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(11.4&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%)</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(30.2&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%)</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 37pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Contract</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">15,099.5&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">15,296.8&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">15,543.0&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1.3&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1.6&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:36pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">IoT </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%;position:relative;top:-3.5pt;vertical-align:baseline">(2)</span></div></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">3,451.8&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">4,112.8&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">5,018.4&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">19.1&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">22.0&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Pay TV</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">3,526.3&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">3,426.4&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">3,520.5&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(2.8&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%)</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2.7&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Retail Accesses</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">36,838.9</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">37,424.5</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">38,369.9</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">1.6</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">%</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2.5</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">%</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Wholesale Accesses</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">3,653.6</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">3,567.8</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">3,410.1</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">(2.3</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">%)</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">(4.4</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">%)</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 37pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">FTTH Wholesale Accesses</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">3,206.1&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">3,289.7&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">3,347.1&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2.6&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1.7&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%</span></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Total Accesses</span></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">40,492.6</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">40,992.3</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">41,780.0</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">1.2</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">%</span></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">1.9</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">%</span></td></tr></table></div><div style="text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline">(1)</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%"> Includes "fixed wireless" and Voice over IP accesses.</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline">(2)</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%"> Accesses in 2022 include an upward revision of approximately 500 thousand IoT accesses recorded in March 2022.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Telefonica Spain maintained a positive evolution in 2024, with year-on-year growth in accesses and the main financial indicators.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">As the main commercial novelty in the residential segment, it is worth highlighting the reinforcement of the TV entertainment offer with the integration of Apple TV+, through the signing of a strategic agreement that brings the complete Apple TV+ service to miMovistarFicci&#243;n subscribers, as part of the navigation on the TV platform and also on demand. </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Additionally, Telef&#243;nica Empresas, servicing Telef&#243;nica Spain's business customers, continues to advance in its proposals for the business segment. Positive developments on this front include the collaboration agreement with Microsoft to facilitate the adoption of Copilot+ PCs, Windows devices with integrated AI. This collaboration will allow Spanish companies to upgrade their workstations and improve productivity through advanced digital solutions. </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Telef&#243;nica Empresas has also incorporated Network Slicing capability into the Movistar Intranet service, becoming the first operator in Spain to offer quality of service in private mobile connectivity end-to-end for secure access to corporate networks in mobility. </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">This advancement allows for the establishment of secure virtual private networks (VPNs) on mobile devices that are able to communicate with each other even in high-traffic scenarios, optimizing communications with new technologies that require greater mobility or lower latency.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Finally, </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Movistar Prosegur Alarmas</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">, the joint venture of Prosegur and Telef&#243;nica Spain, reached 550 thousand customers as of December 31, 2024, up by 12.8% y-o-y.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Accesses 2024 vs 2023</span></div><div><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:115%">Te</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:115%">lef&#243;nica Spain had 41.8 million </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:115%">accesses </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:115%">as of December 31, 2024, an increase of 1.9% compared to December 31, 2023, driven by the positive evolution of mobile IoT, mobile contract and FTTH accesses, both those included in the convergent offer, as well as standalone mobile contract and FTTH accesses not included in the offer. These </span></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">53</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:115%">growth drivers were offset in part by decreases in mobile prepay and retail fixed accesses, as well as decreases in legacy wholesale accesses, despite year-on-year growth in FTTH wholesale accesses.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The</span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%"> convergent offer</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> (residential and SMEs) had a customer base of 4.6 million customers as of December 31, 2024, an increase of 0.5% y-o-y.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Retail fixed accesses</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> totaled 7.8 million and decreased 2.2% as compared to December 31, 2023, with a net loss of 174 thousand accesses in 2024.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Retail broadband accesses</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> totaled 6.0 million (+1.4% y-o-y), with net adds of 85.8 thousand accesses as of December 31, 2024.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Retail fiber (FTTH) accesses</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> reached 5.6 million in December 2024 (an increase of 5.1% as compared to December 31, 2023), representing 93.3% of total retail broadband customers (an increase of 3.2 p.p. y-o-y) with net adds of 270 thousand accesses as of December 31, 2024. At December 31, 2024, fiber deployment reached 30.8 million premises, 1.6 million more than at December 31, 2023.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Total retail mobile accesses</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> stood at 21.1 million as of December 31, 2024, an increase of 4.7% as compared to December 31, 2023 mainly as a result of an increase in the IoT accesses base (up 22.0% y-o-y), together with increases in mobile contract accesses (up 1.6% y-o-y). </span></div><div style="margin-bottom:9pt;margin-top:9pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Pay TV accesses</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> reached 3.5 million at December 31, 2024, increasing 2.7% year-on-year, mainly driven by the positive evolution of Movistar Plus+, an OTT product.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Wholesale accesses</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> stood at 3.4 million at December 31, 2024, down 4.4% year-on-year. Wholesale fiber (FTTH) accesses were up 1.7% year-on-year and corresponded to 98.2% of total wholesale accesses at December 31, 2024 compared with 92.2% at December, 31, 2023.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Accesses 2023 vs 2022</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Telef&#243;nica Spain had 41.0 million </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">accesses</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> as of December 31, 2023, an increase of 1.2% as compared to December 31, 2022, due mainly to an increase in the IoT accesses base. </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%"> convergent offer</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> (residential and SMEs) had a customer base of 4.5 million customers as of December 31, 2023, a decrease of 0.1% y-o-y.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Retail fixed accesses</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> totaled 7.9 million and decreased 1.9% as compared to December 31, 2022, with a net loss of 154 thousand accesses as of December 31, 2023.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Retail broadband accesses</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> totaled 5.9 million (+1.4% y-o-y), with a net gain of 80 thousand accesses as of December 31, 2023.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Retail fiber (FTTH) accesses</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> reached 5.3 million (+6.0% as compared to December 31, 2023), representing 90.1% of total retail broadband customers (+3.9 p.p. y-o-y) with net adds of 303 thousand accesses as of December 31, 2023. At December 31, 2023, fiber deployment reached 29.3 million premises, 1.2 million more than at December 31, 2022.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Total retail mobile accesses</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> stood at 20.1 million as of December 31, 2023, an increase of 4.0% as compared to December 31, 2022 as a result of an increase in the IoT accesses base (+19.1% y-o-y) and contract accesses (+1.3% y-o-y), with a decrease in mobile prepay accesses (-11.4% y-o-y).</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Pay TV accesses</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> reached 3.4 million at December 31, 2023, decreasing 2.8% year-on-year due to a higher penetration of customers in service bundles that do not include TV.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Wholesale accesses</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> stood at 3.6 million at December 31, 2023, down 2.3% year-on-year, and wholesale fiber (FTTH) accesses were up 2.6% year-on-year (92.2% of total wholesale accesses at December 31, 2023 compared with 87.8% at December 31, 2022).</span></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">54</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The table below shows Telef&#243;nica Spain&#8217;s results over the past three years: </span></div><div style="margin-bottom:9pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"/><td style="width:38.227%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:11.034%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:11.034%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:11.034%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:11.034%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:11.037%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Millions of euros</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"/><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"/><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"/><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"/><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">TELEF&#211;NICA SPAIN</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2022</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2023</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2024</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">%<br/>YoY 23/22</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">%<br/>YoY 24/23</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Revenues</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">12,497</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">12,654&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">12,791&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1.3&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1.1&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 25.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Mobile handset revenues</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">548</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">518&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">532&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(5.4&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%)</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2.6&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 25.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Revenues ex-mobile handset sales</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">11,948</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">12,136</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">12,259</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">1.6</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">%</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">1.0</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">%</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 55pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Retail</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">9,662</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">9,872&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">10,092&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2.2&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2.2&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 55pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Wholesale and Other</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2,286</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2,264&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2,167&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(1.0&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%)</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(4.3&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%)</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Other income</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">803</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">526&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">477&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(34.5&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%)</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(9.3&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%)</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Supplies</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(5,008)</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(5,027)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(5,313)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">0.4&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">5.7&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Personnel expenses</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(1,765)</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(3,194)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(1,717)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">81.0&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(46.2&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%)</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Other expenses</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(1,939)</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(1,730)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(1,624)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(10.8&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%)</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(6.1&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%)</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Operating results before depreciation and amortization</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">4,588</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">3,229&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">4,614&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(29.6&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%)</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">42.9&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%</span></td></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Depreciation and amortization</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(2,157)</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(2,200)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(2,202)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2.1&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">0.1&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%</span></td></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">OPERATING INCOME</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2,431</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">1,029</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2,412</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">(57.7</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">%)</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">134.5</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">%</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Amortization of rights of use (leases amortization)</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(410)</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(510)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(577)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">24.5&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">13.2&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Financial expenses on lease liabilities</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(15)</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(36)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(51)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">147.2&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">42.0&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%</span></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Operating results before depreciation and amortization after leases</span></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">4,163&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2,683&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">3,986&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(35.5&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%)</span></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">48.5&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%</span></td></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr></table></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Analysis of results 2024 vs 2023</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Revenues</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> in 2024 amounted to 12,791 million euros, growing 1.1% y-o-y mainly as a result of increased IT revenues due to the higher demand for digitalization projects by B2B customers, partially offset by the decrease in wholesale and other revenues.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The evolution of revenues excluding mobile handset sales is described below:</span></div><div style="margin-bottom:9pt;margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Retail revenues </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">totaled 10,092 million euros in 2024, an increase of 2.2% year-on-year, driven by greater B2B sales volume and IT revenue growth and increases in tariffs charged to customers and, to a lesser extent, by growth in B2C customers.</span></div><div style="margin-bottom:9pt;margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Wholesale and other revenues</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> totaled 2,167 million euros in 2024, decreasing by 4.3% year-on-year, mainly due to the impact of cuts to the mobile termination rate (MTR) (which decreased by 50% during 2024) and the discontinuation of &#8220;F&#243;rmula 1&#8221; (racing cars) TV content in 2024, partially offset by the positive evolution of MVNO revenues.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The evolution of expenses is explained below:</span></div><div style="margin-bottom:9pt;margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Supplies</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> amounted to 5,313 million euros in 2024, up 5.7% year-on-year compared to 2023, mainly attributable to the increase in costs to support the increased IT-related activity (due to the higher demand for digitalization projects by B2B customers).</span></div><div style="margin-bottom:9pt;margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Personnel expenses </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">amounted to 1,717 million euros in 2024, down 46.2% year-on-year compared to 2023. The year-on-year evolution was mainly attributable to the Collective Redundancies Plan adopted by certain companies in Telef&#243;nica Spain in 2023 (which resulted in a provision of 1,320 million euros before taxes in 2023).</span></div><div style="margin-bottom:9pt;margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Other expenses</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> amounted to 1,624 million euros in 2024, down 6.1% year-on-year compared to 2023.The higher expenses in 2023 were due mainly to provisions recorded in Telef&#243;nica Spain to optimize the distribution network.</span></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">55</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Operating results before depreciation and amortization reached 4,614 million euros in 2024, a year-on-year increase of 42.9%.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Depreciation and amortization</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> amounted to 2,202 million euros in 2024, remaining stable compared to 2023.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Operating income</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> amounted to 2,412 million euros in 2024, a year-on-year increase of 134.5%. The lower operating income in 2023 was mainly attributable to the impact of the Collective Redundancies Plan adopted by certain companies in Telef&#243;nica Spain in 2023 (resulting in a provision of 1,320 million euros, before taxes), as well as the higher provisions recorded in Telef&#243;nica Spain to optimize the distribution network in 2023 (60 million euros).</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Analysis of results 2023 vs 2022</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Revenues</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> in 2023 amounted to 12,654 million euros, growing 1.3% y-o-y. This trend was supported by the evolution of revenues excluding mobile handset sales, which grew 1.6% year-on-year and is described below. This growth was partially offset by the 5.4% y-o-y decline in mobile handset revenues driven by higher volumes achieved during 2022 as a result of including the possibility to add devices in the convergent portfolio (beginning in February 2022 for the total convergent customer base) that boosted these revenues at the beginning of the initiative.</span></div><div style="margin-bottom:9pt;margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Retail revenues</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> totaled 9,872 million euros in 2023, increasing by 2.2% year-on-year, due in part to the recovery of the retail commercial activity and higher IT revenues as a result of higher demand for digitalization projects in the B2B segment.</span></div><div style="margin-bottom:9pt;margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Wholesale and other revenues</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> totaled 2,264 million euros in 2023, decreasing by 1.0% year-on-year, due mainly to the decrease in fixed traffic revenues, mobile interconnection revenues due to lower mobile termination rates, and the impact of less "LaLiga" (Spanish football league) content available in the wholesale offer after mid-August 2022 (after a competitor obtained a portion of the broadcasting rights for the 2022/2023 season), partially offset by the growth of roaming-in revenues and the growth of revenues from MVNOs.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The evolution of expenses is explained below:</span></div><div style="margin-bottom:9pt;margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Supplies</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> amounted to 5,027 million euros in 2023, up 0.4% year-on-year compared to 2022, mainly attributable to the increase in costs related to IT revenue growth. </span></div><div style="margin-bottom:9pt;margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Personnel expenses </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">amounted to 3,194 million euros in 2023, up 81.0% year-on-year compared to 2022. The year-on-year evolution was mainly attributable to the Collective Redundancies Plan adopted by certain companies in Telef&#243;nica Spain in 2023 (resulting in a provision of 1,320 million euros before taxes) and wage increases driven by inflation.</span></div><div style="margin-bottom:9pt;margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Other expenses</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> amounted to 1,730 million euros in 2023, down 10.8% year-on-year compared to 2022, as a result of lower energy costs as well as savings associated with higher efficiencies, mainly related to network and system costs. </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Operating results before depreciation and amortization reached 3,229 million euros in 2023, a year-on-year decrease of 29.6%.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Depreciation and amortization</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> amounted to 2,200 million euros in 2023, increasing by 2.1% year-on-year, mainly explained by growth of the amortizable base of rights of use.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Operating income</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> amounted to 1,029 million euros in 2023, a year-on-year decrease of 57.7%. Operating income was adversely affected in 2023 mainly by the Collective Redundancies Plan adopted by certain companies in Telef&#243;nica Spain in 2023 (resulting in a provision of 1,320 million euros before taxes). The higher personnel costs, IT costs related to IT revenue growth and cost increases due to inflation were partially offset by the higher service revenues.</span></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">56</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">VMO2</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In accordance with applicable accounting standards, Telef&#243;nica's share in the results of VMO2, our 50:50 joint venture with Liberty Global Plc in the United Kingdom, is presented in a single line of the income statement, &#8220;Share of (loss) income of investments accounted for by the equity method&#8221;. However, the VMO2 segment information included in this section is presented using management criteria and shows 100% of VMO2's results; Telef&#243;nica&#8217;s actual percentage ownership of VMO2 is 50%.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">More than three years after the formation of VMO2, the company continues to integrate and innovate while investing heavily to expand and upgrade its fiber and 5G networks to provide the highest quality connectivity to more regions of the country.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">VMO2&#8217;s gigabit fixed network footprint reached 18.3 million premises at the end of 2024, delivering 1.3 million homes serviceable in the year underpinned by the expansion of the FTTH network of nexfibre, the FTTH joint venture formed by Telef&#243;nica Infra, Liberty Global and InfraVia (see "Item 10. Additional Information&#8212;Material Contracts&#8212; Agreement reached by T. Infra, Liberty Global and InfraVia for the establishment of a fiber-to-the-home (FTTH) joint venture in the United Kingdom" for additional information). The expansion of the nexfibre footprint helped to deliver 20,000 new accesses in 2024.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The upgrade of VMO2&#8217;s fixed network to fiber continued at pace across the year, with a total fiber footprint of 6.4 million premises by year end when including the nexfibre footprint.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In its mobile business, significant progress was also made in the evolution of the company&#8217;s mobile network to 5G, with UK outdoor population coverage standing at 75% at the end of 2024, an increase of 24 percentage points in the year.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In December 2024, the UK&#8217;s Competition and Markets Authority approved the merger between Vodafone UK and Three UK in the United Kingdom (&#8216;MergeCo&#8217;). Subject to the final completion of the merger and relevant approvals, VMO2 expects to acquire spectrum from MergeCo and MergeCo&#8217;s enlarged network would participate in network sharing with VMO2.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The table below shows the evolution of accesses of VMO2 over the past three years as of December 31 of such years: </span></div><div style="margin-top:9pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"/><td style="width:40.859%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:9.572%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:9.864%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:11.034%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:11.034%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:11.037%"/><td style="width:0.1%"/></tr><tr><td colspan="9" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">ACCESSES </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%;position:relative;top:-3.5pt;vertical-align:baseline">(1)</span></div></td><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:0 1pt"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Thousands of accesses</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2022</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2023</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2024</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">%<br/>YoY 23/22</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">%<br/>YoY 24/23</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Fixed telephony accesses</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">4,239.7&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">3,876.5&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">3,504.6&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(8.6&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%)</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(9.6&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%)</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Broadband</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">5,661.6&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">5,724.7&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">5,744.5&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1.1&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">0.3&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 37pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">UBB</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">5,653.8&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">5,717.6&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">5,738.9&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1.1&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">0.4&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%</span></td></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Mobile accesses</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">33,831.3&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">35,216.3&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">35,652.5&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">4.1&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1.2&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 37pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Prepay</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">7,968.3&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">7,617.9&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">7,369.8&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(4.4&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%)</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(3.3&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%)</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 37pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Contract</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">16,087.6&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">16,122.3&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">15,836.0&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">0.2&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(1.8&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%)</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 37pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">IoT</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">9,775.5&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">11,476.1&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">12,446.7&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">17.4&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">8.5&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Pay TV</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">3,194.1&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">3,146.9&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">3,016.3&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(1.5&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%)</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(4.1&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%)</span></td></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Retail Accesses</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">46,926.8</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">47,964.4</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">47,918.0</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2.2</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">%</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">(0.1</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">%)</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Wholesale Accesses</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">10,818.6</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">9,644.9</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">10,048.2</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">(10.8</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">%)</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">4.2</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">%</span></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Total Accesses</span></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">57,745.4</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">57,609.3</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">57,966.2</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">(0.2</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">%)</span></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">0.6</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">%</span></td></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr></table></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:1.92pt"> </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:5.2pt;font-weight:400;line-height:1.92pt;position:relative;top:-2.8pt;vertical-align:baseline">(1)</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:1.92pt"> The access information provided as of December 31, 2024, 2023 and 2022 includes 100% of the accesses of VMO2. Telef&#243;nica&#8217;s actual</span></div><div style="text-align:justify"><span><br/></span></div><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:1.92pt">percentage ownership of VMO2 is 50%.</span></div><div><span><br/></span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Accesses 2024 vs 2023</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">total accesses base</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> grew 0.6% year-on-year and stood at 58.0 million as of December 31, 2024, mainly driven by the increase in wholesale accesses and the 8.5% year-on-year growth in IoT accesses, offset in part by decreases in fixed telephony accesses, mobile prepay and contract accesses and Pay TV accesses.</span></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">57</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">contract mobile customer base</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> decreased 1.8% year-on-year to 15.8 million accesses, with a net loss of 286 thousand accesses in 2024 due to the poorer performance in the consumer segment as a result of more aggressive competition, especially from MVNOs, reflecting broader market trends.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">prepay mobile customer base</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> decreased 3.3% year-on-year to 7.4 million accesses, with a net loss of 248 thousand accesses in 2024.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">IoT mobile customer base</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> grew 8.5% year-on-year and reached 12.4 million accesses underpinned by the continued roll-out of the United Kingdom&#8217;s Smart Metering Implementation Programme. The Smart Metering Implementation Programme (SMIP) is an energy-industry led program which aims to roll-out approximately 53 million smart electricity and gas meters to domestic properties and non-domestic sites in the United Kingdom.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">The fixed broadband base</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> grew 0.3% year-on-year and reached 5.7 million accesses adding 20 thousand new accesses in 2024 supported by the expansion of the nexfibre footprint.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Accesses 2023 vs 2022</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">total accesses base</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> decreased 0.2% year-on-year and stood at 57.6 million as of December 31, 2023, mainly driven by the decrease in wholesale caused by the migration of customers from one of the business&#8217;s smaller MVNO partners to BT (completed in the second half of 2023), partially offset by the increase in the mobile accesses base, which grew 4.1% year-on-year and reached 35.2 million accesses supported by growth in contract and IoT accesses.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">contract mobile customer base</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> grew 0.2% year-on-year and reached 16.1 million accesses adding 35 thousand new accesses to the base in 2023.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">prepay mobile customer base</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> decreased 4.4% year-on-year and totaled 7.6 million accesses, a decline of 350 thousand accesses in 2023.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">IoT mobile customer base</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> grew 17.4% year-on-year and reached 11.5 million accesses underpinned by the Smart Metering Implementation Programme roll out. The Smart Metering Implementation Programme (SMIP) is an energy-industry led program which aims to roll-out approximately 53 million smart electricity and gas meters to domestic properties and non-domestic sites in the United Kingdom.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">The fixed broadband base</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> grew 1.1% year-on-year and reached 5.7 million accesses, adding 63 thousand new accesses in 2023 supported by the increase in customer demand for higher speeds. UBB accesses grew 1.1% year-over-year with a net gain of 64 thousand new accesses in 2023. The company&#8217;s average broadband speed is 358 Mbps and increased 18.9% year-on-year, reaching speeds five times higher than the national speed average, according to Ofcom.</span></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">58</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The table below shows the evolution of the VMO2 segment's results over the past three years:</span></div><div style="text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"/><td style="width:38.227%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:11.034%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:11.034%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:11.034%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:11.034%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:11.037%"/><td style="width:0.1%"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Millions of euros</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"/><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"/><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"/><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"/><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">VMO2</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2022</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2023</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2024</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">%<br/>YoY 23/22</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">%<br/>YoY 24/23</span></td><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Revenues</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">12,155</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">12,547&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">12,616&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">3.2&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">0.6&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">&#160;&#160;&#160;&#160;&#160;Mobile Business     </span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">6,938</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">6,840</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">6,718</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">(1.4</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">%)</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">(1.8</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">%)</span></td><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Handset revenues</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,894</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,749&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,521&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(7.7&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%)</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(13.0&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%)</span></td><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">&#160;&#160;&#160;&#160;&#160;Fixed Business</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">4,639</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">4,453</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">4,550</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">(4.0</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">%)</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2.2</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">%</span></td><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 13pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Other</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">578</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">1,254</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">1,348</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">117.0</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">%</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">7.5</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">%</span></td><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Other income</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">551</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">516&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">516&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(6.3&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%)</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">0.1&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Supplies</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(4,019)</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(4,294)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(4,354)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">6.8&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1.4&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Personnel expenses</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(1,348)</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(1,303)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(1,295)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(3.3&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%)</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(0.6&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%)</span></td><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Other expenses</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(2,938)</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(3,035)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(3,016)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">3.3&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(0.6&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%)</span></td><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Impairment losses in goodwill</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#8212;</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(3,572)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">n.m.</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">n.m.</span></td><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Operating results before depreciation and amortization</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">4,401</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">859&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">4,467&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(80.5&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%)</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">n.m.</span></td><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Depreciation and amortization</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(4,170)</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(3,685)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(3,371)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(11.6&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%)</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(8.5&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%)</span></td><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Operating income (loss)</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">231</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(2,826)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,096&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">c.s.</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">c.s.</span></td><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Share of income of investments accounted for by the equity method</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">4&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">n.m.</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">105.8&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Financial income</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">24</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">55&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">51&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">126.3&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(8.3&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%)</span></td><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Financial expenses</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(1,020)</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(1,436)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(1,578)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">40.7&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">9.9&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Realized and unrealized gains on derivate instruments, net </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%;position:relative;top:-3.5pt;vertical-align:baseline">(1)</span></div></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2,567</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(924)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">463&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">c.s.</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">c.s.</span></td><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Foreign currency transaction losses, net</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(1,296)</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">677&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(34)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">c.s.</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">c.s.</span></td><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Net financial result</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">275</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">(1,628)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">(1,098)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">c.s.</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">(32.6</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">%)</span></td><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Result before taxation</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">507</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">(4,452)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">c.s.</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">c.s.</span></td><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Taxes</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(37)</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">265&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(22)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">c.s.</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">c.s.</span></td><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Result for the period</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">492</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">(4,187)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">(20)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">c.s.</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">(99.5</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">%)</span></td><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Attributable to non-controlling interests</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#8212;</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(19)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">n.m.</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">n.m.</span></td><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Result for the period attributable to equity holders of the parent (100% VMO2)</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">492</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">(4,187)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">(39)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">c.s.</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">n.m.</span></td><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr style="height:9pt"><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"/><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"/><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"/><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"/><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"/><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Operating results before depreciation and amortization</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">4,401</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">859&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">4,467&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(80.5&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%)</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">n.m.</span></td><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Amortization of rights of use (leases amortization)</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(235)</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(208)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(220)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(11.5&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%)</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">5.6&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Financial expenses on lease liabilities</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(44)</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(51)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(53)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">18.0&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2.6&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Operating results before depreciation and amortization after leases</span></td><td colspan="3" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">4,122</span></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">600&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">4,194&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(85.4&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%)</span></td><td colspan="3" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">n.m.</span></td><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr></table></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#242424;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">c.s.: change of sign; n.m.: not meaningful</span></div><div style="text-align:justify"><span style="color:#242424;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Notes:</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#242424;font-family:'Arial',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline">(1)</span><span style="color:#242424;font-family:'Telefonica Sans',sans-serif;font-size:8pt;font-weight:400;line-height:120%"> </span><span style="color:#242424;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">VMO2 entered into various derivative instruments to manage interest rate exposure and foreign currency exposure. Generally, VMO2 does not apply hedge accounting to its derivative instruments. Accordingly, changes in the fair values of most of its derivatives are recorded in the finance results of its consolidated income statement. </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Analysis of results 2024 vs 2023</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In 2024, </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">revenues</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> amounted to 12,616 million euros, growing 0.6%, mainly due to price increases implemented by VMO2 and the appreciation of the pound sterling offset in large part by the decline in handset sales and B2B revenues.</span></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">59</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><div style="margin-bottom:9pt;margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Mobile business revenues </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">amounted to 6,718 million euros in 2024, declining by 1.8% year-on-year, mainly as a result of the decrease in handset revenues as customers held onto their devices for a longer period, partially offset by the appreciation of the pound sterling.</span></div><div style="margin-bottom:9pt;margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Fixed business revenues </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">amounted to 4,550 million euros in 2024, increasing by 2.2% year-on-year, mainly driven by growth in revenues per customer household due to price increases, coupled with the appreciation of the pound sterling, partially offset by the decline in B2B fixed revenues.</span></div><div style="margin-bottom:9pt;margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Other revenues</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> amounted to 1,348 million euros in 2024, growing 7.5% year-on-year, mainly driven by increased revenues related to the expansion of the nexfibre network and the appreciation of the pound sterling.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The evolution of expenses is explained below:</span></div><div style="margin-bottom:9pt;margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Supplies </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">amounted to 4,354 million euros in 2024, up 1.4% year-on-year, mainly due to costs of expanding the nexfibre network and the appreciation of the pound sterling, offset in part by a decline in handset costs.</span></div><div style="margin-bottom:9pt;margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Personnel expenses </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">amounted to 1,295 million euros in 2024, down 0.6% year-on-year. The decrease was due in part to the realization of synergies through the execution of restructuring plans aiming to deliver a single operating model (through the convergence of several functions across sales, marketing, product and call center teams) and a leaner company, offset in part by the appreciation of the pound sterling.</span></div><div style="margin-bottom:9pt;margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Other expenses</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> amounted to 3,016 million euros in 2024, down 0.6% year-on-year mainly due to lower commercial costs related to lower handsets sales (translating to decreases in associated bad debt, costs of sale of receivables and commissions to handset suppliers), partially offset by the appreciation of the pound sterling.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Operating results before depreciation and amortization reached 4,467 million euros in 2024 compared to 859 million euros in 2023. The lower operating results before depreciation and amortization in 2023 was mainly due to the impairment of goodwill in 2023 amounting to 3,572 million euros. </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Depreciation and amortization</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> amounted to 3,371 million euros in 2024, decreasing by 8.5% due to a lower depreciable base after certain assets fully depreciated in 2023.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Operating income </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">amounted to 1,096 million euros in 2024, compared to an operating loss of 2,826 million euros in 2023. The lower operating income in 2023 was mainly due to the impairment of goodwill in 2023 amounting to 3,572 million euros.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Analysis of results 2023 vs 2022</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In 2023, </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">revenues</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> amounted to 12,547 million euros, growing 3.2% year-on-year, mainly due to the nexfibre revenues contribution (where VMO2 is the anchor wholesale tenant) and the price increases implemented by VMO2, partially offset by the depreciation of the pound sterling and the decline in the access base.</span></div><div style="margin-bottom:9pt;margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Mobile business revenues </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">amounted to 6,840 million euros in the year 2023, declining by 1.4% as a result mainly of the decrease in handset revenues (where there were deteriorating margins) and the depreciation of the pound sterling, partially offset by the price increases implemented by VMO2.</span></div><div style="margin-bottom:9pt;margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Fixed business revenues </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">amounted to 4,453 million euros in the year 2023, decreasing by 4.0%, mainly due to reduced customer spend (driven by the increased cost-of-living) and the depreciation of the pound sterling, partially offset by the price increases implemented by VMO2. Moreover, B2B fixed revenue decreased due to lower prices offered upon customer contract renewals and customer shifts to lower-cost products and services.</span></div><div style="margin-bottom:9pt;margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Other revenues</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> amounted to 1,254 million euros in the year 2023, a 117.0% increase driven by  revenues from construction, network and other services provided to nexfibre.</span></div><div style="margin-bottom:9pt;margin-top:9pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The evolution of expenses is explained below:</span></div><div style="margin-bottom:9pt;margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Supplies </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">amounted to 4,294 million euros in 2023, up 6.8% year-on-year compared to 2022 driven by nexfibre growth offset in part by synergies realization, cost efficiencies, lower hardware sales and the depreciation of the pound sterling.</span></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">60</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><div style="margin-bottom:9pt;margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Personnel expenses </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">amounted to 1,303 million euros in 2023, down 3.3% year-on-year compared to 2022 positively impacted by the realization of synergies through the execution of restructuring plans aiming to deliver a single operating model and a leaner company and the depreciation of the pound sterling, partially offset by higher restructuring costs.</span></div><div style="margin-bottom:9pt;margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Other expenses</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> amounted to 3,035 million euros in 2023, up 3.3% year-on-year compared to 2022, attributable to inflationary tensions, including higher energy costs, and integration costs, partially offset by the depreciation of the pound sterling.</span></div><div style="margin-bottom:9pt;margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">In addition, in 2023, VMO2 recorded an </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">impairment of goodwill</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> amounting to 3,572 million euros,related to an increase in VMO2&#8217;s weighted average cost of capital and the impacts of the macroeconomic conditions and competitive environment in the United Kingdom on estimated future cash flows of VMO2.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Operating results before depreciation and amortization in 2023 reached 859 million euros, decreasing 80.5% year-on-year in reported terms.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Depreciation and amortization</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> amounted to 3,686 million euros in 2023, decreasing by 11.6% year-on-year, impacted by a lower depreciable base and the depreciation of the pound sterling (-1.8 p.p.).</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Operating loss </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">amounted to 2,826 million euros in the year 2023, compared to 231 million euros in 2022, mainly due to the impairment of goodwill amounting to 3,572 million euros.</span></div><div style="margin-bottom:9pt;text-align:justify"><span><br/></span></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">61</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:115%">TELEF&#211;NICA GERMANY</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The table below shows the evolution of accesses in Telef&#243;nica Germany over the past three years as of December 31 of such years: </span></div><div style="margin-bottom:9pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"/><td style="width:41.151%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:10.449%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:10.449%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:10.449%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:10.449%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:10.453%"/><td style="width:0.1%"/></tr><tr><td colspan="12" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">ACCESSES</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td colspan="3" style="padding:0 1pt"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Thousands of accesses</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2022</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2023</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2024</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">%<br/>YoY 23/22</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">%<br/>YoY 24/23</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Fixed telephony accesses</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%;position:relative;top:-3.5pt;vertical-align:baseline"> (1)</span></div></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2,211.6&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2,299.9&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2,292.3&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">4.0&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(0.3&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%)</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Broadband</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2,294.2&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2,384.3&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2,375.3&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">3.9&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(0.4&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%)</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 37pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">UBB</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,939.1&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2,064.6&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2,091.9&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">6.5&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1.3&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 37pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;&#160;&#160;&#160;FTTH</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">13.9&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">28.3&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">50.6&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">103.4&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">78.8&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Mobile accesses</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">44,306.6&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">45,072.4&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">44,989.5&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1.7&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(0.2&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%)</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 37pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Prepay</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">16,274.8&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">15,526.6&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">14,873.7&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(4.6&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%)</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(4.2&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%)</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 37pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Contract</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">26,336.2&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">27,686.4&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">27,888.8&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">5.1&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">0.7&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 37pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">IoT</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,695.7&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,859.3&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2,227.0&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">9.7&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">19.8&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Retail Accesses</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">48,891.6</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">49,832.2</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">49,657.1</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">1.9</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">%</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">(0.4</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">%)</span></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Total Accesses</span></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">48,891.6</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">49,832.2</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">49,657.1</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">1.9</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">%</span></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">(0.4</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">%)</span></td></tr></table><span style="color:#000000;font-family:'Arial',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline">(1)</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%"> Includes "fixed wireless" and Voice over IP accesses.</span></div><div style="text-align:justify"><span><br/></span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#2b3447;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> 2024,Telef&#243;nica Germany continued with commercial traction and low churn in a competitive market. </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> Telef&#243;nica Germany&#8217;s key milestones in 2024 were as follows:</span></div><div style="margin-bottom:9pt;margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">Good financial execution, with operating results before depreciation and amortization accelerating y-o-y in the last three months of 2024.</span></div><div style="margin-bottom:9pt;margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">Ongoing commercial activity reflecting sustained O2 brand appeal and enhanced partner brands momentum.</span></div><div style="margin-bottom:9pt;margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">Telef&#243;nica Germany made good progress with the densification and further roll-out of its green 5G network resulting in coverage 97% as of December 31, 2024, leaving Telef&#243;nica Germany well on track to achieve nationwide 5G coverage by the end of  2025.</span></div><div style="margin-bottom:9pt;margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">Telef&#243;nica Germany maintained mobile trading momentum in a competitive environment, leveraging continued enhancement of network and service quality.</span></div><div style="margin-bottom:9pt;margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">On January 26, 2024, Telef&#243;nica completed a voluntary public acquisition offer for shares of Telef&#243;nica Deutschland, followed by a public delisting acquisition offer completed on April 29, 2024. As a result of these transactions and direct market purchases by Telef&#243;nica outside the offers, Telef&#243;nica reached approximately 96.85% of the share capital and voting rights of Telef&#243;nica Deutschland. See &#8220;Item 4. Information on the Company&#8212;History and Development of the Company&#8212;Public Takeover Offers&#8221;.</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In August 2023, the 1&amp;1 Group disclosed that it would switch its host network operator in Germany from Telef&#243;nica Germany to Vodafone in the second half of 2024, under a long-term, exclusive national roaming partnership with Vodafone Group. This exclusivity arrangement includes the non-discriminatory provision of national roaming services in areas not yet covered by the new 1&amp;1 mobile network and in particular includes access to the 5G network of Vodafone Group, including mobile communication standards 2G and 4G and future mobile communication standards and technologies. The agreement between the 1&amp;1 Group and Vodafone has limited Telef&#243;nica's network sharing opportunities with 1&amp;1. Migration of customers to 1&amp;1&#8217;s own network and Vodafone&#8217;s network (for roaming) began in the first quarter of 2024 and is expected to be completed in the second half of 2025. It is expected that the completion of this migration will have a significant impact on Telef&#243;nica Germany&#8217;s accesses and revenues.The ongoing migration of 1&amp;1 customers from Telef&#243;nica&#8217;s network to 1&amp;1&#8217;s own network and Vodafone&#8217;s network (for roaming) is referred to below as the &#8220;change to the 1&amp;1 business model". </span></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">62</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Accesses 2024 vs 2023</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%"> total access base </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">decreased 0.4% year-on-year and stood at 49.7 million on December 31, 2024, mainly driven by a 4.2% decrease in the prepay mobile accesses base, which reached 14.9 million.</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:110%">The</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:110%"> contract mobile customer base</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:110%"> reached 27.9 million accesses in 2024, growing 0.7% year-on-year due to O2 good performance driven by brand appeal, continued network enhancement and service quality, partially offset by the lower customer base in partner brands as a result of  the change to the 1&amp;1 business model. Migration of customers to 1&amp;1&#8217;s own network and Vodafone&#8217;s network (for roaming) began in the first quarter of 2024 and is expected to be completed in the second half of 2025. Excluding 1&amp;1 customers accessing Telef&#243;nica Germany&#8217;s network, the contract mobile customer base was 17.3 million accesses as of December 31, 2024, growing 5.0% year-on-year mainly due to the O2 brand customer growth. </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%"> prepay mobile customer base </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">decreased 4.2% year-on-year to 14.9 million accesses reflecting a net loss of 652.9 thousand accesses in 2024 due to the German market trend of prepaid-to-postpaid migration.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Broadband accesses</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> reached 2.4 million accesses (down 0.4% y-o-y), with a net loss 9.0 thousand accesses in 2024, mainly driven by legacy DSL churn, offset in part by continued customer for high-speed cable and fiber accesses.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Accesses 2023 vs 2022</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%"> total access base</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> increased 1.9% year-on-year and stood at 49.8 million on December 31, 2023, mainly driven by a 1.7% increase in the mobile accesses base, which reached 45.1 million.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">contract mobile customer base</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> grew 5.1% year-on-year and reached 27.7 million accesses, increasing the share over the total mobile accesses base to 61.4%. Net adds reached 1.4 million accesses driven by own brand gross adds momentum in combination with low churn levels. Churn rates remained at low levels based on the high network and service quality combination.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%"> prepay mobile customer base </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">decreased 4.6% year-on-year to 15.5 million accesses, reflecting the German market trend of prepaid to postpaid migration. There was a net loss of 0.7 million prepay customers in 2023.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Broadband accesses</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> reached 2.4 million accesses (up 3.9% y-o-y) with a net add of 90 thousand accesses in 2023, mainly driven by the good performance of &#8220;O2 myHome&#8221; tariff, continued VDSL demand and a low level of churn. Fiber and cable technologies are gaining more and more traction with high-value customers in these technologies.</span></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">63</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The table below shows the evolution of Telef&#243;nica Germany&#8217;s results over the past three years: </span></div><div style="margin-bottom:9pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"/><td style="width:38.227%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:11.034%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:11.034%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:11.034%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:11.034%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:11.037%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Millions of euros</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"/><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"/><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"/><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"/><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">TELEF&#211;NICA GERMANY</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2022</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2023</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2024</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">%<br/>YoY 23/22</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">%<br/>YoY 24/23</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Revenues</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">8,224&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">8,614&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">8,492&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">4.7&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(1.4&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%)</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">&#160;&#160;&#160;&#160;&#160;Mobile Business</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">7,394</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">7,767</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">7,596</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">5.0</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">%</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">(2.2</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">%)</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Handset revenues</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,652&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,872&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,785&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">13.3&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(4.7&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%)</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">&#160;&#160;&#160;&#160;&#160;Fixed Business</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">806</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">827</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">857</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2.7</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">%</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">3.6</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">%</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Other income</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">153&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">160&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">192&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">4.7&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">20.2&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Supplies</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(2,524)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(2,677)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(2,588)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">6.1&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(3.3&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%)</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Personnel expenses</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(622)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(669)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(700)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">7.6&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">4.7&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Other expenses</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(2,673)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(2,788)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(2,631)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">4.3&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(5.7&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%)</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Operating results before depreciation and amortization</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2,558&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2,640&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2,765&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">3.2&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">4.7&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%</span></td></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Depreciation and amortization</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(2,295)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(2,323)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(2,226)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1.2&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(4.1&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%)</span></td></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">OPERATING INCOME</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">263</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">317</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">539</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">20.8</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">%</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">69.7</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">%</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Amortization of rights of use (leases amortization)</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(636)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(673)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(688)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">5.7&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2.2&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Financial expenses on lease liabilities</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(16)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(36)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(66)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">134.1&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">86.4&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%</span></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Operating results before depreciation and amortization after leases</span></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,906&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,931&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2,011&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1.3&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">4.1&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%</span></td></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr></table></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Analysis of results 2024 vs 2023</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Total revenues </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">were 8,492 million euros in 2024, a year-on-year decrease of 1.4% driven by the decrease in the mobile business.</span></div><div style="margin-bottom:9pt;margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9.5pt;font-weight:400;line-height:120%">&#8211;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:12.72pt">Mobile business revenues</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> totaled 7,596 million euros decreasing 2.2% y-o-y as a result of 50% cuts in the mobile termination rate (MTR) from 0.40 euros to 0.20 euros per minute effective from January 1, 2024, as well as the change to the 1&amp;1 business model, partially offset by the good performance of O2 own brand revenues. Excluding the impact of the cuts to the mobile termination rate, mobile business revenues were down 1.1% year-on-year in 2024.     </span></div><div style="margin-bottom:9pt;margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8211;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:12.44pt">Handset revenues </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(which are included in mobile business revenues) amounted to 1,785 million euros, decreasing 4.7% y-o-y due to lower commercial activity of the &#8220;O2 myHandy&#8221; monthly installment handset financing model, which faced tough competition after the record volume sold in the previous year.</span></div><div style="margin-bottom:9pt;margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Telefonica Sans',sans-serif;font-size:12pt;font-weight:400;line-height:120%">&#8211;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:11.52pt">Fixed business</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">revenues </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">were 857 million euros, increasing 3.6% y-o-y due to the increasing demand of fiber and cable technologies combined with price increases.</span></div><div style="margin-bottom:9pt;margin-top:9pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Mobile </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">ARPU</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> reached 10.4 euros (-3.4% y-o-y), due to the decline in contract and prepay ARPU of 7.8% and 1.9% respectively, impacted by the 50% cut to the mobile termination rate (MTR), as well as the higher share of second and third SIM cards tied to family contracts, which usually have lower ARPUs. Data ARPU reached 7.0 euros (-5.5% y-o-y), also as a result of higher shares of second and third SIM cards tied to family contracts which usually have lower ARPUs.</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#ffde0f;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.707%"><tr><td style="width:1.0%"/><td style="width:40.982%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:10.483%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:10.483%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:10.483%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:10.483%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:10.486%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">TELEF&#211;NICA GERMANY</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2022</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2023</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2024</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">%<br/>YoY 23/22</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">%<br/>YoY 24/23</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 12.25pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">ARPU (EUR)</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">10.1</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">10.8</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">10.4</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">6.5</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">%</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">(3.4</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">%)</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 30.25pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Prepay</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">6.7&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">7.8&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">7.6&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">15.3&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(1.9&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%)</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:29.25pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Contract </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%;position:relative;top:-3.5pt;vertical-align:baseline">(1)</span></div></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">13.3&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">13.2&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">12.2&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(0.1&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%)</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(7.8&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%)</span></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 12.25pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Data ARPU (EUR)</span></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">6.7</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">7.4</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">7.0</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">9.2</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">%</span></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">(5.5</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">%)</span></td></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr></table><span style="color:#000000;font-family:'Arial',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline">(1)</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%"> Excludes IoT.</span></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">64</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The evolution of expenses is explained below:  </span></div><div style="margin-bottom:9pt;margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Supplies</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> amounted to 2,588 million euros in 2024, decreasing 3.3% year-on-year mainly as a result of the lower handset cost of sales and the positive effects from cuts in mobile termination rate (MTR) fees paid to other operators.</span></div><div style="margin-bottom:9pt;margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Personnel expenses </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">amounted to 700 million euros in 2024, increasing 4.7% year-on-year, reflecting further staff and wage increases in 2024, which were intended to support Telef&#243;nica Germany's transformation and growth plans.</span></div><div style="margin-bottom:9pt;margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Other expenses </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">amounted to 2,631 million euros in 2024, decreasing 5.7% year-on-year compared to 2023 from savings in commercial costs (due to the optimization and digitalization of customer service, lower marketing costs and efficiencies in commercial channels), savings from the digital transformation of system and network operations and energy cost optimization.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Operating results before depreciation and amortization totaled 2,765 million euros in 2024, growing by 4.7% year-on-year.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Depreciation and amortization</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> amounted to 2,226 million euros in 2024, decreasing by 4.1% year-on-year, mainly due to a lower amortizable base of intangible assets as a result of fully amortized assets in the year.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Operating income </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">totaled 539 million euros in 2024, growing 69.7% year-on-year as a result of the good performance of the own brand and focused strategy execution driving mainly from successful commercial cost management and savings from digital transformation and energy cost optimization and lower depreciation and amortization.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Analysis of results 2023 vs 2022</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Total revenues </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">were 8,614 million euros in 2023, a year-on-year increase of 4.7%, driven by the increase in the mobile business.</span></div><div style="margin-bottom:9pt;margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8211;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:12.44pt">Mobile business revenues</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> totaled 7,767 million euros, increasing 5.0% year-on-year. This reflects the sustained mobile service revenue momentum on the back of the ongoing strong commercial traction of the O2 brand and a solid contribution from partner brands selling O2 services.</span></div><div style="margin-bottom:9pt;margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8211;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:12.44pt">Handset revenues</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> (which are included in mobile business revenues) amounted to 1,872 million euros, increasing 13.3% year-on-year due to high demand for accessories and high value devices supported by the &#8220;O2 myHandy&#8221; monthly-installment financing model.</span></div><div style="margin-bottom:9pt;margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8211;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:12.44pt">Fixed business</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">revenues </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">were 827 million euros, increasing 2.7% year-on-year, due to the good performance of &#8220;O2 myHome&#8221; tariff and the increasing demand of fiber and cable technologies.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Mobile ARPU</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> was 10.8 euros (+6.5% y-o-y) due to the 15.3% year-on-year increase in prepay ARPU, offset in part by the 0.1% year-on-year decrease in contract ARPU. Data ARPU was 7.4 euros (+9.2% y-o-y), supported by the successful &#8220;O2 Mobile&#8221; portfolio. </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The evolution of expenses is explained below:  </span></div><div style="margin-bottom:9pt;margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Supplies</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> amounted to 2,677 million euros in 2023, increasing 6.1% year-on-year compared to 2022. This increase was mainly attributable to higher handset cost of sales partially offset by positive effects from cuts in the MTR (Mobile Termination Rate) fees paid to other operators. </span></div><div style="margin-bottom:9pt;margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Personnel expenses </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">amounted to 669 million euros in 2023, increasing 7.6% year-on-year compared to 2022, reflecting staff and wage increases, which were intended to support Telef&#243;nica Germany's transformation and growth plans.</span></div><div style="margin-bottom:9pt;margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Other expenses</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> amounted to 2,788 million euros in 2023, increasing 4.3% year-on-year compared to 2022 reflecting higher commercial costs, energy costs and higher technology costs required for the digital transformation of the company.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Operating results before depreciation and amortization totaled 2,640 million euros in 2023, increasing by 3.2% y-o-y.</span></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">65</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Depreciation and amortization</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> amounted to 2,323 million euros in 2023, increasing by 1.2% year-on-year mainly due to higher amortization of rights-of-use assets.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Operating income</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> totaled 317 million euros in 2023 increasing 20.8% year-on-year due mainly to good performance in both fixed and mobile business revenues, own brand momentum and further efficiency gains.</span></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">66</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><div style="margin-bottom:9pt;text-align:justify"><span><br/></span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">TELEF&#211;NICA BRAZIL</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The table below shows the evolution of accesses of Telef&#243;nica Brazil over the past three years as of December 31 of such years: </span></div><div style="margin-bottom:9pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"/><td style="width:42.321%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:9.864%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:9.864%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:9.864%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:10.742%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:10.745%"/><td style="width:0.1%"/></tr><tr><td colspan="12" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">ACCESSES</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td colspan="3" style="padding:0 1pt"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Thousands of accesses</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2022</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2023</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2024</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">%<br/>YoY 23/22</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">%<br/>YoY 24/23</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Fixed telephony accesses </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%;position:relative;top:-3.5pt;vertical-align:baseline">(1)</span></div></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">7,012.7&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">6,457.7&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">5,746.4&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(7.9&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%)</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(11.0&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%)</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Broadband</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">6,419.6&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">6,677.9&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">7,273.7&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">4.0&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">8.9&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 37pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">UBB</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">5,967.7&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">6,386.5&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">7,049.1&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">7.0&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">10.4&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 55pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">FTTH</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">5,482.4&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">6,174.7&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">6,958.4&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">12.6&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">12.7&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Mobile accesses</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">97,973.0&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">99,070.2&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">102,310.3&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1.1&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">3.3&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 37pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Prepay</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">39,305.9&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">37,267.3&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">35,816.3&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(5.2&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%)</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(3.9&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%)</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 37pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Contract</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">43,947.2&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">45,902.7&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">49,076.8&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">4.4&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">6.9&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 37pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">IoT</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">14,719.9&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">15,900.2&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">17,417.2&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">8.0&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">9.5&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Pay TV</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">966.3&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">844.9&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">785.2&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(12.6&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%)</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(7.1&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%)</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 37pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">IPTV</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">898.3&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">844.9&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">785.2&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(5.9&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%)</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(7.1&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%)</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Retail Accesses</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">112,423.7</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">113,101.8</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">116,163.6</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">0.6</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">%</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2.7</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">%</span></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Total Accesses</span></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">112,424.0</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">113,102.1</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">116,164.0</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">0.6</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">%</span></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2.7</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">%</span></td></tr></table><span style="color:#000000;font-family:'Arial',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline">(1)</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%"> Includes "fixed wireless" and Voice over IP accesses.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In 2024, Telef&#243;nica Brazil maintained its leadership in the mobile segment and, in a more consolidated market environment, a market share of 38.8%, 5.7 p.p. ahead of its closest competitor (data from the last official publication of ANATEL, December 31, 2024). Telef&#243;nica Brazil's strategy remains focused on strengthening its high-value customer base. Telef&#243;nica Brazil reached a contract market share (excluding IoT accesses) of 43.1% as of December 31, 2024 (ANATEL).</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In the fixed business, Telef&#243;nica Brazil continued with the implementation of strategic technologies, focusing on the deployment of fiber, centering its commercial offer around Vivo Total, and maintaining low churn rates.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In addition, Telef&#243;nica Brazil continued to advance in the development of an ecosystem with relevant partners to promote its consolidation as a digital services hub. To this end, it offers a broad portfolio of services, highlighting those described below:</span></div><div style="margin-bottom:9pt;margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8211;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:12.44pt">Health &amp; Wellness: Vale Sa&#250;de is a monthly subscription service that provides discounts for online or in-person medical care, exams and medications, through more than 3 thousand pharmacies and 3 thousand clinics and laboratories in 2024.</span></div><div style="margin-bottom:9pt;margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8211;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:12.44pt">Education: Viva E is an employment platform that combines online courses and job offers. The joint venture created by Telef&#243;nica Brazil and &#194;nima Educa&#231;&#227;o offers more than 400 hours of content.</span></div><div style="margin-bottom:9pt;margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8211;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:12.44pt">Vivo Ventures: Telef&#243;nica Brazil&#8217;s corporate venture capital fund for strategic investments, invested 5 million euros in CRMBonus, a platform specialized in the use of artificial intelligence to build customer loyalty, in June 2024, in addition to 1.4 million euros in Agrolend, an agricultural credit fintech company targeting small and medium-sized rural producers, in October 2024.</span></div><div style="margin-bottom:9pt;margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8211;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:12.44pt">Fintech: Vivo Pay is Telef&#243;nica Brazil's 100% digital platform that consolidates Vivo's financial solutions, including personal loans, insurance, unemployment benefit advances and instant payment solutions, among others. Telef&#243;nica Brazil operated Vivo Pay with BTG Bank until September 2024, when the Central Bank of Brazil approved the request for authorization to operate Vivo Pay Sociedade de Cr&#233;dito S.A. as a direct credit company. Vivo Pay is expected to enhance Vivo's financial services.</span></div><div style="margin-bottom:9pt;margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8211;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:12.44pt">Energy: GUD Energ&#237;a is a joint venture created in 2024 to capture the opportunities generated by the opening of the free market with a focus on the sale of personalized renewable energy solutions throughout Brazil, helping consumers to cut their energy bills.</span></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">67</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Accesses 2024 vs 2023</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Total accesses</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> stood at 116.2 million as of December 31, 2024, increasing 2.7% year-on-year mainly due to the growth in contract mobile accesses thanks to Telef&#243;nica Brazil's totalization strategy (expanding the services we offer to provide customers with a complete experience) and the growth in FTTH, which offset the decrease in prepaid mobile accesses as customers migrate to hybrid postpaid (accesses with usage limits, requiring customers to purchase &#8220;top-ups&#8221; if they exceed these limits), the decline in the fixed voice business due to the continuous migration from fixed to mobile, the contraction of the lower-value fixed broadband customer base, and the loss of DTH customers as a result of the company&#8217;s strategic decision to discontinue legacy technologies.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Contract mobile accesses</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> grew by 6.9% year-on-year and reached 49.1 million with net adds of 3.2 million new accesses in 2024, with churn at very low levels (1.0%), driven by the totalization strategy and by the launch of new attractive bundles (packaged offers with more than one service) in hybrid postpaid.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Prepaid mobile accesses</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> decreased by 3.9% year-on-year and reached 35.8 million accesses with a net loss of 1.5 million accesses during 2024. The lower customer base has been mainly a consequence of the strategy of migrating prepaid customers to hybrid postpaid and focusing more on encouraging the consumption of top-ups.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Broadband accesses </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">grew by 8.9% year-on-year and reached 7.3 million accesses with net adds of 596 thousand new accesses in 2024. Telef&#243;nica Brazil maintained its strategic focus on the deployment of fiber, reaching 7.0 million homes connected with FTTH as of December 2024, growing 12.7% year-on-year. Telef&#243;nica Brazil reached 31.5 million real estate units passed with FTTx access, and 7.0 million connected homes, which grew by 10.4% year-on-year, which managed to offset the decrease in other accesses of legacy broadband services (xDSL).</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Traditional voice accesses</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> decreased by 11.0% year-on-year due to fixed-mobile substitution, reaching 5.7 million accesses.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Pay TV accesses </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">reached 785 thousand as of December 31, 2024, decreasing by 7.1% year-on-year, mainly as a result of the strategic decision to discontinue the DTH service. </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Accesses 2023 vs 2022</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Total accesses</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> stood at 113.1 million as of December 31, 2023, increasing by 0.6% year-on-year mainly due to the growth in contract thanks to Telef&#243;nica Brazil's totalization strategy (expanding the services we offer to provide customers with a complete experience) and the growth in FTTH, which offset the decrease in prepaid mobile accesses, the decline in the fixed voice business due to the continuous migration from fixed to mobile, the contraction of the lower-value fixed broadband customer base, and the loss of DTH customers as a result of the company&#8217;s strategic decision to discontinue legacy technologies.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Contract mobile accesses</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> grew by 4.4% year-on-year and reached 45.9 million with net adds of 2.0 million new accesses in 2023, with a churn at historical low levels (1.0%), driven by the totalization strategy and by the launch of new attractive bundles (packaged offers with more than one service) in hybrid postpaid (postpaid accesses with usage limits, requiring customers to purchase &#8220;top-ups&#8221; if they exceed these limits).</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Prepaid mobile accesses</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> decreased by 5.2% year-on-year, reaching 37.3 million accesses with a net loss of 2.0 million accesses in 2023. The lower customer base has been mainly a consequence of the disconnection of inactive customers, mostly from Oi's customer base incorporated in 2022, as well as the strategy of migrating prepaid customers to hybrid postpaid (postpaid accesses with usage limits, requiring customers to purchase &#8220;top-ups&#8221; if they exceed these  limits).</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Broadband accesses </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">grew by 4.0% year-on-year and reached 6.7 million accesses with net adds of 258 thousand new accesses in 2023. Telef&#243;nica Brazil maintained its strategic focus on the deployment of fiber, reaching 6.2 million homes connected with FTTH as of December 2023, growing 12.6% year-on-year. Telef&#243;nica Brazil reached 26.2 million real estate units, which managed to offset the decrease in other accesses of legacy broadband services (xDSL).</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Traditional voice accesses</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> decreased by 7.9% year-on-year due to fixed-mobile substitution, reaching 6.5 million accesses.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Pay TV accesses </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">reached 0.8 million as of December 31, 2023, decreasing by 12.6% year-on-year, mainly as a result of the strategic decision to discontinue the DTH service. </span></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">68</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The table below shows the evolution of Telef&#243;nica Brazil&#8217;s results over the past three years: </span></div><div style="margin-bottom:9pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"/><td style="width:38.227%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:11.034%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:11.034%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:11.034%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:11.034%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:11.037%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Millions of euros</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"/><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"/><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"/><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"/><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">TELEF&#211;NICA BRAZIL</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2022</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2023</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2024</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">%<br/>YoY 23/22</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">%<br/>YoY 24/23</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Revenues</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">8,870&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">9,650&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">9,618&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">8.8&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(0.3&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%)</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 1.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">&#160;&#160;&#160;&#160;&#160;Mobile Business</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">6,106</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">6,792</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">6,846</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">11.2</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">%</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">0.8</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">%</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Handset revenues</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">573&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">640&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">642&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">11.6&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">0.5&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">&#160;&#160;&#160;&#160;&#160;Fixed Business</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2,764</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2,858</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2,772</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">3.4</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">%</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">(3.0</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">%)</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Other income</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">416&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">427&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">317&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2.8&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(25.9&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%)</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Supplies</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(1,783)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(2,170)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(2,234)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">21.7&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">3.0&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Personnel expenses</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(1,097)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(1,220)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(1,218)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">11.2&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(0.2&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%)</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Other expenses</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(2,674)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(2,559)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(2,367)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(4.3&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%)</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(7.5&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%)</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Operating results before depreciation and amortization</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">3,732&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">4,128&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">4,116&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">10.6&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(0.3&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%)</span></td></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Depreciation and amortization</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(2,369)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(2,511)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(2,474)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">6.0&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(1.4&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%)</span></td></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">OPERATING INCOME</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">1,363</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">1,617</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">1,642</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">18.6</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">%</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">1.5</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">%</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Amortization of rights of use (leases amortization)</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(563)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(621)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(594)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">10.3&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(4.2&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%)</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Financial expenses on lease liabilities</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(238)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(258)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(281)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">8.1&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">8.9&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%</span></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Operating results before depreciation and amortization after leases</span></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2,931&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">3,249&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">3,241&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">10.8&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(0.3&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%)</span></td></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr></table></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Analysis of results 2024 vs 2023</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In 2024, </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">revenues</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> amounted to 9,618 million euros, decreasing by 0.3% year-on-year, mainly due to the depreciation of the Brazilian real, despite the growth in service revenues, driven by the price increases in the mobile business and by businesses associated with new technologies (FTTH and digital services).</span></div><div style="margin-bottom:9pt;margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8211;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:12.44pt">Mobile business revenues</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> totaled 6,846 million euros in 2024, increasing 0.8% year-on-year, mainly as a result of the positive evolution of contract accesses due to the larger customer base, price increases and the positive evolution of digital services, partially offset by the depreciation of the Brazilian real.</span></div><div style="margin-bottom:9pt;margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8211;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:12.44pt">Fixed business revenues</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> amounted to 2,772 million euros in 2024, decreasing 3.0% year-on-year, mainly as a result of the depreciation of the Brazilian real, partially offset by higher FTTH revenues, in line with the strategic focus on such services, and higher IT service revenues.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Mobile ARPU </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">decreased 4.0% year-on-year, mainly due to the depreciation of the Brazilian real, despite the price increases carried out and the good evolution of the postpaid business, which was helped by the totalization strategy.</span></div><div style="margin-bottom:9pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"/><td style="width:41.882%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:10.303%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:10.303%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:10.303%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:10.303%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:10.306%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">TELEF&#211;NICA BRAZIL</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2022</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2023</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2024</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">%<br/>YoY 23/22</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">%<br/>YoY 24/23</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 12.25pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">ARPU (EUR)</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">4.7</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">5.0</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">4.8</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:0.25pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">7.2</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:0.25pt solid #000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">%</span></td><td colspan="2" style="border-top:0.25pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">(4.0</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:0.25pt solid #000;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">%)</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 30.25pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Prepay</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2.3&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2.4&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2.2&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">4.0&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(7.8&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%)</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:29.25pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Contract </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%;position:relative;top:-3.5pt;vertical-align:baseline">(1)</span></div></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">8.3&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">8.8&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">8.3&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">6.3&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(5.3&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%)</span></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 12.25pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Data ARPU (EUR)</span></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">3.7</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">4.1</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">4.0</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">8.6</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">%</span></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">(2.0</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">%)</span></td></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr></table><span style="color:#000000;font-family:'Arial',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline">(1)</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%"> Excludes IoT.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The evolution of expenses is explained below:</span></div><div style="margin-bottom:9pt;margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;  </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Supplies</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> amounted to 2,234 million euros in 2024, increasing 3.0% year-on-year mainly due to higher equipment purchases and handset costs associated with increased commercial activity, offset in part by the depreciation of the Brazilian real.</span></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">69</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><div style="margin-bottom:9pt;margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;   </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Personnel expenses</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> amounted to 1,218 million euros in 2024, decreasing 0.2% year-on-year compared to 2023, mainly as a result of the depreciation of the Brazilian real, which offset salary increases implemented during the year.</span></div><div style="margin-bottom:9pt;margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;   </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Other expenses</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> amounted to 2,367 million euros in 2024, decreasing 7.5% year-on-year compared to 2023, impacted by the reversal of contingencies related to the migration from the existing concession regime to the new authorization model for the provision of fixed telephony services, the depreciation of the Brazilian real, tax recoveries and lower copper prices.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Operating results before depreciation and amortization stood at 4,116 million euros in 2024, decreasing by 0.3% year-on-year mainly due to the depreciation of the Brazilian real.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Depreciation and amortization</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> amounted to 2,474 million euros in 2024, decreasing 1.4% year-on-year, mainly due to the depreciation of the Brazilian real, which more than offset the higher amortizable base of property, plant and equipment assets associated with new investments.</span></div><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:112%">Operating income</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:112%"> stood at 1,642 million euros in 2024, increasing by 1.5%, mainly due to lower depreciation and amortization and positive performance in service revenues, as a result of increased commercial activity, and the impact of the reversal of contingencies related to the migration from the existing concession regime to the new authorization model for the provision of fixed telephony services, offset in part by the depreciation of the Brazilian real.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Analysis of results 2023 vs 2022</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In 2023, </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">revenues</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> amounted to 9,650 million euros, growing by 8.8% year-on-year, mainly due to the growth in service revenues (mainly coming from the mobile business), businesses associated with new technologies like FTTH, IPTV and Digital Services and higher handset sales. To a lesser extent, revenues grew due to the price increases implemented by Telef&#243;nica Brazil and the appreciation of the Brazilian real. These impacts offset the revenue erosion associated with traditional telephony accesses and to a lesser extent due to lower Pay TV revenues. </span></div><div style="margin-bottom:9pt;margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8211;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:12.44pt">Mobile business revenues</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> totaled 6,792 million euros in 2023, increasing by 11.2%, mainly due to the larger contract customer base, the price increases implemented by Telef&#243;nica Brazil and, to a lesser extent, the appreciation of the Brazilian real.</span></div><div style="margin-bottom:9pt;margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8211;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:12.44pt">Fixed business revenues</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> amounted to 2,858 million euros in 2023, growing 3.4% mainly due to higher FTTH revenues in line with the strategic focus on such services as well as higher IT service revenues and, to a lesser extent, the appreciation of the Brazilian real.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Mobile ARPU </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">grew by 7.2% year-on-year mainly due to the price increases implemented by Telef&#243;nica Brazil together with the good evolution of the contract business, helped by the totalization strategy (expanding the services we offer to provide customers with a complete experience), mobile shelf plans with new hybrid bundles (packaged offers including, e.g., health insurance and entertainment services as Vale Sa&#250;de and VIVOplay) and, to a lesser extent, the appreciation of the Brazilian real.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The evolution of expenses is explained below:</span></div><div style="margin-bottom:9pt;margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;  </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Supplies</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> amounted to 2,170 million euros in 2023, increasing 21.7% year-on-year, due to higher equipment purchases and handset costs associated with increased commercial activity and to the appreciation of the Brazilian real.</span></div><div style="margin-bottom:9pt;margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;   </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Personnel expenses</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> amounted to 1,220 million euros in 2023, increasing 11.2% year-on-year, as a result mainly of the salary increases due to inflation and to a lesser extent, the appreciation of the Brazilian real.</span></div><div style="margin-bottom:9pt;margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;   </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Other expenses</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> amounted to 2,559 million euros in 2023, decreasing 4.3% year-on-year compared to 2022, due mainly to the acquisition price adjustment recorded in connection with Oi's assets, and cost efficiencies due to digitalization, offset in part by the appreciation of the Brazilian real.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Operating results before depreciation and amortization stood at 4,128 million euros in 2023, growing by 10.6% year-on-year.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Depreciation and amortization</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> amounted to 2,511 million euros in 2023&#160;&#160;&#160;&#160;, increasing 6.0% year-on-year due to higher amortization of intangible assets.</span></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">70</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Operating income</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> stood at 1,617 million euros in 2023, increasing by 18.6% year-on-year due to the good performance of service revenues as a result of higher commercial activity and the price increases implemented by Telef&#243;nica Brazil, that together with good cost management, more than offset the growth in expenses and depreciation and amortization. This variation was also impacted positively by the appreciation of the Brazilian real.</span></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">71</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">TELEF&#211;NICA HISPAM</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The table below shows the evolution of accesses of Telef&#243;nica Hispam over the past three years as of December 31 of such years: </span></div><div style="margin-bottom:9pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"/><td style="width:28.724%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:12.935%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:12.935%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:12.935%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:12.935%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:12.936%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">ACCESSES</span></td><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td colspan="3" style="padding:0 1pt"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Thousands of accesses</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2022</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2023</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2024</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">%<br/>YoY 23/22</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">%<br/>YoY 24/23</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Fixed telephony accesses </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%;position:relative;top:-3.5pt;vertical-align:baseline">(1)</span></div></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">6,375.7&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">5,678.7&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">5,068.4&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(10.9&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%)</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(10.7&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%)</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Broadband</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">6,030.6&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">6,029.2&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">5,957.0&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(1.2&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%)</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 37pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">UBB</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">5,155.0&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">5,534.6&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">5,753.7&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">7.4&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">4.0&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 61.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">FTTH </span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">5,053.9&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">5,466.7&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">5,712.8&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">8.2&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">4.5&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Mobile accesses</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">95,579.7&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">97,945.7&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">95,001.4&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2.5&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(3.0&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%)</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 37pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Prepay</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">65,340.7&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">66,649.7&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">63,745.6&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2.0&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(4.4&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%)</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 37pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Contract</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">24,771.9&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">25,125.8&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">24,360.0&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1.4&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(3.0&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%)</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 37pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">IoT</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">5,467.2&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">6,170.1&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">6,895.8&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">12.9&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">11.8&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Pay TV</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2,899.8&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2,840.3&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2,788.8&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(2.1&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%)</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(1.8&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%)</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 37pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">IPTV</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,384.7&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,682.7&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,838.5&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">21.5&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">9.3&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Retail Accesses</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">110,958.9</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">112,563.5</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">108,886.1</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">1.4</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">%</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">(3.3</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">%)</span></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Total Accesses</span></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">110,970.7</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">112,575.3</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">108,897.9</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">1.4</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">%</span></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">(3.3</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">%)</span></td></tr></table><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline">(1)</span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%"> Includes "fixed wireless" and Voice over IP accesses.</span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:1.12pt;vertical-align:baseline"> </span></div><div style="margin-bottom:9pt;margin-top:9pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Accesses 2024 vs 2023 </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Telef&#243;nica Hispam's </span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">total accesses </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">reached 108.9 million as of December 31, 2024 (-3.3% year-on-year), mainly as a result of the decrease in mobile accesses.</span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> We sold all of our shares in Telef&#243;nica M&#243;viles Argentina, S.A. in February 2025, see &#8220;&#8212;Recent Developments&#8221;.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Mobile accesses</span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">closed at 95.0 million, decreasing by 3.0% year-on-year, mainly due to decreases in prepaid customers and, to a lesser extent, a decrease in contract customers.</span></div><div style="margin-bottom:9pt;margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:22.5pt"><span style="background-color:#ffffff;color:#000000;font-family:'Telefonica Sans',sans-serif;font-size:9.5pt;font-weight:400;line-height:120%">&#8226;</span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:9.32pt">Contract accesses</span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> decreased by 3.0% year-on-year due to the lower accesses recorded in Colombia (-7.7%), Ecuador (-7.0%), Chile (-3.8%) and Argentina (-2.3%), partially offset by the increase in Mexico (+5.2%). This evolution was driven by aggressive competition in the postpaid markets in Colombia, Ecuador, Chile and Argentina and a strong increase in customer churn.</span></div><div style="margin-bottom:9pt;margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:22.5pt"><span style="background-color:#ffffff;color:#000000;font-family:'Telefonica Sans',sans-serif;font-size:9.5pt;font-weight:400;line-height:120%">&#8226;</span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:9.32pt">Prepay accesses</span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> decreased by 4.4% year-on-year, resulting in a net loss of 2.9 million accesses as of December 31, 2024, due to a revenue-neutral technical customer base adjustment in Chile (-1.9 million accesses) and Mexico (-1.1 million accesses), which entailed excluding inactive accesses that did not generate revenue over a given period of time. The prepay customer base was also negatively impacted by the aggressive competition in the prepaid markets in Chile, Mexico, Colombia and Argentina.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Fixed accesses</span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> stood at 5.1 million as of December 31, 2024 (-10.7% year-on-year), with a net loss of 610 thousand accesses, due to the ongoing erosion of this business in all countries in the region.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Fixed broadband accesses</span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> amounted to 6.0 million as of December 31, 2024 (-1.2% year-on-year). The penetration of fixed broadband accesses over traditional business accesses stood at 117.5% (+11.4 p.p. year-on-year), as a result of the focus on ultra broadband (UBB) deployment in the region, reaching 5.7 million connected accesses (+4.0% y-o-y) and 25.0 million premises passed. The penetration of UBB accesses over fixed broadband accesses stood at 96.6% (+4.8 p.p. y-o-y).</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Pay TV accesses</span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> stood at 2.8 million as of December 31, 2024, a decrease of 1.8% y-o-y. This evolution is explained by the decline in cable accesses (-181.5 thousand accesses) and direct-to-home accesses (-109.7 thousand accesses), in line with the change in the commercial strategy in the region, partially offset by the increase in IPTV accesses (+155.7 thousand accesses), the company's main strategic focus.</span></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">72</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Accesses 2023 vs 2022</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Telef&#243;nica Hispam's </span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">total accesses </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">amounted to 112.6 million as of December 31, 2023 (+1.4% year-on-year), as a result of the increase in mobile and FTTH accesses.</span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Mobile accesses</span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">amounted to 97.9 million, increasing by 2.5% y-o-y mainly due to the higher prepay customer base.</span></div><div style="margin-bottom:9pt;margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:22.5pt"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:10pt">Contract accesses</span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> increased by 1.4% year-on-year due to the increase in accesses in Mexico (+22%), Venezuela (+4.1%) and Peru (+2.4%), partially offset by the decrease in Chile (-2.2%) and Colombia (-1.3%). This evolution is mainly thanks to attractive commercial offers which result in a higher number of gross adds.</span></div><div style="margin-bottom:9pt;margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:22.5pt"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:10pt">Prepay accesses</span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> increased by 2.0% year-on-year, with a net gain of 1.3 million accesses as of December 31, 2023. The year-on-year accesses evolution was greatly impacted by the gain of accesses in Colombia (+912 thousand accesses), Chile (+900 thousand accesses) and Venezuela (+673 thousand accesses) due to lower churn. The year-on-year increase was partially offset by an access decrease in Peru (-998 thousand accesses), and to a lesser extent Mexico (-151 thousand accesses) and Uruguay (-38 thousand accesses).</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Fixed accesses</span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> stood at 5.7 million as of December 31, 2023 (-10.9% year-on-year) with a net loss of 0.7 million accesses due to the continued erosion of the traditional fixed business.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Fixed broadband accesses</span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> amounted to 6.0 million as of December 31, 2023 (stable year-on-year). The penetration of FBB accesses over fixed accesses stood at 106.2% (+11.6 p.p. y-o-y), as a result of the focus on Ultra Broadband (UBB) deployment in the region reaching 5.5 million connected accesses (+8.2% y-o-y) and 20.3 million premises. The penetration of UBB accesses over fixed broadband accesses stood at 91.7% (+6.2 p.p. y-o-y).</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Pay TV accesses</span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> stood at 2.8 million as of December 31, 2023, a decrease of 2.1% y-o-y or a net loss of 60 thousand accesses, a consequence of the decrease in Direct-to-Home (DTH) technology accesses (-146.2 thousand accesses) due to the change in commercial strategy, as well as the decreasing cable access base (-211.2 thousand accesses). This evolution was partially offset by the increase in IPTV accesses (+298 thousand accesses), on which the Company is placing strategic focus.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The table below shows the evolution of Telef&#243;nica Hispam's results over the past three years: </span></div><div style="text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"/><td style="width:38.227%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:11.034%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:11.034%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:11.034%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:11.034%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:11.037%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Millions of euros</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"/><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"/><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"/><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"/><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">TELEF&#211;NICA HISPAM</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2022</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2023</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2024</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">%<br/>YoY 23/22</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">%<br/>YoY 24/23</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Revenues</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">9,141&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">8,381&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">9,032&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(8.3&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%)</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">7.8&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 1.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">&#160;&#160;&#160;&#160;&#160;Mobile Business</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">6,003</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">5,493</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">6,056</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">(8.5</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">%)</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">10.3</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">%</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Handset revenues</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,541&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,416&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,228&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(8.1&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%)</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(13.3&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%)</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">&#160;&#160;&#160;&#160;&#160;Fixed Business</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">3,138</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2,888</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2,976</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">(8.0</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">%)</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">3.0</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">%</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Other income</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">448&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">263&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">203&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(41.3&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%)</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(22.7&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%)</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Supplies</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(3,384)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(3,211)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(3,042)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(5.1&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%)</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(5.3&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%)</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Personnel expenses</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(1,201)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(1,126)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(1,293)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(6.3&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%)</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">14.8&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Other expenses</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(3,046)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(2,797)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(5,300)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(8.1&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%)</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">89.5&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Operating results before depreciation and amortization </span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,958&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,510&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(400)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(22.9&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%)</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">c.s.</span></td></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Depreciation and amortization</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(1,799)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(1,557)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(1,651)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(13.5&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%)</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">6.1&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%</span></td></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">OPERATING (LOSS) INCOME</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">159</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">(47)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">(2,051)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">c.s.</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">n.m.</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Amortization of rights of use (leases amortization)</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(454)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(350)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(370)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(23.0&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%)</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">5.9&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Financial expenses on lease liabilities</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(123)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(104)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(112)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(15.1&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%)</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">7.3&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%</span></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Operating results before depreciation and amortization after leases</span></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,381&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,056&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(882)</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(23.5&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%)</span></td><td colspan="3" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">c.s.</span></td></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr></table></div><div style="margin-bottom:3pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:80%">c.s.: change of sign.</span></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">73</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><div style="margin-bottom:12pt"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">n.m.: not meaningful.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Analysis of results 2024 vs 2023</span><span style="color:#ff0000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%"> </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Venezuela and Argentina are considered countries with hyperinflationary economies in 2024 and 2023, and the Argentine peso's exchange rate had a significant impact on the segment&#8217;s results in both 2024 and 2023. The exchange rate used to translate inflation-adjusted items denominated in Argentine pesos in the consolidated financial statements as of and for the year ended December 31, 2024 was the closing exchange rate as of December 31, 2024 which was 1,073.18 Argentine pesos per euro (893.45 Argentine pesos per euro as of December 31, 2023). The annual inflation rate in Argentina for 2024 was 117.8% (211.4% for 2023). As a result of these changes in the exchange and inflation rates, in 2024 Telef&#243;nica Argentina contributed 2,226 million euros (1,237 million euros in 2023) to the consolidated revenues of the Telef&#243;nica Group and a loss of 84 million euros to operating income (199 million euros loss in 2023) before the 1,274 million euros impairment losses of intangible assets and property, plant and equipment described below. </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:112%">Revenues</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:112%"> amounted to 9,032 million euros in 2024, growing by 7.8% year-on-year. This growth was caused by higher B2C postpaid and prepaid revenues, higher revenues from B2B customers, higher revenues from fixed broadband and digital services and higher Pay TV revenues, which were partially offset by lower revenues from handset sales and lower fixed voice revenues.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Mobile business revenues </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">amounted to 6,056 million euros in 2024, growing by 10.3% year-on-year. This growth was mainly due to improved B2C postpaid and prepaid revenues, together with the growth of revenues from B2B customers, partially offset by the decrease in handset sale revenues.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The performance by country was as follows:</span></div><div style="margin-bottom:9pt;margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:10pt">In Argentina, mobile business revenues amounted to 1,473 million euros in 2024, growing by 70.9% year-on-year, impacted by the higher postpaid and prepaid mobile revenues in 2024, partially offset by the lower handset sales in 2024, a consequence of the devaluation mentioned above.</span></div><div style="margin-bottom:9pt;margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:10pt">In Chile, mobile business revenues were 812 million euros in 2024, decreasing by 17.8% year-on-year, explained by lower handset sale revenues and lower B2C and B2B revenues, derived from the decrease in the customer base.</span></div><div style="margin-bottom:9pt;margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:10pt">In Peru, mobile business revenues were 811 million euros in 2024, decreasing by 3.4% year-on-year due to lower handset sale revenues and lower prepaid revenues, as a result of the lower level of top-ups. </span></div><div style="margin-bottom:9pt;margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:10pt">In Colombia, mobile business revenues were 736 million euros in 2024, decreasing by 4.9% year-on-year mainly due to the decrease in the customer base and lower postpaid revenues, due to aggressive competition in the market and a related increase in customer churn. This decrease was partially offset by the exchange rate effect and higher revenues in prepaid B2C.</span></div><div style="margin-bottom:9pt;margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Telefonica Sans',sans-serif;font-size:9.5pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:9.32pt">In Mexico, mobile business revenues were 1,286 million euros in 2024, decreasing by 2.5% year-on-year, negatively impacted by lower handset sale revenues, lower B2C prepaid revenues and exchange rate effects, partially compensated by higher postpaid revenues and B2B revenues.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Fixed business revenues </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">amounted to 2,976 million euros in 2024, growing by 3.0% year-on-year, mostly due to higher broadband revenues and digital services offered in Argentina, as well as higher Pay TV revenues in Argentina and Colombia, partially offset by the decrease in fixed business revenues in Peru and Chile.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The evolution of expenses is explained below:</span></div><div style="margin-bottom:9pt;margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Supplies</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> amounted to 3,042 million euros in 2024, decreasing by 5.3% year-on-year in 2024, mainly due to lower handset costs in the region as a result of decreased commercial activity.</span></div><div style="margin-bottom:9pt;margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Personnel expenses </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">stood at 1,293 million euros in 2024, up by 14.8% year-on-year, due to wage increases in Argentina, Colombia, Peru and Uruguay, and higher restructuring costs in all countries in the region.</span></div><div style="margin-bottom:9pt;margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Telefonica Sans',sans-serif;font-size:9.5pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:13.82pt">Other expenses</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> reached 5,300 million euros in 2024, up 89.5% year-on-year compared to 2023. This increase was mainly due to the recording of impairment losses on intangible assets and property, plant and equipment in Argentina in an aggregate amount of 1,274 million euros and impairment losses on goodwill </span></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">74</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><div style="margin-bottom:9pt;margin-top:9pt;padding-left:36pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">with respect to cash-generating units in Chile (397 million euros) and Peru (226 million euros). Additionally, Telef&#243;nica recorded in Per&#250; impairment losses of intangible assets (54 million euros), impairment losses on held-for-sale assets corresponding to property, plant and equipment of the fiber optics business of Pangea (108 million euros) and goodwill (34 million euros). See Notes 2, 6, 7, 8, 26 and 30 to the Consolidated Financial Statements. In addition, there were higher other expenses, although to a lesser extent, due to an increase in network, IT and client management costs. </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Operating results before depreciation and amortization stood at -400 million euros in 2024, compared to 1,510 million euros in 2023.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Depreciation and amortization</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> amounted to 1,651 million euros in 2024, increasing 6.1% year-on-year, mainly impacted by new right of use agreements, higher depreciation associated with Capex in Argentina and higher depreciation of property, plant and equipment assets in Telef&#243;nica del Per&#250;, partially offset by lower amortization in Telef&#243;nica Colombia, following the agreement with Colombia M&#243;vil S.A. ESP for the implementation of a single mobile access network through an independent company (see Note 5 to the Consolidated Financial Statements), as well as intangible assets fully amortized in 2024, and in Telef&#243;nica Chile due to a lower depreciable base of property, plant and equipment assets.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Operating loss</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> stood at 2,051 million euros in 2024, compared to the operating loss of 47 million euros in 2023. This increase in operating loss was mainly due to the impairment losses of assets described above (see Notes 2, 6, 7, 8, 26 and 30 to the Consolidated Financial Statements).</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Below is additional information by country:</span></div><div style="margin-bottom:9pt;margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">In Argentina, operating loss was 1,359 million euros in 2024 compared to an operating loss of 199 million euros in 2023, due to the impairment of intangible assets and property, plant and equipment mentioned above. </span></div><div style="margin-bottom:9pt;margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">In Chile, operating loss was 410 million euros in 2024, compared to an operating income of 35 million euros in 2023, negatively impacted by the impairment of goodwill amounting 397 million euros and, to a lesser extent, the lower revenues mentioned above. </span></div><div style="margin-bottom:9pt;margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">In Peru, operating loss was 592 million euros in 2024 compared to an operating loss of 33 million euros in 2023. This result was negatively impacted mainly by the recording of impairment losses on goodwill (226 million euros), impairment losses on intangible assets (54 million euros) and goodwill (34 million euros). To a lesser extent, operating loss was impacted by the lower fixed and mobile revenues mentioned above and the higher depreciation and amortization in 2024.</span></div><div style="margin-bottom:9pt;margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">In Colombia, operating income was 155 million euros in 2024, compared to 64 million euros in  2023, due to lower operating expenses and lower depreciation and amortization in the period.</span></div><div style="margin-bottom:9pt;margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="background-color:#ffffff;color:#000000;font-family:'Telefonica Sans',sans-serif;font-size:9.5pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:13.82pt">In Mexico, operating income reached 10 million euros in 2024, compared to operating income of 3 million euros in 2023, due to lower operating expenses and lower depreciation and amortization in the period, offset in part by lower revenues.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Analysis of results 2023 vs 2022</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Venezuela and Argentina are considered countries with hyperinflationary economies in 2023 and 2022, and hyperinflation in Argentina had a significant impact on the segment&#8217;s results in 2023. The exchange rate used to translate inflation-adjusted items denominated in Argentine pesos in the consolidated financial statements as of and for the year ended December 31, 2023 was the closing exchange rate as of December 31, 2023 which was 893.45 Argentine pesos per euro (189.08 Argentine pesos per euro as of December 31, 2022). The annual inflation rate for 2023 was 211%. As a result, in 2023 Telef&#243;nica Argentina contributed 1,237 million euros to the consolidated revenues of the Telef&#243;nica Group and an operating loss of 199 million euros to the consolidated operating income of the Telef&#243;nica Group (2,066 million euros and a loss of 270 million euros, respectively, in 2022). </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Revenues</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> amounted to 8,381 million euros in 2023, decreasing 8.3% year-on-year. This decrease was caused by the devaluation of the Argentine peso and to a lesser extent, by lower handset sales and lower prepaid B2C (Business to Customer) and TV revenues, partially offset by higher broadband and new services revenues.</span></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">75</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Mobile business revenues </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">amounted to 5,493 million euros in 2023, decreasing 8.5% year-on-year. This decrease was caused by the devaluation of the Argentine peso, the decrease in handset sales, as a result of the slowdown in commercial activity with a lower number of gross adds and lower prepaid B2C (Business to Customer) revenues.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The performance by country was as follows:</span></div><div style="margin-bottom:9pt;margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:10pt">In Argentina, mobile revenues amounted to 862 million euros in 2023, decreasing 37.5% year-on-year. This decrease was negatively impacted by exchange rate effects, given the devaluation of the Argentine peso but partially offset by the higher postpaid and prepaid B2C (Business to Customer) revenues (due to the increase in accesses) and higher handset sales.</span></div><div style="margin-bottom:9pt;margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:10pt">In Chile, mobile revenues amounted to 988 million euros in 2023, increasing 2.0% year-on-year, explained by higher handset sales and mobile postpaid revenues.</span></div><div style="margin-bottom:9pt;margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:10pt">In Peru, mobile revenues amounted to 840 million euros in 2023, decreasing 9.1% year-on-year, mainly due to an aggressive competitive environment in postpaid which has led to a lower ARPU, lower prepaid commercial activity with lower number of gross adds, and lower handset sales.</span></div><div style="margin-bottom:9pt;margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:10pt">In Colombia, mobile revenues amounted to 774 million in 2023, decreasing 13.1% year-on-year due to lower prepaid and handset sales revenues, as a result of the slowdown in commercial activity, with a lower number of gross adds, partially offset by higher postpaid revenues.</span></div><div style="margin-bottom:9pt;margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:10pt">In Mexico, mobile revenues amounted to 1,318 million euros in 2023, increasing 12.5% year-on-year due to the exchange rate effects (+10.5 p.p.), higher B2C (Business to Customer) postpaid revenues with a good level of commercial activity resulting in a higher number of gross adds, and higher handset sales revenues.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Fixed business revenues </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">amounted to 2,888 million euros in 2023, decreasing 8.0% year-on-year. This decrease was mainly attributable to the devaluation of the Argentine peso and the decrease in fixed business revenues in Peru due to an aggressive competitive environment, partially offset by higher broadband and new services revenues and the increase in voice accesses in Chile and Colombia.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The evolution of expenses is explained below:</span></div><div style="margin-bottom:9pt;margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Supplies</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> amounted to 3,211 million euros in 2023, decreasing 5.1% year-on-year compared to 2022. This decrease was mainly attributable to the devaluation of the Argentine peso and lower direct costs, partially offset by higher commercial costs.</span></div><div style="margin-bottom:9pt;margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Personnel expenses </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">amounted to 1,126 million euros in 2023, decreasing 6.3% year-on-year compared to 2022. This decrease was mainly attributable to the devaluation of the Argentine peso, partially offset by the year-on-year increase in restructuring costs in several operating businesses in the region (+2.6 p.p.) and higher wages.</span></div><div style="margin-bottom:9pt;margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Other expenses</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> amounted to 2,797 million euros in 2023, down 8.1% year-on-year compared to 2022. This decrease was mainly attributable to the devaluation of the Argentine peso and cost efficiencies.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Operating results before depreciation and amortization reached 1,510 million euros in 2023, decreasing 22.9% year-on-year.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Depreciation and amortization</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> amounted to 1,557 million euros in 2023, decreasing 13.5% year-over-year, mainly due to the effect of the devaluation of the Argentine peso and to the lower amortization base in Telef&#243;nica M&#233;xico.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Operating loss</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> was 47 million euros in 2023, compared to operating income of 159 million euros in 2022. This year-on-year variation was mainly affected by the recording of capital gains in 2022 from the sale of fiber assets in Colombia and, in 2023, the higher restructuring expenses carried out in several operating businesses in the segment, the devaluation of the Argentine peso and, more generally, lower revenues. The year-on-year variation was partially offset by the difference in the impairment recorded in 2023 in Ecuador (amounting to 58 million euros) and the other assets impairment recorded in 2022 relating to Telef&#243;nica Argentina (amounting to 77 million euros). Moreover, the year-on-year variation was affected by the lower depreciation and amortization base in 2023 compared to 2022 in Telef&#243;nica Mexico related to the transformation of the operating model of Telef&#243;nica M&#233;xico (as a result of the 2019 wholesale access services agreement with AT&amp;T).</span></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">76</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Below is additional information by country:</span></div><div style="margin-bottom:9pt;margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">In Argentina, operating loss was 199 million euros in 2023 compared to operating loss of 270 million euros in 2022, a 26.5% year-on-year decrease mainly due to the devaluation of the Argentine peso and depreciation and amortizations expense in 2023. </span></div><div style="margin-bottom:9pt;margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">In Chile operating income was 35 million euros in 2023 compared to operating income of 179 million euros in 2022. The 80.6% year-on-year decrease is explained mainly by the capital gain recorded in 2022 on the sale of a data center in such year.</span></div><div style="margin-bottom:9pt;margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">In Peru the operating loss was 33 million euros in 2023 compared to operating income of 60 million euros in 2022, mainly due to lower revenues.</span></div><div style="margin-bottom:9pt;margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">In Colombia, operating income was 64 million euros in 2023 compared to operating income of 261 million euros in 2022, a 75.6% year-on-year decrease mainly due to the capital gains recorded in 2022 in connection with in fiber asset sales in such year.</span></div><div style="margin-bottom:9pt;margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">In Mexico operating income was 3 million euros in 2023 compared to operating loss of 176 million euros in 2022. The better performance was due in part to the lower amortization base related to the transformation of the operating model of Telef&#243;nica M&#233;xico (as a result of the 2019 wholesale access services agreement with AT&amp;T).</span></div><div id="i63478826478c4e0dbabc502413383f6b_70"></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Our services and products </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">New digital technologies are the main driving force of social and economic transformation today. This premise is the basis upon which we build our vision: we want to provide access to digital life, using the best technology and without leaving anyone behind.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Connectivity is our ally in reducing the digital divide and, due to our fixed and mobile network infrastructure and the services we develop around it, we can aid progress in the communities in which we operate.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">To move towards this vision, at Telef&#243;nica we work on three basic fronts:</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">1) Providing access to technology through digital inclusion, in other words, by means of network roll-out and an accessible and affordable offer for all sectors of the population.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">2) Developing innovative services that add value to our connectivity and which we develop through innovation: Big Data, the Internet of Things (IoT), eHealth, digital education and eFinances.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">3) Incorporating sustainability principles across all of our product development processes.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Mobile business</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Telef&#243;nica offers a wide variety of mobile and related services and products to personal and business customers.  Although they vary from country to country, Telef&#243;nica&#8217;s principal services and products are as follows:</span></div><div style="margin-bottom:9pt;margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:10pt">Mobile voice services: </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">One of Telef&#243;nica's main  services in all of its markets is mobile voice telephony.</span></div><div style="margin-bottom:9pt;margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:10pt">Value added services: </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Customers in most of the markets have access to a range of enhanced mobile calling features, including voice mail, call on hold, call waiting, call forwarding and three-way calling.</span></div><div style="margin-bottom:9pt;margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:10pt">Mobile data and Internet services: </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Current data services offered include Short Messaging Services, or SMS, and Multimedia Messaging Services, or MMS, which allow customers to send messages with images, photographs, sound recordings and video recordings.  Customers may also receive selected information, such as news, sports scores and stock quotes. Telef&#243;nica also provides mobile broadband connectivity and Internet access. Through mobile Internet access, customers are able to send and receive e-mail, browse the Internet and access real-time available entertainment services (such as video and audio streaming), download games, purchase goods and services in m-commerce transactions and use Telef&#243;nica&#8217;s other data and software services.</span></div><div style="margin-bottom:9pt;margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:10pt">Wholesale services:</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> Telef&#243;nica has signed network usage agreements with several MVNOs in different countries.</span></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">77</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><div style="margin-bottom:9pt;margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:10pt">Corporate services:</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> Telef&#243;nica provides business solutions, including mobile infrastructure in offices, private networking and portals for corporate customers that provide flexible online billing.</span></div><div style="margin-bottom:9pt;margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:10pt">Roaming:</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> Roaming agreements allow Telef&#243;nica customers to use their mobile handsets when they are outside their service territories, including on an international basis.</span></div><div style="margin-bottom:9pt;margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:10pt">Fixed wireless:</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> Telef&#243;nica provides fixed voice telephony services through mobile networks in Brazil, Venezuela, Argentina (sold in February 2025), Peru, Mexico and Ecuador. Until January 13, 2022, Telef&#243;nica also provided these services in El Salvador.</span></div><div style="margin-bottom:9pt;margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:10pt">Trunking and paging:</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> Telef&#243;nica provides digital mobile services for closed user groups of clients and paging services in Spain and most of the regions in which it operates in Latin America.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify;text-indent:-2.25pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Fixed-line telephony business</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The principal services Telef&#243;nica offers in its fixed businesses in Europe and Latin America are:</span></div><div style="margin-bottom:9pt;margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:10pt">Traditional fixed telecommunication services: </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Telef&#243;nica&#8217;s traditional fixed telecommunication services include PSTN lines; ISDN accesses; public telephone services; local, domestic and international long-distance and fixed-to-mobile communications services; corporate communications services; supplementary value added services (including call waiting, call forwarding, voice and text messaging, advanced voicemail services and conference-call facilities); video telephony; business oriented value-added services; intelligent network services; leasing and sale of handset equipment; and telephony information services.</span></div><div style="margin-bottom:9pt;margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:9.3pt">Internet and broadband multimedia services: </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">the principal Internet and broadband multimedia services include Internet provider service; portal and network services; retail and wholesale broadband access through ADSL, narrowband switched access and other technologies. Telef&#243;nica also offers high-speed Internet services through fiber to the home (FTTH) in certain markets (primarily Spain, Brazil, Chile and, through</span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> VMO2, the United Kingdom</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">) and VDSL-based services (primarily Spain and Germany). Telef&#243;nica also offers VoIP services in some markets.</span></div><div style="margin-bottom:9pt;margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:10pt">Data and business-solutions services:  </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">the data and business-solutions services principally include leased lines; virtual private network, or VPN, services; fiber optics services; the provision of hosting and application, including web hosting, managed hosting, content delivery and application, and security services; outsourcing and consultancy services, including network management, or CGP; and desktop services and system integration and professional services.</span></div><div style="margin-bottom:9pt;margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:10pt">Wholesale services for telecommunication operators: </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">the wholesale services for telecommunication operators principally include domestic interconnection services; international wholesale services; leased lines for other operators; and local loop leasing under the unbundled local loop regulation framework.  It also includes bit stream services, wholesale line rental accesses and leased ducts for other operators' fiber deployment and other agreements to provide wholesale access to our fixed infrastructure.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Digital services</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The main digital services offered by Telef&#243;nica are:</span></div><div style="margin-bottom:9pt;margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:10pt">Video/TV services: </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Interactive TV services in High Definition (HD) or Ultra High Definition (UHD), using several technologies (IPTV, DTH, CATV and OTT) on various types of networks (Fiber, Satellite, Cable or Mobile Networks). These services can be provided through a variety of devices (TV with STBs, smart TVs, PCs, smartphones, tablets, and streamers, etc.), allowing also the Multiroom function (customers can watch different TV channels in different rooms or on different devices simultaneously). The service allows the access to lineal TV content with advanced functions such as "Restart TV" (which allows a viewer to watch any content from the beginning), "Last 7 days" (recordings of content for the last seven days), "cPvR" (recordings using cloud computing) and "Download to Play" (downloading the content on the device). Customers also have access to the content on demand catalogue (Video on Demand or VoD), in "Subscription Video on Demand" (SVoD), "Transactional Video on Demand" (TVoD) or "Pay per View" options, as well as access to content of third parties, such as Netflix, Amazon, Disney+, YouTube and Max, among others. In addition, Telef&#243;nica offers accessible content in several different languages (original or </span></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">78</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><div style="margin-bottom:9pt;margin-top:9pt;padding-left:36pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">translated to Spanish) with subtitles or not, audio description and sign language functionalities through the Movistar+ 5s service, which aims to contribute toward the inclusion of disabled people across the country.</span></div><div style="margin-bottom:9pt;margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:10pt">IoT (Internet of Things):</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> Telef&#243;nica&#8217;s Global IoT portfolio includes:</span></div><div style="margin-bottom:9pt;margin-top:9pt;padding-left:67.5pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#9702;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.46pt">Smart Connectivity:</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> connectivity services for machines, mainly handled through the Kite platform.</span></div><div style="margin-bottom:9pt;margin-top:9pt;padding-left:67.5pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:120%">&#9702;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.11pt">Smart Services:</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> end-to-end solutions that include "device + connectivity + application". These business to business solutions are mainly aimed at (i) the mobility management of vehicles, assets and/or people, (ii) the support of the retail and industrial sectors and (iii) the efficient management of energy and water consumption.</span></div><div style="margin-bottom:9pt;margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:10pt">Financial services and other payment services: </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">These services provide customers with access to consumer credit and payment facilities in the check out process. </span></div><div style="margin-bottom:9pt;margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:9.65pt">Cloud services: </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Telef&#243;nica offers a wide range of Cloud services. The value proposition includes: (i) IaaS services: Virtual Data Center, which facilitates the migration of existing applications to the cloud and hyperscalers (such as AWS, Microsoft Azure and Google Cloud Platform) to develop new applications in the public cloud; (ii) unified communications and contact center applications in the Cloud; (iii) Cloud networking; (iv) SaaS applications, productivity (Microsoft Office 365), domains, web presence and online marketing; and (v) Platforms as a service (SAP, Oracle). </span></div><div style="margin-bottom:9pt;margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:10pt">Security services:</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> Telef&#243;nica provides comprehensive cybersecurity solutions, including security system integration (deployment of security hardware/software), threat and risk management, network and cloud security, managed and mobile protection, identity and access control, professional services, and antivirus solutions for B2B and B2C.</span></div><div style="margin-bottom:9pt;margin-top:9pt;padding-left:33.75pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:11.55pt">Advertising:</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> A portfolio of marketing channels that third-party brands can use to acquire and engage with customers. Traditional channels such as SMS/MMS messaging may be used alongside with new channels like programmatic display and sponsored connectivity. All of which leverage on the Group's customer data in order to send messages to the correct target as well as to generate post-campaign brand analysis. </span></div><div style="margin-bottom:9pt;margin-top:9pt;padding-left:33.75pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:11.9pt">Big Data:</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> Includes products and services designed to enable companies and governments to make AI-powered data-driven decisions. The Group's Big Data offer comprises of three main categories: (i) "business insights", which provides information for decision-making based on analysis from advanced analytical products developed on top of data generated in the Group's network and systems; (ii) "consulting and analytics", which includes specialist professional services focused on data strategy, data science, data architecture and data engineering; and (iii) "tools and infrastructure", which provides advanced technology for data management, storage and exploitation.</span></div><div style="margin-bottom:9pt;margin-top:9pt;padding-left:33.75pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:12.25pt">Customer Digital Products:</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> defines and develops the omnichannel digital experience, guiding the Telef&#243;nica customer through his life cycle, adapting the digital experience to every moment's necessity, with three main pillars:</span></div><div style="margin-bottom:9pt;margin-top:9pt;padding-left:67.5pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#9702;   Digitalize Telefonica customers turning our digital channels into the main point of relationship for the clients with Telefonica in all the main markets.</span></div><div style="margin-bottom:9pt;margin-top:9pt;padding-left:67.5pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#9702;  Maximize customer engagement in the digital channel by providing an outstanding customer experience in order to increase Customer Life Time Value.</span></div><div style="margin-bottom:9pt;margin-top:9pt;padding-left:67.5pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#9702;  Provide tools so that Telef&#243;nica&#8217;s operating subsidiaries can create autonomously personalized digital experiences in a fast (time-to-market), reliable and scalable way.</span></div><div style="margin-bottom:9pt;margin-top:9pt;padding-left:33.75pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:11.9pt">Aura</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> is an artificial-intelligence ("AI") ecosystem designed to improve communication between the Telef&#243;nica Group and its customers through cognitive channels. Its aim is to address customer needs and provide them with relevant information related to the company, potentially in any area where Telef&#243;nica offers services such as answering questions about telecommunications services, offering financial service </span></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">79</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><div style="margin-bottom:9pt;margin-top:9pt;padding-left:33.75pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">proposals, or making recommendations about television or connection offerings. To foster a relationship with customers, Aura offers the creation of conversational bots and other interfaces that use natural language capabilities, using its own infrastructure, with a private and transparent data approach by design. Additionally, to generate useful information, Aura provides its own AI model execution platform with the goal of enhancing the information provided to customers. Moreover, Aura has the capability to create copilot apps for internal use, leveraging the kernel platform (data and APIS) for operations, marketing, and other functions. This aims to ensure that data privacy is maintained by design, providing a secure and efficient way to manage internal processes while enhancing customer interactions.</span></div><div style="margin-bottom:9pt;margin-top:9pt;padding-left:33.75pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:12.25pt">Movistar Home:</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> Telef&#243;nica launched Movistar Home in Spain on October 18, 2018, a new device designed around the functionality of Aura and targeted at the Group's Movistar and Pay TV customers. Movistar Home is designed to strengthen Telef&#243;nica's position by enabling highly-converged services and experiences that differentiate the Group from its competitors. Movistar Home aims to provide the Group's customers with an enhanced TV experience on IPTV, increased landline functionality (which enables videoconferences), the Group's smart home package and games in addition to third-party services.</span></div><div style="margin-bottom:9pt;margin-top:9pt;padding-left:33.75pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:12.25pt">Open Gateway: </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">GSMA-led initiative in the telco sector that aims to transform communications networks into programmable digital platforms by providing the same APIs for all operators. APIs are deployed under the framework of the CAMARA standard (for service delivery) and TM Forum (for operation, administration and management). APIs can be commercialized through channel partners that bring access to developers, including hyperscalers, aggregators and integrators.</span></div><div style="margin-bottom:9pt;margin-top:9pt;padding-left:33.75pt;text-indent:22.5pt"><span style="color:#000000;font-family:'Aptos',san-serif;font-size:12pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:10.12pt">Living Apps</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">: A platform that allows Telef&#243;nica and its partners to create relevant home experiences on Telef&#243;nica TV.   The vision is going beyond the consumption of TV content, bringing Telef&#243;nica services to the main screen of the home, turning the TV watching habit into an interactive experience and opening the home ecosystem to selected partners .  The main objectives are generating revenue to Telef&#243;nica, adding value to customers and exploring new business models with partners.</span></div><div style="margin-bottom:9pt;margin-top:9pt;padding-left:33.75pt;text-indent:22.5pt"><span style="color:#000000;font-family:'Aptos',san-serif;font-size:12pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:10.12pt">Smart Wi-Fi: </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">An advanced home connectivity platform and key lever in the premium connectivity strategy, that enables key capabilities like intelligent Wi-Fi connectivity management or web browsing protection (Protecci&#243;n Digital).</span></div><div style="margin-bottom:9pt;margin-top:9pt;padding-left:33.75pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:12.25pt">NT: </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">A micro-rewards program in Spain to reward customers with Tokens for their digital behavior. Tokens are awarded when customers make use of our digital channels, products and services and can be exchanged for a given catalog of company products.</span></div><div style="margin-bottom:9pt;margin-top:9pt;padding-left:33.75pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:12.25pt">Solar 360: </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In March 2022 Repsol and Telef&#243;nica Spain created a joint venture to develop the solar self-consumption business. The company started to operate in June 2022 launching Solar 360, offering a comprehensive self-consumption solution to private customers, communities of neighbors and companies, SMEs, and large companies, through solar panel installation. The offer is customized for each type of customer according to their level and habits of consumption, seeking to maximize savings on their current electricity bill. It includes a mobile application for the control of the installation and the continuous optimization of energy expenditure, personalized financing for each type of consumer and other value-added services linked to the solar panel installation.</span></div><div style="margin-bottom:9pt;margin-top:9pt;padding-left:33.75pt;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:12.25pt">Phoenix:</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> A digital sales platform that allows customers to receive personalized offers to renew their devices and process purchases in a simple and fully digital checkout. When customers are eligible to renew their devices or expand their devices ecosystem with Telef&#243;nica, a customized offer is sent to them via the usual communication channels (SMS, RCS, emailing, self-care app..). Once the customer chooses among the selected proposed portfolio a number of payment and logistics options can be chosen to complete a convenient &#8220;few-clicks&#8221; device renewal.</span></div><div style="text-indent:40.5pt"><span><br/></span></div><div style="margin-bottom:9pt;padding-left:33.75pt;text-align:justify;text-indent:-31.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Sales and Marketing  </span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Our sales and marketing strategy is aimed toward reinforcing our market position, generating brand awareness, promoting customer growth and achieving customer satisfaction. We use a variety of marketing initiatives and programs, including those that focus on customer value, with in-depth market segmentation; programs to promote customer loyalty; pricing initiatives aimed toward stimulating usage, including segmented packages and innovative </span></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">80</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">tariff options; and initiatives that are responsive to the latest market trends, including those aimed toward boosting demand for our fixed and mobile Internet and mobile broadband offerings. In connection with these and our other sales and marketing initiatives, we market our products through a broad range of channels, including television, radio, billboards, telemarketing, direct mail and Internet advertising. We also sponsor a variety of local cultural and sporting events in order to enhance our brand recognition.</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Competition </span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The telecommunications industry is competitive, and consumers generally have a choice of mobile and fixed line operators from which to select services. We are a global telecommunications services provider and face significant competition in most of the markets in which we operate. In Europe, our largest competitors include Vodafone, Orange, Deutsche Telekom and BT Group, among others. In Latin America, our main regional competitor is Am&#233;rica M&#243;vil, along with other smaller multi-country players (such as Entel, Milicom and WOM) and purely local players. Newer competitors, including handset manufacturers, MVNOs, Internet companies and software providers, are also entering the market and offering integrated communications services. </span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">We compete in our markets on the basis of price; the quality and range of features of our services; the added value we offer with our service; additional services associated with those main services; the reliability of our network infrastructure and its technological attributes; and the desirability of our offerings, including bundled offerings of one type of service with another and, in the case of the mobile industry, in some markets offers that include subsidized handsets and handsets sold on installment plans.</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">To compete effectively with our competitors, we need to successfully market our products and services and to anticipate and respond to various competitive factors affecting the relevant markets, such as asymmetries in regulation (including regulation of access to the network infrastructures of telecoms network providers), the introduction of new products and services, different pricing strategies and changes in consumer preferences. </span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Regulation</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Please see Appendix VI to our Consolidated Financial Statements. </span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Licenses and Concessions </span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Please see Appendix VI to our Consolidated Financial Statements. </span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Seasonality </span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Our business is not significantly affected by seasonal trends. </span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Patents </span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Our business is not materially dependent upon the ownership of patents, commercial or financial contracts or new manufacturing processes. </span></div><div style="margin-bottom:12pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Disclosure Pursuant to Section 219 of the Iran Threat Reduction and Syria Human Rights Act</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Section 219 of the Iran Threat Reduction and Syria Human Rights Act of 2012 added Section 13(r) to the Exchange Act. Section 13(r) requires an issuer to disclose in its annual or quarterly reports filed with the SEC whether the issuer or any of its affiliates has knowingly engaged in certain activities, transactions or dealings with the Government of Iran, relating to Iran or with designated natural persons or entities involved in terrorism or the proliferation of weapons of mass destruction during the period covered by the annual or quarterly report. Disclosure is required even when the activities were conducted outside the United States by non-U.S. entities and even when such activities were conducted in compliance with applicable law.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The following information is disclosed pursuant to Section 13(r). None of these activities involved U.S. affiliates of Telef&#243;nica.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Some of our subsidiaries have entered into roaming agreements with Iranian telecommunication companies. Pursuant to such roaming agreements our subsidiaries&#8217; customers are able to roam in the particular Iranian network (outbound roaming) and customers of such Iranian operators are able to roam in our relevant subsidiary&#8217;s network (inbound roaming). For outbound roaming, our subsidiaries pay the relevant Iranian operator roaming fees for use of </span></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">81</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">its network by our customers, and for inbound roaming the Iranian operator pays the relevant subsidiary roaming fees for use of the respective network by its customers.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Our subsidiaries and our former subsidiary Telef&#243;nica UK Ltd. were party to the following roaming agreements with Iranian telecommunication companies in 2024:</span></div><div style="margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">1.</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:9.67pt">Telef&#243;nica M&#243;viles Espa&#241;a S.A. (&#8220;TME&#8221;), our Spanish directly wholly-owned subsidiary, has respective roaming agreements with (i) Mobile Telecommunication Company of Iran (&#8220;MCI&#8221;), (ii) Taliya (&#8220;Taliya&#8221;) and (iii) Telecommunication Kish Co (&#8220;TKC&#8221;). During 2024 TME recorded the following revenues related to these roaming agreements: (i) 474,806 euros from MCI, (ii) no revenues from Taliya and (iii) no revenues from TKC. </span></div><div style="margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">2.</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:9.67pt">Telef&#243;nica Germany GmbH &amp; Co. OHG (&#8220;TG&#8221;), our German 96.85% indirectly-owned subsidiary (as of December 31, 2024), has respective roaming agreements with (i) MCI and (ii) Irancell. During 2024 TG recorded the following revenues related to these roaming agreements: (i) no revenues from MCI and (ii) 7,467 euros from Irancell.</span></div><div style="margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:107%">3.</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:107%;padding-left:9.67pt">Telef&#243;nica UK Ltd (&#8220;TUK&#8221;), our former English directly wholly-owned subsidiary, has a roaming agreement with Taliya. TUK ceased to be our subsidiary upon the establishment of VMO2 on June 1, 2021, following which establishment TUK has been owned by VMO2. During 2024 TUK recorded no revenues from Taliya.</span></div><div style="margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">4.</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:9.67pt">Telef&#244;nica Brasil S.A. (&#8220;Telef&#243;nica Brasil&#8221;), our Brazilian 76.49% indirectly-owned subsidiary, has a roaming agreement with Irancell. During 2024, Telef&#243;nica Brasil recorded 3 U.S. dollars in roaming revenues from Irancell under this agreement. </span></div><div style="margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">5.</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:9.67pt">Pegaso PCS S.A. de C.V. (&#8220;PCS&#8221;), our Mexican directly wholly-owned subsidiary, has a roaming agreement with Irancell. During 2024 PCS recorded 146 U.S. dollars in roaming revenues under this agreement.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The net profit recorded by our subsidiaries and TUK pursuant to these agreements and arrangements did not exceed the related revenues recorded thereunder.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The purpose of all of these agreements is to provide our customers with coverage in areas where we do not own networks. For this purpose, we intend to continue maintaining those agreements which are still outstanding.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Group does not currently have any plans to enter into new roaming arrangements with Iranian telecommunication companies. However, the Group may consider entering into such arrangements in the future.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">During 2024, Telef&#243;nica Hispam ("TH") had one retail mobile phone contract with one customer identified in the list administered by OFAC as sanctioned pursuant to Executive Order 13382. During 2024, TH recorded revenues totaling 67.28 U.S. dollars related to this customer. The termination of such contract is being considered. The provision of the relevant services by TH was in compliance with applicable laws.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">During 2024, TG had retail mobile phone contracts with two customers in Germany identified in the lists administered by OFAC as sanctioned pursuant to Executive Order 13224 and Executive Order 13382. During 2024, TG recorded revenues totaling 1,833.87 euros related to these customers. The termination of such contracts is being considered. The provision of the relevant services by TG was in compliance with applicable laws.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In 2023, TG had retail mobile phone and internet contracts with four additional customers in Germany identified in the lists administered by OFAC as sanctioned pursuant to Executive Order 13224 and Executive Order 13382. Certain of these contracts have been terminated. TG did not record any revenue in 2024 related to these customers. The provision of the relevant services by TG was in compliance with applicable laws.</span></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">82</span></div></div></div><div id="i63478826478c4e0dbabc502413383f6b_73"></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">C. Organizational Structure</span></div><div style="margin-top:9pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">See &#8220;&#8212;History and Development of the Company&#8221; and &#8220;&#8212;Business Overview&#8221;.</span></div><div id="i63478826478c4e0dbabc502413383f6b_76"></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">D. Property, Plant and Equipment</span></div><div style="margin-top:9pt;text-align:justify;text-indent:20.25pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Our central headquarters for the Telef&#243;nica Group are located in &#8220;Distrito Telef&#243;nica,&#8221; in Madrid, Spain.</span></div><div style="margin-top:9pt;text-align:justify;text-indent:20.25pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Telef&#243;nica&#8217;s operations and assets (including its towers and submarine cables) are located in many areas that are subject to natural disasters and severe weather, and which may be adversely affected in the future by climate change.</span></div><div style="margin-top:9pt;text-align:justify;text-indent:20.25pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">See Note 8 to the Consolidated Financial Statements for information on the year-on-year decrease in &#8220;Property, plant and equipment&#8221; from 22,944 million euros as of December 31, 2023 to 21,439 million euros as of December 31, 2024.</span></div><div style="margin-top:9pt;text-indent:4.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Fixed Networks</span></div><div style="margin-top:9pt;text-align:justify;text-indent:20.25pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">We own fixed networks in Spain, Latin America and Europe, having an incumbent role in Spain, Brazil (S&#227;o Paulo), Chile, Peru and Colombia.</span></div><div style="margin-top:9pt;text-align:justify;text-indent:20.25pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Following market trends, competitive environments, evolution of technologies and new multimedia and broadband services demanded by our customers, we have upgraded our networks in recent years through the following:</span></div><div style="margin-bottom:9pt;margin-top:9pt;padding-left:72pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">deprioritization of broadband technologies over copper wires (ADSL, ADSL2+, VDSL2, etc.), effected through decommissioning of legacy copper networks (especially in Spain), in order to focus efforts on the deployment of fiber networks;</span></div><div style="margin-bottom:9pt;margin-top:9pt;padding-left:72pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">deployment of fiber access technologies (xPON) focused on fiber to the home (FTTH) deployment, currently delivering customer access speeds of up to 1 Gbps with Gigabit Passive Optical Network (GPON), and laying the groundwork for our plans for XGS-PON (an updated standard for Passive Optical Networks (PON) that can support higher speed 10 Gbps symmetrical data transfer) upgrades to deliver speeds above 1 Gbps to our customers;</span></div><div style="margin-bottom:9pt;margin-top:9pt;padding-left:72pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">service support based on powerful Internet Protocol/ Multiprotocol Label Switching (IP/MPLS) backbones, providing full connectivity to the rest of the network layers, such as access and control, to support services for business and customer market segments (fixed and mobile);</span></div><div style="margin-bottom:9pt;margin-top:9pt;padding-left:72pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">simpler Internet Protocol ("IP") architectures (IP-FUSION), reducing layers and eliminating ports and links, leading to better efficiency and network performance;</span></div><div style="margin-bottom:9pt;margin-top:9pt;padding-left:72pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">introduction of segment routing protocols for better traffic engineering and latency control;</span></div><div style="margin-bottom:9pt;margin-top:9pt;padding-left:72pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">new network solutions using Open Networking and convergence between IP and optical networks;</span></div><div style="margin-bottom:9pt;margin-top:9pt;padding-left:72pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">network automation through Software Defined Networking (SDN);</span></div><div style="margin-bottom:9pt;margin-top:9pt;padding-left:72pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">replacement of legacy transport technologies and reduction of dependencies on PSTN and ISDN (Time Division Multiplexing (TDM) based) by moving to all-IP communications;</span></div><div style="margin-bottom:9pt;margin-top:9pt;padding-left:72pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">empowerment of the intelligence of the network to better manage its use, to avoid saturations and frauds and to identify new business opportunities;</span></div><div style="margin-bottom:9pt;margin-top:9pt;padding-left:72pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">convergence of fixed and mobile networks, services and support systems from both technological and operational points of view; and</span></div><div style="margin-bottom:9pt;margin-top:9pt;padding-left:72pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">deployment of services such as Pay TV, to customers connected through broadband accesses in Spain, Chile, Argentina (sold in February 2025), Brazil, Peru and Colombia.</span></div><div style="margin-top:9pt;text-indent:4.5pt"><span><br/></span></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">83</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><div style="margin-top:9pt;text-indent:4.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Mobile Networks</span></div><div style="margin-top:9pt;text-align:justify;text-indent:20.25pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">We operate mobile networks in Spain, the United Kingdom (through VMO2), Germany, Brazil, Argentina (sold in February 2025), Venezuela, Chile, Peru, Colombia, Mexico, Ecuador and Uruguay. Telef&#243;nica also provided these services in El Salvador until January 13, 2022. For additional information, see "&#8212;History and Development of the Company&#8212;Overview&#8221;. In addition, Telef&#243;nica entered in 2019 into an agreement with AT&amp;T to access AT&amp;T&#8217;s last mile wireless capacity in Mexico. Through this agreement, Telef&#243;nica gains access to capacity on AT&amp;T&#8217;s 3G and 4G access network and any future access network technologies nationwide, while maintaining its transport network and all of its platforms in such country. The migration of the traffic to the AT&amp;T access network was completed during 2022. For additional information on the Wholesale Agreement and its subsequent renewal, see &#8220;Item 10. Additional Information&#8212;Material Contracts&#8212;Wholesale Access Services Agreement with AT&amp;T Mexico&#8221;.</span></div><div style="margin-top:9pt;text-align:justify;text-indent:20.25pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">We use a number of mobile technologies in the countries in which we operate, namely: GSM, UMTS, LTE and 5G. 5G is being used in Spain, the United Kingdom, Germany, Brazil, Argentina (sold in February 2025), Chile, Colombia, Mexico and Uruguay, although it does not yet cover the entire population in these countries. We continue the work of upgrading our mobile networks in line with market trends, the demand of new services from customers and the evolution of technologies. The main steps we are currently taking include:</span></div><div style="margin-bottom:9pt;margin-top:9pt;padding-left:72pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">evolution of broadband in mobile access using the latest LTE standards (LTE-A, MIMO and carrier aggregation) to improve network capacity and user experience;</span></div><div style="margin-bottom:9pt;margin-top:9pt;padding-left:72pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">deployment of 5G networks following different approaches in order to give our customers the best experience for this new access technology. Together with the main vendors and sharing experience with other operators, we are exploring the opportunities that the new 5G standards can offer by providing higher capacity at a lower relative cost by user/traffic unit;</span></div><div style="margin-bottom:9pt;margin-top:9pt;padding-left:72pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">deployment of new services such as mobile television (OTT) and distribution services for next generation music, video and games; and</span></div><div style="margin-bottom:9pt;margin-top:9pt;padding-left:72pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">convergence of fixed and mobile networks, services and support systems from both technological and operational points of view.</span></div><div style="margin-top:9pt;text-align:justify;text-indent:4.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Satellite communications</span></div><div style="margin-top:9pt;text-align:justify;text-indent:20.25pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Multiple services are provided using both Telef&#243;nica's own satellite platforms and ground assets and third-party (GEO/LEO satellite service operators) managed services complementing Telef&#243;nica's terrestrial footprint. These include television contribution signal to feed cable and IPTV head ends, DTH television and VSAT mainly for mobile telephony, IoT, Internet access and mobile backhaul in rural environments or remote areas, emergency and disaster recovery solutions, corporate communications and international communications.</span></div><div style="margin-top:9pt;text-align:justify;text-indent:4.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Submarine cables</span></div><div style="margin-top:9pt;text-align:justify;text-indent:20.25pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">We are one of the world&#8217;s largest submarine cable infrastructure companies, through our subsidiary, Telxius Telecom, S.A. ("Telxius"). Telxius is a leading global connectivity provider that combines submarine and terrestrial networks with data centers worldwide. Its extensive ecosystem includes nine next-generation fiber optic submarine cables and terrestrial backhauls together spanning more than 100,000 kilometers, 100 points of presence (PoPs) and 20 data centers. As of the date of this Annual Report, Telef&#243;nica holds a 70% beneficial interest in Telxius following the completion of the transaction with Taurus Bidco S.&#224; r.l. in 2023. See "&#8212;Financial Investments and Divestitures". In addition, Telef&#243;nica owns around 20 submarine domestic cables in Spain.</span></div><div style="margin-top:9pt;text-align:justify;text-indent:20.25pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">There are submarine cable connections linking Europe, the Americas and Africa which are jointly owned by us and other telecom operators. The SAm-1 cable, fully owned by Telxius, has a length of approximately 25,000 kilometers and links different countries such as the United States, Puerto Rico, Ecuador, Guatemala, Peru, Chile, Brazil, Argentina and Colombia.</span></div><div style="margin-top:9pt;text-align:justify;text-indent:20.25pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Next-generation submarine cable systems are already in service to help meet the capacity demand in the future. The Brusa cable links Brazil and the United States, while the Marea and Dunant cables links the United States and Europe. Additionally, the 7,300 km Mistral cable serves the entire Pacific coast of South America with the highest levels of service, reliability and security. The 2,000 km next generation Tannat system (Santos &#8211; Las Toninas) adds to the Brusa (Virginia Beach &#8211; Rio de Janeiro) and Junior (Rio de Janeiro &#8211; Santos) cables on the Atlantic coast of Latin America to deliver modern and diverse end-to-end connectivity between the United States, Brazil and Argentina. Firmina is a next-generation submarine cable set to connect the East Coast of the United </span></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">84</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">States to Las Toninas, Argentina. The Tikal submarine cable is intended to connect Boca Rat&#243;n, Florida, United States, with Puerto Barrios, Guatemala, with a landing point in Canc&#250;n, Mexico, and the recently announced CELIA cable seeks to link Boca Rat&#243;n, Florida, United States with San Juan, Puerto Rico. </span></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">85</span></div></div></div><div id="i63478826478c4e0dbabc502413383f6b_79"></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:14pt;font-weight:400;line-height:120%">Item 4A. Unresolved Staff Comments</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Not applicable.</span></div><div id="i63478826478c4e0dbabc502413383f6b_82"></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:14pt;font-weight:400;line-height:120%">Item 5. Operating and Financial Review and Prospects</span></div><div id="i63478826478c4e0dbabc502413383f6b_85"></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">A. Operating Results</span></div><div style="margin-top:9pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Presentation of Financial Information</span></div><div style="margin-top:9pt;text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The information in this section should be read in conjunction with our Consolidated Financial Statements, included elsewhere in this Annual Report. Our Consolidated Financial Statements have been prepared in accordance with IFRS as issued by the IASB. </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In 2024 the Telef&#243;nica Group is reporting financial information, both internally and externally, according to the following segments: Telef&#243;nica Spain, VMO2, Telef&#243;nica Germany, Telef&#243;nica Brazil and Telef&#243;nica Hispam (formed by the Group's operators in Colombia, Mexico, Venezuela, Ecuador, Argentina (sold in February 2025), Chile, Peru and Uruguay).</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The segments referred to above include the information related to the fixed, wireless, cable, data, Internet and television businesses and other digital services provided in each related region. Inter-segment&#160;transactions&#160;are&#160;carried&#160;out on an arm's-length basis.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In 2024, impairments losses on goodwill of Peru and Chile cash-generating units have been included in the Telef&#243;nica Hispam segment, and impairments losses on goodwill of Telef&#243;nica Tech UK &amp; Ireland and BE-terna Group have been included in "Other companies" , which is described below (see Note 7 to the Consolidated Financial Statements). Likewise, impairment losses on intangible assets and property, plant and equipment in Argentina and on intangible assets and held for sale assets in Peru, as well as the reversal of deferred tax assets for loss carryforwards, have been included in the Telef&#243;nica Hispam segment (see Note 6, 8 and 30 to the Consolidated Financial Statements).</span></div><div style="text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In 2023, impairment losses on goodwill of the Ecuador cash-generating unit were included in the Telef&#243;nica Hispam segment (see Note 7 to the Consolidated Financial Statements).</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The VMO2 segment information included in this Annual Report is presented under management criteria, and shows 100% of VMO2&#8217;s results. In addition, information included in this Annual Report on the accesses of the Group and the VMO2 segment includes 100% of the accesses of VMO2. Telef&#243;nica&#8217;s actual percentage ownership of VMO2 is 50% and its results are accounted for under the equity method.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Information relating to other Group companies not specifically included in the segments referred to above is reported under "Other companies" (see Appendix I to the Consolidated Financial Statements), which includes Telef&#243;nica, S.A. and other holding companies, as well as companies whose main purpose is to provide cross-sectional services to Group companies, and other operations not included in the segments. The Incremental Group and BE-terna Group, acquired in March and June 2022 (see Note 5 to the Consolidated Financial Statements), respectively, are reported within "Other companies". "Other companies" also includes the share of results of investments accounted for by the equity method corresponding to the fiber optic companies in which Telef&#243;nica Infra, S.L. ("T. Infra") has ownership interests (see Note 10 to the Consolidated Financial Statements).</span></div><div style="margin-top:9pt;text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Group centrally manages borrowing activities, mainly through Telef&#243;nica, S.A. and other companies included in &#8220;Other companies&#8221; (see Note 19, Appendix III and Appendix V to the Consolidated Financial Statements), so most of the Group's financial assets and liabilities are reported under &#8220;Other companies&#8221;. In addition, Telef&#243;nica, S.A. is the head of the Telef&#243;nica tax group in Spain (see Note 25 to the Consolidated Financial Statements). Therefore, a significant part of the deferred tax assets and liabilities is included under &#8220;Other companies&#8221;. For these reasons, the results of the segments are disclosed up through operating income.</span></div><div style="margin-top:9pt;text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Revenues and expenses arising from intra-group invoicing for the use of the trademark and management services were eliminated from the operating results of each Group segment. The results of the holding companies also exclude dividends from Group companies and impairments of investments in Group companies. These adjustments have no impact on the Group&#8217;s consolidated results. In addition, segment reporting considers the impact of the purchase price allocation to the assets acquired and the liabilities assumed by the companies included </span></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">86</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">in each segment. The assets and liabilities presented in each segment are those managed by the heads of each segment, regardless of their legal structure.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Significant Factors Affecting the Comparability of Our Results of Operations in the Periods under Review</span></div><div style="margin-top:9pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The following factors affect the comparability of our results of operations in the periods under review:</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Impairment losses on goodwill, held for sale asset and other intangible assets, and reversal of deferred tax assets</span></div><div style="text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:112%">In 2024 Telef&#243;nica recorded impairment losses on intangible assets and property, plant and equipment in Argentina in an aggregate amount of 1,274 million euros and impairment losses on goodwill in an aggregate amount of 866 million euros with respect to the cash-generating units in Chile (397 million euros), Per&#250; (226 million euros), Telef&#243;nica Tech UK &amp; Ireland (192 million euros) and BE-terna Group (51 million euros). Additional impairment losses were recorded in Peru in 2024, including impairment losses on intangible assets (54 million euros) and on goodwill allocated to the fiber optics business (34 million euros), as well as a reversal of deferred tax assets for loss carryforwards (91 million euros). Additionally, following the analysis of the recoverability of the assets of Pangea (the wholesale fiber optic company in Peru) at the end of 2024, an impairment of property, plant and equipment amounting to 108 million euros has been recorded, as well as a reversal of deferred tax assets amounting to 13 million euros. The impairments of intangible assets and property, plant and equipment in Argentina resulted mainly from high levels of inflation that generated significant increases in the carrying amount of these assets.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:112%">In 2023 Telef&#243;nica recognized an impairment of goodwill for 58 million euros with respect to the cash-generating unit in Ecuador. </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Collective Bargaining Agreement  and Collective Redundancies Plan</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On December 28, 2023, certain subsidiaries of Telef&#243;nica Spain reached an agreement with the most representative trade unions to sign the III Collective Bargaining Agreement, which runs until December 31, 2026 and can be extended for a further year. The aim of the agreement was to move towards a more digital, flexible company, prepared for future challenges in a highly competitive context. In addition, and in parallel, these subsidiaries agreed to execute the Collective Redundancies Plan, which provided for collective redundancies affecting up to a total of 3,420 employees. Employees who turned 56 years or older in 2024 and with a seniority of more than 15 years were able to adhere to the Collective Redundancies Plan. However, targets were established that resulted in limits on adherence in critical areas or additional redundancies based on business reasons. These agreements were endorsed on January 3, 2024.</span></div><div style="margin-bottom:9pt;text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In "Personnel expenses" of the consolidated income statement for the year 2023, a provision of 1,320 million euros before taxes corresponding to Telef&#243;nica Spain was recorded as of December 31, 2023, with no cash impact as of such date. The provision was mainly based on the present value of the estimated payment flows resulting from the Collective Redundancies Plan (see Note 24 to the Consolidated Financial Statements).</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Impairment of goodwill in investments accounted for by the equity method (recorded by VMO2)</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">VMO2's management carried out the 2023 annual goodwill impairment test after updating its business plans at the end of that year. As a result of this analysis, VMO2 recorded an impairment of goodwill amounting to 3,107 million pounds sterling (about 3,572 million euros) in 2023, mainly due to the decrease in projected cash flows of VMO2 as a consequence of the effects of macroeconomic conditions and the competitive environment in the United Kingdom and the increase in the discount rate (WACC). 50% of this amount (about 1,786 million euros) is reflected in Telef&#243;nica's consolidated income statement for the year ended December 31, 2023, as its share in the loss of VMO2 accounted for by the equity method.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">No additional impairment was recorded in 2024 as a result of VMO2's management's impairment test for that year.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">ICSID Arbitration Telef&#243;nica v. Republic of Colombia</span></div><div style="margin-bottom:9pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On November 12, 2024, Telef&#243;nica obtained a favorable award regarding the investment dispute with the Republic of Colombia (ICSID Case No. ARB/18/3) submitted to the International Centre for Settlement of Investment Disputes (&#8220;ICSID&#8221;) pursuant to the Agreement  between the Government of the Republic of Colombia and the Kingdom of Spain for the Promotion and Reciprocal Protection of Investments (APRI). The tribunal determined that Colombia failed to comply with its obligation to grant fair and equitable treatment to Telef&#243;nica's investments under Article 2(3) of the APRI, and it ordered Colombia to pay the amount of 380 million U.S. dollars (approximately 358 </span></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">87</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">million euros at the exchange rate of November 12, 2024) plus compound interest at a rate of 5% per year as compensation for the damages caused. As of December 31, 2024, accrued interest amounted to 154 million euros. In addition, the tribunal ordered Colombia to pay Telef&#243;nica&#8217;s attorneys&#8217;  fees with respect to the arbitration proceedings, together with the corresponding interest.</span></div><div style="margin-bottom:9pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The amount owed by the Republic of Colombia was recorded under "Short-term credits" as of December 31, 2024. </span></div><div style="margin-bottom:9pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On November 27, 2024, the Republic of Colombia filed a request with the ICSID to annul and suspend the award. See &#8220;Item 8. Financial Information&#8212;Consolidated Financial Statements&#8212;Legal Proceedings&#8212;ICSID Arbitration Telef&#243;nica, S.A. vs. Republic of Colombia&#8221;.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Corporate transactions</span></div><div style="margin-bottom:9pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In 2024 and 2023 no corporate transactions took place that materially affected the results of operations.</span></div><div style="margin-bottom:9pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The main corporate transactions in 2022 were the acquisition of mobile assets of Oi Group on April 20, 2022, the acquisition of the Incremental Group on March 21, 2022, the acquisition of the BE-terna Group on June 9, 2022 and the creation of Bluevia on December 20, 2022 (see Notes 2 and 5 to the Consolidated Financial Statements).</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Foreign Exchange Effects and Hyperinflation in Argentina and Venezuela</span></div><div style="margin-top:9pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Excluding the effects of hyperinflation in Argentina and Venezuela (discussed below), foreign exchange rates generally had a negative impact on our 2024 results, mainly due to the depreciation of various Latin American currencies (in particular the Brazilian real) against the euro. </span></div><div style="margin-top:9pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Excluding the effects of hyperinflation in Argentina and Venezuela (discussed below), foreign exchange rates had a small positive impact on our 2023 results.</span></div><div style="margin-top:9pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Foreign exchange rates generally had a positive impact on our 2022 results, mainly due to the appreciation of</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">various Latin American currencies (in particular the Brazilian real) against the euro.</span></div><div style="margin-top:9pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">For additional information on the impact of exchange rates, see &#8220;&#8212;Exchange Rate Fluctuations&#8221; and Note 2 to the Consolidated Financial Statements.</span></div><div style="margin-top:9pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Our reported results in each of these years have also been impacted by hyperinflation adjustments in Argentina and Venezuela. The exchange rate used to translate inflation-adjusted items denominated in Argentine pesos in the consolidated financial statements as of and for the year ended December 31, 2024 was the closing exchange rate as of December 31, 2024 which was 1,073.18 Argentine pesos per euro (893.45 Argentine pesos per euro as of December 31, 2023). The annual inflation rate in Argentina for 2024 was 117.8% (211.4% in 2023) (see Note 3.a to the Consolidated Financial Statements). As a result of these changes in the exchange and inflation rates, in 2024 Telef&#243;nica Argentina contributed 2,226 million euros to the consolidated revenues of the Telef&#243;nica Group and a loss of 84 million euros to the operating income (1,237 million euros and a loss of 199 million euros, respectively, in 2023), before the 1,274 million euros impairment losses described above.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Significant Changes in Accounting Policies</span></div><div style="margin-bottom:9pt;text-align:justify;text-indent:27pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Please see Notes 2 and 3.o to our Consolidated Financial Statements.</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Critical Accounting Policies and Estimates</span></div><div style="margin-top:9pt;text-align:justify;text-indent:20.25pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The preparation of financial statements in conformity with IFRS requires management to make estimates and assumptions that affect the amounts reflected in the Consolidated Financial Statements. We base our estimates on historical experience, where applicable, and other assumptions that we believe are reasonable under the circumstances. Actual results may differ from those estimates under different assumptions or conditions.</span></div><div style="margin-top:9pt;text-align:justify;text-indent:20.25pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">We consider an accounting estimate to be critical if:</span></div><div style="margin-top:9pt;padding-left:45pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:1pt">it requires us to make assumptions because information was not available at the time or it included matters that were highly uncertain at the time we were making our estimate; and</span></div><div style="margin-top:9pt;padding-left:45pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:1pt">changes in the estimate or different estimates that we could have selected may have had a material impact on our financial condition, results of operations or cash flows.</span></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">88</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><div style="margin-top:9pt;text-align:justify;text-indent:20.25pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The various policies that are important to the portrayal of our financial condition, results of operations and cash flows include:</span></div><div style="margin-top:9pt;padding-left:45pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:1pt">accounting for non-current assets, including goodwill;</span></div><div style="margin-top:9pt;padding-left:45pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:1pt">deferred taxes;</span></div><div style="margin-top:9pt;padding-left:45pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:1pt">provisions;</span></div><div style="margin-top:9pt;padding-left:45pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:1pt">revenue recognition; and</span></div><div style="margin-top:9pt;padding-left:45pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:1pt">leases.</span></div><div style="margin-top:9pt;text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Non-current assets and goodwill</span></div><div style="margin-top:9pt;text-align:justify;text-indent:20.25pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Property, plant and equipment and intangible assets, other than goodwill, are recorded at acquisition cost. If such assets are acquired in a business combination, the acquisition cost is the estimated fair value of the acquired property, plant and equipment or intangible assets. Property, plant and equipment and intangible assets with definite useful lives are depreciated or amortized on a straight-line basis over their estimated useful lives.</span></div><div style="margin-top:9pt;text-align:justify;text-indent:20.25pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Intangible assets with indefinite useful lives are not amortized, but are, instead, subject to an impairment test on a yearly basis and whenever there is an indication that such assets may be impaired.</span></div><div style="margin-top:9pt;text-align:justify;text-indent:20.25pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Accounting for non-current assets, such as long-lived assets and intangibles, involves the use of estimates for determining: (a) the fair value at the acquisition date in the case of such assets acquired in a business combination, and (b) the useful lives of the assets over which they are to be depreciated or amortized. We believe that the estimates we make to determine an asset&#8217;s useful life are &#8220;critical accounting estimates&#8221; because they require our management to make estimates about technological evolution and competitive uses of assets.</span></div><div style="margin-top:9pt;text-align:justify;text-indent:20.25pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Upon the sale or contribution of a controlled business to an associate or joint venture, the Group measures and recognizes any retained interest at its fair value. The fair value assigned to the retained investment is determined on the basis of the business plan of the relevant associate or joint venture, and involves significant judgments when considering significant assumptions such as regarding the long-term margin of operating results before depreciation and amortization, long-term capital expenditure ratio, discount rate and perpetuity growth rate, each of which could be significantly affected by the future trends in the economic, competitive, regulatory and technological environment.</span></div><div style="margin-top:9pt;text-align:justify;text-indent:20.25pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">When an impairment in the carrying amount of an asset occurs, non-scheduled write-downs are made. We perform impairment tests of identifiable intangible and other non-current assets, such as equity method investments, whenever there is reason to believe that the carrying value may exceed the recoverable amount, which is the higher of the asset&#8217;s fair value less costs to sell and its value in use. Furthermore, previously recognized impairment losses may be reversed when changes in the estimates used to determine the asset&#8217;s recoverable amount indicate that an impairment loss recognized in prior periods no longer exists or may have decreased.</span></div><div style="margin-top:9pt;text-align:justify;text-indent:20.25pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The determination of whether the impairment of non-current assets is necessary involves the use of significant estimates and judgment that includes, but is not limited to, the analysis of the cause of potential impairment in value, the timing of such potential impairment and an estimate of the amount of the impairment, which requires the estimation of the future expected cash flows, discount rates and the fair value of the assets.</span></div><div style="margin-top:9pt;text-align:justify;text-indent:20.25pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Specifically, management has to make certain assumptions in respect of uncertain matters, such as growth in revenues, changes in market prices, operating margins, and technology developments and obsolescence, discontinuance of services and other changes in circumstances that indicate the need to perform an impairment test. Management&#8217;s estimates about technology and its future development require significant judgment because the timing and nature of technological advances are difficult to predict.</span></div><div style="margin-top:9pt;text-align:justify;text-indent:20.25pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Certain valuation techniques used for investments, such as the discounted cash flow model, require significant judgment when considering significant assumptions such as revenue growth rate, long-term margin of operating results before depreciation and amortization, long-term capital expenditure ratio, discount rate and perpetuity growth rate. For information on our impairment analysis of our equity method investment in VMO2 at the end of the year, see Note 10 to the Consolidated Financial Statements.</span></div><div style="margin-top:9pt;text-align:justify;text-indent:20.25pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Goodwill arises when the cost of a business combination exceeds the acquirer&#8217;s interest in the net fair value of the identifiable assets acquired and liabilities assumed at the acquisition date. Goodwill is not amortized, but is, </span></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">89</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">instead, subject to an impairment test on a yearly basis and whenever there is an indication that the goodwill may be impaired.</span></div><div style="margin-top:9pt;text-align:justify;text-indent:20.25pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Non-scheduled write-downs of goodwill are made when an impairment in the carrying amount of goodwill occurs. We review, on a regular basis, the performance of our cash-generating units. We compare the carrying amount of the cash-generating unit to which the goodwill has been allocated with its recoverable amount. The determination of the recoverable amount of the cash-generating unit involves extensive use of estimates and significant management judgment is involved. Methods commonly used by us for valuations include discounted cash flow methods that require substantial judgement when considering significant assumptions about relevant performance metrics and other key variables. For more information on the assumptions used in our impairment tests, see Note 7 to the Consolidated Financial Statements.</span></div><div style="margin-top:9pt;text-align:justify;text-indent:20.25pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">A significant change in the facts and circumstances that we relied upon in making our estimates may have a material impact on our operating results and financial condition. For information on the sensitivity to changes in certain significant assumptions, see Note 7 to the Consolidated Financial Statements. </span></div><div style="margin-top:9pt;text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Deferred income taxes</span></div><div style="margin-top:9pt;text-align:justify;text-indent:13.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Group assesses the recoverability of deferred tax assets based on estimates of future earnings, and of all the available options to achieve an outcome, it considers the most efficient one in tax terms within the legal framework the Group is subject to. Such recoverability ultimately depends on the Group&#8217;s ability to generate taxable earnings over the period for which the deferred tax assets remain deductible. This analysis is based on the estimated schedule for reversing deferred tax liabilities, as well as estimates of taxable earnings, which are sourced from internal projections that are continuously updated to reflect the latest trends.</span></div><div style="margin-top:9pt;text-align:justify;text-indent:13.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The recognition of tax assets and liabilities depends on a series of factors, including estimates as to the timing and realization of deferred tax assets and the projected tax payment schedule. Actual Group company income tax receipts and payments could differ from the estimates made by the Group as a result of changes in tax legislation, the outcome of underway tax proceedings or unforeseen future transactions that could affect tax balances.</span></div><div style="margin-top:9pt;text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Provisions</span></div><div style="margin-top:9pt;text-align:justify;text-indent:13.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Provisions are recorded when, at the end of the period, we have a present obligation as a result of past events, whose settlement requires an outflow of resources that is considered probable and can be measured reliably. This obligation may be legal or constructive, arising from, but not limited to, regulation, contracts, common practice or public commitments, which have created a valid expectation for third parties that we will assume certain responsibilities. The amount recorded is the best estimation performed by the management in respect of the expenditure that will be required to settle the obligations, considering all the information available at the closing date, including the advice of external experts, such as legal advisors or consultants.</span></div><div style="margin-top:9pt;text-align:justify;text-indent:13.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Because of the inherent uncertainties in this estimation, actual expenditures may be different from the originally estimated amount recognized.</span></div><div style="margin-top:9pt;text-align:justify;text-indent:13.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">If we are unable to reliably measure the obligation, no provision is recorded and information is then presented in the notes to the Consolidated Financial Statements.</span></div><div style="margin-top:9pt;text-align:justify;text-indent:13.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Significant management criteria was involved in the recording of provisions relating to tax and regulatory contingencies in Brazil. See Notes 24, 25 and 29 to the Consolidated Financial Statements.</span></div><div style="margin-top:9pt;text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Revenue recognition</span></div><div style="margin-top:9pt;text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Bundled offers</span></div><div style="margin-top:9pt;text-align:justify;text-indent:20.25pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Arrangements involving the delivery of bundled products or services are assessed to determine whether it is necessary to separate the arrangement into individual component deliverables, each with its own revenue recognition criteria.</span></div><div style="margin-top:9pt;text-align:justify;text-indent:20.25pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Revenue relating to the bundled contracts is allocated to the different deliverables identified, based on their relative standalone selling prices.</span></div><div style="margin-top:9pt;text-align:justify;text-indent:20.25pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Given that the handsets and airtime are price-sensitive and volatile in a competitive marketplace, the determination of standalone selling prices in the mobile phone business is quite complex.</span></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">90</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><div style="margin-top:9pt;text-align:justify;text-indent:20.25pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Additionally, a significant change in the facts and circumstances upon which we based our estimates on standalone selling prices may have an impact on the allocation of revenues among the different deliverables identified and, consequently, on future revenues.</span></div><div style="margin-top:9pt;text-align:justify;text-indent:20.25pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Leases</span></div><div style="margin-top:9pt;text-align:justify;text-indent:20.25pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Accounting for a lessee&#8217;s rights and obligations under a lease contract requires the use of estimates for determining the lease term in those contracts that include options to extend the lease or early termination options. </span></div><div style="margin-top:9pt;text-align:justify;text-indent:20.25pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Determining the lease term involves making estimates over the time horizon of the Group's strategic planning process with respect to relevant factors such as expected technological progress, possible regulatory developments, market and competition trends or changes in the business model, among others. The assumptions regarding these variables involve a significant degree of judgment to the extent that the timing and nature of future changes are difficult to anticipate.  </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify;text-indent:20.25pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Due to the uncertainties inherent to these estimates, changes in the assumptions made in respect of uncertain matters when determining the lease term of a lease contract may have an impact on the amounts of the right of use assets and lease liabilities recognized on the basis of the estimates made by the Group.</span></div><div style="margin-bottom:9pt;text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Operating Environment</span></div><div style="text-align:justify;text-indent:20.25pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:107%">Our results of operations are largely dependent on the level of demand for our services in the countries in which we operate. Demand for services in those countries is affected by the performance of their respective economies, particularly household private consumption, but also gross domestic product (GDP), inflation (CPI), current accounts, and unemployment rates.</span></div><div><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">       After facing in 2020 the worst recession since World War II (-2.7% global GDP contraction), the world economy rebounded in 2021 (6.5% global GDP growth). This recovery continued in 2022 (3.6% global GDP growth) despite adverse events such as broad-based high inflation, the Russian invasion of Ukraine (with the associated volatility in energy markets), bottlenecks in global supply chains (partly because of China&#8217;s zero-COVID policy) and extreme weather events that also impacted food-related prices. While some of these factors dissipated during 2023, new ones mounted because of geopolitical tensions and one of the most aggressive cycles of synchronized monetary tightening in history. However, the global economy remained unexpectedly resilient during the disinflationary process, avoiding a global recession (3.3% global GDP growth in 2023).  Positive inflation dynamics in 2024 resulted in a higher level of real interest rates which started to dent economic growth. In response, the U.S. Federal Reserve and the European Central Bank each began a loosening cycle, lowering rates by 100 basis points towards a more neutral level during the second part of the year, with current interest rates standing at 4.25% and 3.00%, respectively. The Bank of England also started easing, but the loosening has been more modest (50 basis points) amidst more persistent inflation dynamics in the United Kingdom, with current interest rates at 4.75%. The factors behind the economic resilience in 2024 have been: (i) well capitalized banks, ample liquidity and good risk-management practices; (ii) investment projects (public and private) to recover and foster production capacity in key areas after the pandemic; (iii) continued fiscal support to cushion the impact of inflation on the private sector despite consolidation plans; (iv) solid nominal spending supported by strong labor markets with historical lows in unemployment; and (v) high levels of savings accumulated during the pandemic lockdowns. As a result, the global economy is estimated to have grown 3.2% during 2024 according to Bloomberg Economic Consensus ("BEC"). By regions, the United States grew 2.7%, the eurozone 0.8%, the United Kingdom 0.9%, Latin America and the Caribbean 2.1% and China a modest 4.8%, its lowest rate in 40 years as consequence of a property meltdown that is impacting households&#8217; confidence and consumption, as well as banks balance sheets amid a highly leveraged economy.</span></div><div style="text-align:justify;text-indent:35.4pt"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">       Spain</span></div><div style="text-align:justify;text-indent:35.4pt"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">     In 2024, the Spanish economy led eurozone growth despite record-breaking rainfall and flash floods that hit eastern Spain at the end of October, which may have subtracted 0.2 p.p. from growth according to different estimates. GDP grew at 3.2%, following an expansion of 2.7% in 2023 and above the 2.8% average annual growth experienced from 2015 to 2019. The acceleration in growth in 2024 is a consequence of the past decade's economic reforms that are feeding back into a stronger external demand, with historical records in the export of both touristic and non-touristic services. Consumption is also displaying a strong momentum supported by public consumption, together with a dynamic labor market that keeps adding workers amid high immigration flows. Notwithstanding this, Spain's average unemployment rate in 2024 was 11.3%, still high by advanced-economy standards but below the 12.2% average unemployment rate in 2023 and the 17.7% average unemployment rate </span></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">91</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><div style="text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">from 2015 to 2019. Investment remained below pre-pandemic levels as financing costs increased. At the public level, the execution (around 20%) and disbursement of the &#8220;Next Generation EU&#8221; funds continue to lag, despite the completion of structural reforms intended to facilitate execution and disbursement of the funds.</span></div><div style="text-align:justify;text-indent:35.4pt"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">     Inflation has continued to decline during 2024, falling below the 2.0% target during the second part of the year, with a light increase over this threshold during the last months of the year due to base effects and increases in the volatility of energy prices. Spain&#8217;s 12-month inflation rate was 2.8% as of December 2024, below the 3.1% 12-month inflation rate in December 2023, but above the 0.9% average 12-month inflation rate from 2015 to 2019. Due in part to the long average maturity of public debt, the increase in interest rates did not have a marked impact on Spanish debt interest payments, and Spain&#8217;s fiscal deficit is expected to have closed the year at 3.1% (BEC), below the 3.5% deficit of 2023 and the 3.7% average between 2015 and 2019. Spain's public debt ratio is expected to close at 102.3% of GDP in 2024 according to the IMF, below the 105.0% of GDP in 2023 but above the 101.3% of GDP average from 2015 to 2019. Thanks to the record dynamism in exports, the current account surplus has increased to 3.3% of GDP in 2024 (BEC), up from 2.7% in 2023 and the 2.7% annual average from 2015 to 2019.</span></div><div style="text-align:justify;text-indent:35.4pt"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">     United Kingdom</span></div><div style="text-align:justify;text-indent:35.4pt"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">     In the United Kingdom, GDP grew 0.9% in 2024 gaining momentum from the near-to-stagnation 0.4% growth in 2023, but still below the 1.7% annual average GDP growth from 2015 to 2019. Growth resumed despite the high terminal level of interest rates (5.25%) in the economy, which were loosened only twice during the second part of the year, landing at 4.75%. Thus, the differential factors for 2024's growth were an increase in real income derived from wage gains above inflation, and from the resilience of the UK labor market, where unemployment rates stayed at a low 4.3% average in 2024 (BEC), slightly above the 4.1% average in 2023 and below the 4.4% average from 2015 to 2019. </span></div><div style="text-align:justify;text-indent:35.4pt"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">     Inflation decreased steadily during 2024. The 12-month inflation rate settled below the Bank of England target of 2.0% in September, and closed the year at 2.5% in December 2024, still below the 4.0% 12-month inflation rate of December 2023, but above the 1.6% average 12-month inflation rate from 2015 to 2019. However, dynamic wage growth is preventing a further decline in inflation since service inflation remains at high levels and has impeded a further loosening by the Bank of England. Interest expenses associated with the government deficit, which improved in 2024 (4.4% of GDP &#8211; BEC &#8211; down from 5.2% in 2023 and above the 2.9% average annual deficit from 2015 to 2019), were mostly unchanged despite high interest rates in the long-end of the curve. The elevated fiscal deficit amid weak real GDP growth has translated in an increase of the UK public debt ratio to 101.8% of GDP in 2024, above the 100% ratio in 2023 and the 86.2% of GDP average from 2015 to 2019. The favorable interest rate differential vis-&#224;-vis Europe supported the British pound sterling throughout 2024, with an average exchange rate of 0.83 pounds sterling per euro, stronger than the average exchange rate in 2023 (0.87 pounds sterling per euro) and slightly depreciated with respect the average exchange rate of 0.83 pounds sterling per euro from 2015 to 2019. This contributed to a higher current account deficit of 2.8% of GDP in 2024 (BEC), up from the 2.2% deficit in 2023, but below the 4.2% average deficit from 2015 to 2019.</span></div><div style="text-align:justify;text-indent:35.4pt"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">     Germany</span></div><div style="text-align:justify;text-indent:35.4pt"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">     In 2024 German GDP contracted 0.2%, slightly above the 0.3% contraction in 2023 but significantly below the 1.6% average annual GDP growth from 2015 to 2019, keeping Germany&#8217;s GDP around its pre-pandemic level still in 2024. The manufacturing sector in Germany is still impacted by energy prices and the slowdown of Germany's main export destination, China, contributing to the loss of global export shares in some sectors against China's rise in these markets. On top of that, Germany has maintained a stricter fiscal policy than its European peers since the pandemic stemming from the &#8220;Debt Brake&#8221;, a balanced-budget rule that limits Germany's structural deficit to 0.35% of GDP outside of crisis or emergency scenarios. Despite this gloomy environment, unemployment has remained very low, at an average of 3.4% in 2024, similar to the 3.0% of 2023 and below the 3.5% average rate between 2015 and 2019.</span></div><div style="text-align:justify;text-indent:35.4pt"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">    Inflation has closely followed the performance of the eurozone average given Germany&#8217;s weak internal demand, and despite somewhat higher wage gains and higher energy prices. The 12-month inflation rate was 2.6% as of December 2024, below the 12-month inflation rate of 3.7% as of December 2023 but above the 1.2% average 12-month inflation rate from 2015 to 2019. The long average maturity of debt incurred during the years of low interest rates has also isolated the public accounts from the effects of monetary policy tightening. Germany&#8217;s fiscal deficit is expected to be at 2.0% in 2024 (BEC), below the 2.6% deficit of 2023 but above the 1.8% average annual surplus from 2015 to 2019. According to the IMF, the level of public debt has stayed constant at 62.7% of GDP in 2024, </span></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">92</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><div style="text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">below the 65.5% average level of public debt from 2015 to 2019. Finally, the current account showed a surplus of 6.3% in 2024 (BEC), above the 6.0% surplus in 2023 but below the 8.2% average from 2015 to 2019.  </span></div><div style="text-align:justify;text-indent:35.4pt"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">      Brazil</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">    </span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">    In 2024, Brazil's GDP grew above expectations at 3.5% according to market expectations in Focus Survey, similar to the 3.4% GDP growth in 2023 and well above the -0.4% average annual growth rate between 2015 and 2019. The result was partly driven by fiscal spending, as well as a monetary policy loosening during the first half of the year, which supported quarterly annualized growth levels around 5.0%. This growth fed into a heated job market where unemployment headed to historical lows, with an average rate of 6.9% during 2024 (below the 8.0% average rate in 2023 and the 11.4% annual average rate between 2015 and 2019). </span></div><div style="text-align:justify;text-indent:35.4pt"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">     The 12-month inflation rate was 4.8% as of December 2024, far from the 3.0% target and similar to the 12-month inflation rate of 4.6% as of December 2023 (but below the 5.6% average 12-month inflation rate between 2015 and 2019). Inflation was boosted by adverse weather conditions and exchange-rate depreciation that followed from a lack of fiscal discipline, and which fed into inflation expectations. In this context, the policy rate rose from 11.75% at the end of 2023 to 12.25% at the end of 2024, after a loosening impasse in the first half of the year. The public sector budget deficit closed at 8.0% of GDP in 2024 according to Focus Survey, after recording a 6.6% deficit in 2023. As a result, Brazil's public debt ratio increased to 87.6% of GDP in 2024 according to the IMF, above 84.7% of GDP in 2023 and above the 80.8% of GDP annual average between 2015 and 2019. Accordingly, the current account deficit deteriorated to 2.3% of GDP as of December 2024 according to Focus Survey, well above the 1.1% of GDP deficit in 2023 but below the annual average deficit of 2.5% of GDP between 2015 and 2019. The combination of private and, more significantly, public-sector financial imbalance, contributed to an exchange rate of 6.19 Brazilian reais per U.S. dollar as of December 31, 2024, compared to 4.84 Brazilian reais per U.S. dollar on December 31, 2023, a year-over-year depreciation of 28% and well above the annual average of 3.52 Brazilian reais per U.S. dollar between 2015 and 2019.</span></div><div style="text-align:justify;text-indent:35.4pt"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">     Mexico</span></div><div style="text-align:justify;text-indent:35.4pt"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">    In 2024, GDP growth slowed down to 1.5% according to Latin Focus Consensus Forecast (CFe), in contrast to 3.3% growth in 2023 and below the annual average GDP growth of 2.0% between 2015 and 2019. Slower domestic demand and weaker external impulses weighed on economic performance. The average unemployment rate declined to 2.7% from 2.8% in 2023, lower than the annual average of 3.6% recorded between 2015 and 2019. Prospective economic growth in Mexico remains subject to significant uncertainty. The policies advocated by the incoming U.S. presidential administration have included greater trade protectionism, including the imposition of significant tariffs on Mexican imports into the United States, greater restrictions on border crossings into the United States and greater restrictions on illegal immigrants present in the United States, among others. These policies, if effectively carried out, may slow economic growth in, or otherwise adversely affect, Mexico in the coming years, including by reducing Mexican exports to the United States and the volume of remittances received in Mexico.</span></div><div style="text-align:justify;text-indent:35.4pt"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">    The 12-month inflation rate gradually declined to 4.2% as of December 2024, 0.5 p.p. below the 12-month inflation rate in December 2023 (4.7%). It remains higher than both, the average 12-month inflation rate of 3.8% between 2015 and 2019 and the central bank inflation target of 3.0%. Despite the positive trend, inflationary pressures persisted in some of the consumer basket items, but based on headline inflation, the central bank reduced its key interest rate from 11.25% in December 2023 to 10.00% in December 2024. On the fiscal front, the central government&#8217;s deficit increased to 5.7% of GDP in 2024 from 3.3% of GDP in 2023, significantly above the 2015-2019 average (2.8% of GDP). In 2024 government debt reached 51.4% of GDP, increasing from 47.4% of GDP in 2023 and 5.7 p.p. higher than the 2015-2019 average (45.7% of GDP). The current account deficit rose from 0.3% in 2023 to an estimated 0.7% of GDP in 2024 (CFe), in line with the annual average of 0.7% of GDP between 2015 and 2019. The Mexican peso depreciated against the U.S. dollar by 22.9% in 2024 (reaching 20.78 Mexican pesos per U.S. dollar as of December 31, 2024), due to persistent U.S. dollar strength, concerns about the trade and immigration policies referred to above and concerns about fiscal management and the effectiveness of institutional reforms carried out by President Claudia Sheinbaum&#8217;s administration. </span></div><div style="text-align:justify;text-indent:35.4pt"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">      Venezuela</span></div><div style="text-align:justify;text-indent:35.4pt"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">    In 2024 GDP expanded at 4.7% (CFe), 0.1 p.p. above 2023 GDP growth of 4.6% according to CFe (official growth statistics are not released on regular basis). It also contrasts with an annual average GDP contraction of 17.2% from 2015 to 2019. Consumption and public spending accelerated following a substantial recovery in oil </span></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">93</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><div style="text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">production, from 800 thousand barrels per day in 2023 to 960 thousand barrels per day in 2024 according to the Organization of the Petroleum Exporting Countries (OPEC). This production level remains far below the levels prevailing before the imposition of the U.S. sanctions, many of which were temporarily lifted in October 2023 in exchange for the promise of the release of political prisoners and free and fair elections in 2024. Incumbent president Nicol&#225;s Maduro proclaimed himself winner of those elections despite allegations of fraud by the opposition and international community. </span></div><div style="text-align:justify;text-indent:35.4pt"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">     The 12-month inflation rate as of December 2024 is estimated at 39.8% (CFe), which is lower compared to the number recorded at the end 2023 (189.0%) and the annual average in the 2015-2019 hyperinflation period (28,193%). The last official 12-month inflation data corresponds to October 2024 (23.6%). The government abated the hyperinflation by permitting a de-facto partial dollarization of the economy and anchoring inflation expectations to exchange-rate dynamics. In 2024, the Venezuelan bolivar depreciated about 44.7% against the U.S. dollar, reaching 52.03 Venezuelan bolivars per U.S. dollar as of December 31, 2024, mostly during the second half of the year due to the uncertainty about the controversial results of the presidential elections. </span></div><div style="text-align:justify;text-indent:35.4pt"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">     Chile</span></div><div style="text-align:justify;text-indent:35.4pt"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">     In 2024 GDP growth bounced back at 2.5% after having stagnated in 2023 with 0.2% growth. This stood in line with the 2015-2019 average annual GDP growth rate of 2.4%. Economic activity was supported by domestic demand on the back of declining interest rates and rising employment and real wages, but activity remained lower than its historical trend, especially private investment. The unemployment rate averaged 8.5% in 2024, diminishing 0.1 p.p. against 2023 (8.6%) but above 2015-2019 average (6.9%).</span></div><div style="text-align:justify;text-indent:35.4pt"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">    The 12-month inflation rate reached 4.5% as of December 2024, increasing by 0.6 p.p. against the December 2023 12-month inflation rate (3.9%), mostly as a result of a 60% jump in electricity prices, which had been frozen since 2019. Inflation remains well above the 2015-2019 average 12-month inflation rate of 3.0%, which is also the monetary policy inflation target. Despite rising inflation, the central bank loosened its monetary policy by cutting rates throughout the year, from 8.25% to 5.0% in an effort to support economic activity, since elevated copper prices contained depreciation pressures. The fiscal deficit was at 2.9% of GDP in 2024, compared to 2.4% of GDP in 2023 and 2.5% on average in 2015-2019 average. In 2024 government debt reached 42.3% of GDP increasing from 38.9% of GDP in 2023 and 19 p.p. higher than the 2015-2019 average (23.3% of GDP). The current account deficit in 2024 reached 2.4% of GDP (CFe), showing an improvement of 1.1 p.p. against 2023 (3.5% of GDP) and of 1.2 p.p. compared to 2015-2019 average (3.6% of GDP). The Chilean peso depreciated against the U.S. dollar by 12% in 2024, reaching 992.0 Chilean pesos per U.S. dollar as of December 31, 2024, mostly as a result of persistent U.S. dollar strength, concerns about the trade and immigration policies of the new U.S. presidential administration, and declining local interest rates. Copper prices and lower political uncertainty partially offset the weakening of the Chilean currency.</span></div><div style="text-align:justify;text-indent:35.4pt"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">     Argentina</span></div><div style="text-align:justify;text-indent:35.4pt"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">     In 2024 GDP shrunk by 3.4% (CFe), following a contraction of 1.6% in 2023 and an annual average contraction rate of 0.2% between 2015 and 2019. The economic slump was a consequence of the implementation of a strict economic stabilization program intended to reestablish broken macroeconomic equilibrium. The program included a fiscal adjustment of 5.0 p.p. of GDP among other restrictive measures, all partially compensated by a rebound in agricultural production that was affected in 2023 by a severe drought. The unemployment rate averaged 7.9% in 2024 (CFe), which is 1.8 p.p. higher than in 2023 (6.1%) but 0.4 p.p. lower than the annual average rate between 2015 and 2019 (8.3%). </span></div><div style="text-align:justify;text-indent:35.4pt"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">     The 12-month inflation rate as of December 2024 reached 117.8%, reducing sharply against 2023 year-end (211.4%). However, it remains well above the annual average between 2015 and 2019 (38.8%). The central bank reduced its key interest rate from 100% to 32% throughout the year as the stabilization program evolved in line with expectations. The government&#8217;s fiscal balance recorded a 0.3% of GDP surplus in 2024, a remarkable turnaround from the 5.9% of GDP deficit in 2023 and the average annual deficit between 2015 and 2019 (4.8% of GDP). In 2024, government debt reached 82.5% of GDP (CFe), declining abruptly from 141.0% of GDP in 2023 (CFe), although remaining 15.1 p.p. higher than the 2015-2019 annual average (67.4% of GDP). The current account is expected to show a surplus of 0.6% of GDP in 2024 (CFe), which contrasts with the 2023 deficit of 3.2% of GDP and the annual average deficit of 3.2% of GDP between 2015 and 2019. The Argentine peso depreciated against the U.S. dollar by 27.7% in 2024, reaching 1,032.5 Argentine pesos per U.S. dollar as of December 31, 2024. As a part of the stabilization program, authorities defined a 2.0% monthly crawling peg devaluation in the official </span></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">94</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><div style="text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">exchange rate market to reduce volatility and to anchor inflation expectations. In addition, the progressive loosening of exchange market restrictions generated a reduction in the gap between the official and parallel market exchange rates from 26.5% at end of 2023 to 14.9% at end of 2024. Finally, the Argentine government revived its $44 billion Extended Fund Facility arrangement with the IMF. The new operative fiscal and monetary targets under that arrangement were met, although the foreign reserves target was not.   </span></div><div style="text-align:justify;text-indent:35.4pt"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">      Colombia</span></div><div style="text-align:justify;text-indent:35.4pt"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">   In 2024 GDP expanded by 1.7% (CFe), gaining momentum compared to the 0.6% growth in 2023 but underperforming the annual average GDP growth of 2.3% between 2015 and 2019. Higher dynamism was a result of the effect of declining rates in consumption and investment, fiscal spending and wage increases. The average unemployment rate stood at 10.2% in 2024 (the same 10.2% as in 2023), slightly above the annual average of 9.9% recorded between 2015 and 2019. </span></div><div style="text-align:justify;text-indent:35.4pt"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">     The 12-month inflation rate gradually declined to 5.2% in December 2024, 4.1 p.p. below the 12-month rate in December 2023 (9.3%) and closer to the average 12-month inflation rate of 4.7% between 2015 and 2019. However, inflation remained above the central bank inflation target of 3.0%, with inflationary pressures persisting as the prices of public services rose in response to the strong "El Ni&#241;o" phenomenon in the first eight months of the year, which reduced hydroelectric generation capacity. The central bank lowered its key interest rate from 13.0% in December 2023 to 9.5% in December 2024. On the fiscal front, the central government&#8217;s deficit increased to 6.8% of GDP in 2024, up from a deficit of 4.3% of GDP in 2023 and twice the 2015-2019 average deficit (3.2% of GDP). Consequently, the government debt ratio reached 60.4% of GDP in 2024, increasing from 56.7% of GDP in 2023 and higher than the 2015-2019 average (47.2% of GDP). The current account deficit increased from 2.5% in 2023 to 2.6% of GDP in 2024 (CFe), below the annual average deficit of 4.4% of GDP between 2015 and 2019. The Colombian peso depreciated against the U.S. dollar by 15.3% in 2024, reaching 4,409.0 Colombian pesos per U.S. dollar as of December 31, 2024, due to persistent U.S. dollar strength, concerns about the trade and immigration policies of the new U.S. presidential administration, declining oil prices and concerns about local fiscal management.</span></div><div style="text-align:justify;text-indent:35.4pt"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">        Peru</span></div><div style="text-align:justify;text-indent:35.4pt"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">     In 2024, GDP growth stood at 2.9% (CFe) following a 0.4% contraction in 2023, slightly below the annual average growth rate of 3.2% between 2015 and 2019. The economic recovery was led by consumption, benefiting from higher purchasing power as inflation and interest rates fell, as well as by fiscal spending, increasing consumer confidence and reducing political and social contests. The unemployment rate averaged 6.5% in 2024, in line with the average rate in 2023 (6.9%) and the 2015-2019 period (6.5%). </span></div><div style="text-align:justify;text-indent:35.4pt"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">        The 12-month inflation rate as of December 2024 reached 2.0%, below the rate of 3.2% at the end of 2023 and below the average 12-month inflation rate of 2.6% between 2015 and 2019. The central bank cut its benchmark interest rate from 6.75% in December 2023 to 5.0% in December 2024. The fiscal deficit in 2024 is estimated at 3.6% of GDP, worsening by 0.8 p.p. compared to 2023 (2.8% of GDP) and above the annual average deficit of 2.2% of GDP between 2015 and 2019. In 2024 the government debt reached 33.3% of GDP (CFe), increasing from 32.9% of GDP in 2023 and 8.6 p.p. higher than the 2015-2019 average (24.7% of GDP). The current account recorded a surplus of 0.9% of GDP in 2024 (CFe), improving by 0.1 p.p. compared to 2023 (0.8% of GDP) and a positive number compared to an annual average deficit of 2.0% of GDP between 2015 and 2019. S&amp;P downgraded the country&#8217;s sovereign rating to BBB-, placing the country at risk of losing its investment-grade rating because of the impact that political instability could have on long-term growth. The Peruvian sol depreciated against the U.S. dollar by 1.6% in 2024, reaching 3,764.0 Peruvian sols per U.S. dollar as of December 31, 2024, as a result of persistent U.S. dollar strength, declining interest rate differentials and concerns about fiscal management.</span></div><div style="text-align:justify;text-indent:36pt"><span><br/></span></div><div style="margin-bottom:8pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Exchange Rate Fluctuations</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify;text-indent:27pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">We publish our Consolidated Financial Statements in euros. Because a substantial portion of our assets, liabilities, revenues and expenses are denominated in currencies other than the euro, we are exposed to fluctuations in the values of these currencies against the euro. Currency fluctuations have had and may continue to have a material impact on our financial condition, results of operations and cash flows.</span></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">95</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><div style="margin-bottom:9pt;text-align:justify;text-indent:27pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">We estimate that, in 2024, variations in currencies (without considering the impacts of hyperinflationary countries) subtracted approximately 2.2 percentage points from the year-on-year growth in the Group&#8217;s consolidated revenues. Currency fluctuations can also have a significant impact on our statement of financial position, particularly equity attributable to equity holders of the parent, and on our statement of cash flows, when translating the financial statements of subsidiaries located outside the eurozone into euro. In 2024 translation differences had a negative impact on equity attributable to equity holders of the parent of 959 million euros. In addition, our cash and cash equivalents decreased by approximately 191 million euros due to the translation of the financial statements of our foreign subsidiaries, principally due to the depreciation of the Brazilian real relative to the euro. If the impacts of hyperinflationary currencies were considered, the adverse impact of variations in currencies on our consolidated results, statement of financial position and statement of cash flows would have been higher.</span></div><div style="margin-bottom:9pt;text-align:justify;text-indent:27pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">We estimate that in 2023 variations in currencies (without considering the impacts of hyperinflationary countries) contributed to the year-on-year increase in our consolidated revenues by approximately 0.2 percentage points. In 2023 translation differences had a positive impact on equity attributable to equity holders of the parent of 37 million euros.  In addition, our cash and cash equivalents decreased by approximately 258 million euros due to the translation of the financial statements of our foreign subsidiaries, principally due to the depreciation of the Argentine peso relative to the euro.</span></div><div style="margin-top:9pt;text-align:justify;text-indent:27pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">We estimate that in 2022 variations in currencies (without considering the impacts of hyperinflationary countries) contributed to the year-on-year increase in our consolidated revenues by approximately 4.5 percentage points. In 2022 translation differences had a positive impact on equity attributable to equity holders of the parent of 1,169 million euros. In addition, our cash and cash equivalents increased by approximately 156 million euros due to the translation of the financial statements of our foreign subsidiaries, principally due to the appreciation of the Brazilian real relative to the euro.</span></div><div style="margin-top:9pt;text-align:justify;text-indent:20.25pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Argentina is considered as a hyperinflationary economy since July 2018. The inflation rates used to prepare the financial information included herein are based on the National Consumer Price Index of Argentina (Indice de Precios al Consumidor con Cobertura Nacional de Argentina) published by the Central Bank of Argentina, or where a definitive index is not available, the best estimation. On an annual basis, this rate was 117.8% for 2024, 211.4% for 2023 and 94.79% for 2022. The exchange rate used to convert items denominated in Argentine peso, once adjusted for inflation, in the Consolidated Financial Statements are the closing rates as of December 31, 2024, 2023 and 2022, which were 1,032.5, 808.5 and 177.1 Argentine pesos per U.S. dollar, respectively.</span></div><div style="margin-top:9pt;text-align:justify;text-indent:20.25pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Venezuela is considered as a hyperinflationary economy since 2009. The inflation rates used to prepare the financial information included herein are based on the National Consumer Price Index of Venezuela (Indice Nacional de Precios al Consumidor de Venezuela) published by the Central Bank of Venezuela, or where a definitive index is not available, the best estimation. On an annual basis, these rates are 61.5%, 189.8% and 174.3% for 2024, 2023 and 2022, respectively. The exchange rates used to convert items denominated in Venezuelan bolivar, once adjusted for inflation, in the Consolidated Financial Statements are the closing rates as of December 31, 2024, 2023 and 2022, which were 81.85 bolivar digital per U.S. dollar (synthetic exchange rate), 159.45 bolivar digital per U.S. dollar (synthetic exchange rate) and  45.18 bolivar digital per U.S. dollar (synthetic exchange rate), respectively. </span></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">96</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><div style="margin-top:9pt;text-align:justify;text-indent:20.25pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The table below sets forth the average exchange rates against the euro of the U.S. dollar and the key currencies that impacted our consolidated results of operations for the periods indicated. Positive percentage changes represent a decline in the value of the applicable currency relative to the euro, and negative percentage changes represent increases in the value of the applicable currency relative to the euro.</span></div><div style="margin-top:9pt;text-align:justify;text-indent:20.25pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:95.906%"><tr><td style="width:1.0%"/><td style="width:34.265%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:12.009%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:12.009%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:12.009%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:11.552%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:11.556%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2022 (1)</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2023 (1)</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2024 (1)</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">% change <br/>2022 vs <br/>2023</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">% change <br/>2023 vs <br/>2024</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Average</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Average</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Average</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Average</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Average</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Pound Sterling</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">0.85&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">0.87&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">0.85&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2.04&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(2.66&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%)</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">U.S. Dollar</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1.05&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1.08&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1.08&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2.89&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">0.04&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Brazilian Real</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">5.42&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">5.40&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">5.81&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(0.32&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%)</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">7.54&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Argentine Peso (2)</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">189.08&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">893.45&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,073.18&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">372.52&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">20.12&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Peruvian Nuevo Sol</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">4.03&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">4.05&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">4.06&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">0.39&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">0.31&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Chilean Peso</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">916.52&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">906.50&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,020.41&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(1.09&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%)</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">12.57&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Mexican Peso</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">21.12&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">19.16&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">19.71&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(9.30&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%)</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2.88&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Venezuelan Bolivar Digital (2)</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">48.23&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">176.20&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">85.07&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">265.37&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(51.72&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%)</span></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Colombian Peso</span></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">4,452.39&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">4,651.42&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">4,397.76&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">4.47&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(5.45&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%)</span></td></tr></table></div><div style="padding-left:22.5pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-style:italic;font-weight:400;line-height:120%">Notes:</span></div><div style="padding-left:22.5pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-style:italic;font-weight:400;line-height:120%">Source: Central treasury bank of the respective countries, except with respect to the Venezuelan bolivar digital </span></div><div style="margin-top:3pt;padding-left:22.5pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">(1)&#160;&#160;&#160;&#160;These exchange rates are used to convert the income statements of our subsidiaries from local currency to euro. The exchange</span></div><div style="padding-left:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">rates between the euro and the Latin American currencies above are calculated by triangulation, using the U.S. dollar.</span></div><div style="margin-top:3pt;padding-left:22.5pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">(2)&#160;&#160;&#160;&#160;As Venezuela and Argentina are considered to be hyperinflationary economies, the income statement from operations in each such country is accounted for pursuant to the closing exchange rate of the relevant local currency to euro.</span></div><div style="margin-top:3pt;padding-left:22.5pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%"> </span></div><div style="margin-top:9pt;text-align:justify;text-indent:20.25pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">We describe certain risks related to exchange rate fluctuations in &#8220;Item 3. Key Information&#8212;Risk Factors,&#8221; and we describe our policy with respect to limiting our exposure to short-term fluctuations in exchange rates under &#8220;Item 11. Quantitative and Qualitative Disclosures About Market Risk.&#8221;</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Group Results of Operations</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify;text-indent:20.25pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Please see &#8220;Item 4. Information on the Company &#8212; Business Overview&#8221;.</span></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">97</span></div></div></div><div id="i63478826478c4e0dbabc502413383f6b_88"></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">B. Liquidity and Capital Resources</span></div><div style="margin-top:9pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Cash Flow Analysis</span></div><div style="margin-top:9pt;text-align:justify;text-indent:20.25pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The table below sets forth consolidated cash flow information for the years indicated. Positive figures refer to cash inflows and those in parentheses refer to cash outflows.</span></div><div style="margin-top:9pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.707%"><tr><td style="width:1.0%"/><td style="width:47.140%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:16.055%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:16.055%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:16.350%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2022</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2023</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2024</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">(Millions of euros)</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">&#160;</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Net cash from operating activities</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">11,763</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">11,649&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">10,994&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Net cash used in investing activities</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(5,327)</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(4,286)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(5,223)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Net cash used in financing activities</span></td><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(7,925)</span></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(7,186)</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(4,672)</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr></table></div><div style="margin-top:9pt;text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In 2024, dividends amounting to 425 million pounds (512 million euros) were received from VMED O2 UK Limited compared to dividends of 1,000 million pounds (1,154 million euros) in 2023 and 800 million pounds (909 million euros) in 2022.</span></div><div style="margin-top:9pt;text-align:justify;text-indent:20.25pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">For details regarding our cash flows for the years ended December 31, 2022, 2023 and 2024, please see the Consolidated Statements of Cash Flows and Note 28 to our Consolidated Financial Statements.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Anticipated Uses of Funds</span></div><div style="margin-top:9pt;text-align:justify;text-indent:20.25pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Our principal liquidity and capital resource requirements consist of the following:</span></div><div style="margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:10pt">costs and expenses relating to the operation of our business;</span></div><div style="margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:10pt">debt service requirements relating to our existing and future debt;</span></div><div style="padding-left:36pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:115%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:115%;padding-left:10pt">capital expenditures (including spectrum acquisitions) for existing and new operations;</span></div><div style="margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:10pt">acquisitions of new licenses or other operators or companies engaged in complementary or related businesses; and</span></div><div style="margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:10pt">dividends, other shareholder remuneration, and pre-retirement payments.</span></div><div style="margin-top:9pt;text-align:justify;text-indent:20.25pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In 2025, we expect to continue transforming our networks, evolving them towards all-IP hyper-connected networks, by investing in FTTx in key markets, and by expanding our mobile networks with LTE in most of our operations. We also expect to continue investing in TV and digital services&#160;to take advantage of the opportunities in the digital markets. We may also use funds to acquire new licenses engaged in complementary or related businesses in the digital world.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify;text-indent:20.25pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">We also have liquidity requirements related to the costs and expenses relating to the operation of our business, financial investments (including investment commitments with joint venture partners), our payment of dividends, shareholder remuneration and pre-retirement payment commitments.</span></div><div style="margin-bottom:9pt;text-align:justify;text-indent:20.25pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">We also have liquidity constraints related to debt service requirements in connection with our existing and future debt. As of December 31, 2024, we had gross financial debt of 38,782 million euros compared with 37,061 million euros as of December 31, 2023. For the amortization schedule of our consolidated gross financial debt as of December 31, 2024 and a further description of financing activity in 2024, see &#8220;&#8212;Anticipated Sources of Liquidity&#8221; below. </span></div><div style="margin-bottom:9pt;text-align:justify;text-indent:20.25pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Our net financial debt decreased by 188 million euros to 27,161 million euros as of December 31, 2024, compared with 27,349 million euros as of December 31, 2023, due to a (i) positive adjusted free cash flow generation of 2,634 million euros (2,468 million euros if spectrum payments and financed spectrum payments without explicit interest were also included in adjusted free cash flow) and (ii) other factors totaling 850 million euros (highlighting the depreciation of various Latin American currencies, in particular the Brazilian real, against the euro). Factors that increased net financial debt in 2024 were (i) shareholder remuneration of 2,062 million euros, (ii) net financial investments of 1,068 million euros (corresponding mainly to the acquisition of Telef&#243;nica Deutschland shares) and (iii) spectrum payments of 166 million euros.</span></div><div style="margin-bottom:9pt;text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In nominal terms, as of December 31, 2024, 82.5% of the Group's net financial debt had its interest rate set at fixed interest rates for periods of more than one year. The effective cost of debt related interest payments for the last 12 months excluding leases was 3.32% as of December 31, 2024 compared to 3.80% as of December 31, 2023. </span></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">98</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><div style="margin-top:9pt;text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">For a reconciliation of net financial debt to gross financial debt, see &#8220;&#8212;Non-GAAP Financial Information&#8212;Net financial debt, net financial debt plus leases, net financial debt plus commitments and net financial debt plus leases plus commitments&#8221;.</span></div><div style="margin-top:9pt;text-align:justify;text-indent:20.25pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The following table describes our contractual obligations and commitments with definitive payment terms which may require significant cash outlays in the future. The amounts payable (including accrued interest payments) are as of December 31, 2024. For additional information, see our Consolidated Financial Statements.</span></div><div style="margin-top:9pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"/><td style="width:35.011%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:11.326%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:12.204%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:11.326%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:11.326%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:12.207%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="15" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Payments Due by Period</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Millions of euros</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Total</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Less than 1 year</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">1-3 years</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">3-5 years</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">More than 5 years</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Financial liabilities (1)</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">38,782</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">5,590&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">7,834&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">5,958&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">19,400&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Lease liabilities (2)</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">8,303</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2,226&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2,786&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,828&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,463&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Purchases and other contractual obligations (3)</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">11,548</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">4,204&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">4,008&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,441&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,895&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Other liabilities (4)</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2,189</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">576&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,613&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Total</span></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">60,822</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">12,596</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">16,241</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">9,227</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">22,758</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr></table></div><div style="margin-bottom:9pt;margin-top:9pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">(1)</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%;padding-left:7.02pt">Estimated future interest payments as of December 31, 2024 on our interest-bearing debt (not included above) are as follows: 1,308 million euros in 2025, 1,187 million euros in 2026, 1,045 million euros in 2027, 979 million euros in 2028, 888 million euros in 2029 and 6,932 million euros in subsequent years. With respect to floating rate debt, we estimate future interest payments as the forward rates derived from yield curves quoted for the different currencies on December 31, 2024. This item includes the fair value of derivatives classified as financial liabilities (i.e., those with a negative mark-to-market) and excludes the fair value of derivatives classified as current financial assets (461 million euros), and those classified as non-current (2,605 million euros) (i.e., those with a positive mark-to-market). For a more detailed description of our financial derivative transactions, see Note 19 to our Consolidated Financial Statements. For details of the composition of this item, see &#8220;&#8212;Anticipated Sources of Liquidity&#8221;).</span></div><div style="margin-bottom:9pt;margin-top:9pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">(2)</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%;padding-left:7.02pt">This item includes lease liabilities calculated under IFRS 16. For a more detailed description see Note 20 to our Consolidated Financial Statements.</span></div><div style="margin-bottom:9pt;margin-top:9pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">(3)</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%;padding-left:7.02pt">This item includes definitive payments (non-cancellable without penalty cost) due for agreements to purchase goods (such as network equipment) and services, as well as payments for football broadcast rights. For a more detailed description see Note 26 to our Consolidated Financial Statements.</span></div><div style="margin-bottom:9pt;margin-top:9pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">(4)</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%;padding-left:7.02pt">&#8220;Other liabilities&#8221; include: (a) long-term obligations that require us to make cash payments, excluding financial debt obligations included in the table under &#8220;Financial Liabilities&#8221; above and (b) other provisions. Because of the nature of the risks covered by &#8220;Other liabilities&#8221; such as other provisions, it is not possible to determine a reliable schedule of potential payments, if any. For details of the composition of other provisions, see Note 24 to our Consolidated Financial Statements.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify;text-indent:27pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Commitments for short-term leases and low value leases amounted to 58 million euros as of December 31, 2024. </span></div><div style="margin-top:9pt;text-align:justify;text-indent:27pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In addition, at December 31, 2024, we had short-term and long-term employee benefits provisions amounting to 1,073 million euros and 4,020 million euros, respectively, not included in the table above (see Note 24 to our Consolidated Financial Statements) and non-current and current account payables, such as trade payables, payables to suppliers of property, plant and equipment and payables for spectrum acquisitions, amounting to 1,850 million euros and 12,640 million euros, respectively (see Notes 21 and 22 to our Consolidated Financial Statements), not included in the table above.</span></div><div style="margin-top:9pt;text-align:justify;text-indent:27pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In addition, at December 31, 2024, VMO2 had commitments amounting to 5,744 million euros related to purchase, programming, network and connectivity and other commitments not included in the table above (see Note 10 to our Consolidated Financial Statements).</span></div><div style="margin-top:9pt;text-align:justify;text-indent:27pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">For details of the composition of, and changes in, our debt, see &#8220;&#8212;Liquidity and Capital Resources&#8212;Anticipated Sources of Liquidity&#8221; and Note 18 "Financial Liabilities" to our Consolidated Financial Statements.</span></div><div style="margin-top:9pt;text-align:justify;text-indent:27pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">For a discussion of our liquidity risk management policy, see Note 19 to our Consolidated Financial Statements.</span></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">99</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Anticipated Sources of Liquidity</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Cash flows from operations are our primary source of cash funding for existing operations, capital expenditures, investments, licenses, interest obligations and principal payments, dividends, other shareholder remuneration, and pre-retirement payments. We also rely on external financing, including a variety of short, medium and long-term financial instruments, principally bonds and debentures, undated deeply subordinated securities and borrowings from financial institutions. Cash and cash equivalents are mainly held in euros and euro-denominated instruments.</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">We hold most of our cash and cash equivalents in demand and in various terms up to three-month time deposits in euro.</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In recent years, we raised funds by issuing principally equity instruments (undated deeply subordinated securities and mandatory convertible notes) and debt securities, and we may issue additional equity or debt securities at any time. We have also raised funds through a series of asset divestitures. In 2024, the main sources of funds from divestitures came from the sale of Telef&#243;nica's entire stake in the share capital of China Unicom (Hong Kong) Limited.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Financing</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The following table shows the amortization schedule of our consolidated gross financial debt at December 31, 2024 as stated in euro, excluding estimated future interest payments. We may have exchange rate financial derivatives as instruments assigned to the underlying debt instruments. The table below includes the fair value of derivatives classified as financial liabilities (i.e., those with a negative mark-to-market) and excludes the fair value of derivatives classified as current financial assets (461 million euros), and those classified as non-current (2,605 million euros) (i.e., those with a positive mark-to-market). For description of the liquidity risk we face, see Note 19 to our Consolidated Financial Statements, and for a description of our financial liabilities, see Note 18 to our Consolidated Financial Statements.</span></div><div style="margin-bottom:9pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"/><td style="width:22.021%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:8.004%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.378%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:8.004%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:8.004%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:8.004%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:8.004%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:10.316%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:8.293%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.378%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:8.294%"/><td style="width:0.1%"/></tr><tr><td colspan="33" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Millions of euros</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #acacac;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:1pt solid #acacac;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Current</span></td><td colspan="3" style="border-top:1pt solid #acacac;padding:0 1pt"/><td colspan="15" style="border-top:1pt solid #acacac;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Non-current</span></td><td colspan="3" style="border-top:1pt solid #acacac;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="border-top:1pt solid #acacac;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Maturity</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2025</span></td><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2026</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2027</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2028</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2029</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Subsequent years</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Non-current total</span></td><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Debentures and bonds</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">3,559&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="padding:0 1pt"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2,046&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">4,019&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2,006&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2,422&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">17,203&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">27,696&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="padding:0 1pt"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">31,255&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Promissory notes &amp; commercial paper</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,276&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="padding:0 1pt"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">12&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">3&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">19&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">10&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">129&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">173&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="padding:0 1pt"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,449&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Total Issues</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">4,835</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="padding:0 1pt"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2,058</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">4,022</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2,025</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2,432</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">17,332</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">27,869</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="padding:0 1pt"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">32,704</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Loans and other payables</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">556&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="padding:0 1pt"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">389&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">643&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">277&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">565&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,584&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">3,458&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="padding:0 1pt"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">4,014&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Derivative instruments</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">199&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="padding:0 1pt"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">160&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">562&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">376&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">283&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">484&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,865&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="padding:0 1pt"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2,064&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-bottom:1pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Total</span></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">5,590</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="padding:0 1pt"/><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2,607</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">5,227</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2,678</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">3,280</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">19,400</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">33,192</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="padding:0 1pt"/><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">38,782</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr></table></div><div style="text-indent:13.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Notes:</span></div><div style="margin-bottom:9pt;text-align:justify;text-indent:13.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">- Estimated future interest payments as of December 31, 2024 on our interest-bearing debt (not included above) are as follows: 1,308 million euros in 2025, 1,187 million euros in 2026, 1,045 million euros in 2027, 979 million euros in 2028, 888 million euros in 2029 and 6,932 million euros in subsequent years. With respect to floating rate debt, we estimate future interest payments as the forward rates derived from yield curves quoted for the different currencies on December 31, 2024. </span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">During 2024, we obtained financing (excluding the refinancing of euro commercial paper and short-term banking loans) totaling 3,868 million euros at the Group level and 2,657 million euros were obtained by VMO2 (the joint venture in the UK with Liberty Global plc). Telef&#243;nica's financing activity was focused on maintaining a solid liquidity position, as well as refinancing and maintaining long-term debt maturities.</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">For a description of our financing, see Note 18 to our Consolidated Financial Statements. </span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">As permitted under Rule 13-01(a)(4)(vi) of Regulation S-X, we have excluded the summarized financial information for Telef&#243;nica Emisiones, S.A.U and Telef&#243;nica Europe, B.V. because they are both considered to be a "finance subsidiary" (as defined in such Rule) of Telef&#243;nica, S.A., the debt securities issued by them are fully and unconditionally guaranteed by Telef&#243;nica, S.A., and no other subsidiaries of Telef&#243;nica, S.A. guarantee their debt issuances.</span></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">100</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Our borrowing requirements are not significantly affected by seasonal trends.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Availability of funds</span></div><div><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:112%">At December 31, 2024, we had funds available (including cash and cash equivalents, undrawn lines of credit and current financial assets) totaling 20,868 million euros. This amount included: undrawn lines of credit for an amount of 11,017 million euros (10,634 million euros expiring in more than 12 months); cash and cash equivalents; and certain current financial assets.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">We believe that, in addition to internal generation of funds, our working capital, our medium-term note program, our euro commercial paper program, our corporate domestic promissory note program and available lines of credit will allow us to meet our future capital requirements, including (according to our liquidity policy) gross debt maturities in the next 12 months.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">For a description of our liquidity and undrawn lines of credit available at December 31, 2024, see Note 18 to our Consolidated Financial Statements, and for a discussion of our liquidity risk management and our capital management, see Note 19 to our Consolidated Financial Statements.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Telef&#243;nica, S.A. is the parent company of the Telef&#243;nica Group and receives funding from its subsidiaries in the form of dividends and loans. Consequently, certain restrictions on the ability of the Group&#8217;s subsidiaries to transfer funds to Telef&#243;nica, S.A. in the form of cash dividends, loans or advances, capital repatriation and other forms would negatively affect our liquidity and thus our business. </span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Certain Latin American economies, such as currently Venezuela or Argentina, have experienced shortages in foreign currency reserves and their respective governments have adopted restrictions on the ability to transfer funds out of the country and/or convert local currencies into U.S. dollars. This may limit our ability to repatriate funds out of certain subsidiaries from such countries. Regarding the net repatriation of funds to Spain, </span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">364 million euros from Latin America companies have been received in 2024.This amount includ</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">es aggregate dividend collections of </span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">377</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#160;million euros and fees for </span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">266</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> million euros, partially offset by loans and capital contributions made to subsidiaries in an aggregate amount of </span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">279</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#160;million euros. </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Credit Ratings</span></div><div style="margin-bottom:9pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Our ability to use external sources of financing will depend largely on our credit ratings. We believe that we are well-positioned to raise capital in financial markets. However, negative conditions in the financial markets or a downgrade of any of the ratings of our debt or the Kingdom of Spain&#8217;s debt by any of Fitch, Moody&#8217;s and/or Standard &amp; Poor&#8217;s may increase the cost of our future borrowings or may make it more difficult to access the public debt markets. In connection with the credit rating agencies&#8217; review of our debt ratings, the rating agencies may give considerable weight to general macroeconomic and political conditions (including sovereign credit rating prospects), the performance of our businesses in countries where we operate, our financial and shareholder remuneration policy, our shareholder structure, our M&amp;A and divestiture policy, our ability to integrate acquired companies and our ability to refinance debt.</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">At December 31, 2024, Telef&#243;nica, S.A.&#8217;s long-term issuer default rating is "BBB stable outlook" from Fitch, &#8220;BBB - stable outlook" from Standard &amp; Poor's and &#8220;Baa3 stable outlook" from Moody's. During 2024, there were no changes in the long-term credit ratings by any of the three agencies. The latest changes in the credit ratings took place in 2020 when Standard and Poor&#8217;s revised the outlook to &#8220;negative&#8220; from &#8220;stable&#8221; on April 1, 2020 and later, on November 20, 2020 downgraded the rating to &#8220;BBB- stable&#8221; from &#8220;BBB negative&#8221;. On November 7, 2016 Moody's downgraded the rating to &#8220;Baa3 stable&#8221; from &#8220;Baa2 negative&#8221; and on September 5, 2016 Fitch downgraded the rating to &#8220;BBB stable&#8221; from &#8220;BBB+ stable&#8221;.</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In 2024, measures taken to protect the credit rating included active portfolio management through the voluntary public acquisition offer, and subsequent public delisting acquisition offer, for shares of Telef&#243;nica Deutschland. See &#8220;Item 4. Information on the Company&#8212;History and Development of the Company&#8212;Public Takeover Offers&#8221;. These transactions reinforce Telef&#243;nica&#8217;s strategy to focus on its core geographies and its strong commitment to the German market, one of the most attractive and stable telecom markets in Europe. The transactions also support Telef&#243;nica&#8217;s efforts to simplify the Group&#8217;s structure and are expected to enhance the euro-denominated cash flows generated in the Group.</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In addition, Telef&#243;nica has undertaken an employee restructuring process, allowing for the capture of savings from 2024 onward. See &#8220;Item 6. Directors, Senior Management and Employees&#8212;Employees&#8221;. </span></div><div style="text-align:justify"><span><br/></span></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">101</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In November 2024, Telef&#243;nica Espa&#241;a Filiales reached an agreement with Vodafone Espa&#241;a to incorporate a joint venture, whose main activity is the commercialization of a fiber to the home (FTTH) network for both companies in Spain. </span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Additionally, Telef&#243;nica maintains a solid liquidity position and conservative approach to debt refinancing, as the Group took advantage of the historical low refinancing rates in recent years to extend average debt life and smooth its maturity profile in coming years.</span></div><div style="margin-top:9pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Intra-group Loans</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">We lend funds to our operating subsidiaries, directly or through holding companies that head our different lines of business. At December 31, 2024, companies in the Telef&#243;nica Group owed Telef&#243;nica, S.A. a total of 2,307 million euros (2,057 million euros at December 31, 2023), including amounts due under intra-group loans and dividends distributed and uncollected at December 31, 2024. Funds provided by Telef&#243;nica, S.A. to its subsidiaries are derived from retained cash flows, loans, bonds, issuances of undated deeply subordinated securities and other sources (such as dividends and asset disposals). For additional information, see "Item 7. Major Shareholders and Related Party Transactions&#8212;Related Party Transactions&#8212;Intra-Group Loans".</span></div><div id="i63478826478c4e0dbabc502413383f6b_91"></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">C. Research and Development, Patents and Licenses, etc.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Telef&#243;nica remains committed to technological innovation as a fundamental tool for being one of the main players in the new digital universe, contributing to the creation of a more sustainable world while achieving competitive advantages and distinctive products. By introducing new technologies and developing business solutions and processes, we aim to become a more effective, efficient and customer-oriented Group. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Telef&#243;nica bases its innovation strategy on the balance between two main models: </span></div><div style="margin-top:9pt;text-align:justify;text-indent:9pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8211;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:21.44pt">First, through our internal research, development and innovation (R&amp;D&amp;I), for which we have developed our own innovation model, which allows us to leverage R&amp;D&amp;I results and capabilities in developing commercial products and services benefiting from knowledge gained in collaborations with research centers, technological institutes and universities, amongst other sources; and </span></div><div style="margin-top:9pt;text-align:justify;text-indent:9pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8211;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:21.44pt">Second, through the creation of open innovation ecosystems, in which the &#8220;Wayra&#8221; initiative stands out as a global program designed to connect entrepreneurs, start-ups, investors, venture capital funds and public and private organizations around the world to promote innovation in collaboration with other actors. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In addition to these two models, Telef&#243;nica seeks to promote the development of sustainable solutions that generate a positive impact on the environment and on the economic, social and technological progress of the regions in which we operate. To this effect, Telef&#243;nica invests in promoting sustainable innovation projects and in the activities that improve the accessibility of our solutions to all groups. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Internal Research, Development and Innovation:</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Telef&#243;nica believes that competitive advantage cannot be based solely on acquired technology, and so has considered the promotion of internal R&amp;D&amp;I activities as a strategic axis, in an effort to achieve this differentiation and move forward in other activities which support the sustainability of our business. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">To this end, Telef&#243;nica Group&#8217;s internal innovation policy focuses on contributing solutions that support Telef&#243;nica&#8217;s commitment to developing a responsible business under the criteria of economic, societal and environmental sustainability, by: </span></div><div style="margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:10pt">Developing new products and services that enable growth and competition in an increasingly global environment, while being adapted to the diversity and local needs of each market; </span></div><div style="margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:10pt">Increasing the revenue potential related to new products by creating value from the intellectual property rights of the generated technology; </span></div><div style="margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:10pt">Increasing our customers' loyalty and satisfaction; </span></div><div style="margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:10pt">Increasing the revenues, profits and value of the Company; </span></div><div style="margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:10pt">Increasing the quality of our infrastructure and services; </span></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">102</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><div style="margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:10pt">Strengthening our relationship with our technology and solutions providers; and</span></div><div style="margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:10pt">Improving business processes and operations with the aim of optimizing resources, increasing efficiency and reducing environmental impact. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">During 2024, Telef&#243;nica&#8217;s numerous technological innovation activities were focused on three main areas:  </span></div><div style="margin-bottom:9pt;margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">Telecommunications networks. These activities aim at developing and integrating new assets and components into our networks and systems, with three main pillars: (i) high capacity and high energy-efficiency networks: next generation of mobile network technologies (evolution of 5G and 6G), network slicing, new in-home networks, open and disaggregated technologies (Open RAN, Open Broadband, TIP), Quantum Communications (QKD, PQC) integrating our quantum ring infrastructure and connecting it to the European infrastructure Euro-QCI; (ii) cloud-native and software-based network architectures: which enable us to have a more flexible network that is dynamically adaptable to the new requirements of digital services and customers, with the Telco Cloud (multi-cloud virtualization) initiative, leading ETSI-OSM project, contributing to the European Alliance for Industrial Data, Edge and Cloud, and launching the Spanish IPCEI-CIS project; and (iii) Data and Artificial Intelligence driven operations: leveraging new tools and available network data within every process and every domain (fixed and mobile access, transport and core) and cloud infrastructure, with early deployments in Brazil, Germany and Spain, and exploring the network Digital Twin in a TM Forum project. </span></div><div style="margin-bottom:9pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">The development of new products and services which are carried out within the framework of the digital services strategy. Products and services for the mass market include: generative Artificial Intelligence solutions, new opportunities in the metaverse and the Web3, with a new cryptoasset management solution (operated by the Bit2Me exchange), and digital identity; in video and entertainment with new applications, advertising and payment capabilities, and digital cognitive marketing, using artificial intelligence preserving consumer privacy and our ethical principles, etc. Products and services for the B2B market include: the further development and promotion of Open Gateway, an industry-wide initiative that seeks to expose network APIs to service developers enabling a Network as a Service model, and UTIQ, a joint venture with three other European telecommunications operators that offers programmatic advertising solutions that do not use third-party cookies, as well as a wide portfolio of cloud and cybersecurity services, IoT platforms and connectivity, Big Data, Artificial Intelligence and blockchain, with vertical services tailored to industry sectors and public administrations, including quantum-safe IoT connectivity.</span></div><div style="margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">Experimental and applied research: With a medium and long-term outlook, Telef&#243;nica also has specialized scientific groups whose mission is to research and advance the state of the art of technologies to solve the technological, social and environmental challenges that arise. These activities are carried out in collaboration with public and private, national and international universities and research centers.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The total research and development ("R&amp;D") expense in the Group for 2024 amounted to 647 million euros, 12.63% lower than the 741 million euros incurred in 2023 (656 million euros in 2022). These expenses represented 1.6%, 1.8% and 1.6% of the Group&#8217;s consolidated revenues for 2024, 2023 and 2022, respectively. These figures were calculated using guidelines of the Organization for Economic Co-operation and Development ("OECD") manual. </span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">During 2024, Telef&#243;nica filed 18 patent applications for new inventions, 16 of which were European applications, and two of which were international applications (PCT). All of them were registered through the Spanish Patent and Trademark Office (OEPM). During 2024 a total of 13 patent applications from former years were granted. These figures represent an increase of 5.9% in the number of patent applications for new inventions compared with the 17 patent applications in 2023 (14 in 2022), and a decrease of 64% in the number of patent applications granted compared with the 37 patent applications in 2023 (21 in 2022).</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In addition, Telef&#243;nica filed a new utility model application in 2024 at the Spanish Patent and Trademark Office (OEPM).</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Moreover, three new industrial design families related to Customer Premises Equipment with European scope were registered in 2024 through the European Union Intellectual Property Office (EUIPO) and in Argentina, Brazil, Chile, Colombia, Peru and the United Kingdom (in 2023 five new industrial designs were registered).</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">At the end of 2024, the Telef&#243;nica Group had a portfolio of 419 active patents, 138 industrial designs and nine utility models, resulting in a portfolio of 566 registered technological intangible assets (497 as of December 31, 2023).</span></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">103</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><div style="margin-bottom:9pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:107%">Open Innovation</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Wayra is Telef&#243;nica&#8217;s main Open Innovation program. It connects Telef&#243;nica and technological disruptors around the world. We seek to become their preferred strategic partner, with a view to accelerate their business and ours. Wayra offers a unique and smooth interface between entrepreneurs and our network of corporate, government and other partners, adding value to the ecosystems where we are present. </span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Wayra has seven physical hubs serving nine countries in Europe and Latin America. Wayra manages its own corporate venture capital fund, investing in partnerships with other startup leaders in startups with a focus on the digital consumer market (digital home, entertainment, eHealth, fintech and energy), the B2B market (Artificial Intelligence, Internet of Things, cybersecurity, cloud and Big Data), next generation connectivity and Web3. Since 2022, Wayra also manages investment funds from other Telef&#243;nica Group companies like Vivo Ventures in Brazil and &#205;ope Ventures from Telef&#243;nica Seguros y Reaseguros Compa&#241;&#237;a Aseguradora, S.A.U.</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In addition to direct investments, Wayra invests as a limited partner in a network of 14 leading venture funds in key markets, aiming to address the big challenges facing the telecommunications industry and create new businesses leveraging cutting edge technology to build strategic partners fully aligned with the Group&#8217;s global strategy. The most relevant of these funds is Leadwind, in which we act as anchor investor, targeting deep tech scale-ups in southern Europe and Brazil.</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Telef&#243;nica has been engaged in Open Innovation for over 15 years. As of 2024, it has helped create and transform local entrepreneurship ecosystems in Europe and Latin America investing more than 240 million euros (including direct and indirect investments), in more than 1,100 startups, contributing to the creation of more than 10,000 highly skilled jobs. </span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Wayra invested in 37 startups in Europe and Latin America in 2024 for an aggregate total direct investment amount of 9 million euros, including new investments via &#205;ope Ventures. Telef&#243;nica had interests in more than 530 active startups whereof 190 were working with Telef&#243;nica by the end of 2024. </span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Telef&#243;nica has invested in more than 1,100 startups, engaging more than 330 startups to work with Telef&#243;nica and its customers, generating through some of their solutions more than 520 million euros in revenues for the startups and more than 830 million euros in revenues for Telef&#243;nica.</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In addition, in 2024 Telef&#243;nica Open Future maintained its entrepreneurship spaces in three countries, and continued its participation in Alaian, the Open Innovation initiative from ten major global telecommunication companies with an aggregate customer base of 1.5 billion and presence in 70 countries.</span></div><div id="i63478826478c4e0dbabc502413383f6b_94"></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">D. Trend Information</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:121%">In 2024, the Telef&#243;nica Group faced negative impacts from foreign exchange movements as results were negatively impacted by the depreciation of currencies in the Latin American countries in which the Group operates, in particular the Brazilian real. Hyperinflationary countries had a positive contribution to year-on-year revenue growth in 2024.</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:121%">The Group continued its strategic focus on network transformation, continuing to focus on 5G deployment in several segments.</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:121%">Good B2C revenue performance was the result of the Group&#8217;s high-quality services, value propositions, and strong brands across markets. which more than offset the impact of adverse changes in foreign exchange. Wholesale and other revenues decreased y-o-y, mainly impacted by MTRs halving in Spain and Germany since the beginning of 2024 and the effect that changes in 1&amp;1's business model had on Telef&#243;nica Germany. </span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:121%">Cost efficiencies were achieved in 2024 as a result of the Collective Redundancies Plan adopted by certain companies in Telef&#243;nica Spain in 2023.</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:121%">In 2025, we expect negative impacts from foreign exchange movements in Latin America to continue and we expect intense market competition to continue as well. The Company has taken several steps designed to address these and other recent trends and to face future uncertainties, such as:</span></div><div style="margin-bottom:9pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:121%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:121%;padding-left:14.5pt">First, while Telef&#243;nica has a long track record of generating cost efficiencies, we continue with the digitalization  and automation of sales channels and customer care, process improvements and modernization and rationalization of the network, such as switching from copper to fiber and legacy switch-off. In 2024, Telef&#243;nica took steps to hedge through long-term price agreements / power purchase </span></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">104</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><div style="margin-bottom:9pt;padding-left:36pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:121%">agreements (PPAs) and intends to increase the hedged ratio level of consumption for 2025 compared to 2024.</span></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:112%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:112%;padding-left:12.53pt">Second, we expect certain selling price increases to continue in the coming year, partially in response to inflation in several markets and potentially, as a result of the imposition of tariffs by major economies</span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:112%">. T</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:112%">elef&#243;nica believes telecom spending will be resilient to price increases as digitalization and digital communications remain important for Telef&#243;nica's customers. Notwithstanding this, some of the markets in which Telef&#243;nica operates have re-configured recently (e.g. Spain and the United Kingdom), due to new entrants, consolidation, or changes in control of existing players, raising risks of eventual price competition among operators, especially in basic connectivity offerings targeted at the lower end of these markets. Aiming at offsetting these potential risks and protecting margins, Telef&#243;nica continues to manage its operational cost base (i.e. hedging energy prices) and, overall, is focused on cost efficiencies across all functions.</span></div><div style="text-align:justify"><span><br/></span></div><div style="margin-bottom:9pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:121%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:121%;padding-left:14.5pt">Third, Telef&#243;nica is facing an intense competition in the markets where it operates, through the entry of new competitors (either new players or providers of OTT Services), mergers of operators in certain markets (e.g., agreed merger of mobile operators Vodafone UK and Three UK in the United Kingdom and the completed merger of Orange and M&#225;sM&#243;vil in Spain) and other changes in competitive dynamics in the different markets in Latin America (e.g., aggressive customer acquisition offers, with unlimited data and discounts on certain services). In order to combat this competition, Telef&#243;nica is focused on offering the best product and services to its customers, continuing to invest in improvements to its network and diversifying its revenue mix with adjacent businesses. These efforts include: </span></div><div style="margin-bottom:9pt;padding-left:72pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:121%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:121%;padding-left:13.8pt">Telef&#243;nica Empresas in Spain continues to advance in its proposals for the business segment. Positive developments on this front include the collaboration agreement with Microsoft to facilitate the adoption of Copilot+ PCs, Windows devices with integrated AI. This collaboration will allow Spanish companies to upgrade their workstations and improve their productivity through advance digital solutions.</span></div><div style="margin-bottom:9pt;margin-top:9pt;padding-left:72pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:13.8pt">Energy</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">:</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> GUD Energ&#237;a is a joint venture created in 2024 to capture the opportunities generated by the opening of the free market with a focus on the sale of personalized renewable energy solutions throughout Brazil, helping consumers to cut their energy bills.</span></div><div id="i63478826478c4e0dbabc502413383f6b_97"></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">E. Critical Accounting Estimates</span></div><div style="margin-top:9pt;text-align:justify;text-indent:20.25pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Not applicable.</span></div><div id="i63478826478c4e0dbabc502413383f6b_100"></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">F. Non-GAAP Financial Information</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In addition to those expressly defined in the IFRS, the management of the Group uses a series of measures in its decision-making that, it believes, provide additional information useful to assess the Group&#8217;s performance, solvency and liquidity. These measures should not be viewed in isolation or as a substitute for the measures presented according to the IFRS. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The non-GAAP financial measures included in this Annual Report are operating results before depreciation and amortization, operating results before depreciation and amortization after leases, net financial debt, net financial debt plus leases, net financial debt plus commitments, net financial debt plus leases plus commitments and adjusted free cash flow. We present below the definition of each of these non-GAAP financial measures together with a reconciliation to the most directly comparable financial measure defined by IFRS.</span></div><div style="width:100.000%"><div style="display:inline-block;vertical-align:top;width:46.491%"><div style="margin-top:9pt;text-align:justify"><span><br/></span></div></div><div style="display:inline-block;max-width:7.017%;min-width:6.017%;vertical-align:top"></div><div style="display:inline-block;vertical-align:top;width:46.492%"></div></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">105</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In 2024, Telef&#243;nica made updates to some of its non-GAAP measures. The purpose of these changes was to simplify and strengthen the alignment of the Group's financial objectives with the reported consolidated results, intending to facilitate the understanding of those results. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Following these changes, we use operating results before depreciation and amortization (previously called operating income before depreciation and amortization, or OIBDA) as the main operating performance measure for assessing the Group's objectives. In addition to operating results before depreciation and amortization, the Company has started to provide objectives related to operating results before depreciation and amortization after leases, as performance measures, in line with sector trends and taking into account the importance of leases in our operations. </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Additionally, in 2024 Telef&#243;nica modified the definition of its free cash flow measure. The Group&#8217;s prior free cash flow measure deducted from net cash flow provided by operating activities (i) (payments on investments)/proceeds from the sale of investments in property, plant and equipment and intangible assets, net, (ii) dividends paid to non-controlling interests, (iii) payments of financed spectrum without explicit interest and (iv) lease principal payments, but it added back to net cash flow provided by operating activities payments for commitments related to employee benefits, which represented payments of principal of the debt incurred by Telef&#243;nica with those employees. The Group&#8217;s new adjusted free cash flow measure is different because:</span></div><div style="margin-bottom:9pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8211;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:12.44pt">payments for commitments related to employee benefits are no longer added back to net cash flow provided by operating activities;</span></div><div style="margin-bottom:9pt;padding-left:36pt;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8211;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:12.44pt">spectrum payments are excluded from the deduction for (payments on investments)/proceeds from the sale</span></div><div style="margin-bottom:9pt;padding-left:36pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">of property, plant and equipment and intangible assets, net; </span></div><div style="margin-bottom:9pt;padding-left:36pt;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8211;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:12.44pt">hybrid instruments coupon payments are deducted from net cash flow provided by operating activities; and</span></div><div style="margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8211;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:12.44pt">dividends received from VMO2 not tied to the free cash flow generated by VMO2 are deducted from net cash flow provided by operating activities (so that, among other things, adjusted free cash flow does not include cash inflows from possible recapitalizations of VMO2, which are decided annually based on market conditions). </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">We believe the adjusted free cash flow measure provides a clearer view of recurring available cash generation compared to our prior definition of free cash flow.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Our definitions of the debt indicators (net financial debt, net financial debt plus leases, net financial debt plus commitments and net financial debt plus leases plus commitments) have not been modified.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Operating results before depreciation and amortization and Operating results before depreciation and amortization after leases </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Operating results before depreciation and amortization is calculated by deducting depreciation and amortization from the operating income.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Operating results before depreciation and amortization after leases is calculated by deducting from operating results before depreciation and amortization (i) amortization of rights of use (leases amortization) and (ii) financial expenses on lease liabilities.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Group uses these measures internally to evaluate business performance, to establish operational and strategic objectives and in the budgeting process. Both measures are commonly reported and widespread measures among analysts, investors and other stakeholders in the telecommunications sector. However they are not financial measures defined in IFRS and may, therefore, not be comparable with other similar financial measures used by other companies. These measures should not be considered as substitutes for operating income.</span></div><div style="margin-top:9pt;text-align:justify"><span><br/></span></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">106</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><div style="text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The following table provides a reconciliation of our operating results before depreciation and amortization and operating results before depreciation and amortization after leases to the Group's operating income for the year for the periods 2024, 2023 and 2022:</span></div><div><span><br/></span></div><div style="margin-bottom:6pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"/><td style="width:52.847%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:14.250%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:14.250%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:14.253%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Millions of euros</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:700;line-height:100%">2024</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:700;line-height:100%">2023</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:700;line-height:100%">2022</span></td></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Operating income</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">2,395&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">2,593&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">4,056&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Depreciation and amortization</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">8,799&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">8,797&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">8,796&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Operating results before depreciation and amortization</span></div></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">11,194&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">11,390&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">12,852&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Amortization of rights of use (leases amortization) (Note 20)</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(2,235)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(2,159)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(2,064)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Financial expenses on lease liabilities (Note 20)</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(511)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(435)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(394)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Operating results before depreciation and amortization after leases</span></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">8,448&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">8,796&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">10,394&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr></table></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">107</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><div style="margin-bottom:12pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The following tables provide a reconciliation of operating results before depreciation and amortization and operating results before depreciation and amortization after leases to operating income (loss) for the Group and for each of the Group's segments for the years 2024, 2023 and 2022:</span></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.561%"><tr><td style="width:1.0%"/><td style="width:27.093%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:9.032%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:9.032%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:9.032%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:9.032%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:9.913%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:9.032%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:9.034%"/><td style="width:0.1%"/></tr><tr><td colspan="24" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2024</span></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Millions of euros</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Telef&#243;nica Spain</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Telef&#243;nica Germany</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Telef&#243;nica Brazil</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Telef&#243;nica Hispam</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Other companies</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Elimina-tions</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Total Group</span></td></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Operating income (loss)</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">2,412&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">539&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">1,642&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(2,051)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(247)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">100&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">2,395&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Depreciation and amortization</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">2,202&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">2,226&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">2,474&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">1,651&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">281&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(35)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">8,799&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Operating results before depreciation and amortization</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">4,614&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">2,765&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">4,116&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(400)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">34&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">65&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">11,194&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Amortization of rights of use (leases amortization)</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(577)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(688)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(594)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(370)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(26)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">20&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(2,235)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Financial expenses on lease liabilities</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(51)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(66)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(281)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(112)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(4)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">3&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(511)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Operating results before depreciation and amortization after leases</span></div></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">3,986&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">2,011&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">3,241&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(882)</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">4&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">88&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">8,448&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr></table></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.561%"><tr><td style="width:1.0%"/><td style="width:27.093%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:9.325%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:9.325%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:8.885%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:9.032%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:9.472%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:8.591%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:9.477%"/><td style="width:0.1%"/></tr><tr><td colspan="24" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2023</span></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Millions of euros</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Telef&#243;nica Spain</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Telef&#243;nica Germany</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Telef&#243;nica Brazil</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Telef&#243;nica Hispam</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Other companies</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Elimina-tions</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Total Group</span></td></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Operating income (loss)</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">1,029&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">317&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">1,617&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(47)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(289)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(34)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">2,593&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Depreciation and amortization</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">2,200&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">2,323&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">2,511&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">1,557&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">244&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(38)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">8,797&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Operating results before depreciation and amortization</span></div></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">3,229&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">2,640&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">4,128&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">1,510&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(45)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(72)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">11,390&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Amortization of rights of use (leases amortization)</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(510)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(673)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(621)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(350)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(26)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">21&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(2,159)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Financial expenses on lease liabilities</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(36)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(36)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(258)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(104)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(3)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">2&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(435)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Operating results before depreciation and amortization after leases</span></div></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">2,683&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">1,931&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">3,249&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">1,056&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(74)</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(49)</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">8,796&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr></table></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.853%"><tr><td style="width:1.0%"/><td style="width:27.450%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:9.295%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:9.295%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:8.856%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:9.295%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:9.441%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:8.563%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:9.005%"/><td style="width:0.1%"/></tr><tr><td colspan="24" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2022</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Millions of euros</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Telef&#243;nica Spain</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Telef&#243;nica Germany</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Telef&#243;nica Brazil</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Telef&#243;nica Hispam</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Other companies</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Elimina-tions</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Total Group</span></td></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Operating income (loss)</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">2,431&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">263&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">1,363&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">159&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(124)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(36)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">4,056&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Depreciation and amortization</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">2,157&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">2,295&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">2,369&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">1,799&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">218&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(42)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">8,796&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Operating results before depreciation and amortization </span></div></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">4,588&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">2,558&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">3,732&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">1,958&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">94&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(78)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">12,852&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Amortization of rights of use (leases amortization)</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(410)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(636)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(563)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(454)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(22)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">21&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(2,064)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Financial expenses on lease liabilities</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(15)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(16)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(238)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(123)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(2)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(394)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Operating results before depreciation and amortization after leases</span></div></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">4,163&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">1,906&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">2,931&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">1,381&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">70&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(57)</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">10,394&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr></table></div><div style="margin-top:9pt;text-align:justify"><span><br/></span></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">108</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Net financial debt, net financial debt plus leases, net financial debt plus commitments and net financial debt plus leases plus commitments</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;As calculated by us, net financial debt includes:  </span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:174%">(A)  adding the following liabilities: </span></div><div style="margin-bottom:9pt;padding-left:36pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">i. Current and non-current financial liabilities in our consolidated statement of financial position (which includes the negative mark-to-market value of derivatives), </span></div><div style="margin-bottom:9pt;padding-left:36pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">ii. Other liabilities included in "Payables and other non-current liabilities", "Payables and other current liabilities" (mainly corresponding to payables for deferred payment of radio spectrum that have an explicit financial component and supplier financing for customer financing of terminal sales) and "Current tax payables", and   </span></div><div style="margin-bottom:9pt;padding-left:36pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">iii. Financial liabilities included in "Liabilities associated with non-current assets and disposal groups held for sale".  </span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:174%"> (B)  subtracting the following amounts from the resulting amount of the preceding step:  </span></div><div style="margin-bottom:9pt;padding-left:49.5pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">   i. "Cash and cash equivalents",  </span></div><div style="margin-bottom:9pt;padding-left:49.5pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">   ii. "Other current financial assets" (which include short-term derivatives), </span></div><div style="margin-bottom:9pt;padding-left:49.5pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">   iii. Cash and other current financial assets included in "Non-current assets and disposal groups held for sale", </span></div><div style="margin-bottom:9pt;padding-left:49.5pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">   iv. The positive mark-to-market value of derivatives with a maturity beyond one year, </span></div><div style="margin-bottom:9pt;padding-left:49.5pt;text-align:justify;text-indent:-4.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">  v. Other interest-bearing assets (included in "Financial assets and other non-current assets", "Receivables and other current assets" and "Tax receivables" in our consolidated statement of financial position). "Financial assets and other non-current assets" includes derivatives, installments for long-term sales of terminals to customers and other long-term financial assets, and "Receivables and other current assets" includes the customer financing of terminal sales classified as short-term. </span></div><div style="margin-bottom:9pt;padding-left:36pt;text-align:justify;text-indent:9pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">    vi. Mark-to-market adjustment by cash flow hedging activities related to debt, and </span></div><div style="margin-bottom:9pt;padding-left:36pt;text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">vii. Fair value of derivatives adjustment used for the economic hedging of gross commitments related to employee benefits.</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">We calculate net financial debt plus leases by adding lease liabilities calculated under IFRS 16 (including those corresponding to the companies held for sale) to net financial debt and deducting assets from subleases. </span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">We calculate net financial debt plus commitments by adding gross commitments related to employee benefits and the fair value of the derivatives used for the economic hedging of such commitments to net financial debt, and deducting the value of long-term assets associated with those commitments related to employee benefits and the tax benefits arising from the future payments of those commitments related to employee benefits. Gross commitments related to employee benefits are current and non-current provisions recorded for certain employee benefits such as termination plans, post-employment defined benefit plans and other benefits. </span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">We believe that net financial debt, net financial debt plus leases, net financial debt plus commitments and net financial debt plus leases plus commitments are meaningful for investors and analysts because they provide an analysis of our solvency using the same measures used by our management. We use them to calculate internally certain solvency and leverage ratios. Nevertheless, none of them as calculated by us should be considered as a substitute for gross financial debt as presented in the consolidated statement of financial position. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The following table presents a reconciliation of net financial debt, net financial debt plus leases, net financial debt plus commitments and net financial debt plus leases plus commitments as of December 31, 2024 and 2023 to the Telef&#243;nica Group&#8217;s gross financial debt as indicated in the consolidated statement of financial position. </span></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">109</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.707%"><tr><td style="width:1.0%"/><td style="width:73.533%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:10.043%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:13.124%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Millions of euros</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">12/31/2023</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">12/31/2024</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Non-current financial liabilities</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">33,360&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">33,192&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Current financial liabilities</span></td><td colspan="2" style="border-top:0.5pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">3,701&#160;</span></td><td style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:0.5pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">5,590&#160;</span></td><td style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Gross financial debt</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">37,061</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">38,782</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Cash and cash equivalents</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(7,151)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(8,062)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Other current financial assets</span></td><td colspan="2" style="border-top:0.5pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(1,066)</span></td><td style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:0.5pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(1,789)</span></td><td style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Cash and other current financial assets included in "Non-current assets and disposal groups held for sale" (see Note 30 to the Consolidated Financial Statements)</span></td><td colspan="2" style="border-top:0.5pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(13)</span></td><td style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:0.5pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(11)</span></td><td style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Positive mark-to-market value of long-term derivative instruments </span></td><td colspan="2" style="border-top:0.5pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(1,940)</span></td><td style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:0.5pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(2,605)</span></td><td style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Other liabilities included in "Payables and other non-current liabilities"</span></td><td colspan="2" style="border-top:0.5pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,750&#160;</span></td><td style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:0.5pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,818&#160;</span></td><td style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Other liabilities included in "Payables and other current liabilities" and "Current tax payables"</span></td><td colspan="2" style="border-top:0.5pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">446&#160;</span></td><td style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:0.5pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">532&#160;</span></td><td style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Other assets included in "Financial assets and other non-current assets"</span></td><td colspan="2" style="border-top:0.5pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(1,481)</span></td><td style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:0.5pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(1,093)</span></td><td style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Other assets included in "Receivables and other current assets"</span></td><td colspan="2" style="border-top:0.5pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(711)</span></td><td style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:0.5pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(794)</span></td><td style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Mark-to-market adjustment by cash flow hedging activities related to debt</span></td><td colspan="2" style="border-top:0.5pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">659&#160;</span></td><td style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:0.5pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">505&#160;</span></td><td style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Fair value of derivatives adjustment used for the economic hedging of gross commitments related to employee benefits</span></td><td colspan="2" style="border-top:0.5pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(205)</span></td><td style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:0.5pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(122)</span></td><td style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Net financial debt</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">27,349</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">27,161</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Net lease liabilities</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">8,920&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">8,275&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Net financial debt plus leases</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">36,269</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">35,436</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Gross commitments related to employee benefits and associated economic hedging</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">6,159&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">5,215&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Value of associated long-term assets</span></td><td colspan="2" style="border-top:0.5pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(114)</span></td><td style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:0.5pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(120)</span></td><td style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Tax benefits</span></td><td colspan="2" style="border-top:0.5pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(1,535)</span></td><td style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:0.5pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(1,306)</span></td><td style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Net commitments related to employee benefits</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">4,510</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">3,789</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Net financial debt plus commitments</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">31,859</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">30,950</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Net financial debt plus leases plus commitments (*)</span></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">40,779</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">39,225</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="9" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(*) Includes assets and liabilities considered to be Net financial debt plus leases plus commitments related to employee benefits for companies classified as held for sale (see Note 30 to the Consolidated Financial Statements).</span></td></tr></table></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">110</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Adjusted free cash flow</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Group&#8217;s adjusted free cash flow is calculated starting from &#8220;Net cash flow provided by operating activities&#8221; as indicated in the consolidated statement of cash flows (see Note 28 to the Consolidated Financial Statements) and deducting: (i) dividends received from VMO2 not tied to the free cash flow generated by VMO2, (ii) (payments on investments)/proceeds from the sale of investments in property, plant and equipment and intangible assets, net (excluding spectrum payments), (iii) dividends paid to minority shareholders, (iv) hybrid instruments coupon payments and (v) lease principal payments.</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">VMO2 adjustment:</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">As stated above, our adjusted free cash flow does not include, among other things, cash inflows from recapitalizations of VMO2, as we exclude from our &#8220;Net cash flow provided by operating activities&#8221; dividends received from VMO2 not tied to the free cash flow generated by VMO2. We calculate &#8220;Dividends received from VMO2 not tied to the free cash flow generated by VMO2&#8221; by first calculating VMO2&#8217;s free cash flow (deducting from VMO2&#8217;s net cash provided by operating activities (i) capital expenditures, net, (ii) principal payments on vendor financing and (iii) principal payments on leases, and adding back operating-related vendor financing additions). We then deduct from the VMO2 dividends received by Telef&#243;nica Group (i) the VMO2 free cash flow attributable to Telef&#243;nica&#8217;s shareholding (50% of the VMO2 free cash flow) and (ii) the impact of exchange rates on the VMO2 dividends received by the Telef&#243;nica Group to determine the dividends received from VMO2 not tied to the free cash flow generated by VMO2.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The dividends received from VMO2 not tied to the free cash flow generated by VMO2, which, as explained above,</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">are excluded from our calculation of adjusted free cash flow, are detailed in the table below:</span></div><div style="text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"/><td style="width:56.794%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:12.935%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:12.935%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:12.936%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Millions of euros</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2024</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2023</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2022</span></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Net cash provided by operating activities</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">3,577&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">3,080&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">3,466&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Capital expenditures, net</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(1,775)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(1,652)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(1,786)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Operating-related vendor financing additions</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">3,771&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">2,886&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">2,072&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Principal payments on vendor financing</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(4,756)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(3,232)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(2,738)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Principal payments on leases</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(232)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(252)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(232)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">VMO2 free cash flow (100% VMO2)</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">585</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">830</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">782</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 13pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">of which: VMO2 free cash flow attributable to Telef&#243;nica&#8217;s shareholding 50%</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">292&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">415&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">391&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">VMO2 dividends received by Telef&#243;nica Group</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">512</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">1,154</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">909</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 13pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">less: VMO2 free cash flow attributable to Telef&#243;nica&#8217;s shareholding<br/>50%</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(292)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(415)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(391)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:12pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">less: Impact of exchange rates </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:5.85pt;font-weight:400;line-height:100%;position:relative;top:-3.15pt;vertical-align:baseline">(*)</span></div></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(6)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(3)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">11&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Dividends received from VMO2 not tied to the free cash flow generated by VMO2</span></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">214</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">736</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">529</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr></table></div><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:5.2pt;font-weight:400;line-height:112%;position:relative;top:-2.8pt;vertical-align:baseline">(*)</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:112%"> Difference between the average exchange rate in the relevant period and the exchange rate as of the date of the dividend payment.</span></div><div><span><br/></span></div><div style="margin-bottom:6pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">We believe that adjusted free cash flow is a meaningful measure for investors and analysts because it provides an analysis of the cash flow available to protect solvency levels and to remunerate the parent company&#8217;s shareholders. The same measure is used internally by our management. Nevertheless, adjusted free cash flow as calculated by us should not be considered as a substitute for the various flows of cash as presented in the consolidated statements of cash flows.</span></div><div style="margin-bottom:6pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The following table presents the reconciliation between the Telef&#243;nica Group&#8217;s Net cash flow provided by operating activities as indicated in the consolidated statement of cash flows (see Note 28 to the Consolidated Financial </span></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">111</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><div style="margin-bottom:6pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Statements) and adjusted free cash flow according to the new definition explained above for the periods 2024, 2023 and 2022:</span></div><div style="margin-bottom:6pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"/><td style="width:56.794%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:12.935%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:12.935%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:12.936%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Millions of euros</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2024</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2023</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2022</span></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Net cash flow provided by operating activities (Note 28)</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">10,994</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">11,649</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">11,764</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 25pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">except: Dividends received from VMO2 not tied to the  free cash flow generated by VMO2</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(214)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(736)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(529)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(Payments on investments)/Proceeds from the sale of property, plant and equipment and intangible assets, net (Note 28)</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(5,521)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(5,851)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(5,508)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 25pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">except: Spectrum payments (Note 28)</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">46&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">128&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">27&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Dividends paid to minority shareholders (Note 28)</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(167)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(439)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(438)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Hybrid instruments coupon payments (Note 28)</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(361)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(329)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(268)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">Lease principal payments (Notes 20 and 28)</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(2,143)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(2,114)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(1,996)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Adjusted free cash flow</span></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2,634</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2,308</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">3,052</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr></table></div><div id="i63478826478c4e0dbabc502413383f6b_103"></div><div style="margin-top:9pt;text-align:justify"><span><br/></span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:14pt;font-weight:400;line-height:120%">Item 6. Directors, Senior Management and Employees</span></div><div id="i63478826478c4e0dbabc502413383f6b_106"></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">A. Directors and Senior Management</span></div><div style="margin-top:9pt;text-align:justify;text-indent:20.25pt"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">During 2024, our Board of Directors met 15 times. As of February 27, 2025, our Board of Directors had met four times during 2025. As of February 27, 2025, our directors, their respective positions on our Board and the year they were first appointed were as follows:</span></div><div style="margin-top:9pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.853%"><tr><td style="width:1.0%"/><td style="width:47.362%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:6.952%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:20.569%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:20.717%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Name</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Age</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">First Appointed</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Current Term Ends</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Chairman</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Mr. Marc Thomas Murtra Millar </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%;position:relative;top:-3.5pt;vertical-align:baseline">(1)</span></div></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">52&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2025</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2025</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Vice-Chairmen</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Mr. Isidro Fain&#233; Casas </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%;position:relative;top:-3.5pt;vertical-align:baseline">(1)(2)</span></div></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">82&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1994</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2028</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Mr. Jos&#233; Mar&#237;a Abril P&#233;rez </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%;position:relative;top:-3.5pt;vertical-align:baseline">(1)(3)(8)</span></div></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">72&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2007</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2026</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Mr. Carlos Oca&#241;a Orbis </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%;position:relative;top:-3.5pt;vertical-align:baseline">(1)(4)(6)(7)</span></div></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">44&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2024</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2025</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Members</span></td><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:0 1pt"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Mr. &#193;ngel Vil&#225; Boix </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%;position:relative;top:-3.5pt;vertical-align:baseline">(1)</span></div></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">60</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2017</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2026</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Mr. Peter L&#246;scher </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%;position:relative;top:-3.5pt;vertical-align:baseline">(1)(6)(7)</span></div></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">67</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2016</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2028</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Mr. Olayan Alwetaid </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%;position:relative;top:-3.5pt;vertical-align:baseline">(5)</span></div></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">48</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2025</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2025</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Ms. Mar&#237;a Luisa Garc&#237;a Blanco </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%;position:relative;top:-3.5pt;vertical-align:baseline">(1)(6)(7)</span></div></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">59</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2018</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2026</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Ms. Ver&#243;nica Pascual Bo&#233; </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%;position:relative;top:-3.5pt;vertical-align:baseline">(7)</span></div></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">46</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2019</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2028</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Mr. Francisco Javier de Paz Mancho </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%;position:relative;top:-3.5pt;vertical-align:baseline">(1)(7)(8)</span></div></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">66</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2007</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2026</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Mr. Alejandro Reynal Ample</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">51</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2023</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2028</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Ms. Mar&#237;a Rotondo Urcola </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%;position:relative;top:-3.5pt;vertical-align:baseline">(6)(8)</span></div></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">60</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2021</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2026</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Ms. Ana Mar&#237;a Sala Andr&#233;s</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%;position:relative;top:-3.5pt;vertical-align:baseline"> (8)</span></div></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">57</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2025</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2025</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Ms. Claudia Sender Ram&#237;rez</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%;position:relative;top:-3.5pt;vertical-align:baseline"> (1)</span></div></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">50</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2019</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2028</span></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Ms. Solange Sobral Targa </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%;position:relative;top:-3.5pt;vertical-align:baseline">(8)</span></div></td><td colspan="3" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">52</span></td><td colspan="3" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2023</span></td><td colspan="3" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2028</span></td></tr></table></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:112%">(1)     Member of the Executive Commission of the Board of Directors.</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:112%">(2)     Name of the shareholder represented or that has proposed their appointment: Criteria Caixa, S.A.U.</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:112%">(3)     Name of the shareholder represented or that has proposed their appointment: Banco Bilbao Vizcaya Argentaria, S.A.</span></div><div style="padding-left:22.5pt;text-align:justify;text-indent:-22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:112%">(4)     Name of the shareholder represented or that has proposed their appointment: Sociedad Estatal de Participaciones Industriales.</span></div><div style="padding-left:22.5pt;text-align:justify;text-indent:-22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:112%">(5)     Name of the shareholder represented or that has proposed their appointment: Green Bridge Investment Company SCS / Stc Group</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:112%">(6)     Member of the Audit and Control Committee.</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:112%">(7)     Member of the Nominating, Compensation and Corporate Governance Committee.</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:112%">(8)     Member of the Sustainability and Regulation Committee.</span></div><div style="margin-top:9pt"><span><br/></span></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">112</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><div style="margin-top:9pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Board Committees</span></div><div style="margin-top:9pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">At February 27, 2025, the Committees of our Board of Directors and members thereof are as follows:</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Executive Commission</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Our Board of Directors has expressly delegated all of its authority and power to the Executive Commission except as prohibited by the Spanish Corporate Enterprises Act, under our Articles of Association, or under our Board Regulations. This Commission is made up of fewer directors and meets more frequently than our Board of Directors. The members of the Executive Commission are Mr. Marc Thomas Murtra Millar (Chairman), Mr. </span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Isidro Fain&#233; Casas, Mr. Jos&#233; Mar&#237;a Abril P&#233;rez, Mr. Carlos Oca&#241;a Orbis, Mr. &#193;ngel Vil&#225; Boix, Mr. Peter L&#246;scher, Ms. Mar&#237;a Luisa Garc&#237;a Blanco, Mr. Francisco Javier de Paz Mancho and Ms. Claudia Sender Ram&#237;rez, with Mr. Pablo de Carvajal Gonz&#225;lez, as Secretary. During 2024, the Executive Commission met 17 times and, as of the date of this Annual Report, had met four times in 2025.</span></div><div style="margin-top:9pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Audit and C</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">ontrol Committee</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Audit and Control Committee functions are regulated by our bylaws, our Board Regulations and the Audit and Control Committee Regulations. The Audit and Control Committee has the primary objective of providing support to our Board of Directors in its supervisory and oversight functions, specifically having the following responsibilities:</span></div><div style="margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:10pt">To report to the shareholders at the General Shareholders&#8217; Meeting regarding matters raised therein for which it is responsible.</span></div><div style="margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:10pt">To submit to the Board of Directors proposals for the selection, appointment, re-election and replacement of the external auditor, as well as the terms and conditions of the contract therewith, and regularly obtain from such external auditor information regarding the audit plan and the implementation thereof, in addition to the preservation of its independence in the performance of its duties.</span></div><div style="margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:10pt">To supervise the risk control and management unit, the effectiveness of the Company&#8217;s internal control system, the internal audit and the systems for the management of financial and non-financial risks (including operational, technological, legal, tax, social, environmental, political, reputational and corruption-related risks), as well as to discuss with the external auditor the significant weaknesses in the internal control system detected during the audit.</span></div><div style="margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:10pt">To supervise the process of preparation and submission of regulated financial information and to ensure that the annual accounts submitted by the Board of Directors to the shareholders at the General Shareholders&#8217; Meeting are prepared in accordance with the legal provisions on accounting. </span></div><div style="margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:10pt">To establish and maintain appropriate relations with the external auditor in order to receive, for review by the Committee, information on all matters that could jeopardize the independence thereof, as well as any other matters related to the audit procedure, and such other communications as may be provided for in auditing legislation and in technical auditing regulations. In any event, the Audit and Control Committee must receive annually written confirmation from the external auditor of its independence vis-&#225;-vis the entity or entities directly or indirectly related thereto, as well as information regarding additional services of any kind provided to such entities by the external auditor, or by the persons or entities related thereto, pursuant to the legislation in force.</span></div><div style="margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:10pt">To issue on an annual basis, prior to the issuance of the audit report, a report stating an opinion regarding the independence of the external auditor. This report must in all cases include an opinion on the provision of the additional services referred to in the preceding paragraph.</span></div><div style="margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:10pt">To supervise the application of the general policy on the disclosure of economic/financial, non-financial and corporate information and communication with shareholders and investors, proxy advisers and other stakeholders, and to monitor the manner in which the Company communicates and engages with small and medium-sized shareholders, all with respect to those aspects within the purview of the Committee.</span></div><div style="margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:10pt">To report to the Board of Directors in advance on all matters contemplated by law, the bylaws and the Regulations of the Board of Directors.</span></div><div style="margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:10pt">Any other powers granted to it under the Regulations of the Board of Directors.</span></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">113</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><div style="margin-top:9pt;text-align:justify;text-indent:40.5pt"><span><br/></span></div><div style="text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:112%">The Audit and Control Committee meets at least once per quarter and as many times as considered necessary. During 2024, the Audit and Control Committee met</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:112%"> 14</span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:112%"> times and, as of the date of this Annual Report, had met</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:112%"> thrice</span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:112%"> in 2025. The members of the Audit and Control Committee are Ms. Mar&#237;a Luisa Garc&#237;a Blanco (Chairwoman), Mr. Peter L&#246;scher, Mr. Carlos Oca&#241;a Orbis and Ms. Mar&#237;a Rotondo Urcola. Our Board of Directors has determined that all the members of the Audit and Control Committee meet the requirements of an &#8220;audit committee financial expert&#8221; as such term is defined by the SEC.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Nominating, Compensation and Corporate Governance Committee</span></div><div style="margin-top:9pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Nominating, Compensation and Corporate Governance Committee is responsible for, among other things, reporting to our Board of Directors with respect to proposals for the appointment, re-election and removal of directors, members of the Executive Commission and the other committees of our Board of Directors and top members of our management and management of our subsidiaries. In addition, the Nominating, Compensation and Corporate Governance Committee is responsible for proposing to the Board of Directors, within the framework established in the bylaws, the compensation for the directors and reviewing it periodically to ensure that it is in keeping with the tasks performed by them, as provided in Article 36 of the Board Regulations, to propose to the Board of Directors, within the framework established in the bylaws, the extent and amount of the compensation, rights and remuneration of a financial nature, of the chairman, the executive directors and the senior executive officers of Telef&#243;nica, including the basic terms of their contracts, for purposes of contractual implementation thereof and to supervise compliance with the corporate governance rules in effect from time to time.</span></div><div style="margin-top:9pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The members of the Nominating, Compensation and Corporate Governance Committee are Mr. Peter L&#246;scher (Chairman), Ms. Mar&#237;a Luisa Garc&#237;a Blanco, Mr. Carlos Oca&#241;a Orbis, Ms. Ver&#243;nica Pascual Bo&#233; and Mr. Francisco Javier de Paz Mancho. During 2024, the Nominating, Compensation and Corporate Governance Committee met</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> 13 times,</span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> and as of the date of this Annual Report, it had met</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> thrice </span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">in 2025.</span></div><div style="margin-top:9pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Sustainability and Regulation Committee</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Sustainability and Regulation Committee was created on December 13, 2023 by the Board of Directors integrating the functions of the former Regulation and Institutional Affairs Committee and the Sustainability and Quality Committee. The Sustainability and Regulation Committee was created under Article 20.b) of the Regulations of the Board of Directors and is regulated under Article 24 of those same Regulations, amended on the same date, in order to improve the systematization of the distribution of competencies among the Committees. The main objective of the Sustainability and Regulation Committee is to act as a communication and information channel between our management team and our Board of Directors on sustainability and regulatory matters in the telecommunications sector or in any other sector relevant to the business of the Company or the Group and, where appropriate, to advise the Board of Directors of those matters deemed significant to the Company or to any of the companies of the Group in respect of which it is necessary or appropriate to make a decision or adopt a particular strategy. The Committee is also tasked with, among other things, reviewing the strategies and policies relating to Telef&#243;nica's "Responsible Business" policy and sustainability practices in the environmental and social areas, supervising the impact and risk analysis of its "Responsible Business" strategy and analyzing Telef&#243;nica Group's objectives, action plans and practices in the field of social and environmental responsibility. In addition, the Sustainability and Regulation Committee seeks to ensure that the corporate culture is aligned with its purpose and values with transparency towards its stakeholders and, together with the Audit and Control Committee, knows of the process of reporting non-financial information in matters of social responsibility and sustainability.</span></div><div style="text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:112%">The members of the Sustainability and Regulation Committee are Mr. Francisco Javier de Paz Mancho (Chairman), Mr. Jos&#233; Mar&#237;a Abril P&#233;rez, Ms. Mar&#237;a Rotondo Urcola, Ms. Ana Mar&#237;a Sala Andr&#233;s, and Ms. Solange Sobral Targa. During 2024, the Sustainability and Regulation Committee met 10 times, and as of the date of this Annual Report, had met twice in 2025.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Biographies of Directors</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Mr. Marc Thomas Murtra Millar</span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:112%"> serves as the Chairman of our Board of Directors and Chief Executive Officer of the Company. He started his professional career in the nuclear industry at British Nuclear Fuels Ltd. in the UK and continued his professional career at the strategy consultancy DiamondCluster, where he worked for large technology companies. He has spent several years in the public service, where he was a specialist in Digital Strategy, Digital Transformation and Public-Private Partnerships. In this role he worked as Director General of Red.es, as well as Head of Cabinet of the Minister of Industry, Tourism and Trade of the Government of Spain. Additionally, he has been Managing Partner of Closa Investment Bankers, as well as Director of CREA Inversi&#243;n, and has extensive knowledge of the technology sector. He was also Chairman of the Board of Directors of Indra </span></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">114</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><div style="text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Sistemas, S.A from 2021 until 2025 and member of the Board of Ebro Foods, S.A. from 2022 until 2025. Currently, he is the Chairman of the Telef&#243;nica Foundation, Chairman of VMED O2 UK Limited, First Vice Chairman of Profuturo Foundation and Trustee of Caixa d'Estalvis i Pensions de Barcelona "la Caixa" Banking Foundation. In addition, Mr. Murtra is an associate professor of Financial Management, Financial Economics and Master of Science in Finance and Banking at the Pompeu Fabra University. Mr. Murtra holds a degree in Industrial Engineering from the Barcelona School of Industrial Engineering (ETSEIB) of the Polytechnic University of Catalonia. He also holds an MBA from the Leonard N. Stern School of Business at New York University.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Mr. Isidro Fain&#233; Casas serves as Vice-Chairman of our Board of Directors. For over 40 years, Mr. Fain&#233; has worked in several financial institutions, including amongst others: Banco Atl&#225;ntico, S.A., (1964), Banco de Asunci&#243;n (Paraguay) (1969), Banca Riva y Garc&#237;a, S.A. (1973), Banca Jover, S.A. (1974), and Banco Uni&#243;n, S.A. (1978). In 1982, he joined "la Caixa" as Deputy Executive General Manager, subsequently taking on various positions of responsibility. In April 1991, he was appointed Deputy Executive Managing Director and in 1999 rose to General Manager of the bank, before becoming Chairman from June 2007 to June 2014. He was also a member of the Board of Directors of CaixaBank, S.A.  since 2000, presiding from 2011 until his resignation in 2016. Likewise, he was Chairman of Naturgy Energy Group, S.A. from September 2016 until February 2018, when he was appointed Honorary Chairman. Furthermore, he served as Director of Suez, S.A. from 2014 to 2020. Mr. Fain&#233; is currently Chairman and Member of the Executive Commission of the Board of Trustees of the Fundaci&#243;n Bancaria Caixa d&#8217;Estalvis i Pensions de Barcelona la "Caixa&#8221;, Chairman of the Board and of the Executive Commission of Criteria Caixa, S.A.U., Chairman of the Board of Directors of Inmo Criteria Caixa, S.A.U. and Chairman of the Board of Trustees of the "la Caixa" Research Institute Foundation. He is also First Deputy-Chairman of the Board of Directors of ACS Actividades de Construcci&#243;n y Servicios, S.A., Chairman of the Spanish Confederation of Savings Banks (CECA), Chairman of Fundaci&#243;n de las Cajas de Ahorros (Funcas) and Chairman of the World Savings Banks Institute (WSBI), and he serves as Special Advisor of the Board of the Bank of East Asia Limited. Additionally, he is Deputy Chairman of the European Savings Banks Group (ESGB) and Chairman of the Social and Philanthropic Council of WSBI-ESBG. He is currently the Chairman of the Spanish Confederation of Executives (CEDE) and of the Spanish Chapter of the Club of Rome. He is also Deputy-Chairman of the Royal Academy of Economic and Financial Sciences, Founder of the Financial Circle and member of several Board of Trustees of private and public entities of recognized prestige. He has also received numerous official recognitions, both nationally and internationally. Mr. Fain&#233; holds a Doctorate degree in Economics from the Universidad de Barcelona, a Diploma in Senior Management from IESE Business School and an ISMP certificate in Business Administration from Harvard University. He is a member of the Royal Academy of Economics and Finance and of the European Royal Academy of Doctorate Holders.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Mr. Jos&#233; Mar&#237;a Abril P&#233;rez serves as Vice-Chairman of our Board of Directors. From 1975 to 1982 he served as Financial Manager of Sociedad An&#243;nima de Alimentaci&#243;n (SAAL). Since then, and until he joined the Banco Bilbao Vizcaya Argentaria Group (BBVA), he was Financial Manager of Sancel-Scott Ib&#233;rica, S.A. In 1985 he joined Banco Bilbao, S.A. as Managing Director of Investment Corporate Banking. From January to April 1993, he was appointed Executive Coordinator of Banco Espa&#241;ol de Cr&#233;dito, S.A. In 1998, he became General Manager of the Industrial Group of BBV. In 1999, he was appointed member of the Executive Committee of the BBV Group. He has also been a member of the Board of Directors of Repsol, S.A., Iberia, S.A., Corporaci&#243;n IBV, Iberm&#225;tica, S.A., and Vice-Chairman of Bolsas y Mercados Espa&#241;oles, S.A. In 2002 he became Managing Director of the Wholesale and Investment Banking Division and a member of the Executive Committee of Banco Bilbao Vizcaya Argentaria, S.A. He is currently member of the Board of Directors of Arteche Lantegi Elkartea, S.A. He holds a degree in Economics from the University of Deusto (Bilbao, Spain) and he was professor of this University for nine years.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Mr. Carlos Oca&#241;a Orbis serves as Vice-Chairman of our Board of Directors. He started his professional career in 2003 as a Consultant at Economistas 2004, to later assume the position of Deputy Chief of Staff and Advisor to the Economic Office of the President of the Government (from May 2004 to April 2008). Also, he has been Director General of the Cabinet of the Ministry of Industry, Tourism and Trade (from May 2008 to December 2011) and a member of the Board of Directors of Paradores and Red.es (from June 2008 to December 2011). Currently, Mr. Oca&#241;a is the Deputy to the General Director of Real Madrid CF (since July 2012), member of the Advisory Board of the Hermes Institute (since May 2023), member of the Strategy Committee of the PRISA Group and member of the Governing Council of the Real Madrid University School (since March 2023). Mr. Oca&#241;a also serves as Secretary of the World Football Club Association (since November 2019) and member of the Monitoring Committee of the Forum of Forums Foundation (since December 2015). In addition, he is also a member of the Advisory Board of Google's ADEI Observatory (since march 2018) and co-director and professor of the Master's Degree in Digital Transformation and Technologies Applied to Sport at the Real Madrid University School (since October 2021). The academic facet of Mr. Oca&#241;a is completed as a professor of Strategy and Business Model in the MBA at European University (since 2013), instructor of the PDG at IESE (in 2013), professor of Economic Environment in the Master's </span></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">115</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Degree in Economics at the University of Vigo (from 2013 to 2017) and professor of Economics in the International Master's Degree in Public Affairs at the Men&#233;ndez Pelayo International University (from 2016 to 2018). Mr. Oca&#241;a holds a degree in Economics, with specialization in Economic Analysis from the Complutense University of Madrid. Mr. Oca&#241;a has a significant technological profile in which a Frontiers of Innovation and Entrepreneurship Program from the Massachusetts Institute of Technology (MIT) stands out. Likewise, Mr. Oca&#241;a is the author and coordinator of the book "La transformaci&#243;n Digital de la Econom&#237;a" (2017), and his curriculum is completed with a General Management Program (PDG) from IESE Business School (University of Navarra).</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Mr. &#193;ngel Vil&#225; Boix serves as the Chief Operating Officer (COO) and as a Director of our Board of Directors. Previously, he served as the Chief Strategy and Finance Officer. Mr. Vil&#225; joined Telef&#243;nica in 1997. He held positions of Group Controller, CFO of Telef&#243;nica Internacional, S.A.U. Group Head of Corporate Development and Chief Financial and Corporate Development Officer. In 2015, he was appointed Chief Strategy and Finance Officer. Prior to joining Telef&#243;nica, he held positions at Citigroup, McKinsey&amp;Co, Ferrovial and Planeta. In the financial sector, he is member of the Board of Directors of Mediobanca SpA, and he has served on the Board of directors of Banco Bilbao Vizcaya Argentaria (BBVA) and on the Advisory Panel of Macquarie MEIF Infrastructure funds. In the TMT sector, he was Chairman of Telef&#243;nica Contenidos, Vice-Chairman of Telco Spa (Italy) and Board member of Endemol, Digital+, Atento, Telef&#243;nica Czech, CTC Chile, Indra SSI and Terra Lycos. Institutional Investor nominated &#193;ngel Vil&#225; as the Best CFO in European Telecoms in 2015. He was also honored with the Thomson Reuters Extel Pan-European Awards as Best CFO in Spain both in 2013 and 2014, as well as Best CFO for Telecommunications in Europe in 2014. He currently is member of the Advisory Boards of Telef&#243;nica de Espa&#241;a, S.A.U. and Telef&#243;nica Tech, and a Trustee of the Telef&#243;nica Foundation. He is also member of the Board of Directors of VMED O2 UK Limited. Mr. &#193;ngel Vil&#225; holds an MBA from Columbia Business School where he studied with a Fulbright La Caixa fellowship. Prior to Columbia University, he graduated in Industrial Engineering from Universitat Polit&#232;cnica de Catalunya in Barcelona.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Mr. Peter L&#246;scher serves as a Director of our Board of Directors. Mr. L&#246;scher was the President of Global Human Health and a member of the Executive Board of Merck &amp; Co., Inc., CEO of GE Healthcare Bio &#8211; Sciences and a member of GE&#8217;s Corporate Executive Council. He was also COO and a member of the Board of Amersham Plc. He held a senior leadership position in Aventis and Hoeschst.  Mr. L&#246;scher is former Chairman of the Supervisory Board of OMV AG, Austria. From 2014 to 2016, he was the CEO of Renova Management AG. In the past, he was also Chairman and CEO of Siemens AG, among others, and until April 2022 Chairman of the Board of Directors of Sulzer AG. He was also Chairman of the Board of Trustees of Siemens Foundation, Member Emeritus of the Advisory Board of the Economic Development Board of Singapore, and Member of the International Advisory Council of Bocconi University. Since April 2020, he is Chairman of the Supervisory Board of Telef&#243;nica Deutschland Holding AG, member of the Supervisory Board of Philips, member of the Board of Thyssen-Bornemisza Group AG, Switzerland, and a non-executive member of the Board of Directors of Doha Venture Capital LLC, Qatar. He is also Honorary Professor at Tongi University Shangai and he holds the Grand Decoration of Honor in Gold of the Republic of Austria, the Order of Friendship of the Russian Federation and is a Knight Commander of the Order of Civil Merit of Spain. Mr. L&#246;scher studied Economics at Vienna University of Economics, where he also received his MBA, and Business at the Chinese University of Hong Kong. He completed the Advanced Management Program (AMP) at Harvard Business School and an Honorary Doctorate of Engineering from Michigan State University and is a Doctor Honoris Causa of Slovak University of Engineering in Bratislava.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Mr. Olayan Alwetaid serves as a Director of our Board of Directors. Throughout his career journey with STC Group, he played several crucial roles, including Senior Vice President of the Consumer Business Unit and CEO of stc Bahrain. He also presided as the Chairman of several of stc's subsidiaries' Boards. Under his guidance, stc Group solidified its position as a prominent telecom operator in the MENA region and emerged as a dynamic force in the digital arena. Mr. Alwetaid is continuing to drive stc scale and scope expansion into adjacent sectors including leading big bets in Fintech, the Internet of Things (loT), cybersecurity, artificial intelligence (Al), and data centers. This expansion supplemented with several inorganic deals, including acquiring stake in Telefonica Group, highlights a significant shift from the traditional confines of the telecom industry. Mr. Olayan Alwetaid is the CEO of stc Group since March 2021. His international influence is evident through his positions as Chairman of the SAMENA Telecommunications Council, a Board Member of the GSMA, a Board Member of the King Abdulaziz City for Science and Technology (KACST), and a Board Member of The Saudi Tadawul Group. Mr. Alwetaid's educational background in electrical engineering from King Fahd University of Petroleum and Minerals serves as the bedrock for his professional expertise.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Ms. Mar&#237;a Luisa Garc&#237;a Blanco serves as a Director of our Board of Directors. Ms. Garc&#237;a began her career in 1992 as a state attorney (abogado del estado). In 2002, she was appointed Deputy Director-General of Constitutional Law and Human Rights and state attorney-Head of the Constitutional Law and Human Rights Department as well </span></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">116</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">as Agent of the Kingdom of Spain before the European Court of Human Rights. As Agent of the Kingdom of Spain she managed and coordinated the Spanish delegation composed of representatives from various Spanish Ministries and represented the Kingdom of Spain before various UN Committees in nonjudicial proceedings and individual claims and before the European Court of Human Rights (TEDH) in individual claims. As state attorney serving at the Constitutional Court, she has been involved in constitutional law proceedings such us claims for unconstitutionality and jurisdictional conflicts, appeals for protection of constitutional rights and other issues of unconstitutionality. Among other activities, she has been the Secretary of the Board of Directors of Sociedad Estatal de Infraestructuras Agrarias del Norte (SEIASA DEL NORTE) and, from 1999 to 2010, of its Audit and Control Committee. From 2010 to 2013, she served as a Director of Sociedad Estatal de Infraestructuras Agrarias (SEIASA). She served as a Director of Sociedad Estatal de Aguas de la Cuenca del Norte (ACUANORTE) between 2010 and 2013, and of Sociedad Estatal de Aguas de las Cuencas de Espa&#241;a (AcuaEs) between 2012 and 2013. Furthermore, she has been involved in coordination and cooperation activities for the promotion and defense of human rights in Uruguay (2006), Colombia (2007 and 2008), Chile (2009) and Guatemala (2010). Additionally, in 2006 she was awarded with the Cross of Honor of the Order of St. Raymond of Penyafort. In October 2013 she left her position as state attorney and she is currently a partner at the law firm Salama Garc&#237;a Blanco, SLP, which focuses on administrative, constitutional law, civil and commercial litigation, and arbitration matters, and provides legal advice to credit institutions. In 2014, she was appointed as Corresponding Member of the Royal Academy of Jurisprudence and Legislation. She was also President of the Committee of Experts of 65YMAS.COM between November 2020 and April 2023. Since 2021, she is member of the Advisory Board of Telef&#243;nica de Espa&#241;a,S.A.U. She is currently Director of Ibercaja Banco, S.A., member of the CIMA Governance and Control Committee and President of the 65YMAS.COM Women's Expert Committee since April 2023. She holds a law degree from the University of Cordoba (Spain).</span></div><div style="margin-top:9pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Ms. Ver&#243;nica Pascual Bo&#233; serves as a Director of our Board of Directors. Ms. Pascual began her professional career at the international level in the strategic management department of Human Resources of the multinational industrial group Bouygues. In 2004, she joined the family firm ASTI, where she held different positions in the management of this company (technical management and sales management departments). At the end of 2006, she was appointed General Manager and in 2008 she decided to acquire the company. She has previously held various positions, including: Promoter and Founder of Burgos Digital Innovation Hub, of DIHBU (2018); President of the Industry Working Group 4.0 of the Castile and Leon Government (2016-2018); President of the Industry Committee 4.0 and Vice President of Talent Development of AMETIC (2016-2018); Member of the Advisory Council of the Quality Agency of the University System (2015-2016); Member of the Advisory Council of EAE Business School (2015-2016); Member of the Governing Council of APD Castile and Leon (2014-2015); Member of the Board of Directors of Empresa Familiar Castilla y Leon (2001-2013). Ms. Pascual is an entrepreneur who has led during 18 years a group of companies involved in digital transformation headed by ASTI Mobile Robotics Group, a company with affiliates in Spain, France, Germany, and the United States, engaged in the supply of autonomous vehicle systems for the automation of industrial processes in sectors such as the automotive, food, cosmetics, pharmaceuticals, and retail. Since August 2021, ASTI Mobile Robotics has been integrated into ABB Robotics and </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Ms. Pascual has moved to the position of Global Manager of Rob&#243;tica M&#243;vil Aut&#243;noma until January 2023. She also leads her family office, ALBP Corp, one of whose main objectives is the investment in technology-based projects.  Currently, Ms. Pascual chairs the ASTI Technology and Talent Foundation, a foundation created for the development of STEM talent for young people from an early age, is Vice President of Endeavor Spain, and member of the global  leadership network Eisenhower Fellowship (Global Eisenhower Fellow 2024). In addition, she is member of the Advisory Board of Telef&#243;nica Tech, Director of Telef&#243;nica Audiovisual Digital and Director of the companies GAM, Marsi Bionics and Viscofan.. Ms. Pascual has a degree in Aeronautical Engineering from the Polytechnic University of Madrid, a Master in Business Administration (MBA) from the College des Ingenieurs de Paris and an Executive Master in Positive Leadership and Strategy (EXMPLS) from IE Business School. She also has several postgraduate qualifications from INSEAD, Stanford, and Harvard Business School. </span></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">117</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Mr. Francisco Javier De Paz Mancho serves as a Director of our Board of Directors. From 1984 to 1993 he was the General Secretary of Juventudes Socialistas and a member of the PSOE Executive Council. From 1990 to 1993, he was CEO of the Magazine &#8220;Revista Ciudadano&#8221;. From 1993 to 1996 he was secretary of the Spanish Consumers Association (Uni&#243;n de Consumidores de Espa&#241;a, UCE), General Manager of Internal Trade of the Spanish Ministry of Tourism and Commerce and Director of Tabacalera, S.A. From 1994 to 1996, he was Chairman of the Observatory of Trading of the Spanish Ministry of Tourism and Commerce (Observatorio de la Distribuci&#243;n Comercial del Ministerio de Comercio y Turismo); from 1996 to 2004, he was Corporate Strategy Manager of the Panrico Donuts Group and Deputy Chairman. From 1998 to 2004, he served as Director of Mutua de Accidentes de Zaragoza (MAZ). From 2004 to 2006, he was Director of Tunel de Cad&#237;, S.A.C. and from 2003 to 2004, he served as Chairman of the Patronal Pan y Boller&#237;a Marca (COE). From 2004 to 2007, he was Chairman of the National Company MERCASA. He has also been a member of the Board of Directors of the Economic and Social Board and its Permanent Commission. From July 2006 to November 2014, he was a member of the Executive Committee of the Chambers Board (Consejo Superior de C&#225;maras) and from 2008 to 2012 he was the Chairman of Atento Inversiones y Teleservicios, S.A.U. From July 2016 to December 2021 he was the Chairman of Telef&#243;nica Ingenier&#237;a de Seguridad, S.A.U. From April 2018 to April 2021 he was Director of Telef&#243;nica M&#243;viles de Argentina, S.A. From July 2020 to May 2021 he was Director of Pegaso PCS, S.A. de C.V. (Mexico). From September 2016 to July 2020, he was Director of Telef&#243;nica M&#243;viles M&#233;xico, S.A. Currently, he is Director of Telef&#244;nica Brasil, S.A. and of Telef&#243;nica Audiovisual Digital, S.L.U. and member of the Advisory Boards of Telef&#243;nica de Espa&#241;a, S.A.U. and Telef&#243;nica Hispanoam&#233;rica. Mr. de Paz has a diploma in Publicity and Information and undertook studies in Law. He completed a Programa de Alta Direcci&#243;n de Empresas from the IESE Business School (Instituto de Estudios Superiores de la Empresa, University of Navarra).</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Mr. Alejandro Reynal Ample serves as a Director of our Board of Directors. He started his professional career holding strategic management positions at Telef&#243;nica and The Coca-Cola Company. Since 2021 Mr. Reynal has been the President and CEO of Apple Leisure Group (ALG) and CEO of Atento where he led the strategic transition from Telef&#243;nica to Bain Capital in 2012 and in 2014 he successfully led the company through an IPO at the NYSE. Currently he is the President and CEO of Four Seasons since 2022. Mr. Reynal earned his bachelor&#8217;s and master&#8217;s degrees in Mechanical Engineering from Georgia Institute of Technology and an MBA from the Harvard Business School.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Ms. Mar&#237;a Rotondo Urcola serves as a Director of our Board of Directors. From 1989 to 2006 she was an Investment Analyst specializing in various sectors, particularly in the telecommunications sector, Macroeconomist, and Head of Equity Research Europe, at Santander Investment Sociedad de Valores y Bolsa. Previously, she worked for two years in New York at EXTEBANK and at the Spain-US Chamber of Commerce. From 2006 to 2016, she was Global Head of the Telecommunications, Media and Technology at Santander Global Banking and Markets. From 2017 to 2021 she was an independent Director of Indra. She is currently an independent Director of CACEIS Bank Spain, SANTANDER CACEIS LATAM HOLDO, Libertas 7 and Resister, S.A. in Chile. She also participates in the Advisory Board of the Nebrija University College of Economics and Business. Currently Ms. Rotondo is a member of the IE University's Advisory Board (since 2016) and is also Co-Director and professor in IE's Executive Sustainability Program, where she teaches classes on corporate governance and sustainability. Ms. Rotondo teaches Special Operations Communication in the Master Investor Relations at Bolsas y Mercados (BME) since 2014. She is also a lecturer in various forums and continues with her coaching/mentoring activities. Among the awards received, the most noteworthy are the following: Finalist 2016 TMT Finance EMEA, Best Corporate Finance Deal (OPA Orange-Jazztel); 1999-2002 Reuters-Institutional Investor, 1 Ranked European Telecom Analyst; 2001 Footsie- Actualidad Econ&#243;mica, 1 Ranked analyst all sectors in Spain 2001; 2000 Institutional Investors, First Equity Research team in Spain by Institutional Investors; and 1997 Vallehermoso Award, 1 Real Estate Analyst (Ladrillo de Oro 1997). Ms. Rotondo has a degree in Economics and Business Administration from the Complutense University of Madrid. She has received complementary training at various Institutions such as ESG Academy/Foretica, IESE, IC-A, EEC, IMD, NYU, Harvard, Boston College, among others.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Ms. Ana Mar&#237;a Sala Andr&#233;s serves as a Director of our Board of Directors. She joined Cort&#233;s Abogados in 2005 and has been a partner of the firm since 2014. She is the author of books and publications on Commercial Law. She has extensive experience in corporate practice, mergers and acquisitions, in the contract area, and in participating in national and international arbitrations. Ms. Ana Mar&#237;a Sala develops her professional practice nationally and internationally. She has advised, in particular, on corporate governance and sustainability to Spanish listed and unlisted companies, has participated in the restructuring and refinancing of national and international corporate groups, has advised Family Offices in the development of their activities, has participated in IPOs and takeover bids, and has extensive practice in international arbitration. Currently, she is a non-director secretary of the Board of Directors of Indra and a non-director secretary of the Board of Directors of Sacyr, S.A. and she is also an assistant </span></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">118</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">professor at Pompeu Fabra University and director of Law Studies at the Universidad Virtual UOC of Barcelona. Ms. Ana Mar&#237;a Sala has a degree in Law from the Universidad Aut&#243;noma of Barcelona; Master's Degree in Comparative Law from the Universidad Aut&#243;noma of Barcelona; LL.M. University of California at Berkeley (USA); PhD in Law from the Pompeu Fabra University of Barcelona. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Ms. Claudia Sender Ram&#237;rez serves as a Director of our Board of Directors. She has held various positions in, among others, the following companies: (i) Director of Yduqs University (formerly known as Est&#225;cio) (2019-2021) (ii) Latam Airlines Group where she served as Vice President, Chief Customer Officer (2017-2019), CEO of LATAM Brazil (2013-2017), Vice President of LATAM Brazil (2011-2013); (iii) Whirlpool, S.A. where she served as Vice President of Marketing (2009-2011), Divisional Director of Marketing (2007-2009), and Manager of Strategic Planning (2005-2007); and (iv) Bain &amp; Company Brazil where she served as a consultant specialising in Strategy (1998-2005). Currently, Ms. Sender is a Director of Holcim Ltd (since 2019); Director of Gerdau, S.A. (since 2019); Director of Amigos do Bem (since 2017), a Brazilian NGO dedicated to the eradication of poverty in the Northwest of Brazil; Director of Embraer, Empresa Brasileira de Aeron&#225;utica, S.A. (since 2021); and Director of Albert Einstein Israeli Hospital and Ensina Brasil. She was previously a Director of Metal&#250;rgica Gerdau, S.A. (2021-2023). In addition, she is member of the Advisory Board of Telef&#243;nica Tech and Telef&#243;nica Hispanoam&#233;rica. Ms. Sender has a degree in Chemical Engineering from the Polytechnic School of the University of S&#227;o Paulo, and an MBA from Harvard Business School in Boston.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Ms. Solange Sobral Targa serves as a Director of our Board of Directors. She joined as an active member of CI&amp;T since its incorporation more than 25 years ago. She has been a member of several Board of Directors, being an Independent Director of Unidas in Brazil from 2021 to 2022 and an Independent Director of Telef&#243;nica Brazil S.A. (VIVO) since April 2022, acting as well as a member of the Quality and Sustainability Committee since then and as a member of the Advisory Digital Security Committee since November 2023. She is also a member of the Advisory Board with WCD Brazil since April 2022 as well as with Brazilian Chambers in the UK from September 2023. She was a member of the Advisory Diversity Committee with lta&#250;, the largest bank in Latin America, from May 2021 to October 2023, when this subject was fully incorporated within the company's processes. Ms. Solange Sobral Targa became one of the directors with Bienal of S&#225;o Paulo in December 2023. Currently she is also Partner and Executive Vice President of CI&amp;T, responsible for its expansion in EMEA, taking an active part in the acquisition and integration of Somo, a leading agency delivering digital products and solutions for major global brands. Ms. Solange Sobral Targa has a bachelor&#8217;s degree in Computer Science from the Universidade Federal de Sao Carlos and a master&#8217;s degree in Computer Science from the Universidade Estadual de Campinas.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Terms and Conditions of Executive Directors' Contracts</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The contracts signed with the Executive Directors are for an indefinite term and include a non-competition clause. This clause implies that, once the relevant contract has been terminated and during the valid term of the clause (two years after the termination of the contract for any reason), the Executive Directors may not indirectly or directly render their services themselves or through others, either on their own behalf or through third parties, to Spanish or foreign companies that engage in the same or similar business activities as Telef&#243;nica. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:115%">As regards to the conditions related to the termination of contracts, the current Directors' Remuneration Policy approved by the General Shareholders&#8217; Meeting held on March 31, 2023 (the "2023 Policy") provides for severance payments equal to two years' remuneration. In accordance with this policy, the contract of the new Executive Chairman, Mr. Marc Thomas Murtra Millar, signed in January 2025 provides for a termination indemnity of an amount equal to the aforementioned two annuities. Each annuity comprises the last fixed remuneration and the arithmetic mean of the last two annual variable remunerations received according to his contract.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:115%">With respect to the conditions related to the termination of the contract of the Chief Operating Officer (C.O.O.), Mr. &#193;ngel Vil&#225; Boix, the 2023 Policy establishes the maintenance of the conditions of his previous contract, which provides for a severance payment of up to a maximum of four years' salary.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The contracts that currently regulate the performance of the Executive Directors&#8217; duties and responsibilities are of a commercial nature and include clauses that are normally used for these kinds of contracts. These contracts have been proposed by the Nominating, Compensation and Corporate Governance Committee and approved by the Board of Directors.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In addition to the non-competition and severance pay terms and conditions explained above, a summary is provided below of the main terms and conditions of the Executive Directors&#8217; contracts:  </span></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">119</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><div style="margin-bottom:6pt;margin-top:5pt;text-align:justify;text-indent:22.5pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:85.233%"><tr><td style="width:1.0%"/><td style="width:17.253%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:80.547%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="border-left:1pt solid #000000;border-top:1pt solid #000000;padding:0 1pt"/><td colspan="3" style="border-left:1pt solid #000000;border-right:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Executive Chairman and Chief Operating Officer</span></td></tr><tr><td colspan="3" style="border-left:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Term</span></td><td colspan="3" style="border-left:1pt solid #000000;border-right:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Indefinite</span></td></tr><tr><td colspan="3" style="border-left:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Prior notice</span></td><td colspan="3" style="border-left:1pt solid #000000;border-right:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:6pt;margin-top:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">There is an obligation to provide prior notice in the event of the contract being terminated due to a unilateral decision adopted by the Executive Director, being stipulated that he must notify such unilateral decision in writing with at least three months&#8217; prior notice, except in cases of force majeure. If this obligation is not fulfilled, he must pay the Company an amount equivalent to the Fixed Remuneration for the period of prior notice not observed.</span></div></td></tr><tr><td colspan="3" style="border-left:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Exclusivity</span></td><td colspan="3" style="border-left:1pt solid #000000;border-right:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:justify;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">During the term of the contracts, it is prohibited to sign (either directly or through intermediaries) any employment, commercial or civil contracts with other companies or institutions that engage in activities similar in nature to those of Telef&#243;nica.</span></td></tr><tr><td colspan="3" style="border-left:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Non-competition clause</span></td><td colspan="3" style="border-left:1pt solid #000000;border-right:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:6pt;margin-top:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">The contract states the relationship is compatible with holding representative, administrative and management posts and other professional positions in other companies in the Telef&#243;nica Group or in any other undertakings unrelated to the Company when expressly notified to the Nominating, Compensation and Corporate Governance Committee and the Board of Directors. </span></div><div style="margin-bottom:6pt;margin-top:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">On the other hand, it states that the relationship is incompatible, during the term of the clause (two years after the termination of the contract for any reason) with directly or indirectly rendering services, as an employee or on a self-employed basis, by themselves or through third parties, to any Spanish or foreign companies that engage in activities identical or similar to those of Telef&#243;nica.</span></div></td></tr><tr><td colspan="3" style="border-left:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Non-disclosure</span></td><td colspan="3" style="border-left:1pt solid #000000;border-right:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:justify;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">While the relationship remains in force and also after the termination thereof, there is a non-disclosure duty regarding any information, data and any kinds of reserved and confidential documents they have knowledge of or to which they have had access as a result of performing their duties.</span></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #000000;border-left:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Compliance with the regulatory system</span></td><td colspan="3" style="border-bottom:1pt solid #000000;border-left:1pt solid #000000;border-right:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:justify;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">The contracts include the obligation to abide by the rules and obligations set out within Telef&#243;nica&#8217;s regulatory system, which are contained, among other regulations, in the Board of Directors Regulations and Telef&#243;nica&#8217;s Internal Stock Market Conduct Regulations.</span></td></tr></table></div><div style="margin-top:9pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Executive Officers/Management Team</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">At February 27</span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">, 2025, our</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> executive management team consisted of the following individuals:</span></div><div style="margin-top:9pt;text-align:justify;text-indent:20.25pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:93.421%"><tr><td style="width:1.0%"/><td style="width:29.572%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:46.943%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:12.515%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:6.570%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Name</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Position</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Appointed</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Age</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Mr. Marc Thomas Murtra Millar</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Chairman of the Board of Directors and Chief Executive Officer</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2025</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">52&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Mr. &#193;ngel Vil&#225; Boix</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Chief Operating Officer</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2017</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">60&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Mr. Pablo de Carvajal Gonz&#225;lez</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">General Secretary, Secretary of the Board of Directors and Director Global of Regulation</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2018</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">61&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Ms. Laura Abasolo Garc&#237;a de Baquedano</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Chief Finance and Control Officer</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2017</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">52</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Mr. Eduardo Navarro de Carvalho</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Chief Corporate Affairs and Sustainability Officer</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2019</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">62</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Mr. Juan Azcue Vich</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Chief Strategy &amp; Development Officer</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2025</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">50</span></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Mr. Juan Francisco Gallego Arrechea</span></td><td colspan="3" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">General Manager of Internal Audit</span></td><td colspan="3" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2016</span></td><td colspan="3" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">57</span></td></tr></table></div><div style="margin-top:9pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Biographies of the Executive Officers and Senior Management</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">We present below the biographies of our executive officers and senior management who do not also serve on our Board of Directors.</span></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">120</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Mr. Pablo de Carvajal Gonz&#225;lez serves as the General Secretary, Secretary of the Board of Directors of Telef&#243;nica and Director Global of Regulation. He is also a member of the Executive Committee of Telef&#243;nica. From 1988 to 1989, he worked as legal counsel for La Uni&#243;n y el F&#233;nix Espa&#241;ol, Compa&#241;&#237;a de Seguros y Reaseguros, S.A. In April 1991, he was appointed state attorney (</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">abogado del Estado</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">) until December 1999, when he became legal counsel of Jazz Telecom, S.A. In March 2000, he became secretary of the Board and head of the legal department of Yacom Internet Factory, S.A.  Since June 1, 2001, he has been the General Secretary and Secretary of the Board of Directors of Telef&#243;nica de Espa&#241;a, S.A. and, since April 2013, also Director of Regulation. He holds a law degree the Universidad Complutense de Madrid and a Master's degree in European law from the Free University of Brussels.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Ms. Laura Abasolo Garc&#237;a de Baquedano is the Chief Finance and Control Officer of Telef&#243;nica, S.A. In addition, she is Head of Telef&#243;nica Hispam, Director of VMED O2 UK Limited and Member of the Advisory Board of Hispam and Telef&#243;nica de Espa&#241;a, S.A.U. She started her professional career at Goldman Sachs International, in the area of Investment Banking in London. She joined Telef&#243;nica in 1999 as the Management Control Officer at Terra Networks, S.A., where she was also a member of the Executive Committee. In July 2005, she assumed the role of Management Control Officer at Telef&#243;nica, S.A. and in December 2007, she became Planning, Budgets and Management Control Officer. In March 2014, she joined the Executive Committee of Telef&#243;nica, S.A. and also assumed the responsibility for the Simplification Office. In 2016, she became responsible for the Consolidation and Accounting Policies, and Tax divisions of the company. In July 2017, she is appointed Chief Finance and Control Officer of Telef&#243;nica, S.A. In February 2020, she was appointed Chief of the Procurement and Supply Chain division and the Corporate Development division, holding this last position until September 2021. She holds a Degree in Economics and Business Administration from Deusto Business School and an MBA in International Businesses by the Norwegian School of Economics and Business Administration. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Mr. Eduardo Navarro de Carvalho is the Chief Corporate Affairs and Sustainability Officer Telef&#243;nica, S.A. He began his career as an engineer in the Brazilian operation of ARBED, a steel and iron producer. Before joining the Telef&#243;nica Group, he was a consultant at McKinsey &amp; Co., where he led Telecommunications and Infrastructure projects in Latin America, Europe and Africa. Eduardo joined Telef&#243;nica in 1999, as Vice-President of Corporate Strategy and Regulatory Affairs for Telef&#243;nica Brazil. Before assuming his current position, Eduardo was President and CEO of Telef&#244;nica Brasil | Vivo; before that Eduardo held key global positions in the Telef&#243;nica Group, including Chief Commercial Digital Officer (CCDO) and Director of Strategy and Business Development. He was also Director of Strategic Planning and Regulatory Affairs for Telef&#243;nica Internacional. Eduardo holds a Metallurgical Engineering degree from the Federal University of Minas Gerais, Brazil.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Mr. Juan Azcue is the Chief Strategy and Development Officer of Telef&#243;nica, S.A. He began his career in the Madrid office of KPMG in 1999, first in the audit area and later in the Corporate Finance team. In 2004 he joined the Mergers and Acquisitions team of Telefonica, S.A., where he participated in the execution of landmark transactions such as the acquisition of O2, the privatisation of Cesky Telecom and the acquisition of 50% of VIVO. In 2019 he took over the management of this area, and since then he has led the execution of strategic transactions such as the merger of O2 with Virgin Media in the UK or the sale of Telxius&#8217; tower business. He holds a degree in Economics and Business Administration from the Complutense University of Madrid.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Mr. Juan Francisco Gallego Arrechea is the General Manager of Internal Audit of the Telef&#243;nica Group since 2016. He began his career in Arthur Andersen, where he specialized in audit and financial consulting for business groups. In June 2000, he joined the Telef&#243;nica Group working as Director of Consolidation and Accounting Policies and serving, from 2009, as Chief Accounting Officer. Mr. Gallego is a speaker and a member of work teams in several master programs, conferences and courses on the matter of audit, consolidation and accounting practices held by regulators, private institutions and universities. He is currently Director and Chairman of the Audit Committee of the Institute of Internal Auditors of Spain. He obtained a degree in Economic Science at Universidad Complutense in Madrid.</span></div><div id="i63478826478c4e0dbabc502413383f6b_109"></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">B. Compensation</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Please see Note 29.g and Appendix II to our Consolidated Financial Statements for information on the compensation paid to members of our Board of Directors and Executive Officers/Senior Management Team during the year 2024.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Incentive Plans</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Please see Note 27 to our Consolidated Financial Statements.</span></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">121</span></div></div></div><div id="i63478826478c4e0dbabc502413383f6b_112"></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">C. Board Practices</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Please see &#8220;&#8212;Directors and Senior Management&#8221; above.</span></div><div id="i63478826478c4e0dbabc502413383f6b_115"></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">D. Employees</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Please see &#8220;Headcount&#8221; in Note 26 to our Consolidated Financial Statements.</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On December 28, 2023, certain subsidiaries of Telef&#243;nica Spain and the most representative trade unions signed the III Collective Bargaining Agreement, which runs until December 31, 2026 and can be extended for a further year, The aim of the agreement was to move towards a more digital, flexible company prepared for future challenges in a highly competitive context. </span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In addition, and in parallel, these subsidiaries agreed to execute the Collective Redundancies Plan, which provided for collective redundancies affecting up to a total of 3,420 employees. Employees who turned 56 years or older in 2024 and with a seniority of more than 15 years were able to adhere to the Collective Redundancies Plan. However, targets were established that resulted in limits on joining in critical areas or additional redundancies based on business reasons. These agreements were endorsed on January 3, 2024.</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In "Personnel expenses" of the consolidated income statement for the year 2023, a provision of 1,320 million euros before taxes (see Note 24 to the Consolidated Financial Statements) corresponding to Telef&#243;nica Spain was recorded as of December 31, 2023, with no cash impact as of such date. The provision was mainly based on the present value of the estimated payment flows resulting from the Collective Redundancies Plan.</span></div><div id="i63478826478c4e0dbabc502413383f6b_118"></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">E. Share Ownership</span></div><div style="margin-top:9pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">At February 27, 2025, the following members of our Board of Directors beneficially owned directly or indirectly an aggregate </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">of 2,989,102 shares,</span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> representing approximatel</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">y 0.052% of </span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">our capital stock.</span></div><div style="margin-top:9pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"/><td style="width:43.198%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:17.467%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:14.543%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:20.392%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Name or corporate name of director &#160;</span></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Number of direct voting rights</span></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Number of indirect voting rights</span></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">% of total<br/>voting rights</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Mr. Marc Thomas Murtra Millar</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Mr. Isidro Fain&#233; Casas</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">699,461&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">0.012&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Mr. Jos&#233; Mar&#237;a Abril P&#233;rez</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">374,529&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">466,378&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #969696;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">0.015&#160;</span></td><td style="border-top:1pt solid #969696;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #969696;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Mr. Carlos Oca&#241;a Orbis</span></td><td colspan="2" style="border-top:1pt solid #969696;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #969696;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #969696;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #969696;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #969696;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #969696;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #969696;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Mr. &#193;ngel Vil&#225; Boix</span></td><td colspan="2" style="border-top:1pt solid #969696;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,088,504&#160;</span></td><td style="border-top:1pt solid #969696;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #969696;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #969696;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #969696;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">0.019&#160;</span></td><td style="border-top:1pt solid #969696;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #969696;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Mr. Peter L&#246;scher</span></td><td colspan="2" style="border-top:1pt solid #969696;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">179,453&#160;</span></td><td style="border-top:1pt solid #969696;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #969696;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #969696;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #969696;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">0.003&#160;</span></td><td style="border-top:1pt solid #969696;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #969696;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Mr. Olayan Alwetaid</span></td><td colspan="2" style="border-top:1pt solid #969696;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #969696;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #969696;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #969696;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #969696;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #969696;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #929292;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Ms. Mar&#237;a Luisa Garc&#237;a Blanco</span></td><td colspan="2" style="border-top:1pt solid #969696;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #969696;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #969696;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">37,127&#160;</span></td><td style="border-top:1pt solid #969696;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #969696;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">0.001&#160;</span></td><td style="border-top:1pt solid #969696;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Ms. Ver&#243;nica Pascual Bo&#233;</span></td><td colspan="2" style="border-top:1pt solid #969696;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #969696;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #969696;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #969696;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #969696;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #969696;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Mr. Francisco Javier de Paz Mancho</span></td><td colspan="2" style="border-top:1pt solid #969696;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">80,270&#160;</span></td><td style="border-top:1pt solid #969696;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #969696;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #969696;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #969696;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">0.001&#160;</span></td><td style="border-top:1pt solid #969696;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #969696;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Mr. Alejandro Reynal Ample</span></td><td colspan="2" style="border-top:1pt solid #969696;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #969696;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #969696;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #969696;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #969696;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #969696;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #969696;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Ms. Mar&#237;a Rotondo Urcola</span></td><td colspan="2" style="border-top:1pt solid #969696;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">63,380&#160;</span></td><td style="border-top:1pt solid #969696;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #969696;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #969696;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #969696;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">0.001&#160;</span></td><td style="border-top:1pt solid #969696;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Ms. Ana Mar&#237;a Sala Andr&#233;s</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #969696;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Ms. Claudia Sender Ram&#237;rez</span></td><td colspan="2" style="border-top:1pt solid #969696;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #969696;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #969696;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #969696;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #969696;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #969696;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #969696;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Ms. Solange Sobral Targa</span></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #969696;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #969696;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #969696;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #969696;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #969696;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #969696;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr></table></div><div style="margin-top:9pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">At February 27, 2025, members of our executive management team (excluding members of our Board of Directors listed above) beneficially owned an aggregate</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> of 1,177,242 of our shares, representing approximately 0.021% </span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">of our capital stock.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">None of our directo</span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">rs or executive officers beneficially owned shares representing one percent or more of our share capital at February 27, 2025.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">None of our di</span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">rectors and executive officers held options in respect of shares representing one percent or more of our share capital at February 27, 2025.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Please see Note 27 to our Consolidated Financial Statements for information on our share-based payment plans.</span></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">122</span></div></div></div><div id="i63478826478c4e0dbabc502413383f6b_121"></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">F. Disclosure of a Registrant's Action to Recover Erroneously Awarded Compensation</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Not applicable.</span></div><div id="i63478826478c4e0dbabc502413383f6b_124"></div><div style="margin-top:9pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:14pt;font-weight:400;line-height:120%">Item 7. Major Shareholders and Related Party Transactions</span></div><div id="i63478826478c4e0dbabc502413383f6b_127"></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">A. Major Shareholders</span></div><div style="margin-top:9pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">General</span></div><div style="margin-top:9pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">At Febr</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">uary 27, 2025, we had 5,670,161,554 shares outstanding, each having a nominal value of 1.00 euro per share. All outstanding sha</span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">res have the same rights.</span></div><div style="margin-top:9pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">At Fe</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">bruary 27, 2025, according to information provided to us or to the Spanish National Securities Commission (</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Comisi&#243;n Nacional de Mercado de Valores</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> or the &#8220;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">CNMV</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8221;), beneficial owners of 3% or more of our voting stock were as follows:</span></div><div style="margin-top:9pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"/><td style="width:30.228%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:8.094%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:8.094%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:8.094%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:8.094%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:8.094%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:10.250%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:10.252%"/><td style="width:0.1%"/></tr><tr style="height:42pt"><td colspan="3" style="border-top:2pt solid #d9d9d9;padding:2px 1pt;text-align:center;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Name of Beneficial Owner</span></td><td colspan="6" style="border-top:2pt solid #d9d9d9;padding:2px 1pt;text-align:center;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">% of voting rights attributed to shares</span></td><td colspan="6" style="border-top:2pt solid #d9d9d9;padding:2px 1pt;text-align:center;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">% of voting rights through financial instruments</span></td><td colspan="3" rowspan="2" style="border-top:2pt solid #d9d9d9;padding:2px 1pt;text-align:center;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">% of total voting rights</span></td><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:0 1pt"/></tr><tr style="height:15pt"><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Direct</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Indirect</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Direct</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Indirect</span></td><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:0 1pt"/></tr><tr><td colspan="3" style="border-top:2pt solid #d9d9d9;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Sociedad Estatal de Participaciones Industriales </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%;position:relative;top:-3.5pt;vertical-align:baseline">(1)</span></div></td><td colspan="3" style="border-top:2pt solid #d9d9d9;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">10.00</span></td><td colspan="3" style="border-top:2pt solid #d9d9d9;padding:2px 1pt;text-align:center;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">0.00</span></td><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:2px 1pt;text-align:center;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">0.00</span></td><td colspan="3" style="border-top:2pt solid #d9d9d9;padding:2px 1pt;text-align:center;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">0.00</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">10</span></td><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:0 1pt"/></tr><tr><td colspan="3" style="border-top:1pt solid #d9d9d9;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Criteria Caixa, S.A.U.</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%;position:relative;top:-3.5pt;vertical-align:baseline">(2)</span></div></td><td colspan="3" style="border-top:1pt solid #d9d9d9;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">9.99</span></td><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">0.00</span></td><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">0.00</span></td><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">0.00</span></td><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">9.99</span></td><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:0 1pt"/></tr><tr><td colspan="3" style="border-top:1pt solid #d9d9d9;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Banco Bilbao Vizcaya Argentaria, S.A.</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%;position:relative;top:-3.5pt;vertical-align:baseline">(3)</span></div></td><td colspan="3" style="border-top:1pt solid #d9d9d9;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">4.93</span></td><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">0.00</span></td><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">0.00</span></td><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">0.00</span></td><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">4.93</span></td><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:0 1pt"/></tr><tr><td colspan="3" style="border-top:1pt solid #d9d9d9;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Public Investment Fund </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%;position:relative;top:-3.5pt;vertical-align:baseline">(4)</span></div></td><td colspan="3" style="border-top:1pt solid #d9d9d9;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">0.00</span></td><td colspan="3" style="border-top:1pt solid #d9d9d9;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">9.97</span></td><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:2px 1pt;text-align:center;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">0.00</span></td><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:2px 1pt;text-align:center;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">0.00</span></td><td colspan="3" style="border-top:1pt solid #c0c0c0;padding:2px 1pt;text-align:center;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">9.97</span></td><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:0 1pt"/></tr><tr><td colspan="3" style="border-bottom:2pt solid #d9d9d9;border-top:1pt solid #d9d9d9;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">BlackRock, Inc.</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%;position:relative;top:-3.5pt;vertical-align:baseline">(5)</span></div></td><td colspan="3" style="border-bottom:1pt solid #c0c0c0;border-top:1pt solid #c0c0c0;padding:2px 1pt;text-align:center;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">0.00</span></td><td colspan="3" style="border-bottom:1pt solid #c0c0c0;border-top:1pt solid #c0c0c0;padding:2px 1pt;text-align:center;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">3.09</span></td><td colspan="3" style="border-bottom:1pt solid #c0c0c0;border-top:1pt solid #c0c0c0;padding:2px 1pt;text-align:center;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">0.00</span></td><td colspan="3" style="border-bottom:1pt solid #c0c0c0;border-top:1pt solid #c0c0c0;padding:2px 1pt;text-align:center;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1.20</span></td><td colspan="3" style="border-bottom:1pt solid #c0c0c0;border-top:1pt solid #c0c0c0;padding:2px 1pt;text-align:center;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">4.29</span></td><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:0 1pt"/></tr></table></div><div style="text-indent:-18pt"><span><br/></span></div><div style="padding-left:36pt;text-align:justify;text-indent:-36pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline">(1)</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%;padding-left:29.65pt">Based on the information provided by Sociedad Estatal de Participaciones Industriales (SEPI) for the 2024 Annual Report on Corporate Governance of Telef&#243;nica, S.A., as of December 31, 2024. </span></div><div style="padding-left:36pt;text-align:justify;text-indent:-36pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline">(2)</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%;padding-left:29.65pt">Based on the information provided by Criteria Caixa, S.A.U. for the 2024 Annual Report on Corporate Governance of Telef&#243;nica, S.A., as of December 31, 2024. Likewise, and without this implying an incremental or additional participation, Fundaci&#243;n Bancaria Caixa d'Estalvis i Pensions de Barcelona, as the sole shareholder of Criteria Caixa, S.A.U., holds the same participation indirectly.</span></div><div style="padding-left:36pt;text-align:justify;text-indent:-36pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline">(3)</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%;padding-left:29.65pt">Based on the information provided by Banco Bilbao Vizcaya Argentaria, S.A. (BBVA) for the 2024 Annual Report on Corporate Governance of Telef&#243;nica, S.A., as of December 31, 2024. Likewise, and in accordance with the aforementioned information provided by BBVA, the percentage of economic rights attributed to the shares of Telef&#243;nica, S.A. that were owned by BBVA as of December 31, 2024, would increase by 0.231% without voting rights of Telef&#243;nica, S.A. share capital. </span></div><div style="padding-left:36pt;text-align:justify;text-indent:-36pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline">(4)</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%;padding-left:29.65pt">Based on the information contained in the communication sent by Public Investment Fund to the CNMV on February 6, 2025, Public Investment Fund's indirect stake is held through Green Bridge Investment Company SCS (a company controlled by Saudi Telecom Company which in turn is controlled by Public Investment Fund). </span></div><div style="padding-left:36pt;text-align:justify;text-indent:-36pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline">(5)</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%;padding-left:29.65pt">Based on the information notified by BlackRock, Inc. to the CNMV on November 25, 2024.</span></div><div style="margin-bottom:9pt;text-align:justify;text-indent:-18pt"><span><br/></span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">To the extent that our shares are represented by accounts in the book-entry form, we do not keep a shareholder registry and our ownership structure cannot be known precisely. Based on the information available to us there is no individual or corporation that directly or indirectly through one or more intermediaries may exercise any type of control over us. Nevertheless, we have certain shareholders whose holdings are considered material.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Ownership Limitations</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">There are no limitations with respect to the ownership of our assets or share capital except those related to assets derived from the application of the reciprocity principle. Article 6 of the General Telecommunications Law, or the GTL, provides for the application of the reciprocity principle under existing international treaties or agreements signed and ratified by Spain. The Spanish government, upon request, may authorize exceptions to the reciprocity principle contained in the GTL.</span></div><div id="i63478826478c4e0dbabc502413383f6b_130"></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">B. Related Party Transactions</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">During 2022, 2023 and 2024 through the date of this Annual Report, the Directors and senior executives did not enter into any transaction with Telef&#243;nica, S.A. or any Telef&#243;nica Group company other than those in the Group&#8217;s normal trading activity and business, except for the transactions with parties related to Directors during fiscal year 2024 disclosed in Note 11 to the Consolidated Financial Statements. </span></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">123</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Our Board of Directors&#8217; Regulations grant the Board of Directors the exclusive power to authorize any transactions with major shareholders or with our directors. Prior to authorizing any such transaction, our Board will receive an opinion from the Audit and Control Committee addressing the fairness of the transaction to our shareholders and us. Any of our directors that may have an interest in the proposed transaction must abstain from voting on the proposed transaction.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Please see Note 11 to our Consolidated Financial Statements for further information.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Related Party Transactions with Significant Shareholders</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">One of our major shareholders are financial institutions (see &#8220;&#8212;Major Shareholders&#8212;General&#8221; above). We have entered into related party transactions with both companies within our ordinary course of business, and always on arm&#8217;s-length terms. During 2022, 2023 and 2024 through the date of this Annual Report, the executed transactions were generally loans, capital markets or derivative transactions provided to us by these financial institutions and agreements for us to provide telecommunications and broadband services to such institutions.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Please see Note 11 to our Consolidated Financial Statements for further information.</span></div><div style="margin-top:9pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Intra-Group Loans</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">We are the parent company of the Telef&#243;nica Group and operate through our subsidiaries and affiliated companies. We coordinate group policies, including financial policy and, in some cases, actual financial management is conducted by us. Most of the transactions we perform with other members of the Telef&#243;nica Group relate to financing transactions, including covering their needs for funds and providing interest rate and exchange rate hedges.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">At December 31, 2024, as recorded in our parent company accounts, companies in the Telef&#243;nica Group owed Telef&#243;nica, S.A. a total of 2,307 million euros (2,057 million euros at December 31, 2023), including amounts due under intra-group loans and dividends distributed and uncollected at December 31, 2024. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In addition, at December 31, 2024, companies of the Telef&#243;nica Group and their associates had loaned to us (Telef&#243;nica, S.A.) a total of 38,930 million euros (40,576 million euros at December 31, 2023), of which 10,726 million euros (10,481 million euros at December 31, 2023) was loaned to us by Telef&#243;nica Europe, B.V. and 26,799 million euros (25,515 million euros at December 31, 2023) was loaned to us by Telef&#243;nica Emisiones S.A.U., our financing subsidiaries devoted to raising funds in the capital markets, 1,285 million euros (4,580 million euros at December 31, 2023) was loaned to us by Telfisa Global, B.V., our financing subsidiary charged with centralizing and managing the cash pooling of our subsidiaries in Latin America, Europe and the United States, and 120 million euros (no amount at December 31, 2023) was loaned to us by Telef&#243;nica M&#243;viles Argentina, S.A.</span></div><div id="i63478826478c4e0dbabc502413383f6b_133"></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">C. Interests of Experts and Counsel</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Not applicable.</span></div><div id="i63478826478c4e0dbabc502413383f6b_136"></div><div style="margin-top:9pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:14pt;font-weight:400;line-height:120%">Item 8. Financial Information</span></div><div style="margin-top:9pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">A. Consolidated Financial Statements</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Please see Item 18.</span></div><div style="margin-top:9pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">(a) Legal Proceedings</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Telef&#243;nica and its Group companies are party to several legal proceedings which are currently in progress in the courts of law and the arbitration bodies of the various countries in which we are present.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Based on the advice of our legal counsel we believe it is reasonable to assume that these legal proceedings will not materially affect the financial condition or solvency of the Telef&#243;nica Group.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The contingencies arising from the litigation and commitments described below were evaluated. The provisions recorded in respect of the commitments taken as a whole are not material.</span></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">124</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The following unresolved legal proceedings or those underway in 2024 are highlighted (see  &#8220;&#8212;(b) Tax Proceedings&#8221; below and Note 25 to the Consolidated Financial Statements for information on significant tax-related cases).</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Appeal against the Decision by Agencia Nacional de Telecomunica&#231;&#245;es (&#8220;ANATEL&#8221;) regarding the inclusion of interconnection and network usage revenues in the Fundo de Universaliza&#231;&#227;o de Servi&#231;os de Telecomunica&#231;&#245;es (&#8220;FUST&#8221;) </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Vivo Group operators (currently Telef&#244;nica Brasil, S.A.), together with other cellular operators, appealed ANATEL&#8217;s Decision of December 16, 2005, to include interconnection and network usage revenues and expenses in the calculation of the amounts payable into the FUST (Fundo de Universaliza&#231;&#227;o de Servi&#231;os de Telecomunica&#231;&#245;es) &#8211;a fund which pays for the obligations to provide Universal Service&#8211; with retroactive application from 2000. On March 13, 2006, Brasilia Federal Regional Court of the 1st Region granted a precautionary measure which stopped the application of ANATEL&#8217;s decision. On March 6, 2007, a ruling in favor of the wireless operators was issued, stating that it was not appropriate to include the revenues received by transfer from other operators in the taxable income for the FUST&#8217;s calculation and rejecting the retroactive application of ANATEL&#8217;s decision. On January 26, 2016, ANATEL filed an appeal to overturn this Decision with Brasilia Federal Regional Court of the 1st Region, which was also dismissed. On May 10, 2017 ANATEL appealed to the higher courts on the merits of the case. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">At the same time, Telef&#244;nica Brasil and Telef&#243;nica Empresas, S.A., together with other wireline operators through ABRAFIX (Associa&#231;&#227;o Brasileira de Concession&#225;rias de Servi&#231;o Telefonico Fixo Comutado) appealed ANATEL&#8217;s Decision of December 16, 2005, also obtaining the precautionary measures requested. On June 21, 2007, Brasilia Federal Regional Court of the 1st Region ruled that it was not appropriate to include the interconnection and network usage revenues in the FUST&#8217;s taxable income and rejected the retroactive application of ANATEL&#8217;s Decision. ANATEL filed an appeal to overturn this ruling on April 29, 2008, before Brasilia Federal Regional Court of the 1st Region, which was dismissed on May 10, 2016. ANATEL filed an appeal against this dismissal.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The fixed operators filed an appeal to clarify that revenues obtained through interconnection and dedicated line operation should not be included in the calculation of the amounts payable to the FUST. In addition, the court was also requested to rule on two grounds which had not been analyzed in the initial Decision: (i) that the FUST has become obsolete, among other reasons, by the advance of mobile telephony; and (ii) that amounts collected are not applied to the purpose for which the FUST was created, since only a very low percentage of the revenues collected by the FUST is used to finance fixed telephony. Although the petition for clarification was dismissed on August 23, 2016, the court noted that the FUST should not be funded with revenues from interconnection and dedicated line operation. ABRAFIX appealed to the higher courts on these two elements that had not been analyzed. ANATEL appealed all the holdings of the ruling to the higher courts. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The amount of the claim is quantified at 1% of the interconnection revenues.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Decision by the High Court regarding the acquisition by Telef&#243;nica of shares in &#268;esk&#253; Telecom by way of a tender offer </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Venten Management Limited ("Venten") and Lexburg Enterprises Limited ("Lexburg") were non-controlling shareholders of &#268;esk&#253; Telecom. In September 2005, both companies sold their shares to Telef&#243;nica in a mandatory tender offer. Subsequently, Venten and Lexburg, in 2006 and 2009, respectively, filed actions against Telef&#243;nica claiming a higher price than the price for which they sold their shares in the mandatory tender offer. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On August 5, 2016, the hearing before the High Court in Prague took place in order to decide the appeal against the second decision of the Municipal Court, which had been favorable to Telef&#243;nica's position (as was also the case with the first decision of the Municipal Court). At the end of the hearing, the High Court announced the second appellate decision by which it reversed the second decision of the Municipal Court and ordered Telef&#243;nica to pay 644 million Czech korunas (approximately 23 million euros) to Venten and 227 million Czech korunas (approximately 8 million euros) to Lexburg, in each case plus interest.  </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On December 28, 2016, the decision was notified to Telef&#243;nica. Telef&#243;nica filed an extraordinary appeal, requesting the suspension of the effects of the decision. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In March 2017, Telef&#243;nica was notified of the decision of the Supreme Court, which ordered the suspension of the effects of the unfavorable decision to Telef&#243;nica issued by the High Court. </span></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">125</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Venten and Lexburg filed with the Supreme Court a motion to partially abolish the suspension of enforceability of the Decision of the High Court in Prague. On January 17, 2018, Telef&#243;nica filed its response seeking dismissal of such motion for lack of legal basis. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On February 14, 2019,&#160;notification was given to Telef&#243;nica of the resolution of the Supreme Court which, based on the extraordinary appeal filed by Telef&#243;nica, abolished the decision of the High Court in Prague dated August 5, 2016 and remanded the case back to the High Court.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In December 2021, the High Court of Prague confirmed its appointment of an expert in order to produce a new expert report to assess the reliability of market-based price criteria used in the mandatory tender offer and further technical issues discussed in this litigation, including a new discounted cashflow valuation of the shares of &#268;esk&#253; Telecom in 2005.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">After receiving the expert report, Telef&#243;nica challenged its findings on April 30, 2023. Hearings with respect to this challenge were held in the High Court of Prague in November and December 2023. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On February 20, 2025 a hearing of closing arguments was held before the High Court of Prague. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Appeal against the resolution of ANATEL to sanction Telef&#244;nica Brasil for breaches of the Fixed Telephony Regulation </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In May 2018, Telef&#244;nica Brasil filed a judicial action for annulment against a resolution issued by ANATEL (the National Telecommunications Agency of Brazil) in March 2018 concluding the administrative process for determination of non-compliance with obligations (Processo Administrativo para Apura&#231;&#227;o de Descumprimento de Obriga&#231;&#245;es or "PADO") investigating alleged infractions of the Fixed Telephony Regulation by Telef&#244;nica Brasil.     </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">This PADO investigation had been suspended during the negotiations of the conduct adjustment term (Termo de Ajustamento de Conduta or "TAC") between Telef&#244;nica Brasil and ANATEL relating to this and certain other PADO investigations. Since the negotiations concluded without agreement, the suspended PADO sanctioning procedures were reactivated and finalized. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In its resolution of March 2018, ANATEL considered that Telef&#244;nica Brasil committed several infractions, specifically those related to the inadequate notice of suspension of services to defaulting users, the terms of reactivation of services after payment of outstanding amounts by defaulting users and the disagreement with the terms of refunds claimed by users of the services. </span></div><div style="margin-top:9pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The fine i</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">mposed by ANATEL and appealed by Telef&#244;nica Brasil is approximately </span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">211</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> million Brazilian reals (approximately </span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">33</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> million euros based on the exchange rate as of December 31, 2024), which amounted to approximately </span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">663</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> million Brazilian reals after currency value updates and accrued interest as of December 31, 2024 (approximately </span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">103</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> million e</span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">uros based on the exchange rate as of December 31, 2024).</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Telef&#244;nica Brasil appealed the fine imposed by ANATEL based, fundamentally, on the following arguments: (i) ANATEL should have considered a smaller universe of users to determine the fine and (ii) the calculation of the fine is disproportionate and based on insufficient grounds. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In December 2024, Telef&#244;nica Brasil, ANATEL, the Brazilian Federal Court of Accounts and the Brazilian Ministry of Communications signed an agreement on the terms and conditions for the adaptation of the switched fixed telephone service concession contracts to an authorization instrument (the Self-Composition Agreement). See "Item 10. Additional Information&#8212;Material Contracts&#8212;Agreement signed between Telef&#244;nica Brasil S.A., National Telecommunications Agency (ANATEL), the Federal Court of Accounts (TCU), and the Federal Government through the Ministry of Communications". Once the Self-Composition Agreement is validated by the relevant court, the matter is expected to be closed without payment of a fine by Telef&#244;nica Brasil.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">ICSID Arbitration Telef&#243;nica, S.A. vs. Republic of Colombia </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In the local arbitration brought by Colombia against Colombia Telecomunicaciones, on July 25, 2017, the local arbitration tribunal ordered Colombia Telecomunicaciones to pay 470 million euros as economic compensation for the reversion of assets related to voice services in relation to the concession granted between 1994 and 2013. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On August 29, 2017, Colombia Telecomunicaciones&#8217;s share capital was increased in order to make the payment ordered by the local arbitral award; Telef&#243;nica, S.A. contributed and disbursed an amount equivalent to 67.5% of the </span></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">126</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">award&#8217;s amount (317 million euros) and the Colombian Government contributed an amount equivalent to the remaining 32.5% (153 million euros).</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On February 1, 2018, Telef&#243;nica, S.A. filed a Request for Arbitration against Colombia at the International Centre for Settlement of Investment Disputes ("ICSID"), which was formally registered on February 20, 2018. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The ICSID tribunal was constituted on February 26, 2019. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Colombia filed Preliminary Objections on Jurisdiction on August 5, 2019. Telef&#243;nica, S.A. responded to Colombia&#8217;s objections in its Claimant&#8217;s Memorial on September 23, 2019, in which it also requested that Colombia pay compensation for damages caused to Telef&#243;nica, S.A. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On October 23, 2019, Colombia submitted its Complementary Objections on Jurisdiction as well as a request for Bifurcation, to which Telef&#243;nica, S.A. responded on November 29, 2019.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On January 24, 2020, the tribunal dismissed the request for Bifurcation presented by Colombia, ordering the continuation of the proceeding. A decision on the merits of Telef&#243;nica, S.A.&#8217;s claim is pending. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On July 3, 2020, Colombia filed its reply to the claim filed by Telef&#243;nica before the ICSID.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On November 2, 2020, Telef&#243;nica presented its response to Colombia's reply.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">After the hearing held in April 2021, on July 27, 2021 the hearing of closing arguments was held.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On November 12, 2024, the tribunal issued an arbitration award favorable to the interests of Telef&#243;nica, determining that Colombia failed to comply with its obligation to grant fair and equitable treatment to Telef&#243;nica's investments under the applicable investment treaty and ordering Colombia to pay the amount of 380 million U.S. dollars (approximately 358 million euros at the exchange rate of November 12, 2024) plus compound interest at a rate of 5% per year as compensation for the damages caused (i.e., the entire principal amount and interest sought by Telef&#243;nica in the dispute). In addition, the tribunal ordered Colombia to pay Telef&#243;nica&#8217;s attorneys&#8217; fees with respect to the arbitration proceedings, together with the corresponding interest.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On November 27, 2024, the Republic of Colombia filed a request with the ICSID to annul and suspend the award. According to ICSID procedures, the request for a stay of enforcement in the annulment proceeding provisionally suspends the enforcement of the award until the new tribunal decides on the request within a maximum period of 30 days from its constitution. As of the date of preparation of this Annual Report the new tribunal has not been constituted. The account receivable associated with this award, amounting to 544&#160;million U.S. dollars (523&#160;million euros </span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">based on the exchange rate as of December 31, 2024</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">), is recorded under "Short-term credits". </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Telef&#243;nica's lawsuit against Millicom International Cellular for default in the sale of Telef&#243;nica de Costa Rica</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Telef&#243;nica, S.A. (Telef&#243;nica) and Millicom International Cellular, S.A. (Millicom) reached an agreement on February 20, 2019 for the purchase and sale of the entire capital stock of Telef&#243;nica de Costa Rica TC, S.A.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In March 2020, Telef&#243;nica informed Millicom that, once the pertinent regulatory authorizations had been obtained and all the other conditions established in the aforementioned agreement for the execution of the sale had been completed, the execution of the contract and the closing of the transaction should be in April 2020.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Millicom expressed its refusal to proceed with the closing, arguing that the competent Costa Rican administrative authorities had not issued the appropriate authorization.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On May 25, 2020, Telef&#243;nica filed a lawsuit against Millicom before the New York Supreme Court, considering that Millicom had breached the terms and conditions established in the sale contract, demanding compliance with the provisions of the aforementioned agreement, and compensation for all damages that this unjustified breach could cause to Telef&#243;nica.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On June 29, 2020, Millicom filed a Motion to Dismiss, to which Telef&#243;nica replied on July 8, 2020.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On August 3, 2020, Telef&#243;nica submitted an amendment to the lawsuit, removing the requirement to comply with the provisions of the sale and purchase contract and requesting only compensation for all damages that the unjustified breach of said agreement could cause to Telef&#243;nica.</span></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">127</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On January 5, 2021, the Motion to Dismiss filed by Millicom in June 2020 was dismissed by the New York Supreme Court.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On February 24, 2023, both parties filed a "motion for summary judgment" once the discovery period had ended</span><span style="color:#2b3447;font-family:'Telefonica Sans',sans-serif;font-size:9.5pt;font-weight:400;line-height:120%">.</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:115%">On February 13, 2024, the New York Supreme Court issued a decision granting Telef&#243;nica&#8217;s motion for partial summary judgment, concluding that Telef&#243;nica is entitled to compensatory damages and prejudgment interest (approximately 140 million U.S. dollars) from Millicom.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:115%">On August 5, 2024, Millicom filed its appellate brief with the Appellate Division of the New York Supreme Court, and Telef&#243;nica filed its response on September 4, 2024. </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:115%">On December 17, 2024, the Appellate Division issued a decision and order upholding Telef&#243;nica&#8217;s entitlement to summary judgment, but decided that the Supreme Court had calculated the prejudgment interest incorrectly and reduced the amount to be awarded to Telef&#243;nica accordingly.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:115%">On January 21, 2025, Telef&#243;nica filed an appeal against the decision of the Appellate Division of the New York Supreme Court.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">ICSID Arbitration Telef&#243;nica, S.A. vs. Republic of Peru</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On February 5, 2021, Telef&#243;nica filed a request for arbitration against the Republic of Peru at the ICSID, which was formally registered on March 12, 2021.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Telef&#243;nica bases its claims on the Agreement for the Promotion and Reciprocal Protection of Investments between the Kingdom of Spain and the Republic of Peru ("APRPI") signed on November 17, 1994. Telef&#243;nica argues that the Peruvian tax administration (called Superintendencia Nacional de Aduanas y de Administraci&#243;n Tributaria, known as "SUNAT") and other state bodies have failed to comply with the obligations established in the APRPI, including by adopting arbitrary and discriminatory actions.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">It is requested that the defendant be ordered to fully compensate Telef&#243;nica for all damages suffered. Once the Tribunal was constituted, on February 9, 2023, Telef&#243;nica filed a request for urgent injunctive relief together with a request for injunctive relief, requesting the suspension of the administrative litigation (</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">acci&#243;n contencioso-administrativa or ACA</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">) related to the income tax for the years 1998, 2000 and 2001, as well as the extension of the deadline for submission by Telef&#243;nica of the memorial or claim. Following response of Peru, on February 16, 2023, the Tribunal ruled to dismiss Telef&#243;nica's request for urgent injunctive relief, to establish the procedural calendar to process the request for injunctive relief and to grant Telef&#243;nica two additional weeks to file the memorial or claim.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On March 2, 2023, Telef&#243;nica filed a memorial on the merits. On that date, the Republic of Peru filed observations on the claimant's request for provisional measures submitted by Telef&#243;nica on February 9, 2023.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On March 24, 2023, the Tribunal held a hearing on the claimant's request for provisional measures.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On May 11, 2023, the Tribunal issued Procedural Order No. 5 concerning the defendant's request to address the objections to jurisdiction as a preliminary question. As a result, the objections to jurisdiction were joined to the merits of the dispute.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On September 18, 2023, the defendant filed a counter-memorial on the merits and a memorial on jurisdiction.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On December 22, 2023, the Tribunal issued Procedural Order No. 6 concerning production of documents.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On March 29, 2024, Telef&#243;nica filed a reply on the merits, and on June 28, 2024, the Republic of Peru filed a rejoinder on the merits and a reply on jurisdiction.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On July 16, 2024, following the resignation of the arbitrator appointed by Peru, the Acting Secretary-General notified the parties of the vacancy on the Tribunal and the proceeding was temporarily suspended pursuant to ICSID Arbitration Rule 10 (2).</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On August 12, 2024, the proceedings resumed under ICSID Arbitration Rule 12, following the appointment of the new arbitrator by the Republic of Peru.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On August 20, 2024, the defendant filed a submission on quantum. </span></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">128</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><div style="text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:112%">The final hearing was held in the last weeks of February 2025. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Appeal against the ANATEL resolution on the calculation of amounts for the renewal of radio frequencies in Brazil associated with the provision of the personal mobile services (filed in 2013)</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In 2013, Telef&#243;nica Brasil filed a lawsuit against the resolution of ANATEL which sets forth the calculation of the amount to be paid by Telef&#243;nica Brasil for the renewal of radio frequencies associated with the provision of personal mobile services, which has been granted to Telef&#243;nica Brasil for a period of fifteen years.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">According to ANATEL the renewals, which must be carried out every two years, should be accompanied by a payment equivalent to 2% of all income derived from the provision of personal mobile services, while Telef&#243;nica Brasil believes that the calculation must be made with respect to the income derived from voice services only, which would exclude data services and interconnection revenues.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In February 2020, Telef&#243;nica Brasil filed an appeal before the Regional Federal Court of Brasilia after obtaining an unfavorable ruling in the Court of First Instance, which considered that the criteria defended by ANATEL was the one to be followed.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">As of December 31, 2024, the amount under litigation was 896&#160;million Brazilian reais (139 million euros based on the exchange rate of such date), resulting from the method of calculation of ANATEL that has been appealed.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Appeal against the ANATEL resolution on the calculation of amounts for the renewal of radio frequencies in Brazil associated with the provision of the personal mobile services (filed in 2015)</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In 2015, Telef&#243;nica Brasil filed a lawsuit against the resolution of ANATEL which sets forth the calculation of the amount to be paid by Telef&#243;nica Brasil for the renewal of radio frequencies associated with the provision of personal mobile services, which has been granted to Telef&#243;nica Brasil for a period of fifteen years.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">According to ANATEL the renewals, which must be carried out every two years, should be accompanied by a payment equivalent to 2% of all income derived from the provision of personal mobile services, while Telef&#243;nica Brasil believes that the calculation must be made with respect to the income derived from voice services only, which would exclude data services and interconnection revenues.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In August 2016, Telef&#243;nica Brasil filed an appeal before the Regional Federal Court of Brasilia after obtaining an unfavorable ruling in the Court of First Instance, which considered that the criteria defended by ANATEL was the one to be followed. The parties are currently waiting for a judgment on the appeal.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">As of December 31, 2024, the amount under litigation was 229&#160;million Brazilian reais (36&#160;million  euros based on the exchange rate of such date), resulting from the method of calculation of ANATEL that has been appealed.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">UK High Court claim by Phones 4 U Limited against various mobile network operators and other companies, among others, Telef&#243;nica, S.A., Telefonica O2 Holdings Limited and Telefonica UK Limited </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In late 2018, Phones 4U Limited (in administration) (&#8220;P4U&#8221;) commenced a claim in the English High Court in London against various mobile network operators: Everything Everywhere, Deutsche Telekom, Orange, Vodafone, Telef&#243;nica, S.A., Telefonica O2 Holdings Limited and Telefonica UK Limited (together the &#8220;Defendants&#8221;).  </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">P4U carried on a business of selling mobile phones and connections to the public, such connections being supplied by mobile network operators including the Defendants.  In 2013 and 2014, the Defendants declined to extend and / or terminated their contracts to supply connections to P4U. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">P4U went into administration in September 2014. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">P4U alleges that the Defendants ceased to supply connections because they had colluded between themselves in contravention of the United Kingdom and the European Union competition laws and asserts that it has a basis to claim damages for breach of competition law by all the Defendants. The Defendants deny all P4U&#8217;s allegations.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The claim commenced on December 18, 2018 by P4U. The Defendants filed their initial defenses in the course of April and May 2019, with P4U filing replies on October 18, 2019. The first case management conference took place on March 2, 2020. </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The trial was held between May and July 2022. On November 10, 2023 the court issued a judgment, concluding that none of the Defendants was in breach of either UK or EU competition law. </span></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">129</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On April 10, 2024, P4U filed an appeal, and the Defendants filed a response on June 28, 2024.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The oral argument for the appeal is scheduled for May 2025.</span></div><div style="text-align:justify"><span><br/></span></div><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Telef&#243;nica del Per&#250; Ordinary Insolvency Procedure</span></div><div><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On February 14, 2025 the Board of Directors of Telef&#243;nica del Per&#250;, S.A.A. (&#8220;Telef&#243;nica del Per&#250;&#8221;), with the aim of achieving an orderly restructuring of the liabilities of said company, resolved to invoke the Ordinary Insolvency Procedure, established under the Peruvian law (Ley General del Sistema Concursal) with respect to Telef&#243;nica del Per&#250;. The invocation of said insolvency procedure is focused on the financial and operational restructuring within the framework of the applicable insolvency law. Thus, the protection of the insolvency framework, established by the Ley General del Sistema Concursal, will allow Telef&#243;nica del Per&#250; for an orderly restructuring of liabilities with the arrangement of its creditors. In order to facilitate the invocation of the Ordinary Insolvency Procedure, Telef&#243;nica Hispanoam&#233;rica has granted a credit facility of up to 1,549 million Peruvian soles (approximately 394&#160;million euros at an estimated average rate of 3.93 Peruvian soles per euro), subject to strict conditionality and with a maturity of 18 months, to meet exclusively operational cash requirements of Telef&#243;nica del Per&#250;. The financial situation of Telef&#243;nica del Per&#250; has been very negatively affected by tax contingencies that are more than 20 years old, as well as by administrative decisions that have placed the company in a competitive disadvantage within a particularly challenging market environment. In relation to the abovementioned tax contingencies, Telef&#243;nica is currently in arbitration before the International Centre for Settlement of Investment Disputes (ICSID). As previously informed to the market, Telef&#243;nica reiterated that Telef&#243;nica del Per&#250;'s liabilities are not guaranteed by any other company of the Telef&#243;nica Group. Telef&#243;nica will continue to explore strategic alternatives with regard to its investment in Telef&#243;nica del Per&#250;. The Ordinary Insolvency Procedure was filed on February 25, 2025 with the National Institute of Competition and Intellectual Property (INDECOPI).</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span><br/></span></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">130</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><div style="margin-top:9pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">(b) Tax Proceedings</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Inspections in the tax group in Spain</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:112%">In July 2019, new inspection procedures were initiated for several of the companies belonging to Tax Group 24/90, of which Telef&#243;nica, S.A. is the dominant company. The periods audited for Corporate Income Tax were the years 2014 to 2017. </span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The closing of the inspection procedure took place in January 2022, with the Settlement Agreement being notified, and which the Company challenged in an economic-administrative procedure at the Central Economic-Administrative Court due to the adjustments with which it did not agree, mainly related to the "juros sobre el capital propio". In December 2022, the Company received a rejection resolution from the Central Economic-Administrative Court, which was challenged on the National High Court in February 2023. The final decision is still pending.</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In relation to the 2008-2011 inspection procedure, in July 2022 Telef&#243;nica was notified of the Supreme Court's decision rejecting the appeal for cassation filed by the State Attorney's Office against the judgment of the Audiencia Nacional (National High Court) of October&#160;29, 2021. This confirmed the criteria used by Telef&#243;nica, S.A. for the use of tax losses carryforward and deductions in relation to the liquidation agreements derived from the Corporate Income Tax inspection of those years.</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On October&#160;24, 2022, an Agreement for the Execution of the Judgment of the Audiencia Nacional (National High Court) was issued, which orders the refund to Telef&#243;nica of an amount of 790 million euros for taxes paid in those years, as well as an amount of 526 million euros as delayed interest. Said amounts were collected on October&#160;28, 2022.</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In July 2023 new inspection procedures were initiated with respect to several of the companies belonging to Tax Group 24/90, of which Telef&#243;nica, S.A. is the dominant company. The taxes and periods being audited were as follows: corporate income tax for the years 2018 to 2021 and value added tax for the period from May to December 2019 as well as for the years 2020 and 2021. </span></div><div style="margin-bottom:9pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">As a result of the ongoing inspection process and the years still to be inspected, at the end of the financial year 2024, it is not estimated that there will be a need to recognize additional liabilities in addition to those described in the Consolidated Financial Statements.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Constitutional Court Ruling on Royal Decree Law 3/2016</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:112%">On January 18, 2024, the plenary session of the Constitutional Court of Spain ("TC") unanimously declared unconstitutional certain measures introduced by Royal Decree-Law 3/2016 of December 2 on corporate income tax. Specifically, the TC declared unconstitutional the setting of stricter ceilings for the offsetting of tax loss carryforwards, the introduction ex novo of a limit on the application of double taxation deductions, and the obligation to automatically integrate into the tax base of the tax the impairment of holdings that had been deducted in previous years. This ruling, following the trend of previous TC rulings, points out that, in the interest of legal certainty, the effects of the declaration of unconstitutionality are limited.</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">However, because Telef&#243;nica has submitted letters of request for rectification for the financial years 2016 onwards of both the consolidated self-assessment tax returns (Form 220) of the Tax Group 24/90 and the individual self-assessment tax returns (Form 200) of the Group companies affected by the measures deemed to be unconstitutional, Telef&#243;nica would not be affected by any such limitation on the scope of the declaration of unconstitutionality.</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Furthermore, on December 21, 2024, Law 7/2024 of December 20 was published in the Official State Gazette (BOE), which, in addition to regulating a complementary tax ensuring a minimum global tax rate for multinational groups (transposing European Council Directive 2022/2523 of December 15), introduces other changes to the corporate income tax in order to reverse the effects of the partial annulment of the tax measures introduced by Royal Decree-Law 3/2016 of December 2.</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:112%">With effect from tax periods starting on or after January 1, 2024 and not yet concluded at the time the Law 7/2024 comes into force, the mandatory reversal regime for impairments of securities on share capital or equity that had been fiscally deductible prior to 2013 is reinstated.</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Specifically, the total amount of impairments that were deductible before 2013 and are pending reversal as of January 1, 2024 must be included in the tax base. </span></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">131</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><div style="margin-bottom:9pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:112%">The reversal must be made, at a minimum, in equal parts during each of the first three financial years starting from January 1, 2024. It will be possible to offset the positive income arising from this mandatory reversal with tax loss carryforwards generated in years prior to 2021, without the application of the 25% and 50% limits mentioned in Note 25 to the Consolidated Financial Statements (although the general 70%  limit will still apply).</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:112%">As a result, the corporate income tax returns of the fiscal group in Spain for the years 2016 to 2021 will be affected by the aforementioned ruling. Given the current status of the litigation related to the corporate income tax for 2016-2017 before the Spanish National Court, and the conclusion of the tax inspection process for the years 2018 to 2021, it is expected that the Spanish tax authorities will issue the corresponding enforcement agreements when the inspection procedure concludes in 2025.</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Accordingly, Telef&#243;nica, with the support of its external advisors, based on the applicable financial reporting framework, has taken into account the effects of the unconstitutionality of Royal Decree-Law 3/2016 and Law 7/2024, in its analysis of recoverability of deferred tax assets at the end of 2024, this resulted mainly in the reversal of impairment of portfolios that were tax-deductible in periods starting prior to January 1, 2013 and their integration in the taxable income base according to the provisions of Article 12.3 of Royal Decree-Law 4/2004 and the new Law 7/2024.</span></div><div style="margin-bottom:9pt"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The effects are shown in the section "Main changes registered in 2024" in Note 25 to the Consolidated Financial Statements.</span></div><div style="text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">As a result of the execution of this TC ruling, as well as the ruling from the General Court of the European Union regarding the amortization of goodwill, Telef&#243;nica could once again have available (in addition to the 334 million euros described in Note 25 to the Consolidated Financial Statements), either in whole or in part, the following tax credits for </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">tax loss carryforwards</span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> and deductions used in the assessments of those years: for </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">tax loss carryforwards</span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> of the years 2002, 247 million euros; 2004, 21 million euros; 2011, 615 million euros; and 2015, 1,503 million euros; and for deductions: for double taxation for the years 2010 to 2020, 952 million euros; for reinvestment for the years 2003 and 2011 to 2013, 23 million euros; for investments from 2003 to 2013, 476 million euros; for donations from the years 2009 to 2018, 260 million euros; for fixed assets in the Canary Islands from 2010 to 2020, 101 million euros and due to the reversal of temporary measures from 2015 to 2020, 29 million euros.</span></div><div><span><br/></span></div><div style="margin-top:9pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Tax litigation in Telef&#243;nica Brazil </span></div><div style="margin-top:9pt;padding-left:13.5pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">State taxes</span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%"> </span></div><div style="margin-top:9pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Telef&#243;nica Group is involved in a range of tax litigation in Brazil over direct and indirect taxes (including those relating to GVT). This includes a number of appeals relating to ICMS tax (a tax similar to VAT, levied on telecommunications services). There is a dispute with the Brazilian tax authorities over which services should be subject to this tax.  </span></div><div style="margin-top:9pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">To date the most significant issues have focused on the requirement to collect ICMS on penalties charged to customers for non-compliance, and complementary or additional services to the basic telecommunications services such as value-added services, modem rental, and the application of this tax on the basic fee (assinatura b&#225;sica). In the case of the latter (assinatura b&#225;sica), the Supreme Court has established that the tax is only payable in respect of assessments for periods after October 2016. </span></div><div style="margin-top:9pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">All related procedures are being contested in all instances (administrative and court proceedings). The aggregate amount of the relevant proceedings, updated to take into account interest, fines and other items, was approximately 25,760 million Brazilian reais as of December 31, 2024 (approximately 4,002 million euros at the exchange rate on that date, see Note 25 to the Consolidated Financial Statements), 23,130 million Brazilian reais as of December 31, 2023 (approximately 4,323 million euros at the exchange rate on that date). Telef&#243;nica Brazil has obtained independent expert reports supporting its position, i.e., that the aforesaid services are not subject to ICMS.  </span></div><div style="margin-top:9pt;padding-left:22.5pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Federal taxes</span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%"> </span></div><div style="margin-top:9pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In addition, there are possible contingencies in relation to federal income taxes for a total amount of 36,723 million Brazilian reais as of December 31, 2024 (approximately 5,706 million euros at the exchange rate on that date), compared to </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">30,379</span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> million Brazilian reais as of  December 31, 2023 (approximately </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">5,678 </span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">million euros at the exchange rate on that date), mainly related to the tax amortizations in Brazil in the years between 2011 and 2021 with respect to goodwill originated in the acquisitions of Vivo and GVT and their subsequent mergers with Telef&#243;nica Brasil. In relation to the tax amortization of goodwill in 2024, the last assessment received was for an amount of </span></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">132</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><div style="margin-top:9pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">4,018 million Brazilian reais (approximately 624 million euros at the exchange rate as of December 31, 2024). Telef&#243;nica Brasil has challenged the related assessments. These proceedings are at the administrative and judicial stage and no provisions have been made since the potential risk associated with them has been classified as "not probable" and Telef&#243;nica Brazil has received independent expert reports that support this view.  </span></div><div style="margin-top:9pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">There are other probable contingencies in relation to the federal income taxes for the total amount of 216 million Brazilian reais as of December 31, 2024 (approximately 34 million euros at the exchange rate as of December 31, 2024), compared to 198 million Brazilian reais as of  December 31, 2023 (approximately 37 million euros at the exchange rate on that date). The Company has recognized a provision for this amount.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Tax litigation in Telef&#243;nica del Per&#250;</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In relation to tax claims in Peru, it should be noted that Telef&#243;nica del Per&#250; is party to numerous legal proceedings (contentious administrative proceedings (ACAs) and appeals (amparos)) for tax matters relating to corporate income tax and VAT, mainly for the years 1998 to 2005, the most relevant being those corresponding to the years 1998 to 2001 (relating to corporate income tax, payments in advance, credit balances, associated VAT, interest and applicable penalties).</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The evolution of the appeals of the different cases from the period 1998 to 2001 has been uneven and complex over the last few years, but we can highlight the second instance Judgment of 2015, which was partially upheld; the Supreme Court Judgments of 2019; the January 2020 Supreme Court Ruling, annulling the previous rulings of 2000 and 2001 in relation to the provision for doubtful debts; the Constitutional Court Rulings in 2021 in relation to the settlement of late payment interest, partially upheld; and the Supreme Court Rulings of 2021 and 2022 on the credit balance from 1999 used in 2000. </span></div><div style="margin-bottom:9pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On January 17 and 18, 2023, Telef&#243;nica del Per&#250; received notifications of the judgments handed down by the Supreme Court that resolved, in the last instance and unfavorably to the Company (references to the &#8220;Company&#8221; in this section refer to Telef&#243;nica del Per&#250;), the contentious administrative proceedings relating to income tax for the years 1998, 2000 and 2001.</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The rulings issued by the Fifth Chamber of Constitutional and Social Transitory of the Supreme Court do not contain any payment mandate to the Company, as the rulings issued in the administrative contentious proceedings were resolved on concepts derived from a pronouncement of the Tax Court. At the end of these proceedings - and any others that may be applicable - the Tax Administration, through an administrative act, will determine the amount of the corresponding payment obligations.</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Because there were certain adjustments on which the rulings had been definitive since 2015 (positively for the Company in relation to the deductibility of the rental of public spaces and negatively in the case of the deductibility of certain financial charges), the Company previously recorded a provision with an impact on income tax, the amount of which has been updated periodically and constantly depending on the evolution of the various proceedings and the applicable interest rates.</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In addition to the above, in June 2022 a new ruling was received from the Tax Court in relation to the corporate income tax of Telef&#243;nica M&#243;viles del Per&#250; for 2000. This ruling was favorable to the Company with respect to the recognition of the tax value of certain network assets and unfavorable with respect to the deductibility of the exchange rate tax.</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In relation to all these proceedings, the Group considers that the initial amount claimed by the Peruvian government has been exponentially increased by the accrual of interest generated by the delay, not attributable to the Company, of almost 20 years in processing the lawsuits, meaning that almost 80% of the total amount claimed is due to interest and fines. And all this, despite the fact that in 2021 the Constitutional Court itself ruled in favor of Telef&#243;nica del Per&#250;, recognizing that it had been charged interest for delays not attributable to the company.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:112%">For this and other reasons, the Group has been in international arbitration before ICSID since March 2021 for various conducts of the Peruvian State in violation of the Agreement for the Promotion and Reciprocal Protection of Investments between Spain and Peru (see Note 29.a).</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">During the 2024 financial year, the partial execution of the guarantees provided during the aforementioned proceedings from 1998 to 2001 has finally taken place, for a total amount of </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">1,105</span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> million Peruvian soles, equivalent to </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">272</span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> million euros at the 2024 average exchange rate.</span></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">133</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><div style="margin-bottom:9pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company has recorded the necessary provisions for the contingencies considered probable, leaving as possible contingencies an amount of 517 million Peruvian soles as of December 31, 2024, or approximately 132 million euros at the exchange rate on that date (587 million Peruvian soles as of December 31, 2023, or approximately 143 million euros at the 2024 average exchange rate).</span></div><div style="text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The total provision for tax litigation in Peru, following the payments made to date, as well as the use of credit balance and the restatement of interest, have led to the adjustment of the provision at December 31, 2024, </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">which amounts, including the amount corresponding to the guaranteed letters paid and pending return, </span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">to 2,739 million Peruvian soles, or approximately 700 million euros at the exchange rate as of December 31, 2024 (3,117 million Peruvian soles as of December 31, 2023 or approximately 761 million euros at the exchange rate on that date). </span></div><div style="margin-top:9pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Tax deductibility of financial goodwill in Spain</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The tax regulations added article 12.5 to the Spanish Corporate Income Tax Law, which came into force on January 1, 2002. The article regulated the deductibility of tax amortization of financial goodwill (fondo de comercio) arising from the acquisition of non-Spanish companies, which could be amortized over 20 years at 5% per annum.  </span></div><div style="text-align:justify"><span><br/></span></div><div style="margin-bottom:9pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Following the entry into force of the Laws 9/2011 of August 19, 2011 and 16/2013 of October 29, 2013, the amount of goodwill amortization deductible for tax purposes under article 12.5 for the years 2011 to 2015 was reduced from 5% to 1%. The effect is temporary because the 4% not amortized for five years (20% in total) will be recovered extending the deduction period from the initial 20 years to 25 years.</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Telef&#243;nica Group, under this regulation, has been amortizing for tax purposes the financial goodwill from its investments, both direct and indirect, in O2, BellSouth and Colombia Telecomunicaciones (prior to December 21, 2007) and Vivo (acquired in 2010). The positive accumulated effect of the corresponding settlements of corporate income tax from 2004 to the closing of December&#160;31, 2024, was 2,368 million euros.  </span></div><div style="margin-bottom:9pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In relation to this tax incentive, the European Commission (EC) has in recent years commenced three proceedings against the Spanish State, as it deems that this tax benefit could constitute an example of state aid. Although the EC itself acknowledged the validity of the tax incentive for those investors that invested in European companies for  operations carried out before December 21, 2007 in the first decision, and before May 21, 2011 for investments in other countries in the second decision, in its third decision issued on October 15, 2014 it calls into question the applicability of the principle of legitimate expectations in the application of the incentive for indirect acquisitions, whatever the date of acquisition may have been. </span></div><div style="margin-top:9pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">There are also doubts in the Spanish Courts about the classification of the incentive as a deduction and its maintenance in the case of subsequent transmission. </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On October 6, 2021, the Court of Justice of the European Union concluded that the European Commission correctly classified the Spanish tax depreciation scheme of the Fondo de Comercio as State aid incompatible with the internal market for the First and Second Decisions. </span></div><div style="margin-bottom:9pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">With regard to the recognition of legitimate expectations for the First and Second decisions, the Court of Justice of the European Union confirms its applicability.</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The proceedings initiated on the Third Decision, suspended until the resolution of the 1st and the 2nd Decisions resumed on October 19, 2021. The General Court of the Court of Justice of the European Union issued a ruling on September 27, 2023 annulling the Commission's Third Decision (EU) 2015/314, effective as of the day of its publication. However, the proceedings have not been finally concluded as the European Commission appealed the ruling to the Court of Justice of the European Union on December 14, 2023.  </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">As a result of the execution of this Sentence, in accordance with the opinion of the Company and its advisors as to the likely outcome of the aforementioned appeal, as well as that of the Constitutional Court on Royal Decree Law 3/2016, Telef&#243;nica could once again have available (in addition to the 334 million euros mentioned in the section "Main changes registered in 2023"), totally or partially, the tax credits for tax loss carryforwards and deductions described under "Constitutional Court Ruling on Royal Decree Law 3/2016" in Note 25 to the Consolidated Financial Statements.</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The "Tax and Customs Control Unit of the Spanish Tax Authority" (Dependencia de Control Tributario y Aduanero de la Agencia Tributaria), in compliance with the obligation set out in the EC Decision (EU) 2015/314, recovered in March 2019, February 2021 and July 2023, the amounts that had been deducted in connection with the amortization </span></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">134</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><div style="margin-bottom:9pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">of goodwill for the indirect acquisition of non-resident companies from 2005 to 2015, 2016 to 2018 and 2019 to 2020, respectively. The amount paid by Telef&#243;nica after offsetting outstanding tax credits (tax losses carryforward and deductions) amounted to 13.4 million euros. All settlements have been appealed by the Company in the Spanish courts. </span></div><div style="margin-top:9pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Notwithstanding the fact that Telef&#243;nica understands that the principle of legitimate expectations in relation to this tax incentive applies, in relation to tax-amortized goodwill through the purchase of some companies for which the applicability of the legitimate expectations principle is questioned, mainly Vivo, the Group has decided to continue provisioning the amount of the goodwill amortized for tax purposes, and not recovered by the Administration which amounted to 480 million euros as of December 31, 2024 (419 million euros as of December 31, 2023).  </span></div><div style="margin-top:9pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Years open for inspection in the Group companies</span></div><div style="margin-top:9pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The years open for review by the tax inspection authorities for the main applicable taxes vary from one consolidated company to another, based on each country&#8217;s tax legislation, taking into account their respective statute of limitations periods. In Spain, years from 2018 onwards are open to inspection. </span></div><div style="margin-top:9pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In the other countries in which the Telef&#243;nica Group has a significant presence, the years open for inspection by the relevant authorities are generally as follows: </span></div><div style="margin-top:9pt;text-align:justify;text-indent:22.5pt"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:10pt">The last ten years in the United Kingdom.</span></div><div style="margin-top:9pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:10pt">The last nine years in Germany. </span></div><div style="margin-top:9pt;text-align:justify;text-indent:22.5pt"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:10pt">The last seven years in Argentina.</span></div><div style="margin-top:9pt;text-align:justify;text-indent:22.5pt"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:10pt">The last six years in Venezuela and Colombia. </span></div><div style="margin-top:9pt;text-align:justify;text-indent:22.5pt"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:10pt">The last five years in Brazil, Mexico, Uruguay and the Netherlands.  </span></div><div style="margin-top:9pt;text-align:justify;text-indent:22.5pt"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:10pt">The last four years in Peru and Ecuador.  </span></div><div style="margin-top:9pt;text-align:justify;text-indent:22.5pt"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:10pt">The last three years in Chile and the United States. </span></div><div style="margin-top:9pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The tax inspection of the open years is not expected to give rise to additional material liabilities for the Group. </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">(c) Other Proceedings </span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In October 2024, Telef&#243;nica Venezolana, C.A., Telef&#243;nica, S.A. and the United States Department of Justice (&#8220;DOJ&#8221;) entered into a Deferred Prosecution Agreement (&#8220;DPA&#8221;) to resolve a single charge of conspiracy to violate the anti-bribery provisions of the FCPA. The charge, made against Telef&#243;nica Venezolana, C.A., concerns conduct in and around 2014 and 2015 related to a Venezuelan government-sponsored currency auction.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Telef&#243;nica, S.A., is not a defendant in the matter but as parent company of the Telef&#243;nica Group has agreed to certain terms and conditions under the DPA. </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The terms of the DPA include, among other things, requirements concerning a corporate compliance program, annual reports concerning that program during the term of the DPA and a monetary penalty of 85,260,000 U.S. dollars (approximately 81 million euros at payment date). The DOJ has agreed that if all the obligations under the DPA are fully complied with, then DOJ will seek dismissal with prejudice of the charge described above after the DPA concludes.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Dividend information and shareholders&#8217; return</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Dividend background</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The table below sets forth the annual dividends declared per share and the year to which such dividends correspond. Generally, the dividend for a given year is paid in two tranches, one in the second half of the relevant year and the other during the first half of the following year.</span></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">135</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><div style="margin-top:9pt;text-align:justify;text-indent:20.25pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:96.052%"><tr><td style="width:1.0%"/><td style="width:71.350%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:26.450%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Year ended December 31,</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Dividends per share (euro)</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2024 (1)</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">0.30</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2023 (2)</span></td><td colspan="3" style="border-top:1pt solid #969696;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">0.30</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2022 (3)</span></td><td colspan="3" style="border-top:1pt solid #969696;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">0.30</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2021 (4)</span></td><td colspan="3" style="border-top:1pt solid #969696;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">0.30</span></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2020 (5)</span></td><td colspan="3" style="border-bottom:1pt solid #969696;border-top:1pt solid #969696;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">0.40</span></td></tr></table></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline">(1) </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%"> Company&#8217;s shareholder remuneration in 2024 consists of paying a dividend of up to 0.30 euros per share. A cash dividend of 0.15 euros was paid on December 19, 2024. The second tranche of the dividend is expected to be paid in the second quarter of 2025.</span></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline">(2) </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%"> Company&#8217;s shareholder remuneration in 2023 consists of paying a dividend of up to 0.30 euros per share. A cash dividend of 0.15 euros was paid on December 14, 2023. The second tranche of the dividend of 0.15 euros per share was paid in cash on June 20, 2024.</span></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline">(3)</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%"> Company&#8217;s shareholder remuneration in 2022 consists of paying a dividend of up to 0.30 euros per share. A cash dividend of 0.15 euros was paid on December 15, 2022. The second tranche of the dividend of 0.15 euros per share was paid in cash on June 15, 2023.</span></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline">(4)</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%"> Company&#8217;s shareholder remuneration in 2021 consists of paying a dividend of up to 0.30 euros per share in scrip dividend: a scrip dividend of up to 0.15 euros was paid in December 2021, and a scrip dividend of up to 0.15 euros was paid in June 2022. A scrip dividend consists of the assignment of free allotment rights with an irrevocable purchase commitment by the Company, and a subsequent capital increase by means of the issue of new shares to fulfill said allotments.</span></div><div style="padding-left:18pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline"> (5)</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%"> Company&#8217;s shareholder remuneration in 2020 consists of paying a dividend of up to 0.40 euros per share in scrip dividend: a scrip dividend of up to 0.20 euros was paid in December 2020, and a scrip dividend of up to 0.20 euros was paid in June 2021. A scrip dividend consists of the assignment of free allotment rights with an irrevocable purchase commitment by the Company, and a subsequent capital increase by means of the issue of new shares to fulfill said allotments.</span></div><div style="margin-bottom:9pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><span><br/></span></div><div style="margin-bottom:10pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Payments of any future dividends will be dependent on the Group&#8217;s earnings, cash generation, solvency, liquidity and flexibility to make strategic investments, all of which may be influenced by a variety of factors. See &#8220;Cautionary Statement Regarding Forward-Looking Statements&#8221;.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Treasury shares and share buybacks</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">We have performed, and may consider performing, transactions with treasury shares and financial instruments or contracts that confer the right to acquire treasury shares or assets whose underlying is Company&#8217;s shares.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Treasury share transactions will always be for legitimate purposes, including:</span></div><div style="margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:10pt">undertaking treasury share acquisitions approved by the Board of Directors or pursuant to General Shareholders&#8217; Meeting resolutions;</span></div><div style="margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:10pt">honoring previous legitimate commitments assumed;</span></div><div style="margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:10pt">covering requirements for shares to allocate to employees and management under stock option plans; and</span></div><div style="margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:10pt">other purposes in accordance with prevailing legislation. In the past, treasury shares purchased on the stock market were exchanged for other shares or securities (as in the case of preferred capital securities), swapped for stakes in other companies (e.g. Telco, S.p.A., or Telef&#244;nica Brasil in 2015) or acquired to reduce the number of shares in circulation (by redeeming the shares acquired), thereby improving earnings per share.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">For a description of transactions on treasury shares, see Note 17 (g) to our Consolidated Financial Statements and &#8220;Item 16E. Purchases of Equity Securities by the Issuer and Affiliated Purchaser&#8221;.</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">B.      Significant Changes</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">No significant change has occurred since the date of the Consolidated Financial Statements other than those mentioned in this Annual Report or our Consolidated Financial Statements.</span></div><div id="i63478826478c4e0dbabc502413383f6b_139"></div><div style="margin-top:9pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:14pt;font-weight:400;line-height:120%">Item 9. The Offering and Listing</span></div><div id="i63478826478c4e0dbabc502413383f6b_142"></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">A. Offer and Listing Details</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">General</span></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">136</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Our ordinary shares, nominal value 1.00 euro each, are currently listed on each of the Madrid, Barcelona, Bilbao and Valencia stock exchanges and are quoted through the Automated Quotation System under the symbol &#8220;TEF&#8221;. Our ADSs are listed on the New York Stock Exchange and the Lima Stock Exchange under the symbol "TEF".</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Citibank, N.A. is the Depositary issuing ADSs in form of certificated ADSs (also known as ADRs) or uncertificated ADSs pursuant to the deposit agreement dated as of November 13, 1996, as amended as of December 3, 1999 and as further amended as of June 23, 2000, and as of March 9, 2007, among Telef&#243;nica, the Depositary and the holders from time to time of ADSs (the &#8220;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Deposit Agreement</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8221;).</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">At December 31, 2024, 121,748,619 of our shares were held in the form of ADSs by 457 holders of record, including Cede &amp; Co., the nominee of Depository Trust Company (&#8220;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">DTC</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8221;). The number of ADSs outstanding was 131,003,194 at December 31, 2023.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Our ordinary shares are quoted on the Spanish Stock Exchanges in euro. Currency fluctuations may affect the dollar equivalent of the euro price of our shares listed on the Spanish Stock Exchanges and, as a result, the market price of our ADSs, which are listed on the New York Stock Exchange (in addition to the Lima Stock Exchange). Currency fluctuations may also affect the dollar amounts received by holders of ADSs on conversion by the Depositary of any cash dividends paid in euro on the underlying shares.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Spanish Securities Market Legislation</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Law 6/2023, of March 17 (</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Ley del Mercado de Valores y de los Servicios de Inversi&#243;n</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">, or the &#8220;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">LMV</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8221;), approved the reinstated text of the Spanish Securities Markets Act, which replaced the Royal Legislative Decree 4/2015, as amended. The LMV regulates the primary and secondary securities markets in Spain by establishing principles for their organization and operation, rules governing the activities of persons and institutions operating in these markets and a system for their supervision.  </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">This legislation and the regulation implementing it (mainly, as far as private issuers are concerned, the Royal Decree 813/2023, of November 8, in relation to the legal regime of investment services companies and other entities that provide investment services; the Royal Decree 814/2023, of November 8, in relation to financial instruments, admission to trading, registration of marketable securities and market infrastructures, and Royal Decree 1362/2007, of October 19 (as amended), concerning the transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market in the EU):</span></div><div style="margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:10pt">establishes an independent regulatory authority, the CNMV, to supervise the securities markets;</span></div><div style="margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:10pt">establishes the rules for surveillance, supervision and sanction provided for the representation of transferable securities by book entries or by certificate;</span></div><div style="margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:10pt">establishes a framework for the issuance of securities;</span></div><div style="margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:10pt">establishes a framework for trading activities;</span></div><div style="margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:10pt">establishes the disclosure obligations of issuers, particularly the obligation to file annual audited financial statements and to make public quarterly financial information;</span></div><div style="margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:10pt">establishes the framework for tender offers;</span></div><div style="margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:10pt">establishes the code of conduct for all market participants; </span></div><div style="margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:10pt">regulates market abuse infringements; and</span></div><div style="margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:10pt">updates regulation for the admission of fixed-income securities to trading in Spanish regulated market.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">With regard to regulatory developments, the following legislative changes have taken place:</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On March 11, 2005, Royal Decree-Law 5/2005 was approved, modifying the Law 24/1988 (first </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Ley de Mercado de Valores</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">, rendered invalid with the approval of the Royal Legislative Decree  4/2015) in order to implement Directive 2003/71/EC of the European Parliament and of the Council of November 4, 2003, on the prospectus to be published when securities are offered to the public or admitted to trading (which amended the previous European Directive regulating requirements of prospectus &#8211;Directive 2001/34/CE&#8211;). The Directive: (i) harmonizes the requirements for the process of approval of the prospectuses, so that the EU passport granted to an issuer, valid throughout the </span></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">137</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">European Union, also applies to the prospectus of such issuer; (ii) incorporates the application of the &#8220;country of origin principle&#8221;, by which the prospectus will be approved by the Member State of the European Union where the issuer has its registered office but introduces the possibility that, in certain circumstances (such as issues with high minimum denominations &#8211;1,000 euros or more&#8211;), the issuer may choose the relevant European Union competent authority (and thus, the relevant regulatory legal framework) for prospectus approval.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Subsequently, Royal Decree 1310/2005 (currently invalid), further amended by Royal Decree 878/2015 (also currently invalid due to the approval of the Royal Decree 814/2023, which adopts and updates the provisions of Royal Decree 878/2015), partially developed  the Law 24/1988 in relation to the admission to trading of securities in the official secondary markets, the sales or subscriptions, public offers and the prospectuses required to those effects. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On April 12, 2007, Law 6/2007 was approved, modifying Law 24/1988 in order to implement Directive 2004/25/EC of the European Parliament and of the Council of April 21, 2004 relating to public tender offers and Directive 2004/109/EC of the European Parliament and of the Council of December 15, 2004 relating to the transparency requirements for issuers whose securities are admitted to trading on a regulated market in the EU. Law 6/2007 intends: (i) to encourage an efficient market for corporate control, while protecting the rights of minority shareholders of listed companies and (ii) to enforce transparency in financial markets.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In relation to public tender offers, Law 6/2007 (i) establishes the cases in which a company must launch a takeover bid over the whole share capital of a listed company; (ii) establishes that mandatory takeover bids shall be launched once a shareholder reaches a specific stake on the share capital of a listed company; (iii) adds new obligations for the management bodies of the target company of the takeover bid in terms of defensive measures against the takeover bid; and (iv) regulates the squeeze-out and sell-out procedures that can be initiated (by the bidder that launched the takeover bid or by the outstanding minority shareholders after the takeover bid, respectively) when, following a takeover bid, the bidder holds at least 90% of the share capital of the target company. Royal Decree 1066/2007, as amended, completes the regulation currently in place for takeover bids in Spain.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Regarding transparency of issuers whose shares are accepted to trading on an official market, Law 6/2007 (i) modifies the reporting requirements of the periodic financial information of listed companies and issuers of listed securities; (ii) establishes a new disclosure regime for shareholders owning over a certain significant stake in a listed company; (iii) adds new information and disclosure requirements for issuers of listed securities; (iv) establishes the civil liability regime of the issuer and its board of directors in connection with inaccuracies in the financial information disclosed by issuers of securities; and (v) confers new supervisory powers upon the CNMV with respect to the review of accounting information.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On December 19, 2007, Law 47/2007 was approved, modifying Law 24/1988 in order to implement Directive 2004/39/EC of the European Parliament and of the Council of April 21, 2004, on Markets in Financial Instruments (MiFID); Directive 2006/73/EC of the European Parliament and of the Council of August 10, 2006 on organizational requirements and operating conditions regarding the Market in Financial Instruments Directive (Directive 2004/39/EC of the European Parliament and of the Council); and Directive 2006/49/EC of the European Parliament and of the Council of June 14, 2006 on the capital adequacy of investment firms and credit institutions. Its principal aim is to establish a general legal framework for financial markets in the European Union, specifically with regard to financial services, as well as to ensure appropriate transparency for investors through a regular flow of the relevant information concerning security issuers. Amongst other things, the new regime (i) establishes new multilateral trading services for listing shares apart from the stock markets; (ii) reinforces the measures for the protection of investors; (iii) establishes new organizational requirements for investment firms; and (iv) implements new supervisory powers for CNMV, establishing cooperation mechanisms amongst national supervisory authorities.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On July 2, 2010, the Royal Legislative Decree 1/2010 was approved as the Spanish Corporate Enterprises Act. This regulation was implemented to comply with the seventh provision of Law 3/2009, proceeding to consolidate in one text all the applicable regulations, under the title of "</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Ley de Sociedades de Capital</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">". In this way, the traditional separate regulation of the forms or types of companies designated with this generic expression was overcome, which now, by ascending to the title of the law, attains a defining rank. In addition, for the same purposes this regulation included and updated the provisions of the prior regulations, like Law 3/2009 (rendered invalid with the approval of the Royal Legislative Decree 5/2023), modifying the maximum threshold established in the Spanish Corporate Enterprises Act as to the number of treasury shares held by listed companies and their subsidiaries, from 5% up to 10% of their total capital outstanding.</span></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">138</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On August 1, 2011, Law 25/2011, partially reforming the Spanish Corporate Enterprises Act and transposing Directive 2007/36/EC of the European Parliament and of the Council of July 11, relating to the exercise of certain rights by shareholders of listed companies was approved.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On December 21, 2012, Royal Decree 1698/2012, amending regulations regarding prospectus and transparency requirements due on securities issues by the transposition of Directive 2010/73/EU of the European Parliament and of the Council of November 24, 2010, by amending Directive 2003/71/EC on the prospectus to be published when securities are offered to the public or admitted to trading and Directive 2004/109/EC on the harmonization of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market, pursues essentially the reduction of administrative burdens related to the publication of a prospectus for the public offering of securities and admission to trading on markets within the European Union.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On March 20, 2013, ECC/461/2013 regulation was approved. This regulation, as amended, establishes the content and structure of the annual report on corporate governance, the annual compensation report and other information mechanisms for public listed companies, the savings banks and other entities that issue securities admitted to trading on regulated securities markets. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On April 16, 2014, Regulation (EU) 596/2014 (Market Abuse Regulation) of European Parliament and of the Council on market abuse was approved. The regulation repeals Directive 2003/6/EC of the European Parliament and of the Council and Commission Directives 2003/124/EC, 2003/125/EC and 2004/72/EC. This regulation has been directly applicable in all European Union Member States since July 3, 2016. Since the adoption of the Market Abuse Regulation, the European Commission has adopted several implementing regulations to complement or clarify certain aspects of said regulation.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On June 12, 2014, the Official Journal of the European Union published Directive 2014/65/EU of the European Parliament and of the Council of May 15, 2014 on markets in financial instruments (which amended Directive 2002/92/EC and Directive 2011/61/EU ("</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">MIFID II</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">")) and Regulation (EU) 600/2014 of the European Parliament and Council of May 15, 2014 on markets in financial instruments and amending Regulation (EU) 648/2012 (MiFIR).</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On December 3, 2014, Law 31/2014, amending the Spanish Corporate Enterprises Act was enacted. This law introduced changes in matters related to general shareholders&#8217; meetings, and shareholders rights. It also modified the legal status of members of the Board of Directors, including their compensation, practices and composition and set forth new rules on the composition of Board Committees.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On June 23, 2015, Circular 3/2015 of the CNMV established the information and technical and legal specifications that must be published on public listed companies', savings banks' and other entities&#8217; websites, in order to duly comply with the principle of transparency.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On October 2, 2015, Royal Decree 878/2015 (rendered invalid with the approval of the Royal Decree 814/2023, which adopts and updates the provisions of Royal Decree 878/2015) was approved with the aim of reaching a greater level of efficiency and safety in the Spanish Automated Quotation System as well as contributing to the development towards an integrated European financial services market. This Royal Decree was enacted to fully implement into Spanish Legislation the provisions of Directive 2013/50/UE of the European Parliament and of the Council of October 22.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On October 23, 2015, the Royal Legislative Decree 4/2015 (prior </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Ley de Mercado de Valores</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">, rendered invalid with the approval of the LMV) approved the revised text of the Spanish Securities Market Act with the aim of  consolidating in a single text the set of regulations with the status of law relating to the securities markets.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On July 20, 2017, Regulation (EU) 2017/1129 of the European Parliament and of the Council of June 14, 2017, on the prospectus to be published when securities are offered to the public or admitted to trading on a regulated market (the "</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Prospectus Regulation</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">"), entered into force and became directly applicable in all European Union Member States on a rolling basis, with full application from July 21, 2019. The Prospectus Regulation abolishes and  replaces the previous EU Directive 2003/71/EC (the Prospectus Directive). The Prospectus Regulation aims at harmonizing the disclosure regime by removing asymmetries of information and, ultimately, at increasing transparency in the markets. The Prospectus Regulation regulates the content of the prospectuses and contains a list of exemptions from the obligation to produce a prospectus in certain cases.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On November 24, 2017, the Royal Decree-Law 18/2017, implementing in Spain Directive 2014/95/EU of the European Parliament and of the Council of October 22, 2014 as regards disclosure of non-financial and diversity information by certain large undertakings and groups. Such Royal Decree-Law requires certain companies to </span></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">139</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">include in their management report a non-financial statement containing certain additional information relating to environmental, social and employee matters, respect for human rights, anti-corruption and bribery matters.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On January 3, 2018, the new legal framework on markets and financial instruments (based on MiFID II) and Regulation 600/2014/EU of the European Parliament and the Council (MiFIR Regulation) became effective in all European Union Member States. Shortly before such date, on  December 29, 2017, Spain approved the Royal-Decree 21/2017 (partially repealed by the provisions of the LMV) to implement into Spanish legislation the European MiFID II and MiFIR regulations. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On June 28, 2018, Circular 3/2018 of the CNMV on periodic reporting by issuers of securities admitted to trading on regulated markets, regarding half-yearly financial reports, interim management statements and, where applicable, quarterly financial reports, was approved. The aim of this Circular is to adapt the content of the templates of said reports to the changes in national and international accounting standards, mainly the entry into force of IFRS 9 Financial Instruments and IFRS 15 Revenue from Contracts with Customers.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On September 28, 2018, Spain approved the Royal Decree-Law 14/2018, which amended the Royal Legislative Decree 4/2015 to fully implement and reflect in the Spanish Securities Markets Act MiFID II and MiFIR provisions.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On November 23, 2018, Royal Decree-Law 19/2018 on payment services and other urgent financial measures was approved and modified the Royal Legislative Decree 4/2015 in order to adapt it to the Market Abuse Regulation.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On December 21, 2018, Royal Decree 1464/2018 was approved in order to further develop and complement the abovementioned Royal-Decree 21/2017 of December 29 and Royal Decree 14/2018 of September 28 in MiFID-MiFIR matters. This regulation was repealed in November 2023 with the approval of Royal Decree 814/2023, of November 8,which adopts and updates the provisions of Royal Decree 1464/2018.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On December 28, 2018, Law 11/2018 was approved, modifying the Spanish Commercial Code, the revised text of the Spanish Companies Act approved by Royal Legislative Decree 1/2010, of July 2, and Law 22/2015, of July 20, on Audit of Accounts, on non-financial information and diversity. Its main objective is to fully incorporate in Spain EU Directive 2014/95/EU of the European Parliament and of the Council, of October 22, 2014 amending Directive 2013/34/EU as regards disclosure of non-financial and diversity information by certain large undertakings and groups.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On April 12, 2021, Law 5/2021, implementing Directive 2017/828/EU of the European Parliament and of the Council of May 17, 2017, as regards the encouragement of long-term shareholder engagement was published, amending the Spanish Corporate Enterprises Act.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On September 28, 2021, Circular 3/2021, of the CNMV was approved, which (among others) establishes the new templates for the annual management board compensation report and the annual report on corporate governance for public listed companies. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On May 26, 2022, Circular 2/2022 of the CNMV was approved.</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">This Circular establishes the new forms to be used to report significant shareholdings in entities whose securities are admitted to trading on a regulated market and to report any transaction that an issuer makes with its treasury shares and includes certain new provisions applicable to market makers.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On March 17, 2023, Law 6/2023 (</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Ley de los Mercados de Valores y de los Servicios de Inversi&#243;n</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">, or the LMV) was approved, modifying Royal Legislative Decree 4/2015. This framework law is intended to ensure the transparency and efficiency of the securities market in Spain by transposing various European Union laws and regulations into Spanish national law, simplifying the sanctions regime and deleting superfluous and redundant requirements for the admission to trading of fixed-income securities. In order to develop the LMV, the following regulations were approved: (i) Regulation 813/2023, on the legal regime of investment services companies and other entities that provide investment services (entered into force on November 29, 2023); (ii) Regulation 814/2023, on financial instruments, admission to trading, registration of negotiable securities and market infrastructures (entered into force on November 29, 2023, except for the provision contained in article 111, which entered into force on November 10, 2023); and (iii) Regulation 815/2023, in relation to the official registries of the National Securities Market Commission, cooperation with other authorities and supervision of investment services companies (entered into force on November 10, 2023).</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On January 24, 2024, the European Commission published its proposal for a new regulation on the control of foreign investments, which, in turn, will repeal Regulation (EU) 2019/452. The text, pending approval, would </span></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">140</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">introduce changes in terms of the minimum content of the foreign investment control mechanisms that all EU Member States should establish &#8212; now on a mandatory basis &#8212; and in relation to the intra-community cooperation mechanism.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On January 8, 2025, a draft Royal Decree amending Royal Decree 1066/2007 was published for public consultation. The entry into force of this new regulation will extend the application of the tender offer regime to companies with shares admitted to trading on multilateral trading systems (&#8220;sistemas multilaterales de negociaci&#243;n&#8221;). This regulatory development, which was contemplated in the LMV since April 2023, is expected to be approved in the early months of 2025.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Securities Trading in Spain</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Spanish securities market for equity securities consists of four stock exchanges located in Madrid, Bilbao, Barcelona and Valencia and the Spanish Stock Exchange Interconnection System also known as Automated Quotation System (or in Spanish, &#8220;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Sistema de Interconexi&#243;n Burs&#225;til</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8221;  &#8220;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">SIBE</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8221; or &#8220;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Mercado Continuo&#8221;)</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">. During 2022, the Automated Quotation System accounted for the majority of the total trading volume of equity securities on the Spanish Stock Exchanges.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Automated Quotation System</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Automated Quotation System links the four Spanish Stock Exchanges, providing those securities listed on it with a uniform continuous market that eliminates certain of the differences among the local exchanges. The principal feature of the system is the computerized matching of buy and sell orders at the time of entry of the order. Each order is executed as soon as a matching order is entered, but can be exceptionally modified, corrected or canceled until executed with the consent of the contracting parties and provided always that the appropriate authorization has been granted by the Supervision Department or the Trading and Control Committee of Sociedad de Bolsas, S.A. (&#8220;Sociedad de Bolsas&#8221;). The activity of the market can be continuously monitored by investors and brokers. The Automated Quotation System is operated and regulated by Sociedad de Bolsas, a corporation owned by the companies that manage the local exchanges. All trades on the Automated Quotation System must be placed through a brokerage firm, an official stock broker or a dealer firm that is a member of a Spanish Stock Exchange. Beginning January 1, 2000, Spanish banks were allowed to become members of the Spanish Stock Exchanges and, therefore, can trade through the Automated Quotation System.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Sociedad de Bolsas reinstated the Operating Rules of the Spanish Automated Quotation System by means of Circular 1/2021, of March 17, 2021, which came into effect on March 30, 2021. The aim of such Circular was incorporating in a single regulatory text the rules governing trading in the Automated Quotation System, following their adaptation to the MiFID II standards. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The open session is from 9:00 a.m. to 5:30 p.m. CET (UTC+1), when continuous trading is carried out. In a pre-opening session held from 8:30 a.m. to 9:00 a.m. CET (UTC+1)  each trading day, an opening price is established for each security traded on the Automated Quotation System based on a real-time auction. The regime concerning opening prices was changed by an internal rule issued by the Sociedad de Bolsas. Pursuant to such rule, each stock in the continuous market is assigned a static and a dynamic range within which its price can fluctuate. The price of a stock may rise or fall within its static range (which is published once a month and is calculated according to the stock&#8217;s average historic price volatility) above or below its opening price (which shall be the closing price of the previous session). When the stock trades outside of this range, the trading of the stock is suspended for five minutes, during which time an auction takes place. After this auction, the price of the stock can once again rise or fall within its static range above or below its last auction price (which will be considered as the new static price before triggering another auction). Furthermore, the price of a stock cannot rise or fall by more than its dynamic price range (which is fixed and published once a month and is calculated according to the stock&#8217;s average intra-day volatility), from the last price at which it has traded. If the price variation exceeds the stock&#8217;s dynamic range, a five-minute auction is triggered. Between 5:30 p.m. and 5:35 p.m. CET (UTC+1) a closing price is established for each security through an auction system similar to the one held for the pre-opening early in the morning.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Trading hours for block trades are also from 9:00 a.m. to 5:30 p.m. CET (UTC+1). Between 5:30 p.m. and 8:00 p.m. CET (UTC+1), certain trades may occur outside the computerized matching system without prior authorization from Sociedad de Bolsas at a price within the range of 5% above the higher of the average price and closing price for the day and 5% below the lower of the average price and closing price for the day if there are no outstanding bids or offers, respectively, on the system matching or bettering the terms of the proposed off-system transaction and, if, among other things, the trade involves more than 300,000 euros and more than 20% of the average daily trading volume of the stock during the preceding three months. These trades must also relate to individual orders from the </span></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">141</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">same person or entity and be reported to the Sociedad de Bolsas, before 8:00 p.m. CET (UTC+1). At any time, trades may take place (with the prior authorization of the Sociedad de Bolsas) at any price if:</span></div><div style="margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:10pt">the trade involves more than 1.5 million euros and more than 40% of the average daily volume of the stock during the preceding three months;</span></div><div style="margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:10pt">the transaction derives from a merger or spin-off process, or from the reorganization of a group of companies;</span></div><div style="margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:10pt">the transaction is executed for the purposes of settling a litigation or completing a complex group of contracts; or</span></div><div style="margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:10pt">Sociedad de Bolsas finds other justifiable cause.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Information with respect to the computerized trades between 9:00 a.m. and 5:30 p.m. CET (UTC+1) is made public immediately, and information with respect to trades outside the computerized matching system is reported to Sociedad de Bolsas by the end of the trading day and published in the Bolet&#237;n de Cotizaci&#243;n and in the computer system by the beginning of the next trading day.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In the event of important news or events or particularly significant incidents arising during Automated Quotation System sessions, the usual duration of trading hours may exceptionally be altered in accordance with the provisions of the Operating Rules of the Spanish Automated Quotation System. The start of a session may also be brought forward for the same reasons. Such decision shall be properly announced and disseminated through the technical means of the Automated Quotation System as soon as possible.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Sociedad de Bolsas is also the manager of the IBEX 35&#174; Index. This index is made up by the 35 most liquid securities traded on the Spanish Market and, technically, it is a price index that is weighted by capitalization and adjusted according to the free float of each company comprised in the index. Apart from its quotation on the four Spanish Exchanges, Telef&#243;nica is also currently included in the IBEX 35&#174; Index.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Clearance and settlement system</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Sociedad de Gesti&#243;n de los Sistemas de Registro, Compensaci&#243;n y Liquidaci&#243;n de Valores S.A.U. (whose commercial name is Iberclear) was created by Law 44/2002 on Measures for the Reform of the Financial System, enacted on November 22, 2002 to increase the efficiency of the Spanish financial markets. Such law introduced the article, 44-bis to Law 24/1988 which established the framework for the constitution of Sociedad de Gesti&#243;n de los Sistemas de Registro, Compensaci&#243;n y Liquidaci&#243;n de Valores S.A.U.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Iberclear is regulated by the LMV and where appropriate, by Royal Decree 505/1987 of April 3, 1987; Royal Decree 814/2023 of November 8, and by any other related regulation. This company, which is a wholly owned subsidiary of Bolsas y Mercados Espa&#241;oles, Sociedad Holding de Mercados y Sistemas Financieros, S.A. (Bolsas y Mercados Espa&#241;oles), has the following functions:</span></div><div style="margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:10pt">Keeping accounting records in the form of book entries of securities traded in Securities Markets or in public debt markets, and securities traded in other secondary official markets or multilateral trading facilities, at the request of their governing bodies.</span></div><div style="margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:10pt">Keeping accounting records of other securities not listed for trading in secondary official markets, regulated markets or multilateral trading facilities, at the request of their governing bodies.</span></div><div style="margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:10pt">Managing settlement and, if necessary, clearing of securities and cash deriving from transactions executed on securities.</span></div><div style="margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:10pt">Rendering technical and operating services directly related to those of registration, clearing and settlement of securities and any others required for Iberclear to collaborate and coordinate its actions with other areas and systems of registration, clearing and settlement of securities,&#160;for which it may have to be authorized under the Rules of Central Securities Depositories.</span></div><div style="margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:10pt">Any other duties assigned by the Spanish Government, subject to prior reports from the CNMV and, if applicable, the Bank of Spain.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In addition, and according to Law 41/1999, Iberclear currently manages the ARCO Securities settlement system (for securities in book-entry form listed on the four Spanish Stock Exchanges, on the Spanish Public Debt Book-Entry </span></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">142</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Market, on &#8220;AIAF Mercado de Renta Fija&#8221;, or on other Multilateral Trading Facilities that have appointed Iberclear for such purposes. Only Iberclear participants to this ARCO System are entitled to use it, with participation restricted to credit entities, investment firms authorized to render custody services, certain public bodies, and Central Securities Depositories and Central Counterparties authorized under their respective European Union Regulations.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Iberclear will provide the CNMV, AIAF, the Bank of Spain and the Ministry of Economy with the information that these entities may request regarding the registry clearance and settlement performed within the systems managed by Iberclear.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Transactions carried out on the Spanish Stock Exchanges are cleared and settled through Iberclear.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Only members of the system are entitled to use Iberclear, and membership is restricted to authorized broker members of the Spanish Stock Exchanges, the Bank of Spain (when an agreement, approved by the Spanish Ministry of Economy and Finance, is reached with Iberclear) and, with the approval of the CNMV, other brokers not members of the Spanish Stock Exchanges, banks, savings banks and foreign settlement and clearing systems. The clearance and settlement system and its members are responsible for maintaining records of purchases and sales under the book-entry system. Shares of listed Spanish companies are held in book-entry form. Iberclear, which manages the clearance and settlement system, maintains a registry reflecting the number of shares held by each of its member entities (each, an entidad participante) as well as the amount of such shares held on behalf of beneficial owners. Each member entity, in turn, maintains a registry of the owners of such shares. Spanish law considers the legal owner of the shares to be the member entity appearing in the records of Iberclear as holding the relevant shares in its own name or the investor appearing in the records of the member entity as holding the shares.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The settlement of any transactions must be made within two business days following the date on which the transaction was carried out.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Spanish law considers the legal owner of the shares to be the participant appearing in the records of Iberclear as holding the relevant shares in its own name, or the investor appearing in the records of the participant as holding the shares. Obtaining legal title to shares of a company listed on a Spanish Stock Exchange requires the participation of a Spanish official stockbroker, broker-dealer or other entity authorized under Spanish law to record the transfer of shares. To evidence title to shares, at the owner&#8217;s request, the relevant member entity must issue a certificate of ownership. In the event the owner is a member entity, Iberclear is in charge of the issuance of the certificate with respect to the shares held in the member entity&#8217;s name.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Brokerage commissions are not regulated. Brokers&#8217; fees, to the extent charged, will apply upon transfer of title of shares from the Depositary to a holder of ADSs in exchange for such ADSs, and upon any later sale of such shares by such holder. Transfers of ADSs do not require the participation of an official stockbroker. The Deposit Agreement provides that holders depositing shares with the Depositary in exchange for ADSs or withdrawing shares in exchange for ADSs will pay the fees of the official stockbroker or other person or entity authorized under Spanish law applicable both to such holder and to the Depositary.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In 2015, due to changes introduced into the applicable legislation (Laws 32/2011 of October 4, and 11/2015 of June 18, amended Law 24/1988 and Royal Decree 116/1992 was partially replaced by Royal Decree 878/2015 (rendered invalid with the approval of Royal Decree 814/2023, which adopts and updates the provisions of Royal Decree 878/2015); introducing changes to the Spanish clearing, settlement and book-entry registry procedures applicable to securities transactions to allow post-trading Spanish systems to integrate into the TARGET2 Securities System (T2S)), Bolsas y Mercados Espa&#241;oles developed a Clearing and Settlement Reform in Spain, implemented throughout 2016 and 2017 in two main phases:</span></div><div style="margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:10pt">on April 27, 2016, when a new Central Counterparty (CCP) was implemented and the new platform for equity settlement was introduced; and</span></div><div style="margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:10pt">on September 18, 2017, when the Fixed Income settlement system was introduced to the new platform and the TARGET2-Securities (TS2) was implemented and Iberclear successfully connected itself to T2S. During the last quarter of 2017, Iberclear filed for authorization as Central Securities Depository. On September 23, 2019, Iberclear made public that it had been granted the authorization to continue providing services as a Central Securities Depositary.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">This reform involved the following three fundamental modifications, having impact on several operating practices:</span></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">143</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><div style="margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">A new Central Counterparty was incorporated, the so-called BME Clearing, whose intervention takes place between the contract and settlement date, assuming the risk of the counterparty and, where applicable, conducting the clearing transactions and simplifying the settlement.</span></div><div style="margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">Another modification was the application in all kinds of securities of a new system of recording, clearing and settlement. This sole system eliminates the need to use register references by introducing a register based on balances, where Iberclear and each member entity manages its respective records.</span></div><div style="margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">The third modification refers to the integration of the Central de Anotaciones de Deuda (CADE) and the Servicio de Compensaci&#243;n y Liquidaci&#243;n de Valores (SLCV) system into a unique platform.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Spanish equity market is structured around the three following infrastructures: the Spanish Stock Exchange Interconnection System (SIBE) trading platform, BME Clearing and Iberclear (the Central Securities Depository).</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">As consequence of the above, several modifications have occurred such as: (i) financial entities can be members of the new infrastructures; (ii) Stock Exchange members have to contract with a General Clearing member of the CCP; (iii) CCP members have to contract with an Iberclear Settlement Participant; (iv) CCP formulates the netting of transactions prior to settlement instructions; (v) the existence of Individual Accounts in the CCP and the Central Securities Deposit; (vi) the maximization of settle transaction in case of delay of delivery of securities by Iberclear; (vii) Collective Deposit change into the CCP guarantee system; or (viii) the introduction of the Post Trading Interface communication system.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Furthermore, changes are also applicable to the Trading Member systems in relation to trading, post trading and control procedures, in order to adapt to the new regime.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Finally, in 2023, the Royal Legislative Decree 4/2015 was amended with the drafting of the LMV. These amendments modified, in particular, the regime for the admission to trading of fixed-income securities, charging the governing bodies of the markets in which the admission is requested (rather than the CNMV) with verifying the fulfillment of the applicable requirements for admission to trading.</span></div><div id="i63478826478c4e0dbabc502413383f6b_145"></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">B. Plan of Distribution</span></div><div style="margin-top:9pt;text-align:justify;text-indent:20.25pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Not applicable.</span></div><div id="i63478826478c4e0dbabc502413383f6b_148"></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">C. Markets</span></div><div style="margin-top:9pt;text-align:justify;text-indent:20.25pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Please see &#8220;&#8212;Offer and Listing Details&#8221; above.</span></div><div id="i63478826478c4e0dbabc502413383f6b_151"></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">D. Selling Shareholders</span></div><div style="margin-top:9pt;text-align:justify;text-indent:20.25pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Not applicable.</span></div><div id="i63478826478c4e0dbabc502413383f6b_154"></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">E. Dilution</span></div><div style="margin-top:9pt;text-align:justify;text-indent:20.25pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Not applicable.</span></div><div id="i63478826478c4e0dbabc502413383f6b_157"></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">F. Expenses of the Issue</span></div><div style="margin-top:9pt;text-align:justify;text-indent:20.25pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Not applicable.</span></div><div id="i63478826478c4e0dbabc502413383f6b_160"></div><div style="margin-top:9pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:14pt;font-weight:400;line-height:120%">Item 10. Additional Information</span></div><div id="i63478826478c4e0dbabc502413383f6b_163"></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">A. Share Capital</span></div><div style="margin-top:9pt;text-align:justify;text-indent:20.25pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Not applicable.</span></div><div id="i63478826478c4e0dbabc502413383f6b_166"></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">B. Memorandum and Articles of Association</span></div><div style="margin-top:9pt;text-align:justify;text-indent:20.25pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The following summary describes certain material considerations concerning our capital stock and briefly describes certain provisions of our bylaws and Spanish law.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Corporate Objectives</span></div><div style="margin-top:9pt;text-align:justify;text-indent:20.25pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Article 5 of Title I of our bylaws sets forth our corporate purposes:</span></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">144</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><div style="margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:10pt">The provision and operation of all kinds of public or private telecommunications services and, for such purpose, the design, installation, maintenance, repair, improvement, acquisition, disposition, interconnection, management, administration of, and any other activity not included in the preceding enumeration with respect to, all kinds of telecommunications networks, lines, satellites, equipment, systems and technical infrastructure whether now existing or to be created in the future, including the premises in which any and all of the foregoing items are located;</span></div><div style="margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:10pt">the provision and operation of all kinds of services that are ancillary or supplemental to or result from telecommunications services;</span></div><div style="margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:10pt">the research and development, promotion and application of all kinds of component principles, equipment and systems directly or indirectly used for telecommunications;</span></div><div style="margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:10pt">manufacturing and production activities and, in general, all other forms of industrial activity in connection with telecommunications; and</span></div><div style="margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:10pt">the acquisition, disposition and, in general, all other forms of commercial activity in connection with telecommunications.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Director Qualification</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In order to be elected as a director, a person must have held a number of our shares representing a nominal value of no less than 3,000 euros for at least three years prior to his or her election. These shares may not be transferred so long as such person remains a director. This requirement does not apply to any person who, at the time of his or her appointment, has either a labor or professional relationship with the company or is expressly exempted from such requirement by a vote of at least 85% of the Board of Directors.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Interested Transactions</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">When a director or persons related to him or her has an interest in a transaction with us or with any of the companies of our Group, such transaction (if unrelated to the ordinary course of our business or if not performed on an arm&#8217;s-length basis involving consideration that is significant to the Company and otherwise) must be presented to the Nominating, Compensation and Corporate Governance Committee. Such committee shall assess the transaction from the point of view of equal treatment of shareholders and the arm&#8217;s-length basis of the transaction and shall be included in the Annual Corporate Governance Report and in the periodic information of the Company upon the terms set forth in applicable laws and regulations. The performance of such transactions requires the authorization of our Board of Directors, after the favorable report of the committee. The interested director must refrain from participating in votes that affect such transaction.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Significant Differences in Corporate Governance Practices</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Corporate governance guidelines</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">For a description of our corporate governance practices see &#8220;Item 16G. Corporate Governance&#8221;.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Description of Our Capital Stock</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Description of share capital</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">At February 27, 2025, our issued share capital consisted of 5,670,161,554 ordinary registered shares with a nominal value of 1.00 euro each.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Our shareholders delegated to the Board of Directors the authority to issue up to 2,596,065,843 new shares (equal to half of Telef&#243;nica&#8217;s share capital on June 12, 2020, the date of the authorization). The Board of Directors is authorized to exclude preemptive rights, in whole or in part, pursuant to the applicable provisions of the Spanish Corporate Enterprises Act. However, the power to exclude pre-emptive rights is limited to shares amounting to up to 20% of the share capital on June 12, 2020, the date of the authorization. The Board&#8217;s authorization to issue new shares expires on June 12, 2025.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Meetings and voting rights</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">We hold our ordinary general shareholders&#8217; meeting during the first six months of each fiscal year on a date fixed by the Board of Directors. Extraordinary general shareholders&#8217; meetings may be called, from time to time, at the </span></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">145</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">discretion of our Board of Directors or upon the request of shareholders representing at least 3% of our paid-in share capital. The minimum percentage required to exercise this right was lowered from 5% to 3% by Law 31/2014.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">We publish notices of all ordinary and extraordinary general shareholders&#8217; meetings in one of the more widely circulated newspapers in Spain, on the website of the CNMV, and on our website in due time pursuant to the Spanish Corporate Enterprises Act, being on a general basis at least one month before the relevant meeting. Furthermore, the Board of Directors may publish notices in other media, if deemed appropriate to ensure the public and effective dissemination of the notice meeting.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Each share of Telef&#243;nica, S.A. entitles the holder to one vote. However, only registered holders of at least 300 shares are entitled to attend a general shareholders&#8217; meeting. Holders of a lesser number of shares may grant a proxy in respect thereof to a shareholder having the right to attend, as well as group together with other shareholders in the same situation until reaching the required number of shares, following which a proxy must be granted by the shareholders so grouped together to one of such shareholders. The grouping must be carried out specifically for each General Shareholders&#8217; Meeting and be recorded in writing.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">However, under our bylaws, the maximum number of votes that a shareholder may cast is capped at 10% of our total outstanding voting capital. In determining the maximum number of votes that each shareholder may cast, only the shares held by such shareholder are counted, disregarding those that correspond to other shareholders who have appointed such shareholder as his or her proxy, in spite of applying the limit individually to each of the represented shareholders. This cap will also apply to the maximum number of votes that may be collectively or individually cast by two or more shareholder companies belonging to the same group of entities, as well as to the maximum number of votes that may be cast by an individual or corporate shareholder and the entity or entities that are shareholders themselves and which are directly or indirectly controlled by that individual or corporate shareholder. Moreover, in accordance with the Spanish Corporate Enterprises Act, such cap would become ineffective where the bidder reaches, as a consequence of a tender offer, a percentage equal to or greater than 70% of the share capital carrying voting rights, unless the bidder (or those acting in concert with the bidder) is not subject to equivalent neutralization measures or has not adopted them.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In addition, according to Article 34 of Spanish Royal Decree-Law 6/2000 of June 23 on urgent measures to improve competition in the goods and services markets, individuals and legal entities directly and indirectly holding more than 3% of the total share capital or voting rights of two or more principal operator companies in Spain in, among other markets, the fixed-line and mobile-line telephony markets, may not exercise their voting rights in excess of 3% of the total in more than one company, except with the prior authorization of the Spanish National Markets and Competition Commission (</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Comisi&#243;n Nacional de los Mercados y la Competencia</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> (the &#8220;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">CNMC</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8221;)). Principal operators are defined as one of the five operators with the largest market share in the corresponding market (&#8220;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Principal Operators</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8221;). In addition, no individual or legal entity is allowed to appoint, directly or indirectly, members of the management body of more than one Principal Operator in, among others, the fixed-line or mobile-line telephony markets, except with the prior authorization of the CNMC. Additionally, individuals or legal entities considered Principal Operators are not allowed to exercise more than 3% of the voting rights of another Principal Operator nor to appoint, directly or indirectly, members of the management body of any Principal Operator, except, in both cases, with the prior authorization of the CNMC. Telef&#243;nica is considered a Principal Operator for the purposes of Article 34 of Royal Decree-Law 6/2000 of June 23 in the Spanish fixed-line and mobile-line telephony markets.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Any share may be voted by proxy. The proxies may be granted in writing or electronically and are valid only for a single meeting, unless the proxy-holder is the granting shareholder&#8217;s spouse, ascendant or descendant, or holds a general power of attorney granted in a public instrument with powers to manage all of the assets held by the shareholder granting the proxy in Spain. Under the Deposit Agreement relating to our ADSs, the Depositary accepts voting instructions from holders of ADSs. The Depositary executes such instructions to the extent permitted by law and by the terms governing the shares and ADSs. The Depositary or its nominee, as the case may be, will be entitled to vote by proxy the shares underlying the relevant ADSs.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Only holders of record five days prior to the day on which a general meeting of shareholders is scheduled to be held may attend and vote at the meeting.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">According to the Spanish Corporate Enterprises Act, as amended by Law 31/2014, the general shareholders&#8217; meeting will be quorate on first call if the shareholders present, in person or by proxy, hold at least 25% of the subscribed share capital carrying voting rights. On second call, the meeting will be quorate regardless of the capital in attendance.</span></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">146</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">However, if the agenda of the meeting includes resolutions on the amendment of the bylaws, including an increase or reduction of share capital, the transformation, merger, split-off, the en bloc assignment of assets and liabilities, the migration of the registered office abroad, the issuance of debentures or the exclusion or limitation of preemptive rights, the required quorum on first call must be met by the attendance of shareholders representing at least 50% of the subscribed share capital carrying voting rights (each a &#8220;Special Resolution&#8221;). On second call, the attendance of 25% of the subscribed share capital carrying voting rights will suffice.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">As a general rule, resolutions at the general shareholder&#8217;s meeting will be passed by a simple majority of votes cast at such meeting (i.e., provided that the votes "for" outnumber the votes "against" the relevant resolution).</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In contrast, in order to approve any Special Resolution, if the capital present or represented at the general shareholders&#8217; meeting exceeds 50% of the subscribed share capital carrying voting rights, the favorable vote of the absolute majority (that is, if the votes in favor exceed 50% of the votes corresponding to capital present and represented at the shareholders&#8217; meeting) will be required. If, on second call, shareholders representing 25% or more of the subscribed share capital carrying voting rights are present or represented but fail to reach the 50% threshold, the favorable vote of at least two-thirds of the share capital present or represented at the meeting will be required.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Restrictions on foreign investment</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Exchange controls and foreign investments are regulated under Law 19/2003, of July 4 (&#8220;Law 19/2003&#8221;), as amended pursuant to Royal Decree-Law 8/2020, of March 17, Royal Decree-Law 11/2020, of March 31 and Royal Decree-Law 34/2020, of November 17 (as amended by Royal-Decree Law 12/2021, of June 24, Royal-Decree Law 27/2021, of November 23 and Royal-Decree Law 20/2022, of December 27). Foreign investments are generally liberalized unless they fall within the scope of article 7 bis of Law 19/2003, enacted in March 2020 through Royal Decree-Law 8/2020, or&#8212;only with respect to investments in the defense sector&#8212;article 18 of Royal Decree 571/2023, of July 4.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Article 7 bis of Law 19/2003 establishes a screening mechanism for certain investments made by non-EU and non-EFTA residents, based on public order, public health and public security reasons (the &#8220;Screening Mechanism&#8221;). The Screening Mechanism aligns part of the Spanish foreign investment legal framework with Regulation (EU) 2019/452 of March 19, 2019 establishing a framework for the screening of foreign direct investments into the European Union. Certain provisions of Regulation (EU) 2019/452&#8212;such as the list of sectors affecting public order and public security or the definition of state-owned enterprises and other similar investors&#8212;are mirrored in the regulations establishing the Screening Mechanism. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Screening Mechanism can be summarized as follows:</span></div><div style="margin-top:9pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:10pt">Under the ordinary procedure, prior authorization from the Spanish Council of Ministers (</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Consejo de Ministros</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">) is required to close foreign direct investments subject to it. The legal term to issue a decision is six months.</span></div><div style="margin-top:9pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:10pt">On a transitional basis, until the Screening Mechanism is further developed, a fast-track 30-day procedure, whose resolution is to be issued by a lower-tier authority (the General Directorate for International Trade and Investments&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Direcci&#243;n General de Comercio Internacional e Inversiones</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">), applies for investments below 5 million euros. Investments below 1 million euros are not subject to the Screening Mechanism.</span></div><div style="margin-top:9pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:10pt">Under both the ordinary and fast-track procedures, the investment will be deemed unauthorized if the relevant authority does not respond to the authorization request within the corresponding legal term.</span></div><div style="margin-top:9pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">For the purposes of the Screening Mechanism, the following persons are deemed to be &#8220;foreign investors&#8221;:</span></div><div style="margin-top:9pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:10pt">non-EU and non-EFTA residents; and</span></div><div style="margin-top:9pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:10pt">EU or EFTA residents beneficially owned by non-EU and non-EFTA residents. This occurs when non-EU and non-EFTA residents ultimately possess or control, directly or indirectly, more than 25% of the share capital or voting rights of the investor, or otherwise exercise control, directly or indirectly, over the investor.</span></div><div style="margin-top:9pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:10pt">In addition, effective November 19, 2020 and until December 31, 2026, the following persons will also be deemed to be &#8220;foreign investors&#8221;, provided they invest in listed companies or the investment value exceeds 500 million euros&#8212;for investments in private companies:</span></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">147</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><div style="margin-top:9pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:10pt">EU and EFTA residents in countries other than Spain, and</span></div><div style="margin-top:9pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:10pt">Spanish residents beneficially owned by EU or EFTA residents in countries other than Spain, that is, those in which a EU or EFTA resident other than in Spain ultimately owns or controls more than 25% of the share capital or voting rights of, or otherwise exercises control over, the Spanish resident.</span></div><div style="margin-top:9pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Foreign direct investments ("FDI") are:</span></div><div style="margin-top:9pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:10pt">investments that result in a foreign investor reaching a stake of at least 10% of the share capital of a Spanish company; and</span></div><div style="margin-top:9pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:10pt">any corporate transaction, business action or legal transaction which enables effective participation in the management or control of a Spanish company or of a whole part or branch of activity of a Spanish company.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Not all foreign direct investments are subject to the Screening Mechanism. Investors are subject to the Screening Mechanism only if they qualify as FDI and the investment is made in one of the critical sectors or&#8212;only where the investor is a Non-UE or non-EFTA investor&#8212;by investors that meet certain subjective criteria regardless of the business of the target. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Foreign direct investments in the following sectors are subject to the Screening Mechanism:</span></div><div style="margin-top:9pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:10pt">Critical infrastructure, whether physical or virtual, including energy, transport, water, health, communications, media, data processing or storage, aerospace, defense, electoral or financial infrastructure, and sensitive facilities, as well as land and real estate crucial for the use of such infrastructure. </span></div><div style="margin-top:9pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:10pt">Critical technologies and dual use items as defined in point 1 of Article 2 of Council Regulation (EC) No 428/2009, including Artificial Intelligence, robotics, semiconductors, cybersecurity, aerospace, defense, energy storage, quantum and nuclear technologies as well as nanotechnologies and biotechnologies. </span></div><div style="margin-top:9pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:10pt">Supply of critical inputs, including energy or raw materials, as well as food security. </span></div><div style="margin-top:9pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:10pt">Sectors with access to sensitive information, including personal data, or the ability to control such information. </span></div><div style="margin-top:9pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:10pt">Media. </span></div><div style="margin-top:9pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:10pt">Other sectors designated by the Spanish government from time to time that may affect public security, order or health.</span></div><div style="margin-top:9pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">We are engaged in activities that are included in one or more sectors listed above. As such, FDI in Telef&#243;nica may be subject to the Screening Mechanism if the conditions described in this section are satisfied.</span></div><div style="margin-top:9pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Foreign direct investments by the following non-EU and non-EFTA investors are also subject to the Screening Mechanism, regardless of the business of the target:</span></div><div style="margin-top:9pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:10pt">Investors directly or indirectly controlled by a non-EU and non-EFTA government, including state bodies, armed forces or sovereign wealth funds; the possibility of exercising decisive influence as a result of an agreement or through the ownership of shares or interests in another person (directly or indirectly) is deemed to constitute &#8220;control&#8221; for these purposes. </span></div><div style="margin-top:9pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:10pt">Investors that have already made an investment affecting national security, public order or public health in another EU Member State, including an investment in any of the above-mentioned sectors.</span></div><div style="margin-top:9pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:10pt">If there is a serious risk that the investor engages in illegal or criminal activities affecting national security, public order or public health in Spain.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In addition, article 18 of Royal Decree 571/2023, of July 4, establishes that FDI carried out by non-residents in companies engaged in activities qualified as relevant for national defense, will be subject to the Screening Mechanism. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Gun jumping the Screening Mechanism will render the transaction invalid and without any legal effect until the required authorization is obtained. In addition, fines up to the value of the investment could be imposed. </span></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">148</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In addition, Royal Decree 571/2023, of July 4, establishes that non-Spanish foreign investors who are not resident in a tax haven are required to file a notification with the Spanish Registry of Foreign Investments following an investment or divestiture, if any, solely for statistical, economic and administrative purposes. Where the investment or divestiture is made in shares of Spanish companies listed on any of the Spanish Stock Exchanges, the duty to provide notice of a foreign investment or divestiture lies with the relevant entity with whom the shares (in book-entry form) have been deposited or which has acted as an intermediary in connection with the investment or divestiture. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">If the foreign investor is a resident of a tax haven, as defined under Spanish law (Royal Decree 1080/1991, of July 5), notice must be provided to the Registry of Foreign Investments prior to making the investment, as well as after consummating the transaction. However, prior notification is not necessary in the following cases:</span></div><div style="margin-top:9pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:10pt">investments in listed securities, whether or not trading on an official secondary market;</span></div><div style="margin-top:9pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:10pt">investments in participations in investment funds registered with the CNMV; and </span></div><div style="margin-top:9pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:10pt">foreign shareholdings that do not exceed 50.0% of the capital of the Spanish company in which the investment is made. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Additional regulations to those described above apply to investments in some specific industries, including air transportation, mining, manufacturing and sales of weapons and explosives for civil use and national defense, radio, television, telecommunications and gambling. These restrictions do not apply to investments made by EU residents, other than investments by EU residents in activities relating to the Spanish defense sector or the manufacturing and sale of weapons and explosives for non-military use.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Preemptive Rights</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Pursuant to the Spanish Corporate Enterprises Act, shareholders have preemptive rights to subscribe for any new shares in capital increases with issuances of new shares with a charge to monetary contributions and in issuances of debentures convertible into shares. Such rights may be excluded (partially or totally) under special circumstances by virtue of a resolution passed at a general shareholders&#8217; meeting in accordance with Articles 308, 504 and 506 of the Spanish Corporate Enterprises Act, or by the Board of Directors, if previously authorized at a general shareholders&#8217; meeting in accordance with Article 506 of the Spanish Corporate Enterprises Act (for capital increases) and Articles 417 and 511 (for issuances of debentures convertible into shares). Such preemptive rights will not be available in the event of an increase in capital to meet the requirements of a convertible bond issue or a merger or demerger of another entity into Telef&#243;nica or of all or part of the assets split from another company, in which shares are issued as consideration or, in general, when the increase is carried out as consideration in exchange for non-cash contributions. Such rights are transferable, may be traded on the Automated Quotation System and may be of value to existing shareholders because new shares may be offered for subscription at prices lower than prevailing market prices.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Form and Transfer</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Our ordinary shares are in book-entry form and are indivisible. Joint holders must nominate one person to exercise their rights as shareholders, though joint holders are jointly and severally liable for all obligations arising from their status as shareholders. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Sociedad de Gesti&#243;n de los Sistemas de Registro, Compensaci&#243;n y Liquidaci&#243;n de Valores, S.A. Unipersonal</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> (&#8220;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Iberclear</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8221;), which manages the clearance and settlement system of the Spanish Stock Exchanges, maintains the central registry of ordinary shares reflecting the number of ordinary shares held by each of its participant entities (</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">entidades participantes</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">) as well as the number of such ordinary shares held by registered legal owners. Each participant entity in turn maintains a register of the owners of such ordinary shares.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Transfers of Telef&#243;nica&#8217;s ordinary shares quoted on the Spanish Stock Exchanges must be made by book-entry registry or delivery of evidence of title to the buyer through, or with the participation of, a member of the Spanish Stock Exchanges that is an authorized broker or dealer. Transfers of Telef&#243;nica&#8217;s ordinary shares may also be subject to certain fees and expenses.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Reporting Requirements</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:112%">According to Royal Decree 1362/2007 of October 19 on the disclosure of significant stakes in listed companies (&#8220;Royal Decree 1362/2007&#8221;), which was modified by Royal Decree 878/2015, the acquisition or disposition of shares of Telef&#243;nica must be reported within four trading days of the acquisition or disposition to Telef&#243;nica and the CNMV, where:</span></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">149</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><div style="margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:10pt">in the case of an acquisition, the acquisition results in that person or group holding a number of voting rights in Telef&#243;nica that reaches or surpasses 3% (or 5%, 10%, 15%, 20%, 25%, 30%, 35%, 40%, 45%, 50%, 60%, 70%, 75%, 80% or 90%) of Telef&#243;nica&#8217;s total number of voting rights; or</span></div><div style="margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:10pt">in the case of a disposal, the disposition reduces the number of voting rights held by a person or group below a threshold of 3% (or 5%, 10%, 15%, 20%, 25%, 30%, 35%, 40%, 45%, 50%, 60%, 70%, 75%, 80% or 90%) of Telef&#243;nica&#8217;s total number of voting rights.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Royal Decree 1362/2007 established an approach for calculating whether these thresholds are reached, surpassed or fell short which requires adding the voting rights corresponding to shares and financial instruments. Royal Decree 814/2023 provided the definition of financial instruments which should be reported, including financial instruments having a similar economic effect as the shares of a company, whether the instruments are cash or physically settled, including convertible securities, options, forwards, futures, swaps, CFDs or any other type of instrument which grants the holder the right to acquire shares or a right to receive an equivalent cash settlement amount.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The reporting requirements referred to above apply not only to the acquisition or transfer of shares, but also when, without an acquisition or transfer of shares, the proportion of voting rights of an individual or legal entity reaches, exceeds or falls below the threshold that triggers the obligation to report as a consequence of a change in the total number of voting rights of Telef&#243;nica on the basis of the information reported to the CNMV and disclosed by it, in accordance with the Royal Decree.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Regardless of the actual ownership of the shares, any individual or legal entity with a right to acquire, transfer or exercise voting rights granted by the shares, and any individual or legal entity who owns, acquires or transfers, whether directly or indirectly, other securities or financial instruments which grant a right to acquire shares carrying voting rights (such as transferable securities, options, futures, swaps, forwards and other derivative contracts), will also have an obligation to notify the company and the CNMV of the holding of a significant stake in accordance with the above-mentioned regulations.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Stricter disclosure obligations apply if the person obligated to disclose has residency in a country considered a tax haven by the Spanish authorities, a zero-taxation country or territory or a country or territory that does not share information with the Spanish authorities, in which cases the initial threshold for disclosure is reduced to 1% (and successive multiples of 1%).</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Pursuant to Regulation (EU) No 596/2014 of the European Parliament and of the Council of April 16, 2014 on market abuse (market abuse regulation) and repealing Directive 2003/6/EC of the European Parliament and of the Council and Commission Directives 2003/124/EC, 2003/125/EC and 2004/72/EC (the &#8220;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Market Abuse Regulation</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8221;), persons discharging managerial responsibilities, as well as persons closely associated with them, shall notify Telef&#243;nica and the CNMV of every transaction conducted on their own account relating to our shares or debt instruments or to derivatives or other financial instruments linked thereto. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">According to the Market Abuse Regulation a "person discharging managerial responsibilities" means a person within an issuer, who is: (a) a member of the administrative, management or supervisory body of that entity; or (b) a senior executive who is not a member of the bodies referred to in (a), who has regular access to inside information relating directly or indirectly to that entity and power to take managerial decisions affecting the future developments and business prospects of that entity. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In addition, in accordance with Article 230 of the LMV, the obligation to notify the transactions will arise when, within a calendar year, the sum without netting of all transactions reaches 20,000 euros. From that first communication, persons discharging managerial responsibilities and the persons closely associated with them must notify each and every subsequent transaction.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">As stated above, disclosure obligations are primarily regulated by Royal Decree 1362/2007 (as amended), by the Market Abuse Regulation and by the LMV which establish a detailed set of rules on this legal framework (including, </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">inter alia</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">, rules determining the persons subject to disclosure obligations, the different types of situations triggering disclosure and the corresponding exceptions, specific attribution and aggregation rules, the deadlines to notify the transactions, triggering disclosure obligations and incorporation of notices submitted to the CNMV&#8217;s public registry).</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Disclosure of Net Short Positions</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In accordance with Regulation (EU) No. 236/2012 of the European Parliament and of the European Council as regards the adjustment of the relevant threshold for the notification of significant net short positions in shares, as </span></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">150</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">amended by the Commission Delegated Regulation (EU) 2022/27 of September 27, 2021 (which entered into force on January 31, 2022), net short positions on shares listed on the Spanish Stock Exchanges equal to, or in excess of, 0.1% (0.2% before the latest amendment) of the relevant issuer&#8217;s share capital and each 0.1% above that, are required to be disclosed to the CNMV by no later than the first trading day following the transaction. If the net short position reaches 0.5%, and also at every 0.1% above that, the CNMV will disclose the net short position to the public.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Notification is mandatory even if the same position has been already notified to the CNMV in compliance with reporting requirements previously in force in Spain.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The information to be disclosed is set out in Table 1 of Annex I of Delegated Regulation 826/2012, according to the format approved as Annex II of this Regulation. The information will be published, where appropriate, on a web page operated or supervised by the corresponding authority.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Moreover, pursuant to Regulation (EU) No. 236/2012, where the CNMV considers that (i) there are adverse events or developments that constitute a serious threat to financial stability or to market confidence (serious financial, monetary or budgetary problems, which may lead to financial instability, unusual volatility causing significant downward spirals in any financial instrument, etc.); and (ii) the measure is necessary and will not be disproportionately detrimental to the efficiency of financial markets in view of the advantages sought, it may, following consultation with the European Securities and Market Authority (&#8220;ESMA&#8221;), take any one or more of the following measures:</span></div><div style="margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:10pt">impose additional notification obligations by either (a) reducing the thresholds for the notification of net short positions in relation to one or several specific financial instruments; and/or (b) requesting the parties involved in the lending of a specific financial instrument to notify any change in the fees requested for such lending; and</span></div><div style="margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:10pt">restrict short selling activity by either prohibiting or imposing conditions on short selling.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In addition, according to Regulation (EU) No. 236/2012, where the price of a financial instrument has fallen significantly during a single day in relation to the closing price on the previous trading day (10% or more in the case of a liquid share), the CNMV may prohibit or restrict short selling of financial instruments for a period not exceeding the end of the trading day following the trading day on which the fall in price occurs.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Finally, Regulation (EU) No. 236/2012 also vests powers to ESMA in order to take measures similar to the ones described above in exceptional circumstances, when the purpose of these measures is to deal with a threat affecting several EU member states and the competent authorities of these member states have not taken adequate measures to address it.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Shareholder Agreements</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Article 531 </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">et seq.</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> of the Spanish Corporate Enterprises Act require parties to disclose those shareholders&#8217; agreements in respect of Spanish listed companies that affect the exercise of voting rights at a general shareholders&#8217; meeting or contain restrictions or conditions on the transferability of shares or bonds that are convertible or exchangeable into shares. If any shareholders enter into such agreements with respect to Telef&#243;nica&#8217;s shares, they must disclose the execution, amendment or extension of such agreements to Telef&#243;nica and the CNMV (together with the relevant clauses of said agreements) and file such agreements with the appropriate Commercial Registry. Failure to comply with these disclosure obligations renders any such shareholders&#8217; agreement unenforceable and constitutes a violation of the LMV.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Acquisition of Own Shares</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Pursuant to Spanish corporate law, we may only repurchase our own shares within certain limits and in compliance with the following requirements:</span></div><div style="margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:10pt">the repurchase must be authorized by the general shareholders&#8217; meeting by a resolution establishing the maximum number of shares to be acquired, the minimum and maximum acquisition price and the duration of the authorization, which may not exceed five years from the date of the resolution; and</span></div><div style="margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:10pt">the repurchase, including any shares already held by us or a person acting on our behalf, must not bring our net worth below the aggregate amount of our share capital and legal reserves.</span></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">151</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">For these purposes, net worth means the amount resulting from the application of the criteria used to draw up the financial statements, subtracting the amount of profits directly imputed to that net worth, and adding the amount of share capital subscribed but not called and the share capital par and issue premiums recorded in our accounts as liabilities. In addition:</span></div><div style="margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:10pt">the aggregate par value of the shares directly or indirectly repurchased, together with the aggregate par value of the shares already held by us and our subsidiaries, must not exceed 10% of our share capital; and</span></div><div style="margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:10pt">the shares repurchased must be fully paid and must be free of ancillary contributions (</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">prestaciones accesorias</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">).</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Voting rights attached to treasury shares will be suspended and economic rights (</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">e.g.</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">, the right to receive dividends and other distributions and liquidation rights), except the right to receive bonus shares, will accrue proportionately to all of our shareholders. Treasury shares are counted for the purpose of establishing the quorum for shareholders&#8217; meetings and majority voting requirements to pass resolutions at shareholders&#8217; meetings.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Regulation (EU) No. 596/2014 of April 16, repealing, among others, Directive 2003/6/EC of the European Parliament and the European Council of January 28, on insider dealing and market manipulation establishes rules in order to ensure the integrity of European Community financial markets and to enhance investor confidence in those markets. This regulation maintains an exemption from the market manipulation rules regarding share buyback programs by companies listed on a stock exchange in an EU Member State. Commission Regulation (EC) No. 2273/2003, of December 22, implemented the aforementioned directive with regard to exemptions for buyback programs. Article&#160;5 of this regulation states that in order to benefit from the exemption, a buyback program must comply with certain requirements established under such regulation and the sole purpose of the buyback program must be to reduce the share capital of an issuer (in value or in number of shares) or to meet obligations arising from either of the following:</span></div><div style="margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:10pt">debt financial instruments exchangeable into equity instruments; or</span></div><div style="margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:10pt">employee share option programs or other allocations of shares to employees of the issuer or an associated company.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">CNMV Circular 1/2017, dated April 26, on liquidity contracts entered into by issuers with financial institutions for the management of its treasury shares, as amended by CNMV Circular 2/2019, dated November 27, governs the disclosure requirements for issuers and the rules of conduct to be followed by financial intermediaries when trading under a liquidity agreement for these trades to benefit from the safe harbor provided by such Circular and qualify as an accepted market practice for the purposes of market abuse regulations.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">If an acquisition or series of acquisitions of shares of Telef&#243;nica reaches or exceeds or causes Telef&#243;nica&#8217;s and its affiliates&#8217; holdings to reach or exceed 1% of Telef&#243;nica&#8217;s voting shares, Telef&#243;nica must notify its final holding of treasury stock to the CNMV. If such threshold is reached as a result of a series of acquisitions, such reporting obligation will only arise after the closing of the acquisition which, taken together with all acquisitions made since the last of any such notifications, causes the Telef&#243;nica&#8217;s and its affiliates holdings to exceed, 1% of Telef&#243;nica&#8217;s voting shares. Sales and other dispositions of Telef&#243;nica&#8217;s treasury stock will not be deducted in the calculation of such threshold. This requirement also applies if the stock is acquired by a majority-owned subsidiary of Telef&#243;nica.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Moreover, pursuant to Spanish corporate law, the audited financial statements of a company must include a reference regarding any treasury shares.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">At December 31, 2024, we held 26,874,751 shares of treasury stock, representing 0.47397% of our capital stock. At December 31, 2023, we held 111,099,480 shares of treasury stock, representing 1.93201% of our capital stock. For further description about our shareholders&#8217; return, see &#8220;Item 8. Financial Information&#8212;Dividend Information and Shareholders&#8217; Return&#8221;.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">At our annual general shareholders' meeting held on March 31, 2023, our shareholders extended their prior authorization to the Board of Directors to acquire our shares for an additional five years from the date of such meeting. The authorization also applies to companies under our control. Pursuant to the authorization, the aggregate nominal value of our shares held by us or any of our subsidiaries cannot exceed the limit established by applicable laws (which is, as of the date of this Annual Report, 10% of our outstanding capital).</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Change of Control Provisions</span></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">152</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Certain antitrust regulations may delay, defer or prevent a change of control of Telef&#243;nica or any of its subsidiaries in the event of a merger, acquisition or corporate restructuring. In Spain, the application of both Spanish and European antitrust regulations requires that prior notice of domestic or cross-border merger transactions be given in order to obtain a &#8220;non-opposition&#8221; ruling from antitrust authorities.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Tender Offers</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Tender offers are governed in Spain by the Spanish Securities Markets Act (as amended by Law 6/2007 of April 12, and the LMV) and Royal Decree 1066/2007, of July 27, which have implemented Directive 2004/25/EC of the European Parliament and of the European Council of April 21. Tender offers in Spain may qualify as either mandatory or voluntary offers.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Mandatory public tender offers must be launched for all the shares of the target company or other securities that might directly or indirectly give the right to subscription thereto or acquisition thereof (including convertible and exchangeable bonds) at an equitable price and not subject to any conditions when any person acquires control of a Spanish company listed on the Spanish Stock Exchanges, whether such control is obtained:</span></div><div style="margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:10pt">by means of the acquisition of shares or other securities that directly or indirectly give voting rights in such company;</span></div><div style="margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:10pt">through agreements with shareholders or other holders of said securities; or</span></div><div style="margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:10pt">as a result of other situations of equivalent effect as provided in the regulations (i.e., indirect control acquired through mergers, share capital decreases, target&#8217;s treasury stock variations or securities exchange or conversion, etc.).</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">A person is deemed to have obtained the control of a target company, individually or jointly with concerted parties, whenever:</span></div><div style="margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:10pt">it acquires, directly or indirectly, a percentage of voting rights equal to or greater than 30%; or</span></div><div style="margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:10pt">it has acquired a percentage of less than 30% of the voting rights and appoints, in the 24 months following the date of acquisition of said percentage, a number of directors that, together with those already appointed, if any, represent more than one-half of the members of the target company&#8217;s board of directors. Regulations also set forth certain situations where directors are deemed to have been appointed by the bidder or persons acting in concert therewith unless evidence to the contrary is provided.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Notwithstanding the above, Spanish regulations establish certain exceptional situations where control is obtained but no mandatory tender offer is required, including, among others:</span></div><div style="margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:10pt">subject to the CNMV&#8217;s approval,</span></div><div style="margin-top:9pt;padding-left:72pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#9702;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:9.96pt">acquisitions or other transactions resulting from the conversion or capitalization of credits into shares of listed companies, the financial feasibility of which is subject to serious and imminent danger, even if the company is not undergoing bankruptcy proceedings, provided that such transactions are intended to ensure the company&#8217;s financial recovery in the long term; or</span></div><div style="margin-top:9pt;padding-left:72pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#9702;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:9.96pt">in the event of a merger, provided that those acquiring control did not vote in favor of the merger at the relevant general shareholders&#8217; meeting of the offeree company and provided also that it can be shown that the primary purpose of the transaction is not the takeover but an industrial or corporate purpose; and</span></div><div style="margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:10pt">when control has been obtained after a voluntary bid for all of the securities, if either the bid has been made at an equitable price or has been accepted by holders of securities representing at least 50% of the voting rights to which the bid was directed.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">For the purposes of calculating the percentages of voting rights acquired, the regulations establish the following rules:</span></div><div style="margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:10pt">percentages of voting rights corresponding to (i) companies belonging to the same group of the bidder; (ii) members of the board of directors of the bidder or of companies of its group; (iii) persons acting for the account of or in concert with the bidder (a concert party shall be deemed to exist when two or more persons collaborate under an agreement, be it express or implied, oral or written, in order to obtain control </span></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">153</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><div style="margin-top:9pt;padding-left:36pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">of the offeree company); (iv) voting rights exercised freely and over an extended period by the bidder under proxy granted by the actual holders or owners of such rights in the absence of specific instructions with respect thereto; and (v) shares held by a nominee, such nominee being understood as a third party whom the bidder totally or partially covers against the risks inherent in acquisitions or transfers of the shares or the possession thereof, will be deemed to be held by the bidder (including the voting rights attaching to shares that constitute the underlying asset or the subject matter of financial contracts or swaps when such contracts or swaps cover, in whole or in part, against the risks inherent in ownership of the securities and have, as a result, an effect similar to that of holding shares through a nominee);</span></div><div style="margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:10pt">both the voting rights arising from the ownership of shares and those enjoyed under a usufruct or pledge or upon any other title of a contractual nature will be counted towards establishing the number of voting rights held;</span></div><div style="margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:10pt">the percentage of voting rights shall be calculated based on the entire number of shares carrying voting rights, even if the exercise of such rights has been suspended; voting rights attached to treasury shares shall be excluded; and non-voting shares shall be taken into consideration only when they carry voting rights pursuant to applicable law; and</span></div><div style="margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:10pt">acquisitions of securities or other financial instruments giving the right to the subscription, conversion, exchange or acquisition of shares which carry voting rights will not result in the obligation to launch a tender offer either until such subscription, conversion, exchange or acquisition occurs.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Notwithstanding the foregoing, upon the terms established in the regulations, the CNMV will conditionally dispense with the obligation to launch a mandatory bid when another person or entity, individually or jointly in concert, directly or indirectly holds an equal or greater voting percentage than the potential bidder in the target company.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The price of the mandatory tender offer is deemed equitable when it is at least equal to the highest price paid or agreed by the bidder or by any person acting in concert therewith for the same securities during the 12 months prior to the announcement of the tender offer. When the mandatory tender offer must be made without the bidder having previously acquired the shares over the above-mentioned 12-month period, the equitable price shall not be less than the price calculated in accordance with other rules set forth in the regulations. In any case, the CNMV may change the price so calculated in certain circumstances (extraordinary events affecting the price, evidence of market manipulation, etc.).</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Mandatory offers must be launched within one month from the acquisition of the control of the target company.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Voluntary tender offers may be launched when a mandatory offer is not required. Voluntary offers are subject to the same rules established for mandatory offers except for the following:</span></div><div style="margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:10pt">they may be subject to certain conditions (such as amendments to the bylaws or adoption of certain resolutions by the target company, acceptance of the offer by a minimum number of securities, approval of the offer by the shareholders&#8217; meeting of the bidder and any other deemed by the CNMV to be in accordance with law), provided that such conditions can be met before the end of the acceptance period of the offer; and</span></div><div style="margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:10pt">they may be launched at any price, regardless of whether it is lower than the above-mentioned &#8220;equitable price&#8221;. However, if they are not launched at an equitable price and if the tender offer shares representing at least 50% of the voting rights are tendered in the offer (excluding voting rights already held by the bidder and those belonging to shareholders who entered into an agreement with the bidder regarding the tender offer), the bidder may become obliged to launch a mandatory tender offer.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In any case, by virtue of an amendment to Law 24/1988 operated by Law 1/2012, of June 22, the price in a voluntary tender offer must be the higher of (i) the equitable price and (ii) the price resulting from an independent valuation report, and must at least consist of cash as an alternative if certain circumstances have occurred during the two years prior to the announcement of the offer (basically, the trading price for the shares being affected by price manipulation practices, market or share prices being affected by natural disasters, </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">force majeure</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">, or other exceptional events, or the target company being subject to expropriation or confiscation resulting in a significant impairment of the company&#8217;s real value).</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Spanish regulations on tender offers set forth further provisions, including:</span></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">154</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><div style="margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:10pt">subject to shareholder approval within 18 months from the date of announcement of the tender offer, the board of directors of a target company will be exempt from the rule prohibiting frustrating action against a foreign bidder whose board of directors is not subject to an equivalent passivity rule;</span></div><div style="margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:10pt">defensive measures included in a listed company&#8217;s bylaws and transfer and voting restrictions included in agreements among a listed company&#8217;s shareholders will remain in place whenever the company is the target of a tender offer, unless the shareholders resolve otherwise (in which case any shareholders whose rights are diluted or otherwise adversely affected will be entitled to compensation at the target company&#8217;s expense); and</span></div><div style="margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:10pt">squeeze-out and sell-out rights will apply provided that following a tender offer for all the target&#8217;s share capital, the bidder holds securities representing at least 90% of the target company&#8217;s voting capital and the tender offer has been accepted by the holders of securities representing at least 90% of the voting rights other than those held by or attributable to the bidder previously to the offer.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Payment of Taxes</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Holders of ordinary shares will be responsible for any taxes or other governmental charges payable on their ordinary shares, including any taxes payable on transfer. The paying agent or the transfer agent, as the case may be, may, and upon instruction from Telef&#243;nica, will:</span></div><div style="margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:10pt">refuse to effect any registration of transfer of such ordinary shares or any split-up or combination thereof until such payment is made; or</span></div><div style="margin-top:6pt;padding-left:36pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:10pt">withhold or deduct from any distributions on such ordinary shares or sell for the account of the holder thereof any part or all of such ordinary shares (after attempting by reasonable means to notify such holder prior to such sale), and apply, after deduction for its reasonable expenses incurred in connection therewith, the net proceeds of any such sale to payment of such tax or other governmental charge. The holder of such ordinary shares will remain liable for any deficiency.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Dividends</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Shareholders vote on final dividend distributions at the shareholders&#8217; meeting. Distributable profits are equal to:</span></div><div style="margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:10pt">net profits for the year; plus</span></div><div style="margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:10pt">profits carried forward from previous years; plus</span></div><div style="margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:10pt">distributable reserves; minus</span></div><div style="margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:10pt">losses carried forward from previous years; minus</span></div><div style="margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:10pt">amounts allocated to reserves as required by law or by our bylaws.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The amount of distributable profits is based on our unconsolidated financial statements prepared in accordance with Spanish GAAP, which differ from the Consolidated Financial Statements prepared in accordance with IFRS included elsewhere in this Annual Report.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Board of Directors can approve interim dividend payments without a prior shareholder vote on the issue. However, under those circumstances, the dividend is limited to distributable net profits of the current year and is subject to certain legal requirements.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Unclaimed dividends revert to us five years from their date of payment.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Registration and transfers</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Our shares are in registered book-entry form. Transfers executed through stock exchange systems are implemented pursuant to the stock exchange clearing and settlement procedures carried out by the Spanish clearing institution. Transfers executed outside of stock exchange systems, that is, over the counter, are implemented pursuant to the general legal regime for book-entry transfer, including registration by the Spanish clearing institution.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">There are no restrictions with respect to the transfer of our shares.</span></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">155</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Liquidation rights</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Under Spanish law, upon our liquidation, the shareholders would be entitled to receive, on a pro rata basis, any assets remaining after the payment of our debts and taxes and liquidation expenses.</span></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">156</span></div></div></div><div id="i63478826478c4e0dbabc502413383f6b_169"></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">C. Material Contracts</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Football (soccer) License Agreements with LaLiga, UEFA and RFEF, respectively</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On July 2, 2020 Telef&#243;nica signed an agreement for acquiring the exclusive media rights in Spain of UEFA Champions League and UEFA Europa League, as well as the UEFA Europa Conference League (a new competition to be separated from the UEFA Europa League) and UEFA Youth League, for the cycle comprising seasons 2021/2022, 2022/2023 and 2023/2024, (ending June 30, 2024).</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The agreement guaranteed Telef&#243;nica all media rights with respect to the main European football competitions for all its customers, both residential and non-residential (hotels, restaurants, cafes, etc.).</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The direct acquisition from UEFA of this "premium" content allowed Telef&#243;nica to continue designing and selling its own produced channels and content with the best European football that could be, likewise, accessible to other operators in the market interested in this content.  </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The total award price for all competitions amounted to 975 million euros (i.e. 325 million euros for each of the seasons 2021/2022, 2022/2023 and 2023/2024) which amount is less than the license fees paid for the previous cycle and without any year-to-year increase.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On December 13, 2021, Telef&#243;nica was provisionally awarded the exclusive broadcasting rights of five matches per matchday of the Spanish First Division Football League National Championship (&#8220;LaLiga&#8221;), for pay television in the residential market, in Spain. Telef&#243;nica received the first pick on 18 matchdays of each season and second pick on 17 matchdays, including the second match of the season between Real Madrid and Barcelona (Option D bis, Lot D.1 bis).</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Likewise, Telef&#243;nica was awarded the exclusive broadcasting rights of three matchdays, which contain ten matches each matchday, including matches of Real Madrid C.F., F.C. Barcelona and Club Atl&#233;tico de Madrid against the six first classified of the previous season; and Valencia C.F., Athletic Club de Bilbao or Real Betis Balompi&#233;, if they were not among the aforementioned first classified (Option D bis, Lot D.3 bis).</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The award initially included all seasons between the cycle 2022/2023 and 2026/2027 although the 2025/2026 and 2026/2027 seasons were subject to the CNMC lifting or modifying a resolution that limited the maximum duration of the contracts signed by Telef&#243;nica for the acquisition of sports rights (Expte. VC/0612/14).</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The award was made at a price of 520&#160;million euros for each of the seasons. The award was subject to the execution of an agreement between Telef&#243;nica and LaLiga with the remaining terms and requirements established in the LaLiga tender, which agreement was signed on January 19, 2022. This agreement was modified to adjust its duration to the CNMC Competition Directorate&#8217;s interpretation of the maximum length of contracts for the acquisition of exclusive sports rights (three years from signature) within the above referenced procedure (Expte. VC/0612/14). In this regard, LaLiga issued on December 29, 2023, a new tender regarding those same packages for seasons 2024/2025 (from January 20, 2025) and 2025/2026 and 2026/2027.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On January 19, 2024, Telef&#243;nica Audiovisual Digital, S.L.U. was awarded exclusive broadcasting rights for 5 matches per matchday of the Spanish First Division Football League National Championship for pay television in the residential market in Spain. Telef&#243;nica Audiovisual will have first pick on 18 matchdays and second pick on 17 matchdays (or the applicable portion for the 2024/2025 season), including the second match of the season between Real Madrid and Barcelona. In addition, it has been awarded exclusive broadcasting rights of one matchday for the 2024/2025 season and 3 matchdays in the remaining seasons. The award covers the 2024/2025 season, beginning January 20, 2025, as well as the 2025/2026 and 2026/2027 seasons. The price has been set at 250&#160;million euros for the 2024/2025 season and 520&#160;million euros for each of the 2025/2026 and 2026/2027 seasons. The corresponding agreement between Telef&#243;nica Audiovisual Digital, S.L.U. and LaLiga was signed on June 2, 2024.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On March 28, 2022, Telef&#243;nica entered into an agreement with the company DAZN for the distribution of the so-called DAZN LaLiga Package. Such package includes the remaining five football matches per match-weekend of the Spanish First Division Football League National Championship, in 35 out of 38 match-weekends for exploitation on pay television for residential subscribers in Spain (Option D bis, Package D.2 bis).</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">This is a non-exclusive agreement for five seasons, from 2022/2023 to 2026/2027. The agreed value amounts to 280&#160;million euros for each of the seasons.</span></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">157</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In addition, on July 29, 2022, Telef&#243;nica signed a new contract with LaLiga for the non-exclusive broadcasting of the channel that broadcasts matches of the Second Division of National Football Championship League for seasons 2022/2023, 2023/2024 and 2024/2025, with Telef&#243;nica&#8217;s unilateral option to extend for 2 additional seasons, with a variable cost that amounts to approximately 16&#160;million euros per season. On February 28, 2024, Telef&#243;nica exercised an option to extend, and the agreement was extended for seasons 2025/2026 and 2026/2027.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Similarly, on August 4, 2022, a contract was formalized with LaLiga for the non-exclusive broadcast of the LaLiga TV Bar Channel for non-residential subscribers for the 2022/2023 season with a minimum guarantee of 29 million euros, being the final price variable. Likewise, the contract for the 2023/2024 season was signed on July 30, 2023, with a minimum guaranteed consideration of approximately 29&#160;million euros. The contract for the 2024/2025 season was signed on July 28, 2024, with a similar minimum guaranteed consideration of 29.7 million euros.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On November 2, 2022, Telef&#243;nica was also awarded by Real Federaci&#243;n Espa&#241;ola de f&#250;tbol (RFEF) exclusive pay television rights of Copa del Rey Competiton and Supercopa de Espa&#241;a for seasons 2022/2023, 2023/2024 and 2024/2025.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On June 13, 2023, Telef&#243;nica submitted its offer for the acquisition of the audiovisual rights of the UEFA Champions League and UEFA Europa League, as well as the UEFA Europa Conference League and the UEFA Youth League ("UEFA Competitions") for the 2024/2025, 2025/2026 and 2026/2027 seasons, upon expiration of the current contract. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">UEFA awarded Telef&#243;nica on August 1, 2023, with exclusive media rights in Spain of UEFA Competitions for residential subscribers during seasons 2024/2025, 2025/2026 and 2026/2027. The corresponding agreements were signed on November 3, 2023.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The total award price for all competitions covered by these agreements with UEFA amounted to 960&#160;million euros (i.e. 320&#160;million euros for each of the seasons 2024/2025, 2025/2026 and 2026/2027)</span><span style="color:#2b3447;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Agreement for the sale of a portfolio of data center businesses</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On May 8, 2019, Telef&#243;nica reached an agreement for the sale of a portfolio of 11 data center businesses located in seven jurisdictions (Spain, Brazil, the United States, Mexico, Peru, Chile and Argentina) to a company controlled by Asterion Industrial Partners SGEIC, S.A. (hereinafter, "Nabiax") for a total amount of 550 million euros to be paid at the time of effective transfer.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">At the same time as this sale, agreements were entered into with Nabiax to provide housing services to the Telef&#243;nica Group, allowing Telef&#243;nica to continue providing housing services to its customers, in accordance with its previous commitments.&#160;Such service provision agreements have an initial term of ten years and include minimum consumption commitments in terms of capacity. These commitments are consistent with the Group's expected consumption volumes, while prices are subject to review mechanisms based on inflation and market reality. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On July 24, 2019, Telef&#243;nica transferred nine data center businesses located in six jurisdictions (Spain, Brazil, Mexico, Peru, Chile and Argentina) to the buyer for a total amount of 472 million euros.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On December 18, 2019, after obtaining the appropriate authorizations, Telef&#243;nica transferred one data center business located in the United States for a total amount of 43 million euros.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On December 23, 2020, after obtaining the appropriate authorizations and fulfilling certain conditions, Telef&#243;nica transferred the last data center located in Spain for a total amount of 34.7 million euros.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Hence, following these transfers, as of December 31, 2020, Nabiax was operating eleven data centers sold by Telef&#243;nica. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On May 7, 2021, Asterion Industrial Partners SGEIC, S.A. ("Asterion") and Telef&#243;nica Infra (T. Infra), the infrastructure unit of the Telef&#243;nica Group, reached an agreement for the contribution to Nabiax of four additional data centers owned by the Telef&#243;nica Group (two of them located in Spain and two in Chile). In exchange for the contribution of these four data centers, T. Infra received a 20% equity stake in Nabiax. Once the relevant authorizations and other conditions precedent to the contribution of the two data centers located in Spain were obtained, the partial closing of the transaction took place as of July 21, 2021, whereby Telef&#243;nica Group contributed those data centers to Nabiax, with T. Infra receiving in exchange a 13.94% stake in Nabiax at this stage. The agreement was complemented by the signing of a contract for the provision to Telef&#243;nica of housing services from </span></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">158</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">those two data centers under terms and conditions equivalent to those established in the transaction executed in 2019, for an initial period of ten years.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Once the conditions related to the contribution of the two data centers located in Chile were fulfilled, on May 24, 2022, the complete closing of the transaction took place, and T. Infra reached a 20% stake in Nabiax (see Note 10 to the Consolidated Financial Statements). The agreement was complemented by the signing of a contract for the provision to Telef&#243;nica of housing services from those two data centers under terms and conditions equivalent to those established in the transaction executed in 2019, for an initial period ending in 2031.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On June 13, 2023, the data centers owned by Nabiax located in the Americas were sold to the investment fund Actis. T. Infra owns a 20% stake in Nabiax. After this transaction, Nabiax only owns data centers in Spain.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The data centers sold to Actis continue to provide housing services to the Telef&#243;nica Group under the terms of the contracts signed in 2019, as Telef&#243;nica, S.A. waived its right to terminate the housing services contracts upon the sale of the data centers.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On June 10, 2024, Telef&#243;nica de Espa&#241;a, S.A.U. and Nabiax&#8217;s subsidiary Digital DHF Iberia S.L signed an addendum to the agreement for the provision of housing services in Spain to, among other things, extend the validity of the agreement until July 2034, but only with respect to a data center in Alcal&#225; de Henares.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In June 2024, Asterion began a process to sell its 80% stake in Nabiax. In accordance with the rights held by Asterion under the Nabiax Shareholders Agreement, Asterion negotiated the conditions of the sale and also exercised its drag-along right over the 20% stake in Nabiax owned by T. Infra. On November 7, 2024, a purchase and sale agreement for 100% of the share capital of Nabiax was signed with the investment fund Aermont Capital. The closing of the transaction is subject to obtaining regulatory approval and is expected to be completed in the first quarter of 2025, with Nabiax continuing to provide housing services to the Telef&#243;nica Group under the terms of the contracts signed in 2019.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Wholesale Access Services Agreement with AT&amp;T Mexico </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On November 21, 2019, Pegaso PCS, S.A. de C.V. (&#8220;Telef&#243;nica M&#233;xico&#8221;) and AT&amp;T Comunicaciones Digitales, S. de R.L. de C.V. (&#8220;AT&amp;T Mexico&#8221;) entered into a Wholesale Access Services Agreement (&#8220;Wholesale Agreement&#8221;), under which AT&amp;T Mexico agreed to provide wholesale wireless access to Telef&#243;nica M&#233;xico on 3G, 4G and any other future technology available in Mexico. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Wholesale Agreement has a minimum duration of eight years, renewable for additional consecutive periods of three years. Such Wholesale Agreement establishes a gradual migration of Telef&#243;nica M&#233;xico&#8217;s traffic to AT&amp;T Mexico's access network over the first three years of the agreement.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">As set forth in the Wholesale Agreement such migration was completed during the first half of 2022. As a result, Telef&#243;nica M&#233;xico&#8217;s wireless access infrastructure was turned off and Telef&#243;nica M&#233;xico no longer uses the licensed spectrum that it used in the past to operate its network.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On April 24, 2024, Telef&#243;nica M&#233;xico and AT&amp;T Mexico entered into an Amended and Restated Wholesale Access Services Agreement (&#8220;Amended Wholesale Agreement&#8221;). Under the Amended Wholesale Agreement, the term of the Wholesale Agreement was extended and AT&amp;T Mexico agreed to continue providing wholesale wireless access to Telef&#243;nica M&#233;xico with respect to  3G, 4G, 5G and any other future technology available in Mexico.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Amended Wholesale Agreement has a minimum duration of three years, expiring on  November 20, 2027, and may be renewed for additional consecutive periods of three years.  </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">50:50 joint venture with Liberty Global for the combination of both groups' businesses in the United Kingdom</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On May 7, 2020, Telef&#243;nica agreed to enter into a joint venture with Liberty Global plc ("Liberty Global") pursuant to a contribution agreement (as amended from time to time, the "Contribution Agreement") between Telef&#243;nica, Telefonica O2 Holdings Limited, Liberty Global, Liberty Global Europe 2 Limited and a newly formed entity of which, after closing, each of Telef&#243;nica and Liberty Global would hold 50% of its share capital named VMED O2 UK Limited.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">After having obtained the clearance from the Competition and Market Authority (the antitrust authority in the UK) to complete this transaction and having fulfilled all the other pre-closing conditions included in the Contribution </span></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">159</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Agreement, the transaction was completed on June 1, 2021. From such date, Telef&#243;nica and Liberty Global each hold an equal number of shares in VMED O2 UK Limited; after: (i) Telef&#243;nica having contributed to VMED O2 UK Limited its O2 mobile business in the United Kingdom and (ii) Liberty Global having contributed its Virgin Media business in the United Kingdom to VMED O2 UK Limited.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The corporate governance of VMED O2 UK Limited is regulated by a shareholders' agreement, which was entered into by the parties to the Contribution Agreement on June 1, 2021 and was amended on November 15, 2023 (as amended from time to time, the "Shareholders' Agreement") in respect of certain corporate governance matters related to VMED O2 UK Limited&#8217;s stakes in VMED O2 Networks Limited and in Cornerstone Telecommunications Infrastructure Limited.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Shareholders' Agreement provides that each of Telef&#243;nica and Liberty Global will designate four of the eight members of the Board of Directors of VMED O2 UK Limited, contains provisions regulating the management of VMED O2 UK Limited, the procedure to pass resolutions on certain reserved matters and distributions to shareholders, and customary non-solicitation, non-compete and information sharing provisions. Likewise, the Shareholders' Agreement provides that each of Telef&#243;nica or Liberty Global will have the right to initiate an initial public offering (IPO) of VMED O2 UK Limited after the third anniversary of the closing of the transaction, with the opportunity for the other shareholder to sell shares in the IPO on a pro rata basis. The Shareholders&#8217; Agreement also included general restrictions on transfers of interests in VMED O2 UK Limited until the third anniversary of the closing of the transaction, subject to certain limited exceptions. After the third anniversary of the closing of the transaction, any of the shareholders may send a notice to the other shareholder to initiate an IPO process as set forth in the Shareholders&#8217; Agreement, and after the fifth anniversary, each shareholder will be able to initiate a sale of VMED O2 UK Limited to a third party in accordance with certain drag-along procedures, subject to a right of first offer in favor of the other shareholder.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On the date of closing of the transaction, Telef&#243;nica, Liberty Global, and certain companies belonging to each shareholder&#8217;s corporate group entered into certain services, reverse services, licensing and data protection agreements with VMED O2 UK Limited and certain entities belonging to the VMED O2 UK Limited group. In particular, Telef&#243;nica and Liberty Global agreed that each shareholder&#8217;s group would provide certain services, either on a transitional or ongoing basis, to VMED O2 UK Limited and its group. Finally, VMED O2 UK Limited and its group would also provide certain services to specific companies belonging to the corporate group of each of its shareholders.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Pursuant to the terms of the above referred services agreements, the transitional services that are to be provided by the Telef&#243;nica Group to VMED O2 UK Limited would be provided for terms initially ranging from 7 to 24 months (subsequently extended in some cases to terms up to 40 months) while the ongoing services that are to be provided by the Telef&#243;nica Group to VMED O2 UK Limited would be provided for periods of two to six years, depending on the service. The services provided by the Telef&#243;nica Group to VMED O2 UK Limited, under the agreements as amended, consist primarily of technology and telecommunication services that will be used by or will otherwise benefit VMED O2 UK Limited. In addition to providing VMED O2 UK Limited with such services, the mobile operators of the Telef&#243;nica Group and VMED O2 UK Limited will maintain their roaming commercial relationships in order to reciprocally provide roaming services for their respective customers. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Likewise, as of closing of the transaction Telef&#243;nica granted certain trademark license agreements to VMED O2 UK Limited (the &#8220;VMED O2 UK Limited Trademark Licenses&#8221;). Pursuant to the VMED O2 UK Limited Trademark Licenses, Telef&#243;nica Group licensed the use of Telef&#243;nica and O2 brand rights to VMED O2 UK Limited.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The foregoing description of the Contribution Agreement, the Shareholders&#8217; Agreement and the transaction does not purport to be complete and is qualified in its entirety by reference to the Contribution Agreement and Shareholders&#8217; Agreement, copies of which are filed as Exhibits 10.1 and 10.2, respectively hereto and which are incorporated herein by reference.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Investment Agreement with Allianz and Telef&#243;nica Germany</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On October 29, 2020, Telef&#243;nica Infra Germany GmbH (&#8220;TEF Infra Germany&#8221;, a subsidiary indirectly wholly-owned by Telef&#243;nica through Telef&#243;nica Infra, S.L.U.) entered into an investment agreement (and related contracts, including a partners&#8217; agreement which sets forth the principles of corporate governance of the joint venture) with several entities belonging to the Allianz Group ("Allianz") and Telef&#243;nica Germany 1. Beteiligungsgesellschaft mbH (a subsidiary wholly-owned by Telef&#243;nica Germany GmbH &amp; Co. OHG) (&#8220;TEF Germany&#8221;) for the creation of a joint venture to deploy Fiber-to-the-Home (FTTH) in Germany, pursuant to which TEF Infra Germany and TEF Germany conditionally agreed to invest up to 500 million euros equity in total (400 million euros by TEF Infra Germany and </span></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">160</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">100 million euros by TEF Germany) and Allianz conditionally agreed to invest up to 1,000 million euros through different sources of funding over a six year period.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The closing of the transaction and the acquisition of the joint control took place on December 18, 2020. The registration of Allianz and TEF Germany as limited partners of the joint venture in the German commercial registry occurred on January 21, 2021. After the closing of the transaction, the Allianz Group and the Telef&#243;nica Group each holds 50% in the joint venture under a co-control governance model. Telef&#243;nica Group&#8217;s ownership is held through TEF Infra Germany holding 40% and TEF Germany holding a 10% stake.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Agreement reached between Telef&#243;nica Espa&#241;a Filiales, S.A.U. (Telef&#243;nica Espa&#241;a Filiales), T. Infra, Vauban and Cr&#233;dit Agricole Assurances for the establishment of Bluevia Fibra</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On July 25, 2022, Telef&#243;nica Espa&#241;a Filiales S.A.U, Telef&#243;nica Infra S.L.U. (T. Infra) and the consortium formed by Vauban Infrastructure Partners ("Vauban") and Cr&#233;dit Agricole Assurances ("CAA") reached an agreement for the establishment of a company, Bluevia Fibra, S.L. ("Bluevia"), whose corporate purpose is the deployment and commercialization of a fiber-to-the-home (FTTH) network mainly in rural areas in Spain. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Once the relevant regulatory authorizations were obtained, the closing of the transaction took place on December 20, 2022. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">After closing, the Telef&#243;nica Group holds 55% of the capital of Bluevia (30% through Telef&#243;nica Espa&#241;a Filiales and 25% through T. Infra), with Vauban/CAA holding the remaining 45%. At closing, Bluevia purchased from Telef&#243;nica Espa&#241;a 3.9&#160;million already passed real estate units, and agreed to deploy 1.1&#160;million additional units over the following 2 years after closing, reaching a total footprint of 5&#160;million passed real estate units. The 3.9&#160;million already passed real estate units acquired by Bluevia at closing represented 14% of Telef&#243;nica's FTTH network in Spain, with Telef&#243;nica Espa&#241;a retaining ownership of the remainder of the network. In addition, as part of the transaction, the Telef&#243;nica Group entered into a series of service provision agreements with Bluevia which entail the mutual provision and receipt of services by/to Telef&#243;nica Group and Bluevia. As part of the transaction Telef&#243;nica Group contributed equity funds to Bluevia in the amount of approximately 1,247&#160;million euros and the Vauban/CAA consortium acquired 45% of Bluevia from Telef&#243;nica Espa&#241;a for 1,021&#160;million euros in cash (see Note 2 to the Consolidated Financial Statements). </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Agreement reached by T. Infra, Liberty Global and InfraVia for the establishment of a fiber-to-the-home (FTTH) joint venture in the United Kingdom</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On July 29, 2022, T. Infra, Liberty Global plc ("Liberty Global") and InfraVia Capital Partners ("InfraVia") reached an agreement for the establishment of a joint venture, "nexfibre", for the deployment of fiber-to-the-home (FTTH) to 5&#160;million homes in the United Kingdom not reached by VMO2's network, with potential for expansion to an additional 2&#160;million homes. The fiber network will offer wholesale FTTH access to telecommunications service providers, with VMO2 acting as the lead customer, as well as providing a range of technical services.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Once the relevant regulatory authorizations were obtained and the other conditions were fulfilled, the closing of the transaction took place on December 15, 2022. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">After closing, Liberty Global and T. Infra participate by halves in a joint vehicle that holds a 50% interest in nexfibre, with InfraVia owning the remaining 50%. </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The business plan for the initial rollout to 5&#160;million homes envisages an investment of approximately 4,500&#160;million pounds sterling (approximately 5,426 million euros at the exchange rate at December 31, 2024). The three partners have funded their pro-rata share of equity funding for the construction, totaling up to 1,400&#160;million pounds sterling (approximately 1,688 million euros at the exchange rate at December 31, 2024). In addition, nexfibre has entered into a facilities agreement with a consortium of banks for an amount of up to 3,300&#160;million pounds sterling (approximately 3,979 million euros at the exchange rate at December 31, 2024). </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">As part of the transaction, InfraVia has made and will continue to make certain payments to Liberty Global and T. Infra, a portion of which will be linked to the progress of the construction of the network.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In support of its obligations to nexfibre, VMO2 continues to extend network build contracts with various providers.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Agreements between Telef&#243;nica de Espa&#241;a, S.A.U. ("TdE"), Telef&#243;nica M&#243;viles Espa&#241;a, S.A.U. ("TME") and Telef&#243;nica Soluciones de Inform&#225;tica y Comunicaciones de Espa&#241;a, S.A.U. ("TSOL" and jointly with TdE and TME the "Telef&#243;nica Espa&#241;a Companies") with Capgemini Espa&#241;a, S.L., Inetum Espa&#241;a, S.A., Indra </span></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">161</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Soluciones Tecnolog&#237;as de la Informaci&#243;n S.L.U. and UTE "Indra Soluciones Tecnolog&#237;as de la Informaci&#243;n S.L.U., Inetum Espa&#241;a S.A., Uni&#243;n Temporal de Empresas Ley 18/1982 de 26 de mayo".</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In March 2024, the Telef&#243;nica Espa&#241;a Companies entered into separate contracts with each of (i) Capgemini Espa&#241;a, S.L., (ii) Inetum Espa&#241;a, S.A., (iii) Indra Soluciones Tecnolog&#237;as de la Informaci&#243;n S.L.U. and (iv) UTE "Indra Soluciones Tecnolog&#237;as de la informaci&#243;n S.L.U., Inetum Espa&#241;a S.A., Uni&#243;n Temporal de Empresas Ley 18/1982 de 26 de mayo" for the provision to the Telef&#243;nica Espa&#241;a Companies of an IT transformation  service (development, maintenance and operation of applications, and infrastructure engineering services, maintenance, and IT operations infrastructure), for aggregate consideration of 582 million euros. The counterparties&#8217; obligations to Telef&#243;nica consist of application and infrastructure development and maintenance, as well as application and infrastructure operation regarding the IT transformation service. </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The agreements each have a duration of 7 years and will be automatically extended up to a maximum of 2 additional years, absent prior notice by any of the parties).</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Agreement reached by Telef&#243;nica Espa&#241;a Filiales and Vodafone ONO to incorporate a joint company for the commercialization of a fiber-to-the-home (FTTH) network </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On November 7, 2024, Telef&#243;nica Espa&#241;a Filiales, S.A.U. (Telef&#243;nica Espa&#241;a Filiales) reached an agreement with Vodafone ONO, S.A.U. (Vodafone Espa&#241;a) to incorporate a joint company, whose main activity is the commercialization of a fiber to the home (FTTH) network for its shareholders, Telef&#243;nica Espa&#241;a Filiales and Vodafone Espa&#241;a, so that they can in turn provide retail and wholesale broadband access services. </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The joint company is expected to cover approximately 3.6 million premises, with assets that are currently part of Telef&#243;nica de Espa&#241;a&#8217;s FTTH network and that represent approximately 12% of its national network. It is estimated that the joint company will initially have around 1.4 million clients, which implies a penetration level of approximately 40%. As part of the transaction, the agreements required to be executed are the following: i) an investment agreement and transfer agreements, all of them already signed on November 7, 2024, and ii) a shareholders agreement, master service agreements, systems, monitoring and maintenance services agreement, and a corporate service agreement which regulates certain services of a diverse nature, all of which will be entered into on the closing date.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">After the closing of the transaction, Telef&#243;nica Espa&#241;a Filiales will hold a 63% in the joint company and Vodafone Espa&#241;a the remaining 37%.</span></div><div style="margin-bottom:9pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Agreement reached by VMED O2 UK Limited (VMO2) for sales of minority stakes in Cornerstone</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On October 31, 2023, VMO2 reached an agreement to sell a 16.67% minority stake in its mobile tower joint venture, Cornerstone Telecommunications Infrastructure Limited (&#8220;Cornerstone&#8221;), to the UK-based infrastructure fund, GLIL Infrastructure LLP (&#8220;GLIL&#8221;).</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The transaction closed on November 15, 2023, with VMO2 receiving approximately 360 million pounds sterling in cash (approximately 413 million euros at the exchange rate as of such date).</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The sale was structured through a VMO2 holding company (&#8220;HoldCo&#8221;), which owned 50% of Cornerstone shares prior to the transaction. After the transaction, GLIL owned 33.33% of HoldCo and VMO2 the remaining 66.67% of HoldCo, leaving VMO2 with a 33.33% indirect stake in Cornerstone. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On November 27, 2024, VMO2 sold an additional 16.66% stake in HoldCo (i.e., an 8.33% indirect stake in Cornerstone) to Equitix Investment Management Limited ("Equitix") for consideration of approximately 186 million pounds sterling in cash (approximately 223 million euros at the exchange rate as of such date). After this second sale transaction, VMO2 owns 50.01% of HoldCo, GLIL owns 33.33% and Equitix owns 16.66%, leaving VMO2 with a 25.005% indirect stake in Cornerstone.  </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Under the new ownership structure, VMO2 continues to proportionally consolidate Cornerstone as a joint operation. As the majority shareholder of HoldCo, VMO2 will continue co-controlling Cornerstone, together with Vantage Towers, and continue to proportionally consolidate Cornerstone in its financial accounts.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Agreement signed between Telef&#244;nica Brasil S.A., National Telecommunications Agency (ANATEL), the Federal Court of Accounts (TCU), and the Federal Government through the Ministry of Communications.</span></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">162</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On December 16, 2024, Telef&#244;nica Brasil, ANATEL, the Brazilian Federal Court of Accounts (the TCU) and the Brazilian Ministry of Communications signed an agreement on the terms and conditions for the adaptation of the STFC concession contracts to an authorization instrument (the Self-Composition Agreement). </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Self-Composition Agreement includes several key conditions: (i) Telef&#244;nica Brasil is required to make specific investments on terms established under the agreement; (ii) Telef&#244;nica Brasil must maintain the provision of fixed-line telephone services in certain locations without adequate competition within the concession area until December 31, 2028; (iii) all pending administrative and judicial proceedings related to the concession at ANATEL or in the courts must be resolved, and Telef&#244;nica Brasil must withdraw any cases filed against the regulator; and (iv) Telef&#244;nica Brasil must commit to fulfilling public interest pledges for up to ten years as part of the adaptation process. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Completion of the migration to the authorization regime is conditioned upon the signing of a unified authorization term with ANATEL, compiling all previous licenses into one single title, which is expected to occur in the first quarter of 2025. </span></div><div id="i63478826478c4e0dbabc502413383f6b_172"></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">D. Exchange Controls</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Exchange Controls and Other Limitations Affecting Security Holders</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Ownership limitations</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">There are no limitations with respect to the ownership of our assets or share capital except those derived from the application of the reciprocity principle as described above.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Trading by us in our own shares or shares of companies under our control</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">For information on the requirements applicable to the trading by us in our own shares or shares of companies under our control, see &#8220;&#8212;Memorandum and Articles of Association- Description of Our Capital Stock&#8212;Acquisition of own shares&#8221; above.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Other restrictions on acquisitions of shares</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">For information on reporting requirements and other restrictions applicable to the acquisition of our shares see &#8220;&#8212;Memorandum and Articles of Association</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Description of Our Capital Stock-Reporting requirements&#8221; and &#8220;&#8212;Trading by us in our own shares or shares of companies under our control&#8221; above and "Item 9. The Offering and Listing-Offer and Listing Details-Restrictions on foreign investment".</span></div><div style="margin-top:9pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Dividend and Liquidation Rights</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">According to Spanish law and our bylaws, dividends may only be paid out of profits or distributable reserves if the value of our net worth is not, and as a result of such distribution would not be, less than our capital stock. Pursuant to Spanish law, we are required to reserve 10% of our fiscal year net income until the amount in our legal reserve reaches 20% of our capital. Our legal reserve is currently at 20%.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Dividends payable by us to non-residents of Spain ordinarily are subject to a Spanish withholding tax. For the tax implications of dividends to U.S. Holders (as defined below), see &#8220;&#8212;Taxation.&#8221;</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Upon our liquidation, our shareholders would be entitled to receive pro rata any assets remaining after the payment of our debts and taxes and expenses of such liquidation. Any change in the rights of shareholders to receive dividends and payment upon liquidation would require an amendment to our bylaws by resolution adopted by a general meeting of shareholders. If there were more than one class of shares, such amendment would also require the approval of each class of shareholders affected by the amendment.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Preemptive Rights and Increases of Share Capital</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Pursuant to the Spanish Corporations Law, shareholders have preemptive rights to subscribe for any new shares and for bonds convertible into shares. Such rights may not be available under special circumstances if waived by a resolution passed at a general meeting of shareholders in accordance with Article 308 of the Spanish Corporate Enterprises Act, or the Board of Directors, if authorized (Article 506 of the Spanish Corporate Enterprises Act). Further, such rights, in any event, will not be available in the event of an increase in capital to meet the requirements of a convertible bond issue or a merger in which shares are issued as consideration. Such rights:</span></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">163</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><div style="margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">are transferable;</span></div><div style="margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">may be traded on the Automated Quotation System; and</span></div><div style="margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">may be of value to existing shareholders because new shares may be offered for subscription at prices lower than prevailing market prices.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Absent an exemption from registration, shares issuable upon exercise of rights must be registered under the Securities Act in order to be offered to holders of ADSs. If we decided not to register the shares, the rights would not be distributed to holders of ADSs. Pursuant to the Deposit Agreement, however, holders of ADSs are entitled to receive their proportionate share of the proceeds, if any, from sale by the Depositary of any rights accruing to holders of ADSs.</span></div><div id="i63478826478c4e0dbabc502413383f6b_175"></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">E. Taxation</span></div><div style="margin-top:9pt;text-align:justify;text-indent:20.25pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The following is a general summary of the material Spanish and U.S. federal income tax consequences to U.S. Holders described below of the ownership and disposition of shares or ADSs. This summary is based upon Spanish and U.S. tax laws (including the U.S. Internal Revenue Code of 1986, as amended (the &#8220;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Code</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8221;), final, temporary and proposed U.S. Treasury regulations, rulings, judicial decisions and administrative pronouncements), and the Convention Between the United States of America and the Kingdom of Spain for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with Respect to Taxes on Income, signed on February 22, 1990, along with the related Protocol (the &#8220;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Treaty</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8221;), all as of the date hereof and all of which are subject to change or changes in interpretation, possibly with retroactive effect. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">As used herein, the term &#8220;U.S. Holder&#8221; means a beneficial owner of one or more shares or ADSs:</span></div><div style="margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">that is, for U.S. federal income tax purposes, one of the following:</span></div><div style="margin-top:9pt;padding-left:72pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(a)</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:5.78pt">a citizen or individual resident of the United States;</span></div><div style="margin-top:9pt;padding-left:72pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(b)</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:5.78pt">a corporation (or other entity taxable as a corporation) created or organized in or under the laws of the United States or any state therein or the District of Columbia; or</span></div><div style="margin-top:9pt;padding-left:72pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(c)</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:6.34pt">an estate or trust the income of which is subject to U.S. federal income taxation regardless of its source;</span></div><div style="margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">who is entitled to the benefits of the Treaty;</span></div><div style="margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">who holds the shares or ADSs as capital assets for U.S. federal income tax purposes;</span></div><div style="margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">who owns, directly, indirectly or by attribution, less than 10% of the share capital or voting stock of Telef&#243;nica; and</span></div><div style="margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">whose holding is not attributable to a fixed base or permanent establishment in Spain.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">This summary does not address all of the tax considerations, including the potential application of the provisions of the Code known as the Medicare contribution tax, that may apply to holders that are subject to special tax rules, such as certain U.S. expatriates, insurance companies, tax-exempt organizations, certain financial institutions, persons subject to the alternative minimum tax, dealers and certain traders in securities, persons holding shares or ADSs as part of a straddle, hedging, conversion or integrated transaction, persons who acquired their shares or ADSs pursuant to the exercise of employee stock options or otherwise as compensation, persons owning shares or ADSs in connection with a trade or business outside of the U.S., partnerships or other entities classified as partnerships for U.S. federal income tax purposes or persons whose functional currency is not the U.S. dollar. Such holders may be subject to U.S. federal income tax consequences different from those set forth below.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">If a partnership holds shares or ADSs, the tax treatment of a partner generally will depend upon the status of the partner and the activities of the partnership. A partner in a partnership that holds shares or ADSs is urged to consult its own tax advisor regarding the specific tax consequences of owning and disposing of the shares or ADSs.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">For purposes of the Treaty and U.S. federal income tax, U.S. Holders of ADSs will generally be treated as owners of the underlying shares represented by such ADSs. Accordingly, no gain or loss will be recognized if a U.S. Holder exchanges ADSs for the underlying shares represented by those ADSs.</span></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">164</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">This discussion assumes that Telef&#243;nica is not, and will not become, a passive foreign investment company (&#8220;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">PFIC</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8221;), as discussed below under &#8220;&#8212;U.S. Federal Income Tax Considerations&#8212;Passive foreign investment company rules.&#8221;</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">U.S. Holders of shares or ADSs should consult their own tax advisors concerning the specific Spanish and U.S. federal, state and local tax consequences of the ownership and disposition of shares or ADSs in light of their particular situations as well as any consequences arising under the laws of any other taxing jurisdiction. In particular, U.S. Holders are urged to consult their own tax advisors concerning their eligibility for benefits under the Treaty and concerning the U.S. tax implications of the Spanish Wealth Tax and the Spanish FTT, as defined below.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Spanish Tax Considerations</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Taxation of dividends</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Under Spanish law, dividends paid by Telef&#243;nica to U.S. Holders of ordinary shares or ADSs are subject to Spanish Non-Resident Income Tax, withheld at source, at a rate of 19%. For these purposes, upon distribution of the dividend, Telef&#243;nica or its paying agent will withhold an amount equal to the tax due according to the rules set forth above.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">However, under the Treaty, if you are a U.S. Holder, you are entitled to a reduced withholding tax rate of 15%.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">To benefit from the Treaty-reduced rate of 15%, you must provide to Telef&#243;nica through its paying agent in Spain, before the tenth day following the end of the month in which the dividends were payable, a certificate from the U.S. Internal Revenue Service (&#8220;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">IRS</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8221;) stating that, to the best knowledge of the IRS, such U.S. Holders are residents of the United States within the meaning of the Treaty and entitled to its benefits.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">If this certificate is not provided within this period, you may afterwards apply for a refund of the amount withheld in excess of the rate provided for in the Treaty by following the procedures described in the next section.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Spanish Refund Procedure</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">According to Spanish Regulations on Non-Resident Income Tax, approved by Royal Decree 1776/2004 dated July 30, 2004, as amended, a refund for the amount withheld in excess of the Treaty-reduced rate can be obtained from the relevant Spanish tax authorities. To pursue the refund claim, if you are a U.S. Holder, you are required to file:</span></div><div style="margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:13.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8211;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:16.94pt">the corresponding Spanish tax form;</span></div><div style="margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:13.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8211;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:16.94pt">the certificate referred to in the preceding section; and</span></div><div style="margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:13.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8211;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:16.94pt">evidence of the Spanish Non-Resident Income Tax that was withheld with respect to you.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The refund claim may be filed as from February 1 of the calendar year following the year in which the relevant payment date takes place and within four years from the date in which the withheld tax was collected by the Spanish tax authorities.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">U.S. Holders are urged to consult their own tax advisors regarding refund procedures and any U.S. tax implications thereof.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Taxation of capital gains</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">For Spanish tax purposes, income obtained from the sale of shares or ADSs of Telef&#243;nica will be treated as capital gains. Spanish non-resident income tax is levied at a rate of 19% on capital gains obtained by persons not residing in Spain for tax purposes who are not entitled to the benefit of any applicable treaty for the avoidance of double taxation.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Notwithstanding the above, capital gains derived from the transfer of shares on an official Spanish secondary stock market by any holder who is resident in a country that has entered into a treaty for the avoidance of double taxation with an &#8220;exchange of information&#8221; clause (the Treaty contains such a clause) will be exempt from taxation in Spain. If you are a U.S. Holder, under the Treaty capital gains arising from the disposition of shares or ADSs will not be taxed in Spain. You will be required to establish that you are entitled to the exemption from tax under the Treaty by providing to the relevant Spanish tax authorities a certificate of residence issued by the IRS stating that to the best knowledge of the IRS, you are a U.S. resident within the meaning of the Treaty.</span></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">165</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Spanish wealth tax</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Individual U.S. Holders who hold shares or ADSs located in Spain are subject to the Spanish Wealth Tax (Impuesto sobre el Patrimonio) (Spanish Law 19/1991), which imposes tax on property located in Spain on the last day of any year.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In addition, the Solidarity Wealth Tax For High-Net-Worth Individuals, which entered into force with effect in 2022, is a direct and personal tax that complements the Spanish Wealth Tax. The tax, which had been implemented for an initial period of two years, will remain in force until there is an amendment in the financing system of the autonomous regions. It is consistent with the provisions of the Spanish Wealth Tax in most essential aspects (exemptions, taxable and net taxable bases, tax rates, limit on amount of tax payable, etc.).</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Inheritance and gift tax</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Transfers of shares or ADSs on death and by gift to individuals are subject to Spanish inheritance and gift taxes (Impuesto sobre Sucesiones y Donaciones), respectively, if the transferee is a resident of Spain for tax purposes, or if the shares or ADSs are located in Spain at the time of death, regardless of the residence of the heir or beneficiary. In this regard, the Spanish tax authorities may determine that all shares of Spanish corporations and all ADSs representing such shares are located in Spain for Spanish tax purposes. The applicable tax rate, after applying relevant personal, family and wealth factors, generally ranges between 7.65% and 81.6% for individuals.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Gifts granted to corporations that are not resident in Spain are subject to Spanish Non-Resident Income Tax at a rate of 19% on the fair market value of the shares as a capital gain. If the donee is a United States resident corporation, the exclusions available under the Treaty described in the section &#8220;&#8212;Taxation of Capital Gains&#8221; above will be applicable.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Expenses of Transfer</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Transfers of shares or ADSs will be exempt from any transfer tax (Impuesto sobre Transmisiones Patrimoniales) or value added tax. Additionally, no stamp tax will be levied on such transfers.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The transfer of shares or ADSs may be subject to the Spanish Financial Transaction tax (the &#8220;Spanish FTT&#8221;).</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Spanish FTT charges a 0.2% rate on specific acquisitions of listed shares issued by Spanish companies (including ADSs) whose market capitalization exceeds 1 billion euros (&#8364;1,000,000,000) (this may be the case of Telef&#243;nica), regardless of the jurisdiction of residence of the parties involved in the transaction. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Transactions in the primary market (such as a capital increase) are exempt from the Spanish FTT. However, the Spanish FTT will subject other transactions involving the acquisition of the shares or ADSs depending on the market capitalization of Telef&#243;nica. Prospective investors are advised to seek their own professional advice in relation to the Spanish FTT.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">U.S. Federal Income Tax Considerations</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Taxation of dividends</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Distributions received by a U.S. Holder on shares or ADSs, including the amount of any Spanish taxes withheld therefrom, other than certain pro rata distributions of shares to all shareholders (including ADS holders), will constitute foreign-source dividend income to the extent paid out of Telef&#243;nica&#8217;s current or accumulated earnings and profits (as determined for U.S. federal income tax purposes). Because Telef&#243;nica does not maintain calculations of its earnings and profits under U.S. federal income tax principles, it is expected that distributions generally will be reported to U.S. Holders as dividends. The amount of dividend income paid in euros that a U.S. Holder will be required to include in income will equal the U.S. dollar value of the distributed euros, calculated by reference to the exchange rate in effect on the date the payment is received by the Depositary (in the case of ADSs) or by the U.S. Holder (in the case of shares), regardless of whether the payment is converted into U.S. dollars on the date of receipt. If the dividend is converted into U.S. dollars on the date of receipt, a U.S. Holder will generally not be required to recognize foreign currency gain or loss in respect of the dividend income. A U.S. Holder may have foreign currency gain or loss if the dividend is converted into U.S. dollars after the date of its receipt. Gain or loss that a U.S. Holder realizes on a sale or other disposition of euros will be U.S.-source ordinary income or loss. Corporate U.S. Holders will not be entitled to claim the dividends-received deduction with respect to dividends paid by Telef&#243;nica. Subject to applicable limitations, dividends received by certain non-corporate U.S. Holders will be taxable at rates applicable to long-term capital gains. Non-corporate U.S. Holders should consult their own tax </span></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">166</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">advisors to determine whether they are subject to any special rules that limit their ability to be taxed at these favorable rates.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Spanish income taxes withheld from dividends on shares or ADSs at a rate not exceeding the rate provided in the Treaty will be creditable against a U.S. Holder&#8217;s U.S. federal income tax liability, subject to applicable restrictions and limitations that may vary depending upon the U.S. Holder&#8217;s circumstances. Spanish taxes withheld in excess of the rate applicable under the Treaty will not be eligible for credit against a U.S. Holder&#8217;s federal income tax liability. See &#8220;Spanish Tax Considerations&#8212;Taxation of dividends&#8221; above for a discussion of how to obtain the applicable Treaty rate. Instead of claiming a credit, a U.S. Holder may elect to deduct foreign taxes (including the Spanish taxes) in computing its taxable income, subject to generally applicable limitations. An election to deduct foreign taxes (instead of claiming foreign tax credits) applies to all taxes paid or accrued in the taxable year to foreign countries and possessions of the United States. The limitations on foreign taxes eligible for credit are calculated separately with respect to specific classes of income. The rules governing foreign tax credits are complex. Therefore, U.S. Holders should consult their own tax advisors regarding the availability of foreign tax credits in their particular circumstances.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Taxation upon sale or other disposition of shares or ADSs</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">A U.S. Holder will generally recognize U.S. source capital gain or loss on the sale or other disposition of shares or ADSs. Any such gain or loss will be long-term capital gain or loss if the U.S. Holder has held such shares or ADSs for more than one year. The amount of the U.S. Holder&#8217;s gain or loss will be equal to the difference between such U.S. Holder&#8217;s tax basis in the shares or ADSs sold or otherwise disposed of and the amount realized on the sale or other disposition, as determined in U.S. dollars.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">As discussed under &#8220;Spanish Tax Considerations&#8212;Taxation of capital gains&#8221; above, gain realized by a U.S. Holder on the sale or other disposition of shares or ADSs will be exempt from Spanish tax on capital gains under the Treaty. If a U.S. Holder is eligible for the exemption from Spanish tax on capital gains but does not follow appropriate procedures for obtaining the exemption, such holder will not be entitled to credit the amount of Spanish tax on capital gains paid against its U.S. federal income tax liability. U.S. Holders should consult their own tax advisors regarding the potential Spanish tax consequences of a sale or other disposition of shares or ADSs and the procedures available for an exemption from such tax.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Passive foreign investment company rules</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Telef&#243;nica believes that it was not a PFIC for U.S. federal income tax purposes for its 2024 taxable year. However, because PFIC status depends upon the composition of a company&#8217;s income and assets and the market value of its assets (including, among others, less than 25% owned equity investments) from time to time, there can be no assurance that Telef&#243;nica will not be considered a PFIC for any taxable year. If Telef&#243;nica were treated as a PFIC for any taxable year during which a U.S. Holder owned a share or ADS, certain adverse tax consequences could apply to the U.S. Holder.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In general, if Telef&#243;nica were treated as a PFIC for any taxable year during which a U.S. Holder owned a share or ADS, gain recognized by a U.S. Holder on a sale or other disposition of such share or ADS would be allocated ratably over the U.S. Holder&#8217;s holding period for the share or ADS. The amounts allocated to the taxable year of the sale or other disposition and to any year before Telef&#243;nica became a PFIC would be taxed as ordinary income. The amount allocated to each other taxable year would be subject to tax at the highest rate in effect for individuals or corporations, as appropriate, and an interest charge would be imposed on the resulting tax liability. The same treatment would apply to any distribution in respect of shares or ADSs to the extent it exceeds 125% of the average of the annual distributions on shares or ADSs received by the U.S. Holder during the preceding three years or the U.S. Holder&#8217;s holding period, whichever is shorter. Certain elections may be available that would result in alternative treatments (such as mark-to-market treatment) of the shares or ADSs.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In addition, if Telef&#243;nica were treated as a PFIC in a taxable year in which it pays a dividend or in the prior taxable year, the favorable dividend rates discussed above with respect to dividends paid to certain non-corporate U.S. Holders would not apply.  </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">If Telef&#243;nica were a PFIC for any taxable year during which a U.S. Holder owned our shares or ADSs, the U.S. Holder will generally be required to file IRS Form 8621 with its annual U.S. federal income tax return.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Information reporting and backup withholding</span></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">167</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Payments of dividends and sales proceeds that are made within the United States or through certain U.S.-related financial intermediaries generally are subject to information reporting and may be subject to backup withholding unless the U.S. Holder is a corporation or other exempt recipient or, in the case of backup withholding, the U.S. Holder provides a correct taxpayer identification number and certifies that it is not subject to backup withholding. The amount of any backup withholding from a payment to a U.S. Holder will be allowed as a credit against the U.S. Holder&#8217;s U.S. federal income tax liability and may entitle such U.S. Holder to a refund, provided that the required information is timely furnished to the IRS.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Certain U.S. Holders who are individuals and certain specified entities may be required to report information relating to stock of a non-U.S. person, subject to certain exceptions (including an exception for stock held through a U.S. financial institution). U.S. Holders are urged to consult their tax advisors regarding the application, if any, of this legislation to their ownership of shares or ADSs.</span></div><div id="i63478826478c4e0dbabc502413383f6b_178"></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">F. Dividends and Paying Agents</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Not Applicable.</span></div><div id="i63478826478c4e0dbabc502413383f6b_181"></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">G. Statements by Experts</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Not Applicable.</span></div><div id="i63478826478c4e0dbabc502413383f6b_184"></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">H. Documents on Display</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Where You Can Find More Information</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">We file Annual Reports on Form 20-F and furnish periodic reports on Form 6-K to the SEC. You may read and copy any of these reports at the SEC&#8217;s public reference room in Washington, D.C. Please call the SEC at 1-800-SEC-0330 for further information. Our SEC filings are also available to the public from commercial document retrieval services. Some of our SEC filings are also available at the website maintained by the SEC at &#8220;http://www.sec.gov.&#8221; Except as otherwise expressly indicated herein, any such information does not form part of this annual report on Form 20-F.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Our ADSs are listed on the New York Stock Exchange under the symbol &#8220;TEF.&#8221; You may inspect any periodic reports and other information filed with or furnished to the SEC by us at the offices of the New York Stock Exchange, 20 Broad Street, New York, New York 10005.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">As a foreign private issuer, we are exempt from the rules under the Exchange Act which prescribe the furnishing and content of proxy statements, and our officers, directors and principal shareholders are exempt from the reporting and &#8220;short-swing&#8221; profit recovery provisions contained in Section 16 of the Exchange Act.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">We are subject to the informational requirements of the CNMV and the Spanish Stock Exchanges, and we file reports and other information relating to our business, financial condition and other matters with the CNMV and the Spanish Stock Exchanges. You may read such reports, statements and other information, including the annual and biannual financial statements, at the public reference facilities maintained in Madrid and Barcelona. Some of our CNMV filings are also available at the website maintained by the CNMV at http://www.cnmv.es.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">We have appointed Citibank, N.A. to act as Depositary for the Telef&#243;nica ADSs. Citibank will, as provided in the Deposit Agreement, arrange for the mailing of summaries in English of such reports and communications to all record holders of the ADSs of Telef&#243;nica. </span></div><div id="i63478826478c4e0dbabc502413383f6b_187"></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">I. Subsidiary Information</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Not applicable.</span></div><div id="i63478826478c4e0dbabc502413383f6b_190"></div><div style="margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:14pt;font-weight:400;line-height:120%">Item 11. Quantitative and Qualitative Disclosures About Market Risk</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">We are exposed to various financial market risks as a result of: (i) our ordinary business activity, (ii) debt incurred to finance our business, (iii) our investments in companies, and (iv) other financial instruments related to the above commitments.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The main market risks affecting Group companies are as follows:</span></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">168</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><div style="margin-top:9pt;padding-left:27pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:19pt">Exchange rate risk</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">: arises primarily from: (i) Telef&#243;nica&#8217;s international presence, through its investments and businesses in countries that use currencies other than the euro (primarily in Latin America, but also in the United Kingdom), (ii) debt denominated in currencies other than that of the country where the business is conducted or the home country of the company incurring such debt , and (iii) for those trade receivables or payables in foreign currency related to the company with the transaction registered.</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%"> </span></div><div style="margin-top:9pt;padding-left:27pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:19pt">Interest rate risk</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">: arises primarily in connection with changes in interest rates affecting: (i) financial expenses on floating-rate debt (or short-term debt likely to be renewed), (ii) the value of long-term liabilities at fixed interest rates and (iii) financial expenses and principal payments of inflation-linked financial instruments, considering interest rate risk as the impact of changes in inflation rates. </span></div><div style="margin-top:9pt;padding-left:27pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:19pt">Share price risk</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">: arises primarily from changes in the value of the equity investments (that may be bought, sold or otherwise involved in transactions), from changes in the value of derivatives associated with such investments, from changes in the value of treasury shares and from changes in the value of equity derivatives. </span></div><div style="margin-top:9pt;padding-left:27pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:19pt">Liquidity risk</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">: arises due to a mismatch between financing needs (including operating and financial expenses, investment, debt redemptions and dividend commitments) and sources of finance (including revenues, divestments, credit lines from financial institutions and capital market transactions). The cost of finance could also be affected by movements in the credit spreads (over benchmark rates) demanded by lenders. </span></div><div style="margin-top:9pt;padding-left:27pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:19pt">Country risk</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">: refers to the possible decline in the value of assets, cash flows generated or cash flows returned to the parent company as a result of political, economic or social instability in the countries where the Telef&#243;nica Group operates, especially in Latin America.</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%"> </span></div><div style="margin-top:9pt;padding-left:27pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:19pt">Credit risk</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">: appears when a counterparty fails to meet or delays its payment obligations in accordance with the agreed terms, driving an impairment in an asset due to: (i) solvency issues, or (ii) no intention to pay.</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%"> </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">We seek to actively manage these risks through the use of derivatives (primarily on exchange rates, interest rates and share prices) and by incurring debt in local currencies, where appropriate, with a view to stabilizing cash flows, our income statement and, to a lesser extent, part of the value of our investments. In this way, we attempt to protect our solvency, facilitate financial planning and take advantage of investment opportunities.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">We manage our exchange rate risk and interest rate risk in terms of net financial debt and net financial debt plus commitments as calculated by us. We believe that these parameters are more appropriate to understanding our debt position. Net financial debt and net financial debt plus commitments take into account the impact of our cash balance and cash equivalents including derivatives positions with a positive value linked to liabilities. Neither net financial debt nor net financial debt plus commitments as calculated by us should be considered as a substitute for gross financial debt (the sum of current and non-current interest-bearing debt) as a measure of our leverage. For a more detailed description on reconciliation of net debt and net financial debt to gross financial debt, see &#8220;Item 5. Operating and Financial Review and Prospects&#8212;Non-GAAP financial information&#8212;Net financial debt, net financial debt plus leases, net financial debt plus commitments and net financial debt plus leases plus commitments.&#8221;</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">For a more detailed description on quantitative and qualitative disclosures about market risks see Note 19 to our Consolidated Financial Statements.</span></div><div id="i63478826478c4e0dbabc502413383f6b_193"></div><div style="margin-top:9pt"><span><br/></span></div><div style="margin-top:9pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:14pt;font-weight:400;line-height:120%">Item 12. Description of Securities Other Than Equity Securities</span></div><div id="i63478826478c4e0dbabc502413383f6b_196"></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">D. American Depositary Shares</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Depositary of our ADS program is Citibank, N.A., and the address of its principal executive office is 388 Greenwich Street, New York, New York 10013.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Our ADSs are listed on the New York Stock Exchange under the symbol &#8220;TEF.&#8221; Each ADS represents the right to receive one ordinary share of capital stock of 1.00 euros nominal value each, of Telef&#243;nica, S.A. The Depositary issues ADSs in the form of certificated ADSs (also known as American Depositary Receipts, or ADRs) or uncertificated ADSs pursuant to the Deposit Agreement.</span></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">169</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Under the terms of the Deposit Agreement, as of the date of this Annual Report, an ADS holder may have to pay to the Depositary the services fees specified in the table below:</span></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">170</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><div style="margin-top:9pt;text-align:justify;text-indent:18pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.707%"><tr><td style="width:1.0%"/><td style="width:31.744%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:33.064%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:31.892%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Category</span></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Depositary Actions</span></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Associated Fee / Paid By Whom</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(a) &#160;&#160;Depositing or substituting the underlying shares</span></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Issuance of ADSs upon the deposit of shares</span></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Up to 5.00 dollars for each 100 ADSs (or portion thereof) evidenced by the new ADSs delivered (charged to person depositing the shares or receiving the ADSs)(1)</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(b) &#160;&#160;Receiving or distributing dividends</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Distribution of cash dividends or other cash distributions; distribution of share dividends or other free share distributions; distribution of securities other than ADSs or rights to purchase additional ADSs</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Up to 5.00 dollars for each 100 ADSs (or portion thereof) held (in the case of cash distributions, deducted from the relevant distribution; in the case of all other distributions, billed to the relevant holder)(2)</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(c) &#160;&#160;Selling or exercising rights</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Distribution or sale of securities</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Up to 5.00 dollars for each 100 ADSs (or portion thereof) held (billed to the relevant holder)</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(d) &#160;&#160;Withdrawing an underlying security</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Acceptance of ADSs surrendered for withdrawal of deposited securities</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Up to 5.00 dollars for each 100 ADSs (or portion thereof) evidenced by the ADSs surrendered (charged to person surrendering or to person to whom withdrawn securities are being delivered)</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%;position:relative;top:-3.5pt;vertical-align:baseline">(1)</span></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(e) &#160;&#160;Transferring, splitting or grouping receipts</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Transfers</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Up to 1.50 dollars per ADS so presented (charged to person presenting certificate for transfer)</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(f) &#160;&#160;General depositary services, particularly those charged on an annual basis</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Other services performed by the Depositary in administering the ADSs</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Up to 5.00 dollars for each 100 ADSs (or portion thereof) held on the applicable record date (billed to person holding ADSs on applicable record date established by the Depositary)</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%;position:relative;top:-3.5pt;vertical-align:baseline">(2)</span></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(g) &#160;&#160;Expenses of the Depositary</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Certain fees and expenses incurred by the depositary bank and certain taxes and governmental charges in connection with:</span></div><div style="padding-left:9pt;text-align:justify;text-indent:-9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:14pt;font-weight:400;line-height:100%">&#183; </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">compliance with foreign exchange control regulations or any law or regulation relating to foreign investment;</span></div><div style="padding-left:9pt;text-align:justify;text-indent:-9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:14pt;font-weight:400;line-height:100%">&#183; </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">the Depositary or its custodian&#8217;s compliance with applicable law, rule or regulation;</span></div><div style="padding-left:9pt;text-align:justify;text-indent:-9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:14pt;font-weight:400;line-height:100%">&#183;   </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%"> </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">stock transfer or other taxes and other governmental charges;</span></div><div style="padding-left:9pt;text-align:justify;text-indent:-9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:14pt;font-weight:400;line-height:100%">&#183;  </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">cable, telex, facsimile transmission/delivery;</span></div><div style="padding-left:9pt;text-align:justify;text-indent:-9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:14pt;font-weight:400;line-height:100%">&#183; </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">expenses of the Depositary in connection with the conversion of foreign currency into U.S. dollars (which are paid out of such foreign currency);</span></div><div style="padding-left:9pt;text-align:justify;text-indent:-9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:14pt;font-weight:400;line-height:100%">&#183; </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">any other charge payable by Depositary or its agents.</span></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Expenses payable at the sole discretion of the Depositary (billed or deducted from cash distributions to person holding ADSs on applicable record date established by the Depositary)</span></td></tr></table></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:6.5pt;font-weight:400;line-height:120%;position:relative;top:-3.5pt;vertical-align:baseline">(1) </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In the case of ADSs issued by the Depositary into DTC or presented to the Depositary via DTC, the ADS issuance and cancellation fees will be payable to the Depositary by DTC Participant(s) receiving the ADSs from the Depositary or the DTC Participant(s) surrendering the ADSs to the Depositary for cancellation, as the case may be, on behalf of the beneficial owner(s) and will be charged by the DTC Participant(s) to the account(s) of the applicable beneficial owner(s) in accordance with the procedures and practices of the DTC participant(s) as in effect at the time.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:6.5pt;font-weight:400;line-height:120%;position:relative;top:-3.5pt;vertical-align:baseline">(2) </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">For ADSs held through DTC, the Depositary fees for distributions other than cash and the Depositary service fee are charged by the Depositary to the DTC Participants in accordance with the procedures and practices prescribed </span></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">171</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">by DTC from time to time and the DTC Participants in turn charge the amount of such fees to the beneficial owners for whom they hold ADSs.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Depositary has agreed to reimburse or pay on behalf of Telef&#243;nica, S.A. certain reasonable expenses related to our ADS program and incurred by Telef&#243;nica, S.A. in connection with the program (such as NYSE listing fees, legal and accounting fees incurred in connection with the preparation of Form 20-F and ongoing SEC compliance and listing requirements, distribution of proxy materials, investor relations expenses, etc.). The Depositary has covered all such expenses incurred by Telef&#243;nica, S.A. during 2024 for an amount of 5.5 million dollars (equivalent to 5.3 million euros, approximately). The amounts the Depositary reimbursed or paid are not perforce related to the fees collected by the depositary from ADS holders.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">As part of its service to Telef&#243;nica, S.A., the Depositary has agreed to waive certain expenses for the standard costs associated with the administration of our ADS program for the year ended December 31, 2024.</span></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">172</span></div></div></div><div id="i63478826478c4e0dbabc502413383f6b_199"></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><div style="text-align:center"><span style="color:#a6a6a6;font-family:'Arial',sans-serif;font-size:18pt;font-weight:400;line-height:120%">Part II</span></div><div id="i63478826478c4e0dbabc502413383f6b_202"></div><div style="margin-top:9pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:14pt;font-weight:400;line-height:120%">Item 13. Defaults, Dividend Arrearages and Delinquencies</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">None.</span></div><div id="i63478826478c4e0dbabc502413383f6b_205"></div><div style="margin-top:9pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:14pt;font-weight:400;line-height:120%">Item 14. Material Modifications to the Rights of Security Holders and Use of Proceeds</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Not applicable.</span></div><div id="i63478826478c4e0dbabc502413383f6b_208"></div><div style="margin-top:9pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:14pt;font-weight:400;line-height:120%">Item 15. Controls and Procedures</span></div><div style="margin-top:9pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Management&#8217;s Evaluation over&#160;Disclosure Controls and Procedures</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">As required by Rule 13a-15(b) under the Exchange Act, our Chief Executive Officer and our Chief Financial and Control Officer, after evaluating the effectiveness of Telef&#243;nica&#8217;s disclosure controls and procedures (as defined in Rule 13a-15(e) under the Exchange Act) as of the end of the period covered by this Form 20-F, have concluded that, as of such date, our disclosure controls and procedures were effective. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">There are, as described below, inherent limitations to the effectiveness of any internal control system, including disclosure controls and procedures. Accordingly, even effective disclosure controls and procedures can provide only reasonable assurance of achieving their control objectives.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">&#160;Management&#8217;s Annual Report on Internal Control over Financial Reporting</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The management of Telef&#243;nica is responsible for establishing and maintaining adequate internal control over financial reporting as defined in Rule 13a-15(f) under the Exchange Act. Telef&#243;nica&#8217;s internal control over financial reporting is designed to provide reasonable assurance as to the reliability of financial reporting and the preparation of consolidated financial statements for external purposes, in accordance with generally accepted accounting principles. For Telef&#243;nica, generally accepted accounting principles refer to International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB).</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Telef&#243;nica&#8217;s internal control over financial reporting includes those policies and procedures that:</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(1) Pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of our assets;</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(2) Provide reasonable assurance that transactions are recorded as necessary to permit preparation of consolidated financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the Telef&#243;nica Group are being made only in accordance with authorizations of management and directors; and</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(3) Provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of Telef&#243;nica&#8217;s assets that could have a material effect on the consolidated financial statements.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Any internal control system, no matter how well designed, has inherent limitations, including the possibility of human error and the circumvention or overriding of controls and procedures, which may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness for future periods are subject to the risk that controls may become inadequate because of changes in conditions or because the degree of compliance with the policies or procedures may deteriorate.</span></div><div style="margin-bottom:33pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Telef&#243;nica&#8217;s management assessed the effectiveness of Telef&#243;nica&#8217;s internal control over financial reporting as of December 31, 2024. In making this assessment, management used the criteria established in Internal Control &#8211; Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). Based on the assessment performed and those criteria, Telef&#243;nica&#8217;s management concluded that as of December 31, 2024, Telef&#243;nica&#8217;s internal control over financial reporting was effective.</span></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">173</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><div style="margin-bottom:9pt;margin-top:18pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Report of the Independent Registered Public Accounting Firm</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">PricewaterhouseCoopers Auditores, S.L., an independent registered public accounting firm (PCAOB ID <ix:nonNumeric contextRef="c-1" name="dei:AuditorFirmId" id="f-78">1306</ix:nonNumeric>), has issued a report both on the consolidated financial statements as of and for the year ended December 31, 2024 and on the effectiveness of Telef&#243;nica&#8217;s internal control over financial reporting under auditing standards of the Public Company Accounting Oversight Board (United States). The report is included on page F- 2.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Changes in Internal Control Over Financial Reporting</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">There were no changes in Telef&#243;nica's internal control over financial reporting identified in connection with the evaluation required by Rules 13a-15(d) or 15d-15(d) under the Exchange Act that occurred during the period covered by this Annual Report that have materially affected, or are reasonably likely to materially affect, Telef&#243;nica's internal control over financial reporting.</span></div><div id="i63478826478c4e0dbabc502413383f6b_211"></div><div style="margin-top:9pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:14pt;font-weight:400;line-height:120%">Item 16. [Reserved]</span></div><div id="i63478826478c4e0dbabc502413383f6b_214"></div><div style="margin-top:9pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:14pt;font-weight:400;line-height:120%">Item 16A. Audit Committee Financial Expert</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Our Board of Directors has determined that all the members of the Audit and Control Committee (i.e., Ms. Mar&#237;a Luisa Garc&#237;a Blanco (Chairwoman), Mr. Peter L&#246;scher, Mr. Carlos Oca&#241;a Orbis and Ms. Mar&#237;a Rotondo Urcola) meet the requirements of an &#8220;audit committee financial expert&#8221; as such term is defined by the SEC.</span></div><div id="i63478826478c4e0dbabc502413383f6b_217"></div><div style="margin-top:9pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:14pt;font-weight:400;line-height:120%">Item 16B. Code of Ethics</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Telef&#243;nica is governed by a code of business conduct and ethics called the Telef&#243;nica's Responsible Business Principles (the "Business Principles&#8221;). The Business Principles are binding on all employees globally, including senior officers, in their daily operations and on the Company in its relations with its stakeholders. All employees have an obligation to inform themselves about and comply with these principles and complete the Business Principles Course once every three years. In 2024, 90% of Telef&#243;nica&#8217;s workforce completed the Business Principles Course.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">According to the Business Principles all employees have a responsibility to act with integrity, transparency and commitment in order to generate a relationship of trust with our stakeholders. The Business Principles cover the following areas:</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:120%"> (</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">1) ethical and responsible management, (2) corporate governance and internal control, (3) respect for and promotion of human rights and digital rights, (4) our commitment to the environment, (5) innovation, development and responsible use of technology, (6) responsible communication, (7) our commitment to our customers, (8) our commitment to our employees, (9) our commitment to the societies in which we operate and (10) responsible supply chain management. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Business Principles address all types of issues applicable to the daily activities of Telef&#243;nica and its employees, including, honesty, respect for the law, market transparency, taxation, fair competition, business assets, political neutrality, diversity and inclusion, labor rights, compensation, safety, health and well-being, career development and conciliation, responsible communication, continuous improvement of corporate governance, innovation, development and responsible use of technology, internal control and risk management, protection of our to shareholders` interest, anti-corruption, conflicts of interest, environmental management, energy and clime change, the circular economy, freedom of speech, privacy and security, Artificial Intelligence, eliminating obstacles,</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">etc.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Business Principles are available and open to consultation for employees on the Telef&#243;nica Intranet site as well as for the general public on the Telef&#243;nica&#8217;s website https://www.telefonica.com/en/sustainability-innovation/how-we-work/business-principles/</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:120%"> </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">For more information, please see &#8220;Item 16G. Corporate Governance&#8212;Code of Ethics".</span></div><div id="i63478826478c4e0dbabc502413383f6b_220"></div><div style="margin-top:9pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:14pt;font-weight:400;line-height:120%">Item 16C. Principal Accountant Fees and Services</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Please see Note 29.e to our Consolidated Financial Statements.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">The Audit and Control Committee&#8217;s Pre-Approval Policies and Procedures</span></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">174</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The engagement of any service rendered by our external auditor or any of its affiliates must always have the prior approval of our Audit and Control Committee. Such Committee has developed a Pre-approval Policy regarding the engagement of professional services by our external auditor, in accordance with the Spanish Audit Law and the Sarbanes-Oxley Act. This Policy establishes the obligation to obtain prior approval from our Audit and Control Committee for any service to be rendered by our external auditor to Telef&#243;nica or any of its subsidiaries.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">This Policy sets forth restrictions on engaging our external auditor for the performance of non-audit services, according to which the engagement of our external auditor for the provision of such services is only permitted when there is no other firm available to provide the needed services at a comparable cost and with a similar level of quality. Moreover, this Policy prohibits the engagement of our external auditor for the provision of certain type of services that would be considered as &#8220;prohibited services&#8221;.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In addition, the Audit and Control Committee oversees the total amount of fees paid to our external auditor for the provision of non-audit services in order to assure that such fees do not exceed a certain percentage of the total amount of fees paid for the provision of audit services.</span></div><div id="i63478826478c4e0dbabc502413383f6b_223"></div><div style="margin-top:9pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:14pt;font-weight:400;line-height:120%">Item 16D. Exemptions from the Listing Standards for Audit Committees</span></div><div style="margin-top:9pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Not applicable.</span></div><div id="i63478826478c4e0dbabc502413383f6b_226"></div><div style="margin-top:9pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:14pt;font-weight:400;line-height:120%">Item 16E. Purchases of Equity Securities by the Issuer and Affiliated Purchasers</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">At December 31, 2024, we held 26,874,751 shares of treasury stock, representing 0.474% of our capital stock. At December 31, 2023, we held 111,099,480 shares of treasury stock, representing 1.932% of our capital stock. These treasury shares were directly owned by Telef&#243;nica, S.A.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The table below shows the purchases of Telef&#243;nica shares made by or on behalf of Telef&#243;nica or any affiliated purchaser during 2024. These purchases were made in open-market transactions and none of the shares were purchased under a publicly announced plan or program.</span></div><div style="margin-top:9pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:97.514%"><tr><td style="width:1.0%"/><td style="width:39.229%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:13.742%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:13.742%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:13.892%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:13.895%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Period of Fiscal Year</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total number of shares purchased</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Average price paid per share (euro)</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total number of shares purchased as part of publicly announced plans or programs</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Maximum number of shares that may yet be purchased under the plans or programs</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">January 1 to January 31</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">3,769,825&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">3.62&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">February 1 to February 29</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">5,521,437&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">3.67&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">March 1 to March 31</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">884,141&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">3.86&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">April 1 to April 30</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">3,507,637&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">3.97&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">May 1 to May 31</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">5,007,843&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">4.17&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">June 1 to June 30</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">3,481,727&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">4.14&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">July 1 to July 31</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">1,782,700&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">3.95&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">August 1 to August 31</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">3,180,001&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">4.08</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">September 1 to September 30</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">October 1 to October 31</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">November 1 to November 30</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">2,722,837&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">4.16&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">December 1 to December 31</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">6,667,056&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">4.04&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">Total</span></td><td colspan="2" style="border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">36,525,204</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">3.96</span></td><td colspan="2" style="border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr></table></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">For information regarding our share buybacks, see &#8220;Item 8. Financial Information&#8212;Dividend Information and Shareholders&#8217; Return&#8221; and Note 17 to our Consolidated Financial Statements.</span></div><div id="i63478826478c4e0dbabc502413383f6b_229"></div><div style="margin-bottom:9pt;margin-top:9pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:14pt;font-weight:400;line-height:120%">Item 16F. Change in Registrant&#8217;s Certifying Accountant</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Not applicable.</span></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">175</span></div></div></div><div id="i63478826478c4e0dbabc502413383f6b_232"></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><div style="margin-top:9pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:14pt;font-weight:400;line-height:120%">Item 16G. Corporate Governance</span></div><div style="margin-top:9pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Corporate governance guidelines</span></div><div style="margin-top:9pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In Spain, companies with securities listed on a Spanish Stock Exchange are expected to follow the Good Governance Code of Listed Companies (the &#8220;</span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Code</span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8221;), which was approved in February 2015 and most recently revised in June 2020. The Code contains certain corporate governance and shareholder disclosure recommendations. Spanish listed companies are required by law to publish an Annual Report on Corporate Governance and a Report on the Compensation of the Board of Directors. Additionally, Spanish listed companies are required to publish their corporate governance information on their websites. We base our corporate governance procedures on the recommendations of the Code. As part of our corporate governance procedures, we have adopted regulations for our Board of Directors that govern, among other things, director qualification standards, responsibilities, compensation, access to management information, the Board of Directors&#8217; purpose and each of our Board Committee&#8217;s purpose and responsibilities. Moreover, we have a Regulation of the General Shareholders&#8217; Meeting that aims to reinforce its transparency, providing shareholders with a framework guaranteeing and facilitating exercise of their rights. Additionally, we also have regulations for the Audit and Control Committee and for the Nominating, Compensation and Corporate Governance Committee. The Annual Report on Corporate Governance published by us provides a detailed explanation of our corporate governance procedures and explains the role and duties of our Board of Directors and Board Committees. Our Annual Report on Corporate Governance and the Report on the Compensation of the Board of Directors of Telef&#243;nica, S.A. are available on our website at </span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;text-decoration:underline">www.telefonica.com</span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">. None of the information contained on our website is incorporated in this Annual Report.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Committees</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">We have an Executive Commission. The Board of Directors delegates all its powers to an Executive Commission, except those that cannot be delegated by law, by our bylaws, or by the Regulations of the Board of Directors. The Executive Commission provides for greater efficiency and effectiveness in the execution of tasks, since it meets more often than the Board of Directors. The Executive Commission shall report to the Board in a timely manner on the matters dealt with and the decisions adopted at the meetings thereof, with a copy of the minutes of such meetings made available to the </span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">members</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> of the Board (according to Article 21.C of the Regulations of the Board of Directors). The Executive Commission shall consist of the Chairman of the Board of Directors, once appointed as a member of the Executive Commission, and not less than three nor more than ten Directors, appointed by the Board of Directors. The Board of Directors shall seek that the Executive Commission has at least two external Directors, of whom at least one shall be independent.  </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">We have had an Audit and Control Committee since 1997. Our Audit and Control Committee is composed of four non-executive and independent directors, all of whom are deemed Rule 10A-3 independent by our Board of Directors. The functions, composition and competencies of this Committee are regulated by the Board of Directors&#8217; Regulations and the Regulations of the Audit and Control </span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Committee</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> and are similar to those required by the NYSE. The Audit and Control Committee shall consist of not less than three directors appointed by our Board of Directors. All Committee members shall be external Directors, and at least a majority of them must be independent Directors. When appointing such members, our Board of Directors shall take into account the appointees&#8217; knowledge and experience in matters of accounting, auditing and risk management.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">We have had a Nominating, Compensation and Corporate Governance Committee since 1997, which is composed of four external directors. The functions, composition and competencies of this Committee are regulated by the Board of Directors&#8217; Regulations and by the Regulations of the Nominating, Compensation and Corporate Governance Committee and are very similar to those required by the NYSE. The Nominating, Compensation and Corporate Governance Committee shall consist of not less than three directors appointed by the Board of Directors. All members of the Committee must be external directors and the majority thereof must be independent. The chairman of the Nominating, Compensation and Corporate Governance Committee, who shall in all events be an independent director, shall be appointed from among its members.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Additionally, we have a Sustainability and Regulation Committee, whose functions, composition and competencies are regulated by the Board of Directors&#8217; Regulations.</span></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">176</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Independence of the Board</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">As of the date of this Annual Report, we have 14 directors, out of which eight have been deemed independent by our Board of Directors attending to the director&#8217;s classification contained in Spanish Corporations Act (</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Ley de Sociedades de Capital</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">). All our directors, with the exception of Mr. Marc Thomas Murtra Millar (our Chairman and Chief Executive Officer) and Mr. &#193;ngel Vil&#225; Boix (our Chief Operating Officer), are non-executive directors. We, in accordance with the Spanish Corporations Act, assess the independence of our directors. Among other things, independent directors: (i) shall not be, past employees or executive directors of any of the Group companies, unless three or five years have elapsed, respectively, (ii) shall not receive any payment or other form of compensation from us or our group on top of their directors&#8217; fees, unless the amount involved is not significant, (iii) shall not be partners, now or on the past three years, in the external auditor or in the firm responsible for the audit report, (iv) shall not be executive directors or senior officers of another company where one of our executive directors or senior officers is an external director, (v) shall not have material business dealings with us or any other company in our group, (vi) shall not be spouses, nor partners maintaining an analogous affective relationship, nor close relative of any of our executive directors or senior officers and (vii) shall not stand in any of the situations listed in (i), (v) or (vi) above in relation to a significant shareholder or a shareholder with board representation.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The classification of each director shall be explained by the Board of Directors to the shareholders at the General Shareholders&#8217; Meeting at which the appointment thereof must be made or ratified. Furthermore, such classification shall be reviewed annually by our Board of Directors after verification by the Nominating, Compensation and Corporate Governance Committee, and reported in the Annual Corporate Governance Report.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Internal Audit Function</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">We have an Internal Audit Department responsible for internal audit matters and for ensuring the efficiency of the internal audit control process of our different units. This Internal Audit Department reports directly to the Audit and Control Committee, thus supporting the adequate performance of all its functions.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Non-Executive Director Meetings</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Pursuant to the NYSE listing standards, non-executive directors of U.S.-listed companies must meet on a regular basis without management present and the company must disclose a method for any interested parties to communicate directly with the non-executive directors. As a group, our non-executive directors do not meet formally without management present. Nevertheless, each of the Audit and Control Committee, the Nominating, Compensation and Corporate Governance Committee and the Sustainability and Regulation Committee is composed exclusively of non-executive directors, thus giving each of these committees, the chance to analyze and discuss any matter related to our management, within its respective area of responsibility.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In addition, since May 2013, we have a lead independent director who acts as &#8220;Coordinating Independent Director&#8221;, to whom our bylaws grant the right to have a say on key elements of governance structure, which most companies in Spain and around the world reserve to the Board of Directors.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">According to our bylaws (Art. 32) the independent director who acts as &#8220;Coordinating Independent Director&#8221;, shall carry out the following duties and tasks:</span></div><div style="margin-top:9pt;text-align:justify;text-indent:20.25pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">a) Coordinate the work of the External Directors that the Company has appointed, in defense of the interests of all the shareholders of the Company, and echo the concerns of such Directors.</span></div><div style="margin-top:9pt;text-align:justify;text-indent:20.25pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">b) Request the Chairman of the Board of Directors to call meetings of the Board where appropriate in accordance with the rules of corporate governance.</span></div><div style="margin-top:9pt;text-align:justify;text-indent:20.25pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">c) Request, consequently, the inclusion of certain matters in the agenda of the meetings of the Board of Directors.</span></div><div style="margin-top:9pt;text-align:justify;text-indent:20.25pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">d) Oversee the evaluation by the Board of Directors of the Chairman thereof.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Whistleblowing</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">We have procedures in place that allow any employee or other people related to us, such as Board members, shareholders, suppliers, contractors or subcontractors, to anonymously and confidentially report instances of fraud, alterations of financial information or specific risks to Telef&#243;nica and its subsidiaries.</span></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">177</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Code of Ethics</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The NYSE listing standards require U.S. companies to adopt a code of business conduct and ethics for directors, officers and employees, which at minimum must address certain specified topics, and promptly disclose any waivers of the code for directors or executive officers. In 2004 we adopted, as required by the Sarbanes-Oxley Act, a code of ethics that applied to our principal executive officer, principal financial officer and to our senior financial officers. In December 2006, we adopted a code of business conduct and ethics, the aforementioned &#8220;Business Principles&#8221;, which apply to all Telef&#243;nica Group employees. In March 2008, we decided to modify such Business Principles in order to incorporate within them all components of the code of ethics definition in Section 406 of Sarbanes-Oxley Act, and consequently our code of ethics for senior officers was replaced by such Business Principles. These Business Principles were further modified in 2016 and 2017 in order to include, among others, several new principles related to privacy and data protection, security, responsible communication practices as well as to reinforce other principles including the anti-corruption principle. In 2021, Telef&#243;nica&#8217;s Business Principles were modified to incorporate new principles related to digital rights and innovation, development, and responsible use of technology. This update also incorporated new terms such as climate change, circular economy, conciliation and inclusion, key concepts in our company strategy. A minor change was included in an updated version of the Business Principles in June 2022, and this version remains in force as of the date of this Annual Report. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">We also have an internal code of conduct for securities markets issues to prevent insider trading misconduct and to control possible conflicts of interest. In addition, the Regulations of the Board of Directors set out in detail our directors&#8217; main obligations relating to conflicts of interest concerning business opportunities, misappropriation of our assets, confidentiality, and non-competition.</span></div><div id="i63478826478c4e0dbabc502413383f6b_235"></div><div style="margin-top:9pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:14pt;font-weight:400;line-height:120%">Item 16H. Mine Safety Disclosure</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Not applicable.</span></div><div id="i63478826478c4e0dbabc502413383f6b_238"></div><div style="margin-top:9pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:14pt;font-weight:400;line-height:120%">Item 16I. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Not applicable.</span></div><div id="i63478826478c4e0dbabc502413383f6b_241"></div><div style="margin-top:9pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:14pt;font-weight:400;line-height:120%">Item 16J. Insider Trading Policies</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"><ix:nonNumeric contextRef="c-1" name="ecd:InsiderTrdPoliciesProcAdoptedFlag" format="ixt:fixed-true" id="f-79">Tel&#233;fonica has adopted insider trading policies and procedures governing the purchase, sale, and other dispositions of Tel&#233;fonica&#8217;s securities by directors, senior management, and employees that we believe are reasonably designed to promote compliance with applicable insider trading laws, rules and regulations, and any listing standards applicable to Tel&#233;fonica. A copy of Tel&#233;fonica&#8217;s insider trading policy is filed as Exhibit 11.1 to this report.</ix:nonNumeric> </span></div><div id="i63478826478c4e0dbabc502413383f6b_244"></div><div style="margin-top:9pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:14pt;font-weight:400;line-height:120%">Item 16K. Cybersecurity</span></div><ix:nonNumeric contextRef="c-1" name="cyd:CybersecurityRiskManagementProcessesForAssessingIdentifyingAndManagingThreatsTextBlock" id="f-80" continuedAt="f-80-1" escape="true"><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The digital ecosystem has facilitated the access of companies and users to a large amount of information, multiplying the ease and speed at which this information can be transmitted between different networks, companies, and countries. This volume of data implies an important advancement opportunity for society, but also a significant responsibility for companies that, like Telef&#243;nica, manage considerable amounts of personal, anonymous, or aggregate information. In addition to threats to the integrity and privacy of data, Telef&#243;nica may face network interruptions which could affect the quality of, or cause interruption to, the provision of its services. See &#8220;Item 3. Key Information&#8212;Risk Factors&#8212;Risks Related to Telef&#243;nica&#8217;s Business Activities&#8212;The Telef&#243;nica Group's strategy, which is focused on driving new digital businesses and providing data-based services, involves exposure to risks and uncertainties arising from data privacy regulation&#8221;, &#8220;&#8212;Operational Risks&#8212;Information technology is key to the Group's business and is subject to cybersecurity risks" and &#8220;&#8212;Operational Risks&#8212;Climate change, natural disasters and other factors beyond the Group's control may result in physical damage to our technical infrastructure that may cause unanticipated network or service interruptions or quality loss or otherwise affect the Group&#8217;s business&#8221;.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"><ix:nonNumeric contextRef="c-1" name="cyd:CybersecurityRiskManagementProcessesIntegratedTextBlock" id="f-81" escape="true">Cybersecurity risks are considered to be one of the main risks within Telef&#243;nica&#8217;s risk management framework. For a discussion of the cybersecurity risks that may materially affect the business strategy, results of operations or financial condition of the Telef&#243;nica Group, see &#8220;Item 3. Key Information&#8212;Risk Factors&#8212;Operational Risks&#8212;Information technology is key to the Group's business and is subject to cybersecurity risks". <ix:nonNumeric contextRef="c-1" name="cyd:CybersecurityRiskManagementProcessesIntegratedFlag" format="ixt:fixed-true" id="f-82">To address these risks, the Group has adopted various lines of action which are led by its Security and Intelligence area, which coordinates with local Security areas in Group companies to periodically assess such risks and define specific mitigation plans.</ix:nonNumeric></ix:nonNumeric> </span></div></ix:nonNumeric><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">178</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"><ix:nonNumeric contextRef="c-1" name="cyd:CybersecurityRiskRoleOfManagementTextBlock" id="f-83" escape="true"><ix:continuation id="f-80-1">The head of Security and Intelligence is the Global Director of Security and Intelligence, who has been delegated the authority and responsibility by the Company&#8217;s Board of Directors to establish the global strategy for the area of Security (including cybersecurity) by the approval of the Global Security Policy. He leads the development and monitors the implementation of the policy framework and global initiatives in this area. <ix:nonNumeric contextRef="c-1" name="cyd:CybersecurityRiskManagementExpertiseOfManagementResponsibleTextBlock" id="f-84" escape="true">The Global Director of Security and Intelligence has extensive experience in intelligence, risks and threat management, and has held this position for eight years</ix:nonNumeric>.</ix:continuation></ix:nonNumeric> </span></div><ix:nonNumeric contextRef="c-1" name="cyd:CybersecurityRiskBoardOfDirectorsOversightTextBlock" id="f-85" escape="true"><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"><ix:nonNumeric contextRef="c-1" name="cyd:CybersecurityRiskBoardCommitteeOrSubcommitteeResponsibleForOversightTextBlock" id="f-86" escape="true">The Audit and Control Committee of the Board of Directors is responsible for risk oversight, including oversight of cybersecurity risks. The Audit and Control Committee is regularly informed by Internal Audit on the status of the Group's main risks, including cybersecurity risks, which are regularly assessed by the relevant management areas as part of the enterprise risk management process.</ix:nonNumeric> <ix:nonNumeric contextRef="c-1" name="cyd:CybersecurityRiskProcessForInformingBoardCommitteeOrSubcommitteeResponsibleForOversightTextBlock" id="f-87" escape="true">In addition, <ix:nonNumeric contextRef="c-1" name="cyd:CybersecurityRiskProcessForInformingManagementOrCommitteesResponsibleTextBlock" id="f-88" escape="true">at least once a year, and upon a demand by the Audit and Control Committee, specific reports focused on the status of the cybersecurity risks and the management of cybersecurity incidents are prepared and presented by the <ix:nonNumeric contextRef="c-1" name="cyd:CybersecurityRiskManagementPositionsOrCommitteesResponsibleReportToBoardFlag" format="ixt:fixed-true" id="f-89">Global Director of Security and Intelligence</ix:nonNumeric> to the Board of Directors, through the Audit and Control Committee. Further, the Global Director of Security and Intelligence reports on cybersecurity status, if requested, to the Sustainability and Regulation Committee.</ix:nonNumeric></ix:nonNumeric></span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">A local Security Officer is appointed for each main Operating Business, covering all Telef&#243;nica Group companies. The Global Director of Security and Intelligence is responsible for proposing the relevant candidates for the approval by the corresponding administrative or management bodies of the companies. <ix:nonNumeric contextRef="c-1" name="cyd:CybersecurityRiskManagementPositionsOrCommitteesResponsibleTextBlock" id="f-90" escape="true">For purposes of government and coordination, we have a bimonthly security meeting <ix:nonNumeric contextRef="c-1" name="cyd:CybersecurityRiskManagementPositionsOrCommitteesResponsibleFlag" format="ixt:fixed-true" id="f-91">presided over by the Global Director of Security and Intelligence</ix:nonNumeric>, in which the heads of our business areas (including Compliance, Internal Audit, Legal, Technology and Operations and Human Resources) and the local Security Officers for each Telef&#243;nica Group company participate, in addition to local Security Subcommittees, that collaborate in the definition of global strategic initiatives and guidelines and implement them in each Telef&#243;nica Group company</ix:nonNumeric>. In addition, <ix:nonNumeric contextRef="c-1" name="cyd:CybersecurityRiskThirdPartyOversightAndIdentificationProcessesFlag" format="ixt:fixed-true" id="f-93"><ix:nonNumeric contextRef="c-1" name="cyd:CybersecurityRiskManagementThirdPartyEngagedFlag" format="ixt:fixed-true" id="f-92">Telef&#243;nica has a Security Advisory Board made up of external experts in the field of security and intelligence.</ix:nonNumeric> These external experts provide advice to the Security and Intelligence area with the aim of ensuring that the Company follows best practices with respect to security and intelligence (including cybersecurity), improving efficiencies of capabilities and procedures and raising the quality of our strategy in these matters. In addition, the Security and Intelligence area leads the Global Digital Security Committee, in which several members of the Company&#8217;s Executive Committee participate.</ix:nonNumeric></span></div></ix:nonNumeric><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Our security strategy has two main lines of action:</span></div><div style="margin-top:9pt;text-align:justify;text-indent:20.25pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">1.</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:7.42pt">Operational security, business continuity and supply chain security</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">: Some of the initiatives adopted are the following:</span></div><div style="margin-top:9pt;text-align:justify;text-indent:20.25pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:12.25pt">Business continuity: Our business continuity groups maintain and update standardized continuity plans, using digital tools to improve disaster recovery in order to provide a global vision of the risks we face and the management thereof.</span></div><div style="margin-top:9pt;text-align:justify;text-indent:20.25pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:12.25pt">Crisis management: The global crisis management plan is implemented in all the Business Units of the Telef&#243;nica Group, with a common management model, a standard architecture, digitalized crisis alert processes and training for critical employees. The Business Continuity offices have continued reviewing crisis management procedures and identifying the most relevant processes, to ensure the resilience of the Company.</span></div><div style="margin-top:9pt;text-align:justify;text-indent:20.25pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:12.25pt">Supply chain security: The integral security of services/products is necessarily supported by the strengthening of security controls in the complete cycle of the supply chain, specifically in the security of Telef&#243;nica Group suppliers. For this purpose, we have homogenized security controls in place at all different stages of the procurement process of products, equipment, and services, working in an integrated manner among the areas of security, financial control, procurement, technology and operations to ensure that suppliers and partners comply with the security controls required by Telef&#243;nica&#8217;s own regulations, any other regulatory requirements and best practices in the industry. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Security requirements for our suppliers include cybersecurity-related requirements, and we routinely assess the risks associated with the provision of products and services. We use digital tools to control the whole life cycle of a contract: ahead of its signing (for example, in imposing security requirements for new procurement processes, analyzing information given by suppliers and any mitigation measures they may have proposed adopting, and performing objective assessments about compliance levels), during the life of a contract (for example, by monitoring compliance with security requirements), and following termination of the related services (for example, by monitoring how the removal of the supplier from our systems and processes is carried out, including by blocking any relevant physical or logical access, disabling VPNs/ports/systems, etc.). All Telef&#243;nica Group employees have access to these tools.</span></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">179</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><div style="margin-top:9pt;text-align:justify;text-indent:20.25pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">2.</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:7.42pt">Digital security</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">: Our initiatives in digital security are aimed at maintaining the confidentiality, integrity and availability of the services and data of the Group. We both proactively analyze vulnerabilities and manage security incidents. Some of the initiatives adopted are the following:</span></div><div style="margin-top:9pt;text-align:justify;text-indent:20.25pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:12.25pt">Network security: The role of Telef&#243;nica as a telecommunications operator makes it essential to strengthen the security controls of fixed and mobile communications networks and infrastructures, as well as the associated service platforms (e.g. video, IoT). In this sense, the aforementioned security processes are applied in a holistic manner to manage the risks associated with attacks and the exploitation of vulnerabilities in networks and protocols within the Group, with our main technological partners and with international organizations (e.g. GSMA), to limit any potential impacts. </span></div><div style="margin-top:9pt;text-align:justify;text-indent:20.25pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:12.25pt">Cybersecurity, vulnerability management and security incidents: We are proactive with regards to cybersecurity, vulnerability management and security incidents. We have a network of Incident Response Centers (CSIRT) at a global level, that works in a coordinated way to identify and analyze the risks of potential cyberthreats, monitor serious vulnerabilities in our most critical technological assets, establish relationships with other national and international CSIRTs / Computer Emergency Response Teams (CERTs) from both the public and private sectors, detect potential security incidents that may affect the technological assets of the Group and respond to and manage any security incidents that may affect the Group. We also have in-house teams of experts (RedTeam teams) dedicated to identifying digital security vulnerabilities. These teams analyze the Company&#8217;s networks and systems by performing vulnerability scans and manual tests (ethical hacking or 'penetration testing'), requiring the management of the detected security problems with respect to the relevant systems and networks. The Global Director of Security and Intelligence receives reports from his staff about prevention, detection, mitigation, and remediation of cybersecurity incidents. Further, we have public mailboxes, both globally and locally, available to any user and designed for the reporting of any vulnerability or threat that could affect Telef&#243;nica&#8217;s technological infrastructure. We also operate a vulnerability detection (bug-bounty) program with select leading companies within the industry.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">When the impact or consequences of an incident or vulnerability threaten the continuity of one or several critical processes or services or the reputation of the Group, the corresponding Business Continuity Plan is activated. The Global Crisis Management System aims to ensure our preparedness to manage such incidents or vulnerabilities by facilitating the coordination, communication, and collaboration of all the areas involved to help ensure operational normality is restored in the shortest possible time and with the least possible impact.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In cases where a high severity cyber incident occurs, the Cyber Incident Analysis Team shall be constituted with the power to consider, on the basis of the information available, the relevance of information and publication obligations to market authorities regarding cyber incidents.The Cyber Incident Analysis Team shall be responsible for assessing the materiality of the cyber incident, in accordance with the concept of materiality to be used for the purpose of reporting to the appropriate market regulators.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"><ix:nonNumeric contextRef="c-1" name="cyd:CybersecurityRiskMateriallyAffectedOrReasonablyLikelyToMateriallyAffectRegistrantFlag" format="ixt:fixed-false" id="f-94">During 2024, all identified security incidents were managed pursuant to our existing protocols for responding to incidents, and with appropriate communication to regulatory bodies when required by existing regulation. None of these incidents were considered to be material by the Cyber Incident Analysis Team.</ix:nonNumeric> </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Lessons learned from incidents constitute a fundamental part of a feedback process designed to facilitate security improvement projects, with regards to processes, capabilities, and technological platforms. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Awareness in the security area is of great relevance for the Telef&#243;nica Group. We have in place a global digital security course, phishing simulation campaigns and security awareness surveys, and specific training programs continued to be imparted to special focus groups and managers.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Finally, we maintain, both locally and globally, various insurance programs to mitigate the impact of a potential incident. Specifically, we have coverage for cybersecurity risks that might cause loss of income, loss of customers, extra costs or digital asset recovery expenses, and cyber liability/technological errors and omissions coverage in the case of potential claims against us for damages caused to customers and other third parties. Although the scope of coverage is very broad, these insurance policies are subject to the policy terms, conditions, exclusions, limits, sublimits and deductibles and therefore we can provide no assurance that all losses related to a cybersecurity incident will be totally covered under our policies.</span></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">180</span></div></div></div><div id="i63478826478c4e0dbabc502413383f6b_247"></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><div style="margin-top:9pt;text-align:center"><span style="color:#a6a6a6;font-family:'Arial',sans-serif;font-size:18pt;font-weight:400;line-height:120%">Part III</span></div><div id="i63478826478c4e0dbabc502413383f6b_250"></div><div style="margin-bottom:9pt;margin-top:9pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:14pt;font-weight:400;line-height:120%">Item 17. Financial Statements</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">We have responded to Item 18 in lieu of responding to this Item.</span></div><div id="i63478826478c4e0dbabc502413383f6b_253"></div><div style="margin-bottom:9pt;margin-top:9pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:14pt;font-weight:400;line-height:120%">Item 18. Financial Statements</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Please see pages F- 5 through F- 221.</span></div><div id="i63478826478c4e0dbabc502413383f6b_256"></div><div style="-sec-extract:summary;margin-bottom:9pt;margin-top:9pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:14pt;font-weight:400;line-height:120%">Item 19. Exhibits</span><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"/><td style="width:12.182%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:72.846%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:11.672%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Exhibit Number</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Description</span></td><td colspan="3" style="padding:0 1pt"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline"><a style="-sec-extract:exhibit;color:#0000ff;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline" href="exhibit11111.htm">1.1</a></span></div></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Amended and Restated bylaws (English translation)</span></td><td colspan="3" style="padding:0 1pt"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline"><a style="-sec-extract:exhibit;color:#0000ff;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline" href="exhibit213.htm">2.1</a></span></div></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Description of registrant's securities</span></td><td colspan="3" style="padding:0 1pt"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:top"><div><span style="color:#0000ff;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline"><a style="-sec-extract:exhibit;color:#0000ff;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline" href="https://www.sec.gov/Archives/edgar/data/814052/000081405222000023/exhibit44.htm">4.1</a></span></div></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2021 Long-Term Incentive Plan Terms**</span></td><td colspan="3" style="padding:0 1pt"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:top"><div><span style="color:#0000ff;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline"><a style="-sec-extract:exhibit;color:#0000ff;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline" href="exhibit42.htm">4.2</a></span></div></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2024 Long-Term Incentive Plan Terms</span></td><td colspan="3" style="padding:0 1pt"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline"><a style="-sec-extract:exhibit;color:#0000ff;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_283">8.1</a></span></div></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Subsidiaries of Telef&#243;nica (see Note 1 to the Consolidated Financial Statements and Appendix I thereto)</span></td><td colspan="3" style="padding:0 1pt"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:top"><div><span style="color:#0000ff;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline"><a style="-sec-extract:exhibit;color:#0000ff;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline" href="https://www.sec.gov/Archives/edgar/data/814052/000081405221000034/exhibit101.htm">10.1</a></span></div></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:top"><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Contribution Agreement, dated May 7, 2020, by and among Telef&#243;nica, S.A., Telefonica O2 Holdings Limited, Liberty Global, plc., Liberty Global Europe 2 Limited and Liberty Global Holdco Limited *</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:6.5pt;font-weight:400;line-height:112%;position:relative;top:-3.5pt;vertical-align:baseline">#</span></div></td><td colspan="3" style="padding:0 1pt"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:top"><div><span style="color:#0000ff;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline"><a style="-sec-extract:exhibit;color:#0000ff;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline" href="https://www.sec.gov/Archives/edgar/data/814052/000081405222000023/exhibit104.htm">10.2</a></span></div></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:top"><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:115%">Shareholders Agreement, dated June 1, 2021, by and among Liberty Global plc, Liberty Global Europe 2 Limited, Liberty Global Holdco Limited, Telef&#243;nica, S.A. and Telefonica O2 Holdings Limited**</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:6.5pt;font-weight:400;line-height:115%;position:relative;top:-3.5pt;vertical-align:baseline">#&#165;</span></div></td><td colspan="3" style="padding:0 1pt"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline"><a style="-sec-extract:exhibit;color:#0000ff;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline" href="exhibit111.htm">11.1</a></span></div></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Insider Trading Policy</span></td><td colspan="3" style="padding:0 1pt"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline"><a style="-sec-extract:exhibit;color:#0000ff;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline" href="exhibit12121.htm">12.1</a></span></div></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Certification of Marc Thomas Murtra Millar, Chairman and Chief Executive Officer of Telef&#243;nica, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002</span></td><td colspan="3" style="padding:0 1pt"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline"><a style="-sec-extract:exhibit;color:#0000ff;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline" href="exhibit122111.htm">12.2</a></span></div></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Certification of Laura Abasolo Garc&#237;a de Baquedano, Chief Finance and Control Officer of Telef&#243;nica, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002</span></td><td colspan="3" style="padding:0 1pt"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline"><a style="-sec-extract:exhibit;color:#0000ff;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline" href="exhibit131111.htm">13.1</a></span></div></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Certification pursuant to 18 U.S.C.&#160;&#160;Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002</span></td><td colspan="3" style="padding:0 1pt"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline"><a style="-sec-extract:exhibit;color:#0000ff;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline" href="exhibit1511.htm">15.1</a></span></div></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Consent of PricewaterhouseCoopers Auditores, S.L.</span></td><td colspan="3" style="padding:0 1pt"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline"><a style="-sec-extract:exhibit;color:#0000ff;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%;text-decoration:underline" href="https://www.sec.gov/Archives/edgar/data/814052/000081405224000034/exhibit971.htm">97.1</a></span></div></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Policy relating to recovery of erroneously awarded compensation***</span></td><td colspan="3" style="padding:0 1pt"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:justify;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">101</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Inline XBRL Instance Document &#8212; the instance document does not appear on the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document</span></td><td colspan="3" style="padding:0 1pt"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:justify;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">101.SCH</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Inline XBRL TAXONOMY EXTENSION SCHEMA DOCUMENT</span></td><td colspan="3" style="padding:0 1pt"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:justify;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">101.CAL</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Inline XBRL TAXONOMY EXTENSION CALCULATION LINKBASE DOCUMENT</span></td><td colspan="3" style="padding:0 1pt"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:justify;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">101.DEF</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Inline XBRL TAXONOMY EXTENSION DEFINITION LINKBASE DOCUMENT</span></td><td colspan="3" style="padding:0 1pt"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:justify;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">101.LAB</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Inline XBRL TAXONOMY EXTENSION LABEL LINKBASE DOCUMENT</span></td><td colspan="3" style="padding:0 1pt"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:justify;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">101.PRE</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Inline XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE DOCUMENT</span></td><td colspan="3" style="padding:0 1pt"/></tr><tr><td colspan="3" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:justify;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">104</span></td><td colspan="3" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Cover Page Interactive Data File &#8212; the cover page interactive data file does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document</span></td><td colspan="3" style="padding:0 1pt"/></tr></table><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="-sec-extract:summary;text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">181</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="-sec-extract:summary;text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="-sec-extract:exhibit;color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><div style="margin-bottom:9pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.853%"><tr><td style="width:1.0%"/><td style="width:5.927%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:7.099%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:83.674%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">*</span></td><td colspan="3" style="padding:2px 1pt;text-align:justify;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Incorporated by reference to Telef&#243;nica&#8217;s Annual Report on Form 20-F for the fiscal year ended December 31, 2020.</span></td></tr><tr><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">**</span></td><td colspan="3" style="padding:2px 1pt;text-align:justify;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Incorporated by reference to Telef&#243;nica&#8217;s Annual Report on Form 20-F for the fiscal year ended December 31, 2021.</span></td></tr><tr><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:112%">***</span></td><td colspan="3" style="padding:2px 1pt;text-align:justify;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Incorporated by reference to Telef&#243;nica&#8217;s Annual Report on Form 20-F for the fiscal year ended December 31, 2023.</span></td></tr><tr><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:112%">#</span></div></td><td colspan="3" style="padding:2px 1pt;text-align:justify;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Schedules and/or attachments to the agreement have been omitted pursuant to Item 601(a)(5) of Regulation S-K but will be provided to the U.S. Securities and Exchange Commission or its staff upon request.</span></td></tr><tr><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:112%">&#165;</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Information has been omitted pursuant to Item 601(b)(10)(iv) of Regulation S-K because it is both not material and is the type that the registrant treats as private or confidential. Such information will be provided to the U.S. Securities and Exchange Commission or its staff upon request.</span></div></td></tr></table></div><div style="margin-bottom:9pt;margin-top:9pt;padding-left:18pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">We agree to furnish to the SEC upon request, copies of the instruments defining the rights of the holders of our long-term debt and of our subsidiaries&#8217; long-term debt.</span></div><div style="margin-bottom:9pt;margin-top:9pt;padding-left:18pt;text-align:justify"><span><br/></span></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="-sec-extract:summary;text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">182</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="-sec-extract:summary;text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="-sec-extract:exhibit;color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">SIGNATURES</span></div><div style="margin-bottom:9pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The registrant hereby certifies that it meets all of the requirements for filing on Form 20-F and has duly caused and authorized the undersigned to sign this Annual Report on its behalf.</span></div><div style="text-indent:36pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:96.783%"><tr><td style="width:1.0%"/><td style="width:47.993%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:7.510%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:41.197%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:100%">&#160;</span></td><td colspan="6" style="padding:2px 1pt;text-align:justify;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">TELEF&#211;NICA, S.A.</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:100%">&#160;</span></td><td colspan="6" style="padding:2px 1pt;text-align:justify;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:100%">&#160;</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:100%">&#160;</span></td><td colspan="6" style="padding:2px 1pt;text-align:justify;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:100%">&#160;</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:100%">&#160;</span></td><td colspan="3" style="padding:2px 1pt;text-align:justify;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:100%">&#160;</span></td><td colspan="3" style="padding:2px 1pt;text-align:justify;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:100%">&#160;</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:100%">&#160;</span></td><td colspan="3" style="padding:2px 1pt;text-align:justify;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">By:</span></td><td colspan="3" style="padding:2px 1pt;text-align:justify;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">/s/ Marc Thomas Murtra Millar</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:100%">&#160;</span></td><td colspan="3" style="padding:2px 1pt;text-align:justify;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:100%">&#160;</span></td><td colspan="3" style="padding:2px 1pt;text-align:justify;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Name: Marc Thomas Murtra Millar</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:100%">&#160;</span></td><td colspan="3" style="padding:2px 1pt;text-align:justify;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:100%">&#160;</span></td><td colspan="3" style="padding:2px 1pt;text-align:justify;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Title: Chairman and Chief Executive Officer</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:100%">&#160;</span></td><td colspan="3" style="padding:2px 1pt;text-align:justify;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:100%">&#160;</span></td><td colspan="3" style="padding:2px 1pt;text-align:justify;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:100%">&#160;</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:100%">&#160;</span></td><td colspan="3" style="padding:2px 1pt;text-align:justify;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:100%">&#160;</span></td><td colspan="3" style="padding:2px 1pt;text-align:justify;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:100%">&#160;</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:100%">&#160;</span></td><td colspan="3" style="padding:2px 1pt;text-align:justify;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:100%">&#160;</span></td><td colspan="3" style="padding:2px 1pt;text-align:justify;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:100%">&#160;</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:100%">&#160;</span></td><td colspan="6" style="padding:2px 1pt;text-align:justify;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">TELEF&#211;NICA, S.A.</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:100%">&#160;</span></td><td colspan="6" style="padding:2px 1pt;text-align:justify;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:100%">&#160;</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:100%">&#160;</span></td><td colspan="6" style="padding:2px 1pt;text-align:justify;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:100%">&#160;</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:100%">&#160;</span></td><td colspan="3" style="padding:2px 1pt;text-align:justify;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:100%">&#160;</span></td><td colspan="3" style="padding:2px 1pt;text-align:justify;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:100%">&#160;</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:100%">&#160;</span></td><td colspan="3" style="padding:2px 1pt;text-align:justify;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">By:</span></td><td colspan="3" style="padding:2px 1pt;text-align:justify;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">/s/ Laura Abasolo Garc&#237;a de Baquedano</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:100%">&#160;</span></td><td colspan="3" style="padding:2px 1pt;text-align:justify;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:100%">&#160;</span></td><td colspan="3" style="padding:2px 1pt;text-align:justify;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Name: Laura Abasolo Garc&#237;a de Baquedano</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:100%">&#160;</span></td><td colspan="3" style="padding:2px 1pt;text-align:justify;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:100%">&#160;</span></td><td colspan="3" style="padding:2px 1pt;text-align:justify;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Title: Chief Finance and Control Officer</span></td></tr></table></div><div style="margin-bottom:9pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Date: February 27, 2025</span></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="-sec-extract:summary;text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">183</span></div></div></div><div id="i63478826478c4e0dbabc502413383f6b_259"></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><div style="margin-top:9pt"><span><br/></span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:18pt;font-style:italic;font-weight:400;line-height:120%">Consolidated Financial Statements</span></div><div style="margin-top:9pt;text-align:justify"><span><br/></span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:18pt;font-style:italic;font-weight:400;line-height:120%">Telef&#243;nica, S.A. and subsidiaries composing the Telef&#243;nica Group.</span></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">F-1</span></div></div></div><div id="i63478826478c4e0dbabc502413383f6b_262"></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><div style="margin-top:9pt;text-align:center"><span style="color:#d04a02;font-family:'Georgia',serif;font-size:14pt;font-weight:400;line-height:120%">Report of Independent Registered Public Accounting Firm</span></div><div><span><br/></span></div><div><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">To the Board of Directors and Shareholders of Telef&#243;nica, S.A.</span></div><div style="text-align:justify"><span><br/></span></div><div><span style="color:#d04a02;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:112%">Opinions on the Financial Statements and Internal Control over Financial Reporting</span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:112%">We have audited the accompanying consolidated statements of financial position of Telef&#243;nica, S.A. and subsidiaries composing the Telef&#243;nica Group (the &#8220;Company&#8221;) as of December 31, 2024 and 2023, and the related consolidated income statements, consolidated statements of comprehensive income, consolidated statements of changes in equity, and consolidated statements of cash flows for each of the three years in the period ended December 31, 2024, including the related notes (collectively referred to as the &#8220;consolidated financial statements&#8221;). We also have audited the Company&#8217;s internal control over financial reporting as of December 31, 2024, based on criteria established in Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).</span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:112%">In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of the Company as of December 31, 2024 and 2023, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2024 in conformity with International Financial Reporting Standards as issued by the International Accounting Standards Board. Also in our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2024, based on criteria established in Internal Control - Integrated Framework (2013) issued by the COSO.</span></div><div><span><br/></span></div><div><span style="color:#d04a02;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:112%">Basis for Opinions</span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:112%">The Company's management is responsible for these consolidated financial statements, for maintaining effective internal control over financial reporting, and for its assessment of the effectiveness of internal control over financial reporting, included in Management&#8217;s Annual Report on Internal Control over Financial Reporting appearing under Item 15. Our responsibility is to express opinions on the Company&#8217;s consolidated financial statements and on the Company's internal control over financial reporting based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.</span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:112%">We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud, and whether effective internal control over financial reporting was maintained in all material respects. </span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:112%">Our audits of the consolidated financial statements included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. Our audit of internal control over financial reporting included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audits also included performing such other procedures as we considered necessary in the circumstances. We believe that our audits provide a reasonable basis for our opinions.</span></div><div><span><br/></span></div><div><span><br/></span></div><div><span style="color:#d04a02;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:112%">Definition and Limitations of Internal Control over Financial Reporting</span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:112%">A company&#8217;s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company&#8217;s internal control over financial reporting includes those policies and procedures that (i) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (ii) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company&#8217;s assets that could have a material effect on the financial statements.</span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:112%">Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.</span></div><div><span><br/></span></div><div><span style="color:#d04a02;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:112%">Critical Audit Matters</span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:112%">The critical audit matters communicated below are matters arising from the current period audit of the consolidated financial statements that were communicated or required to be communicated to the audit committee and that (i) relate to accounts or </span></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">F-2</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:112%">disclosures that are material to the consolidated financial statements and (ii) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matters below, providing separate opinions on the critical audit matters or on the accounts or disclosures to which they relate.</span></div><div><span><br/></span></div><div><span style="color:#d04a02;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:112%">Impairment assessment of cash generating units, including goodwill</span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:112%">As described in Notes 2, 3, 6, 7 and 8 to the consolidated financial statements, the Company's consolidated goodwill balance was &#8364;16,461 million as of December 31, 2024, arising from business combinations completed in the countries in which the Company operates. The Company&#8217;s intangible assets and property, plant and equipment related to its subsidiary Telef&#243;nica Argentina were &#8364;265 million and &#8364;734 million, respectively, as of December 31, 2024. Management conducts impairment tests for goodwill and non-current assets at least annually or more frequently, if there are certain events or changes indicating the possibility that the carrying amount may not be fully recoverable. The potential impairment loss is determined by assessing the recoverable amount of the cash-generating unit to which the goodwill and the non-current assets relate. Management calculates the recoverable amount of each cash-generating unit as the higher of fair value less cost to sell and value in use. In assessing value in use, the projected cash flows are based on the strategic plans approved by the Board of Directors covering a three-year period including the closing year. Management&#8217;s cash flows projections included significant judgements when considering significant assumptions such as revenue growth, long-term margin of operating results before depreciation and amortization, long-term capital expenditure ratio, discount rates and perpetuity growth rates which would be significantly affected by the future trends in the economic, competitive, regulatory and technological environment in each of the countries in which the Company operates. As per the circumstances described in Notes 6, 7 and 8, the impairment test resulted in the recognition of an impairment loss of &#8364;866 million on the goodwill related to different cash-generating units and &#8364;436 million and &#8364;838 million on the intangible assets and property, plant and equipment related to Telef&#243;nica Argentina, respectively.</span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:112%">The principal considerations for our determination that performing procedures relating to the impairment assessment of cash generating units, including goodwill, is a critical audit matter are the significant judgments made by management when developing the recoverable amount of the cash-generating units. This in turn led to a high degree of auditor judgement, subjectivity, and effort in performing procedures and evaluating management&#8217;s significant assumptions, related to revenue growth, long-term margin of operating results before depreciation and amortization, long-term capital expenditure ratio, discount rate and perpetuity growth rate.</span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:112%">Addressing the matter involved performing procedures and evaluating audit evidence in connection with forming our overall opinion on the consolidated financial statements. These procedures included testing the effectiveness of controls relating to management&#8217;s impairment assessment, including controls over the determination of the recoverable amount of the Company&#8217;s cash-generating units. These procedures also included, among others, testing management&#8217;s process for developing the value in use estimate; evaluating the appropriateness of the discounted cash flow model; testing the completeness, accuracy, and relevance of underlying data used in the model; and evaluating the reasonableness of the significant assumptions used by management, related to revenue growth, long-term margin of operating results before depreciation and amortization, long-term capital expenditure ratio, discount rate and perpetuity growth rate. Evaluating whether the significant assumptions used by management were reasonable involved evaluating (1) the current and past performance of the cash-generating units, (2) the sensitivity analysis performed by management, and (3) the sufficiency of the Company&#8217;s goodwill and non-current assets impairment disclosures. Professionals with specialized skill and knowledge were used to assist in the evaluation of the Company&#8217;s discounted cash flow model and the discount rate and the perpetuity growth rate assumptions.</span></div><div><span><br/></span></div><div><span style="color:#d04a02;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:112%">Revenue recognition (unbilled revenue) </span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:112%">As described in Notes 3 and 14 to the consolidated financial statements, of the total gross revenue recognized by the Company for the year ended December 31, 2024, &#8364;2,844 million relates to services rendered and not yet billed. When the revenue billing cycle does not align with the consolidated financial statements closing date, management estimates the amount to be recognized for services rendered and not yet billed at the year-end. These estimates are based on data obtained from different sources and revenue streams processed by the information systems and historical information. </span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:112%">The principal considerations for our determination that performing procedures relating to unbilled revenue is a critical audit matter are the complexity of the process used by management for estimating recognized revenue rendered and not yet billed, given the diversity of data sources, revenue streams and the number of systems involved. This in turn led to a high degree of audit subjectivity and effort in designing and performing audit procedures to evaluate whether the unbilled revenue estimates are recognized properly.</span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:112%">Addressing the matter involved performing procedures and evaluating audit evidence in connection with forming our overall opinion on the consolidated financial statements. These procedures included testing the effectiveness of controls relating to revenue recognition, including controls over the determination of estimated unbilled revenue and information technology general controls over the main systems involved in the process. These procedures also included, among others, (1) assessing the reasonableness of the criteria employed by management to estimate revenue rendered and not yet billed including the accuracy and completeness of the underlying data, and (2) testing billings completed following the year-end for consistency with the estimates made.</span></div><div><span><br/></span></div><div><span><br/></span></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">F-3</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><div><span style="color:#d04a02;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:112%">Tax and regulatory proceedings in Telefonica Brazil</span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:112%">As described in Notes 3, 24 and 25 to the consolidated financial statements, the Company has recognized provisions related to income tax, other taxes and regulatory proceedings in Telefonica Brazil amounting &#8364;34 million, &#8364;314 million and &#8364;179 million, respectively, and has disclosed contingent liabilities related to income tax, other taxes, and regulatory proceedings amounting &#8364;5,706 million, &#8364;6,347 million and &#8364;476 million, respectively, as of December 31, 2024. The Company recognizes a provision for the pending litigation when management determines that a loss is probable and the amount of the loss can be reasonably estimated. No liability for an estimated loss is accrued in the consolidated financial statements for unfavorable outcomes when, after assessing the information available, management concludes that it is not probable that a loss has been incurred in any of the pending litigation. In case of income tax pending litigations, management determines whether is probable or not that taxation authority will accept the uncertain tax treatment. If the Company concludes it is not probable that taxation authority will accept the uncertain tax treatment, a provision for income tax is recognized. The Company discloses contingencies when management concludes no loss is probable or reasonably estimable, but it is reasonably possible that a loss may be incurred, and for income tax pending litigations, is probable that the taxation authority will accept the uncertain tax treatment.</span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:112%">The principal considerations for our determination that performing procedures relating to tax and regulatory proceedings in Telefonica Brazil is a critical audit matter are the significant judgments made by management when assessing the likelihood of a loss being incurred and when determining whether a reasonable estimate of the loss and possible outcomes for each claim can be made, which in turn led to a high degree of auditor judgment, subjectivity, and effort in performing procedures and evaluating management&#8217;s assessment of the loss contingencies associated with litigations claims.</span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:112%">Addressing the matter involved performing procedures and evaluating audit evidence in connection with forming our overall opinion on the consolidated financial statements. These procedures included testing the effectiveness of controls relating to management&#8217;s evaluation of recognition, measurement and disclosure of tax and regulatory proceedings in Brazil. These procedures also included, among others, (1) obtaining and evaluating the letters of audit inquiry with internal and external legal counsels, (2) evaluating the reasonableness of management&#8217;s assessment regarding favorable and unfavorable outcomes, and (3) evaluating the sufficiency of the Company&#8217;s disclosures. Professionals with specialized skill and knowledge were used to assist in the evaluation of the management&#8217;s assessment regarding unfavorable outcomes.</span></div><div><span><br/></span></div><div><span style="color:#d04a02;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:112%">Measurement of the investment in VMED O2 UK Ltd</span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:112%">As described in Notes 3 and 10 to the consolidated financial statements, the Company's equity method investment in VMED O2 UK Ltd (VMO2) amounts to &#8364;7,641 million as of December 31, 2024. Management evaluates its investment in VMO2 for impairment if there is objective evidence that indicates that the net investment may be impaired including information about significant changes with an adverse effect that have taken place in the market or economic environment in which VMO2 operates and indicates that the investment may not be recovered. Management has assessed the recoverable amount of the investment using valuation techniques, including discounted cash flow model that requires significant judgments when considering significant assumptions such as revenue growth rate, long-term margin of operating results before depreciation and amortization, long-term capital expenditure ratio, discount rate and perpetuity growth rate.</span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:112%">The principal considerations for our determination that performing procedures relating to the impairment assessment of the investment in VMED O2 UK Ltd is a critical audit matter are the significant judgments made by management in the discounted cash flow model, which in turn led to a high degree of auditor judgement, subjectivity, and effort in performing procedures and evaluating management&#8217;s significant assumptions, related to revenue growth, long-term margin of operating results before depreciation and amortization, long-term capital expenditure ratio, discount rate and perpetuity growth rate. </span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:112%">Addressing the matter involved performing procedures and evaluating audit evidence in connection with forming our overall opinion on the consolidated financial statements. These procedures included testing the effectiveness of controls relating to management&#8217;s impairment assessment, including controls over the valuation of the VMED O2 UK Ltd equity method investment. These procedures also included, among others, testing management's process for determining the value in use of its investment in VMED O2 UK Ltd; evaluating the appropriateness of the discounted cash flow model; testing the completeness and accuracy of the underlying data used in the model; and evaluating the reasonableness of the significant assumptions used by management, related to revenue growth, long-term margin of operating results before depreciation and amortization, long-term capital expenditure ratio, discount rate and perpetuity growth rate. Evaluating whether the significant assumptions used by management were reasonable involved evaluating (1) the performance of the cash-generating unit compared with the strategic plan approved in the previous year, (2) the sensitivity analysis performed by management, and (3) the sufficiency of the Company&#8217;s impairment assessment disclosures. Professionals with specialized skill and knowledge were used to assist in the evaluation of the Company&#8217;s discounted cash flow model and the discount rate and the perpetuity growth rate assumptions.</span></div><div style="text-align:justify"><span><br/></span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">/s/ <ix:nonNumeric contextRef="c-1" name="dei:AuditorName" id="f-95">PricewaterhouseCoopers Auditores, S.L.</ix:nonNumeric></span></div><div><span><br/></span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"><ix:nonNumeric contextRef="c-1" name="dei:AuditorLocation" id="f-96">Madrid, Spain</ix:nonNumeric></span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">February 27, 2025</span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">We have served as the Company&#8217;s auditor since 2017.</span></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">F-4</span></div></div></div><div id="i63478826478c4e0dbabc502413383f6b_265"></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.853%"><tr><td style="width:1.0%"/><td style="width:62.150%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:11.345%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:11.052%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:11.053%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Consolidated Statements of financial position</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">&#160;</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Millions of euros</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Notes</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2024</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2023</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">ASSETS</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">&#160;</span></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">A) NON-CURRENT ASSETS</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-12" decimals="-6" name="ifrs-full:NoncurrentAssets" format="ixt:num-dot-decimal" scale="6" id="f-97">78,133</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-13" decimals="-6" name="ifrs-full:NoncurrentAssets" format="ixt:num-dot-decimal" scale="6" id="f-98">83,568</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Intangible assets</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(Note 6)</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-12" decimals="-6" name="ifrs-full:IntangibleAssetsOtherThanGoodwill" format="ixt:num-dot-decimal" scale="6" id="f-99">9,875</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-13" decimals="-6" name="ifrs-full:IntangibleAssetsOtherThanGoodwill" format="ixt:num-dot-decimal" scale="6" id="f-100">11,370</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Goodwill</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(Note 7)</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-12" decimals="-6" name="ifrs-full:Goodwill" format="ixt:num-dot-decimal" scale="6" id="f-101">16,461</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-13" decimals="-6" name="ifrs-full:Goodwill" format="ixt:num-dot-decimal" scale="6" id="f-102">18,708</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Property, plant and equipment</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(Note 8)</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-12" decimals="-6" name="ifrs-full:PropertyPlantAndEquipment" format="ixt:num-dot-decimal" scale="6" id="f-103">21,439</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-13" decimals="-6" name="ifrs-full:PropertyPlantAndEquipment" format="ixt:num-dot-decimal" scale="6" id="f-104">22,944</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Rights of use</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(Note 9)</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-12" decimals="-6" name="ifrs-full:RightofuseAssets" format="ixt:num-dot-decimal" scale="6" id="f-105">7,907</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-13" decimals="-6" name="ifrs-full:RightofuseAssets" format="ixt:num-dot-decimal" scale="6" id="f-106">8,448</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Investments accounted for by the equity method</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(Note 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style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Financial assets and other non-current assets</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(Note 12)</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-12" decimals="-6" name="tef:NonCurrentFinancialAssetsAndOtherNonCurrentAssets" format="ixt:num-dot-decimal" scale="6" id="f-109">7,403</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-13" decimals="-6" name="tef:NonCurrentFinancialAssetsAndOtherNonCurrentAssets" format="ixt:num-dot-decimal" scale="6" id="f-110">7,268</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Deferred tax assets</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(Note 25)</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-12" decimals="-6" name="ifrs-full:DeferredTaxAssets" format="ixt:num-dot-decimal" scale="6" id="f-111">6,673</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-13" decimals="-6" name="ifrs-full:DeferredTaxAssets" format="ixt:num-dot-decimal" scale="6" id="f-112">6,240</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">B) CURRENT ASSETS</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-12" decimals="-6" name="ifrs-full:CurrentAssets" format="ixt:num-dot-decimal" scale="6" id="f-113">22,369</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-13" decimals="-6" name="ifrs-full:CurrentAssets" format="ixt:num-dot-decimal" scale="6" id="f-114">20,756</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Inventories</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(Note 13)</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-12" decimals="-6" name="ifrs-full:Inventories" scale="6" id="f-115">954</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-13" decimals="-6" name="ifrs-full:Inventories" scale="6" id="f-116">929</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Receivables and other current assets</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(Note 14)</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-12" decimals="-6" name="tef:CurrentReceivablesAndOtherCurrentAssets" format="ixt:num-dot-decimal" scale="6" id="f-117">10,445</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-13" decimals="-6" name="tef:CurrentReceivablesAndOtherCurrentAssets" format="ixt:num-dot-decimal" scale="6" id="f-118">10,132</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Tax receivables</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(Note 25)</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-12" decimals="-6" name="ifrs-full:CurrentTaxAssetsCurrent" scale="6" id="f-119">970</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-13" decimals="-6" name="ifrs-full:CurrentTaxAssetsCurrent" format="ixt:num-dot-decimal" scale="6" id="f-120">1,193</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Other current financial assets</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(Note 15)</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-12" decimals="-6" name="ifrs-full:CurrentFinancialAssets" format="ixt:num-dot-decimal" scale="6" id="f-121">1,800</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-13" decimals="-6" name="ifrs-full:CurrentFinancialAssets" format="ixt:num-dot-decimal" scale="6" id="f-122">1,078</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Cash and cash equivalents</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(Note 16)</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-12" decimals="-6" name="ifrs-full:CashAndCashEquivalents" format="ixt:num-dot-decimal" scale="6" id="f-123">8,062</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-13" decimals="-6" name="ifrs-full:CashAndCashEquivalents" format="ixt:num-dot-decimal" scale="6" id="f-124">7,151</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Non-current assets and disposal groups held for sale</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(Note 30)</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-12" decimals="-6" name="ifrs-full:NoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleOrAsHeldForDistributionToOwners" scale="6" id="f-125">138</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-13" decimals="-6" name="ifrs-full:NoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleOrAsHeldForDistributionToOwners" scale="6" id="f-126">273</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">TOTAL ASSETS (A+B)</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-12" decimals="-6" name="ifrs-full:Assets" format="ixt:num-dot-decimal" scale="6" id="f-127">100,502</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-13" decimals="-6" name="ifrs-full:Assets" format="ixt:num-dot-decimal" scale="6" id="f-128">104,324</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr style="height:15pt"><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"/><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"/><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"/><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"/></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Notes</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2024</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2023</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">EQUITY AND LIABILITIES</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">&#160;</span></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">A) EQUITY</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-12" decimals="-6" name="ifrs-full:Equity" format="ixt:num-dot-decimal" scale="6" id="f-129">22,749</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-13" decimals="-6" name="ifrs-full:Equity" format="ixt:num-dot-decimal" scale="6" id="f-130">27,096</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Equity attributable to equity holders of the parent and other holders of equity instruments</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(Note 17)</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-12" decimals="-6" name="ifrs-full:EquityAttributableToOwnersOfParent" format="ixt:num-dot-decimal" scale="6" id="f-131">19,347</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-13" decimals="-6" name="ifrs-full:EquityAttributableToOwnersOfParent" format="ixt:num-dot-decimal" scale="6" id="f-132">21,852</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Equity attributable to non-controlling interests</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(Note 17)</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-12" decimals="-6" name="ifrs-full:NoncontrollingInterests" format="ixt:num-dot-decimal" scale="6" id="f-133">3,402</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-13" decimals="-6" name="ifrs-full:NoncontrollingInterests" format="ixt:num-dot-decimal" scale="6" id="f-134">5,244</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">B) NON-CURRENT LIABILITIES</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-12" decimals="-6" name="ifrs-full:NoncurrentLiabilities" format="ixt:num-dot-decimal" scale="6" id="f-135">52,019</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-13" decimals="-6" name="ifrs-full:NoncurrentLiabilities" format="ixt:num-dot-decimal" scale="6" id="f-136">53,829</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Non-current financial liabilities</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(Note 18)</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-12" decimals="-6" name="ifrs-full:NoncurrentFinancialLiabilities" format="ixt:num-dot-decimal" scale="6" id="f-137">33,192</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-13" decimals="-6" name="ifrs-full:NoncurrentFinancialLiabilities" format="ixt:num-dot-decimal" scale="6" id="f-138">33,360</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Non-current lease liabilities</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(Note 20)</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-12" decimals="-6" name="ifrs-full:NoncurrentLeaseLiabilities" format="ixt:num-dot-decimal" scale="6" id="f-139">6,077</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-13" decimals="-6" name="ifrs-full:NoncurrentLeaseLiabilities" format="ixt:num-dot-decimal" scale="6" id="f-140">6,708</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Payables and other non-current liabilities</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(Note 21)</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-12" decimals="-6" name="tef:NoncurrentPayablesAndOtherNoncurrentLiabilities" format="ixt:num-dot-decimal" scale="6" id="f-141">3,693</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-13" decimals="-6" name="tef:NoncurrentPayablesAndOtherNoncurrentLiabilities" format="ixt:num-dot-decimal" scale="6" id="f-142">3,605</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Deferred tax liabilities</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(Note 25)</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-12" decimals="-6" name="ifrs-full:DeferredTaxLiabilities" format="ixt:num-dot-decimal" scale="6" id="f-143">2,905</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-13" decimals="-6" name="ifrs-full:DeferredTaxLiabilities" format="ixt:num-dot-decimal" scale="6" id="f-144">2,702</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Non-current provisions</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(Note 24)</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-12" decimals="-6" name="ifrs-full:NoncurrentProvisions" format="ixt:num-dot-decimal" scale="6" id="f-145">6,152</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-13" decimals="-6" name="ifrs-full:NoncurrentProvisions" format="ixt:num-dot-decimal" scale="6" id="f-146">7,454</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">C) CURRENT LIABILITIES</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-12" decimals="-6" name="ifrs-full:CurrentLiabilities" format="ixt:num-dot-decimal" scale="6" id="f-147">25,734</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-13" decimals="-6" name="ifrs-full:CurrentLiabilities" format="ixt:num-dot-decimal" scale="6" id="f-148">23,399</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Current financial liabilities</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(Note 18)</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-12" decimals="-6" name="ifrs-full:CurrentFinancialLiabilities" format="ixt:num-dot-decimal" scale="6" id="f-149">5,590</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-13" decimals="-6" name="ifrs-full:CurrentFinancialLiabilities" format="ixt:num-dot-decimal" scale="6" id="f-150">3,701</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Current lease liabilities</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(Note 20)</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-12" decimals="-6" name="ifrs-full:CurrentLeaseLiabilities" format="ixt:num-dot-decimal" scale="6" id="f-151">2,226</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-13" decimals="-6" name="ifrs-full:CurrentLeaseLiabilities" format="ixt:num-dot-decimal" scale="6" id="f-152">2,239</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Payables and other current liabilities</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(Note 22)</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-12" decimals="-6" name="tef:CurrentPayablesAndOtherCurrentLiabilities" format="ixt:num-dot-decimal" scale="6" id="f-153">14,606</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-13" decimals="-6" name="tef:CurrentPayablesAndOtherCurrentLiabilities" format="ixt:num-dot-decimal" scale="6" id="f-154">13,957</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Current tax payables</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(Note 25)</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-12" decimals="-6" name="ifrs-full:CurrentTaxLiabilitiesCurrent" format="ixt:num-dot-decimal" scale="6" id="f-155">1,614</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-13" decimals="-6" name="ifrs-full:CurrentTaxLiabilitiesCurrent" format="ixt:num-dot-decimal" scale="6" id="f-156">1,869</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Current provisions</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(Note 24)</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-12" decimals="-6" name="ifrs-full:CurrentProvisions" format="ixt:num-dot-decimal" scale="6" id="f-157">1,665</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-13" decimals="-6" name="ifrs-full:CurrentProvisions" format="ixt:num-dot-decimal" scale="6" id="f-158">1,596</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-top:9pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Liabilities associated with non-current assets and disposal groups held for sale</span></div></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(Note 30)</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-12" decimals="-6" name="ifrs-full:LiabilitiesIncludedInDisposalGroupsClassifiedAsHeldForSale" scale="6" id="f-159">33</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-13" decimals="-6" name="ifrs-full:LiabilitiesIncludedInDisposalGroupsClassifiedAsHeldForSale" scale="6" id="f-160">37</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">TOTAL EQUITY AND LIABILITIES (A+B+C)</span></td><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-12" decimals="-6" name="ifrs-full:EquityAndLiabilities" format="ixt:num-dot-decimal" scale="6" id="f-161">100,502</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-13" decimals="-6" name="ifrs-full:EquityAndLiabilities" format="ixt:num-dot-decimal" scale="6" id="f-162">104,324</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr></table></div><div style="text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">The accompanying notes and appendices are an integral part of these consolidated statements of financial position.</span></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">F-5</span></div></div></div><div id="i63478826478c4e0dbabc502413383f6b_268"></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.853%"><tr><td style="width:1.0%"/><td style="width:47.362%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:11.784%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:11.784%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:11.784%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:11.786%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Consolidated income statements</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">&#160;</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Millions of euros</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Notes</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2024</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2023</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2022</span></td></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Revenues</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(Note 26)</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1" decimals="-6" name="ifrs-full:Revenue" format="ixt:num-dot-decimal" scale="6" id="f-163">41,315</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-14" decimals="-6" name="ifrs-full:Revenue" format="ixt:num-dot-decimal" scale="6" id="f-164">40,652</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-15" decimals="-6" name="ifrs-full:Revenue" format="ixt:num-dot-decimal" scale="6" id="f-165">39,993</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Other income</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(Note 26)</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1" decimals="-6" name="ifrs-full:OtherIncome" format="ixt:num-dot-decimal" scale="6" id="f-166">1,692</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-14" decimals="-6" name="ifrs-full:OtherIncome" format="ixt:num-dot-decimal" scale="6" id="f-167">1,541</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-15" decimals="-6" name="ifrs-full:OtherIncome" format="ixt:num-dot-decimal" scale="6" id="f-168">2,065</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Supplies</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1" decimals="-6" name="ifrs-full:RawMaterialsAndConsumablesUsed" format="ixt:num-dot-decimal" scale="6" id="f-169">13,377</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-14" decimals="-6" name="ifrs-full:RawMaterialsAndConsumablesUsed" format="ixt:num-dot-decimal" scale="6" id="f-170">13,298</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-15" decimals="-6" name="ifrs-full:RawMaterialsAndConsumablesUsed" format="ixt:num-dot-decimal" scale="6" id="f-171">12,941</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Personnel expenses</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(Note 26)</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1" decimals="-6" name="ifrs-full:EmployeeBenefitsExpense" format="ixt:num-dot-decimal" scale="6" id="f-172">5,882</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-14" decimals="-6" name="ifrs-full:EmployeeBenefitsExpense" format="ixt:num-dot-decimal" scale="6" id="f-173">7,207</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-15" decimals="-6" name="ifrs-full:EmployeeBenefitsExpense" format="ixt:num-dot-decimal" scale="6" id="f-174">5,524</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Other expenses</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(Note 26)</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1" decimals="-6" name="ifrs-full:OtherExpenseByNature" format="ixt:num-dot-decimal" scale="6" id="f-175">12,554</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-14" decimals="-6" name="ifrs-full:OtherExpenseByNature" format="ixt:num-dot-decimal" scale="6" id="f-176">10,298</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-15" decimals="-6" name="ifrs-full:OtherExpenseByNature" format="ixt:num-dot-decimal" scale="6" id="f-177">10,741</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Depreciation and amortization</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(Note 26)</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1" decimals="-6" name="ifrs-full:DepreciationAndAmortisationExpense" format="ixt:num-dot-decimal" scale="6" id="f-178">8,799</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-14" decimals="-6" name="ifrs-full:DepreciationAndAmortisationExpense" format="ixt:num-dot-decimal" scale="6" id="f-179">8,797</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span 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style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-15" decimals="-6" name="ifrs-full:ProfitLossFromOperatingActivities" format="ixt:num-dot-decimal" scale="6" id="f-183">4,056</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span 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solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-14" decimals="-6" sign="-" name="ifrs-full:ShareOfProfitLossOfAssociatesAndJointVenturesAccountedForUsingEquityMethod" format="ixt:num-dot-decimal" scale="6" id="f-185">2,162</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-15" decimals="-6" name="ifrs-full:ShareOfProfitLossOfAssociatesAndJointVenturesAccountedForUsingEquityMethod" scale="6" id="f-186">217</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Finance income</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1" decimals="-6" name="ifrs-full:FinanceIncome" scale="6" id="f-187">980</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-14" decimals="-6" name="ifrs-full:FinanceIncome" format="ixt:num-dot-decimal" scale="6" id="f-188">1,099</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-15" decimals="-6" name="ifrs-full:FinanceIncome" format="ixt:num-dot-decimal" scale="6" id="f-189">1,803</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Exchange gains</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1" decimals="-6" name="ifrs-full:NetForeignExchangeGain" format="ixt:num-dot-decimal" scale="6" id="f-190">2,199</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-14" decimals="-6" name="ifrs-full:NetForeignExchangeGain" format="ixt:num-dot-decimal" scale="6" id="f-191">1,837</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-15" decimals="-6" name="ifrs-full:NetForeignExchangeGain" format="ixt:num-dot-decimal" scale="6" id="f-192">2,910</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Finance costs</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1" decimals="-6" name="ifrs-full:FinanceCosts" format="ixt:num-dot-decimal" scale="6" id="f-193">2,998</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-14" decimals="-6" name="ifrs-full:FinanceCosts" format="ixt:num-dot-decimal" scale="6" id="f-194">3,014</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-15" decimals="-6" name="ifrs-full:FinanceCosts" format="ixt:num-dot-decimal" scale="6" id="f-195">3,030</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Exchange losses</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1" decimals="-6" name="ifrs-full:NetForeignExchangeLoss" format="ixt:num-dot-decimal" scale="6" id="f-196">1,970</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-14" decimals="-6" name="ifrs-full:NetForeignExchangeLoss" format="ixt:num-dot-decimal" scale="6" id="f-197">1,826</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-15" decimals="-6" name="ifrs-full:NetForeignExchangeLoss" format="ixt:num-dot-decimal" scale="6" id="f-198">2,996</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Net financial expense</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">(Note 19)</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1" decimals="-6" name="tef:NetFinancialExpense" format="ixt:num-dot-decimal" scale="6" id="f-199">1,789</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-14" decimals="-6" name="tef:NetFinancialExpense" format="ixt:num-dot-decimal" scale="6" id="f-200">1,904</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-15" decimals="-6" name="tef:NetFinancialExpense" format="ixt:num-dot-decimal" scale="6" id="f-201">1,313</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">PROFIT (LOSS) BEFORE TAX</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1" decimals="-6" name="ifrs-full:ProfitLossBeforeTax" scale="6" id="f-202">557</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-14" decimals="-6" sign="-" name="ifrs-full:ProfitLossBeforeTax" format="ixt:num-dot-decimal" scale="6" id="f-203">1,473</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-15" decimals="-6" name="ifrs-full:ProfitLossBeforeTax" format="ixt:num-dot-decimal" scale="6" id="f-204">2,960</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Corporate income tax</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(Note 25)</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1" decimals="-6" name="ifrs-full:IncomeTaxExpenseContinuingOperations" scale="6" id="f-205">348</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-14" decimals="-6" sign="-" name="ifrs-full:IncomeTaxExpenseContinuingOperations" scale="6" id="f-206">899</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-15" decimals="-6" name="ifrs-full:IncomeTaxExpenseContinuingOperations" scale="6" id="f-207">641</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">PROFIT (LOSS) FOR THE YEAR</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1" decimals="-6" name="ifrs-full:ProfitLoss" scale="6" id="f-208">209</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-14" decimals="-6" sign="-" name="ifrs-full:ProfitLoss" scale="6" id="f-209">574</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-15" decimals="-6" name="ifrs-full:ProfitLoss" format="ixt:num-dot-decimal" scale="6" id="f-210">2,319</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Attributable to equity holders of the parent</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1" decimals="-6" sign="-" name="ifrs-full:ProfitLossAttributableToOwnersOfParent" scale="6" id="f-211">49</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-14" decimals="-6" sign="-" name="ifrs-full:ProfitLossAttributableToOwnersOfParent" scale="6" id="f-212">892</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-15" decimals="-6" name="ifrs-full:ProfitLossAttributableToOwnersOfParent" format="ixt:num-dot-decimal" scale="6" id="f-213">2,011</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Attributable to non-controlling interests</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(Note 17)</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1" decimals="-6" name="ifrs-full:ProfitLossAttributableToNoncontrollingInterests" scale="6" id="f-214">258</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-14" decimals="-6" name="ifrs-full:ProfitLossAttributableToNoncontrollingInterests" scale="6" id="f-215">318</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-15" decimals="-6" name="ifrs-full:ProfitLossAttributableToNoncontrollingInterests" scale="6" id="f-216">308</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Basic (loss) earnings per share (euros)</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">(Note 26)</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="eurPerShare" contextRef="c-1" decimals="2" sign="-" name="ifrs-full:BasicEarningsLossPerShare" scale="0" id="f-217">0.06</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="eurPerShare" contextRef="c-14" decimals="2" sign="-" name="ifrs-full:BasicEarningsLossPerShare" scale="0" id="f-218">0.20</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eurPerShare" contextRef="c-15" decimals="2" name="ifrs-full:BasicEarningsLossPerShare" scale="0" id="f-219">0.31</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-bottom:1pt solid #cbcbcb;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Diluted (loss) earnings per share (euros)</span></td><td colspan="3" style="border-bottom:1pt solid #cbcbcb;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">(Note 26)</span></td><td colspan="2" style="border-bottom:1pt solid #cbcbcb;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="eurPerShare" contextRef="c-1" decimals="2" sign="-" name="ifrs-full:DilutedEarningsLossPerShare" scale="0" id="f-220">0.06</ix:nonFraction>)</span></td><td style="border-bottom:1pt solid #cbcbcb;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:1pt solid #cbcbcb;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="eurPerShare" contextRef="c-14" decimals="2" sign="-" name="ifrs-full:DilutedEarningsLossPerShare" scale="0" id="f-221">0.20</ix:nonFraction>)</span></td><td style="border-bottom:1pt solid #cbcbcb;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:1pt solid #cbcbcb;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eurPerShare" contextRef="c-15" decimals="2" name="ifrs-full:DilutedEarningsLossPerShare" scale="0" id="f-222">0.31</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:1pt solid #cbcbcb;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr></table></div><div style="text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">The accompanying notes and appendices are an integral part of these consolidated income statements.</span></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">F-6</span></div></div></div><div id="i63478826478c4e0dbabc502413383f6b_271"></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.707%"><tr><td style="width:1.0%"/><td style="width:70.307%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:8.430%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:8.430%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:8.433%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="border-top:1pt solid #acacac;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Consolidated Statements of comprehensive income</span></td><td colspan="3" style="border-top:1pt solid #acacac;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2024</span></td><td colspan="3" style="border-top:1pt solid #acacac;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2023</span></td><td colspan="3" style="border-top:1pt solid #acacac;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2022</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #acacac;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Millions of euros</span></td><td colspan="3" style="border-top:1pt solid #acacac;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:1pt solid #acacac;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:1pt solid #acacac;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">&#160;</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Profit (loss)  for the year</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1" decimals="-6" name="ifrs-full:ProfitLoss" scale="6" id="f-223">209</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-14" decimals="-6" sign="-" name="ifrs-full:ProfitLoss" scale="6" id="f-224">574</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-15" decimals="-6" name="ifrs-full:ProfitLoss" format="ixt:num-dot-decimal" scale="6" id="f-225">2,319</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Other comprehensive (loss) income </span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1" decimals="-6" sign="-" name="ifrs-full:OtherComprehensiveIncome" format="ixt:num-dot-decimal" scale="6" id="f-226">1,120</ix:nonFraction>)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-14" decimals="-6" sign="-" name="ifrs-full:OtherComprehensiveIncome" scale="6" id="f-227">43</ix:nonFraction>)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-15" decimals="-6" name="ifrs-full:OtherComprehensiveIncome" format="ixt:num-dot-decimal" scale="6" id="f-228">1,908</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(Losses) gains from financial assets measured at Fair value through other<br/>comprehensive income</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1" decimals="-6" sign="-" name="ifrs-full:GainsLossesOnFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncomeBeforeTax" scale="6" id="f-229">11</ix:nonFraction>)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-14" decimals="-6" name="ifrs-full:GainsLossesOnFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncomeBeforeTax" scale="6" id="f-230">22</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-15" decimals="-6" sign="-" name="ifrs-full:GainsLossesOnFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncomeBeforeTax" scale="6" id="f-231">29</ix:nonFraction>)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Income tax impact</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1" decimals="-6" sign="-" name="ifrs-full:IncomeTaxRelatingToFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncome" scale="6" id="f-232">5</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-14" decimals="-6" name="ifrs-full:IncomeTaxRelatingToFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncome" scale="6" id="f-233">7</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-15" decimals="-6" sign="-" name="ifrs-full:IncomeTaxRelatingToFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncome" scale="6" id="f-234">9</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1" decimals="-6" sign="-" name="ifrs-full:GainsLossesOnFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncomeNetOfTax" scale="6" id="f-235">6</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-14" decimals="-6" name="ifrs-full:GainsLossesOnFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncomeNetOfTax" scale="6" id="f-236">15</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-15" decimals="-6" sign="-" name="ifrs-full:GainsLossesOnFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncomeNetOfTax" scale="6" id="f-237">20</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Gains (losses) on hedges</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1" decimals="-6" name="ifrs-full:GainsLossesOnCashFlowHedgesBeforeTax" scale="6" id="f-238">953</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-14" decimals="-6" sign="-" name="ifrs-full:GainsLossesOnCashFlowHedgesBeforeTax" scale="6" id="f-239">624</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-15" decimals="-6" name="ifrs-full:GainsLossesOnCashFlowHedgesBeforeTax" format="ixt:num-dot-decimal" scale="6" id="f-240">1,081</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Income tax impact</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1" decimals="-6" name="ifrs-full:IncomeTaxRelatingToCashFlowHedgesOfOtherComprehensiveIncome" scale="6" id="f-241">253</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-14" decimals="-6" sign="-" name="ifrs-full:IncomeTaxRelatingToCashFlowHedgesOfOtherComprehensiveIncome" scale="6" id="f-242">151</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-15" decimals="-6" name="ifrs-full:IncomeTaxRelatingToCashFlowHedgesOfOtherComprehensiveIncome" scale="6" id="f-243">282</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Reclassification of (gains) losses  included in the income statement (Note 19)</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1" decimals="-6" name="ifrs-full:ReclassificationAdjustmentsOnCashFlowHedgesBeforeTax" scale="6" id="f-244">863</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-14" decimals="-6" sign="-" name="ifrs-full:ReclassificationAdjustmentsOnCashFlowHedgesBeforeTax" scale="6" id="f-245">76</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-15" decimals="-6" name="ifrs-full:ReclassificationAdjustmentsOnCashFlowHedgesBeforeTax" scale="6" id="f-246">704</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Income tax impact</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1" decimals="-6" sign="-" name="tef:IncomeTaxRelatingtoReclassificationofGainsLossesonCashFlowHedges" scale="6" id="f-247">221</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-14" decimals="-6" name="tef:IncomeTaxRelatingtoReclassificationofGainsLossesonCashFlowHedges" scale="6" id="f-248">17</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-15" decimals="-6" sign="-" name="tef:IncomeTaxRelatingtoReclassificationofGainsLossesonCashFlowHedges" scale="6" id="f-249">181</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1" decimals="-6" name="ifrs-full:OtherComprehensiveIncomeNetOfTaxCashFlowHedges" scale="6" id="f-250">58</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-14" decimals="-6" sign="-" name="ifrs-full:OtherComprehensiveIncomeNetOfTaxCashFlowHedges" scale="6" id="f-251">414</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-15" decimals="-6" name="ifrs-full:OtherComprehensiveIncomeNetOfTaxCashFlowHedges" scale="6" id="f-252">276</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Gains (losses) on hedges costs</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1" decimals="-6" name="tef:Gainslossesoncashflowhedgescostsbeforetax" scale="6" id="f-253">168</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-14" decimals="-6" name="tef:Gainslossesoncashflowhedgescostsbeforetax" scale="6" id="f-254">79</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-15" decimals="-6" sign="-" name="tef:Gainslossesoncashflowhedgescostsbeforetax" scale="6" id="f-255">59</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Income tax impact</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1" decimals="-6" name="tef:Incometaxrelatingtocashflowhedgescostsincludedinothercomprehensiveincome" scale="6" id="f-256">42</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-14" decimals="-6" name="tef:Incometaxrelatingtocashflowhedgescostsincludedinothercomprehensiveincome" scale="6" id="f-257">20</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-15" decimals="-6" sign="-" name="tef:Incometaxrelatingtocashflowhedgescostsincludedinothercomprehensiveincome" scale="6" id="f-258">15</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Reclassification of (gains) included in the income statement (Note 19)</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1" decimals="-6" name="tef:Reclassificationadjustmentsoncashflowhedgescostsbeforetax" scale="6" id="f-259">10</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-14" decimals="-6" name="tef:Reclassificationadjustmentsoncashflowhedgescostsbeforetax" scale="6" id="f-260">9</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-15" decimals="-6" name="tef:Reclassificationadjustmentsoncashflowhedgescostsbeforetax" scale="6" id="f-261">9</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Income tax impact</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1" decimals="-6" sign="-" name="tef:IncomeTaxRelatingtoReclassificationofGainsLossesonCashFlowHedgesCosts" scale="6" id="f-262">3</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-14" decimals="-6" sign="-" name="tef:IncomeTaxRelatingtoReclassificationofGainsLossesonCashFlowHedgesCosts" scale="6" id="f-263">2</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-15" decimals="-6" sign="-" name="tef:IncomeTaxRelatingtoReclassificationofGainsLossesonCashFlowHedgesCosts" scale="6" id="f-264">2</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1" decimals="-6" name="tef:Othercomprehensiveincomenetoftaxcashflowhedgescosts" scale="6" id="f-265">119</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-14" decimals="-6" name="tef:Othercomprehensiveincomenetoftaxcashflowhedgescosts" scale="6" id="f-266">52</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-15" decimals="-6" sign="-" name="tef:Othercomprehensiveincomenetoftaxcashflowhedgescosts" scale="6" id="f-267">51</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Share of (losses) gains recognized directly in equity of associates and others (Note 10)</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1" decimals="-6" sign="-" name="ifrs-full:ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethodThatWillBeReclassifiedToProfitOrLossBeforeTax" scale="6" id="f-268">6</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-14" decimals="-6" sign="-" name="ifrs-full:ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethodThatWillBeReclassifiedToProfitOrLossBeforeTax" scale="6" id="f-269">31</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-15" decimals="-6" name="ifrs-full:ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethodThatWillBeReclassifiedToProfitOrLossBeforeTax" scale="6" id="f-270">65</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Income tax impact</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1" decimals="-6" name="tef:IncomeTaxRelatingToShareOfGainsLossesRecognizedDirectlyInEquityOfAssociatesAndOthers" format="ixt:fixed-zero" scale="6" id="f-271">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-14" decimals="-6" name="tef:IncomeTaxRelatingToShareOfGainsLossesRecognizedDirectlyInEquityOfAssociatesAndOthers" format="ixt:fixed-zero" scale="6" id="f-272">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-15" decimals="-6" name="tef:IncomeTaxRelatingToShareOfGainsLossesRecognizedDirectlyInEquityOfAssociatesAndOthers" format="ixt:fixed-zero" scale="6" id="f-273">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1" decimals="-6" sign="-" name="ifrs-full:ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethodThatWillBeReclassifiedToProfitOrLossNetOfTax" scale="6" id="f-274">6</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-14" decimals="-6" sign="-" name="ifrs-full:ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethodThatWillBeReclassifiedToProfitOrLossNetOfTax" scale="6" id="f-275">31</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-15" decimals="-6" name="ifrs-full:ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethodThatWillBeReclassifiedToProfitOrLossNetOfTax" scale="6" id="f-276">65</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Translation differences (Note 17)</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1" decimals="-6" sign="-" name="ifrs-full:OtherComprehensiveIncomeNetOfTaxExchangeDifferencesOnTranslation" format="ixt:num-dot-decimal" scale="6" id="f-277">1,465</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-14" decimals="-6" name="ifrs-full:OtherComprehensiveIncomeNetOfTaxExchangeDifferencesOnTranslation" scale="6" id="f-278">270</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-15" decimals="-6" name="ifrs-full:OtherComprehensiveIncomeNetOfTaxExchangeDifferencesOnTranslation" format="ixt:num-dot-decimal" scale="6" id="f-279">1,562</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Total other comprehensive (loss) income recognized for the year that may be reclassified subsequently to profit or loss</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1" decimals="-6" sign="-" name="ifrs-full:OtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLossNetOfTax" format="ixt:num-dot-decimal" scale="6" id="f-280">1,300</ix:nonFraction>)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-14" decimals="-6" sign="-" name="ifrs-full:OtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLossNetOfTax" scale="6" id="f-281">108</ix:nonFraction>)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-15" decimals="-6" name="ifrs-full:OtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLossNetOfTax" format="ixt:num-dot-decimal" scale="6" id="f-282">1,832</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Actuarial gains (losses) and impact of limit on assets for defined benefit pension plans </span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span 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style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-15" decimals="-6" name="ifrs-full:OtherComprehensiveIncomeBeforeTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans" scale="6" id="f-285">102</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Income tax impact</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1" decimals="-6" name="ifrs-full:IncomeTaxRelatingToRemeasurementsOfDefinedBenefitPlansOfOtherComprehensiveIncome" scale="6" id="f-286">38</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-14" decimals="-6" sign="-" name="ifrs-full:IncomeTaxRelatingToRemeasurementsOfDefinedBenefitPlansOfOtherComprehensiveIncome" scale="6" id="f-287">14</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-15" decimals="-6" name="ifrs-full:IncomeTaxRelatingToRemeasurementsOfDefinedBenefitPlansOfOtherComprehensiveIncome" scale="6" id="f-288">32</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 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style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-14" decimals="-6" name="tef:GainsLossesFromFinancialAssetsMeasuredAtFairValueThroughComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossBeforeTax" scale="6" id="f-293">113</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-15" decimals="-6" name="tef:GainsLossesFromFinancialAssetsMeasuredAtFairValueThroughComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossBeforeTax" scale="6" id="f-294">42</ix:nonFraction></span><span 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style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-15" decimals="-6" sign="-" name="ifrs-full:ReclassificationAdjustmentsOnFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncomeBeforeTax" scale="6" id="f-300">71</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1" decimals="-6" name="tef:GainsLossesFromFinancialAssetsMeasuredAtFairValueThroughComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossNetOfTax" scale="6" id="f-301">190</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-14" decimals="-6" name="tef:GainsLossesFromFinancialAssetsMeasuredAtFairValueThroughComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossNetOfTax" scale="6" id="f-302">137</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-15" decimals="-6" name="tef:GainsLossesFromFinancialAssetsMeasuredAtFairValueThroughComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossNetOfTax" scale="6" id="f-303">113</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Share of (losses) recognized directly in equity of associates (Note 10)</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1" decimals="-6" sign="-" name="ifrs-full:ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethodThatWillNotBeReclassifiedToProfitOrLossNetOfTax" scale="6" id="f-304">101</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-14" decimals="-6" sign="-" name="ifrs-full:ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethodThatWillNotBeReclassifiedToProfitOrLossNetOfTax" scale="6" id="f-305">41</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-15" decimals="-6" sign="-" name="ifrs-full:ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethodThatWillNotBeReclassifiedToProfitOrLossNetOfTax" scale="6" id="f-306">107</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1" decimals="-6" sign="-" name="ifrs-full:ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethodThatWillNotBeReclassifiedToProfitOrLossNetOfTax" scale="6" id="f-307">101</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-14" decimals="-6" sign="-" name="ifrs-full:ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethodThatWillNotBeReclassifiedToProfitOrLossNetOfTax" scale="6" id="f-308">41</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-15" decimals="-6" sign="-" name="ifrs-full:ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethodThatWillNotBeReclassifiedToProfitOrLossNetOfTax" scale="6" id="f-309">107</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Total other comprehensive income (loss) recognized for the year that will 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name="ifrs-full:OtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossNetOfTax" scale="6" id="f-311">65</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-15" decimals="-6" name="ifrs-full:OtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossNetOfTax" scale="6" id="f-312">76</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Total comprehensive (loss) income recognized for the year</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1" decimals="-6" sign="-" name="ifrs-full:ComprehensiveIncome" scale="6" id="f-313">911</ix:nonFraction>)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-14" decimals="-6" sign="-" name="ifrs-full:ComprehensiveIncome" scale="6" id="f-314">617</ix:nonFraction>)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-15" decimals="-6" name="ifrs-full:ComprehensiveIncome" format="ixt:num-dot-decimal" scale="6" id="f-315">4,227</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Attributable to:</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"/><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">&#160;</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Equity holders of the parent and other holders of equity instruments</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1" decimals="-6" sign="-" name="ifrs-full:ComprehensiveIncomeAttributableToOwnersOfParent" scale="6" id="f-316">664</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-14" decimals="-6" sign="-" name="ifrs-full:ComprehensiveIncomeAttributableToOwnersOfParent" format="ixt:num-dot-decimal" scale="6" id="f-317">1,165</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-15" decimals="-6" name="ifrs-full:ComprehensiveIncomeAttributableToOwnersOfParent" format="ixt:num-dot-decimal" scale="6" id="f-318">3,519</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Non-controlling interests</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1" decimals="-6" sign="-" name="ifrs-full:ComprehensiveIncomeAttributableToNoncontrollingInterests" scale="6" id="f-319">247</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-14" decimals="-6" name="ifrs-full:ComprehensiveIncomeAttributableToNoncontrollingInterests" scale="6" id="f-320">548</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-15" decimals="-6" name="ifrs-full:ComprehensiveIncomeAttributableToNoncontrollingInterests" scale="6" id="f-321">708</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1" decimals="-6" sign="-" name="ifrs-full:ComprehensiveIncome" scale="6" id="f-322">911</ix:nonFraction>)</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-14" decimals="-6" sign="-" name="ifrs-full:ComprehensiveIncome" scale="6" id="f-323">617</ix:nonFraction>)</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-15" decimals="-6" name="ifrs-full:ComprehensiveIncome" format="ixt:num-dot-decimal" scale="6" id="f-324">4,227</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr></table></div><div style="text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">The accompanying notes and appendices are an integral part of these consolidated statements of comprehensive income.                                     </span></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">F-7</span></div></div></div><div id="i63478826478c4e0dbabc502413383f6b_274"></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><div style="margin-bottom:9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"/><td style="width:17.028%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:4.601%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:5.771%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:5.917%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:4.894%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:4.894%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:5.771%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:4.894%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:5.771%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:4.894%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:4.894%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:4.163%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:5.917%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:5.191%"/><td style="width:0.1%"/></tr><tr style="height:26pt"><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY</span></td><td colspan="33" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">Attributable to equity holders of the parent and other holders of equity instruments</span></td><td colspan="3" rowspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">Non-contro-lling interests (Note 17)</span></td><td colspan="3" rowspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">Total equity</span></td></tr><tr style="height:47pt"><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">Millions of euros</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">Share capital</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">Share premium</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">Treasury Shares</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">Other equity instru-ments</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">Legal reserve</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">Retained earnings</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">Fair value<br/>finan-cial<br/>assets<br/></span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">Hedges</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">Equity of associa-tes and others</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">Translation differences</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">Total</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">Financial position at December 31, 2023</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-16" decimals="-6" name="ifrs-full:Equity" format="ixt:num-dot-decimal" scale="6" id="f-325">5,750</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-17" decimals="-6" name="ifrs-full:Equity" format="ixt:num-dot-decimal" scale="6" id="f-326">3,751</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-18" decimals="-6" sign="-" name="ifrs-full:Equity" scale="6" id="f-327">429</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-19" decimals="-6" name="ifrs-full:Equity" format="ixt:num-dot-decimal" scale="6" id="f-328">7,550</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-20" decimals="-6" name="ifrs-full:Equity" format="ixt:num-dot-decimal" scale="6" id="f-329">1,059</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-21" decimals="-6" name="ifrs-full:Equity" format="ixt:num-dot-decimal" scale="6" id="f-330">24,895</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-22" decimals="-6" sign="-" name="ifrs-full:Equity" scale="6" id="f-331">301</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-23" decimals="-6" name="ifrs-full:Equity" scale="6" id="f-332">313</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-24" decimals="-6" sign="-" name="ifrs-full:Equity" scale="6" id="f-333">50</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-25" decimals="-6" sign="-" name="ifrs-full:Equity" format="ixt:num-dot-decimal" scale="6" id="f-334">20,686</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-26" decimals="-6" name="ifrs-full:Equity" format="ixt:num-dot-decimal" scale="6" id="f-335">21,852</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-27" decimals="-6" name="ifrs-full:Equity" format="ixt:num-dot-decimal" scale="6" id="f-336">5,244</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-13" decimals="-6" name="ifrs-full:Equity" format="ixt:num-dot-decimal" scale="6" id="f-337">27,096</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1.5pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">Adjustment on initial application of new reporting (Note 17)</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-28" decimals="-6" sign="-" name="ifrs-full:Equity" scale="6" id="f-338">224</ix:nonFraction>)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-29" decimals="-6" name="ifrs-full:Equity" scale="6" id="f-339">366</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-30" decimals="-6" name="ifrs-full:Equity" scale="6" id="f-340">142</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-31" decimals="-6" name="ifrs-full:Equity" scale="6" id="f-341">142</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 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style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-48" decimals="-6" name="ifrs-full:ComprehensiveIncome" scale="6" id="f-368">184</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-49" decimals="-6" name="ifrs-full:ComprehensiveIncome" scale="6" id="f-369">76</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid 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scale="6" id="f-371">959</ix:nonFraction>)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-46" decimals="-6" sign="-" name="ifrs-full:ComprehensiveIncome" scale="6" id="f-372">664</ix:nonFraction>)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-47" decimals="-6" sign="-" name="ifrs-full:ComprehensiveIncome" scale="6" id="f-373">247</ix:nonFraction>)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1" decimals="-6" sign="-" name="ifrs-full:ComprehensiveIncome" scale="6" id="f-374">911</ix:nonFraction>)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">Dividends and distribution of profit (Note 17)</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-52" decimals="-6" sign="-" name="ifrs-full:DividendsPaid" scale="6" id="f-375">91</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-45" decimals="-6" name="ifrs-full:DividendsPaid" format="ixt:num-dot-decimal" scale="6" id="f-376">1,784</ix:nonFraction>)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-46" decimals="-6" name="ifrs-full:DividendsPaid" format="ixt:num-dot-decimal" scale="6" id="f-377">1,693</ix:nonFraction>)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-47" decimals="-6" name="ifrs-full:DividendsPaid" scale="6" id="f-378">145</ix:nonFraction>)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1" decimals="-6" name="ifrs-full:DividendsPaid" format="ixt:num-dot-decimal" scale="6" id="f-379">1,838</ix:nonFraction>)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">Net movement in treasury shares</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-53" decimals="-6" name="ifrs-full:IncreaseDecreaseThroughTreasuryShareTransactions" scale="6" id="f-380">13</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-45" decimals="-6" sign="-" name="ifrs-full:IncreaseDecreaseThroughTreasuryShareTransactions" scale="6" id="f-381">69</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-46" decimals="-6" sign="-" name="ifrs-full:IncreaseDecreaseThroughTreasuryShareTransactions" scale="6" id="f-382">56</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1" decimals="-6" sign="-" name="ifrs-full:IncreaseDecreaseThroughTreasuryShareTransactions" scale="6" id="f-383">56</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">Acquisitions and disposals of non-controlling interests and business combinations (Notes 2 and 17)</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-45" decimals="-6" name="ifrs-full:IncreaseDecreaseThroughChangeInEquityOfSubsidiaries" scale="6" id="f-384">12</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-46" decimals="-6" name="ifrs-full:IncreaseDecreaseThroughChangeInEquityOfSubsidiaries" scale="6" id="f-385">12</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-47" decimals="-6" sign="-" name="ifrs-full:IncreaseDecreaseThroughChangeInEquityOfSubsidiaries" format="ixt:num-dot-decimal" scale="6" 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1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-46" decimals="-6" name="ifrs-full:ReductionOfIssuedCapital" format="ixt:fixed-zero" scale="6" id="f-391">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1" decimals="-6" name="ifrs-full:ReductionOfIssuedCapital" format="ixt:fixed-zero" scale="6" id="f-392">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">Undated deeply subordinated securities (Note 17)</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-45" decimals="-6" sign="-" name="tef:IncreaseDecreaseThroughUndatedDeeplySubordinatedSecurities" scale="6" id="f-393">249</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-46" decimals="-6" sign="-" name="tef:IncreaseDecreaseThroughUndatedDeeplySubordinatedSecurities" scale="6" id="f-394">249</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 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#bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr></table></div><div style="text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">The accompanying notes and appendices are an integral part of these consolidated statements of changes in equity.</span></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">F-8</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><div style="margin-bottom:9pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.561%"><tr><td style="width:1.0%"/><td style="width:18.723%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:4.626%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:5.948%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:5.948%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:4.333%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:3.745%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:6.095%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:4.333%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:5.214%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:5.214%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:5.214%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:4.626%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:5.948%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:4.633%"/><td style="width:0.1%"/></tr><tr style="height:26pt"><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">&#160;CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY</span></td><td colspan="33" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">Attributable to equity holders of the parent and other holders of equity instruments</span></td><td colspan="3" rowspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">Non-contro-lling interests (Note 17)</span></td><td colspan="3" rowspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">Total equity</span></td></tr><tr style="height:47pt"><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">Millions of euros</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">Share capital</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">Share premium</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">Treasury Shares</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">Other equity instru-ments</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">Legal reserve</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">Retained earnings</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">Fair value<br/>finan-cial<br/>assets</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">Hedges</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">Equity of associa-tes and others</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">Translation differences</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">Total</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">Financial position at December 31, 2022</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 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style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-81" decimals="-6" sign="-" name="ifrs-full:ProfitLoss" scale="6" id="f-425">892</ix:nonFraction>)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-82" decimals="-6" sign="-" name="ifrs-full:ProfitLoss" scale="6" id="f-426">892</ix:nonFraction>)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-83" decimals="-6" name="ifrs-full:ProfitLoss" scale="6" id="f-427">318</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-14" decimals="-6" sign="-" name="ifrs-full:ProfitLoss" scale="6" id="f-428">574</ix:nonFraction>)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">Other comprehensive income (loss) for the year</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-81" decimals="-6" sign="-" name="ifrs-full:OtherComprehensiveIncome" scale="6" id="f-429">26</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-84" decimals="-6" name="ifrs-full:OtherComprehensiveIncome" scale="6" id="f-430">148</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-85" decimals="-6" sign="-" name="ifrs-full:OtherComprehensiveIncome" scale="6" id="f-431">412</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-86" decimals="-6" sign="-" name="ifrs-full:OtherComprehensiveIncome" scale="6" id="f-432">20</ix:nonFraction>)</span></td><td style="border-top:1pt solid 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style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-81" decimals="-6" sign="-" name="ifrs-full:ComprehensiveIncome" scale="6" id="f-437">918</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-84" decimals="-6" name="ifrs-full:ComprehensiveIncome" scale="6" id="f-438">148</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt 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style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-81" decimals="-6" name="ifrs-full:DividendsPaid" format="ixt:num-dot-decimal" scale="6" id="f-445">1,698</ix:nonFraction>)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-82" decimals="-6" name="ifrs-full:DividendsPaid" format="ixt:num-dot-decimal" scale="6" id="f-446">1,698</ix:nonFraction>)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-83" decimals="-6" name="ifrs-full:DividendsPaid" scale="6" id="f-447">345</ix:nonFraction>)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-14" decimals="-6" name="ifrs-full:DividendsPaid" format="ixt:num-dot-decimal" scale="6" id="f-448">2,043</ix:nonFraction>)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">Net movement in treasury shares</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-88" decimals="-6" sign="-" name="ifrs-full:IncreaseDecreaseThroughTreasuryShareTransactions" scale="6" id="f-449">186</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-81" decimals="-6" sign="-" name="ifrs-full:IncreaseDecreaseThroughTreasuryShareTransactions" scale="6" id="f-450">35</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-82" decimals="-6" sign="-" name="ifrs-full:IncreaseDecreaseThroughTreasuryShareTransactions" scale="6" id="f-451">221</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-14" decimals="-6" sign="-" name="ifrs-full:IncreaseDecreaseThroughTreasuryShareTransactions" scale="6" id="f-452">221</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">Acquisitions and disposals of non-controlling interests and business combinations </span><span style="color:#50535a;font-family:'Telefonica',sans-serif;font-size:7pt;font-weight:400;line-height:100%">(Note 17)</span></div></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-82" decimals="-6" name="ifrs-full:IncreaseDecreaseThroughChangeInEquityOfSubsidiaries" format="ixt:fixed-zero" scale="6" id="f-453">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-83" decimals="-6" sign="-" name="ifrs-full:IncreaseDecreaseThroughChangeInEquityOfSubsidiaries" format="ixt:num-dot-decimal" scale="6" id="f-454">1,579</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-14" decimals="-6" sign="-" name="ifrs-full:IncreaseDecreaseThroughChangeInEquityOfSubsidiaries" format="ixt:num-dot-decimal" scale="6" id="f-455">1,579</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">Capital reduction</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-89" decimals="-6" name="ifrs-full:ReductionOfIssuedCapital" scale="6" id="f-456">25</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-90" decimals="-6" name="ifrs-full:ReductionOfIssuedCapital" scale="6" id="f-457">73</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-88" decimals="-6" sign="-" name="ifrs-full:ReductionOfIssuedCapital" scale="6" id="f-458">98</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-82" decimals="-6" name="ifrs-full:ReductionOfIssuedCapital" format="ixt:fixed-zero" scale="6" id="f-459">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-14" decimals="-6" name="ifrs-full:ReductionOfIssuedCapital" format="ixt:fixed-zero" scale="6" id="f-460">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">Undated deeply subordinated 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style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-81" decimals="-6" sign="-" name="tef:IncreaseDecreaseThroughUndatedDeeplySubordinatedSecurities" scale="6" id="f-461">239</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-82" decimals="-6" sign="-" name="tef:IncreaseDecreaseThroughUndatedDeeplySubordinatedSecurities" scale="6" id="f-462">239</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-14" decimals="-6" sign="-" name="tef:IncreaseDecreaseThroughUndatedDeeplySubordinatedSecurities" scale="6" id="f-463">239</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">Other movements</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span 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style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 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style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-14" decimals="-6" name="ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesEquity" scale="6" id="f-466">87</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">Financial position at December 31, 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id="f-468">3,751</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-18" decimals="-6" sign="-" name="ifrs-full:Equity" scale="6" id="f-469">429</ix:nonFraction>)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-19" decimals="-6" name="ifrs-full:Equity" format="ixt:num-dot-decimal" scale="6" id="f-470">7,550</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-20" decimals="-6" name="ifrs-full:Equity" format="ixt:num-dot-decimal" scale="6" id="f-471">1,059</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-21" decimals="-6" name="ifrs-full:Equity" format="ixt:num-dot-decimal" scale="6" id="f-472">24,895</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-22" decimals="-6" sign="-" name="ifrs-full:Equity" scale="6" id="f-473">301</ix:nonFraction>)</span></td><td style="border-top:2pt solid 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id="f-477">21,852</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-27" decimals="-6" name="ifrs-full:Equity" format="ixt:num-dot-decimal" scale="6" id="f-478">5,244</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span 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colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-104" decimals="-6" name="ifrs-full:ComprehensiveIncome" format="ixt:num-dot-decimal" scale="6" id="f-505">2,059</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-107" decimals="-6" name="ifrs-full:ComprehensiveIncome" scale="6" id="f-506">98</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-108" decimals="-6" name="ifrs-full:ComprehensiveIncome" scale="6" id="f-507">287</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-109" decimals="-6" sign="-" name="ifrs-full:ComprehensiveIncome" scale="6" id="f-508">94</ix:nonFraction>)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-110" decimals="-6" name="ifrs-full:ComprehensiveIncome" format="ixt:num-dot-decimal" scale="6" id="f-509">1,169</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-105" decimals="-6" name="ifrs-full:ComprehensiveIncome" format="ixt:num-dot-decimal" scale="6" id="f-510">3,519</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-106" decimals="-6" name="ifrs-full:ComprehensiveIncome" scale="6" id="f-511">708</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-15" decimals="-6" name="ifrs-full:ComprehensiveIncome" format="ixt:num-dot-decimal" scale="6" id="f-512">4,227</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span 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colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-112" decimals="-6" sign="-" name="ifrs-full:DividendsPaid" scale="6" id="f-514">21</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-104" decimals="-6" name="ifrs-full:DividendsPaid" format="ixt:num-dot-decimal" scale="6" id="f-515">1,223</ix:nonFraction>)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-105" decimals="-6" name="ifrs-full:DividendsPaid" format="ixt:num-dot-decimal" scale="6" id="f-516">1,067</ix:nonFraction>)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-106" decimals="-6" name="ifrs-full:DividendsPaid" scale="6" id="f-517">411</ix:nonFraction>)</span></td><td style="border-top:2pt 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style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #b7b7b7;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #b7b7b7;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #b7b7b7;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #b7b7b7;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-113" decimals="-6" sign="-" name="ifrs-full:IncreaseDecreaseThroughTreasuryShareTransactions" scale="6" id="f-519">342</ix:nonFraction>)</span></td><td 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style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-104" decimals="-6" sign="-" name="ifrs-full:IncreaseDecreaseThroughTreasuryShareTransactions" scale="6" id="f-520">22</ix:nonFraction>)</span></td><td style="border-top:1pt solid #b7b7b7;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #b7b7b7;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #b7b7b7;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #b7b7b7;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #b7b7b7;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #b7b7b7;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #b7b7b7;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #b7b7b7;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #b7b7b7;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #b7b7b7;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span 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contextRef="c-15" decimals="-6" sign="-" name="ifrs-full:IncreaseDecreaseThroughTreasuryShareTransactions" scale="6" id="f-522">364</ix:nonFraction>)</span></td><td style="border-top:1pt solid #b7b7b7;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #b7b7b7;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">Acquisitions and disposals of non-controlling interests and business combinations </span></td><td colspan="2" style="border-top:1pt solid #b7b7b7;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #b7b7b7;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #b7b7b7;padding:2px 0 2px 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style="border-top:1pt solid #b7b7b7;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #b7b7b7;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #b7b7b7;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-104" decimals="-6" name="ifrs-full:IncreaseDecreaseThroughChangeInEquityOfSubsidiaries" scale="6" id="f-523">936</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #b7b7b7;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #b7b7b7;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #b7b7b7;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #b7b7b7;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #b7b7b7;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #b7b7b7;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #b7b7b7;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #b7b7b7;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #b7b7b7;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #b7b7b7;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-105" decimals="-6" name="ifrs-full:IncreaseDecreaseThroughChangeInEquityOfSubsidiaries" scale="6" id="f-524">936</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #b7b7b7;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #b7b7b7;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-106" decimals="-6" sign="-" name="ifrs-full:IncreaseDecreaseThroughChangeInEquityOfSubsidiaries" scale="6" id="f-525">155</ix:nonFraction>)</span></td><td style="border-top:1pt solid #b7b7b7;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #b7b7b7;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-15" decimals="-6" name="ifrs-full:IncreaseDecreaseThroughChangeInEquityOfSubsidiaries" scale="6" id="f-526">781</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #b7b7b7;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #b7b7b7;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">Capital reduction</span></td><td colspan="2" style="border-top:1pt solid #b7b7b7;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-111" decimals="-6" name="ifrs-full:ReductionOfIssuedCapital" scale="6" id="f-527">139</ix:nonFraction>)</span></td><td style="border-top:1pt solid #b7b7b7;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #b7b7b7;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-114" decimals="-6" name="ifrs-full:ReductionOfIssuedCapital" scale="6" id="f-528">409</ix:nonFraction>)</span></td><td style="border-top:1pt solid #b7b7b7;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #b7b7b7;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-113" decimals="-6" sign="-" name="ifrs-full:ReductionOfIssuedCapital" scale="6" id="f-529">548</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #b7b7b7;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #b7b7b7;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #b7b7b7;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #b7b7b7;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #b7b7b7;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #b7b7b7;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #b7b7b7;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #b7b7b7;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #b7b7b7;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #b7b7b7;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #b7b7b7;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #b7b7b7;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #b7b7b7;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #b7b7b7;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #b7b7b7;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #b7b7b7;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #b7b7b7;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #b7b7b7;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #b7b7b7;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #b7b7b7;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-15" decimals="-6" name="ifrs-full:ReductionOfIssuedCapital" format="ixt:fixed-zero" scale="6" id="f-530">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #b7b7b7;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">Undated deeply subordinated securities and notes mandatorily convertible&#160;(Note 17)</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-104" decimals="-6" sign="-" name="tef:IncreaseDecreaseThroughUndatedDeeplySubordinatedSecurities" scale="6" id="f-531">201</ix:nonFraction>)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-105" decimals="-6" sign="-" name="tef:IncreaseDecreaseThroughUndatedDeeplySubordinatedSecurities" scale="6" id="f-532">201</ix:nonFraction>)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-15" decimals="-6" sign="-" name="tef:IncreaseDecreaseThroughUndatedDeeplySubordinatedSecurities" scale="6" id="f-533">201</ix:nonFraction>)</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">Other movements</span></td><td colspan="2" style="border-top:1pt solid #b7b7b7;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #b7b7b7;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #b7b7b7;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #b7b7b7;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #b7b7b7;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #b7b7b7;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #b7b7b7;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #b7b7b7;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #b7b7b7;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #b7b7b7;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #b7b7b7;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-104" decimals="-6" name="ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesEquity" scale="6" id="f-534">58</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #b7b7b7;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #b7b7b7;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #b7b7b7;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #b7b7b7;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #b7b7b7;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #b7b7b7;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #b7b7b7;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #b7b7b7;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #b7b7b7;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #b7b7b7;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-105" decimals="-6" name="ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesEquity" scale="6" id="f-535">58</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #b7b7b7;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #b7b7b7;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-106" decimals="-6" name="ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesEquity" scale="6" id="f-536">1</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #b7b7b7;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #b7b7b7;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-15" decimals="-6" name="ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesEquity" scale="6" id="f-537">59</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #b7b7b7;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span 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style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-72" decimals="-6" name="ifrs-full:Equity" format="ixt:num-dot-decimal" scale="6" id="f-542">1,059</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-73" decimals="-6" name="ifrs-full:Equity" format="ixt:num-dot-decimal" scale="6" id="f-543">27,698</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-74" decimals="-6" sign="-" name="ifrs-full:Equity" scale="6" id="f-544">449</ix:nonFraction>)</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-75" decimals="-6" name="ifrs-full:Equity" scale="6" id="f-545">725</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-76" decimals="-6" sign="-" name="ifrs-full:Equity" scale="6" id="f-546">30</ix:nonFraction>)</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-77" decimals="-6" sign="-" name="ifrs-full:Equity" format="ixt:num-dot-decimal" scale="6" id="f-547">20,723</ix:nonFraction>)</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-78" decimals="-6" name="ifrs-full:Equity" format="ixt:num-dot-decimal" scale="6" id="f-548">25,088</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-79" decimals="-6" name="ifrs-full:Equity" format="ixt:num-dot-decimal" scale="6" id="f-549">6,620</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-80" decimals="-6" name="ifrs-full:Equity" format="ixt:num-dot-decimal" scale="6" id="f-550">31,708</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr></table></div><div style="text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">The accompanying notes and appendices are an integral part of these consolidated statements of changes in equity.</span></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">F-9</span></div></div></div><div id="i63478826478c4e0dbabc502413383f6b_277"></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><div style="margin-bottom:9pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.853%"><tr><td style="width:1.0%"/><td style="width:58.197%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:8.709%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:7.831%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:11.052%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:8.711%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Consolidated Statements of cash flows</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">&#160;</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Millions of euros</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Notes</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2024</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2023</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2022</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Cash received from operations</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(Note 28)</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1" decimals="-6" name="tef:ReceiptsFromOperations" format="ixt:num-dot-decimal" scale="6" id="f-551">48,856</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-14" decimals="-6" name="tef:ReceiptsFromOperations" format="ixt:num-dot-decimal" scale="6" id="f-552">47,314</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-15" decimals="-6" name="tef:ReceiptsFromOperations" format="ixt:num-dot-decimal" scale="6" id="f-553">46,925</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Cash paid from operations</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(Note 28)</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1" decimals="-6" name="tef:PaymentsForOperations" format="ixt:num-dot-decimal" scale="6" id="f-554">36,134</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-14" decimals="-6" name="tef:PaymentsForOperations" format="ixt:num-dot-decimal" scale="6" id="f-555">34,646</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-15" decimals="-6" name="tef:PaymentsForOperations" format="ixt:num-dot-decimal" scale="6" id="f-556">34,778</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" 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solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-14" decimals="-6" name="tef:PaymentsOfInterestAndOtherFinancialExpensesNetOfDividendsReceived" scale="6" id="f-558">565</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-15" decimals="-6" name="tef:PaymentsOfInterestAndOtherFinancialExpensesNetOfDividendsReceived" scale="6" id="f-559">292</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Taxes (paid)/proceeds</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(Note 28)</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1" decimals="-6" name="ifrs-full:IncomeTaxesPaidRefundClassifiedAsOperatingActivities" scale="6" id="f-560">668</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-14" decimals="-6" name="ifrs-full:IncomeTaxesPaidRefundClassifiedAsOperatingActivities" scale="6" id="f-561">454</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-15" decimals="-6" name="ifrs-full:IncomeTaxesPaidRefundClassifiedAsOperatingActivities" scale="6" id="f-562">92</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Net cash flow provided by operating activities</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">(Note 28)</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1" decimals="-6" name="ifrs-full:CashFlowsFromUsedInOperatingActivities" format="ixt:num-dot-decimal" scale="6" id="f-563">10,994</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-14" decimals="-6" name="ifrs-full:CashFlowsFromUsedInOperatingActivities" format="ixt:num-dot-decimal" scale="6" id="f-564">11,649</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-15" decimals="-6" name="ifrs-full:CashFlowsFromUsedInOperatingActivities" format="ixt:num-dot-decimal" scale="6" id="f-565">11,763</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(Payments on investments)/proceeds from the sale in property, plant and equipment and intangible assets</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(Note 28)</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1" decimals="-6" sign="-" name="tef:ProceedsFromPurchaseOfPropertyPlantAndEquipmentAndIntangibleAssetsClassifiedAsInvestingActivitiesNet" format="ixt:num-dot-decimal" scale="6" id="f-566">5,521</ix:nonFraction>)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-14" decimals="-6" sign="-" name="tef:ProceedsFromPurchaseOfPropertyPlantAndEquipmentAndIntangibleAssetsClassifiedAsInvestingActivitiesNet" format="ixt:num-dot-decimal" scale="6" id="f-567">5,851</ix:nonFraction>)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-15" decimals="-6" sign="-" name="tef:ProceedsFromPurchaseOfPropertyPlantAndEquipmentAndIntangibleAssetsClassifiedAsInvestingActivitiesNet" format="ixt:num-dot-decimal" scale="6" id="f-568">5,508</ix:nonFraction>)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Proceeds/(payments) on disposals of companies, net of cash and cash equivalents disposed</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(Note 28)</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1" decimals="-6" name="ifrs-full:CashFlowsFromLosingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities" scale="6" id="f-569">220</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-14" decimals="-6" name="ifrs-full:CashFlowsFromLosingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities" format="ixt:num-dot-decimal" scale="6" id="f-570">1,004</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-15" decimals="-6" sign="-" name="ifrs-full:CashFlowsFromLosingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities" scale="6" id="f-571">115</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Payments on investments in companies, net of cash and cash equivalents acquired</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(Note 28)</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1" decimals="-6" name="ifrs-full:CashFlowsUsedInObtainingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities" scale="6" id="f-572">189</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-14" decimals="-6" name="ifrs-full:CashFlowsUsedInObtainingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities" scale="6" id="f-573">252</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-15" decimals="-6" name="ifrs-full:CashFlowsUsedInObtainingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities" format="ixt:num-dot-decimal" scale="6" id="f-574">1,628</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Proceeds on financial investments not included under cash equivalents</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(Note 28)</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1" decimals="-6" name="tef:ProceedsFromFinancialInvestmentsNotIncludedUnderCashEquivalents" format="ixt:num-dot-decimal" scale="6" id="f-575">1,413</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-14" decimals="-6" name="tef:ProceedsFromFinancialInvestmentsNotIncludedUnderCashEquivalents" format="ixt:num-dot-decimal" scale="6" id="f-576">1,432</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-15" decimals="-6" name="tef:ProceedsFromFinancialInvestmentsNotIncludedUnderCashEquivalents" format="ixt:num-dot-decimal" scale="6" id="f-577">2,967</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Payments on financial investments not included under cash equivalents</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(Note 28)</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1" decimals="-6" name="tef:PaymentsForFinancialInvestmentsNotIncludedUnderCashEquivalents" format="ixt:num-dot-decimal" scale="6" id="f-578">1,196</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-14" decimals="-6" name="tef:PaymentsForFinancialInvestmentsNotIncludedUnderCashEquivalents" format="ixt:num-dot-decimal" scale="6" id="f-579">1,475</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-15" decimals="-6" name="tef:PaymentsForFinancialInvestmentsNotIncludedUnderCashEquivalents" format="ixt:num-dot-decimal" scale="6" id="f-580">2,575</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Net proceeds/(payments) for temporary financial investments</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(Note 28)</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1" decimals="-6" name="tef:ProceedsFromPaymentsForTemporaryFinancialInstruments" scale="6" id="f-581">50</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-14" decimals="-6" name="tef:ProceedsFromPaymentsForTemporaryFinancialInstruments" scale="6" id="f-582">856</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-15" decimals="-6" name="tef:ProceedsFromPaymentsForTemporaryFinancialInstruments" format="ixt:num-dot-decimal" scale="6" id="f-583">1,532</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Net cash flow used in investing activities</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">(Note 28)</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1" decimals="-6" sign="-" name="ifrs-full:CashFlowsFromUsedInInvestingActivities" format="ixt:num-dot-decimal" scale="6" id="f-584">5,223</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-14" decimals="-6" sign="-" name="ifrs-full:CashFlowsFromUsedInInvestingActivities" format="ixt:num-dot-decimal" scale="6" id="f-585">4,286</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-15" decimals="-6" sign="-" name="ifrs-full:CashFlowsFromUsedInInvestingActivities" format="ixt:num-dot-decimal" scale="6" id="f-586">5,327</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Dividends paid</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(Note 28)</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1" decimals="-6" name="ifrs-full:DividendsPaidClassifiedAsFinancingActivities" format="ixt:num-dot-decimal" scale="6" id="f-587">1,887</ix:nonFraction>)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-14" decimals="-6" name="ifrs-full:DividendsPaidClassifiedAsFinancingActivities" format="ixt:num-dot-decimal" scale="6" id="f-588">2,139</ix:nonFraction>)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-15" decimals="-6" name="ifrs-full:DividendsPaidClassifiedAsFinancingActivities" format="ixt:num-dot-decimal" scale="6" id="f-589">1,397</ix:nonFraction>)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(Payments)/proceeds from share capital (decrease)/increase with minority interest</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(Note 28)</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1" decimals="-6" sign="-" name="tef:ProceedsFromPaymentsForShareCapitalIncreaseDecreaseWithMinorityInterest" scale="6" id="f-590">57</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-14" decimals="-6" name="tef:ProceedsFromPaymentsForShareCapitalIncreaseDecreaseWithMinorityInterest" scale="6" id="f-591">113</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-15" decimals="-6" name="tef:ProceedsFromPaymentsForShareCapitalIncreaseDecreaseWithMinorityInterest" format="ixt:num-dot-decimal" scale="6" id="f-592">1,022</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(Payments)/proceeds of treasury shares and other operations with shareholders and with minority interests</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(Note 28)</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1" decimals="-6" sign="-" name="tef:ProceedsFromPaymentsForTreasurySharesAndOtherShareholderOperations" format="ixt:num-dot-decimal" scale="6" id="f-593">1,301</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-14" decimals="-6" sign="-" name="tef:ProceedsFromPaymentsForTreasurySharesAndOtherShareholderOperations" format="ixt:num-dot-decimal" scale="6" id="f-594">1,771</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-15" decimals="-6" sign="-" name="tef:ProceedsFromPaymentsForTreasurySharesAndOtherShareholderOperations" scale="6" id="f-595">555</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Operations with other equity holders</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(Note 28)</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1" decimals="-6" name="tef:CashFlowsFromOperationsWithOtherEquityHolders" scale="6" id="f-596">346</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-14" decimals="-6" name="tef:CashFlowsFromOperationsWithOtherEquityHolders" scale="6" id="f-597">329</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-15" decimals="-6" name="tef:CashFlowsFromOperationsWithOtherEquityHolders" scale="6" id="f-598">268</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Proceeds on issue of debentures and bonds and other debts</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(Note 28)</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1" decimals="-6" name="ifrs-full:ProceedsFromIssueOfBondsNotesAndDebentures" format="ixt:num-dot-decimal" scale="6" id="f-599">1,787</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-14" decimals="-6" name="ifrs-full:ProceedsFromIssueOfBondsNotesAndDebentures" scale="6" id="f-600">967</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-15" decimals="-6" name="ifrs-full:ProceedsFromIssueOfBondsNotesAndDebentures" format="ixt:num-dot-decimal" scale="6" id="f-601">1,746</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Proceeds on loans, borrowings and promissory notes</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(Note 28)</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1" decimals="-6" name="ifrs-full:ProceedsFromBorrowingsClassifiedAsFinancingActivities" format="ixt:num-dot-decimal" scale="6" id="f-602">1,760</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-14" decimals="-6" name="ifrs-full:ProceedsFromBorrowingsClassifiedAsFinancingActivities" format="ixt:num-dot-decimal" scale="6" id="f-603">1,707</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-15" decimals="-6" name="ifrs-full:ProceedsFromBorrowingsClassifiedAsFinancingActivities" scale="6" id="f-604">839</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Repayments of debentures and bonds and other debts</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(Note 28)</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1" decimals="-6" name="ifrs-full:RepaymentsOfBondsNotesAndDebentures" format="ixt:num-dot-decimal" scale="6" id="f-605">1,140</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-14" decimals="-6" name="ifrs-full:RepaymentsOfBondsNotesAndDebentures" format="ixt:num-dot-decimal" scale="6" id="f-606">1,910</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-15" decimals="-6" name="ifrs-full:RepaymentsOfBondsNotesAndDebentures" format="ixt:num-dot-decimal" scale="6" id="f-607">3,541</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Repayments of loans, borrowings and promissory notes</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(Note 28)</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1" decimals="-6" name="ifrs-full:RepaymentsOfBorrowingsClassifiedAsFinancingActivities" format="ixt:num-dot-decimal" scale="6" id="f-608">1,123</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-14" decimals="-6" name="ifrs-full:RepaymentsOfBorrowingsClassifiedAsFinancingActivities" format="ixt:num-dot-decimal" scale="6" id="f-609">1,465</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-15" decimals="-6" name="ifrs-full:RepaymentsOfBorrowingsClassifiedAsFinancingActivities" format="ixt:num-dot-decimal" scale="6" id="f-610">3,077</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Lease principal payments </span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(Note 20)</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1" decimals="-6" name="ifrs-full:CashOutflowForLeases" format="ixt:num-dot-decimal" scale="6" id="f-611">2,143</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #969696;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-14" decimals="-6" name="ifrs-full:CashOutflowForLeases" format="ixt:num-dot-decimal" scale="6" id="f-612">2,114</ix:nonFraction>)</span></td><td style="border-top:1pt solid #969696;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #969696;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:9pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-15" decimals="-6" name="ifrs-full:CashOutflowForLeases" format="ixt:num-dot-decimal" scale="6" id="f-613">1,996</ix:nonFraction>)</span></td><td style="border-top:1pt solid #969696;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Financed operating payments and investments in property, plant and equipment and intangible assets payments</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(Note 28)</span></td><td colspan="2" style="border-top:1pt solid #969696;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1" decimals="-6" name="ifrs-full:PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities" scale="6" id="f-614">222</ix:nonFraction>)</span></td><td style="border-top:1pt solid #969696;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #969696;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-14" decimals="-6" name="ifrs-full:PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities" scale="6" id="f-615">245</ix:nonFraction>)</span></td><td style="border-top:1pt solid #969696;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #969696;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-15" decimals="-6" name="ifrs-full:PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities" scale="6" id="f-616">698</ix:nonFraction>)</span></td><td style="border-top:1pt solid #969696;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Net cash used in financing activities</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">(Note 28)</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1" decimals="-6" sign="-" name="ifrs-full:CashFlowsFromUsedInFinancingActivities" format="ixt:num-dot-decimal" scale="6" id="f-617">4,672</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-14" decimals="-6" sign="-" name="ifrs-full:CashFlowsFromUsedInFinancingActivities" format="ixt:num-dot-decimal" scale="6" id="f-618">7,186</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-15" decimals="-6" sign="-" name="ifrs-full:CashFlowsFromUsedInFinancingActivities" format="ixt:num-dot-decimal" scale="6" id="f-619">7,925</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Effect of changes in exchange rates</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1" decimals="-6" sign="-" name="ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents" scale="6" id="f-620">191</ix:nonFraction>)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-14" decimals="-6" sign="-" name="ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents" scale="6" id="f-621">258</ix:nonFraction>)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-15" decimals="-6" name="ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents" scale="6" id="f-622">156</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Cash reclassified to assets held for sale</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">(Note 30)</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1" decimals="-6" sign="-" name="tef:CashReclassifiedtoAssetsHeldforSale" scale="6" id="f-623">3</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-14" decimals="-6" name="tef:CashReclassifiedtoAssetsHeldforSale" scale="6" id="f-624">14</ix:nonFraction>)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-15" decimals="-6" name="tef:CashReclassifiedtoAssetsHeldforSale" format="ixt:fixed-zero" scale="6" id="f-625">&#8212;</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Effect of changes in consolidation methods and others</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1" decimals="-6" name="tef:EffectOfChangesInConsolidationMethodsAndOthersOnCashAndCashEquivalents" format="ixt:fixed-zero" scale="6" id="f-626">&#8212;</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-14" decimals="-6" name="tef:EffectOfChangesInConsolidationMethodsAndOthersOnCashAndCashEquivalents" scale="6" id="f-627">1</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-15" decimals="-6" sign="-" name="tef:EffectOfChangesInConsolidationMethodsAndOthersOnCashAndCashEquivalents" scale="6" id="f-628">2</ix:nonFraction>)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Net increase (decrease) in cash and cash equivalents during the year</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1" decimals="-6" name="ifrs-full:IncreaseDecreaseInCashAndCashEquivalents" scale="6" id="f-629">911</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-14" decimals="-6" sign="-" name="ifrs-full:IncreaseDecreaseInCashAndCashEquivalents" scale="6" id="f-630">94</ix:nonFraction>)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-15" decimals="-6" sign="-" name="ifrs-full:IncreaseDecreaseInCashAndCashEquivalents" format="ixt:num-dot-decimal" scale="6" id="f-631">1,335</ix:nonFraction>)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE PERIOD</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">(Note 16)</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-13" decimals="-6" name="ifrs-full:CashAndCashEquivalents" format="ixt:num-dot-decimal" scale="6" id="f-632">7,151</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-80" decimals="-6" name="ifrs-full:CashAndCashEquivalents" format="ixt:num-dot-decimal" scale="6" id="f-633">7,245</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-103" decimals="-6" name="ifrs-full:CashAndCashEquivalents" format="ixt:num-dot-decimal" scale="6" id="f-634">8,580</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">(Note 16)</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-12" decimals="-6" name="ifrs-full:CashAndCashEquivalents" format="ixt:num-dot-decimal" scale="6" id="f-635">8,062</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-13" decimals="-6" name="ifrs-full:CashAndCashEquivalents" format="ixt:num-dot-decimal" scale="6" id="f-636">7,151</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-80" decimals="-6" name="ifrs-full:CashAndCashEquivalents" format="ixt:num-dot-decimal" scale="6" id="f-637">7,245</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">RECONCILIATION OF CASH AND CASH EQUIVALENTS WITH THE STATEMENTS OF FINANCIAL POSITION</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"/><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">&#160;</span></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:100%">BALANCE AT THE 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1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-80" decimals="-6" name="ifrs-full:CashAndCashEquivalents" format="ixt:num-dot-decimal" scale="6" id="f-639">7,245</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-103" decimals="-6" name="ifrs-full:CashAndCashEquivalents" format="ixt:num-dot-decimal" scale="6" id="f-640">8,580</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Cash on hand and at banks</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-13" decimals="-6" name="ifrs-full:Cash" format="ixt:num-dot-decimal" scale="6" id="f-641">6,265</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-80" decimals="-6" name="ifrs-full:Cash" format="ixt:num-dot-decimal" scale="6" id="f-642">6,653</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-103" decimals="-6" name="ifrs-full:Cash" format="ixt:num-dot-decimal" scale="6" id="f-643">7,353</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Other cash equivalents</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-13" decimals="-6" name="ifrs-full:CashEquivalents" scale="6" id="f-644">886</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-80" decimals="-6" name="ifrs-full:CashEquivalents" scale="6" id="f-645">592</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-103" decimals="-6" name="ifrs-full:CashEquivalents" 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name="ifrs-full:CashAndCashEquivalents" format="ixt:num-dot-decimal" scale="6" id="f-647">8,062</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1.5pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1.5pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-13" decimals="-6" name="ifrs-full:CashAndCashEquivalents" format="ixt:num-dot-decimal" scale="6" id="f-648">7,151</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1.5pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1.5pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-80" decimals="-6" name="ifrs-full:CashAndCashEquivalents" format="ixt:num-dot-decimal" scale="6" id="f-649">7,245</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1.5pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Cash on hand and at banks</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span 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id="f-651">6,265</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-80" decimals="-6" name="ifrs-full:Cash" format="ixt:num-dot-decimal" scale="6" id="f-652">6,653</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Other cash equivalents</span></td><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-12" decimals="-6" name="ifrs-full:CashEquivalents" format="ixt:num-dot-decimal" scale="6" id="f-653">1,157</ix:nonFraction>&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-13" decimals="-6" name="ifrs-full:CashEquivalents" scale="6" id="f-654">886</ix:nonFraction>&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-80" decimals="-6" name="ifrs-full:CashEquivalents" scale="6" id="f-655">592</ix:nonFraction>&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr></table></div><div style="text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">The accompanying notes and appendices are an integral part of these consolidated statements of cash flows.</span></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">F-10</span></div></div></div><div id="i63478826478c4e0dbabc502413383f6b_280"></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><div><span style="color:#a6a6a6;font-family:'Arial',sans-serif;font-size:20pt;font-weight:400;line-height:120%">Telef&#243;nica, S.A. and subsidiaries composing the Telef&#243;nica Group</span></div><div style="margin-bottom:9pt;margin-top:18pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:14pt;font-style:italic;font-weight:400;line-height:120%">Notes to the consolidated financial statements for the year ended December 31, 2024</span></div><div id="i63478826478c4e0dbabc502413383f6b_283"></div><div style="margin-top:18pt;text-align:center"><span style="color:#a6a6a6;font-family:'Arial',sans-serif;font-size:18pt;font-weight:400;line-height:120%">Note 1. <ix:nonNumeric contextRef="c-1" name="ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory" id="f-656" continuedAt="f-656-1" escape="true">Background and general information</ix:nonNumeric></span></div><ix:continuation id="f-656-1"><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Telef&#243;nica, S.A. and its subsidiaries and investees (hereinafter also referred to as Telef&#243;nica, the Company, the Telef&#243;nica Group or the Group) make up an integrated and diversified telecommunications group operating mainly in Europe and Latin America. The Group&#8217;s activity is centered around services of fixed and wireless telephony, broadband, Internet, data traffic, Pay TV and other digital services. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The parent company of the Group is Telef&#243;nica, S.A., a public limited company incorporated on April 19, 1924 for an indefinite period. Its registered office is at calle Gran V&#237;a 28, Madrid (Spain). </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Appendix I lists the main companies composing the Telef&#243;nica Group, their corporate purpose, country, functional currency, share capital, the Group&#8217;s effective shareholding and their method of consolidation. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">As a multinational telecommunications company which operates in regulated markets, the Group is subject to different laws and regulations in each of the jurisdictions in which it operates, pursuant to which permits, concessions or licenses must be obtained in certain circumstances to provide the various services. In addition, certain fixed and wireless telephony services are provided under regulated rate and price systems. Key regulatory issues, and concessions and licenses held by the Telef&#243;nica Group are detailed in Appendix VI. </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The accompanying consolidated financial statements for the year ended December&#160;31, 2024 were approved by the Company&#8217;s Board of Directors at its meeting on February 26, 2025 for submission for approval at the General Shareholders&#8217; Meeting, which is expected to occur without modification to the consolidated financial statements.</span></div></ix:continuation><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">F-11</span></div></div></div><div id="i63478826478c4e0dbabc502413383f6b_286"></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><div style="margin-top:9pt;text-align:center"><span style="color:#a6a6a6;font-family:'Arial',sans-serif;font-size:18pt;font-weight:400;line-height:120%">Note 2. <ix:nonNumeric contextRef="c-1" name="ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory" id="f-657" continuedAt="f-657-1" escape="true">Basis of presentation of the consolidated financial statements</ix:nonNumeric></span></div><ix:continuation id="f-657-1" continuedAt="f-657-2"><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The accompanying consolidated financial statements were prepared from the accounting records of Telef&#243;nica, S.A. and each of the companies comprising the Telef&#243;nica Group, whose separate financial statements were prepared in accordance with the generally accepted accounting principles applicable in the various countries in which they are located, and for the purposes of these consolidated financial statements are presented in accordance with the International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB). These consolidated financial statements present fairly, in all material respects, the consolidated equity and financial position at December 31, 2024, and of the consolidated results of operations, changes in consolidated equity and the consolidated cash flows obtained and used in the year then ended.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The euro is the Group&#8217;s reporting currency.&#160;The figures in these consolidated financial statements are expressed in million euros, unless indicated otherwise, and may therefore be rounded. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Note 3 contains a detailed description of the most significant accounting policies used to prepare these consolidated financial statements.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Materiality criteria </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">These consolidated financial statements do not include certain information or disclosures that, not having to be presented due to their qualitative significance, were deemed to be immaterial or of no relevance pursuant to the concepts of materiality or relevance defined in the IFRS conceptual framework, insofar as the Telef&#243;nica Group&#8217;s consolidated financial statements, taken as a whole, are concerned.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Comparative information and main changes in the consolidation scope </span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">For comparative purposes, the accompanying consolidated financial statements for 2024 include the figures for 2023, and the consolidated income statement, the consolidated statement of comprehensive income, the consolidated statement of changes in equity and the consolidated statement of cash flows, and the notes thereto for the year then ended, they also include those of 2022.</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The main events and changes in the consolidation scope affecting comparability of the consolidated information (see Appendix I for a detailed description of the consolidation scope and the changes during the year) are as listed below.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Exchange rates evolution</span></div><ix:nonNumeric contextRef="c-1" name="ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory" id="f-658" continuedAt="f-658-1" escape="true"><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"/><td style="width:32.233%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:32.233%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:32.234%"/><td style="width:0.1%"/></tr><tr><td colspan="9" style="border-top:1pt solid #b6b6b6;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Variation of average exchange rate vs euro</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #b6b6b6;padding:0 1pt"/><td colspan="3" style="border-top:1pt solid #b6b6b6;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2024 vs 2023</span></td><td colspan="3" style="border-top:1pt solid #b6b6b6;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2023 vs 2022</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #b6b6b6;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Brazilian real</span></td><td colspan="2" style="border-top:1pt solid #b6b6b6;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="number" contextRef="c-115" decimals="3" sign="-" name="tef:AnnualVarianceOfAverageExchangeRate" scale="-2" id="f-659">7.0</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #b6b6b6;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%)</span></td><td colspan="2" style="border-top:1pt solid #b6b6b6;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-116" decimals="3" name="tef:AnnualVarianceOfAverageExchangeRate" scale="-2" id="f-660">0.3</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #b6b6b6;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #b6b6b6;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Pound sterling</span></td><td colspan="2" style="border-top:1pt solid #b6b6b6;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-117" decimals="3" name="tef:AnnualVarianceOfAverageExchangeRate" scale="-2" id="f-661">2.7</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #b6b6b6;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="border-top:1pt solid #b6b6b6;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="number" contextRef="c-118" decimals="3" sign="-" name="tef:AnnualVarianceOfAverageExchangeRate" scale="-2" id="f-662">2.0</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #b6b6b6;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%)</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #b6b6b6;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">New peruvian sol</span></td><td colspan="2" style="border-top:1pt solid #b6b6b6;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="number" contextRef="c-119" decimals="3" sign="-" name="tef:AnnualVarianceOfAverageExchangeRate" scale="-2" id="f-663">0.3</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #b6b6b6;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%)</span></td><td colspan="2" style="border-top:1pt solid #b6b6b6;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="number" contextRef="c-120" decimals="3" sign="-" name="tef:AnnualVarianceOfAverageExchangeRate" scale="-2" id="f-664">0.4</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #b6b6b6;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%)</span></td></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="border-top:1pt solid #b6b6b6;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Chilean peso</span></td><td colspan="2" style="border-top:1pt solid #b6b6b6;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="number" contextRef="c-121" decimals="3" sign="-" name="tef:AnnualVarianceOfAverageExchangeRate" scale="-2" id="f-665">11.2</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #b6b6b6;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%)</span></td><td colspan="2" style="border-top:1pt solid #b6b6b6;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-122" decimals="3" name="tef:AnnualVarianceOfAverageExchangeRate" scale="-2" id="f-666">1.1</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #b6b6b6;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #b6b6b6;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Colombian peso</span></td><td colspan="2" style="border-top:1pt solid #b6b6b6;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-123" decimals="3" name="tef:AnnualVarianceOfAverageExchangeRate" scale="-2" id="f-667">5.8</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #b6b6b6;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="border-top:1pt solid #b6b6b6;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="number" contextRef="c-124" decimals="3" sign="-" name="tef:AnnualVarianceOfAverageExchangeRate" scale="-2" id="f-668">4.3</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #b6b6b6;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%)</span></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #b6b6b6;border-top:1pt solid #b6b6b6;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Mexican peso</span></td><td colspan="2" style="border-bottom:1pt solid #b6b6b6;border-top:1pt solid #b6b6b6;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="number" contextRef="c-125" decimals="3" sign="-" name="tef:AnnualVarianceOfAverageExchangeRate" scale="-2" id="f-669">2.8</ix:nonFraction>&#160;</span></td><td style="border-bottom:1pt solid #b6b6b6;border-top:1pt solid #b6b6b6;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%)</span></td><td colspan="2" style="border-bottom:1pt solid #b6b6b6;border-top:1pt solid #b6b6b6;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-126" decimals="3" name="tef:AnnualVarianceOfAverageExchangeRate" scale="-2" id="f-670">10.3</ix:nonFraction>&#160;</span></td><td style="border-bottom:1pt solid #b6b6b6;border-top:1pt solid #b6b6b6;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td></tr></table></div></ix:nonNumeric></ix:continuation><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">F-12</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><ix:continuation id="f-657-2" continuedAt="f-657-3"><ix:continuation id="f-658-1"><div style="margin-bottom:9pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"/><td style="width:32.233%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:32.233%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:32.234%"/><td style="width:0.1%"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="9" style="border-top:1pt solid #b6b6b6;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Variation of closing exchange rate vs euro</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #b6b6b6;padding:0 1pt"/><td colspan="3" style="border-top:1pt solid #b6b6b6;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2024 vs 2023</span></td><td colspan="3" style="border-top:1pt solid #b6b6b6;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2023 vs 2022</span></td><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="border-top:1pt solid #b6b6b6;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Brazilian real</span></td><td colspan="2" style="border-top:1pt solid #b6b6b6;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="number" contextRef="c-115" decimals="3" sign="-" name="tef:AnnualVarianceInClosingExchangeRate" scale="-2" id="f-671">16.9</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #b6b6b6;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%)</span></td><td colspan="2" style="border-top:1pt solid #b6b6b6;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-116" decimals="3" name="tef:AnnualVarianceInClosingExchangeRate" scale="-2" id="f-672">4.1</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #b6b6b6;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="border-top:1pt solid #b6b6b6;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Pound sterling</span></td><td colspan="2" style="border-top:1pt solid #b6b6b6;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-117" decimals="3" name="tef:AnnualVarianceInClosingExchangeRate" scale="-2" id="f-673">4.8</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #b6b6b6;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="border-top:1pt solid #b6b6b6;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-118" decimals="3" name="tef:AnnualVarianceInClosingExchangeRate" scale="-2" id="f-674">2.1</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #b6b6b6;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="border-top:1pt solid #b6b6b6;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">New peruvian sol</span></td><td colspan="2" style="border-top:1pt solid #b6b6b6;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-119" decimals="3" name="tef:AnnualVarianceInClosingExchangeRate" scale="-2" id="f-675">4.8</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #b6b6b6;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="border-top:1pt solid #b6b6b6;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="number" contextRef="c-120" decimals="3" sign="-" name="tef:AnnualVarianceInClosingExchangeRate" scale="-2" id="f-676">0.7</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #b6b6b6;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%)</span></td><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="border-top:1pt solid #b6b6b6;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Argentine peso</span></td><td colspan="2" style="border-top:1pt solid #b6b6b6;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="number" contextRef="c-127" decimals="3" sign="-" name="tef:AnnualVarianceInClosingExchangeRate" scale="-2" id="f-677">16.7</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #b6b6b6;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%)</span></td><td colspan="2" style="border-top:1pt solid #b6b6b6;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="number" contextRef="c-128" decimals="3" sign="-" name="tef:AnnualVarianceInClosingExchangeRate" scale="-2" id="f-678">78.8</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #b6b6b6;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%)</span></td><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="border-top:1pt solid #b6b6b6;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Chilean peso</span></td><td colspan="2" style="border-top:1pt solid #b6b6b6;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="number" contextRef="c-121" decimals="3" sign="-" name="tef:AnnualVarianceInClosingExchangeRate" scale="-2" id="f-679">6.4</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #b6b6b6;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%)</span></td><td colspan="2" style="border-top:1pt solid #b6b6b6;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="number" contextRef="c-122" decimals="3" sign="-" name="tef:AnnualVarianceInClosingExchangeRate" scale="-2" id="f-680">5.7</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #b6b6b6;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%)</span></td><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="border-top:1pt solid #b6b6b6;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Colombian peso</span></td><td colspan="2" style="border-top:1pt solid #b6b6b6;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="number" contextRef="c-123" decimals="3" sign="-" name="tef:AnnualVarianceInClosingExchangeRate" scale="-2" id="f-681">7.8</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #b6b6b6;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%)</span></td><td colspan="2" style="border-top:1pt solid #b6b6b6;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-124" decimals="3" name="tef:AnnualVarianceInClosingExchangeRate" scale="-2" id="f-682">21.6</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #b6b6b6;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="border-bottom:1pt solid #b6b6b6;border-top:1pt solid #b6b6b6;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Mexican peso</span></td><td colspan="2" style="border-bottom:1pt solid #b6b6b6;border-top:1pt solid #b6b6b6;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="number" contextRef="c-125" decimals="3" sign="-" name="tef:AnnualVarianceInClosingExchangeRate" scale="-2" id="f-683">13.5</ix:nonFraction>&#160;</span></td><td style="border-bottom:1pt solid #b6b6b6;border-top:1pt solid #b6b6b6;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%)</span></td><td colspan="2" style="border-bottom:1pt solid #b6b6b6;border-top:1pt solid #b6b6b6;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-126" decimals="3" name="tef:AnnualVarianceInClosingExchangeRate" scale="-2" id="f-684">11.2</ix:nonFraction>&#160;</span></td><td style="border-bottom:1pt solid #b6b6b6;border-top:1pt solid #b6b6b6;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr></table></div></ix:continuation><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In 2024, there was a negative impact on Equity attributable to equity holders of the Parent Company for translation differences amounting to <ix:nonFraction unitRef="eur" contextRef="c-115" decimals="-6" sign="-" name="tef:IncreaseDecreaseInEquityDueToDepreciationOfEuroToMajorCurrencies" format="ixt:num-dot-decimal" scale="6" id="f-685">2,174</ix:nonFraction> million euros (positive impact of <ix:nonFraction unitRef="eur" contextRef="c-116" decimals="-6" name="tef:IncreaseDecreaseInEquityDueToDepreciationOfEuroToMajorCurrencies" scale="6" id="f-686">419</ix:nonFraction> million euros in 2023) mainly due to the depreciation of the Brazilian real (see Note 17.f).</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Valuation of non-current assets of Telef&#243;nica M&#243;viles Argentina, S.A. (Telef&#243;nica Argentina)</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In 2018 Argentina became a hyperinflationary economy. The annual inflation rates for 2024 and 2023 in Argentina were <ix:nonFraction unitRef="number" contextRef="c-129" decimals="3" name="tef:AnnualIndexRateUsed" scale="-2" id="f-687">117.8</ix:nonFraction>% and <ix:nonFraction unitRef="number" contextRef="c-130" decimals="3" name="tef:AnnualIndexRateUsed" scale="-2" id="f-688">211.4</ix:nonFraction>%, respectively (see Note 3.a).</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The exchange rate used to translate inflation-adjusted items denominated in Argentine pesos in the 2024 financial statements is the official exchange rate as of December 31, 2024 which was <ix:nonFraction unitRef="arsPerEUR" contextRef="c-131" decimals="2" name="ifrs-full:ClosingForeignExchangeRate" format="ixt:num-dot-decimal" scale="0" id="f-689">1,073.18</ix:nonFraction> Argentine pesos per euro, compared to <ix:nonFraction unitRef="arsPerEUR" contextRef="c-132" decimals="2" name="ifrs-full:ClosingForeignExchangeRate" scale="0" id="f-690">893.45</ix:nonFraction> Argentine pesos per euro at December&#160;31, 2023 (a depreciation of around <ix:nonFraction unitRef="number" contextRef="c-127" decimals="2" sign="-" name="tef:AnnualVarianceInClosingExchangeRate" scale="-2" id="f-691">17</ix:nonFraction>% per year). The Equity attributable to equity holders of the Parent Company increased by <ix:nonFraction unitRef="eur" contextRef="c-127" decimals="-6" name="tef:IncreaseDecreaseInEquityDueToDepreciationOfEuroToMajorCurrencies" scale="6" id="f-692">899</ix:nonFraction> million euros in 2024 due to the translation differences of the financial statements of Telef&#243;nica Argentina (see Note 17.f).</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In 2024, Telef&#243;nica Argentina achieved the business plans in force during the year. However, high levels of inflation generated a very significant increase in the carrying amount of non-current assets, with an appreciation of the Argentine peso in real terms during 2024 of more than <ix:nonFraction unitRef="number" contextRef="c-129" decimals="2" name="tef:AppreciationDueToInflation" scale="-2" id="f-693">80</ix:nonFraction>%. Thus, the inflation adjustment of intangible assets and tangible fixed assets of Telef&#243;nica Argentina in 2024 was <ix:nonFraction unitRef="eur" contextRef="c-127" decimals="-6" name="tef:IncreaseDecreaseInIntangibleAssetsAndPropertyPlantAndEquipmentDueToInflation" format="ixt:num-dot-decimal" scale="6" id="f-694">1,279</ix:nonFraction> million euros (see notes 6 and 8).</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">For this reason, the Group has calculated the recoverable value of these assets as of December 31, 2024, with the following valuation assumptions:</span></div><div style="margin-bottom:9pt;margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">Revenue growth (average over business plan period): <ix:nonFraction unitRef="number" contextRef="c-129" decimals="3" name="tef:ValuationAssumptionRevenueGrowthRatePercentage" scale="-2" id="f-695">8.8</ix:nonFraction>%</span></div><div style="margin-bottom:9pt;margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">Operating margin (average over business plan period): <ix:nonFraction unitRef="number" contextRef="c-129" decimals="3" name="tef:OperatingIncomeBeforeDepreciationAndAmortizationRatio" scale="-2" id="f-696">20.4</ix:nonFraction>%</span></div><div style="margin-bottom:9pt;margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">CapEx to sales ratio (average over business plan period): <ix:nonFraction unitRef="number" contextRef="c-129" decimals="3" name="tef:LongTermCapitalExpendituresRatio" scale="-2" id="f-697">10.9</ix:nonFraction>%</span></div><div style="margin-bottom:9pt;margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">Discount rate (WACC): <ix:nonFraction unitRef="number" contextRef="c-131" decimals="2" name="ifrs-full:DescriptionOfDiscountRatesAppliedToCashFlowProjections" scale="-2" id="f-698">17</ix:nonFraction>% (<ix:nonFraction unitRef="number" contextRef="c-131" decimals="2" name="tef:DiscountRateAppliedToCashFlowProjectionsBeforeTax" scale="-2" id="f-699">25</ix:nonFraction>% before tax)</span></div><div style="margin-bottom:9pt;margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">Perpetuity growth rate: <ix:nonFraction unitRef="number" contextRef="c-131" decimals="2" name="ifrs-full:DescriptionOfGrowthRateUsedToExtrapolateCashFlowProjections" scale="-2" id="f-700">3</ix:nonFraction>%</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">As a result of this analysis, Telef&#243;nica's management has estimated that the recoverable value of the assets assigned to the cash-generating unit would be lower than their carrying amount as of December 31, 2024. The Group has recorded an impairment loss on intangible assets and property, plant and equipment, proportional to their net carrying amount, amounting to <ix:nonFraction unitRef="eur" contextRef="c-129" decimals="-6" sign="-" name="ifrs-full:RevaluationIncreaseDecreaseIntangibleAssetsOtherThanGoodwill" scale="6" id="f-701">436</ix:nonFraction> million euros and <ix:nonFraction unitRef="eur" contextRef="c-129" decimals="-6" sign="-" name="ifrs-full:RevaluationIncreaseDecreasePropertyPlantAndEquipment" scale="6" id="f-702">838</ix:nonFraction> million euros, respectively (see notes 6 and 8).</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The tax effect of the impairment losses recorded is a lower deferred tax expense due to the variation in temporary differences associated with these assets, amounting to <ix:nonFraction unitRef="eur" contextRef="c-131" decimals="-6" name="ifrs-full:DeferredTaxAssets" scale="6" id="f-703">446</ix:nonFraction> million euros (see Note 25).</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Following the recording of these impairment losses, the carrying amount of Telef&#243;nica Argentina's net assets as of December 31, 2024 amounts to <ix:nonFraction unitRef="eur" contextRef="c-131" decimals="-6" name="tef:NetAssets" format="ixt:num-dot-decimal" scale="6" id="f-704">1,175</ix:nonFraction> million euros (<ix:nonFraction unitRef="eur" contextRef="c-132" decimals="-6" name="tef:NetAssets" format="ixt:num-dot-decimal" scale="6" id="f-705">1,149</ix:nonFraction> million euros as of December 31, 2023).</span></div></ix:continuation><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">F-13</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><ix:continuation id="f-657-3" continuedAt="f-657-4"><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The contribution of Telef&#243;nica Argentina to the consolidated revenues for 2024, after its conversion to euros, has been <ix:nonFraction unitRef="eur" contextRef="c-129" decimals="-6" name="ifrs-full:Revenue" format="ixt:num-dot-decimal" scale="6" id="f-706">2,226</ix:nonFraction> million euros (<ix:nonFraction unitRef="eur" contextRef="c-130" decimals="-6" name="ifrs-full:Revenue" format="ixt:num-dot-decimal" scale="6" id="f-707">1,237</ix:nonFraction> million euros in 2023) and the contribution to the operating income, before the impairment losses described above, has been a loss of <ix:nonFraction unitRef="eur" contextRef="c-129" decimals="-6" sign="-" name="tef:OperatingLossIncome" scale="6" id="f-708">84</ix:nonFraction> million euros (a loss of <ix:nonFraction unitRef="eur" contextRef="c-130" decimals="-6" sign="-" name="tef:OperatingLossIncome" scale="6" id="f-709">199</ix:nonFraction> million euros in 2023). </span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On February 24, 2025, Telef&#243;nica sold all the shares that it held in Telef&#243;nica M&#243;viles Argentina, S.A. (see Note 31). </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">ICSID Arbitration Telef&#243;nica, S.A. vs. Republic of Colombia</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On November 12, 2024 Telef&#243;nica obtained a favorable award regarding the investment dispute with the Republic of Colombia submitted to the International Centre for Settlement of Investment Disputes (&#8220;ICSID&#8221;)  (see Note 29.a). </span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Court has stated that the Republic of Colombia failed to comply with its obligation to grant fair and equitable treatment to Telef&#243;nica's investments under Article 2(3) of the APPRI, and has ordered it to pay the amount of <ix:nonFraction unitRef="usd" contextRef="c-133" decimals="-6" name="ifrs-full:OtherOperatingIncomeExpense" scale="6" id="f-710">380</ix:nonFraction> million U.S. dollars (approximately <ix:nonFraction unitRef="eur" contextRef="c-133" decimals="-6" name="ifrs-full:OtherOperatingIncomeExpense" scale="6" id="f-711">358</ix:nonFraction> million euros recorded in Other income, see Note 26) plus compound interest at a rate of <ix:nonFraction unitRef="number" contextRef="c-133" decimals="2" name="tef:PercentageOfCompoundInterestRatePenaltyDueToDamagesPenalty" scale="-2" id="f-712">5</ix:nonFraction>% per year as compensation for the damages caused. Accrued interest as of December 31, 2024 amounts to <ix:nonFraction unitRef="eur" contextRef="c-134" decimals="-6" name="ifrs-full:InterestReceivable" scale="6" id="f-713">154</ix:nonFraction> million euros (Note 19).</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On November 27, 2024, the Republic of Colombia submitted to the ICSID an application for annulment and a request for suspension of enforcement of the award. In accordance with ICSID procedures, in these situations, enforcement of the award is provisionally suspended until a new court decides on the request, within a maximum period of 30 days since its constitution. At the date of preparation of these financial statements, the court has not been constituted, although its constitution is expected in the short term.</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Following the legal analysis carried out, Telef&#243;nica's management considers that the award represents a firm right to collection, and therefore it has been recorded in the financial statements as of December 31, 2024.The amount owed by the Republic of Colombia as of that date is recorded in "Short-term credits" (see Note 15) of the consolidated statement of financial position.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">VMED O2 UK joint venture </span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On June 1, 2021, the joint venture in the United Kingdom (see Note 10) owned <ix:nonFraction unitRef="number" contextRef="c-135" decimals="2" name="ifrs-full:ProportionOfOwnershipInterestInJointVenture" scale="-2" id="f-714">50</ix:nonFraction>% by Telef&#243;nica and Liberty Global plc called VMED O2 UK Limited ("VMO2"), was established.</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Telef&#243;nica received dividends from VMO2 amounting to <ix:nonFraction unitRef="gbp" contextRef="c-136" decimals="-6" name="ifrs-full:DividendsReceivedFromJointVenturesClassifiedAsInvestingActivities" scale="6" id="f-715">425</ix:nonFraction> million pounds sterling (approximately <ix:nonFraction unitRef="eur" contextRef="c-136" decimals="-6" name="ifrs-full:DividendsReceivedFromJointVenturesClassifiedAsInvestingActivities" scale="6" id="f-716">512</ix:nonFraction> million euros), <ix:nonFraction unitRef="gbp" contextRef="c-137" decimals="-6" name="ifrs-full:DividendsReceivedFromJointVenturesClassifiedAsInvestingActivities" format="ixt:num-dot-decimal" scale="6" id="f-717">1,000</ix:nonFraction> million pounds sterling (approximately <ix:nonFraction unitRef="eur" contextRef="c-137" decimals="-6" name="ifrs-full:DividendsReceivedFromJointVenturesClassifiedAsInvestingActivities" format="ixt:num-dot-decimal" scale="6" id="f-718">1,154</ix:nonFraction> million euros), and <ix:nonFraction unitRef="gbp" contextRef="c-138" decimals="-6" name="ifrs-full:DividendsReceivedFromJointVenturesClassifiedAsInvestingActivities" scale="6" id="f-719">800</ix:nonFraction> million pounds sterling (<ix:nonFraction unitRef="eur" contextRef="c-138" decimals="-6" name="ifrs-full:DividendsReceivedFromJointVenturesClassifiedAsInvestingActivities" scale="6" id="f-720">909</ix:nonFraction> million euros) in 2024, 2023 and 2022, respectively (see Note 28).</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The share of (loss) income of VMO2 accounted for by the equity method in the consolidated income statements of the Telef&#243;nica Group amounted to an income of <ix:nonFraction unitRef="eur" contextRef="c-136" decimals="-6" name="ifrs-full:ShareOfProfitLossOfJointVenturesAccountedForUsingEquityMethod" scale="6" id="f-721">89</ix:nonFraction> million euros in 2024, a loss of <ix:nonFraction unitRef="eur" contextRef="c-137" decimals="-6" sign="-" name="ifrs-full:ShareOfProfitLossOfJointVenturesAccountedForUsingEquityMethod" format="ixt:num-dot-decimal" scale="6" id="f-722">2,030</ix:nonFraction> million euros in 2023, and an income of <ix:nonFraction unitRef="eur" contextRef="c-138" decimals="-6" name="ifrs-full:ShareOfProfitLossOfJointVenturesAccountedForUsingEquityMethod" scale="6" id="f-723">292</ix:nonFraction> million euros in 2022 (see Note 10). The loss in 2023 included the effect of the impairment of goodwill recorded by VMO2 in the amount of <ix:nonFraction unitRef="eur" contextRef="c-137" decimals="-6" name="ifrs-full:ImpairmentLossRecognisedInProfitOrLossGoodwill" format="ixt:num-dot-decimal" scale="6" id="f-724">3,572</ix:nonFraction> million euros with an impact of <ix:nonFraction unitRef="eur" contextRef="c-139" decimals="-6" name="ifrs-full:ImpairmentLossRecognisedInProfitOrLossGoodwill" format="ixt:num-dot-decimal" scale="6" id="f-725">1,786</ix:nonFraction> million euros on the consolidated income statement of the Telef&#243;nica Group (see Note 10).</span></div><div style="margin-bottom:9pt;margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:110%">Acquisition of mobile assets of Oi Group</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On April 20, 2022, the closing of the transaction related to the Purchase Agreement for Acquisition of Unidade Produtiva Isolada (UPI) Mobile Assets of Oi Group took place, and Telef&#243;nica Brasil acquired, on such date, all the shares of the company Garliava RJ Infraestrutura e Redes de Telecomunica&#231;&#245;es S.A. (Garliava), to which the mobile assets of Oi Group assigned to Telef&#243;nica Brazil had been contributed, under the segregation plan stated in the Oi Agreement.</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Telef&#243;nica Brasil thus acquired its share of mobile assets of the Oi Group for an amount, which was subject to adjustments, of <ix:nonFraction unitRef="brl" contextRef="c-140" decimals="-6" name="tef:CashTransferredEstimation" format="ixt:num-dot-decimal" scale="6" id="f-726">5,373</ix:nonFraction> million Brazilian reais (approximately <ix:nonFraction unitRef="eur" contextRef="c-140" decimals="-6" name="tef:CashTransferredEstimation" format="ixt:num-dot-decimal" scale="6" id="f-727">1,063</ix:nonFraction> million euros at the exchange rate at such date). A payment of <ix:nonFraction unitRef="brl" contextRef="c-141" decimals="-6" name="ifrs-full:CashTransferred" format="ixt:num-dot-decimal" scale="6" id="f-728">4,885</ix:nonFraction> million Brazilian reais (approximately <ix:nonFraction unitRef="eur" contextRef="c-141" decimals="-6" name="ifrs-full:CashTransferred" scale="6" id="f-729">972</ix:nonFraction> million euros) was made at closing of the transaction. The remaining amount, equivalent to <ix:nonFraction unitRef="number" contextRef="c-140" decimals="2" name="tef:IncreaseInExistingLiabilitiesRecognisedInBusinessCombinationPercentage" scale="-2" id="f-730">10</ix:nonFraction>% of the payment made on that date, is withheld subject to certain price adjustments and potential indemnification obligations contained in the purchase agreement for the acquisition of mobile assets of the Oi Group. </span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The total consideration also included <ix:nonFraction unitRef="brl" contextRef="c-142" decimals="-6" name="ifrs-full:LiabilitiesIncurred" scale="6" id="f-731">110</ix:nonFraction> million Brazilian reais subject to the fulfilment of certain targets, and other costs amounting to <ix:nonFraction unitRef="brl" contextRef="c-143" decimals="-6" name="ifrs-full:LiabilitiesIncurred" scale="6" id="f-732">8</ix:nonFraction> million Brazilian reais. Thus, the total consideration transferred amounted to <ix:nonFraction unitRef="brl" contextRef="c-141" decimals="-6" name="ifrs-full:AcquisitiondateFairValueOfTotalConsiderationTransferred" format="ixt:num-dot-decimal" scale="6" id="f-733">5,492</ix:nonFraction> million Brazilian reais (<ix:nonFraction unitRef="eur" contextRef="c-141" decimals="-6" name="ifrs-full:AcquisitiondateFairValueOfTotalConsiderationTransferred" format="ixt:num-dot-decimal" scale="6" id="f-734">1,093</ix:nonFraction> million euros at the date of the closing of the transaction). </span></div></ix:continuation><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">F-14</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><ix:continuation id="f-657-4" continuedAt="f-657-5"><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On the date of approval of the consolidated financial statements for the year 2022, the Company had concluded the report for the allocation of the purchase price. The fair value assigned to Oi's licenses amounted to <ix:nonFraction unitRef="eur" contextRef="c-144" decimals="-6" name="ifrs-full:IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate" scale="6" id="f-735">520</ix:nonFraction> million euros. The goodwill amounted to <ix:nonFraction unitRef="eur" contextRef="c-145" decimals="-6" name="ifrs-full:GoodwillRecognisedAsOfAcquisitionDate" scale="6" id="f-736">676</ix:nonFraction> million euros (see Note 5).</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In October 2023, the arbitration proceeding between the parties ended (see Note 29.c), resulting on a final price the for the UPI Mobile Assets assigned to Telef&#243;nica Brasil of <ix:nonFraction unitRef="brl" contextRef="c-146" decimals="-6" name="ifrs-full:AcquisitiondateFairValueOfTotalConsiderationTransferred" format="ixt:num-dot-decimal" scale="6" id="f-737">5,129</ix:nonFraction> million Brazilian reais as of the closing date (compared to the <ix:nonFraction unitRef="brl" contextRef="c-140" decimals="-6" name="tef:CashTransferredEstimation" format="ixt:num-dot-decimal" scale="6" id="f-738">5,373</ix:nonFraction> million Brazilian reais of the initial price). As a result, <ix:nonFraction unitRef="number" contextRef="c-146" decimals="2" name="tef:CashTransferredRetainedAmountPercentage" scale="-2" id="f-739">50</ix:nonFraction>% of the retained amount (<ix:nonFraction unitRef="brl" contextRef="c-147" decimals="-6" name="tef:CashTransferredRetainedAmount" scale="6" id="f-740">488</ix:nonFraction> million reais), plus applicable interest was offset against the amount allocated as debt and the other <ix:nonFraction unitRef="number" contextRef="c-146" decimals="4" name="tef:CashTransferredWithdrawnAmountPercentage" scale="-2" id="f-741">50</ix:nonFraction>%, in the updated amount of <ix:nonFraction unitRef="brl" contextRef="c-147" decimals="-6" name="tef:CashTransferredWithdrawnAmount" scale="6" id="f-742">277</ix:nonFraction> million reais (<ix:nonFraction unitRef="eur" contextRef="c-147" decimals="-6" name="tef:CashTransferredWithdrawnAmount" scale="6" id="f-743">51</ix:nonFraction> million euros at such date), was withdrawn by Telef&#243;nica Brasil before the Arbitration Chamber (see Note 5).</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Agreement between Telef&#243;nica de Espa&#241;a and Telef&#243;nica Infra with Vauban Infrastructure Partners and Credit Agricole Assurance for the establishment of Bluevia</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In July 2022, an agreement was reached between Telef&#243;nica de Espa&#241;a and Telef&#243;nica Infra with the consortium formed by Vauban Infrastructure Partners (Vauban) and Cr&#233;dit Agricole Assurances (CAA) for the establishment of a company, Bluevia Fibra, S.L. for the deployment and commercialization of a fiber to the home network mainly in rural areas in Spain.</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On December 20, 2022 once the regulatory authorizations were obtained and after the fulfillment of the remaining agreed conditions, the transaction was completed.</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The consortium formed by CAA and Vauban has acquired <ix:nonFraction unitRef="number" contextRef="c-148" decimals="2" name="ifrs-full:ProportionOfVotingPowerHeldInAssociate" scale="-2" id="f-744">45</ix:nonFraction>% of the Company for a total amount of <ix:nonFraction unitRef="eur" contextRef="c-149" decimals="-6" name="ifrs-full:CashTransferred" format="ixt:num-dot-decimal" scale="6" id="f-745">1,021</ix:nonFraction> million euros in cash, paid on the closing of the agreement (see Note 28). The transaction had no impact on the consolidated income statements of the Telef&#243;nica Group as it consisted on the sale of minority interest, with Telef&#243;nica retaining control over Bluevia. The impact of this transaction in equity attributable to equity holders of the parent was an increase of <ix:nonFraction unitRef="eur" contextRef="c-150" decimals="-6" name="ifrs-full:IncreaseDecreaseThroughChangeInEquityOfSubsidiaries" scale="6" id="f-746">986</ix:nonFraction> million euros in "Retained earnings". In addition, there was in increase in equity attributable to non-controlling interest amounting to <ix:nonFraction unitRef="eur" contextRef="c-151" decimals="-6" name="ifrs-full:IncreaseDecreaseThroughChangeInEquityOfSubsidiaries" scale="6" id="f-747">23</ix:nonFraction> million euros (see Note 17).</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The difference between the tax value of the assets transferred to Bluevia and their carrying amount in the Group's consolidated annual accounts generated a deferred tax asset for deductible temporary differences amounting to <ix:nonFraction unitRef="eur" contextRef="c-152" decimals="-6" name="ifrs-full:DeferredTaxAssets" scale="6" id="f-748">548</ix:nonFraction> million euros (see Note 25).</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Collective Bargaining Agreement and Collective Redundancies Plan </span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On December 28, 2023, certain subsidiaries of Telef&#243;nica Spain and the most representative Trade Union Organizations reached an agreement to sign the III Collective Bargaining Agreement valid until December 31, 2026 and can be extended for a further year, with the aim of moving towards a more digital, flexible company prepared for future challenges in a highly competitive context. These agreements were endorsed on January 3, 2024.</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In addition, and in parallel, these subsidiaries agreed to execute the Collective Redundancies Plan, which provided for collective redundancies affecting up to a total of <ix:nonFraction unitRef="worker" contextRef="c-153" decimals="INF" name="tef:RestructuringPlanNumberOfWorkers" format="ixt:num-dot-decimal" scale="0" id="f-749">3,420</ix:nonFraction> employees. Employees who turned <ix:nonFraction unitRef="model" contextRef="c-154" decimals="INF" name="tef:RestructuringPlanMinimumAgeOfEmployees" scale="0" id="f-750">56</ix:nonFraction> years or older in 2024 and with a seniority of more than <ix:nonFraction unitRef="y" contextRef="c-154" decimals="INF" name="tef:RestructuringPlanMinimumSeniorityOfEmployees" scale="0" id="f-751">15</ix:nonFraction> years were able to adhere to the Collective Redundancies Plan. However, targets were established that resulted in limits on joining in critical areas or additional redundancies based on business reasons.</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In "Personnel expenses" of the consolidated income statement for the year 2023, a provision of <ix:nonFraction unitRef="eur" contextRef="c-14" decimals="-6" name="ifrs-full:ExpenseOfRestructuringActivities" format="ixt:num-dot-decimal" scale="6" id="f-752">1,320</ix:nonFraction> million euros before taxes (see Note 24) corresponding to Telef&#243;nica Spain, based on the present value of the estimated payment flows resulting from the Collective Redundancies Plan.</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Public Offers for the Acquisition of Shares of Telef&#243;nica Deutschland</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On November 7, 2023, Telef&#243;nica, through its subsidiary Telef&#243;nica Local Services GmbH, launched a partial voluntary public tender offer for shares of Telef&#243;nica Deutschland Holding AG (&#8220;Telef&#243;nica Deutschland&#8221;). The Offer acceptance period began on December 5, 2023 and ended on January 17, 2024 (both inclusive).</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">At the date of the Offer announcement, Telef&#243;nica was the owner, directly or indirectly, of <ix:nonFraction unitRef="number" contextRef="c-155" decimals="4" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" scale="-2" id="f-753">71.81</ix:nonFraction>% of the share capital and voting rights of Telef&#243;nica Deutschland and, consequently, the Offer was announced on shares representing approximately <ix:nonFraction unitRef="number" contextRef="c-156" decimals="4" name="tef:ProportionOfOwnershipInterestAvailableInOffer" scale="-2" id="f-754">28.19</ix:nonFraction>% remaining.</span></div></ix:continuation><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">F-15</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><ix:continuation id="f-657-5" continuedAt="f-657-6"><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On December 31, 2023, Telef&#243;nica owned <ix:nonFraction unitRef="number" contextRef="c-157" decimals="4" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" scale="-2" id="f-755">82.43</ix:nonFraction>% of the share capital of Telef&#243;nica Deutschland (<ix:nonFraction unitRef="number" contextRef="c-158" decimals="4" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" scale="-2" id="f-756">70.58</ix:nonFraction>% as of December 31, 2022), having made direct purchases on the market for an amount of <ix:nonFraction unitRef="eur" contextRef="c-159" decimals="-6" name="ifrs-full:CashFlowsUsedInObtainingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities" scale="6" id="f-757">816</ix:nonFraction> million euros (see Note 27.h y 28).</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">These purchases made in 2023 produced an increase of <ix:nonFraction unitRef="eur" contextRef="c-160" decimals="-6" name="ifrs-full:IncreaseDecreaseThroughDisposalOfSubsidiary" scale="6" id="f-758">46</ix:nonFraction> million euros in the equity attributed to the parent company and a decrease of <ix:nonFraction unitRef="eur" contextRef="c-161" decimals="-6" sign="-" name="ifrs-full:IncreaseDecreaseThroughDisposalOfSubsidiary" scale="6" id="f-759">866</ix:nonFraction> million euros in the equity attributed to minority interests (see Note 17 h).</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Offer was settled on January 26, 2024 reaching <ix:nonFraction unitRef="number" contextRef="c-162" decimals="4" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" scale="-2" id="f-760">94.12</ix:nonFraction>% of the share capital, including acquisitions through the Offer and acquisitions in the market until that date (See Note 31).</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On March 20, 2024, a public tender offer was launched with the aim of acquiring the shares of Telef&#243;nica Deutschland that were not directly or indirectly owned by Telef&#243;nica at that time (the &#8220;Tender Offer&#8221;). The consideration offered to Telef&#243;nica Deutschland shareholders was <ix:nonFraction unitRef="eurPerShare" contextRef="c-163" decimals="2" name="tef:TenderOfferOfEquityInstrumentCashPerShare" scale="0" id="f-761">2.35</ix:nonFraction> euros in cash per share. The offer closed on April 18, 2024.</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Once the tender offer was completed, and also combined with direct purchases on the market, Telef&#243;nica held <ix:nonFraction unitRef="number" contextRef="c-164" decimals="4" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" scale="-2" id="f-762">96.85</ix:nonFraction>% of the share capital and voting rights of Telef&#243;nica Deutschland.</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">These purchases made in 2024 have resulted in an increase of <ix:nonFraction unitRef="eur" contextRef="c-165" decimals="-6" name="ifrs-full:IncreaseDecreaseThroughDisposalOfSubsidiary" scale="6" id="f-763">28</ix:nonFraction> million euros in the equity attributed to the parent company and a decrease of <ix:nonFraction unitRef="eur" contextRef="c-166" decimals="-6" sign="-" name="ifrs-full:IncreaseDecreaseThroughDisposalOfSubsidiary" format="ixt:num-dot-decimal" scale="6" id="f-764">1,057</ix:nonFraction> million euros in the equity attributed to minority interests (see Note 17).</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Impairment of Telef&#243;nica's assets in Peru and Ordinary Insolvency Procedure.</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In 2024, an impairment loss of the entire remaining goodwill assigned to the cash-generating unit in Per&#250; amounting to <ix:nonFraction unitRef="eur" contextRef="c-167" decimals="-6" name="ifrs-full:ImpairmentLossRecognisedInProfitOrLossGoodwill" scale="6" id="f-765">226</ix:nonFraction> million euros was recorded (see Note 7), as well as <ix:nonFraction unitRef="eur" contextRef="c-168" decimals="-6" name="ifrs-full:ImpairmentLossRecognisedInProfitOrLossGoodwill" scale="6" id="f-766">34</ix:nonFraction> million euros allocated to the fiber optics business in Peru (see Note 30). Additionally, until the carrying amount and the recoverable amount of the CGU are equal, an impairment loss of intangible assets has been recorded amounting to <ix:nonFraction unitRef="eur" contextRef="c-168" decimals="-6" name="ifrs-full:ImpairmentLossRecognisedInProfitOrLossIntangibleAssetsOtherThanGoodwill" scale="6" id="f-767">54</ix:nonFraction> million euros (see Note 6).</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Likewise, in 2024, Telef&#243;nica del Per&#250; has reversed deferred tax assets for loss carryforwards amounting to <ix:nonFraction unitRef="eur" contextRef="c-167" decimals="-6" name="tef:ReversalOfDeferredTaxAssets" scale="6" id="f-768">91</ix:nonFraction> million euros (see Note 25).</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">As a result of the above, as of December 31, 2024, the carrying amount of Telef&#243;nica del Per&#250;'s net assets amounts to <ix:nonFraction unitRef="eur" contextRef="c-169" decimals="-6" name="tef:NetAssets" scale="6" id="f-769">124</ix:nonFraction> million euros.</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Additionally, following the analysis of the recoverability of the assets of Pangea (the wholesale fiber optic company in Peru) at the end of 2024, an impairment of property, plant and equipment amounting to <ix:nonFraction unitRef="eur" contextRef="c-170" decimals="-6" name="ifrs-full:ImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment" scale="6" id="f-770">108</ix:nonFraction> million euros has been recorded, as well as a reversal of deferred tax assets amounting to <ix:nonFraction unitRef="eur" contextRef="c-170" decimals="-6" name="tef:ReversalOfDeferredTaxAssets" scale="6" id="f-771">13</ix:nonFraction> million euros (see Note 30).</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On February 14, 2025 the Board of Directors of Telef&#243;nica del Per&#250; S.A.A. with the aim of achieving an orderly restructuring liabilities of said company, resolved to invoke the Ordinary Insolvency Procedure of Telef&#243;nica del Per&#250;, established under the Peruvian regulation (see Note 31). In order to facilitate the invocation, Telef&#243;nica Hispanoam&#233;rica has granted a credit facility of up to <ix:nonFraction unitRef="pen" contextRef="c-171" decimals="-6" name="ifrs-full:NotionalAmount" format="ixt:num-dot-decimal" scale="6" id="f-772">1,549</ix:nonFraction> million Peruvian soles (approximately <ix:nonFraction unitRef="eur" contextRef="c-171" decimals="-6" name="ifrs-full:NotionalAmount" scale="6" id="f-773">394</ix:nonFraction> million euros), subject to strict conditionality and with a maturity of <ix:nonNumeric contextRef="c-171" name="tef:BorrowingTerm" format="ixt-sec:durwordsen" id="f-774">eighteen months</ix:nonNumeric>, to meet exclusively operational cash requirements of Telef&#243;nica del Per&#250;. The financial situation of Telef&#243;nica del Per&#250; has been very negatively affected by tax contingencies that are more than 20 years old (see Tax litigation in Telef&#243;nica del Per&#250; in Note 25), as well as by administrative decisions which have placed the company in a competitive disadvantage within a particularly challenging market environment. In relation to the abovementioned tax contingencies, Telef&#243;nica is currently in arbitration before the ICSID (see Note 29.a). </span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Telef&#243;nica del Per&#250;&#8217;s liabilities are not guaranteed by any other company of the Telef&#243;nica Group. </span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Impairment of goodwill assigned to the Chilean CGU</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In the Telef&#243;nica Hispam segment, an impairment of goodwill assigned to the cash-generating unit in Chile amounting to <ix:nonFraction unitRef="eur" contextRef="c-172" decimals="-6" name="ifrs-full:ImpairmentLossRecognisedInProfitOrLossGoodwill" scale="6" id="f-775">397</ix:nonFraction> million euros was recorded in 2024 (see Note 7).</span></div></ix:continuation><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">F-16</span></div></div></div><div id="i63478826478c4e0dbabc502413383f6b_289"></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:center"><span style="color:#a6a6a6;font-family:'Arial',sans-serif;font-size:18pt;font-weight:400;line-height:120%">Note 3. <ix:nonNumeric contextRef="c-1" name="ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory" id="f-776" continuedAt="f-776-1" escape="true">Accounting policies</ix:nonNumeric></span></div><ix:continuation id="f-776-1" continuedAt="f-776-2"><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">As stated in Note 2, the Group&#8217;s consolidated financial statements have been prepared in accordance with IFRSs and interpretations issued by the International Accounting Standards Board (IASB).  </span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Accordingly, only the most significant accounting policies used in preparing the accompanying consolidated financial statements, in light of the nature of the Group&#8217;s activities, are set out below, as well as the accounting policies applied where IFRSs permit a policy choice, and those that are specific to the sector in which the Group operates. </span></div><ix:nonNumeric contextRef="c-1" name="ifrs-full:DisclosureOfHyperinflationaryReportingExplanatory" id="f-777" continuedAt="f-777-1" escape="true"><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">a) Hyperinflationary economies </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Venezuela has been considered a hyperinflationary economy since 2009.</span></div><div style="margin-bottom:9pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Pursuant to the amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates, early adopted in 2024 (see section (o) below and Note 17), the Group determines whether the Venezuelan bolivar is exchangeable, and which spot exchange rate to use when exchangeability is lacking. Based on its assessment, the Group uses official rates to translate cash and cash equivalents in foreign currency and alternative estimated rates of exchange, based on inflation rates, to translate the remaining inflation-adjusted bolivar-denominated items in the consolidated financial statements. Prior to these amendments, in the absence of official rates considered representative, the Group&#8217;s policy required the use of an estimated exchange rate &#8211;referred to as synthetic exchange rate&#8211; to translate all items denominated in bolivars for the purposes of the consolidated financial statements.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The estimated exchange rate is calculated considering published inflation rates or, if unavailable, estimated rates. On an annual basis, these rates are <ix:nonFraction unitRef="number" contextRef="c-173" decimals="3" name="tef:InflationRate" scale="-2" id="f-778">61.5</ix:nonFraction>%, <ix:nonFraction unitRef="number" contextRef="c-174" decimals="3" name="tef:InflationRate" scale="-2" id="f-779">189.8</ix:nonFraction>% and <ix:nonFraction unitRef="number" contextRef="c-175" decimals="3" name="tef:InflationRate" scale="-2" id="f-780">174.3</ix:nonFraction>% for 2024, 2023 and 2022, respectively. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The estimated exchange rate as of the closing date of each reporting period, amounts to <ix:nonFraction unitRef="venezuelanbolivarinflation_adjustedperusdollar" contextRef="c-176" decimals="2" name="ifrs-full:ClosingForeignExchangeRate" scale="0" id="f-781">81.85</ix:nonFraction> digital bolivars per U.S. dollar, <ix:nonFraction unitRef="venezuelanbolivarinflation_adjustedperusdollar" contextRef="c-177" decimals="2" name="ifrs-full:ClosingForeignExchangeRate" scale="0" id="f-782">159.45</ix:nonFraction> digital bolivars per U.S. dollar and <ix:nonFraction unitRef="venezuelanbolivarinflation_adjustedperusdollar" contextRef="c-178" decimals="2" name="ifrs-full:ClosingForeignExchangeRate" scale="0" id="f-783">45.18</ix:nonFraction> digital bolivars per U.S. dollar as of December&#160;31, 2024, 2023 and 2022, respectively. In turn, the official reference exchange rate at December 31, 2024 was <ix:nonFraction unitRef="venezuelanbolivarsoberanoPerUSD" contextRef="c-176" decimals="3" name="ifrs-full:ClosingForeignExchangeRate" scale="0" id="f-784">52.027</ix:nonFraction> VED/USD (<ix:nonFraction unitRef="venezuelanbolivarsoberanoPerUSD" contextRef="c-177" decimals="3" name="ifrs-full:ClosingForeignExchangeRate" scale="0" id="f-785">35.959</ix:nonFraction> VED/USD and <ix:nonFraction unitRef="venezuelanbolivarsoberanoPerUSD" contextRef="c-178" decimals="3" name="ifrs-full:ClosingForeignExchangeRate" scale="0" id="f-786">17.489</ix:nonFraction>VED/USD at December 31, 2023 and 2022, respectively). </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">As of the date of initial application of the amendments, January 1, 2024, the reference exchange rate amounted to <ix:nonFraction unitRef="venezuelanbolivarsoberanoPerUSD" contextRef="c-179" decimals="3" name="ifrs-full:ClosingForeignExchangeRate" format="ixt:num-dot-decimal" id="f-787">159.45</ix:nonFraction> VED/USD whereas the estimated exchange rate amounted to <ix:nonFraction unitRef="venezuelanbolivarinflation_adjustedperusdollar" contextRef="c-179" decimals="2" name="ifrs-full:ClosingForeignExchangeRate" scale="0" id="f-788">50.68</ix:nonFraction> digital bolivars per U.S. dollar.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In 2018 Argentina became a hyperinflationary economy. In order to restate its financial statements, the Company uses the series of indices defined by resolution JG No. 539/18 issued by the Federaci&#243;n Argentina de Consejos Profesionales de Ciencias Econ&#243;micas (FACPCE), based on the National Consumer Price Index (IPC) published by the Instituto Nacional de Estad&#237;stica y Censos (INDEC) of the Argentine Republic and the Wholesale Internal Price Index (IPIM) published by FACPCE. The cumulative index at December 31, 2024, 2023 and 2022 is <ix:nonFraction unitRef="number" contextRef="c-131" decimals="3" name="tef:Cumulativeindexrate" format="ixt:num-dot-decimal" scale="-2" id="f-789">7,694.0</ix:nonFraction>%, <ix:nonFraction unitRef="number" contextRef="c-132" decimals="3" name="tef:Cumulativeindexrate" format="ixt:num-dot-decimal" scale="-2" id="f-790">3,533.2</ix:nonFraction>% and <ix:nonFraction unitRef="number" contextRef="c-180" decimals="3" name="tef:Cumulativeindexrate" format="ixt:num-dot-decimal" scale="-2" id="f-791">1,134.6</ix:nonFraction>%, respectively, while on an annual basis the index for 2024 is <ix:nonFraction unitRef="number" contextRef="c-129" decimals="3" name="tef:AnnualIndexRateUsed" scale="-2" id="f-792">117.8</ix:nonFraction>%</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(<ix:nonFraction unitRef="number" contextRef="c-130" decimals="3" name="tef:AnnualIndexRateUsed" scale="-2" id="f-793">211.4</ix:nonFraction>% and <ix:nonFraction unitRef="number" contextRef="c-181" decimals="3" name="tef:AnnualIndexRateUsed" scale="-2" id="f-794">95.0</ix:nonFraction>% in 2023 and 2022, respectively). </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The exchange rate used to translate inflation-adjusted items denominated in Argentine pesos in the 2024 financial statements is the closing exchange rate as of December 31, 2024 which was <ix:nonFraction unitRef="arsPerEUR" contextRef="c-131" decimals="2" name="ifrs-full:ClosingForeignExchangeRate" format="ixt:num-dot-decimal" scale="0" id="f-795">1,073.18</ix:nonFraction> Argentine pesos per euro (<ix:nonFraction unitRef="arsPerEUR" contextRef="c-132" decimals="2" name="ifrs-full:ClosingForeignExchangeRate" scale="0" id="f-796">893.45</ix:nonFraction> and <ix:nonFraction unitRef="arsPerEUR" contextRef="c-180" decimals="2" name="ifrs-full:ClosingForeignExchangeRate" scale="0" id="f-797">189.08</ix:nonFraction> Argentine pesos per euro at December 31, 2023 and 2022, respectively). </span></div></ix:nonNumeric><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"><ix:continuation id="f-777-1">The Group includes in a single line item ("Translation Differences") all the equity effects derived from hyperinflation. This is as follows: (a) the restatement for inflation of the financial statements of the Group companies operating in hyperinflationary economies, and (b) the effects of translating their respective financial statements into euros using the exchange rate at the end of the period.</ix:continuation>  </span></div><ix:nonNumeric contextRef="c-1" name="ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory" id="f-798" continuedAt="f-798-1" escape="true"><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">b) Translation methodology </span></div></ix:nonNumeric><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"><ix:continuation id="f-798-1">The income statements and statements of cash flows of the Telef&#243;nica Group&#8217;s foreign subsidiaries (except Venezuela and Argentina) were translated into euros at the average exchange rates for the year, as a rate that approximates the exchange rates at the dates of the transactions.</ix:continuation> </span></div><ix:nonNumeric contextRef="c-1" name="ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory" id="f-799" continuedAt="f-799-1" escape="true"><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">c) Goodwill </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">After initial recognition, goodwill is carried at cost, less any accumulated impairment losses. Goodwill is recognized as an asset denominated in the currency of the company acquired and is tested for impairment annually at the least, or more frequently, if there are certain events or changes indicating the possibility that the carrying amount may not </span></div></ix:nonNumeric></ix:continuation><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">F-17</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><ix:continuation id="f-776-2" continuedAt="f-776-3"><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"><ix:continuation id="f-799-1">be fully recoverable. The potential impairment loss is determined by assessing the recoverable amount of the cash generating unit (or group of cash generating units) to which the goodwill is allocated from the acquisition date.</ix:continuation> </span></div><ix:nonNumeric contextRef="c-1" name="ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory" id="f-800" continuedAt="f-800-1" escape="true"><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">d) Intangible assets </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Intangible assets are carried at acquisition or production cost, less any accumulated amortization or any accumulated impairment losses. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Intangible assets are amortized on a straight-line basis according to the following: </span></div><div style="margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">Licenses granted to the Telef&#243;nica Group by various public authorities to provide telecommunications services and the value allocated to licenses held by certain companies at the time they were included in the Telef&#243;nica Group (&#8220;Service concession arrangements and licenses&#8221;) are amortized on a straight-line basis over the duration of related licenses from the moment commercial operation begins.  </span></div><div style="margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">The allocation of acquisition costs attributable to customers acquired in business combinations, as well as the acquisition value of these types of assets in a third-party transaction for consideration (Customer base) are amortized on a straight-line basis over the estimated period of the customer relationship. The term length is between <ix:nonNumeric contextRef="c-182" name="tef:UsefulLivesOrAmortisationRatesIntangibleAssetsOtherThanGoodwillPeriod" format="ixt-sec:duryear" id="f-801">3</ix:nonNumeric> and <ix:nonNumeric contextRef="c-183" name="tef:UsefulLivesOrAmortisationRatesIntangibleAssetsOtherThanGoodwillPeriod" format="ixt-sec:duryear" id="f-802">14</ix:nonNumeric> years, based on the customer segment (residential, business, etc.) and the business model (prepaid, postpaid, etc.). </span></div></ix:nonNumeric><div style="margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><ix:continuation id="f-800-1" continuedAt="f-800-2"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span></ix:continuation><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt"><ix:continuation id="f-800-2">Software is amortized on a straight-line basis over its useful life, generally estimated to be between <span style="-sec-ix-hidden:f-803">two</span> and <ix:nonNumeric contextRef="c-185" name="tef:UsefulLivesOrAmortisationRatesIntangibleAssetsOtherThanGoodwillPeriod" format="ixt-sec:durwordsen" id="f-804">five years</ix:nonNumeric>.</ix:continuation> </span></div><ix:nonNumeric contextRef="c-1" name="ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory" id="f-805" escape="true"><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">e) Property, plant and equipment </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Property, plant and equipment is carried at cost, net of government grants received, less any accumulated depreciation and any accumulated impairment in value. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Cost includes, among others, direct labor used in installation and the allocable portion of the indirect costs required for the related asset. The latter two items are recorded as revenue under the concept "Own work capitalized" of the line item Other income. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Interest and other financial expenses incurred and directly attributable to the acquisition or construction of qualifying assets are capitalized. Qualifying assets for the Telef&#243;nica Group are those assets that require a period of at least <ix:nonNumeric contextRef="c-1" name="tef:PeriodToQualifyAssetsToConditionNecessaryForIntendedUseOrSale" format="ixt-sec:durmonth" id="f-806">18</ix:nonNumeric> months to bring the assets to the condition necessary for their intended use or sale. </span></div><ix:nonNumeric contextRef="c-1" name="ifrs-full:DisclosureOfDetailedInformationAboutPropertyPlantAndEquipmentExplanatory" id="f-807" continuedAt="f-807-1" escape="true"><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Group&#8217;s subsidiaries depreciate their property, plant and equipment, from the time they can be placed in service, amortizing the cost of the assets, net of their residual values on a straight-line basis over the assets&#8217; estimated useful lives, which are calculated in accordance with technical studies that are revised periodically in light of technological advances and the rate of dismantling, as follows: </span></div><div style="margin-top:9pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.853%"><tr><td style="width:1.0%"/><td style="width:70.935%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:26.865%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"/><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Years of estimated<br/>useful life</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Buildings</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonNumeric contextRef="c-186" name="tef:UsefulLivesOrDepreciationRatesPropertyPlantAndEquipmentPeriod" format="ixt-sec:duryear" id="f-808">25</ix:nonNumeric>  &#8211; <ix:nonNumeric contextRef="c-187" name="tef:UsefulLivesOrDepreciationRatesPropertyPlantAndEquipmentPeriod" format="ixt-sec:duryear" id="f-809">40</ix:nonNumeric></span></div></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Plant and machinery</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonNumeric contextRef="c-188" name="tef:UsefulLivesOrDepreciationRatesPropertyPlantAndEquipmentPeriod" format="ixt-sec:duryear" id="f-810">4</ix:nonNumeric> &#8211;  <ix:nonNumeric contextRef="c-189" name="tef:UsefulLivesOrDepreciationRatesPropertyPlantAndEquipmentPeriod" format="ixt-sec:duryear" id="f-811">30</ix:nonNumeric></span></div></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Furniture, tools and other items</span></td><td colspan="3" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonNumeric contextRef="c-190" name="tef:UsefulLivesOrDepreciationRatesPropertyPlantAndEquipmentPeriod" format="ixt-sec:duryear" id="f-812">2</ix:nonNumeric>  &#8211;  <ix:nonNumeric contextRef="c-191" name="tef:UsefulLivesOrDepreciationRatesPropertyPlantAndEquipmentPeriod" format="ixt-sec:duryear" id="f-813">10</ix:nonNumeric></span></div></td></tr></table></div></ix:nonNumeric></ix:nonNumeric><ix:nonNumeric contextRef="c-1" name="ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory" id="f-814" continuedAt="f-814-1" escape="true"><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">f) Impairment of non-current assets </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">All non-current assets, including goodwill and investments in associates and joint ventures, are assessed at each reporting date for indicators of impairment. Whenever such indicators exist, or in the case of assets which are subject to an annual impairment test, the recoverable amount is estimated. An asset&#8217;s recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future post-tax cash flows deriving from the use of the asset or its cash generating unit, as applicable, are discounted to their present value using a post-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset, provided that the result obtained is the same that would be obtained by discounting pre-tax cash flows at a pre-tax discount rate. </span></div></ix:nonNumeric></ix:continuation><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">F-18</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><ix:continuation id="f-776-3" continuedAt="f-776-4"><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"><ix:continuation id="f-814-1">The Group bases the calculation of impairment on the approved business plans of the various cash generating units to which the assets are allocated. The projected cash flows, based on the approved strategic business plans, cover a period of <ix:nonNumeric contextRef="c-1" name="tef:PeriodCoveringProjectedCashFlowsForCalculationOfImpairment" format="ixt-sec:durwordsen" id="f-815">five years</ix:nonNumeric>. Starting with the sixth year, an expected constant growth rate is applied</ix:continuation>. </span></div><ix:nonNumeric contextRef="c-1" name="ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory" id="f-816" continuedAt="f-816-1" escape="true"><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">g) Lease agreements </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The determination of whether an arrangement is, or contains a lease is based on the substance of the agreement and requires an assessment of whether the fulfillment of the arrangement is dependent on the use of a specific asset and the agreement conveys a right to the use of the asset. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">At the inception date of the lease (i.e. the date when the underlying asset is available for use), a lessee recognizes a right of use asset that represents the right to use the underlying asset over the term of the lease, and a lease liability for the present value of the lease payments payable over the lease term &#8211; discounted using the incremental borrowing rate at the start date of the lease.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Rights of use assets are measured at cost, less accumulated depreciation and impairment losses, and are adjusted for any remeasurement of lease liabilities. The cost of rights of use assets includes the amount of initial direct costs incurred and lease payments made before the commencement date less incentives received. Right-of-use assets are depreciated on a straight-line basis over the shorter of the estimated useful life of the underlying asset and the lease term.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Lease payments include fixed payments (including in-substance fixed payments) less any lease incentive receivable, variable lease payments that depend on an index or rate, and amounts expected to be paid as residual value guarantees. Similarly, the measurement of the lease liability includes the exercise price of a purchase option, if the lessee is reasonably certain to exercise that option, and payments of penalties for early termination, if the lease term reflects the lessee exercising such cancellation option. After the commencement date, the amount of the lease liabilities is increased to reflect the accrual of interest and reduced for the payments made. In addition to this, the carrying amount of the lease liability is remeasured in certain cases, such as changes in the lease term, changes in future lease payments resulting from a change in an index or rate used to determine those payments. The amount of such remeasurement is generally recognized against an adjustment to the right-of-use asset.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Group uses the "low value" asset lease recognition exemption for office equipment and the short-term lease recognition exemption for all leases with a term of 12 months or less. Therefore, lease payments in such cases are recognized as an expense on a straight-line basis over the lease term. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Group recognizes non-lease components separately from lease components for those classes of assets in which non-lease components are significant with respect to the total value of the arrangement. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Group determines the lease term as the non-cancellable term of the contract, together with any period covered by an extension (or termination) option whose exercise is discretionary for the Group, if there is reasonable certainty that it will be exercised (or it will not be exercised). In its assessment, the Group considers all available information by asset class in the industry and evaluates all relevant factors (technology, regulation, competition, business model) that create an economic incentive to exercise or not a renewal/cancellation option. Notably, the Group takes into consideration the time horizon of the strategic planning of its operations. After the commencement date, the Group reassesses the lease term if there is a significant event or change in circumstances that is within its control that may affect its ability to exercise (or not to exercise) an option to extend or terminate (for example, a change in business strategy).</span></div></ix:nonNumeric><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"><ix:continuation id="f-816-1">Where the Group acts as a lessor, leases are classified between operating and finance leases. Leases in which the lessor retains a significant portion of the risks and rewards of ownership of the leased asset are treated as operating leases. Otherwise, the lease is a finance lease.</ix:continuation> </span></div><ix:nonNumeric contextRef="c-1" name="ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory" id="f-817" continuedAt="f-817-1" escape="true"><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">h) Investment in associates and joint arrangements </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Group assesses whether it has significant influence not only on the basis of its ownership percentage but also on the existence of qualitative factors such as representation on the board of directors of the investee, its participation in decision-making processes, interchange of managerial personnel and access to technical information. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Group assesses rights and obligations agreed to by the parties to a joint arrangement and, when relevant, other facts and circumstances in order to determine whether the joint arrangement in which it is involved is a joint venture or a joint operation.</span></div></ix:nonNumeric></ix:continuation><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">F-19</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><ix:continuation id="f-776-4" continuedAt="f-776-5"><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"><ix:continuation id="f-817-1">Upon the sale or contribution of a controlled business to an associate or joint venture, the Group measures and recognizes any retained interest at its fair value. Any difference between the carrying amount of the business contributed and the fair value of the retained investment and the consideration received from disposal is recognized in full in profit or loss.</ix:continuation> </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">i) Financial assets and liabilities </span></div><ix:nonNumeric contextRef="c-1" name="ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory" id="f-818" continuedAt="f-818-1" escape="true"><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Financial Assets</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">All regular way purchases and sales of financial assets are recognized in the statement of financial position on the trade date, i.e. the date that the Company commits to purchase or sell the asset. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Group applies an impairment model for financial assets based on expected credit losses, using a simplified method for certain short- and long-term assets (commercial receivables, lease receivables and contractual assets).  </span></div></ix:nonNumeric><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"><ix:continuation id="f-818-1">Under this simplified approach, credit impairment is recognized by reference to expected credit losses over the life of the asset. For this purpose the Group uses matrices based on historical bad debt experience by geographical area on a portfolio segmented by customer category according to credit pattern. The matrix for each category has a defined time horizon divided into intervals in accordance with the collection management policy and is fed with historical data that covers at least <ix:nonFraction unitRef="cycle" contextRef="c-1" decimals="INF" name="tef:NumberOfCollectionCyclesCreditImpairment" scale="0" id="f-819">24</ix:nonFraction> collection cycles. This data is updated on a regular basis. Based on the information observable at each close, the Group assesses the need to adjust the rates resulting from these matrices, considering current conditions and future economic forecasts.</ix:continuation> </span></div><ix:nonNumeric contextRef="c-1" name="ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory" id="f-820" continuedAt="f-820-1" escape="true"><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Derivative financial instruments and hedge accounting </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The accounting treatment of any gain or loss resulting from changes in the fair value of a derivative depends on whether the derivative in question meets all the criteria for hedge accounting and, if appropriate, on the nature of the hedge. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Changes in fair value of derivatives that qualify as fair value hedging instruments are recognized in the income statement, together with changes in the fair value of the hedged asset or liability attributable to the risk being hedged. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Changes in the fair value of derivatives that qualify and have been designated as cash flow hedges, which are highly effective, are recognized in equity. The ineffective portion is recognized immediately in the income statement. Fair value changes recognized in equity arising from hedges that relate to firm commitments or forecast transactions that result in the recognition of non-financial assets or liabilities are included in the initial carrying amount of those assets or liabilities. Otherwise, changes in fair value previously recognized in equity are recognized in the income statement in the period in which the hedged transaction affects profit or loss. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">An instrument designated to hedge foreign currency exposure from a net investment in a foreign operation is accounted for in a similar manner to cash flow hedges. </span></div></ix:nonNumeric><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"><ix:continuation id="f-820-1">When the Group chooses not to apply hedge accounting criteria, gains or losses resulting from changes in the fair value of derivatives are taken directly to the income statement. In this respect, transactions used to reduce the exchange rate risk of income contributed by foreign subsidiaries are not treated as hedging transactions.</ix:continuation> </span></div><ix:nonNumeric contextRef="c-1" name="ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories" id="f-821" continuedAt="f-821-1" escape="true"><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">j) Audio-visual rights </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Audio-visual rights which will generally be consumed in a period of less than <ix:nonNumeric contextRef="c-1" name="tef:InventoriesAudioVisualRightsConsumptionPeriod" format="ixt-sec:durwordsen" id="f-822">twelve months</ix:nonNumeric>, as well as own content whose production cycle will in no case exceed <span style="-sec-ix-hidden:f-823">thirty-six</span> months, are included in inventories. </span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The cost of film, documentary, short film and series rights acquired from third parties is charged to the income statement on a straight-line basis from the time of first broadcasting or release until the completion of the rights.  </span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In-house produced programs and series and program titles are charged at the time of their broadcast or up to <span style="-sec-ix-hidden:f-824">thirty-six</span> months from the date of release, depending on their nature and broadcasting strategy. The cost of in-house productions that the Group expects to recover through sale to third parties is recognized as an intangible asset. </span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The cost of broadcasting rights that have expired or whose recovery value is estimated to be lower than the acquisition cost is recognized directly as an expense. </span></div></ix:nonNumeric></ix:continuation><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">F-20</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><ix:continuation id="f-776-5" continuedAt="f-776-6"><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"><ix:continuation id="f-821-1">Broadcasting rights to football and motor sports events, including their inherent production costs, are charged to the income statement on a straight-line basis over twelve months from the start of the season, while rights to other premium sports are charged over the period of the competition. All other sports rights are recognized in the income statement upon first broadcast. When these rights are paid for prior to the moment of allocation to the income statement, and the terms and conditions of the agreement involve performance obligations that still have to be fulfilled in the future by both parties (also known as executory contracts), prepaid amounts are recognized as prepayments under "Other current assets".</ix:continuation> </span></div><ix:nonNumeric contextRef="c-1" name="ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory" id="f-825" continuedAt="f-825-1" escape="true"><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">k) Pensions and other employee obligations </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Provisions required to cover the accrued liability for defined benefit pension plans are determined using the projected unit credit actuarial valuation method. The calculation is based on demographic and financial assumptions determined at a country level, and in consideration of the macroeconomic environment. The discount rates are determined based on high quality market yield curves. Plan assets are measured at fair value. </span></div></ix:nonNumeric><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"><ix:continuation id="f-825-1">Provisions for post-employment benefits (e.g. early retirement or other) are calculated individually based on the terms agreed with the employees. In some cases, these may require actuarial valuations based on both demographic and financial assumptions.</ix:continuation> </span></div><ix:nonNumeric contextRef="c-1" name="ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory" id="f-827" continuedAt="f-827-1" escape="true"><ix:nonNumeric contextRef="c-1" name="ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue" id="f-826" continuedAt="f-826-1" escape="true"><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">l) Revenues and expenses </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Telef&#243;nica Group revenues are derived principally from providing the following telecommunications services: traffic, connection fees, regular (normally monthly) network usage fees, interconnection, network and equipment leasing, handset sales and other digital services such as Pay TV and value-added services or maintenance. Products and services may be sold separately or bundled in promotional packages. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Revenues from calls carried on Telef&#243;nica&#8217;s networks (traffic) entail an initial call establishment fee plus a variable call rate, based on call length, distance and type of service. Both fixed and wireless traffic is recognized as revenue as service is provided. For prepaid calls, the amount of unused traffic generates deferred revenues presented in Contractual liabilities on the statement of financial position.  </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Revenues from traffic sales and services at a fixed rate over a specified period of time (flat rate) are recognized on a straight-line basis over the term covered by the rate paid by the customer. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Installation fees are taken to the income statement on a straight-line basis over the related period. Equipment leases and other services are taken to the income statement as they are consumed. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Interconnection revenues from fixed-wireless and wireless-fixed calls and other customer services are recognized in the period in which the calls are made. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Revenues from handset and equipment sales are recognized once the sale is considered complete, i.e., generally when delivered to the end customer. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">When the Group is in an intermediary position between a supplier/vendor and an end customer, it must determine if it is supplying the product or service as the principal in the transaction or if it is acting as an agent on behalf of the supplier (manufacturer, wholesaler). The distinction involves identifying who controls the goods or services being provided and who is the primary obligor to satisfy the performance obligations in the arrangement. Control is often evidenced when, in the delivery to the end customer, the Group provides significant integration of the goods and services from a third party vendor into its own goods and services. In addition to this, assessment of the primary obligor includes the analysis of indicators such as: whether the Group's responsibilities require infrastructure and resources with specific functionalities, who acts as the main customer contact, who manages claims and provides support services, and who has discretion setting the final price. This principal/agent assessment affects the timing and amount of revenue recognized in the financial statements, either on a gross basis as the principal or on a net basis as the agent, representing the margin earned by the Group for arranging the transaction between the principal and the customer. This is particularly relevant for the Group in connection with digital services, such as streaming TV content, software licenses and other cloud-based products and services.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">For bundled packages that include multiple elements sold in the fixed, wireless, Internet and television businesses it is determined whether it is necessary to identify the separate performance obligations and apply the corresponding revenue recognition policy to each one. Total package revenues are allocated among the identified performance obligations based on their respective standalone selling prices. </span></div></ix:nonNumeric></ix:nonNumeric></ix:continuation><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">F-21</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><ix:continuation id="f-776-6" continuedAt="f-776-7"><ix:continuation id="f-827-1"><ix:continuation id="f-826-1"><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">As connection or initial activation fees, or upfront non-refundable fees, are not separately identifiable performance obligations in these types of packages, any consideration received from the customer for these items is allocated to the remaining elements. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">When the customer has a right of return, the agreed consideration is considered variable. The Group estimates the amount of variable consideration to which it is entitled using the expected value method (probability-weighted possible amounts), considering all historical, current and forecast information that is reasonably available, and only to the extent that it determines that it is highly probable that a significant reversal in the amount of cumulative revenue recognized will not occur. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Expenses relating to customer contracts (mainly, commissions payable to dealers for customer acquisitions) are recognized as an asset to the extent that they are incremental and are expected to be recovered. Subsequently, these costs are amortized over the same term as the revenues associated with such contract are recognized, unless the expected amortization period is one year or less, in which case they are expensed as incurred. For the purposes of allocating to profit or loss the incremental costs of obtaining a contract with indefinite duration, renewal periods are taken into consideration, estimated on the basis of the customer churn rate, unless there are contract renewal costs which are commensurate with those incurred in the initial contract. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">As part of our strategy, the Group has increased its use of renewable energy through power purchase agreements (PPAs) to purchase energy from sustainable sources, such as wind and solar. These contracts often have a long term and provide the Group with a mechanism to ensure the supply of green energy at fixed prices. When these arrangements involve physical delivery of electricity and are entered into for the purpose of receiving the energy for the entity&#8217;s expected purchase, sale or usage requirements (i.e. volume agreed does not exceed actual and expected power needs), the contract is for &#8220;own use&#8221; and is generally accounted for as power purchases or sales when the underlying transactions take place.</span></div></ix:continuation></ix:continuation><ix:nonNumeric contextRef="c-1" name="ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory" id="f-828" escape="true"><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">m) Non-current assets held for sale</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Group classifies non-current assets and disposal groups as held for sale if their carrying amounts will be recovered principally through a sale transaction rather than through continuing use. Non-current assets and disposal groups classified as held for sale are measured at the lower of their carrying amount and fair value less costs to sell and are presented separately in the statement of financial position as &#8220;Non-current assets and disposal groups held for sale&#8221; and &#8220;Liabilities associated with non-current assets and disposal groups held for sale&#8221;. Once classified as held for sale property, plant and equipment and intangible assets (including right-of-use assets) are no longer depreciated or amortized. </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The criteria for held for sale classification is regarded as met only when the Group determines the sale to be highly probable: management is committed to a decision to sell and all actions required to complete the sale indicate that it is unlikely that significant changes to the sale will be made or that the decision will be withdrawn. In addition, the asset or disposal group is available for immediate sale in its present condition (subject only to terms that are usual and customary for such transactions) and the sale is expected to be completed within one year from the date of the classification.</span></div></ix:nonNumeric><ix:nonNumeric contextRef="c-1" name="tef:UseOfEstimatesPolicyTextBlock" id="f-829" continuedAt="f-829-1" escape="true"><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">n) Use of estimates </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The key assumptions concerning the future and other relevant sources of uncertainty in estimates at the reporting date that could have a significant impact on the consolidated financial statements within the next financial year are discussed below.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">A significant change in the facts and circumstances on which these estimates and related judgments are based could have a material impact on the Group&#8217;s results and financial position. Accordingly, sensitivity analysis are disclosed for the most relevant situations (see Notes 7 and 24). </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Non-current assets and goodwill </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The accounting treatment of investments in non-current assets such as property, plant and equipment, intangible assets and interests in associates and joint ventures, entails the use of estimates to determine the useful life for depreciation and amortization purposes and to assess fair value at their acquisition dates for assets acquired in business combinations. </span></div></ix:nonNumeric></ix:continuation><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">F-22</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><ix:continuation id="f-829-1" continuedAt="f-829-2"><ix:continuation id="f-776-7" continuedAt="f-776-8"><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Determining useful life requires making estimates in connection with future technological developments and alternative uses for assets. There is a significant element of judgment involved in making technological development assumptions, since the timing and scope of future technological advances are difficult to predict. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Also, upon the sale or contribution of a controlled business to an associate or joint venture, the Group measures and recognizes any retained interest at its fair value. The fair value assigned to the retained investment is determined on the basis of its business plan, including significant judgments when considering significant assumptions such as long-term margin of operating results before depreciation and amortization, long-term capital expenditure ratio, discount rate and perpetuity growth rate which would be significantly affected by the future trends in the economic, competitive, regulatory and technological environment. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The decision to recognize an impairment loss involves developing estimates that include, among others, an analysis of the causes of the potential impairment, as well as its timing and expected amount. Furthermore, additional factors are taken into account, such as the situation of the macroeconomic environment, regulatory and competitive developments, technological obsolescence, the discontinuation of certain services as well as other changes in circumstances, that highlight the need to assess a potential impairment. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Telef&#243;nica Group evaluates its cash-generating units&#8217; performance on a regular basis to identify potential impairments of goodwill and other non-current assets. Determining the recoverable amount of the cash-generating units also entails the use of assumptions and estimates and requires a significant element of judgment. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Deferred income taxes </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Group assesses the recoverability of deferred tax assets based on estimates of future earnings, and of all the options available to achieve an outcome, it considers the most efficient one in tax terms within the legal framework the Group is subject to. Such recoverability ultimately depends on the Group&#8217;s ability to generate taxable earnings over the period for which the deferred tax assets remain deductible. This analysis is based on the estimated schedule for reversing deferred tax liabilities, as well as estimates of taxable earnings, which are sourced from internal projections that are continuously updated to reflect the latest trends. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The recognition of tax assets and liabilities depends on a series of factors, including estimates as to the timing and realization of deferred tax assets and the projected tax payment schedule. Actual Group company income tax receipts and payments could differ from the estimates made by the Group as a result of changes in tax legislation, the outcome of underway tax proceedings or unforeseen future transactions that could affect tax balances. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Provisions </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Provisions are recorded when, at the end of the period, we have a present obligation as a result of past events, whose settlement requires an outflow of resources that is considered probable and can be measured reliably. This obligation may be legal or constructive, arising from, but not limited to, regulation, contracts, common practice or public commitments, which have created a valid expectation for third parties that we will assume certain responsibilities.  The amount recorded is the best estimation performed by the management in respect of the expenditure that will be required to settle the obligations, considering all the information available at the closing date, including the advice of external experts, such as legal advisors or consultants. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Should we be unable to reliably measure the obligation, no provision would be recorded and information would then be presented in the notes to the Consolidated Financial Statements. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Because of the inherent uncertainties in this estimation, actual expenditures may be different from the originally estimated amount recognized. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Revenue recognition </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Bundled offers </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Bundled offers that combine different elements are assessed to determine whether it is necessary to separate the different identifiable components and apply the corresponding revenue recognition policy to each element. Total package revenues are allocated among the identified elements based on their respective standalone selling prices. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Determining standalone selling prices for each identified element requires estimates that are complex due to the nature of the business. </span></div></ix:continuation></ix:continuation><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">F-23</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><ix:continuation id="f-776-8" continuedAt="f-776-9"><ix:continuation id="f-829-2" continuedAt="f-829-3"><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">A change in estimates of standalone selling prices could affect the apportionment of revenue among the elements and, as a result, the timing of recognition of revenues. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Leases </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Accounting for rights and obligations as a lessee under a lease contract requires the use of estimations to determine the lease term in contracts that include extension options or early termination options.  </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Determining the lease term involves making estimates over the time horizon of the Group's strategic planning process with respect to relevant factors such as expected technological progress, possible regulatory developments, market and competition trends or changes in the business model. The assumptions regarding these variables involve a significant degree of judgment to the extent that the timing and nature of future changes are difficult to anticipate. </span></div></ix:continuation><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"><ix:continuation id="f-829-3">Due to the uncertainties inherent to these estimates, changes in the assumptions made in respect of uncertain matters when determining the lease term of a lease contract may have an impact on the amounts of the right of use assets and lease liabilities recognized on the basis of the estimates made by the Group.</ix:continuation>  </span></div><ix:nonNumeric contextRef="c-1" name="ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations" id="f-830" continuedAt="f-830-1" escape="true"><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">o) New IFRS and interpretations of the International Financial Reporting Interpretations Committee (IFRIC) </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The accounting policies applied in the preparation of the consolidated financial statements for the year ended December&#160;31, 2024 are consistent with those used in the preparation of the Group&#8217;s consolidated annual financial statements for the year ended December&#160;31, 2023, with the exception of the following amendments to existing standards issued by the IASB and endorsed by the European Union for application in Europe, which have been applied for the first time for the annual period commencing on January 1, 2024.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Early Adoption of Amendments to IAS 21: Lack of Exchangeability </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Group has elected to early adopt the amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates, concerning the lack of exchangeability of currencies, issued by the IASB in August 2023 and endorsed by the EU for application in Europe in November 2024.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">These amendments require an entity to apply a consistent approach to assessing whether a currency is exchangeable into another currency at a measurement date and for a specified purpose, and to determining the appropriate spot exchange rate to use in cases where exchangeability is absent.</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Group operates in Venezuela, an environment with significant foreign exchange controls and restrictions established by the authorities, considered as a hyperinflationary economy since 2009. In accordance with the amendments, the Group has assessed the exchangeability of the Venezuelan bolivar to determine the appropriate exchange rate for consolidation purposes. Pursuant to the amendments, the Group uses official rates to translate the cash and cash equivalents in foreign currency balance, and alternative exchange rates based on published inflation rates (or, if unavailable, estimated rates) to translate the remaining inflation-adjusted bolivar-denominated items in the consolidated financial statements. The application of these amendments enhances transparency and accuracy in the presentation of the economic and financial position of the Group&#8217;s Venezuelan operations.</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Adopting these amendments has not required retrospective adjustments to comparative information for prior periods. Instead, at the date of initial application, January 1, 2024, the Group is required to translate the affected amounts at appropriate spot exchange rates with an adjustment to retained earnings and to translation differences, amounting to -<ix:nonFraction unitRef="eur" contextRef="c-192" decimals="-6" sign="-" name="ifrs-full:ChangesInEquity" scale="6" id="f-831">224</ix:nonFraction> million euros and <ix:nonFraction unitRef="eur" contextRef="c-193" decimals="-6" name="ifrs-full:ChangesInEquity" scale="6" id="f-832">366</ix:nonFraction> million euros, respectively (see Note 17.g).</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Also, the Group has considered the additional disclosures required by the new amendments in preparing the annual consolidated financial information (see section (a) above).</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:112%">Amendments to IAS 1: Classification of Liabilities as Current or Non-Current </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The amendments clarify whether debt and other liabilities with an uncertain settlement date should be classified as current or non-current in the statement of financial position, depending on the rights that exist at the end of the reporting period. The amendments also address the classification requirements for debt a company might settle by converting it into equity. </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The amendments clarify, not change, existing requirements and affect only the presentation of liabilities in the statement of financial position &#8212; not the amount or timing of recognition of any asset, liability income or expenses, or the information that entities disclose about those items. </span></div></ix:nonNumeric></ix:continuation><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">F-24</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><ix:continuation id="f-830-1" continuedAt="f-830-2"><ix:continuation id="f-776-9" continuedAt="f-776-10"><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The application of these amendments for the current reporting period did not have a significant impact on the Group&#8217;s consolidated financial statements. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Amendments to IAS 1: Non-Current Liabilities with Covenants</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">These amendments are intended to improve the information companies provide about long-term debt with covenants by enabling investors to understand the risk that such debt could become repayable within twelve months.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">IAS 1 requires a company to classify debt as non-current only if the company can avoid settling the debt in the 12 months after the reporting date. However, a company&#8217;s ability to do so is often subject to complying with covenants. These amendments specify that covenants to be complied with after the reporting date do not affect the classification of debt as current or non-current at the reporting date. Instead, the amendments require a company to disclose information about these covenants in the notes to the financial statements. </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The application of these amendments for the current reporting period did not have a significant impact on the Group&#8217;s consolidated financial statements.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Amendments to IFRS 16 &#8211; Lease Liability in a Sale and Leaseback Transaction</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">These narrow-scope amendments to IFRS 16 Leases provide specific guidelines for measuring the lease liability arising in sale and leaseback transactions for seller-lessees in a way that does not result in the recognition of any amount of the gain or loss that relates to the right of use it retains. </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The application of these amendments for the current reporting period did not have a significant impact on the Group&#8217;s consolidated financial statements. </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Amendments to IFRS 7 and IFRS 9 &#8211; Supplier Finance Arrangements</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">These amendments clarify the characteristics of supplier finance arrangements and introduce new disclosure requirements about such arrangements. The new disclosures are intended to provide information that enables investors to understand the effects of supplier finance arrangements on an entity&#8217;s liabilities, cash flows and exposure to liquidity risk.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">As a transitional relief, during this first year of application, entities are not required to disclose specified opening balances or comparative information. </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The adoption of these amendments for the current reporting period did not have a significant impact on the Group&#8217;s consolidated financial statements.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">New standards and amendments to standards issued but not effective as of December&#160;31, 2024. </span></div><ix:nonNumeric contextRef="c-1" name="ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations" id="f-833" escape="true"><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">At the date of preparation of the consolidated financial statements, the following new standards and amendments to existing standards had been published, but their application is not mandatory: </span><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"/><td style="width:37.057%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:37.788%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:21.855%"/><td style="width:0.1%"/></tr><tr><td colspan="6" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Standards and amendments</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Mandatory application: annual periods beginning on or after</span></td></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Amendments to IFRS 9 and IFRS 7</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:100%">Amendments to the Classification and Measurement of Financial Instruments</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">January 1, 2026</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Amendments to IFRS 9 and IFRS 7</span></td><td colspan="3" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:100%">Contracts Referencing Nature-dependent Electricity</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">January 1, 2026</span></td></tr><tr><td colspan="6" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Annual Improvements to IFRS Accounting Standards&#8212;Volume 11</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">January 1, 2026</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">IFRS 18</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:100%">Presentation and Disclosure in Financial Statements</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">January 1, 2027</span></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">IFRS 19</span></td><td colspan="3" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:100%">Subsidiaries without Public Accountability: Disclosures</span></td><td colspan="3" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">January 1, 2027</span></td></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr></table></div></ix:nonNumeric><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Group is currently assessing the impact that the adoption of these new pronouncements will have on the consolidated financial statements at the time of initial application. In particular, IFRS 18 will replace IAS 1 Presentation of Financial Statements and introduces, among other changes, new requirements for presentation within the statement of profit or loss, including new totals and subtotals. Furthermore, all income and expenses must </span></div></ix:continuation></ix:continuation><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">F-25</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"><ix:continuation id="f-830-2"><ix:continuation id="f-776-10">be classified into the following categories: operating, investing, financing, income taxes, and discontinued operations, with the first three being new. Entities will be affected by these new requirements. IFRS 18 and all consequential amendments are effective for periods beginning on or after January 1, 2027, with retrospective application required. The Group is currently working to identify the impacts these new criteria will have on the primary financial statements and notes to the financial statements. Our preliminary assessment suggests that adopting IFRS 18 will mainly affect the presentation of items in the income statement, without causing changes in their recognition or measurement.</ix:continuation></ix:continuation> </span></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">F-26</span></div></div></div><div id="i63478826478c4e0dbabc502413383f6b_292"></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><div style="margin-top:9pt;text-align:center"><span style="color:#a6a6a6;font-family:'Arial',sans-serif;font-size:18pt;font-weight:400;line-height:120%">Note 4. <ix:nonNumeric contextRef="c-1" name="ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory" id="f-834" continuedAt="f-834-1" escape="true">Segment information</ix:nonNumeric></span></div><ix:continuation id="f-834-1" continuedAt="f-834-2"><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In 2024 the Telef&#243;nica Group is reporting financial information, both internally and externally, according to the following segments: Telef&#243;nica Spain, VMO2 (recorded by the equity method), Telef&#243;nica Germany, Telef&#243;nica Brazil and Telef&#243;nica Hispam (formed by the Group's operators in Colombia, Mexico, Venezuela, Ecuador, Argentina, Chile, Peru and Uruguay).</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In 2024, the impairment of goodwill of the cash-generating unit in Peru and Chile is included in the Telef&#243;nica Hispam segment, and the impairment of goodwill of Telef&#243;nica Tech UK &amp; Ireland and the BE-terna Group is included in Other companies (see Note 7).</span></div><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In 2023, the impairment of goodwill of the cash-generating unit in Ecuador (see Note 7) is included in the Telef&#243;nica Hispam segment.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The segments referred to above include the information relating to the fixed, mobile, cable, data, internet, television and other digital services businesses provided in each country. Intersegment transactions are carried out as if on an arm's length basis.  </span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Information relating to other Group companies not specifically included in these segments is reported under "Other companies" (see Appendix I), which includes Telef&#243;nica, S.A. and other holding companies, as well as companies whose main purpose is to provide cross-sectional services to Group companies and other operations not included in the segments. The Incremental Group and BE-terna Group, acquired in 2022 (see Note 5), and Cancom Group, acquired in 2021, are reported within "Other companies". "Other companies" also includes the share of results of investments accounted for by the equity method corresponding to the fiber optic companies in which Telef&#243;nica Infra, S.L. has ownership interests (see Note 10). </span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Group centrally manages borrowing activities, mainly through Telef&#243;nica, S.A. and other companies (see Note 19, Appendix III and Appendix V), so most of the Group's financial assets and liabilities are reported under Other companies. In addition, Telef&#243;nica, S.A. is the head of the Telef&#243;nica tax group in Spain (see Note 25). Therefore, a significant part of the deferred tax assets and liabilities is included under Other companies. For these reasons, the results of the segments are disclosed through operating income.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Revenues and expenses arising from intra-group invoicing for the use of the trademark and management services were eliminated from the operating results of each Group segment. The results of the holding companies also exclude dividends from Group companies and impairments of investments in Group companies. These adjustments have no impact on the Group&#8217;s consolidated results. In addition, segment reporting considers the impact of the purchase price allocation to the assets acquired and the liabilities assumed by the companies included in each segment. The assets and liabilities presented in each segment are those managed by the heads of each segment, regardless of their legal structure. </span></div><div style="margin-bottom:22pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Operating results before depreciation and amortization is calculated by excluding from the result of the year the income tax, the net financial expense, the result of investments accounted for by the equity method and the depreciation and amortization of the period. Operating results before depreciation and amortization is used to track the performance of the business and to establish operating and strategic targets of the Telef&#243;nica Group companies. Operating results before depreciation and amortization is a commonly reported measure and is widely used among analysts, investors and other interested parties in the telecommunications industry, although not a measure explicitly defined in IFRS, and therefore, may not be comparable to similar indicators used by other companies. Operating results before depreciation and amortization should not be considered as a substitute for operating income</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:120%">.</span></div><ix:nonNumeric contextRef="c-1" name="ifrs-full:DisclosureOfOperatingSegmentsExplanatory" id="f-835" continuedAt="f-835-1" escape="true"><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The following table presents income, CapEx information (capital expenditures in intangible assets and property, plant and equipment, see Notes 6 and 8) and acquisitions of rights of use (see Note 9) regarding the Group&#8217;s </span></div></ix:nonNumeric></ix:continuation><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">F-27</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><ix:continuation id="f-835-1" continuedAt="f-835-2"><ix:continuation id="f-834-2" continuedAt="f-834-3"><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">operating segments: </span><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"/><td style="width:27.262%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:7.671%"/><td style="width:0.1%"/><td colspan="3" style="display:none"/><td style="width:1.0%"/><td style="width:7.233%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:7.671%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:7.964%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:7.671%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:8.110%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:9.280%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:7.238%"/><td style="width:0.1%"/></tr><tr><td colspan="27" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2024</span></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Millions of euros</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Telef&#243;nica<br/>Spain</span></td><td colspan="3" style="display:none"/><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">VMO2 </span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Telef&#243;nica Germany</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Telef&#243;nica<br/>Brazil</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Telef&#243;nica<br/>Hispam</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Other companies</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Eliminations</span></td><td colspan="3" 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style="display:none"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-195" decimals="-6" name="ifrs-full:Revenue" format="ixt:fixed-zero" scale="6" id="f-837">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-196" decimals="-6" name="ifrs-full:Revenue" format="ixt:num-dot-decimal" scale="6" id="f-838">8,492</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 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style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-223" decimals="-6" sign="-" name="ifrs-full:AdditionsToRightofuseAssets" scale="6" id="f-994">58</ix:nonFraction>)</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-224" decimals="-6" name="ifrs-full:AdditionsToRightofuseAssets" format="ixt:num-dot-decimal" scale="6" id="f-995">2,391</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr></table></div><div style="margin-bottom:9pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline">(1)</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Other operating income and expenses includes &#8220;Other income&#8221;, &#8220;Supplies&#8221;, &#8220;Personnel expenses&#8221; and &#8220;Other expenses&#8221;.</span></div></ix:continuation></ix:continuation><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">F-28</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><ix:continuation id="f-835-2" continuedAt="f-835-3"><ix:continuation id="f-834-3" continuedAt="f-834-4"><div style="text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"/><td style="width:27.262%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:8.110%"/><td style="width:0.1%"/><td colspan="3" style="display:none"/><td style="width:1.0%"/><td style="width:5.917%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:8.110%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:7.964%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:7.818%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:8.256%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:9.280%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:7.383%"/><td style="width:0.1%"/></tr><tr><td colspan="24" style="background-color:#ffffff;border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2022</span></td><td colspan="3" style="background-color:#ffffff;border-top:2pt solid #bfbfbf;padding:0 1pt"/></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Millions of euros</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Telef&#243;nica<br/>Spain</span></td><td colspan="3" style="display:none"/><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">VMO2</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Telef&#243;nica Germany</span></td><td colspan="3" style="border-top:2pt solid 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style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-244" decimals="-6" name="ifrs-full:PaymentsForDevelopmentProjectExpenditure" format="ixt:num-dot-decimal" scale="6" id="f-1064">1,058</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-245" decimals="-6" name="ifrs-full:PaymentsForDevelopmentProjectExpenditure" scale="6" id="f-1065">212</ix:nonFraction></span><span 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0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-263" decimals="-6" name="ifrs-full:AdditionsToRightofuseAssets" scale="6" id="f-1074">3</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-247" decimals="-6" name="ifrs-full:AdditionsToRightofuseAssets" format="ixt:num-dot-decimal" scale="6" id="f-1075">2,448</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr></table></div><div style="text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline">(1)</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Other operating income and expenses includes &#8220;Other income&#8221;, &#8220;Supplies&#8221;, &#8220;Personnel expenses&#8221; and &#8220;Other expenses&#8221;.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The table below shows the income, CapEx and acquisitions of rights of use of VMED O2 UK (VMO2) in 2024, 2023 and 2022 (see Note 2). VMO2 is a joint venture <ix:nonFraction unitRef="number" contextRef="c-264" decimals="2" name="ifrs-full:ProportionOfOwnershipInterestInJointVenture" scale="-2" id="f-1076">50</ix:nonFraction>% owned by Telef&#243;nica and Liberty Global and is recorded under </span></div></ix:continuation></ix:continuation><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">F-29</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><ix:continuation id="f-835-3" continuedAt="f-835-4"><ix:continuation id="f-834-4" continuedAt="f-834-5"><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">the equity method (see Note 10). The tables below show the information of the joint venture at 100% and the reconciliation with the Telef&#243;nica Group's share of income (loss) accounted for by the equity method. </span></div><div style="text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"/><td style="width:51.970%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:14.543%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:14.543%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:14.544%"/><td style="width:0.1%"/></tr><tr><td colspan="12" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">VMO2</span></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Millions of euros</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2024</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2023</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2022</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span 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style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Financial income</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-136" decimals="-6" name="ifrs-full:FinanceIncome" scale="6" id="f-1098">51</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid 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1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Financial expenses</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-136" decimals="-6" name="ifrs-full:FinanceCosts" format="ixt:num-dot-decimal" scale="6" id="f-1101">1,578</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-137" decimals="-6" name="ifrs-full:FinanceCosts" 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colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-136" decimals="-6" name="ifrs-full:GainsLossesOnChangeInFairValueOfDerivatives" scale="6" id="f-1104">463</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-137" decimals="-6" sign="-" name="ifrs-full:GainsLossesOnChangeInFairValueOfDerivatives" scale="6" id="f-1105">924</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-264" decimals="-6" name="ifrs-full:GainsLossesOnChangeInFairValueOfDerivatives" format="ixt:num-dot-decimal" scale="6" id="f-1106">2,567</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Foreign currency transaction losses, net</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span 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style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-136" decimals="-6" name="tef:NetFinancialExpense" format="ixt:num-dot-decimal" scale="6" id="f-1110">1,098</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-137" decimals="-6" name="tef:NetFinancialExpense" format="ixt:num-dot-decimal" scale="6" id="f-1111">1,628</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 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style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-136" decimals="-6" name="ifrs-full:ProfitLossBeforeTax" scale="6" id="f-1113">2</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-137" decimals="-6" sign="-" name="ifrs-full:ProfitLossBeforeTax" format="ixt:num-dot-decimal" scale="6" id="f-1114">4,452</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-264" decimals="-6" name="ifrs-full:ProfitLossBeforeTax" scale="6" id="f-1115">507</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Income tax</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-136" decimals="-6" name="ifrs-full:IncomeTaxExpenseContinuingOperations" scale="6" id="f-1116">22</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-137" decimals="-6" sign="-" name="ifrs-full:IncomeTaxExpenseContinuingOperations" scale="6" id="f-1117">265</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 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name="ifrs-full:ProfitLoss" scale="6" id="f-1119">20</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-137" decimals="-6" sign="-" name="ifrs-full:ProfitLoss" format="ixt:num-dot-decimal" scale="6" id="f-1120">4,187</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-264" decimals="-6" 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format="ixt:fixed-zero" scale="6" id="f-1124">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Result for the period attributable to equity holders of the parent (<ix:nonFraction unitRef="number" contextRef="c-265" decimals="2" name="tef:PercentageOfResultForThePeriodOfJointVenture" scale="-2" id="f-1125">100</ix:nonFraction>% VMO2)</span></div></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-136" decimals="-6" sign="-" name="ifrs-full:ProfitLossAttributableToOwnersOfParent" scale="6" id="f-1126">39</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-137" decimals="-6" sign="-" name="ifrs-full:ProfitLossAttributableToOwnersOfParent" format="ixt:num-dot-decimal" scale="6" id="f-1127">4,187</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-264" decimals="-6" name="ifrs-full:ProfitLossAttributableToOwnersOfParent" scale="6" id="f-1128">492</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-266" decimals="2" name="ifrs-full:ProportionOfOwnershipInterestInJointVenture" scale="-2" id="f-1129">50</ix:nonFraction>% attributable to Telef&#243;nica Group</span></div></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span 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0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-264" decimals="-6" name="tef:FairValueOfInvestmentsInJointVenturesOtherVenturer" scale="6" id="f-1132">246</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Share-based compensation </span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-136" decimals="-6" name="ifrs-full:ExpenseFromEquitysettledSharebasedPaymentTransactionsInWhichGoodsOrServicesReceivedDidNotQualifyForRecognitionAsAssets" scale="6" id="f-1133">1</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-137" decimals="-6" name="ifrs-full:ExpenseFromEquitysettledSharebasedPaymentTransactionsInWhichGoodsOrServicesReceivedDidNotQualifyForRecognitionAsAssets" scale="6" id="f-1134">8</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-264" decimals="-6" name="ifrs-full:ExpenseFromEquitysettledSharebasedPaymentTransactionsInWhichGoodsOrServicesReceivedDidNotQualifyForRecognitionAsAssets" scale="6" id="f-1135">14</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Sale of minority stake in Cornerstone</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-136" decimals="-6" name="ifrs-full:AdjustmentsForGainLossOnDisposalOfInvestmentsInSubsidiariesJointVenturesAndAssociates" scale="6" id="f-1136">112</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-137" decimals="-6" name="ifrs-full:AdjustmentsForGainLossOnDisposalOfInvestmentsInSubsidiariesJointVenturesAndAssociates" scale="6" id="f-1137">76</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span 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1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:10pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Acquisitions of rights of use (<ix:nonFraction unitRef="number" contextRef="c-265" decimals="2" name="tef:PercentageOfOtherComprehensiveIncomeOfJointVenture" scale="-2" id="f-1149">100</ix:nonFraction>% VMO2)</span></div></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-136" decimals="-6" name="ifrs-full:AdditionsToRightofuseAssets" scale="6" id="f-1150">539</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt 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style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-264" decimals="-6" name="ifrs-full:AdditionsToRightofuseAssets" scale="6" id="f-1152">118</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr></table></div></ix:continuation></ix:continuation><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">F-30</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><ix:continuation id="f-835-4" continuedAt="f-835-5"><ix:continuation id="f-834-5" continuedAt="f-834-6"><div style="text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The following table presents main assets and liabilities by segment: </span></div><div style="margin-bottom:9pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"/><td style="width:27.701%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:7.818%"/><td style="width:0.1%"/><td colspan="3" style="display:none"/><td style="width:1.0%"/><td style="width:7.087%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:7.818%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:7.671%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:7.671%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:8.110%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:9.280%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:6.944%"/><td style="width:0.1%"/></tr><tr><td colspan="27" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2024</span></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Millions of euros</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Telef&#243;nica<br/>Spain</span></td><td colspan="3" style="display:none"/><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">VMO2 </span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Telef&#243;nica Germany</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Telef&#243;nica<br/>Brazil</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Telef&#243;nica<br/>Hispam</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Other companies</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Eliminations</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 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contextRef="c-271" decimals="-6" name="ifrs-full:DeferredTaxLiabilities" scale="6" id="f-1237">284</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-272" decimals="-6" name="ifrs-full:DeferredTaxLiabilities" format="ixt:num-dot-decimal" scale="6" id="f-1238">1,447</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction 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style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-269" decimals="-6" name="ifrs-full:Liabilities" format="ixt:num-dot-decimal" scale="6" id="f-1267">9,373</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:2pt solid 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format="ixt:num-dot-decimal" scale="6" id="f-1269">14,265</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-272" decimals="-6" name="ifrs-full:Liabilities" format="ixt:num-dot-decimal" scale="6" id="f-1270">41,508</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-273" decimals="-6" sign="-" name="ifrs-full:Liabilities" format="ixt:num-dot-decimal" scale="6" id="f-1271">11,892</ix:nonFraction>)</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-274" decimals="-6" name="ifrs-full:Liabilities" format="ixt:num-dot-decimal" scale="6" id="f-1272">77,753</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr></table></div><div style="margin-bottom:9pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"/><td style="width:26.239%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:8.256%"/><td style="width:0.1%"/><td colspan="3" style="display:none"/><td style="width:1.0%"/><td style="width:6.940%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:8.110%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:8.110%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:8.110%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:8.110%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:9.280%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:6.945%"/><td style="width:0.1%"/></tr><tr><td colspan="27" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2023</span></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Millions of euros</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Telef&#243;nica<br/>Spain</span></td><td colspan="3" style="display:none"/><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">VMO2</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Telef&#243;nica Germany</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Telef&#243;nica<br/>Brazil</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Telef&#243;nica<br/>Hispam</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Other companies</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Eliminations</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total Group</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span 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name="ifrs-full:PropertyPlantAndEquipment" format="ixt:fixed-zero" scale="6" id="f-1274">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-277" decimals="-6" name="ifrs-full:PropertyPlantAndEquipment" format="ixt:num-dot-decimal" scale="6" id="f-1275">11,114</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-278" decimals="-6" name="ifrs-full:PropertyPlantAndEquipment" format="ixt:num-dot-decimal" scale="6" id="f-1276">18,749</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-279" decimals="-6" name="ifrs-full:PropertyPlantAndEquipment" format="ixt:num-dot-decimal" scale="6" id="f-1277">6,742</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-280" decimals="-6" name="ifrs-full:PropertyPlantAndEquipment" format="ixt:num-dot-decimal" scale="6" id="f-1278">2,243</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-281" decimals="-6" sign="-" name="ifrs-full:PropertyPlantAndEquipment" scale="6" id="f-1279">12</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 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style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-278" decimals="-6" name="ifrs-full:LiabilitiesIncludedInDisposalGroupsClassifiedAsHeldForSale" format="ixt:fixed-zero" scale="6" id="f-1380">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-279" decimals="-6" name="ifrs-full:LiabilitiesIncludedInDisposalGroupsClassifiedAsHeldForSale" scale="6" id="f-1381">37</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid 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style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-278" decimals="-6" name="ifrs-full:Liabilities" format="ixt:num-dot-decimal" scale="6" id="f-1388">9,837</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:2pt solid 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format="ixt:num-dot-decimal" scale="6" id="f-1390">40,159</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-281" decimals="-6" sign="-" name="ifrs-full:Liabilities" format="ixt:num-dot-decimal" scale="6" id="f-1391">13,294</ix:nonFraction>)</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-282" decimals="-6" name="ifrs-full:Liabilities" format="ixt:num-dot-decimal" scale="6" id="f-1392">77,228</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr></table></div></ix:continuation></ix:continuation><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">F-31</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><ix:continuation id="f-834-6"><ix:continuation id="f-835-5"><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The detail of assets and liabilities of VMO2 is as follows (amounts corresponding to 100% of the company, see Note 10):</span></div><div style="margin-bottom:9pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.122%"><tr><td style="width:1.0%"/><td style="width:47.867%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:25.301%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:23.532%"/><td style="width:0.1%"/></tr><tr><td colspan="9" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">VMO2</span></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Millions of euros</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">December 2024</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">December 2023</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Fixed assets</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-283" decimals="-6" name="ifrs-full:PropertyPlantAndEquipment" format="ixt:num-dot-decimal" scale="6" id="f-1393">40,079</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid 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decimals="-6" name="ifrs-full:RightofuseAssets" format="ixt:num-dot-decimal" scale="6" id="f-1395">1,073</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-284" decimals="-6" name="ifrs-full:RightofuseAssets" scale="6" id="f-1396">773</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Financial assets and other non-currents assets</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-283" decimals="-6" name="tef:NonCurrentFinancialAssetsAndOtherNonCurrentAssets" format="ixt:num-dot-decimal" scale="6" id="f-1397">1,481</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-284" decimals="-6" name="tef:NonCurrentFinancialAssetsAndOtherNonCurrentAssets" format="ixt:num-dot-decimal" scale="6" id="f-1398">1,741</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Deferred tax assets</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-283" decimals="-6" name="ifrs-full:DeferredTaxAssets" scale="6" id="f-1399">448</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-284" decimals="-6" name="ifrs-full:DeferredTaxAssets" scale="6" id="f-1400">366</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Other current financial assets</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-283" decimals="-6" name="ifrs-full:CurrentFinancialAssets" scale="6" id="f-1401">660</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-284" decimals="-6" name="ifrs-full:CurrentFinancialAssets" scale="6" id="f-1402">569</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total assets</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-283" decimals="-6" name="ifrs-full:Assets" format="ixt:num-dot-decimal" scale="6" id="f-1403">48,247</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-284" decimals="-6" name="ifrs-full:Assets" format="ixt:num-dot-decimal" scale="6" id="f-1404">46,455</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Non-current financial liabilities</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-283" decimals="-6" name="ifrs-full:NoncurrentFinancialLiabilities" format="ixt:num-dot-decimal" scale="6" id="f-1405">21,754</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-284" decimals="-6" name="ifrs-full:NoncurrentFinancialLiabilities" format="ixt:num-dot-decimal" scale="6" id="f-1406">21,061</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Non-current lease liabilities</span></td><td colspan="2" style="border-top:1pt solid 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colspan="3" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #b6b6b6;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total liabilities</span></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #b6b6b6;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-283" decimals="-6" name="ifrs-full:Liabilities" format="ixt:num-dot-decimal" scale="6" id="f-1415">32,804</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #b6b6b6;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:1pt solid 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follows:</span></div><div style="text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"/><td style="width:25.361%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:4.309%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:5.625%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:4.601%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:7.233%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:4.309%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:4.601%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:4.601%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:6.063%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:4.309%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:4.601%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:4.601%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:5.486%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">Millions of euros</span></td><td colspan="12" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">2024</span></td><td colspan="12" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">2023</span></td><td colspan="12" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">2022</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">Country by segments</span></td><td colspan="3" style="border-top:0.5pt solid #86888c;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">Fixed</span></td><td colspan="3" style="border-top:0.5pt solid #86888c;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">Mobile</span></td><td colspan="3" style="border-top:0.5pt solid #86888c;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">Others and elims.</span></td><td colspan="3" style="border-top:0.5pt solid #86888c;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">Total</span></td><td colspan="3" style="border-top:0.5pt solid #86888c;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">Fixed</span></td><td colspan="3" style="border-top:0.5pt solid #86888c;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">Mobile</span></td><td colspan="3" style="border-top:0.5pt solid #86888c;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">Others and elims.</span></td><td colspan="3" style="border-top:0.5pt solid #86888c;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">Total</span></td><td colspan="3" style="border-top:0.5pt solid #86888c;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">Fixed</span></td><td colspan="3" style="border-top:0.5pt solid #86888c;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">Mobile</span></td><td colspan="3" style="border-top:0.5pt solid #86888c;padding:2px 1pt;text-align:right;vertical-align:bottom"><span 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name="ifrs-full:Revenue" format="ixt:num-dot-decimal" scale="6" id="f-1420">12,497</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:0.5pt solid #86888c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="border-top:0.5pt solid #86888c;padding:2px 1pt;text-align:left;vertical-align:bottom"><span 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style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:0.5pt solid #86888c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:0.5pt solid #86888c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-288" decimals="-6" name="ifrs-full:Revenue" scale="6" id="f-1425">827</ix:nonFraction>&#160;</span></td><td style="border-top:0.5pt solid #86888c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:0.5pt solid #86888c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-289" decimals="-6" name="ifrs-full:Revenue" format="ixt:num-dot-decimal" scale="6" id="f-1426">7,767</ix:nonFraction>&#160;</span></td><td style="border-top:0.5pt solid #86888c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:0.5pt solid #86888c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-290" decimals="-6" name="ifrs-full:Revenue" scale="6" id="f-1427">20</ix:nonFraction>&#160;</span></td><td style="border-top:0.5pt solid #86888c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:0.5pt solid #86888c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-219" decimals="-6" name="ifrs-full:Revenue" format="ixt:num-dot-decimal" scale="6" id="f-1428">8,614</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:0.5pt solid #86888c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:0.5pt solid #86888c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-291" decimals="-6" name="ifrs-full:Revenue" scale="6" id="f-1429">806</ix:nonFraction>&#160;</span></td><td style="border-top:0.5pt solid #86888c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:0.5pt solid #86888c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-292" decimals="-6" name="ifrs-full:Revenue" format="ixt:num-dot-decimal" scale="6" id="f-1430">7,394</ix:nonFraction>&#160;</span></td><td style="border-top:0.5pt solid #86888c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:0.5pt solid #86888c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-293" decimals="-6" name="ifrs-full:Revenue" scale="6" id="f-1431">24</ix:nonFraction>&#160;</span></td><td style="border-top:0.5pt solid #86888c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:0.5pt solid #86888c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span 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contextRef="c-314" decimals="-6" name="ifrs-full:Revenue" format="ixt:num-dot-decimal" scale="6" id="f-1459">1,353</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:0.5pt solid #86888c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:0.5pt solid #86888c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-315" decimals="-6" name="ifrs-full:Revenue" format="ixt:num-dot-decimal" scale="6" id="f-1460">1,353</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:0.5pt solid #86888c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td 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1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-15" decimals="-6" name="ifrs-full:Revenue" format="ixt:num-dot-decimal" scale="6" id="f-1465">39,993</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:0.5pt solid #86888c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr></table></div><div style="text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Note: In the countries of Telef&#243;nica Hispam segment with separate fixed and mobile operating companies, intercompany revenues were not considered. </span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline">(*) </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">The detail of revenues for Telef&#243;nica Spain is shown in the table below. </span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Given the convergence reached at Telef&#243;nica Spain due to the high penetration of convergent offers in Telef&#243;nica Spain, the revenue breakdown by fixed and mobile is less relevant in this segment. 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1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2022</span></td><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Retailers</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" 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unitRef="eur" contextRef="c-320" decimals="-6" name="ifrs-full:Revenue" format="ixt:num-dot-decimal" scale="6" id="f-1468">9,662</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="border-top:0.5pt solid #86888c;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Wholesalers, mobile handsets sales and others</span></td><td colspan="2" style="border-top:0.5pt solid #86888c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-321" decimals="-6" name="ifrs-full:Revenue" format="ixt:num-dot-decimal" scale="6" id="f-1469">2,699</ix:nonFraction>&#160;</span></td><td style="border-top:0.5pt solid #86888c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:0.5pt solid #86888c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-322" decimals="-6" name="ifrs-full:Revenue" format="ixt:num-dot-decimal" scale="6" id="f-1470">2,782</ix:nonFraction>&#160;</span></td><td style="border-top:0.5pt solid #86888c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:0.5pt solid #86888c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-323" decimals="-6" name="ifrs-full:Revenue" format="ixt:num-dot-decimal" scale="6" id="f-1471">2,835</ix:nonFraction>&#160;</span></td><td style="border-top:0.5pt solid #86888c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="border-bottom:0.5pt solid #86888c;border-top:0.5pt solid #86888c;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total</span></td><td colspan="2" style="border-bottom:0.5pt solid #86888c;border-top:0.5pt solid #86888c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-194" decimals="-6" name="ifrs-full:Revenue" format="ixt:num-dot-decimal" scale="6" id="f-1472">12,791</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:0.5pt solid #86888c;border-top:0.5pt solid #86888c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:0.5pt solid #86888c;border-top:0.5pt solid #86888c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-217" decimals="-6" name="ifrs-full:Revenue" format="ixt:num-dot-decimal" scale="6" id="f-1473">12,654</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:0.5pt solid #86888c;border-top:0.5pt solid #86888c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:0.5pt solid #86888c;border-top:0.5pt solid #86888c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-240" decimals="-6" name="ifrs-full:Revenue" format="ixt:num-dot-decimal" scale="6" id="f-1474">12,497</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:0.5pt solid #86888c;border-top:0.5pt solid #86888c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr></table></div></ix:nonNumeric></ix:continuation><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">F-32</span></div></div></div><div id="i63478826478c4e0dbabc502413383f6b_295"></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:center"><span style="color:#a6a6a6;font-family:'Arial',sans-serif;font-size:18pt;font-weight:400;line-height:120%">Note 5. <ix:nonNumeric contextRef="c-1" name="ifrs-full:DisclosureOfBusinessCombinationsExplanatory" id="f-1475" continuedAt="f-1475-1" escape="true">Business combinations</ix:nonNumeric></span></div><ix:continuation id="f-1475-1" continuedAt="f-1475-2"><div style="margin-bottom:9pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:16pt;font-weight:700;line-height:120%">2024</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Joint operation in Colombia</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On February 26, 2024, Colombia Telecomunicaciones S.A. ESP BIC and Colombia M&#243;vil S.A. ESP signed a binding framework agreement for the implementation of a single mobile access network, through an independent company, Unired Colombia, S.A.S, as well as for sharing the radioelectric spectrum usage permits through a Temporary Union, whose only users would be the two shareholders participating in the aforementioned agreement. </span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The transaction closed on December 20, 2024, with the first transfer by the Ministry of Information Technology and Communications of the permit for the access, use and exploitation of 20 MHz of radioelectric spectrum for the operation of land mobile radiocommunication services in the national territory granted to Colombia M&#243;vil in favor of the Temporary Union. On this date, Colombia Telecomunicaciones and Colombia M&#243;vil contributed their mobile infrastructure businesses and, in addition to the payment of <ix:nonFraction unitRef="usd" contextRef="c-324" decimals="-6" sign="-" name="ifrs-full:ConsiderationPaidReceived" scale="6" id="f-1476">25</ix:nonFraction> million dollars (approximately <ix:nonFraction unitRef="eur" contextRef="c-324" decimals="-6" sign="-" name="ifrs-full:ConsiderationPaidReceived" scale="6" id="f-1477">24</ix:nonFraction> million euros at the closing exchange rate of December 31, 2024) by Colombia Telecomunicaciones as equalization, both shareholders obtained equal participation (<ix:nonFraction unitRef="number" contextRef="c-325" decimals="2" name="ifrs-full:PercentageOfVotingEquityInterestsAcquired" scale="-2" id="f-1478">50</ix:nonFraction>:50) in the joint operation. This payment is scheduled to take place in 2025.</span></div><ix:nonNumeric contextRef="c-1" name="ifrs-full:DisclosureOfDetailedInformationAboutBusinessCombinationsExplanatory" id="f-1479" continuedAt="f-1479-1" escape="true"><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The following table summarizes the proportional share of the fair value of the contributions made to the joint operation by each of the parties:</span></div><div style="text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"/><td style="width:77.993%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:19.807%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Millions of euros</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Intangible assets</span></td><td colspan="2" style="border-top:1pt solid #b6b6b6;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-325" decimals="-6" name="ifrs-full:IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate" scale="6" id="f-1480">11</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #b6b6b6;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Property, plant and equipment</span></td><td colspan="2" style="border-top:1pt solid #b6b6b6;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-325" decimals="-6" name="ifrs-full:PropertyPlantAndEquipmentRecognisedAsOfAcquisitionDate" scale="6" id="f-1481">88</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #b6b6b6;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Rights of use</span></td><td colspan="2" style="border-top:1pt solid #b6b6b6;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-325" decimals="-6" name="tef:RightOfUseAssetsAsOfAcquisitionDate" scale="6" id="f-1482">22</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #b6b6b6;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Trade receivables</span></td><td colspan="2" style="border-top:1pt solid #b6b6b6;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-325" decimals="-6" name="tef:TradeReceivablesRecognisedAsOfAcquisitionDate" scale="6" id="f-1483">43</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #b6b6b6;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #86888c;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Total assets</span></td><td colspan="2" style="border-top:1pt solid #86888c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-325" decimals="-6" name="tef:IdentifiableAssetsAcquiredRecognisedAsOfAcquisitionDate" scale="6" id="f-1484">164</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #86888c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #86888c;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Lease liabilities</span></td><td colspan="2" style="border-top:1pt solid #86888c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-325" decimals="-6" name="tef:LeaseLiabilitiesRecognisedAsOfAcquisitionDate" scale="6" id="f-1485">2</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #86888c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Account payables</span></td><td colspan="2" style="border-top:1pt solid #b6b6b6;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-325" decimals="-6" name="ifrs-full:TradeAndOtherPayablesRecognisedAsOfAcquisitionDate" scale="6" id="f-1486">77</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #b6b6b6;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Provisions</span></td><td colspan="2" style="border-top:1pt solid #b6b6b6;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-325" decimals="-6" name="tef:ProvisionsRecognisedAsOfAcquisitionDate" scale="6" id="f-1487">1</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #b6b6b6;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-bottom:1pt solid #86888c;border-top:1pt solid #86888c;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Total liabilities</span></td><td colspan="2" style="border-bottom:1pt solid #86888c;border-top:1pt solid #86888c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-325" decimals="-6" name="tef:IdentifiableLiabilitiesAcquiredRecognisedAsOfAcquisitionDate" scale="6" id="f-1488">80</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:1pt solid #86888c;border-top:1pt solid #86888c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr></table></div></ix:nonNumeric><div><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In addition, the goodwill allocated to the transaction amounting to <ix:nonFraction unitRef="eur" contextRef="c-325" decimals="-6" name="ifrs-full:Goodwill" scale="6" id="f-1489">16</ix:nonFraction> million euros has been written off (see Note 7). The result associated with the transaction recorded in "gains from sale of businesses" has amounted to <ix:nonFraction unitRef="eur" contextRef="c-326" decimals="-6" name="ifrs-full:GainsOnDisposalsOfInvestments" scale="6" id="f-1490">47</ix:nonFraction> million euros (Note 26).</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">IPNET Group </span></div><div style="text-align:justify"><span><br/></span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On October 1, 2024, Telef&#244;nica Cloud e Tecnologia do Brasil S.A., a subsidiary of Telef&#243;nica Brasil, completed the acquisition of IPNET Servi&#231;os em Nuvem e Desenvolvimento de Sistemas Ltda. and IPNET USA, LLC. </span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">At the date of preparation of these consolidated financial statements, the allocation of the purchase price is provisional. <ix:continuation id="f-1479-1" continuedAt="f-1479-2">The following table summarizes the consideration, the fair values of the identifiable assets acquired and the liabilities assumed at the time of the acquisition and the preliminary goodwill:</ix:continuation></span></div></ix:continuation><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">F-33</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><ix:continuation id="f-1475-2" continuedAt="f-1475-3"><ix:continuation id="f-1479-2" continuedAt="f-1479-3"><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"/><td style="width:77.993%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:19.807%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Millions of euros</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Consideration</span></td><td colspan="2" style="border-top:1pt solid #b6b6b6;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-327" decimals="-6" name="ifrs-full:AcquisitiondateFairValueOfTotalConsiderationTransferred" scale="6" id="f-1491">37</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #b6b6b6;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Intangible assets</span></td><td colspan="2" style="border-top:1pt solid #b6b6b6;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-327" decimals="-6" name="ifrs-full:IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate" scale="6" id="f-1492">11</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #b6b6b6;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Customer relationships</span></td><td colspan="2" style="border-top:1pt solid #b6b6b6;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-328" decimals="-6" name="ifrs-full:IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate" scale="6" id="f-1493">5</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #b6b6b6;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Other intangible assets</span></td><td colspan="2" style="border-top:1pt solid #b6b6b6;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-329" decimals="-6" name="ifrs-full:IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate" scale="6" id="f-1494">6</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #b6b6b6;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Property, plant and equipment</span></td><td colspan="2" style="border-top:1pt solid #b6b6b6;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-327" decimals="-6" name="ifrs-full:PropertyPlantAndEquipmentRecognisedAsOfAcquisitionDate" format="ixt:fixed-zero" scale="6" id="f-1495">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #b6b6b6;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Other long term assets</span></td><td colspan="2" style="border-top:1pt solid #b6b6b6;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-327" decimals="-6" name="tef:OtherLongTermAssetsRecognisedAsOfAcquisitionDate" scale="6" id="f-1496">16</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #b6b6b6;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Trade receivables</span></td><td colspan="2" style="border-top:1pt solid #b6b6b6;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-327" decimals="-6" name="tef:TradeReceivablesRecognisedAsOfAcquisitionDate" scale="6" id="f-1497">5</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #b6b6b6;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Other current assets</span></td><td colspan="2" style="border-top:1pt solid #b6b6b6;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-327" decimals="-6" name="ifrs-full:DeferredTaxAssetsRecognisedAsOfAcquisitionDate" scale="6" id="f-1498">1</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #b6b6b6;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Loans</span></td><td colspan="2" style="border-top:1pt solid #b6b6b6;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-327" decimals="-6" name="ifrs-full:BorrowingsRecognisedAsOfAcquisitionDate" scale="6" id="f-1499">1</ix:nonFraction>)</span></td><td style="border-top:1pt solid #b6b6b6;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Trade payables</span></td><td colspan="2" style="border-top:1pt solid #b6b6b6;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-327" decimals="-6" name="ifrs-full:TradeAndOtherPayablesRecognisedAsOfAcquisitionDate" scale="6" id="f-1500">5</ix:nonFraction>)</span></td><td style="border-top:1pt solid #b6b6b6;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Deferred tax liabilities</span></td><td colspan="2" style="border-top:1pt solid #b6b6b6;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-327" decimals="-6" name="ifrs-full:DeferredTaxLiabilitiesRecognisedAsOfAcquisitionDate" scale="6" id="f-1501">2</ix:nonFraction>)</span></td><td style="border-top:1pt solid #b6b6b6;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Provisions</span></td><td colspan="2" style="border-top:1pt solid #b6b6b6;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-327" decimals="-6" name="tef:ProvisionsRecognisedAsOfAcquisitionDate" scale="6" id="f-1502">16</ix:nonFraction>)</span></td><td style="border-top:1pt solid #b6b6b6;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Fair value of net assets</span></td><td colspan="2" style="border-top:1pt solid #b6b6b6;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-327" decimals="-6" name="ifrs-full:IdentifiableAssetsAcquiredLiabilitiesAssumed" scale="6" id="f-1503">9</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #b6b6b6;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-bottom:1pt solid #86888c;border-top:1pt solid #86888c;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Preliminary Goodwill</span></td><td colspan="2" style="border-bottom:1pt solid #86888c;border-top:1pt solid #86888c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-327" decimals="-6" name="ifrs-full:GoodwillRecognisedAsOfAcquisitionDate" scale="6" id="f-1504">28</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:1pt solid #86888c;border-top:1pt solid #86888c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr></table></div></ix:continuation><div><span><br/></span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:112%">The total consideration was <ix:nonFraction unitRef="brl" contextRef="c-327" decimals="-6" name="ifrs-full:AcquisitiondateFairValueOfTotalConsiderationTransferred" scale="6" id="f-1505">224</ix:nonFraction> million reais (equivalent to <ix:nonFraction unitRef="eur" contextRef="c-327" decimals="-6" name="ifrs-full:AcquisitiondateFairValueOfTotalConsiderationTransferred" scale="6" id="f-1506">37</ix:nonFraction> million euros). At the closing of the transaction a payment was made amounting to <ix:nonFraction unitRef="brl" contextRef="c-330" decimals="-6" name="ifrs-full:CashFlowsUsedInObtainingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities" scale="6" id="f-1507">60</ix:nonFraction> million reais (<ix:nonFraction unitRef="eur" contextRef="c-330" decimals="-6" name="ifrs-full:CashFlowsUsedInObtainingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities" scale="6" id="f-1508">10</ix:nonFraction> million euros, see Note 28) and the remaining amount was pending payment as of December 31, 2024, in accordance with the contractual clauses.</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">From the acquisition date until the conclusion of these consolidated financial statements, IPNET contributed <ix:nonFraction unitRef="eur" contextRef="c-331" decimals="-6" name="ifrs-full:RevenueOfAcquiree" scale="6" id="f-1509">11</ix:nonFraction> million euros to consolidated revenues.</span></div><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:16pt;font-weight:700;line-height:120%">2023</span></div><div style="margin-bottom:9pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">During 2023, no significant business combinations have taken place.</span></div><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:16pt;font-weight:700;line-height:120%">2022</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Acquisition of mobile assets of Oi Group</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On April 20, 2022, the closing of the transaction related to the Purchase Agreement for Acquisition of UPI Mobile Assets of Oi Group took place, and Telef&#243;nica Brasil acquired, on such date, all the shares of the company Garliava RJ Infraestrutura e Redes de Telecomunica&#231;&#245;es S.A. (Garliava), to which the mobile assets of Oi Group assigned to Telef&#243;nica Brasil had been contributed, under the segregation plan stated in the Oi Agreement.</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The mobile assets of Oi Group finally assigned to Telef&#243;nica Brasil were the following:</span></div><div style="margin-bottom:9pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">Customers: approximately <ix:nonFraction unitRef="client" contextRef="c-141" decimals="-5" name="tef:NumberOfClientsRecognisedAsOfAcquisitionDate" format="ixt:num-dot-decimal" scale="6" id="f-1510">12.5</ix:nonFraction> million (equivalent to <ix:nonFraction unitRef="number" contextRef="c-141" decimals="2" name="tef:NumberOfClientsRecognisedAsOfAcquisitionDatePercentage" scale="-2" id="f-1511">30</ix:nonFraction>% of the total customer base of the mobile assets of Oi Group) &#8211; according to ANATEL&#8217;s February 2022 data;</span></div><div style="margin-bottom:9pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">Spectrum: 43 MHz as national population-weighted average (<ix:nonFraction unitRef="number" contextRef="c-141" decimals="2" name="tef:SpectrumRecognisedAsOfAcquisitionDatePercentage" scale="-2" id="f-1512">46</ix:nonFraction>% of the radiofrequency of the mobile assets of Oi Group); and</span></div><div style="margin-bottom:9pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">Infrastructure: contracts for the use of approximately <ix:nonFraction unitRef="siteofmobileaccess" contextRef="c-141" decimals="-2" name="tef:InfrastructureContractsRecognisedAsOfAcquisitionDate" format="ixt:num-dot-decimal" scale="3" id="f-1513">2.7</ix:nonFraction> thousand sites of mobile access (corresponding to <ix:nonFraction unitRef="number" contextRef="c-141" decimals="2" name="tef:InfrastructureContractsRecognisedAsOfAcquisitionDatePercentage" format="ixt:num-dot-decimal" id="f-1514">19</ix:nonFraction>% of the sites of the mobile assets of Oi Group).</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On the date of approval of the consolidated financial statements for the year 2022, the Company had concluded the report for the allocation of the purchase price. <ix:continuation id="f-1479-3" continuedAt="f-1479-4">The following table presents the consideration, the fair value of the identifiable assets and the liabilities assumed at the acquisition date and the goodwill:</ix:continuation></span></div></ix:continuation><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">F-34</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><ix:continuation id="f-1475-3" continuedAt="f-1475-4"><ix:continuation id="f-1479-4" continuedAt="f-1479-5"><div style="margin-bottom:9pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"/><td style="width:77.993%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:19.807%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Millions of 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0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #b6b6b6;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Intangible assets</span></td><td colspan="2" style="border-top:1pt solid #b6b6b6;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-141" decimals="-6" name="ifrs-full:IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate" scale="6" id="f-1516">539</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #b6b6b6;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #b6b6b6;padding:2px 1pt 2px 13pt;text-align:left;vertical-align:bottom"><span 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id="f-1520">105</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #b6b6b6;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Deferred tax assets</span></td><td colspan="2" style="border-top:1pt solid #b6b6b6;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-141" decimals="-6" name="ifrs-full:DeferredTaxAssetsRecognisedAsOfAcquisitionDate" scale="6" id="f-1521">44</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #b6b6b6;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 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style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Provisions</span></td><td colspan="2" style="border-top:1pt solid #b6b6b6;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-141" decimals="-6" name="tef:ProvisionsRecognisedAsOfAcquisitionDate" scale="6" id="f-1527">221</ix:nonFraction>)</span></td><td style="border-top:1pt solid #b6b6b6;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Other liabilities</span></td><td colspan="2" style="border-top:1pt solid #b6b6b6;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-141" decimals="-6" name="tef:OtherLiabilitiesRecognisedAsOfAcquisitionDate" scale="6" id="f-1528">55</ix:nonFraction>)</span></td><td style="border-top:1pt solid #b6b6b6;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #86888c;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Fair value of net assets</span></td><td colspan="2" style="border-top:1pt solid #86888c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-141" decimals="-6" name="ifrs-full:IdentifiableAssetsAcquiredLiabilitiesAssumed" scale="6" id="f-1529">417</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #86888c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-bottom:1pt solid #86888c;border-top:1pt solid #86888c;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Goodwill </span></td><td colspan="2" style="border-bottom:1pt solid #86888c;border-top:1pt solid #86888c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-141" decimals="-6" name="ifrs-full:GoodwillRecognisedAsOfAcquisitionDate" scale="6" id="f-1530">676</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:1pt solid #86888c;border-top:1pt solid #86888c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr></table></div></ix:continuation><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The fair value of the licenses was determined using the discounted cash flow method of the Income Approach, which considers the earning capacity of the asset. The amortization period of the licenses ranges from <ix:nonNumeric contextRef="c-334" name="ifrs-full:UsefulLifeMeasuredAsPeriodOfTimeIntangibleAssetsOtherThanGoodwill" format="ixt-sec:duryear" id="f-1531">5</ix:nonNumeric> to <ix:nonNumeric contextRef="c-335" name="ifrs-full:UsefulLifeMeasuredAsPeriodOfTimeIntangibleAssetsOtherThanGoodwill" format="ixt-sec:duryear" id="f-1532">15</ix:nonNumeric> years (average period of <ix:nonNumeric contextRef="c-336" name="ifrs-full:UsefulLifeMeasuredAsPeriodOfTimeIntangibleAssetsOtherThanGoodwill" format="ixt-sec:duryear" id="f-1533">10.08</ix:nonNumeric> years). </span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The fair value of trade receivables amounted to <ix:nonFraction unitRef="eur" contextRef="c-141" decimals="-6" name="ifrs-full:FairValueOfAcquiredReceivables" scale="6" id="f-1534">74</ix:nonFraction> million euros, which did not differ from the book value consisting of a gross amount of <ix:nonFraction unitRef="eur" contextRef="c-141" decimals="-6" name="ifrs-full:GrossContractualAmountsReceivableForAcquiredReceivables" scale="6" id="f-1535">81</ix:nonFraction> million euros, net of estimated impairment losses of <ix:nonFraction unitRef="eur" contextRef="c-141" decimals="-6" name="ifrs-full:BestEstimateAtAcquisitionDateOfContractualCashFlowsNotExpectedToBeCollectedForAcquiredReceivables" scale="6" id="f-1536">7</ix:nonFraction> million euros.</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">At the acquisition date, contingent liabilities were recognized at fair value in the amount of <ix:nonFraction unitRef="eur" contextRef="c-141" decimals="-6" name="ifrs-full:ContingentLiabilitiesRecognisedAsOfAcquisitionDate" scale="6" id="f-1537">90</ix:nonFraction> million euros.</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The contribution of Garliava since its inclusion in the scope of consolidation and until December 31, 2022 was <ix:nonFraction unitRef="eur" contextRef="c-337" decimals="-6" name="ifrs-full:RevenueOfAcquiree" scale="6" id="f-1538">206</ix:nonFraction> million euros in revenues and <ix:nonFraction unitRef="eur" contextRef="c-337" decimals="-6" name="ifrs-full:ProfitLossOfAcquiree" scale="6" id="f-1539">1</ix:nonFraction> million euros in profit for the period. The information was only available since the mobile assets of Oi assigned to Telef&#243;nica Brasil were contributed to Garliava. Consequently, it was not practicable to calculate these impacts as if the transaction had taken place on January 1, 2022. </span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On October 3, 2022, Telef&#243;nica Brasil, together with Claro S.A. and TIM S.A., started an arbitration procedure against the Seller (see Note 29.c). The Buyers made a judicial deposit of the amount withheld from the updated purchase price (see Note 15), until the dispute arising from the price adjustment was resolved by arbitration, corresponding to Telef&#243;nica Brazil an amount of <ix:nonFraction unitRef="brl" contextRef="c-338" decimals="-6" name="ifrs-full:CurrentFinancialAssets" scale="6" id="f-1540">522</ix:nonFraction> million reais at December 31, 2022 (approximately <ix:nonFraction unitRef="eur" contextRef="c-338" decimals="-6" name="ifrs-full:CurrentFinancialAssets" scale="6" id="f-1541">94</ix:nonFraction> million euros).</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In October 2023, the arbitration proceeding between the parties ended (see Note 29.c), resulting on a final price the for the UPI Mobile Assets assigned to Telef&#243;nica Brasil of <ix:nonFraction unitRef="brl" contextRef="c-146" decimals="-6" name="ifrs-full:AcquisitiondateFairValueOfTotalConsiderationTransferred" format="ixt:num-dot-decimal" scale="6" id="f-1542">5,129</ix:nonFraction> million Brazilian reais as of the closing date (compared to the <ix:nonFraction unitRef="brl" contextRef="c-140" decimals="-6" name="tef:CashTransferredEstimation" format="ixt:num-dot-decimal" scale="6" id="f-1543">5,373</ix:nonFraction> million Brazilian reais of the initial price, see Note 2). As a result, <ix:nonFraction unitRef="number" contextRef="c-146" decimals="4" name="tef:CashTransferredRetainedAmountPercentage" scale="-2" id="f-1544">50</ix:nonFraction>% of the retained amount (<ix:nonFraction unitRef="brl" contextRef="c-147" decimals="-6" name="tef:CashTransferredRetainedAmount" scale="6" id="f-1545">488</ix:nonFraction> million reais), plus applicable interest was offset against the amount allocated as debt and the other <ix:nonFraction unitRef="number" contextRef="c-146" decimals="4" name="tef:CashTransferredWithdrawnAmountPercentage" scale="-2" id="f-1546">50</ix:nonFraction>%, in the updated amount of <ix:nonFraction unitRef="brl" contextRef="c-147" decimals="-6" name="tef:CashTransferredWithdrawnAmount" scale="6" id="f-1547">277</ix:nonFraction> million reais (<ix:nonFraction unitRef="eur" contextRef="c-147" decimals="-6" name="tef:CashTransferredWithdrawnAmount" scale="6" id="f-1548">51</ix:nonFraction> million euros at such date), was withdrawn by Telef&#243;nica Brasil before the Arbitration Chamber.</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The post-closing price adjustment occurred during the second half of 2023, after the measurement period of the  purchase price allocation process. Therefore, the impact generated by the post-closing price adjustment was recorded in the 2023 income statement, with no changes in the goodwill recorded as of December 31, 2022.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Completion of the purchase price allocation process for Incremental Group  </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On March 21, 2022, Telef&#243;nica Tech UK &amp; Ireland, Ltd completed the acquisition of <ix:nonFraction unitRef="number" contextRef="c-339" decimals="2" name="ifrs-full:PercentageOfVotingEquityInterestsAcquired" scale="-2" id="f-1549">100</ix:nonFraction>% of the shares of the British group Perpetual TopCo, Limited and affiliates (Incremental Group), one of Microsoft's fastest-growing business partners in the UK, for a <ix:nonFraction unitRef="eur" contextRef="c-340" decimals="-6" name="ifrs-full:AcquisitiondateFairValueOfTotalConsiderationTransferred" scale="6" id="f-1550">104</ix:nonFraction> million euros consideration (including potential contingent payments linked to its future performance). In addition, at the closing of the transaction a payment was made in the amount of <ix:nonFraction unitRef="eur" contextRef="c-340" decimals="-6" name="tef:BusinessCombinationPaymentsToCancelAccountsPayable" scale="6" id="f-1551">91</ix:nonFraction> million euros to cancel payment obligations of the acquired companies. </span></div></ix:continuation><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">F-35</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><ix:continuation id="f-1475-4" continuedAt="f-1475-5"><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">At the date of preparation of the consolidated financial statements for the year 2022, the purchase price allocation was provisional. In 2023, the preliminary allocation was reviewed within the twelve-month period from the acquisition date,  without any change in the fair value of the assets and liabilities acquired.</span></div><ix:continuation id="f-1479-5" continuedAt="f-1479-6"><div style="text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The following table presents the consideration, the fair value of assets and liabilities identified at the acquisition date and the final goodwill:</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"/><td style="width:77.993%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:19.807%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Millions of euros</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"/></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Share purchase price</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-340" decimals="-6" name="ifrs-full:AcquisitiondateFairValueOfTotalConsiderationTransferred" scale="6" id="f-1552">104</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Payment obligations cancelled</span></td><td colspan="2" style="border-top:1pt solid #b6b6b6;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-340" decimals="-6" name="tef:BusinessCombinationPaymentsToCancelAccountsPayable" scale="6" id="f-1553">91</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #b6b6b6;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Total</span></td><td colspan="2" style="border-top:1pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-340" decimals="-6" name="ifrs-full:CashTransferred" scale="6" id="f-1554">195</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #86888c;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Intangible assets</span></td><td colspan="2" style="border-top:1pt solid #86888c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-340" decimals="-6" name="ifrs-full:IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate" scale="6" id="f-1555">24</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #86888c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 13pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Customer relationships</span></td><td colspan="2" style="border-top:1pt solid #b6b6b6;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-341" decimals="-6" name="ifrs-full:IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate" scale="6" id="f-1556">23</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #b6b6b6;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 13pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Other intangible assets</span></td><td colspan="2" style="border-top:1pt solid #b6b6b6;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-342" decimals="-6" name="ifrs-full:IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate" scale="6" id="f-1557">1</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #b6b6b6;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Property, plant and equipment</span></td><td colspan="2" style="border-top:1pt solid #b6b6b6;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-340" decimals="-6" name="ifrs-full:PropertyPlantAndEquipmentRecognisedAsOfAcquisitionDate" scale="6" id="f-1558">1</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #b6b6b6;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Rights of use</span></td><td colspan="2" style="border-top:1pt solid #b6b6b6;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-340" decimals="-6" name="tef:RightOfUseAssetsAsOfAcquisitionDate" scale="6" id="f-1559">1</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #b6b6b6;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Accounts receivable</span></td><td colspan="2" style="border-top:1pt solid #b6b6b6;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-340" decimals="-6" name="tef:AccountsReceivableRecognisedAsOfAcquisitionDate" scale="6" id="f-1560">11</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #b6b6b6;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Other assets</span></td><td colspan="2" style="border-top:1pt solid #b6b6b6;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-340" decimals="-6" name="tef:OtherAssetRecognisedAsOfAcquisitionDate" scale="6" id="f-1561">1</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #b6b6b6;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Cash and cash equivalents</span></td><td colspan="2" style="border-top:1pt solid #b6b6b6;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-340" decimals="-6" name="ifrs-full:CashAndCashEquivalentsRecognisedAsOfAcquisitionDate" scale="6" id="f-1562">9</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #b6b6b6;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Lease liabilities</span></td><td colspan="2" style="border-top:1pt solid #b6b6b6;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-340" decimals="-6" name="tef:LeaseLiabilitiesRecognisedAsOfAcquisitionDate" scale="6" id="f-1563">2</ix:nonFraction>)</span></td><td style="border-top:1pt solid #b6b6b6;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Accounts payable</span></td><td colspan="2" style="border-top:1pt solid #b6b6b6;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-340" decimals="-6" name="tef:AccountPayableRecognisedAsOfAcquisitionDate" scale="6" id="f-1564">3</ix:nonFraction>)</span></td><td style="border-top:1pt solid #b6b6b6;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Deferred tax liabilities</span></td><td colspan="2" style="border-top:1pt solid #b6b6b6;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-340" decimals="-6" name="ifrs-full:DeferredTaxLiabilitiesRecognisedAsOfAcquisitionDate" scale="6" id="f-1565">6</ix:nonFraction>)</span></td><td style="border-top:1pt solid #b6b6b6;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Other liabilities</span></td><td colspan="2" style="border-top:1pt solid #b6b6b6;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-340" decimals="-6" name="tef:OtherLiabilitiesRecognisedAsOfAcquisitionDate" scale="6" id="f-1566">11</ix:nonFraction>)</span></td><td style="border-top:1pt solid #b6b6b6;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #86888c;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Fair value of net assets</span></td><td colspan="2" style="border-top:1pt solid #86888c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-340" decimals="-6" name="ifrs-full:IdentifiableAssetsAcquiredLiabilitiesAssumed" scale="6" id="f-1567">25</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #86888c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-bottom:1pt solid #86888c;border-top:1pt solid #86888c;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Goodwill (Note 7)</span></td><td colspan="2" style="border-bottom:1pt solid #86888c;border-top:1pt solid #86888c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-340" decimals="-6" name="ifrs-full:GoodwillRecognisedAsOfAcquisitionDate" scale="6" id="f-1568">170</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:1pt solid #86888c;border-top:1pt solid #86888c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr></table></div></ix:continuation><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The contribution of the Incremental Group to the profit for the year 2022, after the impact of the amortization of the assets identified in the purchase price allocation, was a <ix:nonFraction unitRef="eur" contextRef="c-343" decimals="-6" name="ifrs-full:ProfitLossOfAcquiree" scale="6" id="f-1569">1</ix:nonFraction> million euro profit.</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Completion of the purchase price allocation process for BE-terna Group </span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On June 9, 2022, Telef&#243;nica Cybersecurity &amp; Cloud Tech, S.L.U. completed the acquisition of <ix:nonFraction unitRef="number" contextRef="c-344" decimals="2" name="ifrs-full:PercentageOfVotingEquityInterestsAcquired" scale="-2" id="f-1570">100</ix:nonFraction>% of the shares of the German group BE-terna Acceleration Holding GmbH and affiliates ("BE-terna Group"), for a <ix:nonFraction unitRef="eur" contextRef="c-344" decimals="-6" name="ifrs-full:AcquisitiondateFairValueOfTotalConsiderationTransferred" scale="6" id="f-1571">191</ix:nonFraction> million euros consideration (including potential contingent payments linked to its future performance). In addition, at the closing of the transaction a payment was made in the amount of <ix:nonFraction unitRef="eur" contextRef="c-344" decimals="-6" name="tef:BusinessCombinationPaymentsToCancelAccountsPayable" scale="6" id="f-1572">162</ix:nonFraction> million euros to cancel payment obligations of the acquired companies. </span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">At the date of preparation of the consolidated financial statements for the year 2022, the purchase price allocation was provisional. In 2023, the preliminary allocation was reviewed within the twelve-month period from the acquisition date, resulting in a <ix:nonFraction unitRef="eur" contextRef="c-345" decimals="-6" name="ifrs-full:ChangesInGoodwill" scale="6" id="f-1573">3</ix:nonFraction> million euro increase in goodwill.</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The following table presents the consideration, the fair value of assets and liabilities identified at the acquisition date and the final goodwill:</span></div></ix:continuation><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">F-36</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><ix:continuation id="f-1475-5"><ix:continuation id="f-1479-6"><div style="margin-top:9pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"/><td style="width:77.993%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:19.807%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Millions of euros</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"/></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Share purchase price</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-344" decimals="-6" name="ifrs-full:AcquisitiondateFairValueOfTotalConsiderationTransferred" scale="6" id="f-1574">191</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Payment obligations cancelled</span></td><td colspan="2" style="border-top:1pt solid #b6b6b6;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-344" decimals="-6" name="tef:BusinessCombinationPaymentsToCancelAccountsPayable" scale="6" id="f-1575">162</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #b6b6b6;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Total</span></td><td colspan="2" style="border-top:1pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-344" decimals="-6" name="ifrs-full:CashTransferred" scale="6" id="f-1576">353</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #86888c;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Intangible assets</span></td><td colspan="2" style="border-top:1pt solid #86888c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-344" decimals="-6" name="ifrs-full:IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate" scale="6" id="f-1577">73</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #86888c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 13pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Customer relationships</span></td><td colspan="2" style="border-top:1pt solid #b6b6b6;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-346" decimals="-6" name="ifrs-full:IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate" scale="6" id="f-1578">53</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #b6b6b6;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 13pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Other intangible assets</span></td><td colspan="2" style="border-top:1pt solid #b6b6b6;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-347" decimals="-6" name="ifrs-full:IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate" scale="6" id="f-1579">20</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #b6b6b6;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Property, plant and equipment</span></td><td colspan="2" style="border-top:1pt solid #b6b6b6;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-344" decimals="-6" name="ifrs-full:PropertyPlantAndEquipmentRecognisedAsOfAcquisitionDate" scale="6" id="f-1580">6</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #b6b6b6;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Right of use</span></td><td colspan="2" style="border-top:1pt solid #b6b6b6;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-344" decimals="-6" name="tef:RightOfUseAssetsAsOfAcquisitionDate" scale="6" id="f-1581">5</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #b6b6b6;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Accounts receivable</span></td><td colspan="2" style="border-top:1pt solid #b6b6b6;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-344" decimals="-6" name="tef:AccountsReceivableRecognisedAsOfAcquisitionDate" scale="6" id="f-1582">19</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #b6b6b6;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Other assets</span></td><td colspan="2" style="border-top:1pt solid #b6b6b6;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-344" decimals="-6" name="tef:OtherAssetRecognisedAsOfAcquisitionDate" scale="6" id="f-1583">12</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #b6b6b6;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Cash and cash equivalents</span></td><td colspan="2" style="border-top:1pt solid #b6b6b6;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-344" decimals="-6" name="ifrs-full:CashAndCashEquivalentsRecognisedAsOfAcquisitionDate" scale="6" id="f-1584">17</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #b6b6b6;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Lease liabilities</span></td><td colspan="2" style="border-top:1pt solid #b6b6b6;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-344" decimals="-6" name="tef:LeaseLiabilitiesRecognisedAsOfAcquisitionDate" scale="6" id="f-1585">5</ix:nonFraction>)</span></td><td style="border-top:1pt solid #b6b6b6;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Trade payables</span></td><td colspan="2" style="border-top:1pt solid #b6b6b6;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-344" decimals="-6" name="ifrs-full:TradeAndOtherPayablesRecognisedAsOfAcquisitionDate" scale="6" id="f-1586">9</ix:nonFraction>)</span></td><td style="border-top:1pt solid #b6b6b6;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Deferred tax liabilities</span></td><td colspan="2" style="border-top:1pt solid #b6b6b6;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-344" decimals="-6" name="ifrs-full:DeferredTaxLiabilitiesRecognisedAsOfAcquisitionDate" scale="6" id="f-1587">20</ix:nonFraction>)</span></td><td style="border-top:1pt solid #b6b6b6;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Current tax payables</span></td><td colspan="2" style="border-top:1pt solid #b6b6b6;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-344" decimals="-6" name="tef:CurrentTaxPayablesRecognisedAsOfAcquisitionDate" scale="6" id="f-1588">6</ix:nonFraction>)</span></td><td style="border-top:1pt solid #b6b6b6;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Other liabilities</span></td><td colspan="2" style="border-top:1pt solid #b6b6b6;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-344" decimals="-6" name="tef:OtherLiabilitiesRecognisedAsOfAcquisitionDate" scale="6" id="f-1589">21</ix:nonFraction>)</span></td><td style="border-top:1pt solid #b6b6b6;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #86888c;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Fair value of net assets</span></td><td colspan="2" style="border-top:1pt solid #86888c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-344" decimals="-6" name="ifrs-full:IdentifiableAssetsAcquiredLiabilitiesAssumed" scale="6" id="f-1590">71</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #86888c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-bottom:1pt solid #86888c;border-top:1pt solid #86888c;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Goodwill (Note 7)</span></td><td colspan="2" style="border-bottom:1pt solid #86888c;border-top:1pt solid #86888c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-344" decimals="-6" name="ifrs-full:GoodwillRecognisedAsOfAcquisitionDate" scale="6" id="f-1591">282</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:1pt solid #86888c;border-top:1pt solid #86888c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr></table></div></ix:continuation><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The contribution of BE-terna Group to the profit for the year 2022, after the impact of the amortization of the assets identified in the purchase price allocation, was a <ix:nonFraction unitRef="eur" contextRef="c-345" decimals="-6" sign="-" name="ifrs-full:ProfitLossOfAcquiree" scale="6" id="f-1592">3</ix:nonFraction> million euros loss.</span></div></ix:continuation><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">F-37</span></div></div></div><div id="i63478826478c4e0dbabc502413383f6b_298"></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><div style="margin-top:9pt;text-align:center"><span style="color:#a6a6a6;font-family:'Arial',sans-serif;font-size:18pt;font-weight:400;line-height:120%"> Note 6. <ix:nonNumeric contextRef="c-1" name="ifrs-full:DisclosureOfIntangibleAssetsExplanatory" id="f-1593" continuedAt="f-1593-1" escape="true">Intangible assets</ix:nonNumeric></span></div><ix:continuation id="f-1593-1" continuedAt="f-1593-2"><ix:nonNumeric contextRef="c-1" name="ifrs-full:DisclosureOfDetailedInformationAboutIntangibleAssetsExplanatory" id="f-1594" escape="true"><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The composition of and movements in net intangible assets in 2024 and 2023 are as follows: </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"/><td style="width:11.765%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:7.818%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:5.917%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:7.233%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:5.771%"/><td style="width:0.1%"/><td colspan="3" style="display:none"/><td style="width:1.0%"/><td style="width:5.917%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:7.233%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:8.987%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:9.280%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:10.157%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:7.822%"/><td style="width:0.1%"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2024</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="display:none"/><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Millions of euros</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Balance at 12/31/2023</span></td><td colspan="3" style="background-color:#ffffff;border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">First applica-tion of IAS 21</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Additions</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:5.2pt;font-weight:700;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(1)</span></div></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Amorti-zation</span></td><td colspan="3" style="display:none"/><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Impair-ments</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Transfers<br/>and others</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Translation differences</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Inflation adjustments</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Business combinations</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span 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name="ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesIntangibleAssetsOtherThanGoodwill" format="ixt:fixed-zero" scale="6" id="f-1630">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-363" decimals="-6" sign="-" name="ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesIntangibleAssetsOtherThanGoodwill" scale="6" id="f-1631">18</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-363" decimals="-6" name="ifrs-full:RevaluationIncreaseDecreaseIntangibleAssetsOtherThanGoodwill" format="ixt:fixed-zero" scale="6" id="f-1632">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-363" decimals="-6" name="ifrs-full:AcquisitionsThroughBusinessCombinationsIntangibleAssetsOtherThanGoodwill" scale="6" id="f-1633">2</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-364" decimals="-6" name="ifrs-full:IntangibleAssetsOtherThanGoodwill" scale="6" id="f-1634">187</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Other intangible assets</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-365" decimals="-6" name="ifrs-full:IntangibleAssetsOtherThanGoodwill" scale="6" id="f-1635">58</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-366" decimals="-6" name="ifrs-full:ChangesInIntangibleAssetsOtherThanGoodwill" format="ixt:fixed-zero" scale="6" id="f-1636">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-367" decimals="-6" name="ifrs-full:AdditionsOtherThanThroughBusinessCombinationsIntangibleAssetsOtherThanGoodwill" scale="6" id="f-1637">20</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-367" decimals="-6" name="ifrs-full:AmortisationIntangibleAssetsOtherThanGoodwill" scale="6" id="f-1638">25</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-367" decimals="-6" name="ifrs-full:ImpairmentLossRecognisedInProfitOrLossIntangibleAssetsOtherThanGoodwill" format="ixt:fixed-zero" scale="6" id="f-1639">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-367" decimals="-6" name="ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesIntangibleAssetsOtherThanGoodwill" scale="6" id="f-1640">8</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-367" decimals="-6" sign="-" name="ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesIntangibleAssetsOtherThanGoodwill" scale="6" id="f-1641">1</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-367" decimals="-6" name="ifrs-full:RevaluationIncreaseDecreaseIntangibleAssetsOtherThanGoodwill" format="ixt:fixed-zero" scale="6" id="f-1642">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-367" decimals="-6" name="ifrs-full:AcquisitionsThroughBusinessCombinationsIntangibleAssetsOtherThanGoodwill" scale="6" id="f-1643">4</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-368" decimals="-6" name="ifrs-full:IntangibleAssetsOtherThanGoodwill" scale="6" id="f-1644">64</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Intangible assets in process</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-369" decimals="-6" name="ifrs-full:IntangibleAssetsOtherThanGoodwill" scale="6" id="f-1645">716</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-370" decimals="-6" name="ifrs-full:ChangesInIntangibleAssetsOtherThanGoodwill" format="ixt:fixed-zero" scale="6" id="f-1646">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-371" decimals="-6" name="ifrs-full:AdditionsOtherThanThroughBusinessCombinationsIntangibleAssetsOtherThanGoodwill" format="ixt:num-dot-decimal" scale="6" id="f-1647">1,109</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-371" decimals="-6" name="ifrs-full:AmortisationIntangibleAssetsOtherThanGoodwill" format="ixt:fixed-zero" scale="6" id="f-1648">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 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solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-371" decimals="-6" sign="-" name="ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesIntangibleAssetsOtherThanGoodwill" scale="6" id="f-1651">28</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-371" decimals="-6" name="ifrs-full:RevaluationIncreaseDecreaseIntangibleAssetsOtherThanGoodwill" scale="6" id="f-1652">5</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-371" decimals="-6" name="ifrs-full:AcquisitionsThroughBusinessCombinationsIntangibleAssetsOtherThanGoodwill" scale="6" id="f-1653">4</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-372" decimals="-6" 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decimals="-6" name="ifrs-full:IntangibleAssetsOtherThanGoodwill" format="ixt:num-dot-decimal" scale="6" id="f-1664">9,875</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr></table><span style="color:#000000;font-family:'Arial',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline">(1)</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%"> Total additions of intangible assets in 2024 amounted to <ix:nonFraction unitRef="eur" contextRef="c-1" decimals="-6" name="tef:Additionsotherthanthroughbusinesscombinationsrelatedtocompaniesheldforsaleintangibleassetsotherthangoodwill" format="ixt:num-dot-decimal" scale="6" id="f-1665">1,799</ix:nonFraction> million euros, including the additions corresponding to companies held for sale during the annual reporting period (see Note 2).</span></div><div style="margin-bottom:9pt;margin-top:9pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"/><td style="width:16.297%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:7.818%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:7.525%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:6.648%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:5.771%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:6.648%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:7.087%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:7.087%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:6.648%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:7.671%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:8.700%"/><td style="width:0.1%"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2023</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Millions of euros</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Balance at 12/31/2022</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Additions</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Amorti-zation</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Dispo-sals</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Impair-ments</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Transfers and others</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Transla-tion differen-ces</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Inflation adjust-ments</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Business combina-tions</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span 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style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-375" decimals="-6" name="ifrs-full:AdditionsOtherThanThroughBusinessCombinationsIntangibleAssetsOtherThanGoodwill" scale="6" id="f-1667">183</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-375" decimals="-6" name="ifrs-full:AmortisationIntangibleAssetsOtherThanGoodwill" scale="6" id="f-1668">840</ix:nonFraction>)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-375" decimals="-6" name="ifrs-full:DisposalsIntangibleAssetsOtherThanGoodwill" format="ixt:fixed-zero" scale="6" id="f-1669">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-375" decimals="-6" name="ifrs-full:ImpairmentLossRecognisedInProfitOrLossIntangibleAssetsOtherThanGoodwill" format="ixt:fixed-zero" scale="6" id="f-1670">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-375" decimals="-6" name="ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesIntangibleAssetsOtherThanGoodwill" scale="6" id="f-1671">2</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-375" decimals="-6" sign="-" name="ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesIntangibleAssetsOtherThanGoodwill" scale="6" id="f-1672">205</ix:nonFraction>)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-375" decimals="-6" name="ifrs-full:RevaluationIncreaseDecreaseIntangibleAssetsOtherThanGoodwill" scale="6" id="f-1673">196</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-375" decimals="-6" name="ifrs-full:AcquisitionsThroughBusinessCombinationsIntangibleAssetsOtherThanGoodwill" format="ixt:fixed-zero" scale="6" id="f-1674">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-348" decimals="-6" name="ifrs-full:IntangibleAssetsOtherThanGoodwill" format="ixt:num-dot-decimal" scale="6" id="f-1675">6,886</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" 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name="ifrs-full:AcquisitionsThroughBusinessCombinationsIntangibleAssetsOtherThanGoodwill" format="ixt:fixed-zero" scale="6" id="f-1684">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-352" decimals="-6" name="ifrs-full:IntangibleAssetsOtherThanGoodwill" format="ixt:num-dot-decimal" scale="6" id="f-1685">3,089</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span 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name="ifrs-full:DisposalsIntangibleAssetsOtherThanGoodwill" format="ixt:fixed-zero" scale="6" id="f-1689">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-379" decimals="-6" name="ifrs-full:ImpairmentLossRecognisedInProfitOrLossIntangibleAssetsOtherThanGoodwill" format="ixt:fixed-zero" scale="6" id="f-1690">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span 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style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-386" decimals="-6" name="ifrs-full:AcquisitionsThroughBusinessCombinationsIntangibleAssetsOtherThanGoodwill" format="ixt:fixed-zero" scale="6" id="f-1724">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-369" decimals="-6" name="ifrs-full:IntangibleAssetsOtherThanGoodwill" scale="6" id="f-1725">716</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total intangible assets</span></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-80" decimals="-6" name="ifrs-full:IntangibleAssetsOtherThanGoodwill" format="ixt:num-dot-decimal" scale="6" id="f-1726">12,017</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-14" decimals="-6" name="ifrs-full:AdditionsOtherThanThroughBusinessCombinationsIntangibleAssetsOtherThanGoodwill" format="ixt:num-dot-decimal" scale="6" id="f-1727">1,838</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-14" decimals="-6" name="ifrs-full:AmortisationIntangibleAssetsOtherThanGoodwill" format="ixt:num-dot-decimal" scale="6" id="f-1728">2,583</ix:nonFraction>)</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-14" decimals="-6" name="ifrs-full:DisposalsIntangibleAssetsOtherThanGoodwill" scale="6" id="f-1729">2</ix:nonFraction>)</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-14" decimals="-6" name="ifrs-full:ImpairmentLossRecognisedInProfitOrLossIntangibleAssetsOtherThanGoodwill" scale="6" id="f-1730">2</ix:nonFraction>)</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-14" decimals="-6" name="ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesIntangibleAssetsOtherThanGoodwill" scale="6" id="f-1731">50</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-14" decimals="-6" sign="-" name="ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesIntangibleAssetsOtherThanGoodwill" scale="6" id="f-1732">183</ix:nonFraction>)</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-14" decimals="-6" name="ifrs-full:RevaluationIncreaseDecreaseIntangibleAssetsOtherThanGoodwill" scale="6" id="f-1733">223</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-387" decimals="-6" name="ifrs-full:AcquisitionsThroughBusinessCombinationsIntangibleAssetsOtherThanGoodwill" scale="6" id="f-1734">12</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-13" decimals="-6" name="ifrs-full:IntangibleAssetsOtherThanGoodwill" format="ixt:num-dot-decimal" scale="6" id="f-1735">11,370</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/></tr></table></div></ix:nonNumeric><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Additions of spectrum in 2024 amounted to <ix:nonFraction unitRef="eur" contextRef="c-350" decimals="-6" name="tef:Additionsotherthanthroughbusinesscombinationsrelatedtocompaniesheldforsaleintangibleassetsotherthangoodwill" scale="6" id="f-1736">157</ix:nonFraction> million euros (<ix:nonFraction unitRef="eur" contextRef="c-375" decimals="-6" name="tef:Additionsotherthanthroughbusinesscombinationsrelatedtocompaniesheldforsaleintangibleassetsotherthangoodwill" scale="6" id="f-1737">183</ix:nonFraction> million euros in 2023).</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In 2024 Telef&#243;nica Hispam's intangible asset additions, the following stand out: the acquisition of spectrum in Colombia for <ix:nonFraction unitRef="eur" contextRef="c-388" decimals="-6" name="tef:Additionsotherthanthroughbusinesscombinationsrelatedtocompaniesheldforsaleintangibleassetsotherthangoodwill" scale="6" id="f-1738">87</ix:nonFraction> million euros (3,500 MHz, 850 MHz and 1,900 MHz bands), in Ecuador for <ix:nonFraction unitRef="eur" contextRef="c-389" decimals="-6" name="tef:Additionsotherthanthroughbusinesscombinationsrelatedtocompaniesheldforsaleintangibleassetsotherthangoodwill" scale="6" id="f-1739">19</ix:nonFraction> million euros (extension of the operating license) and in Uruguay for <ix:nonFraction unitRef="eur" contextRef="c-390" decimals="-6" name="tef:Additionsotherthanthroughbusinesscombinationsrelatedtocompaniesheldforsaleintangibleassetsotherthangoodwill" scale="6" id="f-1740">23</ix:nonFraction> million euros (renewal of the 850 MHz and 1,900 MHz bands).</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Telef&#243;nica Spain's spectrum additions in 2024 amounted to <ix:nonFraction unitRef="eur" contextRef="c-391" decimals="-6" name="tef:Additionsotherthanthroughbusinesscombinationsrelatedtocompaniesheldforsaleintangibleassetsotherthangoodwill" scale="6" id="f-1741">25</ix:nonFraction> million euros.</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In 2024,Telef&#243;nica Brasil  includes <ix:nonFraction unitRef="eur" contextRef="c-392" decimals="-6" name="tef:Additionsotherthanthroughbusinesscombinationsrelatedtocompaniesheldforsaleintangibleassetsotherthangoodwill" scale="6" id="f-1742">4</ix:nonFraction> million euros of the renewal of the 850MHz band.</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In 2023 Telef&#243;nica Hispam, spectrum acquisitions stood out in Argentina for <ix:nonFraction unitRef="eur" contextRef="c-393" decimals="-6" name="tef:Additionsotherthanthroughbusinesscombinationsrelatedtocompaniesheldforsaleintangibleassetsotherthangoodwill" scale="6" id="f-1743">109</ix:nonFraction> million euros in the 3.5 GHz band, in Ecuador for <ix:nonFraction unitRef="eur" contextRef="c-394" decimals="-6" name="tef:Additionsotherthanthroughbusinesscombinationsrelatedtocompaniesheldforsaleintangibleassetsotherthangoodwill" scale="6" id="f-1744">18</ix:nonFraction> million euros and in Uruguay for <ix:nonFraction unitRef="eur" contextRef="c-395" decimals="-6" name="tef:Additionsotherthanthroughbusinesscombinationsrelatedtocompaniesheldforsaleintangibleassetsotherthangoodwill" scale="6" id="f-1745">24</ix:nonFraction> million euros.</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Appendix VI contains the details of the main concessions and licenses which the Group operates. </span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In 2024, Telef&#243;nica Argentina recorded an impairment of service concession arrangements and licenses and software, amounting to <ix:nonFraction unitRef="eur" contextRef="c-396" decimals="-6" name="ifrs-full:ImpairmentLossRecognisedInProfitOrLossIntangibleAssetsOtherThanGoodwill" scale="6" id="f-1746">415</ix:nonFraction> million euros and <ix:nonFraction unitRef="eur" contextRef="c-397" decimals="-6" name="ifrs-full:ImpairmentLossRecognisedInProfitOrLossIntangibleAssetsOtherThanGoodwill" scale="6" id="f-1747">21</ix:nonFraction> million euros, both with a corresponding entry under Other expenses (see Note 26). Telef&#243;nica Argentina's intangible assets as of December 31, 2024 amounting to <ix:nonFraction unitRef="eur" contextRef="c-398" decimals="-6" name="ifrs-full:IntangibleAssetsOtherThanGoodwill" scale="6" id="f-1748">265</ix:nonFraction> million euros (<ix:nonFraction unitRef="eur" contextRef="c-399" decimals="-6" name="ifrs-full:IntangibleAssetsOtherThanGoodwill" scale="6" id="f-1749">415</ix:nonFraction> million euros as of December 31, 2023).</span></div></ix:continuation><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">F-38</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><ix:continuation id="f-1593-2" continuedAt="f-1593-3"><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In 2024, Telef&#243;nica del Per&#250; recorded an impairment of service concession arrangements and licenses, amounting to <ix:nonFraction unitRef="eur" contextRef="c-400" decimals="-6" name="ifrs-full:ImpairmentLossRecognisedInProfitOrLossIntangibleAssetsOtherThanGoodwill" scale="6" id="f-1750">54</ix:nonFraction> million euros, with a corresponding entry under Other expenses (see Note 26).</span></div><div style="margin-bottom:9pt;margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The effect of the translation into euros of the intangible assets of the Group's companies in Argentina and Venezuela and the effect of the inflation adjustments (see Note 3.a), are shown in the columns "Translation differences" and "Inflation adjustments", respectively.</span></div><ix:nonNumeric contextRef="c-1" name="ifrs-full:DisclosureOfReconciliationOfChangesInIntangibleAssetsAndGoodwillExplanatory" id="f-1751" continuedAt="f-1751-1" escape="true"><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The cost, accumulated amortization and impairment losses of intangible assets at December&#160;31, 2024 and 2023 are as follows: </span></div><div style="margin-bottom:9pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"/><td style="width:36.418%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:14.520%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:14.520%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:14.520%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:14.522%"/><td style="width:0.1%"/></tr><tr><td colspan="15" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Balance at December 31, 2024</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Millions of euros</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Cost</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Accumulated amortization</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Impairment losses</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Intangible assets</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Service concession arrangements and licenses</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-401" decimals="-6" name="ifrs-full:IntangibleAssetsOtherThanGoodwill" format="ixt:num-dot-decimal" scale="6" id="f-1752">15,018</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-402" decimals="-6" sign="-" name="ifrs-full:IntangibleAssetsOtherThanGoodwill" format="ixt:num-dot-decimal" scale="6" id="f-1753">8,666</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-403" decimals="-6" sign="-" name="ifrs-full:IntangibleAssetsOtherThanGoodwill" scale="6" id="f-1754">685</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-351" decimals="-6" name="ifrs-full:IntangibleAssetsOtherThanGoodwill" format="ixt:num-dot-decimal" scale="6" id="f-1755">5,667</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Software</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-404" decimals="-6" name="ifrs-full:IntangibleAssetsOtherThanGoodwill" format="ixt:num-dot-decimal" scale="6" id="f-1756">18,442</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-405" decimals="-6" sign="-" name="ifrs-full:IntangibleAssetsOtherThanGoodwill" format="ixt:num-dot-decimal" scale="6" id="f-1757">15,300</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-406" decimals="-6" sign="-" name="ifrs-full:IntangibleAssetsOtherThanGoodwill" scale="6" id="f-1758">38</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-356" decimals="-6" name="ifrs-full:IntangibleAssetsOtherThanGoodwill" format="ixt:num-dot-decimal" scale="6" id="f-1759">3,104</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Customer base</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-407" decimals="-6" name="ifrs-full:IntangibleAssetsOtherThanGoodwill" format="ixt:num-dot-decimal" scale="6" id="f-1760">2,265</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-408" decimals="-6" sign="-" name="ifrs-full:IntangibleAssetsOtherThanGoodwill" format="ixt:num-dot-decimal" scale="6" id="f-1761">2,114</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-409" decimals="-6" name="ifrs-full:IntangibleAssetsOtherThanGoodwill" format="ixt:fixed-zero" scale="6" id="f-1762">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-360" decimals="-6" name="ifrs-full:IntangibleAssetsOtherThanGoodwill" scale="6" id="f-1763">151</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Trademarks</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-410" decimals="-6" name="ifrs-full:IntangibleAssetsOtherThanGoodwill" scale="6" id="f-1764">905</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-411" decimals="-6" sign="-" name="ifrs-full:IntangibleAssetsOtherThanGoodwill" scale="6" id="f-1765">718</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-412" decimals="-6" name="ifrs-full:IntangibleAssetsOtherThanGoodwill" format="ixt:fixed-zero" scale="6" id="f-1766">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-364" decimals="-6" name="ifrs-full:IntangibleAssetsOtherThanGoodwill" scale="6" id="f-1767">187</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Other intangible assets</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-413" decimals="-6" name="ifrs-full:IntangibleAssetsOtherThanGoodwill" scale="6" id="f-1768">794</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-414" decimals="-6" sign="-" name="ifrs-full:IntangibleAssetsOtherThanGoodwill" scale="6" id="f-1769">726</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-415" decimals="-6" sign="-" name="ifrs-full:IntangibleAssetsOtherThanGoodwill" scale="6" id="f-1770">4</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-368" decimals="-6" name="ifrs-full:IntangibleAssetsOtherThanGoodwill" scale="6" id="f-1771">64</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Intangible assets in process</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-416" decimals="-6" name="ifrs-full:IntangibleAssetsOtherThanGoodwill" scale="6" id="f-1772">702</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-417" decimals="-6" name="ifrs-full:IntangibleAssetsOtherThanGoodwill" format="ixt:fixed-zero" scale="6" id="f-1773">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-418" decimals="-6" name="ifrs-full:IntangibleAssetsOtherThanGoodwill" format="ixt:fixed-zero" scale="6" id="f-1774">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-372" decimals="-6" name="ifrs-full:IntangibleAssetsOtherThanGoodwill" scale="6" id="f-1775">702</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total intangible assets</span></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-419" decimals="-6" name="ifrs-full:IntangibleAssetsOtherThanGoodwill" format="ixt:num-dot-decimal" scale="6" id="f-1776">38,126</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-420" decimals="-6" sign="-" name="ifrs-full:IntangibleAssetsOtherThanGoodwill" format="ixt:num-dot-decimal" scale="6" id="f-1777">27,524</ix:nonFraction>)</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-421" decimals="-6" sign="-" name="ifrs-full:IntangibleAssetsOtherThanGoodwill" scale="6" id="f-1778">727</ix:nonFraction>)</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-12" decimals="-6" name="ifrs-full:IntangibleAssetsOtherThanGoodwill" format="ixt:num-dot-decimal" scale="6" id="f-1779">9,875</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr></table></div><div style="margin-bottom:9pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"/><td style="width:36.418%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:14.520%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:14.520%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:14.520%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:14.522%"/><td style="width:0.1%"/></tr><tr><td colspan="15" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Balance at December 31, 2023</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Millions of euros</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Cost</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Accumulated amortization</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Impairment losses</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Intangible assets</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Service concession arrangements and licenses</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-422" decimals="-6" name="ifrs-full:IntangibleAssetsOtherThanGoodwill" format="ixt:num-dot-decimal" scale="6" id="f-1780">16,056</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-423" decimals="-6" sign="-" name="ifrs-full:IntangibleAssetsOtherThanGoodwill" format="ixt:num-dot-decimal" scale="6" id="f-1781">9,061</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-424" decimals="-6" sign="-" name="ifrs-full:IntangibleAssetsOtherThanGoodwill" scale="6" id="f-1782">109</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-348" decimals="-6" name="ifrs-full:IntangibleAssetsOtherThanGoodwill" format="ixt:num-dot-decimal" scale="6" id="f-1783">6,886</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Software</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-425" decimals="-6" name="ifrs-full:IntangibleAssetsOtherThanGoodwill" format="ixt:num-dot-decimal" scale="6" id="f-1784">17,851</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-426" decimals="-6" sign="-" name="ifrs-full:IntangibleAssetsOtherThanGoodwill" format="ixt:num-dot-decimal" scale="6" id="f-1785">14,753</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-427" decimals="-6" sign="-" name="ifrs-full:IntangibleAssetsOtherThanGoodwill" scale="6" id="f-1786">9</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-352" decimals="-6" name="ifrs-full:IntangibleAssetsOtherThanGoodwill" format="ixt:num-dot-decimal" scale="6" id="f-1787">3,089</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 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name="ifrs-full:IntangibleAssetsOtherThanGoodwill" format="ixt:num-dot-decimal" scale="6" id="f-1789">3,780</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-430" decimals="-6" name="ifrs-full:IntangibleAssetsOtherThanGoodwill" format="ixt:fixed-zero" scale="6" id="f-1790">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-357" decimals="-6" name="ifrs-full:IntangibleAssetsOtherThanGoodwill" scale="6" id="f-1791">386</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Trademarks</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-431" decimals="-6" name="ifrs-full:IntangibleAssetsOtherThanGoodwill" scale="6" id="f-1792">958</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-432" decimals="-6" sign="-" name="ifrs-full:IntangibleAssetsOtherThanGoodwill" scale="6" id="f-1793">723</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-433" decimals="-6" name="ifrs-full:IntangibleAssetsOtherThanGoodwill" format="ixt:fixed-zero" scale="6" id="f-1794">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-361" decimals="-6" name="ifrs-full:IntangibleAssetsOtherThanGoodwill" scale="6" id="f-1795">235</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Other intangible assets</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-434" decimals="-6" name="ifrs-full:IntangibleAssetsOtherThanGoodwill" scale="6" id="f-1796">867</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-435" decimals="-6" sign="-" name="ifrs-full:IntangibleAssetsOtherThanGoodwill" scale="6" id="f-1797">805</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-436" decimals="-6" sign="-" name="ifrs-full:IntangibleAssetsOtherThanGoodwill" scale="6" id="f-1798">4</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-365" decimals="-6" name="ifrs-full:IntangibleAssetsOtherThanGoodwill" scale="6" id="f-1799">58</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Intangible assets in process</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-437" decimals="-6" name="ifrs-full:IntangibleAssetsOtherThanGoodwill" scale="6" id="f-1800">724</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-438" decimals="-6" name="ifrs-full:IntangibleAssetsOtherThanGoodwill" format="ixt:fixed-zero" scale="6" id="f-1801">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-439" decimals="-6" sign="-" name="ifrs-full:IntangibleAssetsOtherThanGoodwill" scale="6" id="f-1802">8</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-369" decimals="-6" name="ifrs-full:IntangibleAssetsOtherThanGoodwill" scale="6" id="f-1803">716</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total intangible assets</span></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-440" decimals="-6" name="ifrs-full:IntangibleAssetsOtherThanGoodwill" format="ixt:num-dot-decimal" scale="6" id="f-1804">40,622</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-441" decimals="-6" sign="-" name="ifrs-full:IntangibleAssetsOtherThanGoodwill" format="ixt:num-dot-decimal" scale="6" id="f-1805">29,122</ix:nonFraction>)</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-442" decimals="-6" sign="-" name="ifrs-full:IntangibleAssetsOtherThanGoodwill" scale="6" id="f-1806">130</ix:nonFraction>)</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-13" decimals="-6" name="ifrs-full:IntangibleAssetsOtherThanGoodwill" format="ixt:num-dot-decimal" scale="6" id="f-1807">11,370</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr></table></div></ix:nonNumeric></ix:continuation><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">F-39</span></div></div></div><div id="i63478826478c4e0dbabc502413383f6b_301"></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><div style="margin-bottom:9pt;text-align:center;text-indent:36pt"><span style="color:#a6a6a6;font-family:'Arial',sans-serif;font-size:18pt;font-weight:400;line-height:120%">Note 7. <ix:continuation id="f-1593-3" continuedAt="f-1593-4">Goodwill</ix:continuation></span></div><ix:continuation id="f-1593-4" continuedAt="f-1593-5"><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Movement in goodwill </span></div><ix:continuation id="f-1751-1"><div style="margin-bottom:9pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The movement in goodwill assigned to each Group segment was as follows: </span><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.853%"><tr><td style="width:1.0%"/><td style="width:23.058%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:9.734%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:9.734%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:9.734%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:9.734%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:9.734%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:9.734%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:9.738%"/><td style="width:0.1%"/></tr><tr><td colspan="24" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2024</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Millions of euros</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Balance at 12/31/2023</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Additions</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Disposals</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Write-offs</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Transfers</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Exchange rate impact</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Balance at 12/31/2024</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Spain</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-443" decimals="-6" name="ifrs-full:IntangibleAssetsAndGoodwill" format="ixt:num-dot-decimal" scale="6" id="f-1808">4,291</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-444" decimals="-6" name="ifrs-full:AcquisitionsThroughBusinessCombinationsIntangibleAssetsAndGoodwill" format="ixt:fixed-zero" scale="6" id="f-1809">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-444" decimals="-6" name="ifrs-full:DisposalsIntangibleAssetsAndGoodwill" format="ixt:fixed-zero" scale="6" id="f-1810">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-444" decimals="-6" name="ifrs-full:ImpairmentLossRecognisedInProfitOrLossIntangibleAssetsAndGoodwill" format="ixt:fixed-zero" scale="6" id="f-1811">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-444" decimals="-6" name="ifrs-full:IncreaseDecreaseThroughTransfersIntangibleAssetsAndGoodwill" format="ixt:fixed-zero" scale="6" id="f-1812">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-444" decimals="-6" name="ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesIntangibleAssetsAndGoodwill" format="ixt:fixed-zero" scale="6" id="f-1813">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-445" decimals="-6" name="ifrs-full:IntangibleAssetsAndGoodwill" format="ixt:num-dot-decimal" scale="6" id="f-1814">4,291</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Brazil</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-446" decimals="-6" name="ifrs-full:IntangibleAssetsAndGoodwill" format="ixt:num-dot-decimal" scale="6" id="f-1815">8,076</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-447" decimals="-6" name="ifrs-full:AcquisitionsThroughBusinessCombinationsIntangibleAssetsAndGoodwill" scale="6" id="f-1816">28</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-447" decimals="-6" name="ifrs-full:DisposalsIntangibleAssetsAndGoodwill" format="ixt:fixed-zero" scale="6" id="f-1817">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-447" decimals="-6" name="ifrs-full:ImpairmentLossRecognisedInProfitOrLossIntangibleAssetsAndGoodwill" format="ixt:fixed-zero" scale="6" id="f-1818">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-447" decimals="-6" name="ifrs-full:IncreaseDecreaseThroughTransfersIntangibleAssetsAndGoodwill" format="ixt:fixed-zero" scale="6" id="f-1819">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-447" decimals="-6" sign="-" name="ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesIntangibleAssetsAndGoodwill" format="ixt:num-dot-decimal" scale="6" id="f-1820">1,364</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-448" decimals="-6" name="ifrs-full:IntangibleAssetsAndGoodwill" format="ixt:num-dot-decimal" scale="6" id="f-1821">6,740</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Germany</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-449" decimals="-6" name="ifrs-full:IntangibleAssetsAndGoodwill" format="ixt:num-dot-decimal" scale="6" id="f-1822">4,386</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-450" decimals="-6" name="ifrs-full:AcquisitionsThroughBusinessCombinationsIntangibleAssetsAndGoodwill" format="ixt:fixed-zero" scale="6" id="f-1823">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-450" decimals="-6" name="ifrs-full:DisposalsIntangibleAssetsAndGoodwill" format="ixt:fixed-zero" scale="6" id="f-1824">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-450" decimals="-6" name="ifrs-full:ImpairmentLossRecognisedInProfitOrLossIntangibleAssetsAndGoodwill" format="ixt:fixed-zero" scale="6" id="f-1825">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-450" decimals="-6" name="ifrs-full:IncreaseDecreaseThroughTransfersIntangibleAssetsAndGoodwill" format="ixt:fixed-zero" scale="6" id="f-1826">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-450" decimals="-6" name="ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesIntangibleAssetsAndGoodwill" format="ixt:fixed-zero" scale="6" id="f-1827">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-451" decimals="-6" name="ifrs-full:IntangibleAssetsAndGoodwill" format="ixt:num-dot-decimal" scale="6" id="f-1828">4,386</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Hispam</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-452" decimals="-6" name="ifrs-full:IntangibleAssetsAndGoodwill" format="ixt:num-dot-decimal" scale="6" id="f-1829">1,108</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-453" decimals="-6" name="ifrs-full:AcquisitionsThroughBusinessCombinationsIntangibleAssetsAndGoodwill" format="ixt:fixed-zero" scale="6" id="f-1830">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-453" decimals="-6" name="ifrs-full:DisposalsIntangibleAssetsAndGoodwill" scale="6" id="f-1831">16</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-453" decimals="-6" name="ifrs-full:ImpairmentLossRecognisedInProfitOrLossIntangibleAssetsAndGoodwill" scale="6" id="f-1832">623</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-453" decimals="-6" name="ifrs-full:IncreaseDecreaseThroughTransfersIntangibleAssetsAndGoodwill" format="ixt:fixed-zero" scale="6" id="f-1833">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-453" decimals="-6" sign="-" name="ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesIntangibleAssetsAndGoodwill" scale="6" id="f-1834">51</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-454" 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0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-456" decimals="-6" name="ifrs-full:ImpairmentLossRecognisedInProfitOrLossIntangibleAssetsAndGoodwill" scale="6" id="f-1839">243</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-456" decimals="-6" name="ifrs-full:IncreaseDecreaseThroughTransfersIntangibleAssetsAndGoodwill" format="ixt:fixed-zero" scale="6" 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name="ifrs-full:IntangibleAssetsAndGoodwill" scale="6" id="f-1842">626</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total</span></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-458" decimals="-6" name="ifrs-full:IntangibleAssetsAndGoodwill" format="ixt:num-dot-decimal" scale="6" id="f-1843">18,708</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-459" decimals="-6" name="ifrs-full:AcquisitionsThroughBusinessCombinationsIntangibleAssetsAndGoodwill" scale="6" id="f-1844">28</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-459" decimals="-6" name="ifrs-full:DisposalsIntangibleAssetsAndGoodwill" scale="6" id="f-1845">16</ix:nonFraction>)</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-459" decimals="-6" name="ifrs-full:ImpairmentLossRecognisedInProfitOrLossIntangibleAssetsAndGoodwill" scale="6" id="f-1846">866</ix:nonFraction>)</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-459" decimals="-6" name="ifrs-full:IncreaseDecreaseThroughTransfersIntangibleAssetsAndGoodwill" format="ixt:fixed-zero" scale="6" id="f-1847">&#8212;</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-459" decimals="-6" sign="-" name="ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesIntangibleAssetsAndGoodwill" format="ixt:num-dot-decimal" scale="6" id="f-1848">1,393</ix:nonFraction>)</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-460" decimals="-6" name="ifrs-full:IntangibleAssetsAndGoodwill" format="ixt:num-dot-decimal" scale="6" id="f-1849">16,461</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr></table></div><div style="margin-bottom:9pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"/><td style="width:23.169%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:9.572%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:9.426%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:9.864%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:9.864%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:9.864%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:9.572%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:9.869%"/><td style="width:0.1%"/></tr><tr><td colspan="24" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2023</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Millions of euros</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Balance at 12/31/2022</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Additions</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Disposals</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Write-offs</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Transfers</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Exchange rate impact</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Balance at 12/31/2023</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Spain</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-461" decimals="-6" name="ifrs-full:IntangibleAssetsAndGoodwill" format="ixt:num-dot-decimal" scale="6" id="f-1850">4,291</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-462" decimals="-6" name="ifrs-full:AcquisitionsThroughBusinessCombinationsIntangibleAssetsAndGoodwill" format="ixt:fixed-zero" scale="6" id="f-1851">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-462" decimals="-6" name="ifrs-full:DisposalsIntangibleAssetsAndGoodwill" format="ixt:fixed-zero" scale="6" id="f-1852">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-462" decimals="-6" name="ifrs-full:ImpairmentLossRecognisedInProfitOrLossIntangibleAssetsAndGoodwill" format="ixt:fixed-zero" scale="6" id="f-1853">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-462" decimals="-6" name="ifrs-full:IncreaseDecreaseThroughTransfersIntangibleAssetsAndGoodwill" format="ixt:fixed-zero" scale="6" id="f-1854">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-462" decimals="-6" name="ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesIntangibleAssetsAndGoodwill" format="ixt:fixed-zero" scale="6" id="f-1855">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-443" decimals="-6" name="ifrs-full:IntangibleAssetsAndGoodwill" format="ixt:num-dot-decimal" scale="6" id="f-1856">4,291</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Brazil</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-463" decimals="-6" name="ifrs-full:IntangibleAssetsAndGoodwill" format="ixt:num-dot-decimal" scale="6" id="f-1857">7,752</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-464" decimals="-6" name="ifrs-full:AcquisitionsThroughBusinessCombinationsIntangibleAssetsAndGoodwill" scale="6" id="f-1858">5</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-464" decimals="-6" name="ifrs-full:DisposalsIntangibleAssetsAndGoodwill" format="ixt:fixed-zero" scale="6" id="f-1859">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-464" decimals="-6" name="ifrs-full:ImpairmentLossRecognisedInProfitOrLossIntangibleAssetsAndGoodwill" format="ixt:fixed-zero" scale="6" id="f-1860">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-464" decimals="-6" name="ifrs-full:IncreaseDecreaseThroughTransfersIntangibleAssetsAndGoodwill" format="ixt:fixed-zero" scale="6" id="f-1861">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-464" decimals="-6" name="ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesIntangibleAssetsAndGoodwill" scale="6" id="f-1862">319</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-446" decimals="-6" name="ifrs-full:IntangibleAssetsAndGoodwill" format="ixt:num-dot-decimal" scale="6" id="f-1863">8,076</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Germany</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-465" decimals="-6" name="ifrs-full:IntangibleAssetsAndGoodwill" format="ixt:num-dot-decimal" scale="6" id="f-1864">4,386</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-466" decimals="-6" name="ifrs-full:AcquisitionsThroughBusinessCombinationsIntangibleAssetsAndGoodwill" format="ixt:fixed-zero" scale="6" id="f-1865">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-466" decimals="-6" name="ifrs-full:DisposalsIntangibleAssetsAndGoodwill" format="ixt:fixed-zero" scale="6" id="f-1866">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-466" decimals="-6" name="ifrs-full:ImpairmentLossRecognisedInProfitOrLossIntangibleAssetsAndGoodwill" format="ixt:fixed-zero" scale="6" id="f-1867">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-466" decimals="-6" name="ifrs-full:IncreaseDecreaseThroughTransfersIntangibleAssetsAndGoodwill" format="ixt:fixed-zero" scale="6" id="f-1868">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-466" decimals="-6" name="ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesIntangibleAssetsAndGoodwill" format="ixt:fixed-zero" scale="6" id="f-1869">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td 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style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-467" decimals="-6" name="ifrs-full:IntangibleAssetsAndGoodwill" format="ixt:num-dot-decimal" scale="6" id="f-1871">1,215</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-468" decimals="-6" name="ifrs-full:AcquisitionsThroughBusinessCombinationsIntangibleAssetsAndGoodwill" format="ixt:fixed-zero" scale="6" id="f-1872">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-468" decimals="-6" name="ifrs-full:DisposalsIntangibleAssetsAndGoodwill" format="ixt:fixed-zero" scale="6" id="f-1873">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-468" decimals="-6" name="ifrs-full:ImpairmentLossRecognisedInProfitOrLossIntangibleAssetsAndGoodwill" scale="6" id="f-1874">58</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 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id="f-1883">9</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-455" decimals="-6" name="ifrs-full:IntangibleAssetsAndGoodwill" scale="6" id="f-1884">847</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total</span></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid 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name="ifrs-full:AcquisitionsThroughBusinessCombinationsIntangibleAssetsAndGoodwill" scale="6" id="f-1886">16</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-472" decimals="-6" name="ifrs-full:DisposalsIntangibleAssetsAndGoodwill" format="ixt:fixed-zero" scale="6" id="f-1887">&#8212;</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:1pt solid 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decimals="-6" sign="-" name="ifrs-full:IncreaseDecreaseThroughTransfersIntangibleAssetsAndGoodwill" scale="6" id="f-1889">36</ix:nonFraction>)</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-472" decimals="-6" name="ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesIntangibleAssetsAndGoodwill" scale="6" id="f-1890">315</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-458" decimals="-6" name="ifrs-full:IntangibleAssetsAndGoodwill" format="ixt:num-dot-decimal" scale="6" id="f-1891">18,708</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="display:none"/></tr></table></div></ix:continuation><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In 2024, an impairment loss of the entire remaining goodwill allocated to the cash-generating unit in Per&#250; amounting to <ix:nonFraction unitRef="eur" contextRef="c-167" decimals="-6" name="ifrs-full:ImpairmentLossRecognisedInProfitOrLossGoodwill" scale="6" id="f-1892">226</ix:nonFraction> million euros has been recorded, with a corresponding entry under Other expenses in the consolidated income statement (see Note 26). In addition, until the carrying amount and the recoverable amount of the CGU are equal, an impairment loss on intangible assets has been recorded amounting to <ix:nonFraction unitRef="eur" contextRef="c-168" decimals="-6" name="ifrs-full:ImpairmentLossRecognisedInProfitOrLossIntangibleAssetsOtherThanGoodwill" scale="6" id="f-1893">54</ix:nonFraction> million euros (see Note 6), with a corresponding entry under Other expenses (see Note 26). Telef&#243;nica del Per&#250;, affected by an aggressive competitive environment in both fixed and mobile, has registered a lower achievement of the operating variables compared to what was estimated in the impairment test of the previous year. In this context, the latest business plans approved by the Board of Directors of Telef&#243;nica reflect a reduction in the expected growth of the main operating variables. The discount rate (WACC) used in the estimation of the value in use as of December 31, 2024, was <ix:nonFraction unitRef="number" contextRef="c-473" decimals="3" name="ifrs-full:DescriptionOfDiscountRatesAppliedToCashFlowProjections" scale="-2" id="f-1894">9.5</ix:nonFraction>% (<ix:nonFraction unitRef="number" contextRef="c-473" decimals="3" name="tef:DiscountRateAppliedToCashFlowProjectionsBeforeTax" scale="-2" id="f-1895">11.6</ix:nonFraction>% before taxes) and the perpetuity growth rate used was <ix:nonFraction unitRef="number" contextRef="c-473" decimals="3" name="ifrs-full:DescriptionOfGrowthRateUsedToExtrapolateCashFlowProjections" scale="-2" id="f-1896">2.4</ix:nonFraction>%.</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In addition, in the Telef&#243;nica Hispam segment, an impairment loss of the goodwill allocated to the cash-generating unit in Chile amounting to <ix:nonFraction unitRef="eur" contextRef="c-172" decimals="-6" name="ifrs-full:ImpairmentLossRecognisedInProfitOrLossGoodwill" scale="6" id="f-1897">397</ix:nonFraction> million euros was recorded, with a corresponding entry under Other expenses (see Note 26). Economic growth in Chile continues at a low rate, with financial tensions and the effects of the recent inflationary and cost shock persisting, preventing further monetary easing. In this context, weak domestic demand is expected to continue and competitive intensity is expected to remain high. As a result, lower expected growth of the main operating variables has been estimated compared to the impairment test of the previous year. The discount rate (WACC) used in the estimation of the value in use as of December 31, 2024, was <ix:nonFraction unitRef="number" contextRef="c-474" decimals="3" name="ifrs-full:DescriptionOfDiscountRatesAppliedToCashFlowProjections" scale="-2" id="f-1898">8.5</ix:nonFraction>% (<ix:nonFraction unitRef="number" contextRef="c-474" decimals="3" name="tef:DiscountRateAppliedToCashFlowProjectionsBeforeTax" scale="-2" id="f-1899">10.4</ix:nonFraction>% before taxes) and the perpetuity growth rate used was <ix:nonFraction unitRef="number" contextRef="c-474" decimals="3" name="ifrs-full:DescriptionOfGrowthRateUsedToExtrapolateCashFlowProjections" scale="-2" id="f-1900">2.8</ix:nonFraction>%.</span></div><div><span><br/></span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Additionally, in 2024 impairments have been recorded on the goodwill allocated to the cash-generating units of Telef&#243;nica Tech UK &amp; Ireland, affected by the evolution of the macroeconomic environment in the United Kingdom (which has resulted in an increase in the WACC discount rate to <ix:nonFraction unitRef="number" contextRef="c-475" decimals="3" name="ifrs-full:DescriptionOfDiscountRatesAppliedToCashFlowProjections" scale="-2" id="f-1901">9.4</ix:nonFraction>%, <ix:nonFraction unitRef="number" contextRef="c-475" decimals="3" name="tef:DiscountRateAppliedToCashFlowProjectionsBeforeTax" scale="-2" id="f-1902">11.4</ix:nonFraction>% before tax) and Be-terna Group, for amounts of <ix:nonFraction unitRef="eur" contextRef="c-476" decimals="-6" name="ifrs-full:ImpairmentLossRecognisedInProfitOrLossGoodwill" scale="6" id="f-1903">192</ix:nonFraction> million euros and <span id="ib5d968aa143246f8aea16d98d347751d_38207"></span><ix:nonFraction unitRef="eur" contextRef="c-477" decimals="-6" name="ifrs-full:ImpairmentLossRecognisedInProfitOrLossGoodwill" scale="6" id="f-1904">51</ix:nonFraction> million euros, respectively (see Note 26).</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Additions in 2024 correspond to the goodwill related to the acquisition of IPNET (see Note 5).</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The amount in disposals of Telef&#243;nica Hispam in 2024 corresponds to the estimation of goodwill of the cash generating unit Telef&#243;nica Colombia allocated to the agreement signed by Colombia Telecomunicaciones S.A. ESP BIC and Colombia M&#243;vil S.A. ESP (see Note 5). </span></div></ix:continuation><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">F-40</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><ix:continuation id="f-1593-5" continuedAt="f-1593-6"><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In 2023, an impairment of goodwill assigned to the cash-generating unit in Ecuador was recorded, amounting to <ix:nonFraction unitRef="eur" contextRef="c-478" decimals="-6" name="ifrs-full:ImpairmentLossRecognisedInProfitOrLossGoodwill" scale="6" id="f-1905">58</ix:nonFraction> million euros, with a corresponding entry under Other expenses (see Note 26).</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The amount in transfers of Telef&#243;nica Hispam in 2023 corresponded to the estimation of goodwill of the cash generating unit of Per&#250; allocated to the agreement between Telef&#243;nica Hispanoam&#233;rica, S.A. and the group Kohlberg Kravis Roberts &#8211; KKR &amp; Co, Inc. and Entel Per&#250; S.A. (see Note 30).  </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Cash-generating units </span></div><ix:nonNumeric contextRef="c-1" name="ifrs-full:DisclosureOfInformationForIndividualAssetOrCashgeneratingUnitWithSignificantAmountOfGoodwillOrIntangibleAssetsWithIndefiniteUsefulLivesExplanatory" id="f-1906" continuedAt="f-1906-1" escape="true"><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In order to test for impairment, goodwill was allocated to the different cash-generating units (CGUs), which are grouped into the following reportable operating segments: </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.853%"><tr><td style="width:1.0%"/><td style="width:45.020%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:25.839%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:25.841%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;Millions of euros</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">12/31/2024</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">12/31/2023</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Telef&#243;nica Spain</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-445" decimals="-6" name="ifrs-full:IntangibleAssetsAndGoodwill" format="ixt:num-dot-decimal" scale="6" id="f-1907">4,291</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-443" decimals="-6" name="ifrs-full:IntangibleAssetsAndGoodwill" format="ixt:num-dot-decimal" scale="6" id="f-1908">4,291</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Telef&#243;nica Brazil</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 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style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Telef&#243;nica Germany</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-451" decimals="-6" name="ifrs-full:IntangibleAssetsAndGoodwill" format="ixt:num-dot-decimal" scale="6" id="f-1911">4,386</ix:nonFraction></span><span 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contextRef="c-452" decimals="-6" name="ifrs-full:IntangibleAssetsAndGoodwill" format="ixt:num-dot-decimal" scale="6" id="f-1914">1,108</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Colombia</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-479" decimals="-6" name="ifrs-full:IntangibleAssetsAndGoodwill" scale="6" 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id="f-1920">615</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Peru</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-485" decimals="-6" name="ifrs-full:IntangibleAssetsAndGoodwill" format="ixt:fixed-zero" scale="6" id="f-1921">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 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0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Other companies</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-457" decimals="-6" name="ifrs-full:IntangibleAssetsAndGoodwill" scale="6" id="f-1927">626</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 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style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-491" decimals="-6" name="ifrs-full:IntangibleAssetsAndGoodwill" scale="6" id="f-1929">268</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-492" decimals="-6" name="ifrs-full:IntangibleAssetsAndGoodwill" scale="6" id="f-1930">438</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span 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id="f-1932">282</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Others</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-495" decimals="-6" name="ifrs-full:IntangibleAssetsAndGoodwill" scale="6" id="f-1933">128</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-496" decimals="-6" name="ifrs-full:IntangibleAssetsAndGoodwill" scale="6" id="f-1934">127</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">TOTAL</span></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-460" decimals="-6" name="ifrs-full:IntangibleAssetsAndGoodwill" format="ixt:num-dot-decimal" scale="6" id="f-1935">16,461</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-458" decimals="-6" name="ifrs-full:IntangibleAssetsAndGoodwill" format="ixt:num-dot-decimal" scale="6" id="f-1936">18,708</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr></table></div></ix:nonNumeric><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Goodwill is tested for impairment at the end of the year using the business plans of the cash-generating units to which the goodwill is assigned, approved by the Board of Directors of Telef&#243;nica. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The business plan covers a <ix:nonNumeric contextRef="c-1" name="tef:BusinessPlanTerm" format="ixt-sec:durwordsen" id="f-1937">three-year</ix:nonNumeric> period, including the closing year. In order to complete the <ix:nonNumeric contextRef="c-1" name="tef:BusinessPlanCashFlowTerm" format="ixt-sec:durwordsen" id="f-1938">five years</ix:nonNumeric> of cash flows after the closing year, an additional normalization period is added to the business plans on the operating ratios until the terminal parameters are reached. The consensus' forecasts are used as a reference. For specific cases, extended business plans are used to cover the <ix:nonNumeric contextRef="c-1" name="tef:BusinessPlanCashFlowTerm" format="ixt-sec:durwordsen" id="f-1939">five-year</ix:nonNumeric> period of cash flows, when the normalization period does not properly reflect the expected evolution of the business. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Finally, to determine the terminal value of each CGU, a constant free cash flows growth over time is assumed, applying a terminal growth rate. The model used is similar to the dividend discount model developed by Gordon-Shapiro, internationally recognized for business valuations. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The process of preparing the CGUs&#8217; business plans considers the current market condition of each CGU, analyzing the macroeconomic, competitive, regulatory and technological environments, as well as the growth opportunities of the CGUs, and the differentiation capabilities compared to the competition based on market projections. A growth target is therefore defined for each CGU, based on the appropriate allocation of operating resources and the capital investments required to achieve the target. In addition, operating efficiency improvements are defined, in line with the strategic transformation initiatives, in order to increase the forecasted operating cash flow. In this process, the Group considers the compliance with business plans in the past. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Main assumptions used in calculating value in use  </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">CGUs&#8217; value in use are calculated based on the approved business plans. Certain variables are then considered, including the long-term margin of operating results before depreciation and amortization and the long-term Capital Expenditure ratio (expressed as a percentage of revenue), which are considered the key operating variables to measure business performance and to set financial targets. Finally, the discount rates and the perpetuity growth rates are considered.  </span></div></ix:continuation><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">F-41</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><ix:continuation id="f-1593-6" continuedAt="f-1593-7"><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The main variables considered for the most significant CGUs (T. Brazil, T. Spain, and T. Germany) are described below.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Revenues </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In terms of revenues, the <ix:nonNumeric contextRef="c-1" name="tef:BusinessPlanTerm" format="ixt-sec:durwordsen" id="f-1940">three-year</ix:nonNumeric> plan reflects a trend of stability or improvement.  </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Long-term margin of operating results before depreciation and amortization and long-term Capital Expenditure (CapEx) ratio</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%"> </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The values obtained, as described in the previous paragraphs, are compared with the available data of analysts and competitors in the geographic markets where the Telef&#243;nica Group operates.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In Europe, the long-term margin of operating results before depreciation and amortization <ix:nonNumeric contextRef="c-204" name="tef:EBITDAMarginEstimateTerm" format="ixt-sec:durwordsen" id="f-1941"><ix:nonNumeric contextRef="c-202" name="tef:EBITDAMarginEstimateTerm" format="ixt-sec:durwordsen" id="f-1942">two-year</ix:nonNumeric></ix:nonNumeric> estimates of Telef&#243;nica Group's analysts are within a range of <ix:nonFraction unitRef="number" contextRef="c-497" decimals="2" name="tef:OperatingIncomeBeforeDepreciationAndAmortizationRatio" scale="-2" id="f-1943">35</ix:nonFraction>% to <ix:nonFraction unitRef="number" contextRef="c-498" decimals="2" name="tef:OperatingIncomeBeforeDepreciationAndAmortizationRatio" scale="-2" id="f-1944">38</ix:nonFraction>% for Spain and <ix:nonFraction unitRef="number" contextRef="c-499" decimals="2" name="tef:OperatingIncomeBeforeDepreciationAndAmortizationRatio" scale="-2" id="f-1945">27</ix:nonFraction>% to <ix:nonFraction unitRef="number" contextRef="c-500" decimals="2" name="tef:OperatingIncomeBeforeDepreciationAndAmortizationRatio" scale="-2" id="f-1946">31</ix:nonFraction>% for Germany. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In relation to the long-term ratio of CapEx over revenues in the valuations performed for the impairment tests for Spain and Germany, the ratios are within the range estimated by the Telef&#243;nica Group&#8217;s analysts in terms of investment needs (range between <ix:nonFraction unitRef="number" contextRef="c-501" decimals="2" name="tef:LongTermCapitalExpendituresRatio" scale="-2" id="f-1947">10</ix:nonFraction>% and <ix:nonFraction unitRef="number" contextRef="c-502" decimals="2" name="tef:LongTermCapitalExpendituresRatio" scale="-2" id="f-1948">12</ix:nonFraction>% for Spain and between <ix:nonFraction unitRef="number" contextRef="c-503" decimals="2" name="tef:LongTermCapitalExpendituresRatio" scale="-2" id="f-1949">11</ix:nonFraction>% and <ix:nonFraction unitRef="number" contextRef="c-504" decimals="2" name="tef:LongTermCapitalExpendituresRatio" scale="-2" id="f-1950">17</ix:nonFraction>% for Germany). </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">As for the long-term margin of operating results before depreciation and amortization <ix:nonNumeric contextRef="c-205" name="tef:EBITDAMarginEstimateTerm" format="ixt-sec:durwordsen" id="f-1951">two-year</ix:nonNumeric> estimates of Telef&#243;nica Group's analysts for the operator in Brazil, it is in a range within <ix:nonFraction unitRef="number" contextRef="c-505" decimals="2" name="tef:OperatingIncomeBeforeDepreciationAndAmortizationRatio" scale="-2" id="f-1952">41</ix:nonFraction>% to <ix:nonFraction unitRef="number" contextRef="c-506" decimals="2" name="tef:OperatingIncomeBeforeDepreciationAndAmortizationRatio" scale="-2" id="f-1953">44</ix:nonFraction>%. Regarding investments, the operator will invest in the horizon of the projected plan a percentage that is aligned with the investment needs planned for the development of its business, which is located in a range between <ix:nonFraction unitRef="number" contextRef="c-507" decimals="2" name="tef:LongTermCapitalExpendituresRatio" scale="-2" id="f-1954">10</ix:nonFraction>% and <ix:nonFraction unitRef="number" contextRef="c-508" decimals="2" name="tef:LongTermCapitalExpendituresRatio" scale="-2" id="f-1955">16</ix:nonFraction>%.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Discount rate</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%"> </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The discount rate, applied to discount cash flows, is the weighted average cost of capital (WACC), determined by the weighted average cost of equity and cost of debt according to the finance structure determined for each CGU. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">This rate is calculated using the capital asset pricing model (CAPM), which considers the asset&#8217;s systemic risk, and the impact of those risks not already considered on cash flows, such as country risk, business-specific credit risk, currency risk and price risk specific to the financial asset, constantly monitoring the fluctuations of the financial markets. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The most significant components of WACC are summarized as follows: </span></div><div style="margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:10pt">Risk-Free Rate: defined as the interest rate offered by long-term sovereign bonds. The rate is determined using current market data and long-run equilibrium rates estimates (according to standard econometric models, supported by modeling of neutral rates prepared by the central banks themselves) in which the interest rates should be located, thus adjusting the yields, influenced by central banks interventions. </span></div><div style="margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:10pt">Political Risk Premium: adds the country's insolvency risk due to political and/or financial events; calculation is based on the quoted prices of credit default swaps for each country or, the EMBI+ index published by JP Morgan based on the information available and the liquidity conditions of these swaps. </span></div><div style="margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:10pt">Equity Risk Premium: the return in excess that equity assets are expected to yield over the risk-free rate. This is determined using a combination of historical approaches (ex post) backed by external publications and studies based on historical market returns series, and prospective approaches (ex ante), based on market publications, considering the medium- and long-term profit expectations based on the degree of maturity and development of each country. </span></div><div style="margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:10pt">Beta Coefficient: a measure of the volatility, or systematic risk, of an equity asset in comparison to the entire market. It is estimated based on a series of historical share prices of comparable companies listed on the stock exchange, to estimate the correlation between the company shares&#180; returns and the stock market returns, of the country where the company is listed.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The main underlying data used in these calculations are obtained from independent and renowned external information sources. </span></div></ix:continuation><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">F-42</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><ix:continuation id="f-1593-7" continuedAt="f-1593-8"><ix:continuation id="f-1906-1" continuedAt="f-1906-2"><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The discount rates applied to the cash flow projections in 2024 and 2023 for the main CGUs are as follows: </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"/><td style="width:29.163%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:16.297%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:16.297%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:16.297%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:16.446%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"/><td colspan="6" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2024</span></td><td colspan="6" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2023</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Discount rate in local currency</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Before tax</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">After-tax</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Before tax</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">After-tax</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Spain</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-509" decimals="3" name="tef:DiscountRateAppliedToCashFlowProjectionsBeforeTax" scale="-2" id="f-1956">8.6</ix:nonFraction>%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-509" decimals="3" name="ifrs-full:DescriptionOfDiscountRatesAppliedToCashFlowProjections" scale="-2" id="f-1957">6.6</ix:nonFraction>%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-510" decimals="3" name="tef:DiscountRateAppliedToCashFlowProjectionsBeforeTax" scale="-2" id="f-1958">9.1</ix:nonFraction>%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-510" decimals="3" name="ifrs-full:DescriptionOfDiscountRatesAppliedToCashFlowProjections" scale="-2" id="f-1959">7.0</ix:nonFraction>%</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Brazil</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-511" decimals="3" name="tef:DiscountRateAppliedToCashFlowProjectionsBeforeTax" scale="-2" id="f-1960">13.9</ix:nonFraction>%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-511" decimals="3" name="ifrs-full:DescriptionOfDiscountRatesAppliedToCashFlowProjections" scale="-2" id="f-1961">11.5</ix:nonFraction>%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-512" decimals="3" name="tef:DiscountRateAppliedToCashFlowProjectionsBeforeTax" scale="-2" id="f-1962">14.8</ix:nonFraction>%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-512" decimals="3" name="ifrs-full:DescriptionOfDiscountRatesAppliedToCashFlowProjections" scale="-2" id="f-1963">12.0</ix:nonFraction>%</span></td></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Germany</span></td><td colspan="3" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-513" decimals="3" name="tef:DiscountRateAppliedToCashFlowProjectionsBeforeTax" scale="-2" id="f-1964">8.0</ix:nonFraction>%</span></td><td colspan="3" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-513" decimals="3" name="ifrs-full:DescriptionOfDiscountRatesAppliedToCashFlowProjections" scale="-2" id="f-1965">5.5</ix:nonFraction>%</span></td><td colspan="3" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-514" decimals="3" name="tef:DiscountRateAppliedToCashFlowProjectionsBeforeTax" scale="-2" id="f-1966">8.4</ix:nonFraction>%</span></td><td colspan="3" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-514" decimals="3" name="ifrs-full:DescriptionOfDiscountRatesAppliedToCashFlowProjections" scale="-2" id="f-1967">5.8</ix:nonFraction>%</span></td></tr></table></div></ix:continuation><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Perpetuity growth rate</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Cash flow projections from the sixth year are calculated using an expected constant growth rate (g), considering the analyst consensus estimates for each business, based on the maturity of the industry and technology, and the degree of development of each country. Each indicator is compared to the forecasted long-term real and nominal GDP growth of each country and growth data from external sources, adjusting any particular case with specific characteristics related to the business evolution. </span></div><ix:continuation id="f-1906-2"><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The perpetuity growth rates applied to the cash flow projections in 2024 and 2023 for the main CGUs are as follows: </span></div><div style="margin-top:9pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.853%"><tr><td style="width:1.0%"/><td style="width:45.020%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:25.839%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:25.841%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Perpetuity growth rate<br/>in local currency&#160;</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2024</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2023</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Spain</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-509" decimals="3" name="ifrs-full:DescriptionOfGrowthRateUsedToExtrapolateCashFlowProjections" scale="-2" id="f-1968">0.8</ix:nonFraction>%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-510" decimals="3" name="ifrs-full:DescriptionOfGrowthRateUsedToExtrapolateCashFlowProjections" scale="-2" id="f-1969">0.8</ix:nonFraction>%</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Brazil</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-511" decimals="3" name="ifrs-full:DescriptionOfGrowthRateUsedToExtrapolateCashFlowProjections" scale="-2" id="f-1970">4.0</ix:nonFraction>%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-512" decimals="3" name="ifrs-full:DescriptionOfGrowthRateUsedToExtrapolateCashFlowProjections" scale="-2" id="f-1971">4.0</ix:nonFraction>%</span></td></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Germany</span></td><td colspan="3" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-513" decimals="3" name="ifrs-full:DescriptionOfGrowthRateUsedToExtrapolateCashFlowProjections" scale="-2" id="f-1972">1.0</ix:nonFraction>%</span></td><td colspan="3" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-514" decimals="3" name="ifrs-full:DescriptionOfGrowthRateUsedToExtrapolateCashFlowProjections" scale="-2" id="f-1973">1.0</ix:nonFraction>%</span></td></tr></table></div></ix:continuation><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Perpetuity growth rates for 2024 have remained stable compared to the previous year for the <ix:nonFraction unitRef="cgu" contextRef="c-1" decimals="INF" name="tef:NumberOfCashGeneratingUnits" format="ixt-sec:numwordsen" id="f-1974">three</ix:nonFraction> main CGUs.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Sensitivity to changes in assumptions </span></div><ix:nonNumeric contextRef="c-1" name="tef:DisclosureOfAssumptionsUsedInSensitivityAnalysisOfGoodwillImpairmentTableTextBlock" id="f-1975" escape="true"><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Group performs a sensitivity analysis of the impairment test by considering reasonable changes in the main assumptions used in the test.  For the main CGU, the following maximum increases or decreases were assumed, expressed in percentage points:  </span></div><div style="margin-top:9pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"/><td style="width:53.139%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:14.689%"/><td style="width:0.1%"/><td colspan="3" style="display:none"/><td style="width:1.0%"/><td style="width:12.496%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:15.276%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Changes in key assumptions,<br/>In percentage points</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Spain</span></td><td colspan="3" style="display:none"/><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Germany</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Brazil</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Financial variables</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td colspan="3" style="display:none"/><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"/><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Discount rate</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;+/-<ix:nonFraction unitRef="number" contextRef="c-515" decimals="3" name="tef:SensitivityAnalysisBasisSpreadOnVariableRate" scale="-2" id="f-1976"><ix:nonFraction unitRef="number" contextRef="c-516" decimals="3" sign="-" name="tef:SensitivityAnalysisBasisSpreadOnVariableRate" scale="-2" id="f-1977">0.5</ix:nonFraction></ix:nonFraction></span></div></td><td colspan="3" style="display:none"/><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;+/-<ix:nonFraction unitRef="number" contextRef="c-517" decimals="3" name="tef:SensitivityAnalysisBasisSpreadOnVariableRate" scale="-2" id="f-1978"><ix:nonFraction unitRef="number" contextRef="c-518" decimals="3" sign="-" name="tef:SensitivityAnalysisBasisSpreadOnVariableRate" scale="-2" id="f-1979">0.5</ix:nonFraction></ix:nonFraction></span></div></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;+/-<ix:nonFraction unitRef="number" contextRef="c-519" decimals="2" name="tef:SensitivityAnalysisBasisSpreadOnVariableRate" scale="-2" id="f-1980"><ix:nonFraction unitRef="number" contextRef="c-520" decimals="2" sign="-" name="tef:SensitivityAnalysisBasisSpreadOnVariableRate" scale="-2" id="f-1981">1</ix:nonFraction></ix:nonFraction></span></div></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Perpetuity growth rates</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;+/-<ix:nonFraction unitRef="number" contextRef="c-521" decimals="4" name="tef:SensitivityAnalysisBasisSpreadOnVariableRate" scale="-2" id="f-1982"><ix:nonFraction unitRef="number" contextRef="c-522" decimals="4" sign="-" name="tef:SensitivityAnalysisBasisSpreadOnVariableRate" scale="-2" id="f-1983">0.25</ix:nonFraction></ix:nonFraction></span></div></td><td colspan="3" style="display:none"/><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;+/-<ix:nonFraction unitRef="number" contextRef="c-523" decimals="4" sign="-" name="tef:SensitivityAnalysisBasisSpreadOnVariableRate" scale="-2" id="f-1984"><ix:nonFraction unitRef="number" contextRef="c-524" decimals="4" name="tef:SensitivityAnalysisBasisSpreadOnVariableRate" scale="-2" id="f-1985">0.25</ix:nonFraction></ix:nonFraction></span></div></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;+/-<ix:nonFraction unitRef="number" contextRef="c-525" decimals="3" sign="-" name="tef:SensitivityAnalysisBasisSpreadOnVariableRate" scale="-2" id="f-1986"><ix:nonFraction unitRef="number" contextRef="c-526" decimals="3" name="tef:SensitivityAnalysisBasisSpreadOnVariableRate" scale="-2" id="f-1987">0.5</ix:nonFraction></ix:nonFraction></span></div></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Long-term operating variables</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"/><td colspan="3" style="display:none"/><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"/><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"/></tr><tr><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Long-term margin of operating results before depreciation and amortization</span></div></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;+/-<ix:nonFraction unitRef="number" contextRef="c-527" decimals="4" name="tef:SensitivityAnalysisBasisSpreadOnVariableRate" scale="-2" id="f-1988"><ix:nonFraction unitRef="number" contextRef="c-528" decimals="4" sign="-" name="tef:SensitivityAnalysisBasisSpreadOnVariableRate" scale="-2" id="f-1989">1.75</ix:nonFraction></ix:nonFraction></span></div></td><td colspan="3" style="display:none"/><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;+/-<ix:nonFraction unitRef="number" contextRef="c-529" decimals="3" sign="-" name="tef:SensitivityAnalysisBasisSpreadOnVariableRate" scale="-2" id="f-1990"><ix:nonFraction unitRef="number" contextRef="c-530" decimals="3" name="tef:SensitivityAnalysisBasisSpreadOnVariableRate" scale="-2" id="f-1991">1.5</ix:nonFraction></ix:nonFraction></span></div></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;+/-<ix:nonFraction unitRef="number" contextRef="c-531" decimals="4" sign="-" name="tef:SensitivityAnalysisBasisSpreadOnVariableRate" scale="-2" id="f-1992"><ix:nonFraction unitRef="number" contextRef="c-532" decimals="4" name="tef:SensitivityAnalysisBasisSpreadOnVariableRate" scale="-2" id="f-1993">2</ix:nonFraction></ix:nonFraction></span></div></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Ratio of CapEx/Revenues</span></td><td colspan="3" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;+/-<ix:nonFraction unitRef="number" contextRef="c-533" decimals="5" sign="-" name="tef:SensitivityAnalysisBasisSpreadOnVariableRate" scale="-2" id="f-1994"><ix:nonFraction unitRef="number" contextRef="c-534" decimals="5" name="tef:SensitivityAnalysisBasisSpreadOnVariableRate" scale="-2" id="f-1995">0.875</ix:nonFraction></ix:nonFraction></span></div></td><td colspan="3" style="display:none"/><td colspan="3" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;+/-<ix:nonFraction unitRef="number" contextRef="c-535" decimals="4" sign="-" name="tef:SensitivityAnalysisBasisSpreadOnVariableRate" scale="-2" id="f-1996"><ix:nonFraction unitRef="number" contextRef="c-536" decimals="4" name="tef:SensitivityAnalysisBasisSpreadOnVariableRate" scale="-2" id="f-1997">0.75</ix:nonFraction></ix:nonFraction></span></div></td><td colspan="3" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;+/-<ix:nonFraction unitRef="number" contextRef="c-537" decimals="2" name="tef:SensitivityAnalysisBasisSpreadOnVariableRate" scale="-2" id="f-1998"><ix:nonFraction unitRef="number" contextRef="c-538" decimals="2" sign="-" name="tef:SensitivityAnalysisBasisSpreadOnVariableRate" scale="-2" id="f-1999">1</ix:nonFraction></ix:nonFraction></span></div></td></tr></table></div></ix:nonNumeric><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The sensitivity analysis revealed that there is still room between the recoverable value and the carrying amount for the main CGUs at December 31, 2024.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Regarding the CGU of Chile, in the sensitivity of the calculation of the value in use to reasonable variations in the key assumptions, an increase of around <ix:nonFraction unitRef="number" contextRef="c-539" decimals="4" name="tef:SensitivityAnalysisBasisSpreadOnVariableRate" scale="-4" id="f-2000">50</ix:nonFraction> basis points in the WACC would generate an additional impairment of goodwill in the amount of <ix:nonFraction unitRef="eur" contextRef="c-540" decimals="-6" name="tef:SensitivityAnalysisEstimatedAdditionalImpairmentOfGoodwill" scale="6" id="f-2001">107</ix:nonFraction> million euros, while a decrease of around <ix:nonFraction unitRef="number" contextRef="c-541" decimals="4" sign="-" name="tef:SensitivityAnalysisBasisSpreadOnVariableRate" scale="-4" id="f-2002">25</ix:nonFraction> basis points in the perpetual growth rate of <ix:nonFraction unitRef="number" contextRef="c-542" decimals="3" name="ifrs-full:DescriptionOfGrowthRateUsedToExtrapolateCashFlowProjections" scale="-2" id="f-2003">2.8</ix:nonFraction>% would have an extra negative impact of <ix:nonFraction unitRef="eur" contextRef="c-543" decimals="-6" name="tef:SensitivityAnalysisEstimatedAdditionalImpairmentOfGoodwill" scale="6" id="f-2004">48</ix:nonFraction> million euros on the valuation of goodwill. Regarding the operating assumptions, a <ix:nonFraction unitRef="number" contextRef="c-544" decimals="4" sign="-" name="tef:SensitivityAnalysisBasisSpreadOnVariableRate" scale="-2" id="f-2005">1.25</ix:nonFraction> percentage point decrease in the long-term margin of operating results before depreciation and amortization would generate an additional impairment of approximately <ix:nonFraction unitRef="eur" contextRef="c-545" decimals="-6" name="tef:SensitivityAnalysisEstimatedAdditionalImpairmentOfGoodwill" scale="6" id="f-2006">198</ix:nonFraction> million euros, and a <ix:nonFraction unitRef="number" contextRef="c-546" decimals="3" name="tef:SensitivityAnalysisBasisSpreadOnVariableRate" scale="-2" id="f-2007">0.6</ix:nonFraction> percentage points increase in the investment ratio would result in an additional impairment of around <ix:nonFraction unitRef="eur" contextRef="c-547" decimals="-6" name="tef:SensitivityAnalysisEstimatedAdditionalImpairmentOfGoodwill" scale="6" id="f-2008">136</ix:nonFraction> million euros.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Regarding the CGU of Telefonica Tech UK &amp; Ireland, in the sensitivity of the calculation of the value in use to reasonable variations in the key assumptions, an increase of around <ix:nonFraction unitRef="number" contextRef="c-548" decimals="4" name="tef:SensitivityAnalysisBasisSpreadOnVariableRate" scale="-4" id="f-2009">50</ix:nonFraction> basis points in the WACC would generate an additional impairment of goodwill in the amount of <ix:nonFraction unitRef="eur" contextRef="c-549" decimals="-6" name="tef:SensitivityAnalysisEstimatedAdditionalImpairmentOfGoodwill" scale="6" id="f-2010">28</ix:nonFraction> million euros, while a decrease of around <ix:nonFraction unitRef="number" contextRef="c-550" decimals="4" sign="-" name="tef:SensitivityAnalysisBasisSpreadOnVariableRate" scale="-4" id="f-2011">25</ix:nonFraction> basis points in the perpetual growth rate of <ix:nonFraction unitRef="number" contextRef="c-551" decimals="2" name="ifrs-full:DescriptionOfGrowthRateUsedToExtrapolateCashFlowProjections" scale="-2" id="f-2012">3</ix:nonFraction>% would have an extra negative impact of <ix:nonFraction unitRef="eur" contextRef="c-552" decimals="-6" name="tef:SensitivityAnalysisEstimatedAdditionalImpairmentOfGoodwill" scale="6" id="f-2013">12</ix:nonFraction> million euros on the valuation of </span></div></ix:continuation><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">F-43</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><ix:continuation id="f-1593-8"><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">goodwill. Regarding the operating assumptions, a <ix:nonFraction unitRef="number" contextRef="c-553" decimals="4" sign="-" name="tef:SensitivityAnalysisBasisSpreadOnVariableRate" scale="-2" id="f-2014">0.5</ix:nonFraction> percentage point decrease in the long-term margin of operating results before depreciation and amortization would generate an additional impairment of approximately <ix:nonFraction unitRef="eur" contextRef="c-554" decimals="-6" name="tef:SensitivityAnalysisEstimatedAdditionalImpairmentOfGoodwill" scale="6" id="f-2015">19</ix:nonFraction> million euros, and a <ix:nonFraction unitRef="number" contextRef="c-555" decimals="4" name="tef:SensitivityAnalysisBasisSpreadOnVariableRate" scale="-2" id="f-2016">0.25</ix:nonFraction> percentage points increase in the investment ratio would result in an additional impairment of around <ix:nonFraction unitRef="eur" contextRef="c-556" decimals="-6" name="tef:SensitivityAnalysisEstimatedAdditionalImpairmentOfGoodwill" scale="6" id="f-2017">9</ix:nonFraction> million euros.</span></div></ix:continuation><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">F-44</span></div></div></div><div id="i63478826478c4e0dbabc502413383f6b_304"></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><div style="margin-top:9pt;text-align:center"><span style="color:#a6a6a6;font-family:'Arial',sans-serif;font-size:18pt;font-weight:400;line-height:120%">Note 8. <ix:nonNumeric contextRef="c-1" name="ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory" id="f-2018" continuedAt="f-2018-1" escape="true">Property, plant and equipment</ix:nonNumeric></span></div><ix:continuation id="f-2018-1" continuedAt="f-2018-2"><ix:continuation id="f-807-1" continuedAt="f-807-2"><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The composition and movements in 2024 and 2023 of the items comprising net "Property, plant and equipment" were as follows:  </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"/><td style="width:14.250%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:8.256%"/><td style="width:0.1%"/><td colspan="3" style="display:none"/><td style="width:1.0%"/><td style="width:6.063%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:5.186%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:5.040%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:5.186%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:5.332%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:7.087%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:8.402%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:6.356%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:7.818%"/><td style="width:0.1%"/><td colspan="3" style="display:none"/><td style="width:1.0%"/><td style="width:7.824%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2024</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="display:none"/><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="display:none"/><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">&#160;</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Millions of euros</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Balance at 12/31/2023</span></td><td colspan="3" style="display:none"/><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">First applica-tion of IAS 21</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Addi-tions</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:5.2pt;font-weight:700;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(1)</span></div></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Depre-ciation</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Dispo-sals</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Impair-ments</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 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0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-558" decimals="-6" name="ifrs-full:ChangesInPropertyPlantAndEquipment" scale="6" id="f-2020">15</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-559" decimals="-6" name="ifrs-full:AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment" scale="6" 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contextRef="c-561" decimals="-6" name="ifrs-full:PropertyPlantAndEquipment" format="ixt:num-dot-decimal" scale="6" id="f-2030">17,947</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-562" decimals="-6" name="ifrs-full:ChangesInPropertyPlantAndEquipment" scale="6" id="f-2031">23</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-563" decimals="-6" name="ifrs-full:AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment" format="ixt:num-dot-decimal" scale="6" id="f-2032">1,041</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-563" decimals="-6" name="ifrs-full:DepreciationPropertyPlantAndEquipment" format="ixt:num-dot-decimal" scale="6" id="f-2033">3,680</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-563" decimals="-6" name="ifrs-full:DisposalsPropertyPlantAndEquipment" scale="6" id="f-2034">13</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-563" decimals="-6" name="ifrs-full:ImpairmentLossRecognisedInOtherComprehensiveIncomePropertyPlantAndEquipment" scale="6" id="f-2035">642</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-563" decimals="-6" name="ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesPropertyPlantAndEquipment" format="ixt:num-dot-decimal" scale="6" id="f-2036">2,263</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-563" decimals="-6" sign="-" name="ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment" format="ixt:num-dot-decimal" scale="6" id="f-2037">1,071</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-563" decimals="-6" name="ifrs-full:RevaluationIncreaseDecreasePropertyPlantAndEquipment" scale="6" id="f-2038">583</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-563" decimals="-6" name="ifrs-full:AcquisitionsThroughBusinessCombinationsPropertyPlantAndEquipment" scale="6" id="f-2039">70</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-564" decimals="-6" name="ifrs-full:PropertyPlantAndEquipment" format="ixt:num-dot-decimal" scale="6" id="f-2040">16,521</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Furniture, tools and other items</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-565" decimals="-6" name="ifrs-full:PropertyPlantAndEquipment" scale="6" id="f-2041">618</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-566" decimals="-6" name="ifrs-full:ChangesInPropertyPlantAndEquipment" scale="6" id="f-2042">3</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-567" decimals="-6" name="ifrs-full:AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment" scale="6" id="f-2043">81</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-567" decimals="-6" name="ifrs-full:DepreciationPropertyPlantAndEquipment" scale="6" id="f-2044">213</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-567" decimals="-6" name="ifrs-full:DisposalsPropertyPlantAndEquipment" scale="6" id="f-2045">2</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-567" decimals="-6" name="ifrs-full:ImpairmentLossRecognisedInOtherComprehensiveIncomePropertyPlantAndEquipment" scale="6" id="f-2046">24</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-567" decimals="-6" name="ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesPropertyPlantAndEquipment" scale="6" id="f-2047">146</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-567" decimals="-6" sign="-" name="ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment" scale="6" id="f-2048">40</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-567" decimals="-6" name="ifrs-full:RevaluationIncreaseDecreasePropertyPlantAndEquipment" scale="6" id="f-2049">46</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-568" decimals="-6" sign="-" name="ifrs-full:AcquisitionsThroughBusinessCombinationsPropertyPlantAndEquipment" scale="6" id="f-2050">10</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-569" decimals="-6" name="ifrs-full:PropertyPlantAndEquipment" scale="6" id="f-2051">605</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">PP&amp;E in progress</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-570" decimals="-6" name="ifrs-full:PropertyPlantAndEquipment" format="ixt:num-dot-decimal" scale="6" id="f-2052">1,863</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-571" decimals="-6" name="ifrs-full:ChangesInPropertyPlantAndEquipment" scale="6" id="f-2053">61</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-572" decimals="-6" name="ifrs-full:AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment" format="ixt:num-dot-decimal" scale="6" id="f-2054">2,479</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-572" decimals="-6" name="ifrs-full:DepreciationPropertyPlantAndEquipment" format="ixt:fixed-zero" scale="6" id="f-2055">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-572" decimals="-6" name="ifrs-full:DisposalsPropertyPlantAndEquipment" scale="6" id="f-2056">12</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" 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id="f-2060">117</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-572" decimals="-6" name="ifrs-full:AcquisitionsThroughBusinessCombinationsPropertyPlantAndEquipment" scale="6" id="f-2061">13</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-573" decimals="-6" name="ifrs-full:PropertyPlantAndEquipment" format="ixt:num-dot-decimal" scale="6" id="f-2062">1,987</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total&#160;PP&amp;E</span></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-13" decimals="-6" name="ifrs-full:PropertyPlantAndEquipment" format="ixt:num-dot-decimal" scale="6" id="f-2063">22,944</ix:nonFraction></span><span 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style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1" decimals="-6" name="ifrs-full:AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment" format="ixt:num-dot-decimal" scale="6" id="f-2065">3,623</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(<ix:nonFraction 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id="f-2072">88</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-12" decimals="-6" name="ifrs-full:PropertyPlantAndEquipment" format="ixt:num-dot-decimal" scale="6" id="f-2073">21,439</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr></table><span style="color:#000000;font-family:'Arial',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline">(1)</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%"> Total additions of property, plant and equipment in 2024 amounted to <ix:nonFraction unitRef="eur" contextRef="c-1" decimals="-6" name="tef:Additionspropertyplantandequipment" format="ixt:num-dot-decimal" scale="6" id="f-2074">3,676</ix:nonFraction> million euros, including the additions corresponding to companies held for sale during the annual reporting period (see Note 2).</span></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"/><td style="width:17.467%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:9.280%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:8.695%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:6.940%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:7.671%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:6.356%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:7.525%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:8.695%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:7.087%"/><td style="width:0.1%"/><td colspan="3" style="display:none"/><td style="width:1.0%"/><td style="width:9.284%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2023</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="display:none"/><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">&#160;</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Millions of euros</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Balance at 12/31/2022</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Additions</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:5.2pt;font-weight:700;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(1)</span></div></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Depre-ciation</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Disposals</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 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style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-561" decimals="-6" name="ifrs-full:PropertyPlantAndEquipment" format="ixt:num-dot-decimal" scale="6" id="f-2092">17,947</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Furniture, tools and other items</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 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#bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-579" decimals="-6" sign="-" name="ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment" scale="6" id="f-2099">43</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-579" decimals="-6" name="ifrs-full:RevaluationIncreaseDecreasePropertyPlantAndEquipment" scale="6" id="f-2100">32</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-565" decimals="-6" name="ifrs-full:PropertyPlantAndEquipment" scale="6" id="f-2101">618</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">PP&amp;E in progress</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 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#bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-582" decimals="-6" name="ifrs-full:ImpairmentLossRecognisedInOtherComprehensiveIncomePropertyPlantAndEquipment" scale="6" id="f-2106">3</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-582" decimals="-6" sign="-" name="ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesPropertyPlantAndEquipment" format="ixt:num-dot-decimal" scale="6" id="f-2107">2,826</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-582" decimals="-6" sign="-" name="ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment" scale="6" id="f-2108">110</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-582" 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2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-14" decimals="-6" sign="-" name="ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment" scale="6" id="f-2117">866</ix:nonFraction>)</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-14" decimals="-6" name="ifrs-full:RevaluationIncreaseDecreasePropertyPlantAndEquipment" scale="6" id="f-2118">693</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-13" decimals="-6" name="ifrs-full:PropertyPlantAndEquipment" format="ixt:num-dot-decimal" scale="6" id="f-2119">22,944</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr></table></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline">(1)</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%"> Total additions of property, plant and equipment in 2023 amounted to <ix:nonFraction unitRef="eur" contextRef="c-14" decimals="-6" name="tef:Additionspropertyplantandequipment" format="ixt:num-dot-decimal" scale="6" id="f-2120">3,741</ix:nonFraction> million euros, including the additions corresponding to companies held for sale during the annual reporting period (see Note 2).</span></div></ix:continuation><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Telef&#243;nica Spain's investments in property plant and equipment in 2024 and 2023 amounted to <ix:nonFraction unitRef="eur" contextRef="c-202" decimals="-6" name="ifrs-full:AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment" format="ixt:num-dot-decimal" scale="6" id="f-2121">1,052</ix:nonFraction> and <ix:nonFraction unitRef="eur" contextRef="c-225" decimals="-6" name="ifrs-full:AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment" format="ixt:num-dot-decimal" scale="6" id="f-2122">1,092</ix:nonFraction> million euros, respectively, focused on continuing the deployment of the fiber optic network. In mobile deployment, the development of the 5G network continues.</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Telef&#243;nica Germany's investments in property, plant and equipment in 2024 and 2023 amounted to <ix:nonFraction unitRef="eur" contextRef="c-204" decimals="-6" name="ifrs-full:AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment" scale="6" id="f-2123">706</ix:nonFraction> and <ix:nonFraction unitRef="eur" contextRef="c-227" decimals="-6" name="ifrs-full:AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment" scale="6" id="f-2124">747</ix:nonFraction> million euros, respectively. Most of the investment has been allocated to expanding the footprint and capacity of the 5G network, as well as strengthening the capacity of the 4G network.</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Telef&#243;nica Brazil's investments in property, plant and equipment in 2024 and 2023 amounted to <ix:nonFraction unitRef="eur" contextRef="c-205" decimals="-6" name="ifrs-full:AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment" format="ixt:num-dot-decimal" scale="6" id="f-2125">1,085</ix:nonFraction> and <ix:nonFraction unitRef="eur" contextRef="c-228" decimals="-6" name="ifrs-full:AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment" format="ixt:num-dot-decimal" scale="6" id="f-2126">1,130</ix:nonFraction> million euros, respectively. The investment has been mainly allocated to the expansion of the 5G mobile network, to ensure the quality of the 4G mobile network and expand the customer base and network in the fixed fiber business.</span></div><div style="margin-bottom:9pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Telef&#243;nica Hispam's investments in property, plant and equipment in 2024 and 2023 amounted to <ix:nonFraction unitRef="eur" contextRef="c-206" decimals="-6" name="ifrs-full:AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment" scale="6" id="f-2127">676</ix:nonFraction> and <ix:nonFraction unitRef="eur" contextRef="c-229" decimals="-6" name="ifrs-full:AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment" scale="6" id="f-2128">586</ix:nonFraction> million euros, respectively. Investment remains focused on improving mobile networks through coverage expansions, capacity reinforcement and 5G deployment in Argentina, Colombia, Uruguay and Chile.</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">"Additions" in 2024 includes government grants relating to property, plant and equipment amounting to <ix:nonFraction unitRef="eur" contextRef="c-1" decimals="-6" name="tef:AdditionsAcquiredByWayOfGovernmentGrantPropertyPlantAndEquipment" scale="6" id="f-2129">199</ix:nonFraction> million euros (<ix:nonFraction unitRef="eur" contextRef="c-14" decimals="-6" name="tef:AdditionsAcquiredByWayOfGovernmentGrantPropertyPlantAndEquipment" scale="6" id="f-2130">60</ix:nonFraction> million euros in 2023), which are presented as a reduction of the book value of the related assets.</span></div><div style="margin-bottom:9pt;margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In 2024, an impairment of land and buildings, plant and machinery and furniture, tools and other items  corresponding to Telef&#243;nica Argentina was recorded, amounting to <ix:nonFraction unitRef="eur" contextRef="c-583" decimals="-6" name="ifrs-full:ImpairmentLossRecognisedInOtherComprehensiveIncomePropertyPlantAndEquipment" scale="6" id="f-2131">175</ix:nonFraction>, <ix:nonFraction unitRef="eur" contextRef="c-584" decimals="-6" name="ifrs-full:ImpairmentLossRecognisedInOtherComprehensiveIncomePropertyPlantAndEquipment" scale="6" id="f-2132">642</ix:nonFraction> and <ix:nonFraction unitRef="eur" contextRef="c-585" decimals="-6" name="ifrs-full:ImpairmentLossRecognisedInOtherComprehensiveIncomePropertyPlantAndEquipment" scale="6" id="f-2133">21</ix:nonFraction> million euros, respectively, with a counterpart entry in Other expenses (see Note 26). Property, plant and equipment of Telef&#243;nica Argentina as  of December 31, 2024 amounting to <ix:nonFraction unitRef="eur" contextRef="c-586" decimals="-6" name="ifrs-full:PropertyPlantAndEquipment" scale="6" id="f-2134">734</ix:nonFraction> million euros (<ix:nonFraction unitRef="eur" contextRef="c-587" decimals="-6" name="ifrs-full:PropertyPlantAndEquipment" scale="6" id="f-2135">889</ix:nonFraction> million euros as of December 31, 2023).</span></div><div style="margin-bottom:9pt;margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">"Business combinations" in 2024 includes Property, plant and equipment corresponding to the joint operation formed by Colombia Telecomunicaciones S.A. ESP BIC and Colombia M&#243;vil S.A. ESP, amounting to <ix:nonFraction unitRef="eur" contextRef="c-326" decimals="-6" name="ifrs-full:AcquisitionsThroughBusinessCombinationsPropertyPlantAndEquipment" scale="6" id="f-2136">88</ix:nonFraction> million euros (see Note 5).</span></div></ix:continuation><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">F-45</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><ix:continuation id="f-2018-2"><div style="margin-bottom:9pt;margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">"Transfers and others" in 2024 includes <ix:nonFraction unitRef="eur" contextRef="c-588" decimals="-6" name="ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesPropertyPlantAndEquipment" scale="6" id="f-2137">118</ix:nonFraction> million euros corresponding to the fiber assets of Telef&#243;nica del Per&#250;, which at December&#160;31, 2023 were classified as non-current assets held for sale and at December&#160;31, 2024 have been classified as tangible fixed assets, following the redefinition of the agreement (see note 30).</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">"Transfers and others" in 2023 included the reclassifications of fiber optic assets in Peru amounting to <ix:nonFraction unitRef="eur" contextRef="c-589" decimals="-6" sign="-" name="ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesPropertyPlantAndEquipment" scale="6" id="f-2138">163</ix:nonFraction> million euros to "Non-current assets and disposal groups held for sale" of the statement of financial position (see Note 30).</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The effect of translation into euros of property, plant and equipment of the Group's companies in Argentina and Venezuela and the effect of the inflation adjustments (see Note 3.a), are shown in the columns "Translation differences" and "Inflation adjustments", respectively.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Telef&#243;nica Group companies purchased insurance policies to reasonably cover the possible risks to which their property, plant and equipment used in operations are subject, with suitable limits and coverage. Additionally, as part of its commercial activities and network deployment, the Group maintains several property acquisition commitments. The timing of scheduled payments in this regard is disclosed in Note 26.</span></div><ix:continuation id="f-807-2"><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The cost, accumulated depreciation and impairment losses of property, plant and equipment at December&#160;31, 2024 and 2023 were as follows: </span></div><div style="margin-top:9pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.561%"><tr><td style="width:1.0%"/><td style="width:34.876%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:14.905%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:14.905%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:14.905%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:14.909%"/><td style="width:0.1%"/></tr><tr><td colspan="15" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Balance at December 31, 2024</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Millions of euros</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Cost</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Accumulated depreciation</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Impairment losses</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">PP&amp;E</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Land and buildings</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-590" decimals="-6" name="ifrs-full:PropertyPlantAndEquipment" format="ixt:num-dot-decimal" scale="6" id="f-2139">9,424</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-591" decimals="-6" sign="-" name="ifrs-full:PropertyPlantAndEquipment" format="ixt:num-dot-decimal" scale="6" id="f-2140">6,827</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-592" decimals="-6" sign="-" name="ifrs-full:PropertyPlantAndEquipment" scale="6" id="f-2141">271</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-560" decimals="-6" name="ifrs-full:PropertyPlantAndEquipment" format="ixt:num-dot-decimal" scale="6" id="f-2142">2,326</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Plant and machinery</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-593" decimals="-6" name="ifrs-full:PropertyPlantAndEquipment" format="ixt:num-dot-decimal" scale="6" id="f-2143">90,265</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-594" decimals="-6" sign="-" name="ifrs-full:PropertyPlantAndEquipment" format="ixt:num-dot-decimal" scale="6" id="f-2144">72,614</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-595" decimals="-6" sign="-" name="ifrs-full:PropertyPlantAndEquipment" format="ixt:num-dot-decimal" scale="6" id="f-2145">1,130</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-564" decimals="-6" name="ifrs-full:PropertyPlantAndEquipment" format="ixt:num-dot-decimal" scale="6" id="f-2146">16,521</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Furniture, tools and other items</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-596" decimals="-6" name="ifrs-full:PropertyPlantAndEquipment" format="ixt:num-dot-decimal" scale="6" id="f-2147">5,334</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-597" decimals="-6" sign="-" name="ifrs-full:PropertyPlantAndEquipment" format="ixt:num-dot-decimal" scale="6" id="f-2148">4,689</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-598" decimals="-6" sign="-" name="ifrs-full:PropertyPlantAndEquipment" scale="6" id="f-2149">40</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-569" decimals="-6" name="ifrs-full:PropertyPlantAndEquipment" scale="6" id="f-2150">605</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">PP&amp;E in progress</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-599" decimals="-6" name="ifrs-full:PropertyPlantAndEquipment" format="ixt:num-dot-decimal" scale="6" id="f-2151">2,005</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-600" decimals="-6" name="ifrs-full:PropertyPlantAndEquipment" format="ixt:fixed-zero" scale="6" id="f-2152">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-601" decimals="-6" sign="-" name="ifrs-full:PropertyPlantAndEquipment" scale="6" id="f-2153">18</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-573" decimals="-6" name="ifrs-full:PropertyPlantAndEquipment" format="ixt:num-dot-decimal" scale="6" id="f-2154">1,987</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total&#160;PP&amp;E</span></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-419" decimals="-6" name="ifrs-full:PropertyPlantAndEquipment" format="ixt:num-dot-decimal" scale="6" id="f-2155">107,028</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-420" decimals="-6" sign="-" name="ifrs-full:PropertyPlantAndEquipment" format="ixt:num-dot-decimal" scale="6" id="f-2156">84,130</ix:nonFraction>)</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-421" decimals="-6" sign="-" name="ifrs-full:PropertyPlantAndEquipment" format="ixt:num-dot-decimal" scale="6" id="f-2157">1,459</ix:nonFraction>)</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-12" decimals="-6" name="ifrs-full:PropertyPlantAndEquipment" format="ixt:num-dot-decimal" scale="6" id="f-2158">21,439</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr></table></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.561%"><tr><td style="width:1.0%"/><td style="width:34.876%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:14.905%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:14.905%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:14.905%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:14.909%"/><td style="width:0.1%"/></tr><tr><td colspan="15" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Balance at December 31, 2023</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Millions of euros</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Cost</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Accumulated depreciation</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Impairment losses</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">PP&amp;E</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span 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format="ixt:num-dot-decimal" scale="6" id="f-2160">6,116</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-604" decimals="-6" sign="-" name="ifrs-full:PropertyPlantAndEquipment" scale="6" id="f-2161">57</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-557" decimals="-6" name="ifrs-full:PropertyPlantAndEquipment" format="ixt:num-dot-decimal" scale="6" id="f-2162">2,516</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Plant and machinery</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-605" decimals="-6" name="ifrs-full:PropertyPlantAndEquipment" format="ixt:num-dot-decimal" scale="6" id="f-2163">88,224</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-606" decimals="-6" sign="-" name="ifrs-full:PropertyPlantAndEquipment" format="ixt:num-dot-decimal" scale="6" id="f-2164">70,001</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-607" decimals="-6" sign="-" name="ifrs-full:PropertyPlantAndEquipment" scale="6" id="f-2165">276</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-561" decimals="-6" name="ifrs-full:PropertyPlantAndEquipment" format="ixt:num-dot-decimal" scale="6" id="f-2166">17,947</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Furniture, tools and other items</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-608" decimals="-6" name="ifrs-full:PropertyPlantAndEquipment" format="ixt:num-dot-decimal" scale="6" id="f-2167">5,190</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-609" decimals="-6" sign="-" name="ifrs-full:PropertyPlantAndEquipment" format="ixt:num-dot-decimal" scale="6" id="f-2168">4,558</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-610" decimals="-6" sign="-" name="ifrs-full:PropertyPlantAndEquipment" scale="6" id="f-2169">14</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-565" decimals="-6" name="ifrs-full:PropertyPlantAndEquipment" scale="6" id="f-2170">618</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">PP&amp;E in progress</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-611" decimals="-6" name="ifrs-full:PropertyPlantAndEquipment" format="ixt:num-dot-decimal" scale="6" id="f-2171">1,877</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-612" decimals="-6" name="ifrs-full:PropertyPlantAndEquipment" format="ixt:fixed-zero" scale="6" id="f-2172">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-613" decimals="-6" sign="-" name="ifrs-full:PropertyPlantAndEquipment" scale="6" id="f-2173">14</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-570" decimals="-6" name="ifrs-full:PropertyPlantAndEquipment" format="ixt:num-dot-decimal" scale="6" id="f-2174">1,863</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total&#160;PP&amp;E</span></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-440" decimals="-6" name="ifrs-full:PropertyPlantAndEquipment" format="ixt:num-dot-decimal" scale="6" id="f-2175">103,980</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-441" decimals="-6" sign="-" name="ifrs-full:PropertyPlantAndEquipment" format="ixt:num-dot-decimal" scale="6" id="f-2176">80,675</ix:nonFraction>)</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-442" decimals="-6" sign="-" name="ifrs-full:PropertyPlantAndEquipment" scale="6" id="f-2177">361</ix:nonFraction>)</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-13" decimals="-6" name="ifrs-full:PropertyPlantAndEquipment" format="ixt:num-dot-decimal" scale="6" id="f-2178">22,944</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr></table></div></ix:continuation></ix:continuation><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">F-46</span></div></div></div><div id="i63478826478c4e0dbabc502413383f6b_307"></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><div style="margin-bottom:9pt;text-align:center"><span style="color:#a6a6a6;font-family:'Arial',sans-serif;font-size:18pt;font-weight:400;line-height:120%">Note 9. <ix:nonNumeric contextRef="c-1" name="ifrs-full:DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory" id="f-2179" continuedAt="f-2179-1" escape="true">Rights of use</ix:nonNumeric></span></div><ix:continuation id="f-2179-1" continuedAt="f-2179-2"><ix:nonNumeric contextRef="c-1" name="tef:MovementsofRightsofUseTableTextBlock" id="f-2180" escape="true"><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The movement of rights of use in 2024 and 2023 is as follows:</span></div><div style="margin-bottom:9pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.122%"><tr><td style="width:1.0%"/><td style="width:18.369%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:7.897%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:8.339%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:7.307%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:5.537%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:7.602%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:7.012%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:7.307%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:11.731%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:7.899%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2024</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">&#160;</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Millions of euros</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Balance at 12/31/2023</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">First application of IAS 21</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Additions</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Amorti-zation</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Disposals</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Business combi-nations</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Transfers and others</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Translation differences and inflation adjustments</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Balance at 12/31/2024</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Rights of use on land and natural properties</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 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#bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-616" decimals="-6" name="ifrs-full:AdditionsToRightofuseAssets" scale="6" id="f-2183">226</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-616" decimals="-6" name="ifrs-full:DepreciationRightofuseAssets" scale="6" id="f-2184">250</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 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format="ixt:num-dot-decimal" scale="6" id="f-2190">4,287</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-619" decimals="-6" name="ifrs-full:IncreaseDecreaseInRightofuseAssets" format="ixt:fixed-zero" scale="6" id="f-2191">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-620" decimals="-6" name="ifrs-full:AdditionsToRightofuseAssets" format="ixt:num-dot-decimal" scale="6" id="f-2192">1,200</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-620" decimals="-6" name="ifrs-full:DepreciationRightofuseAssets" format="ixt:num-dot-decimal" scale="6" id="f-2193">1,151</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-620" decimals="-6" name="ifrs-full:DisposalsRightofuseAssets" scale="6" id="f-2194">32</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-620" decimals="-6" name="tef:InclusionOfCompaniesRightOfUseAssets" scale="6" id="f-2195">17</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-620" decimals="-6" name="tef:Transfersandothersrightofuseassets" scale="6" id="f-2196">18</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-620" decimals="-6" sign="-" name="tef:TranslationDifferencesAndInflationRightOfUseAssets" scale="6" id="f-2197">403</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span 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format="ixt:num-dot-decimal" scale="6" id="f-2199">3,080</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-623" decimals="-6" name="ifrs-full:IncreaseDecreaseInRightofuseAssets" scale="6" id="f-2200">15</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-624" decimals="-6" name="ifrs-full:AdditionsToRightofuseAssets" scale="6" id="f-2201">634</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-624" decimals="-6" name="ifrs-full:DepreciationRightofuseAssets" scale="6" id="f-2202">756</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-624" decimals="-6" name="ifrs-full:DisposalsRightofuseAssets" scale="6" id="f-2203">15</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-624" decimals="-6" name="tef:InclusionOfCompaniesRightOfUseAssets" format="ixt:fixed-zero" scale="6" id="f-2204">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-624" decimals="-6" name="tef:Transfersandothersrightofuseassets" scale="6" id="f-2205">2</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-624" decimals="-6" sign="-" name="tef:TranslationDifferencesAndInflationRightOfUseAssets" scale="6" id="f-2206">9</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-625" decimals="-6" name="ifrs-full:RightofuseAssets" format="ixt:num-dot-decimal" scale="6" id="f-2207">2,947</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Other rights of use</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-626" decimals="-6" name="ifrs-full:RightofuseAssets" scale="6" id="f-2208">247</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-627" decimals="-6" name="ifrs-full:IncreaseDecreaseInRightofuseAssets" format="ixt:fixed-zero" scale="6" id="f-2209">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-628" decimals="-6" name="ifrs-full:AdditionsToRightofuseAssets" scale="6" id="f-2210">82</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 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#bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-628" decimals="-6" sign="-" name="tef:TranslationDifferencesAndInflationRightOfUseAssets" scale="6" id="f-2215">6</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-629" decimals="-6" name="ifrs-full:RightofuseAssets" scale="6" id="f-2216">245</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total of rights of use</span></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-13" decimals="-6" name="ifrs-full:RightofuseAssets" format="ixt:num-dot-decimal" scale="6" id="f-2217">8,448</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-373" decimals="-6" name="ifrs-full:IncreaseDecreaseInRightofuseAssets" scale="6" id="f-2218">15</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1" decimals="-6" name="ifrs-full:AdditionsToRightofuseAssets" format="ixt:num-dot-decimal" scale="6" id="f-2219">2,142</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1" decimals="-6" name="ifrs-full:DepreciationRightofuseAssets" format="ixt:num-dot-decimal" scale="6" id="f-2220">2,235</ix:nonFraction>)</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1" decimals="-6" name="ifrs-full:DisposalsRightofuseAssets" scale="6" id="f-2221">61</ix:nonFraction>)</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1" decimals="-6" name="tef:InclusionOfCompaniesRightOfUseAssets" scale="6" id="f-2222">22</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1" decimals="-6" name="tef:Transfersandothersrightofuseassets" scale="6" id="f-2223">35</ix:nonFraction>)</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1" decimals="-6" sign="-" name="tef:TranslationDifferencesAndInflationRightOfUseAssets" scale="6" id="f-2224">389</ix:nonFraction>)</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-12" decimals="-6" name="ifrs-full:RightofuseAssets" format="ixt:num-dot-decimal" scale="6" id="f-2225">7,907</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/></tr></table></div><div style="margin-bottom:9pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"/><td style="width:26.239%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:9.864%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:8.110%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:9.572%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:8.256%"/><td style="width:0.1%"/><td colspan="3" style="display:none"/><td style="width:1.0%"/><td style="width:8.695%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:10.595%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:9.869%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2023</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="display:none"/><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:0 1pt"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Millions of euros</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Balance at 12/31/2022</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Additions</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Amortization</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Disposals</span></td><td colspan="3" style="display:none"/><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Transfers and others</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Translation differences and inflation adjustments</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Balance at 12/31/2023</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Rights of use on land and natural properties</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-630" decimals="-6" name="ifrs-full:RightofuseAssets" scale="6" id="f-2226">885</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-631" decimals="-6" name="ifrs-full:AdditionsToRightofuseAssets" scale="6" id="f-2227">194</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-631" decimals="-6" name="ifrs-full:DepreciationRightofuseAssets" scale="6" id="f-2228">231</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-631" decimals="-6" name="ifrs-full:DisposalsRightofuseAssets" scale="6" id="f-2229">10</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-631" decimals="-6" name="tef:Transfersandothersrightofuseassets" format="ixt:fixed-zero" scale="6" id="f-2230">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-631" decimals="-6" sign="-" name="tef:TranslationDifferencesAndInflationRightOfUseAssets" scale="6" id="f-2231">4</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-614" decimals="-6" name="ifrs-full:RightofuseAssets" scale="6" id="f-2232">834</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Rights of use on buildings</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-632" decimals="-6" name="ifrs-full:RightofuseAssets" format="ixt:num-dot-decimal" scale="6" id="f-2233">4,130</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-633" decimals="-6" name="ifrs-full:AdditionsToRightofuseAssets" format="ixt:num-dot-decimal" scale="6" id="f-2234">1,345</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-633" decimals="-6" name="ifrs-full:DepreciationRightofuseAssets" format="ixt:num-dot-decimal" scale="6" id="f-2235">1,172</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-633" decimals="-6" name="ifrs-full:DisposalsRightofuseAssets" scale="6" id="f-2236">95</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-633" decimals="-6" sign="-" name="tef:Transfersandothersrightofuseassets" scale="6" id="f-2237">1</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-633" decimals="-6" name="tef:TranslationDifferencesAndInflationRightOfUseAssets" scale="6" id="f-2238">78</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-618" decimals="-6" name="ifrs-full:RightofuseAssets" format="ixt:num-dot-decimal" scale="6" id="f-2239">4,287</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid 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decimals="-6" name="ifrs-full:AdditionsToRightofuseAssets" scale="6" id="f-2241">752</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-635" decimals="-6" name="ifrs-full:DepreciationRightofuseAssets" scale="6" id="f-2242">686</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-635" decimals="-6" name="ifrs-full:DisposalsRightofuseAssets" scale="6" id="f-2243">26</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-635" decimals="-6" sign="-" name="tef:Transfersandothersrightofuseassets" scale="6" id="f-2244">3</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-635" decimals="-6" name="tef:TranslationDifferencesAndInflationRightOfUseAssets" format="ixt:fixed-zero" scale="6" id="f-2245">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-622" decimals="-6" name="ifrs-full:RightofuseAssets" format="ixt:num-dot-decimal" scale="6" id="f-2246">3,080</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Other rights of use</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-636" decimals="-6" name="ifrs-full:RightofuseAssets" scale="6" id="f-2247">227</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-637" decimals="-6" name="ifrs-full:AdditionsToRightofuseAssets" scale="6" id="f-2248">100</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-637" decimals="-6" name="ifrs-full:DepreciationRightofuseAssets" scale="6" id="f-2249">70</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-637" decimals="-6" name="ifrs-full:DisposalsRightofuseAssets" scale="6" id="f-2250">2</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-637" decimals="-6" name="tef:Transfersandothersrightofuseassets" scale="6" id="f-2251">6</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-637" decimals="-6" sign="-" name="tef:TranslationDifferencesAndInflationRightOfUseAssets" scale="6" id="f-2252">2</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-626" decimals="-6" name="ifrs-full:RightofuseAssets" scale="6" id="f-2253">247</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total of rights of use</span></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-80" decimals="-6" name="ifrs-full:RightofuseAssets" format="ixt:num-dot-decimal" scale="6" id="f-2254">8,279</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-14" decimals="-6" name="ifrs-full:AdditionsToRightofuseAssets" format="ixt:num-dot-decimal" scale="6" id="f-2255">2,391</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-14" decimals="-6" name="ifrs-full:DepreciationRightofuseAssets" format="ixt:num-dot-decimal" scale="6" id="f-2256">2,159</ix:nonFraction>)</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-14" decimals="-6" name="ifrs-full:DisposalsRightofuseAssets" scale="6" id="f-2257">133</ix:nonFraction>)</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/><td colspan="3" style="display:none"/><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-14" decimals="-6" name="tef:Transfersandothersrightofuseassets" scale="6" id="f-2258">2</ix:nonFraction>)</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-14" decimals="-6" name="tef:TranslationDifferencesAndInflationRightOfUseAssets" scale="6" id="f-2259">72</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-13" decimals="-6" name="ifrs-full:RightofuseAssets" format="ixt:num-dot-decimal" scale="6" id="f-2260">8,448</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/></tr></table></div></ix:nonNumeric><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The effect of the translation into euros of rights of use of the Group's companies in Argentina and Venezuela, together with the effect of the inflation adjustments (see Note 3.a) is shown in the column "Translation differences and Inflation adjustments". </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">"Business combinations" in 2024 includes the network assets corresponding to the joint operation formed by Colombia Telecomunicaciones S.A. ESP BIC and Colombia M&#243;vil S.A. ESP, amounting to <ix:nonFraction unitRef="eur" contextRef="c-326" decimals="-6" name="tef:InclusionOfCompaniesRightOfUseAssets" scale="6" id="f-2261">22</ix:nonFraction> million euros (see Note 5).</span></div><ix:nonNumeric contextRef="c-1" name="tef:ScheduleofGrossCostAccumulatedDepreciationandImpairmentLossesofRightofUseAssetsTableTextBlock" id="f-2262" escape="true"><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The cost and accumulated depreciation of the rights of use at December 31, 2024 and 2023 are as follows:</span><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"/><td style="width:54.601%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:14.835%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:15.420%"/><td style="width:0.1%"/><td colspan="3" style="display:none"/><td style="width:1.0%"/><td style="width:10.744%"/><td style="width:0.1%"/></tr><tr><td colspan="12" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Balance at December 31, 2024</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Millions of euros</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Cost</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Accumulated depreciation</span></td><td colspan="3" style="display:none"/><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Rights of use</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Rights of use on land and natural properties</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-638" decimals="-6" name="ifrs-full:RightofuseAssets" format="ixt:num-dot-decimal" scale="6" id="f-2263">2,173</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-639" decimals="-6" sign="-" name="ifrs-full:RightofuseAssets" format="ixt:num-dot-decimal" scale="6" id="f-2264">1,358</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-617" decimals="-6" name="ifrs-full:RightofuseAssets" scale="6" id="f-2265">815</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Rights of use on buildings</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-640" decimals="-6" name="ifrs-full:RightofuseAssets" format="ixt:num-dot-decimal" scale="6" id="f-2266">9,525</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-641" decimals="-6" sign="-" name="ifrs-full:RightofuseAssets" format="ixt:num-dot-decimal" scale="6" id="f-2267">5,625</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-621" decimals="-6" name="ifrs-full:RightofuseAssets" format="ixt:num-dot-decimal" scale="6" id="f-2268">3,900</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Rights of use on plant and machinery</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-642" decimals="-6" name="ifrs-full:RightofuseAssets" format="ixt:num-dot-decimal" scale="6" id="f-2269">5,837</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-643" decimals="-6" sign="-" name="ifrs-full:RightofuseAssets" format="ixt:num-dot-decimal" scale="6" id="f-2270">2,890</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-625" decimals="-6" name="ifrs-full:RightofuseAssets" format="ixt:num-dot-decimal" scale="6" id="f-2271">2,947</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Other rights of use</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-644" decimals="-6" name="ifrs-full:RightofuseAssets" scale="6" id="f-2272">514</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-645" decimals="-6" sign="-" name="ifrs-full:RightofuseAssets" scale="6" id="f-2273">269</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-629" decimals="-6" name="ifrs-full:RightofuseAssets" scale="6" id="f-2274">245</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-bottom:1pt solid 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style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Rights of use on buildings</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-648" decimals="-6" name="ifrs-full:RightofuseAssets" format="ixt:num-dot-decimal" scale="6" id="f-2281">9,411</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" 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style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">F-47</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><ix:nonNumeric contextRef="c-1" name="tef:ScheduleofExpensesRelatedtoLeasesandIncomefromSubleasingRightofUseAssetsTableTextBlock" id="f-2293" escape="true"><ix:continuation id="f-2179-2"><div style="margin-bottom:9pt;text-align:justify"><span 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style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-14" decimals="-6" name="tef:ExpenseRelatedToVariableLeasesNotIncludedInTheMeasurementOfLeaseLiabilities" scale="6" id="f-2297">14</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total expenses as supplies</span></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1" decimals="-6" name="tef:ExpenseRelatedToLeasesIncludedInOperatingResultsAsSupplies" scale="6" id="f-2298">82</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-14" decimals="-6" name="tef:ExpenseRelatedToLeasesIncludedInOperatingResultsAsSupplies" scale="6" id="f-2299">87</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Short-term leases included in external services</span></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1" decimals="-6" name="tef:Expenserelatedtoleasesincludedinoperatingresultsasexternalservicesshorttermleases" scale="6" id="f-2300">54</ix:nonFraction>&#160;</span></td><td style="background-color:#ffffff;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-14" decimals="-6" name="tef:Expenserelatedtoleasesincludedinoperatingresultsasexternalservicesshorttermleases" scale="6" id="f-2301">45</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Leases of low-value assets included in external services</span></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1" decimals="-6" name="tef:Expenserelatedtoleasesincludedinoperatingresultsasexternalserviceslowvalueassets" scale="6" id="f-2302">7</ix:nonFraction>&#160;</span></td><td style="background-color:#ffffff;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-14" decimals="-6" name="tef:Expenserelatedtoleasesincludedinoperatingresultsasexternalserviceslowvalueassets" scale="6" id="f-2303">7</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Variable lease payments not included in the measurement of lease liabilities</span></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1" decimals="-6" name="tef:Expenserelatedtoleasesincludedinoperatingresultsasexternalservicesother" scale="6" id="f-2304">36</ix:nonFraction>&#160;</span></td><td style="background-color:#ffffff;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-14" decimals="-6" name="tef:Expenserelatedtoleasesincludedinoperatingresultsasexternalservicesother" scale="6" id="f-2305">16</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total expenses as external services (Note 26)</span></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1" decimals="-6" name="tef:Expenserelatedtoleasesincludedinoperatingresultsasexternalservices" scale="6" id="f-2306">97</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-14" decimals="-6" name="tef:Expenserelatedtoleasesincludedinoperatingresultsasexternalservices" scale="6" id="f-2307">68</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/></tr><tr><td colspan="3" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total lease expenses</span></td><td colspan="2" style="background-color:#ffffff;border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1" decimals="-6" name="tef:ExpenseRelatedToLeasesIncludedInOperatingResults" scale="6" id="f-2308">179</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-14" decimals="-6" name="tef:ExpenseRelatedToLeasesIncludedInOperatingResults" scale="6" id="f-2309">155</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/></tr></table></div></ix:continuation></ix:nonNumeric><div style="margin-bottom:9pt;text-align:justify"><span><br/></span></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">F-48</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><div style="margin-bottom:9pt;text-align:justify"><span><br/></span></div><div id="i63478826478c4e0dbabc502413383f6b_310"></div><div style="margin-bottom:18pt;text-align:center"><span style="color:#a6a6a6;font-family:'Arial',sans-serif;font-size:18pt;font-weight:400;line-height:120%">Note 10. <ix:nonNumeric contextRef="c-1" name="ifrs-full:DisclosureOfJointVenturesExplanatory" id="f-2310" continuedAt="f-2310-1" escape="true">Associates and joint ventures</ix:nonNumeric></span></div><ix:nonNumeric contextRef="c-1" name="ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory" id="f-2311" continuedAt="f-2311-1" escape="true"><ix:continuation id="f-2310-1" continuedAt="f-2310-2"><div style="margin-bottom:9pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The detail of investments accounted for by the equity method and the share of (loss)/income of these investments is the following:</span></div><div style="margin-bottom:9pt;padding-right:141.73pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"/><td style="width:33.549%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:10.449%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:10.449%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:10.449%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:9.133%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:9.133%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:9.138%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="border-top:0.25pt solid #2b3447;padding:0 1pt"/><td colspan="3" style="border-top:0.25pt solid #2b3447;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">% Holding</span></td><td colspan="6" style="background-color:#ffffff;border-top:0.25pt solid #2b3447;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Investments accounted for by the equity method</span></td><td colspan="9" style="border-top:0.25pt solid #2b3447;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Share of (loss) income of investments accounted for by the equity method</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Millions of euros</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"/><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">12/31/2024</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">12/31/2023</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2024</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2023</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2022</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">VMED O2 UK Limited</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-136" decimals="2" name="ifrs-full:ProportionOfOwnershipInterestInJointVenture" scale="-2" id="f-2312">50</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-265" decimals="-6" name="ifrs-full:InvestmentsInJointVenturesAccountedForUsingEquityMethod" format="ixt:num-dot-decimal" scale="6" id="f-2313">7,641</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-654" decimals="-6" name="ifrs-full:InvestmentsInJointVenturesAccountedForUsingEquityMethod" format="ixt:num-dot-decimal" scale="6" id="f-2314">7,774</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-136" decimals="-6" name="ifrs-full:ShareOfProfitLossOfJointVenturesAccountedForUsingEquityMethod" scale="6" id="f-2315">89</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-137" decimals="-6" sign="-" name="ifrs-full:ShareOfProfitLossOfJointVenturesAccountedForUsingEquityMethod" format="ixt:num-dot-decimal" scale="6" id="f-2316">2,030</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-138" decimals="-6" name="ifrs-full:ShareOfProfitLossOfJointVenturesAccountedForUsingEquityMethod" scale="6" id="f-2317">292</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Movistar Prosegur Alarmas</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-655" decimals="2" name="ifrs-full:ProportionOfOwnershipInterestInJointVenture" scale="-2" id="f-2318">50</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-656" decimals="-6" name="ifrs-full:InvestmentsInJointVenturesAccountedForUsingEquityMethod" scale="6" id="f-2319">213</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 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scale="6" id="f-2323">12</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">FiBrasil Infraestructura e Fibra &#211;tica, S.A.</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-660" decimals="2" name="ifrs-full:ProportionOfOwnershipInterestInJointVenture" scale="-2" id="f-2324">50</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span 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id="f-2326">100</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-660" decimals="-6" sign="-" name="ifrs-full:ShareOfProfitLossOfJointVenturesAccountedForUsingEquityMethod" scale="6" id="f-2327">1</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-663" decimals="-6" sign="-" name="ifrs-full:ShareOfProfitLossOfJointVenturesAccountedForUsingEquityMethod" scale="6" id="f-2328">4</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-664" decimals="-6" sign="-" name="ifrs-full:ShareOfProfitLossOfJointVenturesAccountedForUsingEquityMethod" scale="6" id="f-2329">8</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Unsere 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unitRef="eur" contextRef="c-683" decimals="-6" sign="-" name="ifrs-full:ShareOfProfitLossOfJointVenturesAccountedForUsingEquityMethod" scale="6" id="f-2351">2</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-684" decimals="-6" sign="-" name="ifrs-full:ShareOfProfitLossOfJointVenturesAccountedForUsingEquityMethod" scale="6" id="f-2352">4</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span 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scale="6" id="f-2357">230</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Daytona Midco, S.L. 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0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-714" decimals="-6" name="ifrs-full:ShareOfProfitLossOfAssociatesAccountedForUsingEquityMethod" scale="6" id="f-2393">4</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Factoring do Brasil, Ltda.</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span 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solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-718" decimals="-6" name="ifrs-full:ShareOfProfitLossOfAssociatesAccountedForUsingEquityMethod" scale="6" id="f-2398">1</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-719" decimals="-6" name="ifrs-full:ShareOfProfitLossOfAssociatesAccountedForUsingEquityMethod" scale="6" id="f-2399">3</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Factoring Peru, S.A.C.</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-720" decimals="2" name="ifrs-full:ProportionOfOwnershipInterestInAssociate" scale="-2" id="f-2400">50</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span 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name="ifrs-full:ShareOfProfitLossOfAssociatesAccountedForUsingEquityMethod" scale="6" id="f-2404">1</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-724" decimals="-6" name="ifrs-full:ShareOfProfitLossOfAssociatesAccountedForUsingEquityMethod" scale="6" id="f-2405">1</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica 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name="ifrs-full:InvestmentsInAssociatesAccountedForUsingEquityMethod" scale="6" id="f-2407">1</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-727" decimals="-6" name="ifrs-full:InvestmentsInAssociatesAccountedForUsingEquityMethod" scale="6" id="f-2408">1</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" 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id="f-2422">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-739" decimals="-6" name="ifrs-full:ShareOfProfitLossOfAssociatesAccountedForUsingEquityMethod" format="ixt:fixed-zero" scale="6" id="f-2423">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Factoring Ecuador, S.A.</span></td><td colspan="2" 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name="ifrs-full:ShareOfProfitLossOfAssociatesAccountedForUsingEquityMethod" format="ixt:fixed-zero" scale="6" id="f-2427">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-743" decimals="-6" name="ifrs-full:ShareOfProfitLossOfAssociatesAccountedForUsingEquityMethod" format="ixt:fixed-zero" scale="6" id="f-2428">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span 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name="ifrs-full:ProportionOfOwnershipInterestInAssociate" scale="-2" id="f-2430">50</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-746" decimals="-6" name="ifrs-full:InvestmentsInAssociatesAccountedForUsingEquityMethod" scale="6" id="f-2431">9</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-747" decimals="-6" name="ifrs-full:InvestmentsInAssociatesAccountedForUsingEquityMethod" scale="6" id="f-2432">1</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-745" decimals="-6" name="ifrs-full:ShareOfProfitLossOfAssociatesAccountedForUsingEquityMethod" scale="6" id="f-2433">4</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 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style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-751" decimals="-6" name="ifrs-full:InvestmentsInAssociatesAccountedForUsingEquityMethod" scale="6" id="f-2437">14</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-752" decimals="-6" name="ifrs-full:InvestmentsInAssociatesAccountedForUsingEquityMethod" scale="6" id="f-2438">18</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-750" decimals="-6" name="ifrs-full:ShareOfProfitLossOfAssociatesAccountedForUsingEquityMethod" scale="6" id="f-2439">1</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-753" decimals="-6" name="ifrs-full:ShareOfProfitLossOfAssociatesAccountedForUsingEquityMethod" scale="6" id="f-2440">1</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-754" decimals="-6" name="ifrs-full:ShareOfProfitLossOfAssociatesAccountedForUsingEquityMethod" scale="6" id="f-2441">2</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Movistar Consumer Finance Colombia SAS</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 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style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-757" decimals="-6" name="ifrs-full:InvestmentsInAssociatesAccountedForUsingEquityMethod" format="ixt:fixed-zero" scale="6" id="f-2444">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-755" decimals="-6" name="ifrs-full:ShareOfProfitLossOfAssociatesAccountedForUsingEquityMethod" format="ixt:fixed-zero" scale="6" id="f-2445">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-758" decimals="-6" sign="-" name="ifrs-full:ShareOfProfitLossOfAssociatesAccountedForUsingEquityMethod" scale="6" id="f-2446">21</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span 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name="ifrs-full:InvestmentsInAssociatesAccountedForUsingEquityMethod" scale="6" id="f-2448">2</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-761" decimals="-6" name="ifrs-full:InvestmentsInAssociatesAccountedForUsingEquityMethod" scale="6" id="f-2449">3</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-762" decimals="-6" name="ifrs-full:ShareOfProfitLossOfAssociatesAccountedForUsingEquityMethod" format="ixt:fixed-zero" scale="6" id="f-2450">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-763" decimals="-6" name="ifrs-full:ShareOfProfitLossOfAssociatesAccountedForUsingEquityMethod" format="ixt:fixed-zero" scale="6" id="f-2451">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-764" decimals="-6" sign="-" name="ifrs-full:ShareOfProfitLossOfAssociatesAccountedForUsingEquityMethod" scale="6" id="f-2452">2</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Associates</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-12" decimals="-6" name="ifrs-full:InvestmentsInAssociatesAccountedForUsingEquityMethod" scale="6" id="f-2453">232</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-13" decimals="-6" name="ifrs-full:InvestmentsInAssociatesAccountedForUsingEquityMethod" scale="6" id="f-2454">325</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1" decimals="-6" sign="-" name="ifrs-full:ShareOfProfitLossOfAssociatesAccountedForUsingEquityMethod" scale="6" id="f-2455">35</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-14" decimals="-6" sign="-" name="ifrs-full:ShareOfProfitLossOfAssociatesAccountedForUsingEquityMethod" scale="6" id="f-2456">17</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-15" decimals="-6" sign="-" name="ifrs-full:ShareOfProfitLossOfAssociatesAccountedForUsingEquityMethod" scale="6" id="f-2457">13</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total</span></td><td colspan="3" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:0 1pt"/><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-12" decimals="-6" name="ifrs-full:InvestmentAccountedForUsingEquityMethod" format="ixt:num-dot-decimal" scale="6" id="f-2458">8,375</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-13" decimals="-6" name="ifrs-full:InvestmentAccountedForUsingEquityMethod" format="ixt:num-dot-decimal" scale="6" id="f-2459">8,590</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1" decimals="-6" sign="-" name="ifrs-full:ShareOfProfitLossOfAssociatesAndJointVenturesAccountedForUsingEquityMethod" scale="6" id="f-2460">49</ix:nonFraction>)</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-14" decimals="-6" sign="-" name="ifrs-full:ShareOfProfitLossOfAssociatesAndJointVenturesAccountedForUsingEquityMethod" format="ixt:num-dot-decimal" scale="6" id="f-2461">2,162</ix:nonFraction>)</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-15" decimals="-6" name="ifrs-full:ShareOfProfitLossOfAssociatesAndJointVenturesAccountedForUsingEquityMethod" scale="6" id="f-2462">217</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr></table></div></ix:continuation></ix:nonNumeric><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">F-49</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><ix:continuation id="f-2310-2" continuedAt="f-2310-3"><ix:continuation id="f-2311-1"><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The detail of the movement in investments accounted for by the equity method in 2024 and 2023 is as follows:</span></div><div style="margin-top:9pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.853%"><tr><td style="width:1.0%"/><td style="width:70.935%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:26.865%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Investments accounted for by the equity method</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Millions of euros</span></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Balance at 12/31/2022</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-765" decimals="-6" name="ifrs-full:InvestmentAccountedForUsingEquityMethod" format="ixt:num-dot-decimal" scale="6" id="f-2463">11,587</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Additions</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-766" decimals="-6" name="ifrs-full:IncreaseDecreaseThroughChangesInOwnershipInterestsInSubsidiariesThatDoNotResultInLossOfControl" scale="6" id="f-2464">236</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Translation differences and other comprehensive income (loss)</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-766" decimals="-6" name="ifrs-full:OtherComprehensiveIncomeNetOfTaxExchangeDifferencesOnTranslation" scale="6" id="f-2465">144</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(Loss) income</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-766" decimals="-6" sign="-" name="ifrs-full:ShareOfProfitLossOfContinuingOperationsOfAssociatesAndJointVenturesAccountedForUsingEquityMethod" format="ixt:num-dot-decimal" scale="6" id="f-2466">2,162</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Dividends</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-766" decimals="-6" name="tef:DecreaseThroughDistributionsJointVenturesAndAssociates" format="ixt:num-dot-decimal" scale="6" id="f-2467">1,218</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Transfers and others</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-766" decimals="-6" name="tef:TransferfromtoInvestmentsEquityMethodInvestments" scale="6" id="f-2468">3</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Balance at 12/31/2023</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-767" decimals="-6" name="ifrs-full:InvestmentAccountedForUsingEquityMethod" format="ixt:num-dot-decimal" scale="6" id="f-2469">8,590</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Additions</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-768" decimals="-6" name="ifrs-full:IncreaseDecreaseThroughChangesInOwnershipInterestsInSubsidiariesThatDoNotResultInLossOfControl" scale="6" id="f-2470">160</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Translation differences and other comprehensive income (loss)</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-768" decimals="-6" name="ifrs-full:OtherComprehensiveIncomeNetOfTaxExchangeDifferencesOnTranslation" scale="6" id="f-2471">249</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(Loss) income</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-768" decimals="-6" sign="-" name="ifrs-full:ShareOfProfitLossOfContinuingOperationsOfAssociatesAndJointVenturesAccountedForUsingEquityMethod" scale="6" id="f-2472">49</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Dividends</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-768" decimals="-6" name="tef:DecreaseThroughDistributionsJointVenturesAndAssociates" scale="6" id="f-2473">520</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Transfers and others</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-768" decimals="-6" sign="-" name="tef:TransferfromtoInvestmentsEquityMethodInvestments" scale="6" id="f-2474">55</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Balance at 12/31/2024</span></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-769" decimals="-6" name="ifrs-full:InvestmentAccountedForUsingEquityMethod" format="ixt:num-dot-decimal" scale="6" id="f-2475">8,375</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr></table></div></ix:continuation><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Additions for the year ended December 31, 2024 includes the capital increase of <ix:nonFraction unitRef="eur" contextRef="c-770" decimals="-6" name="ifrs-full:IncreaseDecreaseThroughChangesInOwnershipInterestsInSubsidiariesThatDoNotResultInLossOfControl" scale="6" id="f-2476">91</ix:nonFraction> million euros in Unsere Gr&#252;ne Glasfaser (UGG) (<ix:nonFraction unitRef="eur" contextRef="c-771" decimals="-6" name="ifrs-full:IncreaseDecreaseThroughChangesInOwnershipInterestsInSubsidiariesThatDoNotResultInLossOfControl" scale="6" id="f-2477">73</ix:nonFraction> million euros for the year 2023) and the capital increase in nexfibre amounting to <ix:nonFraction unitRef="eur" contextRef="c-772" decimals="-6" name="ifrs-full:IncreaseDecreaseThroughChangesInOwnershipInterestsInSubsidiariesThatDoNotResultInLossOfControl" scale="6" id="f-2478">38</ix:nonFraction> million euros (<ix:nonFraction unitRef="eur" contextRef="c-773" decimals="-6" name="ifrs-full:IncreaseDecreaseThroughChangesInOwnershipInterestsInSubsidiariesThatDoNotResultInLossOfControl" scale="6" id="f-2479">33</ix:nonFraction> million euros for the year 2023, see Note 28).</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Additions in 2023 included (<ix:nonFraction unitRef="clp" contextRef="c-774" decimals="-6" name="ifrs-full:IncreaseDecreaseThroughChangesInOwnershipInterestsInSubsidiariesThatDoNotResultInLossOfControl" format="ixt:num-dot-decimal" scale="6" id="f-2480">70,960</ix:nonFraction> million Chilean pesos, equivalent to <ix:nonFraction unitRef="eur" contextRef="c-774" decimals="-6" name="ifrs-full:IncreaseDecreaseThroughChangesInOwnershipInterestsInSubsidiariesThatDoNotResultInLossOfControl" scale="6" id="f-2481">73</ix:nonFraction> million euros) corresponding to the capital contribution made by Telef&#243;nica Chile, S.A. in HoldCo Infraco SpA (of which it owns <ix:nonFraction unitRef="number" contextRef="c-775" decimals="2" name="ifrs-full:ProportionOfOwnershipInterestInAssociate" scale="-2" id="f-2482">40</ix:nonFraction>% of the capital) for the acquisition by InfraCo SpA (a subsidiary of HoldCo InfraCo SpA) of the fiber optic assets owned by Empresa Nacional de Telecomunicaciones S.A. ("Entel") following its authorization by the National Economic Prosecutor's Office on December 14, 2023.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">"Translation differences and other comprehensive income (loss)" for the year 2024 mainly includes the impact of the pound sterling appreciation associated with the investment in VMO2, amounting to <ix:nonFraction unitRef="eur" contextRef="c-776" decimals="-6" name="ifrs-full:GainsLossesOnExchangeDifferencesOnTranslationNetOfTax" scale="6" id="f-2483">380</ix:nonFraction> million euros (<ix:nonFraction unitRef="eur" contextRef="c-777" decimals="-6" name="ifrs-full:GainsLossesOnExchangeDifferencesOnTranslationNetOfTax" scale="6" id="f-2484">219</ix:nonFraction> million euros associated with sterling appreciation for the year 2023) and the results of the defined benefit pension plan in VMO2 amounting to <ix:nonFraction unitRef="eur" contextRef="c-776" decimals="-6" name="ifrs-full:OtherComprehensiveIncomeNetOfTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans" scale="6" id="f-2485">101</ix:nonFraction> million euros (<ix:nonFraction unitRef="eur" contextRef="c-777" decimals="-6" name="ifrs-full:OtherComprehensiveIncomeNetOfTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans" scale="6" id="f-2486">41</ix:nonFraction> million euros for the year 2023). This also includes losses imputed to equity on derivatives financial instruments in Unsere Gr&#252;ne Glasfaser amounting to <ix:nonFraction unitRef="eur" contextRef="c-778" decimals="-6" sign="-" name="ifrs-full:GainsLossesOnExchangeDifferencesOnTranslationNetOfTax" scale="6" id="f-2487">7</ix:nonFraction> million euros (<ix:nonFraction unitRef="eur" contextRef="c-779" decimals="-6" name="ifrs-full:GainsLossesOnExchangeDifferencesOnTranslationNetOfTax" scale="6" id="f-2488">30</ix:nonFraction> million euros gains for the year 2023).</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">During the year ended December 31, 2024, dividends amounting to <ix:nonFraction unitRef="gbp" contextRef="c-136" decimals="-6" name="ifrs-full:DividendsReceivedFromJointVenturesClassifiedAsInvestingActivities" scale="6" id="f-2489">425</ix:nonFraction> million pounds sterling, equivalent to <ix:nonFraction unitRef="eur" contextRef="c-136" decimals="-6" name="ifrs-full:DividendsReceivedFromJointVenturesClassifiedAsInvestingActivities" scale="6" id="f-2490">512</ix:nonFraction> million euros, were received from VMO2 (<ix:nonFraction unitRef="gbp" contextRef="c-137" decimals="-6" name="ifrs-full:DividendsReceivedFromJointVenturesClassifiedAsInvestingActivities" format="ixt:num-dot-decimal" scale="6" id="f-2491">1,000</ix:nonFraction> million pounds sterling, equivalent to <ix:nonFraction unitRef="eur" contextRef="c-137" decimals="-6" name="ifrs-full:DividendsReceivedFromJointVenturesClassifiedAsInvestingActivities" format="ixt:num-dot-decimal" scale="6" id="f-2492">1,154</ix:nonFraction> million euros during the year 2023, see Note 28). Additionally included dividends amounting to <ix:nonFraction unitRef="eur" contextRef="c-780" decimals="-6" name="ifrs-full:DividendsReceivedFromJointVenturesClassifiedAsInvestingActivities" scale="6" id="f-2493">54</ix:nonFraction> million euros from Nabiax.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On November 7, 2024, Nabiax's majority shareholder, Asterion Industrial Partners SGEIC, S.A. ("Asterion") (<ix:nonFraction unitRef="number" contextRef="c-781" decimals="2" name="tef:PercentageofShareCapitalSold" scale="-2" id="f-2494">80</ix:nonFraction>% stake), reached an agreement with the Aermont Group to sell its shares in Nabiax. In compliance with the provisions of the original shareholders' agreement between Asterion and Telef&#243;nica Infra, S.L. (which owns the remaining <ix:nonFraction unitRef="number" contextRef="c-685" decimals="2" name="ifrs-full:ProportionOfOwnershipInterestInAssociate" scale="-2" id="f-2495">20</ix:nonFraction>%), Asterion has notified this transaction to Telef&#243;nica Infra, S.L. and has required it to adhere to the aforementioned sale agreement.&#160;In 2024 "Transfers and others" includes the reclassification of the stake in Nabiax to "Non-current assets held for sale" amounting to <ix:nonFraction unitRef="eur" contextRef="c-782" decimals="-6" name="tef:TransferfromtoInvestmentsEquityMethodInvestments" scale="6" id="f-2496">58</ix:nonFraction> million euros (see Note 29.c and 30).</span></div><div style="width:100.000%"><div style="display:inline-block;vertical-align:top;width:46.491%"><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:700;line-height:120%">VMED O2 UK</span></div></div><div style="display:inline-block;max-width:7.017%;min-width:6.017%;vertical-align:top"></div><div style="display:inline-block;vertical-align:top;width:46.492%"></div></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:700;line-height:120%">Impairment of goodwill recorded by VMO2 in 2023 </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">As a result of the annual goodwill impairment test analysis carried out by VMO2's management at the end of 2023, VMO2 recorded an impairment of goodwill amounting to <ix:nonFraction unitRef="gbp" contextRef="c-137" decimals="-6" name="ifrs-full:ImpairmentLossRecognisedInProfitOrLossGoodwill" format="ixt:num-dot-decimal" scale="6" id="f-2497">3,107</ix:nonFraction> million pounds sterling (approximately <ix:nonFraction unitRef="eur" contextRef="c-137" decimals="-6" name="ifrs-full:ImpairmentLossRecognisedInProfitOrLossGoodwill" format="ixt:num-dot-decimal" scale="6" id="f-2498">3,572</ix:nonFraction> million euros), mainly due to the decrease in projected cash flows of VMO2 as a consequence of the effects of macroeconomic conditions and the competitive environment in the United Kingdom and the increase in the discount rate (WACC).</span></div></ix:continuation><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">F-50</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><ix:continuation id="f-2310-3" continuedAt="f-2310-4"><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"><ix:nonFraction unitRef="number" contextRef="c-264" decimals="2" name="ifrs-full:ProportionOfOwnershipInterestInJointVenture" scale="-2" id="f-2499">50</ix:nonFraction>% of this amount (approximately <ix:nonFraction unitRef="eur" contextRef="c-139" decimals="-6" name="ifrs-full:ImpairmentLossRecognisedInProfitOrLossGoodwill" format="ixt:num-dot-decimal" scale="6" id="f-2500">1,786</ix:nonFraction> million euros) is reflected in Telef&#243;nica's consolidated income statement for the year 2023, as its share in the loss of VMO2 accounted for by the equity method (see table detailing the result from the equity method below).</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The discount rate applied in the impairment test as of December 31, 2023 was <ix:nonFraction unitRef="number" contextRef="c-14" decimals="3" name="tef:ValuationAssumptionDiscountRatePercentage" scale="-2" id="f-2501">7.5</ix:nonFraction>% after taxes. The terminal growth rate considered was <ix:nonFraction unitRef="number" contextRef="c-1" decimals="2" name="tef:ValuationAssumptionPerpetuityGrowthRatePercentage" scale="-2" id="f-2502">1</ix:nonFraction>%.</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:700;line-height:120%">Impairment analysis as of December 31, 2024</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">VMO2's management carried out the annual goodwill impairment test at the end of 2024. Future cash flows used in the value in use calculation were based</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">on <ix:nonNumeric contextRef="c-136" name="tef:PeriodCoveringProjectedCashFlowsForCalculationOfImpairment" format="ixt-sec:durwordsen" id="f-2503">ten-year</ix:nonNumeric> financial forecasts included as a part of the business plan approved by the VMO2 board of directors for use in impairment testing, considering that in such period the operating variables until the perpetuity parameters are reached. This time horizon was used for capital intensive projects such as the full fiber upgrade plan.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">As a result of this analysis, it has become clear that, as of December 31, 2024, the value in use is above the carrying amount of the cash-generating unit (CGU) to which the goodwill is assigned, with a margin of around <ix:nonFraction unitRef="gbp" contextRef="c-265" decimals="-6" name="ifrs-full:AmountByWhichUnitsRecoverableAmountExceedsItsCarryingAmount" scale="6" id="f-2504">800</ix:nonFraction> million pounds sterling (around <ix:nonFraction unitRef="eur" contextRef="c-265" decimals="-6" name="ifrs-full:AmountByWhichUnitsRecoverableAmountExceedsItsCarryingAmount" scale="6" id="f-2505">965</ix:nonFraction> million euros).</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The growth projections and operating ratios included in the estimation of the value in use are aligned with the analyst ranges for comparable companies in the region. In terms of revenue, despite the challenges of the competitive environment, the strategic plan includes a growth trend in long-term projections, in line with the estimated evolution for the sector in the United Kingdom. In relation to operating results before depreciation and amortization margins two years ahead, analyst estimates for comparable companies in Europe are in a range of between <ix:nonFraction unitRef="number" contextRef="c-783" decimals="2" name="tef:ValuationAssumptionEBITDAMarginPercentage" scale="-2" id="f-2506">32</ix:nonFraction>% and <ix:nonFraction unitRef="number" contextRef="c-784" decimals="2" name="tef:ValuationAssumptionEBITDAMarginPercentage" scale="-2" id="f-2507">41</ix:nonFraction>%, while, regarding long-term investment needs, the capex to revenue ratio is in a range between <ix:nonFraction unitRef="number" contextRef="c-783" decimals="2" name="tef:ValuationAssumptionLongTermCapitalExpenditureRatioPercentage" scale="-2" id="f-2508">12</ix:nonFraction>% and <ix:nonFraction unitRef="number" contextRef="c-784" decimals="2" name="tef:ValuationAssumptionLongTermCapitalExpenditureRatioPercentage" scale="-2" id="f-2509">15</ix:nonFraction>%. The WACC discount rate applied to the cash flow projections stands at <ix:nonFraction unitRef="number" contextRef="c-1" decimals="3" name="tef:ValuationAssumptionDiscountRatePercentage" scale="-2" id="f-2510">7.7</ix:nonFraction>% at the end of December 2024. The perpetuity growth rate stands at <ix:nonFraction unitRef="number" contextRef="c-1" decimals="2" name="tef:ValuationAssumptionPerpetuityGrowthRatePercentage" scale="-2" id="f-2511">1</ix:nonFraction>%, below the actual terminal growth forecast for the UK economy. The analysis shows that the value in use is higher than the book value of the investment at December 31, 2024.</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Regarding the sensitivity of the calculation to reasonably possible variations in key assumptions:</span></div><div style="margin-bottom:9pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">An increase of about <ix:nonFraction unitRef="number" contextRef="c-12" decimals="4" name="tef:ValuationAssumptionWeightedAverageCostOfCapitalIncreaseDecrease" scale="-4" id="f-2512">50</ix:nonFraction> basis points over the WACC rate used, of <ix:nonFraction unitRef="number" contextRef="c-1" decimals="4" name="tef:ValuationAssumptionDiscountRatePercentage" scale="-2" id="f-2513">7.7</ix:nonFraction>% would imply an impairment of goodwill reported by VMO2 of around <ix:nonFraction unitRef="gbp" contextRef="c-1" decimals="-6" name="tef:ValuationAssumptionWeightedAverageCostOfCapitalImpairmentOfGoodwill" format="ixt:num-dot-decimal" scale="6" id="f-2514">1,700</ix:nonFraction> million pounds sterling (around <ix:nonFraction unitRef="eur" contextRef="c-1" decimals="-6" name="tef:ValuationAssumptionWeightedAverageCostOfCapitalImpairmentOfGoodwill" format="ixt:num-dot-decimal" scale="6" id="f-2515">2,050</ix:nonFraction> million euros).</span></div><div style="margin-bottom:9pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">A decrease of around <ix:nonFraction unitRef="number" contextRef="c-12" decimals="4" sign="-" name="tef:ValuationAssumptionPerpetuityGrowthRateIncreaseDecrease" scale="-4" id="f-2516">25</ix:nonFraction> basis points in the terminal growth rate (<ix:nonFraction unitRef="number" contextRef="c-1" decimals="2" name="tef:ValuationAssumptionPerpetuityGrowthRatePercentage" scale="-2" id="f-2517">1</ix:nonFraction>%), would have no impact on the carrying amount of goodwill. </span></div><div style="margin-bottom:9pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">Regarding the operating variables used, a decrease of <ix:nonFraction unitRef="number" contextRef="c-12" decimals="2" name="tef:ValuationAssumptionIncreaseDecreaseInEBITDAMargin" scale="-2" id="f-2518">1</ix:nonFraction> percentage point in the operating results before depreciation and amortization margin or an increase of <ix:nonFraction unitRef="number" contextRef="c-12" decimals="3" name="tef:ValuationAssumptionIncreaseDecreaseInLongTermInvestmentRatio" scale="-2" id="f-2519">0.5</ix:nonFraction> percentage points in the capex to revenue ratio would have no impact on the carrying amount of goodwill.</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:112%">The carrying value of Telef&#243;nica's equity-accounted investment in VMO2 amounting to <ix:nonFraction unitRef="eur" contextRef="c-265" decimals="-6" name="ifrs-full:InvestmentsInJointVenturesAccountedForUsingEquityMethod" format="ixt:num-dot-decimal" scale="6" id="f-2520">7,641</ix:nonFraction> million euros as of December 31, 2024 (<ix:nonFraction unitRef="eur" contextRef="c-654" decimals="-6" name="ifrs-full:InvestmentsInJointVenturesAccountedForUsingEquityMethod" format="ixt:num-dot-decimal" scale="6" id="f-2521">7,774</ix:nonFraction> million euros as of December 31, 2023). Telef&#243;nica has carried out an additional analysis of the book value of its stake at the end of the year, comparing it with its estimate of its value in use. The key assumptions considered in the calculation are the same as those used by VMO2 in determining its value in use. As a result of this analysis, no need to record any impairment has been identified.</span></div></ix:continuation><div style="margin-bottom:9pt;text-align:justify"><span><br/></span></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">F-51</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><ix:nonNumeric contextRef="c-1" name="tef:DisclosureOfStatementOfFinancialPositionAndIncomeStatementOfJointVenturesTableTextBlock" id="f-2522" continuedAt="f-2522-1" escape="true"><ix:continuation id="f-2310-4" continuedAt="f-2310-5"><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Detail of the main items on the statements of financial position and income statements of VMED O2 UK Limited</span></div><div style="margin-bottom:18pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"/><td style="width:65.274%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:15.712%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:15.714%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Millions of euros</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">12/31/2024</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">12/31/2023</span></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #2b3447;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Non current assets</span></td><td colspan="2" style="border-top:0.5pt solid #2b3447;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-265" decimals="-6" name="ifrs-full:NoncurrentAssets" format="ixt:num-dot-decimal" scale="6" id="f-2523">43,081</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:0.5pt solid #2b3447;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:0.5pt solid #2b3447;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-654" decimals="-6" name="ifrs-full:NoncurrentAssets" format="ixt:num-dot-decimal" scale="6" id="f-2524">41,697</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:0.5pt solid #2b3447;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Intangible assets</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-265" decimals="-6" name="ifrs-full:IntangibleAssetsOtherThanGoodwill" format="ixt:num-dot-decimal" scale="6" id="f-2525">7,682</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-654" decimals="-6" name="ifrs-full:IntangibleAssetsOtherThanGoodwill" format="ixt:num-dot-decimal" scale="6" id="f-2526">8,379</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Goodwill</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-265" decimals="-6" name="ifrs-full:Goodwill" format="ixt:num-dot-decimal" scale="6" id="f-2527">21,404</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-654" decimals="-6" name="ifrs-full:Goodwill" format="ixt:num-dot-decimal" scale="6" id="f-2528">20,427</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Property, plant and equipment</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-265" decimals="-6" name="ifrs-full:PropertyPlantAndEquipment" format="ixt:num-dot-decimal" scale="6" id="f-2529">10,994</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-654" decimals="-6" name="ifrs-full:PropertyPlantAndEquipment" format="ixt:num-dot-decimal" scale="6" id="f-2530">10,011</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Other non current assets</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-265" decimals="-6" name="ifrs-full:OtherNoncurrentAssets" format="ixt:num-dot-decimal" scale="6" id="f-2531">3,001</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 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style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-265" decimals="-6" name="ifrs-full:CurrentAssets" format="ixt:num-dot-decimal" scale="6" id="f-2533">5,166</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-654" decimals="-6" name="ifrs-full:CurrentAssets" format="ixt:num-dot-decimal" scale="6" id="f-2534">4,758</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Inventories</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-265" decimals="-6" name="ifrs-full:Inventories" scale="6" id="f-2535">245</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-654" decimals="-6" name="ifrs-full:Inventories" scale="6" id="f-2536">301</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Current receivables and other current assets</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-265" decimals="-6" name="tef:CurrentReceivablesAndOtherCurrentAssets" format="ixt:num-dot-decimal" scale="6" id="f-2537">2,900</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-654" decimals="-6" name="tef:CurrentReceivablesAndOtherCurrentAssets" format="ixt:num-dot-decimal" scale="6" id="f-2538">2,882</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Other current financial assets</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-265" decimals="-6" name="ifrs-full:CurrentFinancialAssets" scale="6" id="f-2539">660</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-654" decimals="-6" name="ifrs-full:CurrentFinancialAssets" scale="6" id="f-2540">567</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Cash and cash equivalents</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-265" decimals="-6" name="ifrs-full:CashAndCashEquivalents" format="ixt:num-dot-decimal" scale="6" id="f-2541">1,361</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-654" decimals="-6" name="ifrs-full:CashAndCashEquivalents" format="ixt:num-dot-decimal" scale="6" id="f-2542">1,008</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total Assets</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-265" decimals="-6" name="ifrs-full:Assets" format="ixt:num-dot-decimal" scale="6" id="f-2543">48,247</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-654" decimals="-6" name="ifrs-full:Assets" format="ixt:num-dot-decimal" scale="6" id="f-2544">46,455</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Non current liabilities</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-265" decimals="-6" name="ifrs-full:NoncurrentLiabilities" format="ixt:num-dot-decimal" scale="6" id="f-2545">23,139</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-654" decimals="-6" name="ifrs-full:NoncurrentLiabilities" format="ixt:num-dot-decimal" scale="6" id="f-2546">22,136</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Non current financial liabilities</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-265" decimals="-6" name="ifrs-full:NoncurrentFinancialLiabilities" format="ixt:num-dot-decimal" scale="6" id="f-2547">21,754</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-654" decimals="-6" name="ifrs-full:NoncurrentFinancialLiabilities" format="ixt:num-dot-decimal" scale="6" id="f-2548">21,061</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid 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name="ifrs-full:NoncurrentLeaseLiabilities" scale="6" id="f-2550">663</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Other non current liabilities</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-265" decimals="-6" name="ifrs-full:OtherNoncurrentLiabilities" scale="6" id="f-2551">435</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt 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name="ifrs-full:CurrentLiabilities" format="ixt:num-dot-decimal" scale="6" id="f-2553">9,665</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-654" decimals="-6" name="ifrs-full:CurrentLiabilities" format="ixt:num-dot-decimal" scale="6" id="f-2554">8,591</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" 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unitRef="eur" contextRef="c-654" decimals="-6" name="ifrs-full:CurrentFinancialLiabilities" format="ixt:num-dot-decimal" scale="6" id="f-2556">4,165</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Current lease liabilities</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-265" decimals="-6" name="ifrs-full:CurrentLeaseLiabilities" scale="6" id="f-2557">197</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-654" decimals="-6" name="ifrs-full:CurrentLeaseLiabilities" scale="6" id="f-2558">201</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Other current liabilities</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-265" decimals="-6" name="ifrs-full:OtherCurrentLiabilities" format="ixt:num-dot-decimal" scale="6" id="f-2559">4,498</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-654" decimals="-6" name="ifrs-full:OtherCurrentLiabilities" format="ixt:num-dot-decimal" scale="6" id="f-2560">4,225</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total Liabilities</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-265" decimals="-6" name="ifrs-full:Liabilities" format="ixt:num-dot-decimal" scale="6" id="f-2561">32,804</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-654" decimals="-6" name="ifrs-full:Liabilities" format="ixt:num-dot-decimal" scale="6" id="f-2562">30,727</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Equity attributable to non-controlling interests  (<ix:nonFraction unitRef="number" contextRef="c-265" decimals="2" name="tef:PercentageOfEquityOfJointVenture" scale="-2" id="f-2563">100</ix:nonFraction>% VMO2)</span></div></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-265" decimals="-6" name="ifrs-full:NoncontrollingInterests" scale="6" id="f-2564">252</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-654" decimals="-6" name="ifrs-full:NoncontrollingInterests" scale="6" id="f-2565">261</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Equity attributable to equity holders of the parent (<ix:nonFraction unitRef="number" contextRef="c-265" decimals="2" name="tef:PercentageOfEquityOfJointVenture" scale="-2" id="f-2566">100</ix:nonFraction>% VMO2)</span></div></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-265" decimals="-6" name="ifrs-full:Equity" format="ixt:num-dot-decimal" scale="6" id="f-2567">15,191</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-654" decimals="-6" name="ifrs-full:Equity" format="ixt:num-dot-decimal" scale="6" id="f-2568">15,467</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-266" decimals="2" name="ifrs-full:ProportionOfOwnershipInterestInJointVenture" scale="-2" id="f-2569">50</ix:nonFraction>% Telef&#243;nica Group</span></div></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-265" decimals="-6" name="tef:FairValueOfInvestmentsInJointVentures" format="ixt:num-dot-decimal" scale="6" id="f-2570">7,596</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-654" decimals="-6" name="tef:FairValueOfInvestmentsInJointVentures" format="ixt:num-dot-decimal" scale="6" id="f-2571">7,734</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Acquisition costs</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-136" decimals="-6" name="ifrs-full:AcquisitionrelatedCostsForTransactionRecognisedSeparatelyFromAcquisitionOfAssetsAndAssumptionOfLiabilitiesInBusinessCombination" scale="6" id="f-2572">61</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-137" decimals="-6" name="ifrs-full:AcquisitionrelatedCostsForTransactionRecognisedSeparatelyFromAcquisitionOfAssetsAndAssumptionOfLiabilitiesInBusinessCombination" scale="6" id="f-2573">61</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Other adjustments</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-136" decimals="-6" sign="-" name="tef:OtherAdjustmentsInvestmentsInJointVenturesAccountedForUsingEquityMethod" scale="6" id="f-2574">16</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-137" decimals="-6" sign="-" name="tef:OtherAdjustmentsInvestmentsInJointVenturesAccountedForUsingEquityMethod" scale="6" id="f-2575">21</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Investments accounted for by the equity method</span></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-265" decimals="-6" name="ifrs-full:InvestmentsInJointVenturesAccountedForUsingEquityMethod" format="ixt:num-dot-decimal" scale="6" id="f-2576">7,641</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-654" decimals="-6" name="ifrs-full:InvestmentsInJointVenturesAccountedForUsingEquityMethod" format="ixt:num-dot-decimal" scale="6" id="f-2577">7,774</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr></table></div></ix:continuation></ix:nonNumeric><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">F-52</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><ix:continuation id="f-2310-5" continuedAt="f-2310-6"><ix:continuation id="f-2522-1" continuedAt="f-2522-2"><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"/><td style="width:48.169%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:16.590%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:15.420%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:15.421%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Millions of euros</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2024</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2023</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2022</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Revenues</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-136" decimals="-6" name="ifrs-full:Revenue" format="ixt:num-dot-decimal" scale="6" 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scale="6" id="f-2580">12,155</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Other operating income</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-136" decimals="-6" name="ifrs-full:OtherIncome" scale="6" id="f-2581">516</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 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1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Operating expenses</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-136" decimals="-6" name="ifrs-full:OtherExpenseByNature" format="ixt:num-dot-decimal" scale="6" id="f-2584">8,665</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-137" decimals="-6" name="ifrs-full:OtherExpenseByNature" format="ixt:num-dot-decimal" scale="6" id="f-2585">8,632</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-138" decimals="-6" name="ifrs-full:OtherExpenseByNature" format="ixt:num-dot-decimal" scale="6" id="f-2586">8,305</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Impairment losses in goodwill </span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-136" decimals="-6" name="ifrs-full:ImpairmentLossRecognisedInProfitOrLossGoodwill" format="ixt:fixed-zero" scale="6" id="f-2587">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-137" decimals="-6" name="ifrs-full:ImpairmentLossRecognisedInProfitOrLossGoodwill" format="ixt:num-dot-decimal" scale="6" id="f-2588">3,572</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-138" decimals="-6" name="ifrs-full:ImpairmentLossRecognisedInProfitOrLossGoodwill" format="ixt:fixed-zero" scale="6" id="f-2589">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Depreciation and amortization </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(1)</span></div></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-136" decimals="-6" name="ifrs-full:DepreciationAndAmortisationExpense" format="ixt:num-dot-decimal" scale="6" id="f-2590">3,371</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-137" decimals="-6" name="ifrs-full:DepreciationAndAmortisationExpense" format="ixt:num-dot-decimal" scale="6" id="f-2591">3,685</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-138" decimals="-6" name="ifrs-full:DepreciationAndAmortisationExpense" format="ixt:num-dot-decimal" scale="6" id="f-2592">4,170</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Operating income (loss)</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-136" decimals="-6" name="ifrs-full:ProfitLossFromOperatingActivities" format="ixt:num-dot-decimal" scale="6" id="f-2593">1,096</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-137" decimals="-6" sign="-" name="ifrs-full:ProfitLossFromOperatingActivities" format="ixt:num-dot-decimal" scale="6" id="f-2594">2,826</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-138" decimals="-6" name="ifrs-full:ProfitLossFromOperatingActivities" scale="6" id="f-2595">231</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Share of income (loss) of investments accounted for by the equity method</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-136" decimals="-6" name="ifrs-full:ShareOfProfitLossOfAssociatesAccountedForUsingEquityMethod" scale="6" id="f-2596">4</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-137" decimals="-6" name="ifrs-full:ShareOfProfitLossOfAssociatesAccountedForUsingEquityMethod" scale="6" id="f-2597">2</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-138" decimals="-6" name="ifrs-full:ShareOfProfitLossOfAssociatesAccountedForUsingEquityMethod" scale="6" id="f-2598">1</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Financial income</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-136" decimals="-6" name="ifrs-full:FinanceIncome" scale="6" id="f-2599">51</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-137" decimals="-6" name="ifrs-full:FinanceIncome" scale="6" id="f-2600">55</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-138" decimals="-6" name="ifrs-full:FinanceIncome" scale="6" id="f-2601">24</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Financial expenses</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-136" decimals="-6" name="ifrs-full:FinanceCosts" format="ixt:num-dot-decimal" scale="6" id="f-2602">1,578</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-137" decimals="-6" name="ifrs-full:FinanceCosts" format="ixt:num-dot-decimal" scale="6" id="f-2603">1,436</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-138" decimals="-6" name="ifrs-full:FinanceCosts" format="ixt:num-dot-decimal" scale="6" id="f-2604">1,020</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:112%">Realized and unrealized gains on derivative instruments, net </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:5.2pt;font-weight:400;line-height:112%;position:relative;top:-2.8pt;vertical-align:baseline">(2)</span></div></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-136" decimals="-6" name="ifrs-full:GainsLossesOnChangeInFairValueOfDerivatives" scale="6" id="f-2605">463</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-137" decimals="-6" sign="-" name="ifrs-full:GainsLossesOnChangeInFairValueOfDerivatives" scale="6" id="f-2606">924</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-138" decimals="-6" name="ifrs-full:GainsLossesOnChangeInFairValueOfDerivatives" format="ixt:num-dot-decimal" scale="6" id="f-2607">2,567</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Foreign currency transaction losses, net</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-136" decimals="-6" sign="-" name="ifrs-full:GainsLossesOnExchangeDifferencesOnTranslationRecognisedInProfitOrLoss" scale="6" id="f-2608">34</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-137" decimals="-6" name="ifrs-full:GainsLossesOnExchangeDifferencesOnTranslationRecognisedInProfitOrLoss" scale="6" id="f-2609">677</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid 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style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-136" decimals="-6" name="tef:NetFinancialExpense" format="ixt:num-dot-decimal" scale="6" id="f-2611">1,098</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-137" decimals="-6" name="tef:NetFinancialExpense" format="ixt:num-dot-decimal" scale="6" id="f-2612">1,628</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-138" decimals="-6" sign="-" name="tef:NetFinancialExpense" scale="6" id="f-2613">275</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Result before taxation</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-136" decimals="-6" name="ifrs-full:ProfitLossBeforeTax" scale="6" id="f-2614">2</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-137" decimals="-6" sign="-" name="ifrs-full:ProfitLossBeforeTax" format="ixt:num-dot-decimal" scale="6" id="f-2615">4,452</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-138" decimals="-6" name="ifrs-full:ProfitLossBeforeTax" scale="6" id="f-2616">507</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Income tax</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-136" decimals="-6" name="ifrs-full:IncomeTaxExpenseContinuingOperations" scale="6" id="f-2617">22</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-137" decimals="-6" sign="-" name="ifrs-full:IncomeTaxExpenseContinuingOperations" scale="6" id="f-2618">265</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-138" decimals="-6" name="ifrs-full:IncomeTaxExpenseContinuingOperations" scale="6" id="f-2619">15</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Result for the period </span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-136" decimals="-6" sign="-" name="ifrs-full:ProfitLoss" scale="6" id="f-2620">20</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-137" decimals="-6" sign="-" name="ifrs-full:ProfitLoss" format="ixt:num-dot-decimal" scale="6" id="f-2621">4,187</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-138" decimals="-6" name="ifrs-full:ProfitLoss" scale="6" id="f-2622">492</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Attributable to non-controlling interests</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-136" decimals="-6" sign="-" name="ifrs-full:ProfitLossAttributableToNoncontrollingInterests" scale="6" id="f-2623">19</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-137" decimals="-6" name="ifrs-full:ProfitLossAttributableToNoncontrollingInterests" format="ixt:fixed-zero" scale="6" id="f-2624">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-138" decimals="-6" name="ifrs-full:ProfitLossAttributableToNoncontrollingInterests" format="ixt:fixed-zero" scale="6" id="f-2625">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Result for the period attributable to equity holders of the parent (100% VMO2)</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-136" decimals="-6" sign="-" name="ifrs-full:ProfitLossAttributableToOwnersOfParent" scale="6" id="f-2626">39</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-137" decimals="-6" sign="-" name="ifrs-full:ProfitLossAttributableToOwnersOfParent" format="ixt:num-dot-decimal" scale="6" id="f-2627">4,187</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-138" decimals="-6" name="ifrs-full:ProfitLossAttributableToOwnersOfParent" scale="6" id="f-2628">492</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-266" decimals="2" name="ifrs-full:ProportionOfOwnershipInterestInJointVenture" scale="-2" id="f-2629">50</ix:nonFraction>% attributable to Telef&#243;nica Group</span></div></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-136" decimals="-6" sign="-" name="tef:FairValueOfInvestmentsInJointVenturesOtherVenturer" scale="6" id="f-2630">20</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-137" decimals="-6" sign="-" name="tef:FairValueOfInvestmentsInJointVenturesOtherVenturer" format="ixt:num-dot-decimal" scale="6" id="f-2631">2,094</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-138" decimals="-6" name="tef:FairValueOfInvestmentsInJointVenturesOtherVenturer" scale="6" id="f-2632">246</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Share-based compensation </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(3)</span></div></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-136" decimals="-6" name="ifrs-full:ExpenseFromEquitysettledSharebasedPaymentTransactionsInWhichGoodsOrServicesReceivedDidNotQualifyForRecognitionAsAssets" scale="6" id="f-2633">1</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-137" decimals="-6" name="ifrs-full:ExpenseFromEquitysettledSharebasedPaymentTransactionsInWhichGoodsOrServicesReceivedDidNotQualifyForRecognitionAsAssets" scale="6" id="f-2634">8</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-138" decimals="-6" name="ifrs-full:ExpenseFromEquitysettledSharebasedPaymentTransactionsInWhichGoodsOrServicesReceivedDidNotQualifyForRecognitionAsAssets" scale="6" id="f-2635">14</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Sale of a minority interest in Cornerstone </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(4)</span></div></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-136" decimals="-6" name="ifrs-full:AdjustmentsForGainLossOnDisposalOfInvestmentsInSubsidiariesJointVenturesAndAssociates" scale="6" id="f-2636">112</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-137" decimals="-6" name="ifrs-full:AdjustmentsForGainLossOnDisposalOfInvestmentsInSubsidiariesJointVenturesAndAssociates" scale="6" id="f-2637">76</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-138" decimals="-6" name="ifrs-full:AdjustmentsForGainLossOnDisposalOfInvestmentsInSubsidiariesJointVenturesAndAssociates" format="ixt:fixed-zero" scale="6" id="f-2638">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Other adjustments</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-136" decimals="-6" sign="-" name="tef:OtherAdjustments" scale="6" id="f-2639">5</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-137" decimals="-6" sign="-" name="tef:OtherAdjustments" scale="6" id="f-2640">20</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-138" decimals="-6" name="tef:OtherAdjustments" scale="6" id="f-2641">32</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Share of (loss) income of investments accounted for by the equity method</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-136" decimals="-6" name="ifrs-full:ShareOfProfitLossOfJointVenturesAccountedForUsingEquityMethod" scale="6" id="f-2642">89</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-137" decimals="-6" sign="-" name="ifrs-full:ShareOfProfitLossOfJointVenturesAccountedForUsingEquityMethod" format="ixt:num-dot-decimal" scale="6" id="f-2643">2,030</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-138" decimals="-6" name="ifrs-full:ShareOfProfitLossOfJointVenturesAccountedForUsingEquityMethod" scale="6" id="f-2644">292</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Other comprehensive income (<ix:nonFraction unitRef="number" contextRef="c-265" decimals="2" name="tef:PercentageOfOtherComprehensiveIncomeOfJointVenture" scale="-2" id="f-2645">100</ix:nonFraction>% VMO2)</span></div></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-136" decimals="-6" sign="-" name="ifrs-full:OtherComprehensiveIncome" scale="6" id="f-2646">337</ix:nonFraction>)</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-137" decimals="-6" sign="-" name="ifrs-full:OtherComprehensiveIncome" scale="6" id="f-2647">213</ix:nonFraction>)</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-138" decimals="-6" sign="-" name="ifrs-full:OtherComprehensiveIncome" scale="6" id="f-2648">113</ix:nonFraction>)</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr></table><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:4.55pt;font-weight:400;line-height:120%;position:relative;top:-2.44pt;vertical-align:baseline">(</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:4.55pt;font-weight:400;line-height:120%;position:relative;top:-2.44pt;vertical-align:baseline">1)</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:120%"> Includes amortization of the customer relationships recorded after the purchase price allocation, amounting to </span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:120%"><ix:nonFraction unitRef="eur" contextRef="c-785" decimals="-6" name="ifrs-full:DepreciationAndAmortisationExpense" format="ixt:num-dot-decimal" scale="6" id="f-2649">1,012</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:120%"> million euros in 2024 (<ix:nonFraction unitRef="eur" contextRef="c-786" decimals="-6" name="ifrs-full:DepreciationAndAmortisationExpense" scale="6" id="f-2650">985</ix:nonFraction> million euros in 2023).</span></div><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:4.55pt;font-weight:400;line-height:120%;position:relative;top:-2.44pt;vertical-align:baseline">(2) </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:120%">VMO2  entered into various derivative instruments to manage interest rate exposure and foreign currency exposure. 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Share-based compensation expense is included in Operating expenses in the consolidated income statement of VMO2.</span></div><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:4.55pt;font-weight:400;line-height:112%;position:relative;top:-2.44pt;vertical-align:baseline">(4) </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:112%">In 2024 and 2023, VMO2 sold minority interests in its mobile towers joint operation Cornerstone. This amount reflects the change in the Telef&#243;nica Group's indirect ownership interest in Cornerstone (from  <ix:nonFraction unitRef="number" contextRef="c-787" decimals="2" name="ifrs-full:ProportionOfOwnershipInterestInAssociate" scale="-2" id="f-2651">25</ix:nonFraction>% to <ix:nonFraction unitRef="number" contextRef="c-788" decimals="4" name="ifrs-full:ProportionOfOwnershipInterestInAssociate" scale="-2" id="f-2652">16.67</ix:nonFraction>% in 2023, then <ix:nonFraction unitRef="number" contextRef="c-788" decimals="4" name="ifrs-full:ProportionOfOwnershipInterestInAssociate" scale="-2" id="f-2653">16.67</ix:nonFraction>% to <ix:nonFraction unitRef="number" contextRef="c-789" decimals="4" name="ifrs-full:ProportionOfOwnershipInterestInAssociate" scale="-2" id="f-2654">12.50</ix:nonFraction>% in 2024) and  resulting from the inflow of resources from a third party.</span></div></ix:continuation><div><span><br/></span></div><div style="margin-bottom:9pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Commitments</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:700;line-height:120%"> </span></div><ix:nonNumeric contextRef="c-1" name="tef:DisclosureOfPurchaseCommitmentsTableTextBlock" id="f-2655" continuedAt="f-2655-1" escape="true"><div style="margin-bottom:9pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"/><td style="width:45.537%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:6.063%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:6.063%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:5.332%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:5.917%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:5.478%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:9.280%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:7.530%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Millions of euros</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2025</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2026</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2027</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2028</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2029</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Subsequent years</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span 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style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-816" decimals="-6" name="ifrs-full:CommitmentsInRelationToJointVentures" scale="6" id="f-2682">77</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-817" decimals="-6" name="ifrs-full:CommitmentsInRelationToJointVentures" format="ixt:num-dot-decimal" scale="6" id="f-2683">1,096</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total commitments VMO2 (<ix:nonFraction unitRef="number" contextRef="c-265" decimals="2" name="tef:PercentageOfTotalCommitmentsOfJointVenture" scale="-2" id="f-2684">100</ix:nonFraction>%)</span></div></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-818" decimals="-6" name="ifrs-full:CommitmentsInRelationToJointVentures" format="ixt:num-dot-decimal" scale="6" id="f-2685">2,527</ix:nonFraction>&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-819" decimals="-6" name="ifrs-full:CommitmentsInRelationToJointVentures" format="ixt:num-dot-decimal" scale="6" id="f-2686">1,260</ix:nonFraction>&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-820" decimals="-6" name="ifrs-full:CommitmentsInRelationToJointVentures" scale="6" id="f-2687">955</ix:nonFraction>&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-821" decimals="-6" name="ifrs-full:CommitmentsInRelationToJointVentures" scale="6" id="f-2688">512</ix:nonFraction>&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-822" decimals="-6" name="ifrs-full:CommitmentsInRelationToJointVentures" scale="6" id="f-2689">209</ix:nonFraction>&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-823" decimals="-6" name="ifrs-full:CommitmentsInRelationToJointVentures" scale="6" id="f-2690">281</ix:nonFraction>&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-265" decimals="-6" name="ifrs-full:CommitmentsInRelationToJointVentures" format="ixt:num-dot-decimal" scale="6" id="f-2691">5,744</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr></table></div></ix:nonNumeric><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Purchase and other commitments include unconditional and legally binding obligations related to the purchase of customer premises and other equipment and certain service-related commitments, including call center, information technology and maintenance services.</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Programming commitments consist of obligations associated with programming contracts that are enforceable and legally binding that includes minimum fees.</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Network and connectivity commitments include service commitments associated with the network extension program in the U.K. and commitments associated with the mobile virtual network operator (MVNO) agreements.</span></div></ix:continuation><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">F-53</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><ix:continuation id="f-2310-6" continuedAt="f-2310-7"><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On the date of constitution of the joint venture, Telef&#243;nica and Liberty Global entered with VMO2 into certain service agreements included as "Services agreements", either on a transitional or ongoing basis. Likewise, Telef&#243;nica licensed the use of Telef&#243;nica and O2 brand rights to VMO2 (see Note 29.c). </span></div><ix:nonNumeric contextRef="c-1" name="tef:DisclosureOfBreakdownOfBalancesAndTransactionsRelatedToAssociatesAndJointVenturesRecognizedTableTextBlock" id="f-2692" escape="true"><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The breakdown of balances and transactions related to associates and joint ventures recognized with VMO2 in the consolidated statement of financial position and consolidated income statement is as follows:</span></div><div style="text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"/><td style="width:74.630%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:11.034%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:11.036%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Millions of euros</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">12/31/2024</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">12/31/2023</span></td></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="border-top:0.25pt solid #86888c;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Receivables and other assets from associates and joint ventures</span></td><td colspan="2" style="border-top:0.25pt solid #86888c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-824" decimals="-6" name="ifrs-full:CurrentReceivablesDueFromJointVentures" scale="6" id="f-2693">59</ix:nonFraction>&#160;</span></td><td style="border-top:0.25pt solid #86888c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:0.25pt solid #86888c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-825" decimals="-6" name="ifrs-full:CurrentReceivablesDueFromJointVentures" scale="6" id="f-2694">66</ix:nonFraction>&#160;</span></td><td style="border-top:0.25pt solid #86888c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="border-top:0.25pt solid #86888c;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Payables and other liabilities to associates and joint ventures</span></td><td colspan="2" style="border-top:0.25pt solid #86888c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-824" decimals="-6" name="ifrs-full:TradeAndOtherCurrentPayablesToRelatedParties" scale="6" id="f-2695">27</ix:nonFraction>&#160;</span></td><td style="border-top:0.25pt solid #86888c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:0.25pt solid #86888c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-825" decimals="-6" name="ifrs-full:TradeAndOtherCurrentPayablesToRelatedParties" scale="6" id="f-2696">34</ix:nonFraction>&#160;</span></td><td style="border-top:0.25pt solid #86888c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr style="height:11pt"><td colspan="3" style="background-color:#ffffff;border-top:0.25pt solid #86888c;padding:0 1pt"/><td colspan="3" style="border-top:0.25pt solid #86888c;padding:0 1pt"/><td colspan="3" style="border-top:0.25pt solid #86888c;padding:0 1pt"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr></table></div><div style="text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"/><td style="width:56.794%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:12.935%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:12.935%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:12.936%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr style="height:11pt"><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:0 1pt"/></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Millions of euros</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;2024</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2023</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2022</span></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #86888c;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Revenue from operations with associates and joint ventures</span></td><td colspan="2" style="border-top:0.25pt solid #86888c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-826" decimals="-6" name="ifrs-full:Revenue" scale="6" id="f-2697">135</ix:nonFraction>&#160;</span></td><td style="border-top:0.25pt solid #86888c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:0.25pt solid #86888c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-827" decimals="-6" name="ifrs-full:Revenue" scale="6" id="f-2698">134</ix:nonFraction>&#160;</span></td><td style="border-top:0.25pt solid #86888c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:0.25pt solid #86888c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-828" decimals="-6" name="ifrs-full:Revenue" scale="6" id="f-2699">130</ix:nonFraction>&#160;</span></td><td style="border-top:0.25pt solid #86888c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-bottom:0.25pt solid #86888c;border-top:0.25pt solid #86888c;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Expenses from operations with associates and joint ventures</span></td><td colspan="2" style="border-bottom:0.25pt solid #86888c;border-top:0.25pt solid #86888c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-826" decimals="-6" name="ifrs-full:OperatingExpense" scale="6" id="f-2700">44</ix:nonFraction>&#160;</span></td><td style="border-bottom:0.25pt solid #86888c;border-top:0.25pt solid #86888c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:0.25pt solid #86888c;border-top:0.25pt solid #86888c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-827" decimals="-6" name="ifrs-full:OperatingExpense" scale="6" id="f-2701">63</ix:nonFraction>&#160;</span></td><td style="border-bottom:0.25pt solid #86888c;border-top:0.25pt solid #86888c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:0.25pt solid #86888c;border-top:0.25pt solid #86888c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-828" decimals="-6" name="ifrs-full:OperatingExpense" scale="6" id="f-2702">63</ix:nonFraction>&#160;</span></td><td style="border-bottom:0.25pt solid #86888c;border-top:0.25pt solid #86888c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr></table></div></ix:nonNumeric><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:700;line-height:120%">Movistar Prosegur Alarmas</span></div><ix:continuation id="f-2522-2" continuedAt="f-2522-3"><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The breakdown of the key financial highlights of Movistar Prosegur Alarmas group and the reconciliation with the carrying amount in the Telef&#243;nica Group at December 31, 2024 and 2023 are as follows:</span></div><div style="margin-bottom:9pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"/><td style="width:70.976%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:13.519%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:12.205%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Millions of euros</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">12/31/2024</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">12/31/2023</span></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span 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style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-830" decimals="-6" name="ifrs-full:OtherCurrentAssets" scale="6" id="f-2712">58</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Current assets</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span 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style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-830" decimals="-6" name="tef:NetAssets" scale="6" id="f-2732">8</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span 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2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-657" decimals="-6" name="ifrs-full:Goodwill" scale="6" id="f-2744">198</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Carrying amount in the Telef&#243;nica Group</span></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-656" decimals="-6" name="ifrs-full:InvestmentsInAssociatesAccountedForUsingEquityMethod" scale="6" id="f-2745">213</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-657" decimals="-6" name="ifrs-full:InvestmentsInAssociatesAccountedForUsingEquityMethod" scale="6" id="f-2746">230</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr></table></div></ix:continuation><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:700;line-height:120%">Group UGG TopCo GmbH &amp; Co KG and UGG TopCo/HoldCo General Partner GmbH (UGG Group)</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Unsere Gr&#252;ne Glasfaser (UGG), is the joint venture of Telef&#243;nica (<ix:nonFraction unitRef="number" contextRef="c-665" decimals="2" name="ifrs-full:ProportionOfOwnershipInterestInJointVenture" scale="-2" id="f-2747">50</ix:nonFraction>%) and Allianz (<ix:nonFraction unitRef="number" contextRef="c-831" decimals="2" name="ifrs-full:ProportionOfOwnershipInterestInJointVenture" scale="-2" id="f-2748">50</ix:nonFraction>%), for the creation of an independent operator for the deployment of fiber-to-the-home (FTTH) in rural areas of Germany. </span></div></ix:continuation><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">F-54</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><ix:continuation id="f-2310-7" continuedAt="f-2310-8"><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On December 4, 2024, UGG acquired Infrafibre Germany (IFG), which owns a fiber network in Germany and additionally two ISP brands, LEONET and Breitbandversorgung Deutschland (BBV). This transaction accelerates UGG's planned deployment plan, replacing part of its future capex and reinforcing its position as a provider of fiber optic infrastructure in rural areas of Germany. UGG and IFG operate in 8 federal states ("L&#228;nder"). The operation has been <ix:nonFraction unitRef="number" contextRef="c-665" decimals="2" name="tef:PercentageOfOperationFinanced" scale="-2" id="f-2749">100</ix:nonFraction>% financed through the bank loan from UGG.</span></div><ix:continuation id="f-2522-3" continuedAt="f-2522-4"><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:115%">The summary of the magnitudes of the UGG Group and the reconciliation with its carrying amount in the Telef&#243;nica Group at December 31, 2024 and 2023 are shown below:</span></div><div style="margin-bottom:9pt;margin-top:9pt;padding-right:255.12pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"/><td style="width:70.976%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:13.519%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:12.205%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Millions of euros</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">12/31/2024</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">12/31/2023</span></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span 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style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-832" decimals="-6" name="ifrs-full:CurrentAssets" scale="6" id="f-2760">345</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-833" decimals="-6" name="ifrs-full:CurrentAssets" scale="6" id="f-2761">99</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid 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name="ifrs-full:OtherNoncurrentLiabilities" scale="6" id="f-2767">36</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Non-current liabilities</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-832" decimals="-6" name="ifrs-full:NoncurrentLiabilities" format="ixt:num-dot-decimal" scale="6" id="f-2768">1,536</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" 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style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-667" decimals="-6" name="ifrs-full:InvestmentsInAssociatesAccountedForUsingEquityMethod" scale="6" id="f-2787">97</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr></table></div></ix:continuation><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Commitments</span></div><ix:continuation id="f-2655-1" continuedAt="f-2655-2"><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The breakdown of purchase and other contractual commitments of the UGG Group at December 31, 2024 is as follows:</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"/><td style="width:87.935%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:9.865%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Millions of euros</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">12/31/2024</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Less than 1 year</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-834" decimals="-6" name="ifrs-full:CommitmentsInRelationToJointVentures" scale="6" id="f-2788">431</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1 to 3 years</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-835" decimals="-6" name="ifrs-full:CommitmentsInRelationToJointVentures" scale="6" id="f-2789">305</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3 to 5 years</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-836" decimals="-6" name="ifrs-full:CommitmentsInRelationToJointVentures" scale="6" id="f-2790">275</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">More than five years</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-837" decimals="-6" name="ifrs-full:CommitmentsInRelationToJointVentures" scale="6" id="f-2791">414</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total commitments UGG group (100%)</span></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-666" decimals="-6" name="ifrs-full:CommitmentsInRelationToJointVentures" format="ixt:num-dot-decimal" scale="6" id="f-2792">1,425</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr></table></div></ix:continuation><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:700;line-height:120%">Opal Jvco Limited (nexfibre)</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Opal Jvco Limited (nexfibre), the joint venture in which Liberty Global and Telef&#243;nica have a joint <ix:nonFraction unitRef="number" 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During 2024, nexfibre has continued its fiber deployment.</span></div><ix:continuation id="f-2522-4" continuedAt="f-2522-5"><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The summary of the magnitudes of Opal Jvco Limited and the reconciliation with its carrying amount in the Telef&#243;nica Group at December 31, 2024 and 2023 are shown below:</span></div></ix:continuation></ix:continuation><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">F-55</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><ix:continuation id="f-2310-8" continuedAt="f-2310-9"><ix:continuation id="f-2522-5" continuedAt="f-2522-6"><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"/><td style="width:70.976%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:13.519%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:12.205%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Millions of euros</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">12/31/2024</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">12/31/2023</span></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Fixed assets</span></td><td colspan="2" style="background-color:#ffffff;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span 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#bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Non-current liabilities</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-840" decimals="-6" name="ifrs-full:NoncurrentLiabilities" format="ixt:num-dot-decimal" scale="6" id="f-2813">1,456</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-841" decimals="-6" name="ifrs-full:NoncurrentLiabilities" scale="6" id="f-2814">593</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Current financial liabilities</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-840" decimals="-6" name="ifrs-full:CurrentFinancialLiabilities" scale="6" id="f-2815">100</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid 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name="ifrs-full:OtherCurrentLiabilities" scale="6" id="f-2817">199</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-841" decimals="-6" name="ifrs-full:OtherCurrentLiabilities" scale="6" id="f-2818">157</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Current liabilities</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 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1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total liabilities</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-840" decimals="-6" name="ifrs-full:Liabilities" format="ixt:num-dot-decimal" scale="6" id="f-2821">1,755</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-841" decimals="-6" name="ifrs-full:Liabilities" scale="6" id="f-2822">811</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Net assets</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-840" decimals="-6" name="tef:NetAssets" scale="6" id="f-2823">362</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-841" decimals="-6" name="tef:NetAssets" scale="6" id="f-2824">204</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">% Holding</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-670" decimals="2" name="ifrs-full:ProportionOfOwnershipInterestInJointVenture" scale="-2" id="f-2825">25</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-673" decimals="2" name="ifrs-full:ProportionOfOwnershipInterestInJointVenture" scale="-2" id="f-2826">25</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Group&#8217;s share in equity</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-671" decimals="-6" name="ifrs-full:Equity" scale="6" id="f-2827">90</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-672" decimals="-6" name="ifrs-full:Equity" scale="6" id="f-2828">51</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Other adjustments</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-670" decimals="-6" name="tef:OtherAdjustmentsInvestmentsInJointVenturesAccountedForUsingEquityMethod" scale="6" id="f-2829">4</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-674" decimals="-6" name="tef:OtherAdjustmentsInvestmentsInJointVenturesAccountedForUsingEquityMethod" scale="6" id="f-2830">4</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-bottom:1.5pt solid #b6b6b6;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Carrying amount in the Telef&#243;nica Group</span></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-671" decimals="-6" name="ifrs-full:InvestmentsInAssociatesAccountedForUsingEquityMethod" scale="6" id="f-2831">94</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-672" decimals="-6" name="ifrs-full:InvestmentsInAssociatesAccountedForUsingEquityMethod" scale="6" id="f-2832">55</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr></table></div></ix:continuation><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Commitments</span></div><ix:continuation id="f-2655-2"><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The breakdown of purchase and other contractual commitments of the Opal Jvco. Group at December 31 2024 is as follows:</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"/><td style="width:87.935%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:9.865%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Millions of euros</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">12/31/2024</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Less than 1 year</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-842" decimals="-6" name="ifrs-full:CommitmentsInRelationToJointVentures" scale="6" id="f-2833">678</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1 to 3 years</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-843" decimals="-6" name="ifrs-full:CommitmentsInRelationToJointVentures" scale="6" id="f-2834">122</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3 to 5 years</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-844" decimals="-6" name="ifrs-full:CommitmentsInRelationToJointVentures" scale="6" id="f-2835">67</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">More than five years</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-845" decimals="-6" name="ifrs-full:CommitmentsInRelationToJointVentures" scale="6" id="f-2836">4</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total commitments Opal Jvco. group (100%)</span></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-671" decimals="-6" name="ifrs-full:CommitmentsInRelationToJointVentures" scale="6" id="f-2837">871</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr></table></div></ix:continuation><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Most of Opal Jvco. group's commitments are with VMO2.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:700;line-height:120%">HoldCo Infraco SpA. (Onnet Fibra Chile)</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Holdco Infraco SpA, an associated company of the Telef&#243;nica Group through its subsidiary Telef&#243;nica Chile. S.A. (<ix:nonFraction unitRef="number" contextRef="c-695" decimals="2" name="ifrs-full:ProportionOfOwnershipInterestInAssociate" scale="-2" id="f-2838">40</ix:nonFraction>%), provides telecommunications services to wholesalers of fiber optic access to the home (FTTH) and other services based on fiber optic infrastructure, such as network construction, installation and equipment of systems through its subsidiary Infraco SpA.</span></div><ix:continuation id="f-2522-6" continuedAt="f-2522-7"><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The summary of the magnitudes of Holdco Infraco Group and the reconciliation with its carrying amount in the Telef&#243;nica Group at December 31, 2024 and 2023 are shown below:</span></div></ix:continuation></ix:continuation><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span><br/></span></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">F-56</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><ix:continuation id="f-2310-9" continuedAt="f-2310-10"><ix:continuation id="f-2522-7"><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"/><td style="width:70.976%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:13.519%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:12.205%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Millions of euros</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">12/31/2024</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">12/31/2023</span></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Non-current assets</span></td><td colspan="2" style="background-color:#ffffff;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-846" decimals="-6" name="ifrs-full:NoncurrentAssets" format="ixt:num-dot-decimal" scale="6" id="f-2839">1,343</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-top:2pt solid #bfbfbf;padding:2px 1pt 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#bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-846" decimals="-6" name="ifrs-full:CashAndCashEquivalents" scale="6" id="f-2841">11</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-847" decimals="-6" name="ifrs-full:CashAndCashEquivalents" scale="6" id="f-2842">27</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Other current assets</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-846" decimals="-6" name="ifrs-full:OtherCurrentAssets" scale="6" id="f-2843">84</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-847" decimals="-6" name="ifrs-full:OtherCurrentAssets" scale="6" id="f-2844">182</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Current assets</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-846" decimals="-6" name="ifrs-full:CurrentAssets" scale="6" id="f-2845">95</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td 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style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-846" decimals="-6" name="ifrs-full:NoncurrentLiabilities" format="ixt:num-dot-decimal" scale="6" id="f-2853">1,196</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-847" decimals="-6" name="ifrs-full:NoncurrentLiabilities" scale="6" id="f-2854">814</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td 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style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-847" decimals="-6" name="ifrs-full:OtherCurrentLiabilities" scale="6" id="f-2858">78</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Current liabilities</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-846" 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style="width:9.426%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:9.280%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:8.256%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:9.572%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:10.011%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:8.844%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="border-top:0.25pt solid #2b3447;padding:0 1pt"/><td colspan="9" style="border-top:0.25pt solid #2b3447;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">12/31/2024</span></td><td colspan="9" style="background-color:#ffffff;border-top:0.25pt solid #2b3447;padding:2px 1pt;text-align:center;vertical-align:bottom"><span 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style="border-top:0.25pt solid #86888c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-850" decimals="-6" name="ifrs-full:CurrentReceivablesDueFromJointVentures" scale="6" id="f-2889">91</ix:nonFraction>&#160;</span></td><td style="border-top:0.25pt solid #86888c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:0.25pt solid #86888c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-851" decimals="-6" name="ifrs-full:CurrentReceivablesDueFromJointVentures" scale="6" id="f-2890">93</ix:nonFraction>&#160;</span></td><td style="border-top:0.25pt solid #86888c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:0.25pt solid #86888c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-767" decimals="-6" name="ifrs-full:CurrentReceivablesDueFromJointVentures" scale="6" id="f-2891">184</ix:nonFraction>&#160;</span></td><td style="border-top:0.25pt solid #86888c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:0.25pt solid #86888c;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Financial liabilities</span></td><td colspan="2" style="border-top:0.25pt solid #86888c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-848" decimals="-6" name="ifrs-full:NoncurrentPayablesToRelatedParties" format="ixt:fixed-zero" scale="6" id="f-2892">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:0.25pt solid #86888c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:0.25pt solid #86888c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-849" decimals="-6" name="ifrs-full:NoncurrentPayablesToRelatedParties" scale="6" id="f-2893">10</ix:nonFraction>&#160;</span></td><td style="border-top:0.25pt solid #86888c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:0.25pt solid #86888c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-769" decimals="-6" name="ifrs-full:NoncurrentPayablesToRelatedParties" scale="6" id="f-2894">10</ix:nonFraction>&#160;</span></td><td style="border-top:0.25pt solid #86888c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:0.25pt solid #86888c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-850" decimals="-6" name="ifrs-full:NoncurrentPayablesToRelatedParties" format="ixt:fixed-zero" scale="6" id="f-2895">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:0.25pt solid #86888c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:0.25pt solid #86888c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-851" decimals="-6" name="ifrs-full:NoncurrentPayablesToRelatedParties" format="ixt:fixed-zero" scale="6" id="f-2896">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:0.25pt solid #86888c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:0.25pt solid #86888c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-767" decimals="-6" name="ifrs-full:NoncurrentPayablesToRelatedParties" format="ixt:fixed-zero" scale="6" id="f-2897">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:0.25pt solid #86888c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:0.25pt solid #86888c;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Non-current lease liabilities </span></td><td colspan="2" style="border-top:0.25pt solid #86888c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-848" decimals="-6" name="tef:NoncurrentLeaseLiabilitiesFromAssociatesAndJointVentures" scale="6" id="f-2898">60</ix:nonFraction>&#160;</span></td><td style="border-top:0.25pt solid #86888c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:0.25pt solid #86888c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-849" decimals="-6" name="tef:NoncurrentLeaseLiabilitiesFromAssociatesAndJointVentures" scale="6" id="f-2899">9</ix:nonFraction>&#160;</span></td><td style="border-top:0.25pt solid #86888c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:0.25pt solid #86888c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-769" decimals="-6" name="tef:NoncurrentLeaseLiabilitiesFromAssociatesAndJointVentures" scale="6" id="f-2900">69</ix:nonFraction>&#160;</span></td><td style="border-top:0.25pt solid #86888c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:0.25pt solid #86888c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-850" decimals="-6" name="tef:NoncurrentLeaseLiabilitiesFromAssociatesAndJointVentures" scale="6" id="f-2901">37</ix:nonFraction>&#160;</span></td><td style="border-top:0.25pt solid #86888c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:0.25pt solid #86888c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-851" decimals="-6" name="tef:NoncurrentLeaseLiabilitiesFromAssociatesAndJointVentures" format="ixt:fixed-zero" scale="6" id="f-2902">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:0.25pt solid #86888c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:0.25pt solid #86888c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-767" decimals="-6" name="tef:NoncurrentLeaseLiabilitiesFromAssociatesAndJointVentures" scale="6" id="f-2903">37</ix:nonFraction>&#160;</span></td><td style="border-top:0.25pt solid #86888c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:0.25pt solid #86888c;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Non-current payables and other liabilities (Note 21)</span></td><td colspan="2" style="border-top:0.25pt solid #86888c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-848" decimals="-6" name="tef:NoncurrentPayablesAndOtherNonCurrentLiabilitiesFromAssociatesAndJointVentures" scale="6" id="f-2904">433</ix:nonFraction>&#160;</span></td><td style="border-top:0.25pt solid #86888c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:0.25pt solid #86888c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-849" decimals="-6" name="tef:NoncurrentPayablesAndOtherNonCurrentLiabilitiesFromAssociatesAndJointVentures" scale="6" id="f-2905">1</ix:nonFraction>&#160;</span></td><td style="border-top:0.25pt solid #86888c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:0.25pt solid #86888c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-769" decimals="-6" name="tef:NoncurrentPayablesAndOtherNonCurrentLiabilitiesFromAssociatesAndJointVentures" scale="6" id="f-2906">434</ix:nonFraction>&#160;</span></td><td style="border-top:0.25pt solid #86888c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:0.25pt solid #86888c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-850" decimals="-6" name="tef:NoncurrentPayablesAndOtherNonCurrentLiabilitiesFromAssociatesAndJointVentures" scale="6" id="f-2907">236</ix:nonFraction>&#160;</span></td><td style="border-top:0.25pt solid #86888c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:0.25pt solid #86888c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-851" decimals="-6" name="tef:NoncurrentPayablesAndOtherNonCurrentLiabilitiesFromAssociatesAndJointVentures" scale="6" id="f-2908">4</ix:nonFraction>&#160;</span></td><td style="border-top:0.25pt solid #86888c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:0.25pt solid #86888c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-767" decimals="-6" name="tef:NoncurrentPayablesAndOtherNonCurrentLiabilitiesFromAssociatesAndJointVentures" scale="6" id="f-2909">240</ix:nonFraction>&#160;</span></td><td style="border-top:0.25pt solid #86888c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:0.25pt solid #86888c;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Long-term contractual liabilities </span></td><td colspan="2" style="border-top:0.25pt solid #86888c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-848" decimals="-6" name="tef:LongTermContractualLiabilitiesFromAssociatesAndJointVentures" scale="6" id="f-2910">31</ix:nonFraction>&#160;</span></td><td style="border-top:0.25pt solid #86888c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:0.25pt solid #86888c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-849" decimals="-6" name="tef:LongTermContractualLiabilitiesFromAssociatesAndJointVentures" scale="6" id="f-2911">52</ix:nonFraction>&#160;</span></td><td style="border-top:0.25pt solid #86888c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:0.25pt solid #86888c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-769" decimals="-6" name="tef:LongTermContractualLiabilitiesFromAssociatesAndJointVentures" scale="6" id="f-2912">83</ix:nonFraction>&#160;</span></td><td style="border-top:0.25pt solid #86888c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:0.25pt solid #86888c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-850" decimals="-6" name="tef:LongTermContractualLiabilitiesFromAssociatesAndJointVentures" scale="6" id="f-2913">44</ix:nonFraction>&#160;</span></td><td style="border-top:0.25pt solid #86888c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:0.25pt solid #86888c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-851" decimals="-6" name="tef:LongTermContractualLiabilitiesFromAssociatesAndJointVentures" scale="6" id="f-2914">54</ix:nonFraction>&#160;</span></td><td style="border-top:0.25pt solid #86888c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:0.25pt solid #86888c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-767" decimals="-6" name="tef:LongTermContractualLiabilitiesFromAssociatesAndJointVentures" scale="6" id="f-2915">98</ix:nonFraction>&#160;</span></td><td style="border-top:0.25pt solid #86888c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:0.25pt solid #86888c;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Current lease liabilities</span></td><td colspan="2" style="border-top:0.25pt solid #86888c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-848" decimals="-6" name="tef:CurrentLeaseLiabilitiesFromAssociatesAndJointVentures" scale="6" id="f-2916">55</ix:nonFraction>&#160;</span></td><td style="border-top:0.25pt solid #86888c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:0.25pt solid #86888c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-849" decimals="-6" name="tef:CurrentLeaseLiabilitiesFromAssociatesAndJointVentures" scale="6" id="f-2917">4</ix:nonFraction>&#160;</span></td><td style="border-top:0.25pt solid #86888c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:0.25pt solid #86888c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-12" decimals="-6" name="tef:CurrentLeaseLiabilitiesFromAssociatesAndJointVentures" scale="6" id="f-2918">59</ix:nonFraction>&#160;</span></td><td style="border-top:0.25pt solid #86888c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:0.25pt solid #86888c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-850" decimals="-6" name="tef:CurrentLeaseLiabilitiesFromAssociatesAndJointVentures" scale="6" id="f-2919">42</ix:nonFraction>&#160;</span></td><td style="border-top:0.25pt solid #86888c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:0.25pt solid #86888c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-851" decimals="-6" name="tef:CurrentLeaseLiabilitiesFromAssociatesAndJointVentures" format="ixt:fixed-zero" scale="6" id="f-2920">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:0.25pt solid #86888c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:0.25pt solid #86888c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-13" decimals="-6" name="tef:CurrentLeaseLiabilitiesFromAssociatesAndJointVentures" scale="6" id="f-2921">42</ix:nonFraction>&#160;</span></td><td style="border-top:0.25pt solid 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style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-849" decimals="-6" name="ifrs-full:TradeAndOtherCurrentPayablesToRelatedParties" scale="6" id="f-2923">50</ix:nonFraction>&#160;</span></td><td style="border-top:0.25pt solid #86888c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:0.25pt solid #86888c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-769" decimals="-6" name="ifrs-full:TradeAndOtherCurrentPayablesToRelatedParties" scale="6" id="f-2924">427</ix:nonFraction>&#160;</span></td><td style="border-top:0.25pt solid #86888c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:0.25pt solid #86888c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-850" decimals="-6" name="ifrs-full:TradeAndOtherCurrentPayablesToRelatedParties" scale="6" id="f-2925">183</ix:nonFraction>&#160;</span></td><td style="border-top:0.25pt solid #86888c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:0.25pt solid #86888c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-851" decimals="-6" name="ifrs-full:TradeAndOtherCurrentPayablesToRelatedParties" scale="6" id="f-2926">44</ix:nonFraction>&#160;</span></td><td style="border-top:0.25pt solid #86888c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:0.25pt solid 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style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-848" decimals="-6" name="tef:ShortTermContractualLiabilitiesFromAssociatesAndJointVentures" scale="6" id="f-2928">14</ix:nonFraction>&#160;</span></td><td style="border-bottom:1pt solid #8f97ac;border-top:0.25pt solid #86888c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:1pt solid #8f97ac;border-top:0.25pt solid #86888c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-849" decimals="-6" name="tef:ShortTermContractualLiabilitiesFromAssociatesAndJointVentures" scale="6" id="f-2929">6</ix:nonFraction>&#160;</span></td><td style="border-bottom:1pt solid #8f97ac;border-top:0.25pt solid #86888c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:1pt solid #8f97ac;border-top:0.25pt solid #86888c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-769" decimals="-6" name="tef:ShortTermContractualLiabilitiesFromAssociatesAndJointVentures" scale="6" id="f-2930">20</ix:nonFraction>&#160;</span></td><td style="border-bottom:1pt solid #8f97ac;border-top:0.25pt solid #86888c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:1pt solid #8f97ac;border-top:0.25pt solid #86888c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-850" decimals="-6" name="tef:ShortTermContractualLiabilitiesFromAssociatesAndJointVentures" scale="6" id="f-2931">15</ix:nonFraction>&#160;</span></td><td style="border-bottom:1pt solid #8f97ac;border-top:0.25pt solid #86888c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:1pt solid #8f97ac;border-top:0.25pt solid #86888c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-851" decimals="-6" name="tef:ShortTermContractualLiabilitiesFromAssociatesAndJointVentures" scale="6" id="f-2932">6</ix:nonFraction>&#160;</span></td><td style="border-bottom:1pt solid #8f97ac;border-top:0.25pt solid #86888c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:1pt solid #8f97ac;border-top:0.25pt solid #86888c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-767" decimals="-6" name="tef:ShortTermContractualLiabilitiesFromAssociatesAndJointVentures" scale="6" id="f-2933">21</ix:nonFraction>&#160;</span></td><td style="border-bottom:1pt solid #8f97ac;border-top:0.25pt solid #86888c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr></table></div><div style="margin-bottom:9pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.269%"><tr><td style="width:1.0%"/><td style="width:22.611%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:8.472%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:7.000%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:6.558%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:8.472%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:7.000%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:6.558%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:8.767%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:7.000%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:6.562%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="border-top:0.25pt solid #2b3447;padding:0 1pt"/><td colspan="9" style="border-top:0.25pt solid #2b3447;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2024</span></td><td colspan="9" style="border-top:0.25pt solid #2b3447;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2023</span></td><td colspan="9" style="border-top:0.25pt solid #2b3447;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2022</span></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Millions of euros</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Associates</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Joint ventures</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Associates</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Joint ventures</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Associates</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Joint ventures</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total</span></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Revenue from operations </span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-852" decimals="-6" name="ifrs-full:Revenue" scale="6" id="f-2934">520</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-853" decimals="-6" name="ifrs-full:Revenue" scale="6" id="f-2935">251</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-768" decimals="-6" name="ifrs-full:Revenue" scale="6" id="f-2936">771</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-854" decimals="-6" name="ifrs-full:Revenue" scale="6" id="f-2937">473</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-855" decimals="-6" name="ifrs-full:Revenue" scale="6" id="f-2938">223</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-766" decimals="-6" name="ifrs-full:Revenue" scale="6" id="f-2939">696</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-856" decimals="-6" name="ifrs-full:Revenue" scale="6" id="f-2940">209</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-857" decimals="-6" name="ifrs-full:Revenue" scale="6" id="f-2941">251</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-858" decimals="-6" name="ifrs-full:Revenue" scale="6" id="f-2942">460</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:0.25pt solid #86888c;padding:2px 1pt;text-align:left;vertical-align:bottom"><span 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id="f-2944">136</ix:nonFraction>&#160;</span></td><td style="border-top:0.25pt solid #86888c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:0.25pt solid #86888c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-768" decimals="-6" name="ifrs-full:OperatingExpense" scale="6" id="f-2945">813</ix:nonFraction>&#160;</span></td><td style="border-top:0.25pt solid #86888c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:0.25pt solid #86888c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-854" decimals="-6" name="ifrs-full:OperatingExpense" scale="6" id="f-2946">634</ix:nonFraction>&#160;</span></td><td style="border-top:0.25pt solid #86888c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:0.25pt solid #86888c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-855" decimals="-6" name="ifrs-full:OperatingExpense" scale="6" id="f-2947">136</ix:nonFraction>&#160;</span></td><td style="border-top:0.25pt solid #86888c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:0.25pt solid #86888c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-766" decimals="-6" name="ifrs-full:OperatingExpense" scale="6" id="f-2948">770</ix:nonFraction>&#160;</span></td><td style="border-top:0.25pt solid #86888c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:0.25pt solid #86888c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-856" decimals="-6" name="ifrs-full:OperatingExpense" scale="6" id="f-2949">199</ix:nonFraction>&#160;</span></td><td style="border-top:0.25pt solid #86888c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:0.25pt solid #86888c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-857" decimals="-6" name="ifrs-full:OperatingExpense" scale="6" 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0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:0.25pt solid #86888c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-856" decimals="-6" name="ifrs-full:FinanceCosts" scale="6" id="f-2967">1</ix:nonFraction>&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:0.25pt solid #86888c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:0.25pt solid #86888c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-857" decimals="-6" name="ifrs-full:FinanceCosts" scale="6" id="f-2968">9</ix:nonFraction>&#160;</span></td><td 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Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">F-57</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><ix:continuation id="f-2310-10"><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">"Credits and other financial assets" at December 31, 2024 includes loans granted and long-term trade receivables amounting to <ix:nonFraction unitRef="eur" contextRef="c-859" decimals="-6" name="tef:LongTermCreditsToAssociatesAndJointVentures" scale="6" id="f-2970">112</ix:nonFraction> million euros and <ix:nonFraction unitRef="eur" contextRef="c-860" decimals="-6" name="tef:LongTermCreditsToAssociatesAndJointVentures" scale="6" id="f-2971">14</ix:nonFraction> million euros, respectively by Colombia Telecomunicaciones, S.A. ESP BIC to the associate company &#193;lamo Holdco, S.L. and it subsidiary Onnet Fibra Colombia S.A.S., (<ix:nonFraction unitRef="eur" contextRef="c-861" decimals="-6" name="tef:LongTermCreditsToAssociatesAndJointVentures" scale="6" id="f-2972">112</ix:nonFraction> million euros and <ix:nonFraction unitRef="eur" contextRef="c-862" decimals="-6" name="tef:LongTermCreditsToAssociatesAndJointVentures" scale="6" id="f-2973">29</ix:nonFraction> million euros as of December 31, 2023, respectively). Additionally, this line includes at December 31, 2024 long-term loans from Telef&#243;nica Chile to the associate company HoldCo Infraco, SpA amounting to <ix:nonFraction unitRef="eur" contextRef="c-863" decimals="-6" name="tef:LongTermCreditsToAssociatesAndJointVentures" scale="6" id="f-2974">118</ix:nonFraction> million euros (<ix:nonFraction unitRef="eur" contextRef="c-864" decimals="-6" name="tef:LongTermCreditsToAssociatesAndJointVentures" scale="6" id="f-2975">121</ix:nonFraction> million euros as of December 31, 2023) of which <ix:nonFraction unitRef="eur" contextRef="c-865" decimals="-6" name="tef:LongTermCreditsToAssociatesAndJointVentures" scale="6" id="f-2976">75</ix:nonFraction> million euros corresponds to the subordinated debt  generated by the sale of <ix:nonFraction unitRef="number" contextRef="c-866" decimals="2" name="tef:ProportionOfOwnershipInterestInJointVentureDisposal" scale="-2" id="f-2977">40</ix:nonFraction>% of the fiber optic business (<ix:nonFraction unitRef="eur" contextRef="c-867" decimals="-6" name="tef:LongTermCreditsToAssociatesAndJointVentures" scale="6" id="f-2978">75</ix:nonFraction> million euros as of December 31, 2023) and <ix:nonFraction unitRef="eur" contextRef="c-868" decimals="-6" name="tef:LongTermCreditsToAssociatesAndJointVentures" scale="6" id="f-2979">43</ix:nonFraction> million euros corresponding to the indefinite-term loan for the acquisition of the fiber optic assets owned by Entel (<ix:nonFraction unitRef="eur" contextRef="c-869" decimals="-6" name="tef:LongTermCreditsToAssociatesAndJointVentures" scale="6" id="f-2980">46</ix:nonFraction> million euros as of December 31, 2023, see Note 12).</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">"Non-current payables and other liabilities" and "Current payable and other liabilities" at December 31, 2024 includes <ix:nonFraction unitRef="eur" contextRef="c-746" decimals="-6" name="tef:NoncurrentPayablesAndOtherNonCurrentLiabilitiesFromAssociatesAndJointVentures" scale="6" id="f-2981">433</ix:nonFraction> million euros and <ix:nonFraction unitRef="eur" contextRef="c-746" decimals="-6" name="ifrs-full:TradeAndOtherCurrentPayablesToRelatedParties" scale="6" id="f-2982">217</ix:nonFraction> million euros, respectively, of Telef&#243;nica Espa&#241;a with the associate company Telef&#243;nica Renting, S.A. (<ix:nonFraction unitRef="eur" contextRef="c-747" decimals="-6" name="tef:NoncurrentPayablesAndOtherNonCurrentLiabilitiesFromAssociatesAndJointVentures" scale="6" id="f-2983">235</ix:nonFraction> million euros and <ix:nonFraction unitRef="eur" contextRef="c-747" decimals="-6" name="ifrs-full:TradeAndOtherCurrentPayablesToRelatedParties" scale="6" id="f-2984">85</ix:nonFraction> million euros, respectively, at December 31, 2023). Telef&#243;nica Renting is a company of the CaixaBank group (see Note 11). "Revenue from operations" and "Expenses from operation" in 2024 includes <ix:nonFraction unitRef="eur" contextRef="c-745" decimals="-6" name="ifrs-full:Revenue" scale="6" id="f-2985">373</ix:nonFraction> million euros and <ix:nonFraction unitRef="eur" contextRef="c-745" decimals="-6" name="ifrs-full:OperatingExpense" scale="6" id="f-2986">455</ix:nonFraction> million euros, respectively, of Telef&#243;nica Espa&#241;a with this company (<ix:nonFraction unitRef="eur" contextRef="c-748" decimals="-6" name="ifrs-full:Revenue" scale="6" id="f-2987">243</ix:nonFraction> million euros and <ix:nonFraction unitRef="eur" contextRef="c-748" decimals="-6" name="ifrs-full:OperatingExpense" scale="6" id="f-2988">392</ix:nonFraction> million euros for the year 2023).</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Additionally "Revenues from operations" includes <ix:nonFraction unitRef="eur" contextRef="c-870" decimals="-6" name="tef:RevenueFromOperationsWithAssociatesAndJointVentures" scale="6" id="f-2989">28</ix:nonFraction> million euros corresponding to the transactions of the Group with the associate company HoldCo Infraco SpA (<ix:nonFraction unitRef="eur" contextRef="c-871" decimals="-6" name="tef:RevenueFromOperationsWithAssociatesAndJointVentures" scale="6" id="f-2990">63</ix:nonFraction> million euros and <ix:nonFraction unitRef="eur" contextRef="c-872" decimals="-6" name="tef:RevenueFromOperationsWithAssociatesAndJointVentures" scale="6" id="f-2991">88</ix:nonFraction> million euros in 2023 and 2022, respectively) and <ix:nonFraction unitRef="eur" contextRef="c-873" decimals="-6" name="tef:RevenueFromOperationsWithAssociatesAndJointVentures" scale="6" id="f-2992">98</ix:nonFraction> million euros with the associate company Onnet Fibra Colombia, S.A.S. (<ix:nonFraction unitRef="eur" contextRef="c-874" decimals="-6" name="tef:RevenueFromOperationsWithAssociatesAndJointVentures" scale="6" id="f-2993">140</ix:nonFraction> million euros in 2023). </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">"Expenses from operations" in 2024 includes <ix:nonFraction unitRef="eur" contextRef="c-695" decimals="-6" name="tef:ExpensesFromOperationsWithAssociatesAndJointVentures" scale="6" id="f-2994">103</ix:nonFraction> million euros corresponding to the transactions of the Group with the associate company HoldCo Infraco SpA (<ix:nonFraction unitRef="eur" contextRef="c-698" decimals="-6" name="tef:ExpensesFromOperationsWithAssociatesAndJointVentures" scale="6" id="f-2995">144</ix:nonFraction> million euros and <ix:nonFraction unitRef="eur" contextRef="c-699" decimals="-6" name="tef:ExpensesFromOperationsWithAssociatesAndJointVentures" scale="6" id="f-2996">121</ix:nonFraction> million euros in 2023 and 2022, respectively) and <ix:nonFraction unitRef="eur" contextRef="c-873" decimals="-6" name="tef:ExpensesFromOperationsWithAssociatesAndJointVentures" scale="6" id="f-2997">81</ix:nonFraction> million euros with the associate company Onnet Fibra Colombia, S.A.S. (<ix:nonFraction unitRef="eur" contextRef="c-874" decimals="-6" name="tef:ExpensesFromOperationsWithAssociatesAndJointVentures" scale="6" id="f-2998">60</ix:nonFraction> million euros in 2023).</span></div></ix:continuation><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">F-58</span></div></div></div><div id="i63478826478c4e0dbabc502413383f6b_313"></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><div style="margin-top:9pt;text-align:center"><span style="color:#a6a6a6;font-family:'Arial',sans-serif;font-size:18pt;font-weight:400;line-height:120%">Note 11. <ix:nonNumeric contextRef="c-1" name="ifrs-full:DisclosureOfRelatedPartyExplanatory" id="f-2999" continuedAt="f-2999-1" escape="true">Related parties</ix:nonNumeric></span></div><ix:continuation id="f-2999-1" continuedAt="f-2999-2"><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Transactions with related parties, as established in current legislation and in Telef&#243;nica's internal policies, have been conducted in the ordinary course of the Group's business and under market conditions.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Shareholders with representation on the Board of Directors of Telef&#243;nica, S.A. </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In 2024, the Company's shareholders represented on the Board of Directors of Telef&#243;nica, S.A. were Banco Bilbao Vizcaya Argentaria, S.A. (BBVA), CaixaBank, S.A. (ceased to be represented on the Board on April 12, 2024), Criteria Caixa, S.A.U. (obtained representation on the Board on April 12, 2024), and Sociedad Estatal de Participaciones Industriales (with representation on the Board since May 8, 2024).</span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">According to information provided by BBVA for the 2024 Annual Corporate Governance Report of Telef&#243;nica S.A., corresponding to the fiscal year 2024, as of December 31, 2024, the BBVA's participation in the share capital of Telef&#243;nica, S.A. was <ix:nonFraction unitRef="number" contextRef="c-875" decimals="4" name="ifrs-full:ProportionOfOwnershipInterestsHeldByNoncontrollingInterests" scale="-2" id="f-3000">4.93</ix:nonFraction>%. Likewise, and in accordance with the aforementioned information provided by BBVA, the percentage of economic rights attributed to the shares of Telef&#243;nica, S.A. that were owned by BBVA as of December 31, 2024, would increase by  <ix:nonFraction unitRef="number" contextRef="c-875" decimals="5" name="tef:ProportionOfOwnershipSharesHeld" scale="-2" id="f-3001">0.231</ix:nonFraction>% without voting rights of the Company's share capital. </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">According to the information provided by Sociedad Estatal de Participaciones Industriales (SEPI) for the 2024 Annual Corporate Governance Report of Telef&#243;nica, S.A., as of December 31, 2024, the participation of the SEPI in the share capital of Telef&#243;nica, S.A. was <ix:nonFraction unitRef="number" contextRef="c-876" decimals="2" name="ifrs-full:ProportionOfOwnershipInterestsHeldByNoncontrollingInterests" scale="-2" id="f-3002">10</ix:nonFraction>%.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">According to information provided by Criteria Caixa, S.A.U. for the 2024 Annual Corporate Governance Report of Telef&#243;nica, S.A., as of December 31, 2024, the participation of Criteria Caixa, S.A.U. (CriteriaCaixa) in the share capital of Telef&#243;nica, S.A., was <ix:nonFraction unitRef="number" contextRef="c-877" decimals="4" name="ifrs-full:ProportionOfOwnershipInterestsHeldByNoncontrollingInterests" scale="-2" id="f-3003"><ix:nonFraction unitRef="number" contextRef="c-878" decimals="4" name="ifrs-full:ProportionOfOwnershipInterestsHeldByNoncontrollingInterests" scale="-2" id="f-3004">9.99</ix:nonFraction></ix:nonFraction>%. Likewise, and without this implying an incremental or additional participation, Fundaci&#243;n Bancaria Caixa d'Estalvis i Pensions de Barcelona, as the sole shareholder of Criteria Caixa, S.A.U., holds the same participation indirectly.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Below is a summary of the relevant transactions of the Telef&#243;nica Group with the companies of BBVA, CaixaBank, CriteriaCaixa and SEPI groups, other than the payment of the dividend corresponding to its participation.</span></div><div style="text-align:justify"><span><br/></span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Participated companies</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On November 20, 2020, Telef&#243;nica Innovaci&#243;n Digital, S.L.U. (previously called Telef&#243;nica Digital Espa&#241;a, S.L.U.), and Compa&#241;&#237;a Chilena de Inversiones, S.L., an affiliated company of BBVA, entered into an agreement related to the incorporation of a subsidiary in Colombia with the aim of commercializing loans to consumers and SME in such country. On January 5, 2021, this company was incorporated as a <ix:nonFraction unitRef="number" contextRef="c-879" decimals="2" name="ifrs-full:ProportionOfVotingRightsHeldInJointVenture" scale="-2" id="f-3005">50</ix:nonFraction>/50 joint venture between the two companies, under the name Movistar Consumer Finance Colombia, S.A.S (see Note 10).</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Telef&#243;nica Group and BBVA each hold a <ix:nonFraction unitRef="number" contextRef="c-880" decimals="4" name="ifrs-full:ProportionOfOwnershipInterestInJointVenture" scale="-2" id="f-3006"><ix:nonFraction unitRef="number" contextRef="c-881" decimals="4" name="ifrs-full:ProportionOfOwnershipInterestInJointVenture" scale="-2" id="f-3007">44.44</ix:nonFraction></ix:nonFraction>% interest in the joint venture Adquira Espa&#241;a, S.A. (see Note 10).</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Telef&#243;nica Group has a <ix:nonFraction unitRef="number" contextRef="c-882" decimals="2" name="ifrs-full:ProportionOfVotingPowerHeldInSubsidiary" scale="-2" id="f-3008">50</ix:nonFraction>% interest in Telef&#243;nica Factoring Espa&#241;a and its subsidiaries in Brazil, Peru, Colombia, Mexico, Chile and Ecuador, accounted for by the equity method (see Note 10), in which BBVA</span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> have minority interests.</span></div><ix:nonNumeric contextRef="c-1" name="ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory" id="f-3009" continuedAt="f-3009-1" escape="true"><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The accounting balances as of December 31, 2024 and 2023, as well as the accounting reflection of the transactions carried out in 2024 and 2023 of Telef&#243;nica Group companies with the aforementioned associates and joint ventures in which BBVA hold interests are shown below:</span></div><div style="margin-bottom:9pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"/><td style="width:61.765%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:17.467%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:17.468%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Millions of euros</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">12/31/2024</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">12/31/2023</span></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #86888c;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Receivables and other assets</span></td><td colspan="2" style="border-top:0.25pt solid #86888c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-883" decimals="-6" name="ifrs-full:TradeAndOtherReceivablesDueFromRelatedParties" scale="6" id="f-3010">5</ix:nonFraction>&#160;</span></td><td style="border-top:0.25pt solid #86888c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:0.25pt solid #86888c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-884" decimals="-6" name="ifrs-full:TradeAndOtherReceivablesDueFromRelatedParties" scale="6" id="f-3011">9</ix:nonFraction>&#160;</span></td><td style="border-top:0.25pt solid #86888c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-bottom:1pt solid #b4b9c5;border-top:0.25pt solid #86888c;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Payables and other liabilities</span></td><td colspan="2" style="border-bottom:1pt solid #b4b9c5;border-top:0.25pt solid #86888c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-883" decimals="-6" name="ifrs-full:TradeAndOtherPayablesToRelatedParties" scale="6" id="f-3012">80</ix:nonFraction>&#160;</span></td><td style="border-bottom:1pt solid #b4b9c5;border-top:0.25pt solid #86888c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:1pt solid #b4b9c5;border-top:0.25pt solid #86888c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-884" decimals="-6" name="ifrs-full:TradeAndOtherPayablesToRelatedParties" scale="6" id="f-3013">10</ix:nonFraction>&#160;</span></td><td style="border-bottom:1pt solid #b4b9c5;border-top:0.25pt solid #86888c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr></table></div><div style="margin-bottom:9pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"/><td style="width:48.022%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:17.467%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:17.321%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:12.790%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Millions of euros</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2024</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2023</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2022</span></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #86888c;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Revenue from operations </span></td><td colspan="2" style="border-top:0.25pt solid #86888c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-885" decimals="-6" name="ifrs-full:RevenueFromRenderingOfServicesRelatedPartyTransactions" scale="6" id="f-3014">13</ix:nonFraction>&#160;</span></td><td style="border-top:0.25pt solid #86888c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:0.25pt solid #86888c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-886" decimals="-6" name="ifrs-full:RevenueFromRenderingOfServicesRelatedPartyTransactions" scale="6" id="f-3015">16</ix:nonFraction>&#160;</span></td><td style="border-top:0.25pt solid #86888c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:0.25pt solid #86888c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-887" decimals="-6" name="ifrs-full:RevenueFromRenderingOfServicesRelatedPartyTransactions" scale="6" id="f-3016">12</ix:nonFraction>&#160;</span></td><td style="border-top:0.25pt solid #86888c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:0.25pt solid #86888c;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Expenses from operations </span></td><td colspan="2" style="border-top:0.25pt solid #86888c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-885" decimals="-6" name="tef:ExpensesFromOperationsRelatedPartyTransactions" scale="6" id="f-3017">2</ix:nonFraction>&#160;</span></td><td style="border-top:0.25pt solid #86888c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:0.25pt solid #86888c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-886" decimals="-6" name="tef:ExpensesFromOperationsRelatedPartyTransactions" format="ixt:fixed-zero" scale="6" id="f-3018">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:0.25pt solid #86888c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:0.25pt solid #86888c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-887" decimals="-6" name="tef:ExpensesFromOperationsRelatedPartyTransactions" format="ixt:fixed-zero" scale="6" id="f-3019">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:0.25pt solid #86888c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="border-bottom:1pt solid #b4b9c5;border-top:0.25pt solid #86888c;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Financial cost</span></td><td colspan="2" style="border-bottom:1pt solid #b4b9c5;border-top:0.25pt solid #86888c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-885" decimals="-6" name="tef:FinanceCostFromOperationsRelatedPartyTransactions" scale="6" id="f-3020">1</ix:nonFraction>&#160;</span></td><td style="border-bottom:1pt solid #b4b9c5;border-top:0.25pt solid #86888c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:1pt solid #b4b9c5;border-top:0.25pt solid #86888c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-886" decimals="-6" name="tef:FinanceCostFromOperationsRelatedPartyTransactions" scale="6" id="f-3021">1</ix:nonFraction>&#160;</span></td><td style="border-bottom:1pt solid #b4b9c5;border-top:0.25pt solid #86888c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:1pt solid #b4b9c5;border-top:0.25pt solid #86888c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-887" decimals="-6" name="tef:FinanceCostFromOperationsRelatedPartyTransactions" scale="6" id="f-3022">1</ix:nonFraction>&#160;</span></td><td style="border-bottom:1pt solid #b4b9c5;border-top:0.25pt solid #86888c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr></table></div></ix:nonNumeric></ix:continuation><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">F-59</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><div style="margin-bottom:9pt;text-align:justify"><span><br/></span></div><ix:continuation id="f-2999-2" continuedAt="f-2999-3"><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Derivatives contracted with BBVA </span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">T</span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">he net fair value of the outstanding derivatives as of December 31, 2024 contracted with BBVA  amou</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">nt to <ix:nonFraction unitRef="eur" contextRef="c-888" decimals="-6" name="ifrs-full:CreditDerivativeFairValue" scale="6" id="f-3023">106</ix:nonFraction>  million euros (net asset position) (<ix:nonFraction unitRef="eur" contextRef="c-889" decimals="-6" name="ifrs-full:CreditDerivativeFairValue" scale="6" id="f-3024">52</ix:nonFraction>  million euros, as of December 31, 2023 (net asset position)). </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The nominal value of these derivatives amounted to <ix:nonFraction unitRef="eur" contextRef="c-888" decimals="-6" name="ifrs-full:CreditDerivativeNominalAmount" format="ixt:num-dot-decimal" scale="6" id="f-3025">7,702</ix:nonFraction> million euros, (<ix:nonFraction unitRef="eur" contextRef="c-889" decimals="-6" name="ifrs-full:CreditDerivativeNominalAmount" format="ixt:num-dot-decimal" scale="6" id="f-3026">9,797</ix:nonFraction> million euros in 2023). As explained in the 'Derivatives policy' section of Note 19, this volume is so high because derivatives can be applied several times to the same underlying asset for an amount equal to its face value. As of December 31, 2024, the derivatives contracted with BBVA account for approximately <ix:nonFraction unitRef="number" contextRef="c-888" decimals="2" name="tef:CreditDerivativesToTotalPercentage" scale="-2" id="f-3027">9</ix:nonFraction>% of the total amount of outstanding derivatives contracted by the Group with external counterparties (see Note 19).</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company maintains various derivative financial instruments settled by differences contracted with B</span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">BVA (see Note 17).</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">At December 31, 2024, collateral guarantees on derivatives from BBVA have been received, amo</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">unt to <ix:nonFraction unitRef="eur" contextRef="c-890" decimals="-6" name="ifrs-full:ProvisionOfGuaranteesOrCollateralByEntityRelatedPartyTransactions" scale="6" id="f-3028">24</ix:nonFraction> million euros (net liability position) (<ix:nonFraction unitRef="eur" contextRef="c-891" decimals="-6" name="ifrs-full:ProvisionOfGuaranteesOrCollateralByEntityRelatedPartyTransactions" scale="6" id="f-3029">45</ix:nonFraction> million euros (net asset  position), at December 31, 2023).</span></div><div style="margin-bottom:9pt;text-align:justify"><span><br/></span></div><div style="margin-bottom:9pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Other operations with BBVA </span></div><ix:continuation id="f-3009-1"><div style="margin-bottom:9pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The impact on the consolidated income statement of the Telef&#243;nica Group of the rest of the operations with BBVA in 2024 and 2023 is shown below:</span></div><div style="text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"/><td style="width:76.970%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:9.864%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:9.866%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">BBVA</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"/><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Millions of euros</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2024</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2023</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Finance costs</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-892" decimals="-6" name="tef:TransferCostsUnderFinanceAgreementsRelatedPartyTransactions" scale="6" id="f-3030">33</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-893" decimals="-6" name="tef:TransferCostsUnderFinanceAgreementsRelatedPartyTransactions" scale="6" id="f-3031">42</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Receipt of services</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-892" decimals="-6" name="ifrs-full:ServicesReceivedRelatedPartyTransactions" scale="6" id="f-3032">5</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-893" decimals="-6" name="ifrs-full:ServicesReceivedRelatedPartyTransactions" scale="6" id="f-3033">8</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Purchase of goods</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-892" decimals="-6" name="ifrs-full:PurchasesOfGoodsRelatedPartyTransactions" scale="6" id="f-3034">1</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-893" decimals="-6" name="ifrs-full:PurchasesOfGoodsRelatedPartyTransactions" format="ixt:fixed-zero" scale="6" id="f-3035">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Other expenses</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-892" decimals="-6" name="tef:OtherExpensesRelatedPartyTransaction" format="ixt:fixed-zero" scale="6" id="f-3036">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-893" decimals="-6" name="tef:OtherExpensesRelatedPartyTransaction" scale="6" id="f-3037">38</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total costs</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-892" decimals="-6" name="tef:TotalExpensesRelatedPartyTransaction" scale="6" id="f-3038">39</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-893" decimals="-6" name="tef:TotalExpensesRelatedPartyTransaction" scale="6" id="f-3039">88</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Finance income</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-892" decimals="-6" name="tef:IncomeUnderFinanceAgreementsRelatedPartyTransaction" scale="6" id="f-3040">46</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-893" decimals="-6" name="tef:IncomeUnderFinanceAgreementsRelatedPartyTransaction" scale="6" id="f-3041">47</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Dividends received </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(1)</span></div></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-892" decimals="-6" name="tef:DividendsReceivedRelatedPartyTransactions" scale="6" id="f-3042">30</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-893" decimals="-6" name="tef:DividendsReceivedRelatedPartyTransactions" scale="6" id="f-3043">21</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Services rendered</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-892" decimals="-6" name="ifrs-full:RevenueFromRenderingOfServicesRelatedPartyTransactions" scale="6" id="f-3044">88</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-893" decimals="-6" name="ifrs-full:RevenueFromRenderingOfServicesRelatedPartyTransactions" scale="6" id="f-3045">48</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Sale of goods</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-892" decimals="-6" name="ifrs-full:RevenueFromSaleOfGoodsRelatedPartyTransactions" scale="6" id="f-3046">12</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-893" decimals="-6" name="ifrs-full:RevenueFromSaleOfGoodsRelatedPartyTransactions" scale="6" id="f-3047">10</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Other income</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-892" decimals="-6" name="tef:RevenueFromOtherSourcesRelatedPartyTransaction" format="ixt:fixed-zero" scale="6" id="f-3048">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-893" decimals="-6" name="tef:RevenueFromOtherSourcesRelatedPartyTransaction" scale="6" id="f-3049">3</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total revenues</span></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-892" decimals="-6" name="tef:TotalRevenueRelatedPartyTransactions" scale="6" id="f-3050">176</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-893" decimals="-6" name="tef:TotalRevenueRelatedPartyTransactions" scale="6" id="f-3051">129</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr></table></div><div style="margin-bottom:9pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline">(1)&#160; </span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">At</span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline"> </span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">December 31, 2024, Telef&#243;nica h</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">eld a <ix:nonFraction unitRef="number" contextRef="c-892" decimals="4" name="ifrs-full:ProportionOfOwnershipInterestsHeldByNoncontrollingInterests" scale="-2" id="f-3052">0.77</ix:nonFraction>% stake (<ix:nonFraction unitRef="number" contextRef="c-893" decimals="4" name="ifrs-full:ProportionOfOwnershipInterestsHeldByNoncontrollingInterests" scale="-2" id="f-3053">0.76</ix:nonFraction>%</span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%"> stake at December 31, 2023) in the share capital of Banco Bilbao Vizcaya Argentaria, S.A. (see Note 12).</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The following table shows the balance sheet positions of these operations as of December 31, 2024 and 2023, as well as the current guarantees and other off-balance sheet positions.</span></div><div style="margin-bottom:9pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.853%"><tr><td style="width:1.0%"/><td style="width:66.689%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:15.005%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:15.006%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">BBVA</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"/><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Millions of euros</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">December 31, 2024</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">December 31, 2023</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Finance arrangements: loans, capital contributions and others (borrower)</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-892" decimals="-6" name="ifrs-full:TransfersUnderFinanceAgreementsFromEntityRelatedPartyTransactions" scale="6" id="f-3054">173</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-893" decimals="-6" name="ifrs-full:TransfersUnderFinanceAgreementsFromEntityRelatedPartyTransactions" scale="6" id="f-3055">191</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Finance arrangements: loans and capital contributions (lender)</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-892" decimals="-6" name="ifrs-full:LeasesAsLesseeRelatedPartyTransactions" scale="6" id="f-3056">441</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-893" decimals="-6" name="ifrs-full:LeasesAsLesseeRelatedPartyTransactions" scale="6" id="f-3057">696</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Guarantees</span></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-892" decimals="-6" name="ifrs-full:ProvisionOfGuaranteesOrCollateralByEntityRelatedPartyTransactions" scale="6" id="f-3058">118</ix:nonFraction>&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-893" decimals="-6" name="ifrs-full:ProvisionOfGuaranteesOrCollateralByEntityRelatedPartyTransactions" scale="6" id="f-3059">239</ix:nonFraction>&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr></table></div></ix:continuation><div style="margin-bottom:9pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The heading "Finance arrangements: loans and capital contributions (lender)" for 2023 mainly included a deposit set up by Telef&#243;nica, S.A. of <ix:nonFraction unitRef="eur" contextRef="c-894" decimals="-6" name="tef:DepositsMaturityInYearOne" scale="6" id="f-3060">600</ix:nonFraction> million euros maturing in January 2024.</span></div></ix:continuation><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">F-60</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><ix:continuation id="f-2999-3" continuedAt="f-2999-4"><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Operations with CaixaBank</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In mid-2021, a Fusion portfolio that included a rental device came into force at Telef&#243;nica Espa&#241;a. The Group has an agreement with CaixaBank to in turn rent these devices (a model known as "rent to rent"), covered by a framework financing agreement previously formalized between Telef&#243;nica and CaixaBank. </span></div><div style="margin-bottom:9pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In the months of January to March 2024, until Caixabank ceased to be a related party, the volume of these operations with CaixaBank companies (mainly Telef&#243;nica Renting and CaixaBank Equipment Finance) amounted to <ix:nonFraction unitRef="eur" contextRef="c-895" decimals="-6" name="ifrs-full:PurchasesOfGoodsRelatedPartyTransactions" scale="6" id="f-3061">139</ix:nonFraction> million euros (<ix:nonFraction unitRef="eur" contextRef="c-896" decimals="-6" name="ifrs-full:PurchasesOfGoodsRelatedPartyTransactions" scale="6" id="f-3062">393</ix:nonFraction> million euros in the 2023 financial year) which involved </span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"><ix:nonFraction unitRef="eur" contextRef="c-895" decimals="-6" name="ifrs-full:ExpenseRecognisedDuringPeriodForBadAndDoubtfulDebtsForRelatedPartyTransaction" scale="6" id="f-3063">14</ix:nonFraction></span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> million euros in financial expenses (<ix:nonFraction unitRef="eur" contextRef="c-896" decimals="-6" name="ifrs-full:ExpenseRecognisedDuringPeriodForBadAndDoubtfulDebtsForRelatedPartyTransaction" scale="6" id="f-3064">33</ix:nonFraction> million euros in the 2023 financial year).</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Likewise, the Group carries out other equipment rental operations with CaixaBank (equipment at customers' homes, such as routers or decoders). In the months of January to March 2024, the volume of this equipment leasing transactions was </span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"><ix:nonFraction unitRef="eur" contextRef="c-897" decimals="-6" name="tef:PurchaseOfAssetsRelatedPartyTransactions" scale="6" id="f-3065">29</ix:nonFraction></span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> million euros (<ix:nonFraction unitRef="eur" contextRef="c-898" decimals="-6" name="tef:PurchaseOfAssetsRelatedPartyTransactions" scale="6" id="f-3066">117</ix:nonFraction> million euros in the 2023 financial year), with financial expenses amounting to <ix:nonFraction unitRef="eur" contextRef="c-897" decimals="-6" name="ifrs-full:ExpenseRecognisedDuringPeriodForBadAndDoubtfulDebtsForRelatedPartyTransaction" scale="6" id="f-3067">3</ix:nonFraction> million euros (<ix:nonFraction unitRef="eur" contextRef="c-898" decimals="-6" name="ifrs-full:ExpenseRecognisedDuringPeriodForBadAndDoubtfulDebtsForRelatedPartyTransaction" scale="6" id="f-3068">6</ix:nonFraction> million euros in the 2023 financial year).</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Operations with CriteriaCaixa</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Since the date on which it became considered a related party, the Telef&#243;nica Group has not carried out significant transactions with CriteriaCaixa or the companies controlled by CriteriaCaixa.</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Operations with SEPI</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Since the date on which it became considered a related party, the Telef&#243;nica Group has not carried out significant transactions with SEPI or the companies controlled by SEPI.</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">General State Administration</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">SEPI is an entity that is part of the Spanish State Institutional Public Sector. In the ordinary course of business and under market conditions, the Telef&#243;nica Group carries out transactions with entities of the Spanish State Institutional Public Sector. In accordance with the exemption provided for in IAS 24, the balances and transactions with these entities are not detailed, although the significant balances and transactions maintained with them will be disclosed, where applicable, in the notes to the financial statements.</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Since the date on which SEPI became a related party, the Telef&#243;nica Group has not carried out any individually significant transaction with entities belonging to the Spanish State Institutional Public Sector.</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Likewise, Appendix VI summarizes the main regulatory aspects that affect the telecommunications sector in Spain.</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Other significant shareholders</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">During fiscal year 2024, the significant shareholders of the Company without representation on the Board of Directors of Telef&#243;nica, S.A. were BlackRock, Inc. and Public Investment Fund. These shareholders are not considered a related party as they do not have representation on the Board of Directors of Telef&#243;nica, S.A. nor exert significant influence on the company.</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Based on the information notified by BlackRock, Inc. to the CNMV on November 25, 2024, BlackRock, Inc.'s participation in the share capital of Telef&#243;nica, S.A. was <ix:nonFraction unitRef="number" contextRef="c-899" decimals="4" name="ifrs-full:ProportionOfOwnershipInterestsHeldByNoncontrollingInterests" scale="-2" id="f-3069">4.29</ix:nonFraction>%. </span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:112%">According to the data collected in the communication sent by Public Investment Fund to the CNMV, as of February 6, 2025, Green Bridge Investment Company SCS (a company controlled by Saudi Telecom Company and this in turn controlled by Public Investment Fund) had a stake in the share capital of Telef&#243;nica, S.A. of <ix:nonFraction unitRef="number" contextRef="c-900" decimals="4" name="ifrs-full:ProportionOfOwnershipInterestsHeldByNoncontrollingInterests" scale="-2" id="f-3070">9.97</ix:nonFraction>%.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Other related parties </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The most significant balances and transactions with associates and joint ventures are detailed in Note 10.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">During 2024 and 2023, the Directors and senior executives performed no transactions with Telef&#243;nica, S.A. or any Telef&#243;nica Group company other than those in the Group&#8217;s normal trading activity and business. Compensation and other benefits paid to members of the Board of Directors and senior executives are detailed in Note 29.g and Appendix II. </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Telef&#243;nica contracted a civil liability insurance scheme (D&amp;O) for Directors, managers and staff with similar functions in the Telef&#243;nica Group, with standard conditions for these types of insurance and a premium attributable </span></div></ix:continuation><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">F-61</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><ix:continuation id="f-2999-4"><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">to 2024 of </span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"><ix:nonFraction unitRef="eur" contextRef="c-12" decimals="0" name="tef:UnearnedPremiumsLiability" format="ixt:num-dot-decimal" scale="0" id="f-3071">4,743,348</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> euros </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"><ix:nonFraction unitRef="eur" contextRef="c-13" decimals="0" name="tef:UnearnedPremiumsLiability" format="ixt:num-dot-decimal" scale="0" id="f-3072">5,565,729</ix:nonFraction> euros in 2023). This scheme provides coverage for Telef&#243;nica, S.A. and its subsidiaries in certain cases.</span></div></ix:continuation><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">F-62</span></div></div></div><div id="i63478826478c4e0dbabc502413383f6b_316"></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:center"><span style="color:#a6a6a6;font-family:'Arial',sans-serif;font-size:18pt;font-weight:400;line-height:120%">Note 12. <ix:nonNumeric contextRef="c-1" name="ifrs-full:DisclosureOfFinancialAssetsExplanatory" id="f-3073" continuedAt="f-3073-1" escape="true">Financial assets and other non-current assets </ix:nonNumeric></span></div><ix:continuation id="f-3073-1" continuedAt="f-3073-2"><ix:nonNumeric contextRef="c-1" name="tef:DisclosureOfDetailedInformationAboutChangesInNonCurrentFinancialAssetsTableTextBlock" id="f-3074" continuedAt="f-3074-1" escape="true"><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The breakdown of financial assets and other non-current assets of the Telef&#243;nica Group at December 31, 2024 and December 31, 2023 is as follows: </span></div><div style="margin-bottom:9pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.853%"><tr><td style="width:1.0%"/><td style="width:59.807%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:16.323%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:20.570%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Millions of euros</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">12/31/2024</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">12/31/2023</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Non-current financial assets (Note 16)</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-12" decimals="-6" name="ifrs-full:NoncurrentFinancialAssets" format="ixt:num-dot-decimal" scale="6" id="f-3075">5,339</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-13" decimals="-6" name="ifrs-full:NoncurrentFinancialAssets" format="ixt:num-dot-decimal" scale="6" id="f-3076">5,201</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Investments</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-901" decimals="-6" name="ifrs-full:NoncurrentFinancialAssets" scale="6" id="f-3077">585</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-902" decimals="-6" name="ifrs-full:NoncurrentFinancialAssets" scale="6" id="f-3078">616</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 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format="ixt:num-dot-decimal" scale="6" id="f-3089">2,605</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-914" decimals="-6" name="ifrs-full:NoncurrentFinancialAssets" format="ixt:num-dot-decimal" scale="6" id="f-3090">1,940</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Other non-current assets</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-12" decimals="-6" name="ifrs-full:OtherNoncurrentAssets" format="ixt:num-dot-decimal" scale="6" id="f-3091">2,064</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-13" decimals="-6" name="ifrs-full:OtherNoncurrentAssets" format="ixt:num-dot-decimal" scale="6" id="f-3092">2,067</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Contractual assets (Note 23)</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-12" decimals="-6" name="ifrs-full:NoncurrentContractAssets" scale="6" id="f-3093">288</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-13" decimals="-6" name="ifrs-full:NoncurrentContractAssets" scale="6" id="f-3094">325</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Deferred expenses (Note 23)</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-12" decimals="-6" name="tef:NonCurrentAssetsRecognisedFromCostsToObtainOrFulfilContractsWithCustomers" format="ixt:num-dot-decimal" scale="6" id="f-3095">1,073</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-13" decimals="-6" name="tef:NonCurrentAssetsRecognisedFromCostsToObtainOrFulfilContractsWithCustomers" format="ixt:num-dot-decimal" scale="6" id="f-3096">1,001</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Long-term receivables for taxes</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-12" decimals="-6" name="ifrs-full:NoncurrentReceivablesFromTaxesOtherThanIncomeTax" scale="6" id="f-3097">315</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-13" decimals="-6" name="ifrs-full:NoncurrentReceivablesFromTaxesOtherThanIncomeTax" scale="6" id="f-3098">354</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Prepayments</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-12" decimals="-6" name="ifrs-full:NoncurrentPrepayments" scale="6" id="f-3099">388</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-13" decimals="-6" name="ifrs-full:NoncurrentPrepayments" scale="6" id="f-3100">387</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span 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investments, other long-term credits, deposits and guarantees, trade receivables, long-term receivables for subleases and impairment of trade receivables in 2024 and 2023, is as follows: </span><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.561%"><tr><td style="width:1.0%"/><td style="width:31.058%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:10.206%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:10.206%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:10.206%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:10.206%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:10.206%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:10.212%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Millions of euros</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Investments</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Other long-term credits</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Deposits and guarantees</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Trade receivables</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Long-term receivables for subleases</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Impairment of trade receivables</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Balance at 12/31/2022</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-915" decimals="-6" name="ifrs-full:NoncurrentFinancialAssets" scale="6" id="f-3103">497</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-916" decimals="-6" name="ifrs-full:NoncurrentFinancialAssets" scale="6" id="f-3104">981</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 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style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-902" decimals="-6" name="ifrs-full:NoncurrentFinancialAssets" scale="6" id="f-3139">616</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-904" decimals="-6" name="ifrs-full:NoncurrentFinancialAssets" scale="6" id="f-3140">741</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-906" decimals="-6" name="ifrs-full:NoncurrentFinancialAssets" scale="6" id="f-3141">966</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-908" decimals="-6" name="ifrs-full:NoncurrentFinancialAssets" format="ixt:num-dot-decimal" scale="6" id="f-3142">1,049</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-910" decimals="-6" name="ifrs-full:NoncurrentFinancialAssets" scale="6" id="f-3143">14</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid 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style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-927" decimals="-6" name="tef:AdditionsNonCurrentFinancialAssets" scale="6" id="f-3145">30</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-928" decimals="-6" name="tef:AdditionsNonCurrentFinancialAssets" scale="6" id="f-3146">132</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-929" decimals="-6" name="tef:AdditionsNonCurrentFinancialAssets" scale="6" id="f-3147">11</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-930" decimals="-6" name="tef:AdditionsNonCurrentFinancialAssets" scale="6" id="f-3148">623</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-931" decimals="-6" name="tef:AdditionsNonCurrentFinancialAssets" scale="6" id="f-3149">11</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-932" decimals="-6" sign="-" name="tef:AdditionsNonCurrentFinancialAssets" scale="6" id="f-3150">59</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Disposals</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-927" decimals="-6" name="tef:DisposalsNoncurrentFinancialAssets" scale="6" id="f-3151">150</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-928" decimals="-6" name="tef:DisposalsNoncurrentFinancialAssets" scale="6" id="f-3152">107</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-929" decimals="-6" name="tef:DisposalsNoncurrentFinancialAssets" scale="6" id="f-3153">18</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-930" decimals="-6" name="tef:DisposalsNoncurrentFinancialAssets" scale="6" id="f-3154">366</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-931" decimals="-6" name="tef:DisposalsNoncurrentFinancialAssets" format="ixt:fixed-zero" scale="6" id="f-3155">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-932" decimals="-6" sign="-" name="tef:DisposalsNoncurrentFinancialAssets" scale="6" id="f-3156">34</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Translation differences </span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-927" decimals="-6" sign="-" name="tef:IncreaseDecreaseThroughNetExchangeDifferencesNoncurrentFinancialAssets" scale="6" id="f-3157">4</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-928" decimals="-6" sign="-" name="tef:IncreaseDecreaseThroughNetExchangeDifferencesNoncurrentFinancialAssets" scale="6" id="f-3158">35</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-929" decimals="-6" sign="-" name="tef:IncreaseDecreaseThroughNetExchangeDifferencesNoncurrentFinancialAssets" scale="6" 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name="tef:IncreaseDecreaseThroughNetExchangeDifferencesNoncurrentFinancialAssets" scale="6" id="f-3161">1</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-932" decimals="-6" name="tef:IncreaseDecreaseThroughNetExchangeDifferencesNoncurrentFinancialAssets" scale="6" id="f-3162">18</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Fair value 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id="f-3166">16</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-931" decimals="-6" name="tef:GainsLossesOnFairValueAdjustmentNoncurrentFinancialAssets" format="ixt:fixed-zero" scale="6" id="f-3167">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-932" decimals="-6" name="tef:GainsLossesOnFairValueAdjustmentNoncurrentFinancialAssets" format="ixt:fixed-zero" scale="6" id="f-3168">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Transfers and other</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-927" decimals="-6" sign="-" name="tef:IncreaseDecreaseThroughOtherChangesNoncurrentFinancialAssets" scale="6" id="f-3169">1</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 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style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-930" decimals="-6" sign="-" name="tef:IncreaseDecreaseThroughOtherChangesNoncurrentFinancialAssets" scale="6" id="f-3172">304</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-931" decimals="-6" sign="-" name="tef:IncreaseDecreaseThroughOtherChangesNoncurrentFinancialAssets" scale="6" id="f-3173">7</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-932" decimals="-6" name="tef:IncreaseDecreaseThroughOtherChangesNoncurrentFinancialAssets" scale="6" id="f-3174">26</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Balance at 12/31/2024</span></td><td colspan="2" style="border-bottom:1pt solid 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id="f-3176">602</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-905" decimals="-6" name="ifrs-full:NoncurrentFinancialAssets" scale="6" id="f-3177">691</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-907" decimals="-6" name="ifrs-full:NoncurrentFinancialAssets" scale="6" id="f-3178">945</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-909" decimals="-6" name="ifrs-full:NoncurrentFinancialAssets" scale="6" id="f-3179">17</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-911" decimals="-6" sign="-" name="ifrs-full:NoncurrentFinancialAssets" scale="6" id="f-3180">106</ix:nonFraction>)</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr></table></div></ix:continuation></ix:continuation><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">F-63</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><ix:continuation id="f-3073-2" continuedAt="f-3073-3"><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Investments </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8220;Investments&#8221; includes the fair value of investments in companies where Telef&#243;nica exercises no significant influence or control and for which there is no specific short-term disposal plan (see Note 3.i).</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Telef&#243;nica Group&#8217;s shareholding in Banco Bilbao Vizcaya Argentaria, S.A. (BBVA) amounted to <ix:nonFraction unitRef="eur" contextRef="c-933" decimals="-6" name="ifrs-full:InvestmentsInSubsidiariesJointVenturesAndAssociates" scale="6" id="f-3181">417</ix:nonFraction> million euros (<ix:nonFraction unitRef="eur" contextRef="c-934" decimals="-6" name="ifrs-full:InvestmentsInSubsidiariesJointVenturesAndAssociates" scale="6" id="f-3182">363</ix:nonFraction> million euros at December&#160;31, 2023), representing <ix:nonFraction unitRef="number" contextRef="c-935" decimals="4" name="ifrs-full:ProportionOfOwnershipInterestInAssociate" scale="-2" id="f-3183">0.77</ix:nonFraction>% of its share capital at December&#160;31, 2024 (<ix:nonFraction unitRef="number" contextRef="c-936" decimals="4" name="ifrs-full:ProportionOfOwnershipInterestInAssociate" scale="-2" id="f-3184">0.76</ix:nonFraction>% at December 31, 2023).</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">At December&#160;31, 2023, Telef&#243;nica maintained a <ix:nonFraction unitRef="number" contextRef="c-937" decimals="4" name="ifrs-full:ProportionOfOwnershipInterestInAssociate" scale="-2" id="f-3185"><ix:nonFraction unitRef="number" contextRef="c-937" decimals="4" name="ifrs-full:ProportionOfOwnershipInterestInAssociate" scale="-2" id="f-3186">0.59</ix:nonFraction></ix:nonFraction>% stake in the share capital of China Unicom (Hong Kong) Limited, valued at <ix:nonFraction unitRef="eur" contextRef="c-938" decimals="-6" name="ifrs-full:InvestmentsInSubsidiariesJointVenturesAndAssociates" scale="6" id="f-3187">103</ix:nonFraction> million euros at that date. Telef&#243;nica sold in its entire stake in China Unicom (Hong Kong) Limited during 2024, for an aggregate amount of <ix:nonFraction unitRef="eur" contextRef="c-939" decimals="-6" name="ifrs-full:CashFlowsFromLosingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities" scale="6" id="f-3188">147</ix:nonFraction> million euros (see Note 28). As a result of the transaction, <ix:nonFraction unitRef="eur" contextRef="c-940" decimals="-6" name="ifrs-full:ReserveOfGainsAndLossesOnFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncome" scale="6" id="f-3189">110</ix:nonFraction> million euros of losses from financial assets measured at fair value through comprehensive income were reclassified under retained earnings.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On June 21, 2023 the Company sold its total remaining shares of Promotora de Informaciones, S.A. (PRISA).</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Other long-term credits  </span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">This line item includes long-term financial assets of Telef&#243;nica Germany amounting to <ix:nonFraction unitRef="eur" contextRef="c-513" decimals="-6" name="tef:LongTermFinancialAssets" scale="6" id="f-3190">120</ix:nonFraction> million euros and <ix:nonFraction unitRef="eur" contextRef="c-514" decimals="-6" name="tef:LongTermFinancialAssets" scale="6" id="f-3191">114</ix:nonFraction> million euros at December 31, 2024 and 2023, respectively, most of them related to reimbursement rights to cover pension obligations of the company but do not represent "plan assets" in accordance with IAS 19 (see Note 24).</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Additionally, at December 31, 2024 this line includes <ix:nonFraction unitRef="eur" contextRef="c-941" decimals="-6" name="ifrs-full:NotionalAmount" scale="6" id="f-3192">112</ix:nonFraction> million euros of loans granted by Colombia Telecomunicaciones, S.A. ESP BIC to the associate company &#193;lamo Holdco, S.L. (<ix:nonFraction unitRef="eur" contextRef="c-942" decimals="-6" name="ifrs-full:NotionalAmount" scale="6" id="f-3193">112</ix:nonFraction> million euros as of December 31, 2023, see Note 10).</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Additions in 2023 included <ix:nonFraction unitRef="clp" contextRef="c-867" decimals="-6" name="tef:LongTermFinancialAssets" format="ixt:num-dot-decimal" scale="6" id="f-3194">44,187</ix:nonFraction> million Chilean pesos (<ix:nonFraction unitRef="eur" contextRef="c-867" decimals="-6" name="tef:LongTermFinancialAssets" scale="6" id="f-3195">46</ix:nonFraction> million euros) corresponding to the indefinite-term loan granted by Telef&#243;nica Chile, S.A. to the associate HoldCo Infraco, SpA for the acquisition of the fiber optic assets owned by Entel (<ix:nonFraction unitRef="eur" contextRef="c-865" decimals="-6" name="tef:LongTermFinancialAssets" scale="6" id="f-3196">43</ix:nonFraction> million euros at December 31, 2024, see Note 10). Additionally, at December 31, 2024 this line includes <ix:nonFraction unitRef="eur" contextRef="c-865" decimals="-6" name="tef:LongTermCreditsToAssociatesAndJointVentures" scale="6" id="f-3197">75</ix:nonFraction> million euros corresponding to the subordinated debt granted by Telef&#243;nica Chile to the associate company HoldCo Infraco, SpA. generated by the sale of <ix:nonFraction unitRef="number" contextRef="c-863" decimals="2" name="tef:ProportionOfOwnershipInterestInJointVentureDisposal" scale="-2" id="f-3198">40</ix:nonFraction>% of the fiber optic business (<ix:nonFraction unitRef="eur" contextRef="c-867" decimals="-6" name="tef:LongTermCreditsToAssociatesAndJointVentures" scale="6" id="f-3199">75</ix:nonFraction> million euros as of December 31, 2023, see Note 10).</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Additionally at December 31, 2024 includes the collection right with a maturity of more than twelve months arising from Telxius with American Tower Corporation in June 2021 as a result of the sale of the telecommunications towers division in Europe (Spain and Germany) amounting to <ix:nonFraction unitRef="eur" contextRef="c-943" decimals="-6" name="tef:IncreaseDecreaseThroughOtherChangesNoncurrentFinancialAssets" scale="6" id="f-3200">90</ix:nonFraction> million euros (<ix:nonFraction unitRef="eur" contextRef="c-944" decimals="-6" name="tef:IncreaseDecreaseThroughOtherChangesNoncurrentFinancialAssets" scale="6" id="f-3201">269</ix:nonFraction> million euros in the long term at December 31, 2023). "Short-term credits" includes the collection right with a maturity of less than twelve months (see Note 15). </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Disposals for the year 2023 included the collection of financial instruments (Federal Treasury Certificates) of Pegaso PCS, S.A. de C.V. amounting to <ix:nonFraction unitRef="eur" contextRef="c-945" decimals="-6" name="tef:ProceedsFromFinancialInvestmentsNotIncludedUnderCashEquivalents" scale="6" id="f-3202">287</ix:nonFraction> million euros, acquired for the purpose of securing certain legal proceedings with the Mexican tax Administration Service. Derived from the judicial resolution that exempts Pegaso PCS, S.A. de C.V. from securing the amount in dispute, the aforementioned financial instruments were cancelled  (see Note 28).</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The vast majority of long-term credits, recognized at amortized cost (Note 16), are considered to be low credit risk assets, therefore the impairment analysis was carried out on the basis of expected credit losses in the next twelve months.   </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Deposits and guarantees</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Telef&#243;nica Brazil has non-current judicial deposits amounting to <ix:nonFraction unitRef="eur" contextRef="c-946" decimals="-6" name="ifrs-full:LongtermDeposits" scale="6" id="f-3203">443</ix:nonFraction> million euros (see Note 24) at December 31, 2024 (<ix:nonFraction unitRef="eur" contextRef="c-947" decimals="-6" name="ifrs-full:LongtermDeposits" scale="6" id="f-3204">531</ix:nonFraction> million euros at December 31, 2023).   </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">At December 31, 2024, there are deposits related to the collateral guarantees on derivatives (CSA) signed by Telef&#243;nica, S.A. and its counterparties for the credit risk management of derivatives amounting to <ix:nonFraction unitRef="eur" contextRef="c-948" decimals="-6" name="ifrs-full:CurrentFinancialAssets" scale="6" id="f-3205">108</ix:nonFraction></span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> million euros, of which an amount of <ix:nonFraction unitRef="eur" contextRef="c-949" decimals="-6" name="ifrs-full:CurrentFinancialAssets" scale="6" id="f-3206">55</ix:nonFraction> million euros corresponds to </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">cross currency swap (<ix:nonFraction unitRef="eur" contextRef="c-950" decimals="-6" name="ifrs-full:CurrentFinancialAssets" scale="6" id="f-3207">273</ix:nonFraction> million euros at December 31, 2023, not having cross currency swap).</span></div></ix:continuation><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">F-64</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><ix:continuation id="f-3073-3" continuedAt="f-3073-4"><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In relation with collateral contracts, there is an additional guarantee of <ix:nonFraction unitRef="bond" contextRef="c-951" decimals="0" name="tef:NumberOfBondsIssued" format="ixt:num-dot-decimal" scale="0" id="f-3208">59,808</ix:nonFraction> bonds issued by Telef&#243;nica Emisiones, S.A.U. deposited in a securities account owned by Telef&#243;nica, S.A. with a notional of <ix:nonFraction unitRef="eur" contextRef="c-952" decimals="-6" name="ifrs-full:BondsIssued" scale="6" id="f-3209">58</ix:nonFraction> million euros at December 31, 2024 (<ix:nonFraction unitRef="bond" contextRef="c-953" decimals="0" name="tef:NumberOfBondsIssued" format="ixt:num-dot-decimal" scale="0" id="f-3210">51,988</ix:nonFraction> bonds for a nominal amount of <ix:nonFraction unitRef="eur" contextRef="c-954" decimals="-6" name="ifrs-full:BondsIssued" scale="6" id="f-3211">47</ix:nonFraction> million euros at December 31, 2023).  </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The vast majority of deposits and guarantees recognized at amortized cost (Note 16), are considered to be low credit risk assets, therefore the impairment analysis was carried out on the basis of expected credit losses in the next 12 months.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Trade receivables</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">At December 31, 2024 this line includes trade receivables from Colombia Telecomunicaciones, S.A. ESP BIC to the associate Onnet Fibra Colombia SAS, amounting to <ix:nonFraction unitRef="eur" contextRef="c-955" decimals="-6" name="tef:AdditionsNonCurrentFinancialAssets" scale="6" id="f-3212">14</ix:nonFraction> million euros and <ix:nonFraction unitRef="eur" contextRef="c-956" decimals="-6" name="tef:AdditionsNonCurrentFinancialAssets" scale="6" id="f-3213">29</ix:nonFraction> million euros at December 31, 2024 and December 31, 2023, respectively (see Note 10).</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">At December 31, 2024 this line includes Telef&#243;nica Germany trade receivables at fair value through other comprehensive income for an amount of <ix:nonFraction unitRef="eur" contextRef="c-957" decimals="-6" name="ifrs-full:NoncurrentFinancialAssets" scale="6" id="f-3214">200</ix:nonFraction> million euros (<ix:nonFraction unitRef="eur" contextRef="c-958" decimals="-6" name="ifrs-full:NoncurrentFinancialAssets" scale="6" id="f-3215">280</ix:nonFraction> million euros as of December 31, 2023, see Note 16).</span></div></ix:continuation><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">F-65</span></div></div></div><div id="i63478826478c4e0dbabc502413383f6b_319"></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:center"><span style="color:#a6a6a6;font-family:'Arial',sans-serif;font-size:18pt;font-weight:400;line-height:120%">Note 13. <ix:nonNumeric contextRef="c-1" name="ifrs-full:DisclosureOfInventoriesExplanatory" id="f-3216" continuedAt="f-3216-1" escape="true">Inventories</ix:nonNumeric></span></div><ix:nonNumeric contextRef="c-1" name="tef:DisclosureofdetailedinformationaboutinventoryTableTextBlock" id="f-3217" escape="true"><ix:continuation id="f-3216-1" continuedAt="f-3216-2"><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The detail of inventories of the Telef&#243;nica Group at December 31, 2024 and December 31, 2023 is as follows: </span></div><div style="margin-bottom:7pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.853%"><tr><td style="width:1.0%"/><td style="width:56.733%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:19.983%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:19.984%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="border-top:1pt solid #cbcbcb;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Millions of euros</span></td><td colspan="3" style="border-top:1pt solid #cbcbcb;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">12/31/2024</span></td><td colspan="3" style="border-top:1pt solid #cbcbcb;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">12/31/2023</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Audiovisual rights</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-12" decimals="-6" name="tef:Currentinventoriesbroadcastandtransmissionrightsandothercontents" scale="6" id="f-3218">243</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-13" decimals="-6" name="tef:Currentinventoriesbroadcastandtransmissionrightsandothercontents" scale="6" id="f-3219">242</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Mobile terminals and other equipments</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-12" decimals="-6" name="tef:Currentinventoriesmobileterminalandotherequipments" scale="6" id="f-3220">681</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-13" decimals="-6" name="tef:Currentinventoriesmobileterminalandotherequipments" scale="6" id="f-3221">636</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Other inventories</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-12" decimals="-6" name="ifrs-full:OtherInventories" scale="6" id="f-3222">77</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-13" decimals="-6" name="ifrs-full:OtherInventories" scale="6" id="f-3223">91</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Other advance payments</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-12" decimals="-6" name="ifrs-full:CurrentAdvancesToSuppliers" format="ixt:fixed-zero" scale="6" id="f-3224">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-13" decimals="-6" name="ifrs-full:CurrentAdvancesToSuppliers" scale="6" id="f-3225">1</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Inventories impairment provision</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-12" decimals="-6" name="tef:Currentinventoriesimpairmentprovision" scale="6" id="f-3226">47</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-13" decimals="-6" name="tef:Currentinventoriesimpairmentprovision" scale="6" id="f-3227">41</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Inventories</span></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-12" decimals="-6" name="ifrs-full:Inventories" scale="6" id="f-3228">954</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-13" decimals="-6" name="ifrs-full:Inventories" scale="6" id="f-3229">929</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr></table></div></ix:continuation></ix:nonNumeric><div style="text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:112%"><ix:continuation id="f-3216-2">"Audiovisual rights" mainly includes rights to broadcast films, television series and documentaries (see Note 3.j).</ix:continuation> </span></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">F-66</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><div style="margin-bottom:9pt;text-align:justify"><span><br/></span></div><div id="i63478826478c4e0dbabc502413383f6b_322"></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:center"><span style="color:#a6a6a6;font-family:'Arial',sans-serif;font-size:18pt;font-weight:400;line-height:120%">Note 14. <ix:nonNumeric contextRef="c-1" name="ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory" id="f-3230" continuedAt="f-3230-1" escape="true">Receivables and other current assets</ix:nonNumeric></span></div><ix:continuation id="f-3230-1" continuedAt="f-3230-2"><ix:nonNumeric contextRef="c-1" name="tef:DisclosureofReceivablesandOtherCurrentAssetsTableTextBlock" id="f-3231" escape="true"><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The detail of receivables and other current assets of the Tel&#233;fonica Group at December 31, 2024 and December 31, 2023 is as follows:</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.853%"><tr><td style="width:1.0%"/><td style="width:69.031%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:13.834%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:13.835%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Millions of euros</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">12/31/2024</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">12/31/2023</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Receivables (Note 16)</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-12" decimals="-6" name="ifrs-full:TradeAndOtherCurrentReceivables" format="ixt:num-dot-decimal" scale="6" id="f-3232">7,564</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-13" decimals="-6" name="ifrs-full:TradeAndOtherCurrentReceivables" format="ixt:num-dot-decimal" scale="6" id="f-3233">7,430</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Trade receivables</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-12" decimals="-6" name="ifrs-full:CurrentTradeReceivables" format="ixt:num-dot-decimal" scale="6" id="f-3234">10,074</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-13" decimals="-6" name="ifrs-full:CurrentTradeReceivables" format="ixt:num-dot-decimal" scale="6" id="f-3235">9,938</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Impairment of trade receivables</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-911" decimals="-6" sign="-" name="ifrs-full:FinancialAssets" format="ixt:num-dot-decimal" scale="6" id="f-3236">3,048</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-912" decimals="-6" sign="-" name="ifrs-full:FinancialAssets" format="ixt:num-dot-decimal" scale="6" id="f-3237">2,992</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Receivables from associates and joint ventures (Note 10)</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-12" decimals="-6" name="ifrs-full:CurrentReceivablesDueFromJointVentures" scale="6" id="f-3238">163</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-13" decimals="-6" name="ifrs-full:CurrentReceivablesDueFromJointVentures" scale="6" id="f-3239">139</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Other receivables</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-12" decimals="-6" name="ifrs-full:OtherCurrentReceivables" scale="6" id="f-3240">375</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-13" decimals="-6" name="ifrs-full:OtherCurrentReceivables" scale="6" id="f-3241">345</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Other current assets</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-12" decimals="-6" name="ifrs-full:OtherCurrentAssets" format="ixt:num-dot-decimal" scale="6" id="f-3242">2,881</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-13" decimals="-6" name="ifrs-full:OtherCurrentAssets" format="ixt:num-dot-decimal" scale="6" id="f-3243">2,702</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Contractual assets (Note 23)</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-12" decimals="-6" name="ifrs-full:CurrentContractAssets" scale="6" id="f-3244">229</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-13" decimals="-6" name="ifrs-full:CurrentContractAssets" scale="6" id="f-3245">202</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Capitalized costs (Note 23)</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-12" decimals="-6" name="tef:CurrentAssetsRecognisedFromCostsToObtainOrFulfilContractsWithCustomers" format="ixt:num-dot-decimal" scale="6" id="f-3246">1,094</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-13" decimals="-6" name="tef:CurrentAssetsRecognisedFromCostsToObtainOrFulfilContractsWithCustomers" scale="6" id="f-3247">998</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Prepayments</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-12" decimals="-6" name="ifrs-full:CurrentPrepayments" format="ixt:num-dot-decimal" scale="6" id="f-3248">1,358</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-13" decimals="-6" name="ifrs-full:CurrentPrepayments" format="ixt:num-dot-decimal" scale="6" id="f-3249">1,344</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Short-term insurance and reinsurance contracts assets</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-12" decimals="-6" name="ifrs-full:InsuranceContractsThatAreAssets" scale="6" id="f-3250">164</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-13" decimals="-6" name="ifrs-full:InsuranceContractsThatAreAssets" scale="6" id="f-3251">113</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Short-term insurance and reinsurance contracts assets from associates and joint ventures (Note 10)</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-12" decimals="-6" name="tef:InsuranceContractsDueFromAssociatesAndJointVenturesReceivables" scale="6" id="f-3252">36</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-13" decimals="-6" name="tef:InsuranceContractsDueFromAssociatesAndJointVenturesReceivables" scale="6" id="f-3253">45</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total</span></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-12" decimals="-6" name="tef:CurrentReceivablesAndOtherCurrentAssets" format="ixt:num-dot-decimal" scale="6" id="f-3254">10,445</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-13" decimals="-6" name="tef:CurrentReceivablesAndOtherCurrentAssets" format="ixt:num-dot-decimal" scale="6" id="f-3255">10,132</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr></table></div></ix:nonNumeric><ix:nonNumeric contextRef="c-1" name="ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory" id="f-3256" escape="true"><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Prepayments at December 31, 2024 includes <ix:nonFraction unitRef="eur" contextRef="c-959" decimals="-6" name="ifrs-full:CurrentPrepaymentsAndOtherCurrentAssets" scale="6" id="f-3257">599</ix:nonFraction> million euros (<ix:nonFraction unitRef="eur" contextRef="c-960" decimals="-6" name="ifrs-full:CurrentPrepaymentsAndOtherCurrentAssets" scale="6" id="f-3258">736</ix:nonFraction> million euros at December&#160;31, 2023) of advance payments for broadcasting rights for sporting events not yet held. 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style="width:70.935%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:26.865%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Millions of euros</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Impairment provision at December 31, 2022</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-920" decimals="-6" sign="-" name="ifrs-full:FinancialAssets" format="ixt:num-dot-decimal" scale="6" id="f-3261">2,891</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Allowances</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-926" decimals="-6" name="ifrs-full:ImpairmentLossRecognisedInProfitOrLoss" scale="6" id="f-3262">582</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Transfers</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-926" decimals="-6" sign="-" name="ifrs-full:IncreaseDecreaseThroughTransfersFinancialAssets" scale="6" id="f-3263">48</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Amounts applied</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-926" decimals="-6" sign="-" name="ifrs-full:DecreaseThroughWriteoffFinancialAssets" scale="6" id="f-3264">481</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Translation differences and other</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-926" decimals="-6" name="ifrs-full:IncreaseDecreaseThroughForeignExchangeFinancialAssets" scale="6" id="f-3265">48</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Impairment provision at December 31, 2023</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 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style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-932" decimals="-6" name="ifrs-full:ImpairmentLossRecognisedInProfitOrLoss" scale="6" id="f-3267">613</ix:nonFraction>&#160;</span></td><td style="background-color:#ffffff;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Transfers</span></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-932" decimals="-6" sign="-" name="ifrs-full:IncreaseDecreaseThroughTransfersFinancialAssets" scale="6" id="f-3268">27</ix:nonFraction>&#160;</span></td><td style="background-color:#ffffff;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Amounts applied</span></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-932" decimals="-6" sign="-" name="ifrs-full:DecreaseThroughWriteoffFinancialAssets" scale="6" id="f-3269">527</ix:nonFraction>)</span></td><td style="background-color:#ffffff;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Translation differences and other</span></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-932" decimals="-6" name="ifrs-full:IncreaseDecreaseThroughForeignExchangeFinancialAssets" scale="6" id="f-3270">57</ix:nonFraction>)</span></td><td style="background-color:#ffffff;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Impairment provision at December 31, 2024</span></td><td colspan="2" style="background-color:#ffffff;border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-911" decimals="-6" sign="-" name="ifrs-full:FinancialAssets" format="ixt:num-dot-decimal" scale="6" id="f-3271">3,048</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr></table></div></ix:nonNumeric><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Public-sector net trade receivables at December&#160;31, 2024 and 2023 amounted to <ix:nonFraction unitRef="eur" contextRef="c-961" decimals="-6" name="ifrs-full:CurrentTradeReceivables" scale="6" id="f-3272">395</ix:nonFraction> million euros and <ix:nonFraction unitRef="eur" contextRef="c-962" decimals="-6" name="ifrs-full:CurrentTradeReceivables" scale="6" id="f-3273">526</ix:nonFraction> million euros, respectively.    </span></div><ix:nonNumeric contextRef="c-1" name="ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory" id="f-3274" continuedAt="f-3274-1" escape="true"><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The detail of the age of the accounts receivable balances from customers and their corrections for impairment as of December 31, 2024 and 2023 is as follows:</span></div></ix:nonNumeric></ix:continuation><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">F-67</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><ix:continuation id="f-3274-1"><ix:continuation id="f-3230-2" continuedAt="f-3230-3"><div style="margin-bottom:9pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.853%"><tr><td style="width:1.0%"/><td style="width:41.066%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:13.687%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:14.566%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:11.784%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:13.397%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Millions of euros</span></td><td colspan="6" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">12/31/2024</span></td><td colspan="6" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">12/31/2023</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"/><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Trade receivables</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Impairment</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Trade receivables</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Impairment</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Unbilled receivables</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-963" decimals="-6" name="ifrs-full:CurrentTradeReceivables" format="ixt:num-dot-decimal" scale="6" id="f-3275">2,844</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-964" decimals="-6" sign="-" name="ifrs-full:FinancialAssets" scale="6" id="f-3276">17</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-965" decimals="-6" name="ifrs-full:CurrentTradeReceivables" format="ixt:num-dot-decimal" scale="6" id="f-3277">2,755</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-966" decimals="-6" sign="-" name="ifrs-full:FinancialAssets" scale="6" id="f-3278">28</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Amount not overdue invoiced</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-967" decimals="-6" name="ifrs-full:CurrentTradeReceivables" format="ixt:num-dot-decimal" scale="6" id="f-3279">2,913</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-968" decimals="-6" sign="-" name="ifrs-full:FinancialAssets" scale="6" id="f-3280">76</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-969" decimals="-6" name="ifrs-full:CurrentTradeReceivables" format="ixt:num-dot-decimal" scale="6" id="f-3281">2,920</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-970" decimals="-6" sign="-" name="ifrs-full:FinancialAssets" scale="6" id="f-3282">116</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Less than 90 days</span></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-971" decimals="-6" name="ifrs-full:CurrentTradeReceivables" scale="6" id="f-3283">855</ix:nonFraction>&#160;</span></td><td style="background-color:#ffffff;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-972" decimals="-6" sign="-" name="ifrs-full:FinancialAssets" scale="6" id="f-3284">159</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-973" decimals="-6" name="ifrs-full:CurrentTradeReceivables" scale="6" id="f-3285">994</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-974" decimals="-6" sign="-" name="ifrs-full:FinancialAssets" scale="6" id="f-3286">157</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Between 90 and 180 days</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-975" decimals="-6" name="ifrs-full:CurrentTradeReceivables" scale="6" id="f-3287">322</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-976" decimals="-6" sign="-" name="ifrs-full:FinancialAssets" scale="6" id="f-3288">133</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-977" decimals="-6" name="ifrs-full:CurrentTradeReceivables" scale="6" id="f-3289">324</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-978" decimals="-6" sign="-" name="ifrs-full:FinancialAssets" scale="6" id="f-3290">135</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Between 180 and 360 days</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-979" decimals="-6" name="ifrs-full:CurrentTradeReceivables" scale="6" id="f-3291">500</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-980" decimals="-6" sign="-" name="ifrs-full:FinancialAssets" scale="6" id="f-3292">369</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-981" decimals="-6" name="ifrs-full:CurrentTradeReceivables" scale="6" id="f-3293">523</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-982" decimals="-6" sign="-" name="ifrs-full:FinancialAssets" scale="6" id="f-3294">393</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:0.25pt solid #2b3447;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">More than 360 days</span></td><td colspan="2" style="border-top:0.25pt solid #2b3447;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-983" decimals="-6" name="ifrs-full:CurrentTradeReceivables" format="ixt:num-dot-decimal" scale="6" id="f-3295">2,640</ix:nonFraction>&#160;</span></td><td style="border-top:0.25pt solid #2b3447;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:0.25pt solid #2b3447;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-984" decimals="-6" sign="-" name="ifrs-full:FinancialAssets" format="ixt:num-dot-decimal" scale="6" id="f-3296">2,294</ix:nonFraction>)</span></td><td style="border-top:0.25pt solid #2b3447;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:0.25pt solid #2b3447;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-985" decimals="-6" name="ifrs-full:CurrentTradeReceivables" format="ixt:num-dot-decimal" scale="6" id="f-3297">2,422</ix:nonFraction>&#160;</span></td><td style="border-top:0.25pt solid #2b3447;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:0.25pt solid #2b3447;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-986" decimals="-6" sign="-" name="ifrs-full:FinancialAssets" format="ixt:num-dot-decimal" scale="6" id="f-3298">2,163</ix:nonFraction>)</span></td><td style="border-top:0.25pt solid #2b3447;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total</span></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-12" decimals="-6" name="ifrs-full:CurrentTradeReceivables" format="ixt:num-dot-decimal" scale="6" id="f-3299">10,074</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-911" decimals="-6" sign="-" name="ifrs-full:FinancialAssets" format="ixt:num-dot-decimal" scale="6" id="f-3300">3,048</ix:nonFraction>)</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-13" decimals="-6" name="ifrs-full:CurrentTradeReceivables" format="ixt:num-dot-decimal" scale="6" id="f-3301">9,938</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-912" decimals="-6" sign="-" name="ifrs-full:FinancialAssets" format="ixt:num-dot-decimal" scale="6" id="f-3302">2,992</ix:nonFraction>)</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr></table></div></ix:continuation></ix:continuation><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">F-68</span></div></div></div><div id="i63478826478c4e0dbabc502413383f6b_325"></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><div style="margin-top:9pt;text-align:center"><span style="color:#a6a6a6;font-family:'Arial',sans-serif;font-size:18pt;font-weight:400;line-height:120%">Note 15. <ix:continuation id="f-3230-3" continuedAt="f-3230-4">Other current financial assets</ix:continuation></span></div><ix:continuation id="f-3230-4"><ix:nonNumeric contextRef="c-1" name="tef:DisclosureOfOtherCurrentFinancialAssetsTableTextBlock" id="f-3303" escape="true"><div style="margin-top:9pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The breakdown of other financial current assets of the Telef&#243;nica Group at December 31, 2024 and December 31, 2023 is as follows:</span><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.853%"><tr><td style="width:1.0%"/><td style="width:59.807%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:16.323%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:20.570%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Millions of euros</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">12/31/2024</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">12/31/2023</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Short-term credits</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-987" decimals="-6" name="ifrs-full:CurrentFinancialAssets" scale="6" id="f-3304">893</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-988" decimals="-6" name="ifrs-full:CurrentFinancialAssets" scale="6" id="f-3305">192</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Short-term deposits and guarantees</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-905" decimals="-6" name="ifrs-full:CurrentFinancialAssets" scale="6" id="f-3306">139</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-906" decimals="-6" name="ifrs-full:CurrentFinancialAssets" scale="6" id="f-3307">209</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Short-term derivative financial assets (Note 19)</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-913" decimals="-6" name="ifrs-full:CurrentFinancialAssets" scale="6" id="f-3308">461</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-914" decimals="-6" name="ifrs-full:CurrentFinancialAssets" scale="6" id="f-3309">352</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Other current financial assets</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-989" decimals="-6" name="ifrs-full:CurrentFinancialAssets" scale="6" id="f-3310">307</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-990" decimals="-6" name="ifrs-full:CurrentFinancialAssets" scale="6" id="f-3311">325</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total</span></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-12" decimals="-6" name="ifrs-full:CurrentFinancialAssets" format="ixt:num-dot-decimal" scale="6" id="f-3312">1,800</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-13" decimals="-6" name="ifrs-full:CurrentFinancialAssets" format="ixt:num-dot-decimal" scale="6" id="f-3313">1,078</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr></table></div></ix:nonNumeric><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:107%">"Short-term credits" includes at December 31, 2024, <ix:nonFraction unitRef="usd" contextRef="c-991" decimals="-6" name="ifrs-full:CurrentFinancialAssets" scale="6" id="f-3314">544</ix:nonFraction> million U.S. dollars (<ix:nonFraction unitRef="eur" contextRef="c-991" decimals="-6" name="ifrs-full:CurrentFinancialAssets" scale="6" id="f-3315">523</ix:nonFraction> million euros at the closing exchange rate) corresponding to the principal and interest of the favorable award regarding the investment dispute with the Republic of Colombia submitted to the ICSID (see notes 2 and 29.a).</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The impact on the consolidated income statement for 2024 amounted to <ix:nonFraction unitRef="usd" contextRef="c-992" decimals="-6" name="ifrs-full:OtherIncome" scale="6" id="f-3316">380</ix:nonFraction> million U.S. dollars (<ix:nonFraction unitRef="eur" contextRef="c-992" decimals="-6" name="ifrs-full:OtherIncome" scale="6" id="f-3317">358</ix:nonFraction> million euros) recorded under "Other income" (see Note 26) and <ix:nonFraction unitRef="usd" contextRef="c-992" decimals="-6" name="ifrs-full:FinanceIncome" scale="6" id="f-3318">164</ix:nonFraction> million U.S. dollars (<ix:nonFraction unitRef="eur" contextRef="c-992" decimals="-6" name="ifrs-full:FinanceIncome" scale="6" id="f-3319">154</ix:nonFraction> million euros) registered in "Finance income" (see Note 19).</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Additionally, "Short-term credits" includes the collection right with a maturity of less than twelve months arising from Telxius with American Tower Corporation in June 2021 as a result of the sale of the telecommunications towers division in Europe (Spain and Germany) amounting to <ix:nonFraction unitRef="eur" contextRef="c-993" decimals="-6" name="ifrs-full:CurrentFinancialAssets" scale="6" id="f-3320">90</ix:nonFraction> million euros. "Other long-term credits" includes the collection right with a maturity of more than twelve months (see Note 12). </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">At December 31, 2024 there are <ix:nonFraction unitRef="eur" contextRef="c-994" decimals="-6" name="ifrs-full:CurrentFinancialAssets" scale="6" id="f-3321">39</ix:nonFraction> million euros registered in deposits (<ix:nonFraction unitRef="eur" contextRef="c-995" decimals="-6" name="ifrs-full:CurrentFinancialAssets" scale="6" id="f-3322">50</ix:nonFraction> million euros at December 31, 2023), associated with collateral guarantees of Telef&#243;nica, S.A. classified as current according to the maturity of the underlying derivative instruments which they relate to</span><span style="color:#50535a;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The vast majority of short-term credits and deposits and guarantees recognized at amortized cost and at fair value with changes in "Other comprehensive income" (Note 16) are considered to be low credit risk assets. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">"Other current financial assets" includes short-term investments in financial instruments to cover commitments undertaken by the Group&#8217;s insurance companies, amounted to <ix:nonFraction unitRef="eur" contextRef="c-996" decimals="-6" name="ifrs-full:CurrentFinancialAssets" scale="6" id="f-3323">228</ix:nonFraction> million euros at December&#160;31, 2024 (<ix:nonFraction unitRef="eur" contextRef="c-997" decimals="-6" name="ifrs-full:CurrentFinancialAssets" scale="6" id="f-3324">187</ix:nonFraction> million euros at December&#160;31, 2023) and were recorded at fair value.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Current financial assets that are highly liquid and have maturity periods of three months or less from the date contracted, and present an insignificant risk of value changes, are recorded under &#8220;Cash and cash equivalents&#8221; on the accompanying consolidated statement of financial position.</span></div></ix:continuation><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">F-69</span></div></div></div><div id="i63478826478c4e0dbabc502413383f6b_328"></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><div style="margin-top:9pt;text-align:center"><span style="color:#a6a6a6;font-family:'Arial',sans-serif;font-size:18pt;font-weight:400;line-height:120%">Note 16. <ix:nonNumeric contextRef="c-1" name="ifrs-full:DisclosureOfFinancialInstrumentsExplanatory" id="f-3325" continuedAt="f-3325-1" escape="true">Breakdown of financial assets</ix:nonNumeric></span></div><ix:continuation id="f-3325-1" continuedAt="f-3325-2"><ix:continuation id="f-3073-4" continuedAt="f-3073-5"><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The breakdown of financial assets of the Telef&#243;nica Group at December&#160;31, 2024 is as follows: </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.707%"><tr><td style="width:1.0%"/><td style="width:14.589%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:6.378%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:4.911%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:6.524%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:5.351%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:5.791%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:6.378%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:8.430%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:8.430%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:7.844%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:6.671%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:5.503%"/><td style="width:0.1%"/></tr><tr><td colspan="36" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">December 31, 2024</span></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="6" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Fair value through profit or loss</span></td><td colspan="6" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;Fair value through other comprehensive income</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="9" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Measurement hierarchy</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span 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id="f-3424">17,426</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Trade receivables (Note 14)</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1048" decimals="-6" name="ifrs-full:CurrentFinancialAssets" format="ixt:fixed-zero" scale="6" id="f-3425">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1049" decimals="-6" name="ifrs-full:CurrentFinancialAssets" format="ixt:fixed-zero" scale="6" id="f-3426">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1050" decimals="-6" name="ifrs-full:CurrentFinancialAssets" scale="6" id="f-3427">850</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1051" decimals="-6" name="ifrs-full:CurrentFinancialAssets" format="ixt:fixed-zero" scale="6" id="f-3428">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1052" decimals="-6" name="ifrs-full:CurrentFinancialAssets" format="ixt:fixed-zero" scale="6" id="f-3429">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1053" decimals="-6" name="ifrs-full:CurrentFinancialAssets" format="ixt:fixed-zero" scale="6" id="f-3430">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1054" decimals="-6" name="ifrs-full:CurrentFinancialAssets" scale="6" id="f-3431">850</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1055" decimals="-6" name="ifrs-full:CurrentFinancialAssets" format="ixt:fixed-zero" scale="6" id="f-3432">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1056" decimals="-6" name="ifrs-full:CurrentFinancialAssets" format="ixt:num-dot-decimal" scale="6" id="f-3433">9,762</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1057" decimals="-6" name="ifrs-full:CurrentFinancialAssets" format="ixt:num-dot-decimal" scale="6" id="f-3434">10,612</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1057" decimals="-6" name="tef:CurrentFinancialAssetsAtFairValue" format="ixt:num-dot-decimal" scale="6" id="f-3435">7,564</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Impairment of trade receivables (Note 14)</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1068" decimals="-6" name="ifrs-full:CurrentFinancialAssets" format="ixt:fixed-zero" scale="6" id="f-3436">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1069" decimals="-6" name="ifrs-full:CurrentFinancialAssets" format="ixt:fixed-zero" scale="6" id="f-3437">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1070" decimals="-6" name="ifrs-full:CurrentFinancialAssets" format="ixt:fixed-zero" scale="6" id="f-3438">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1071" decimals="-6" name="ifrs-full:CurrentFinancialAssets" format="ixt:fixed-zero" scale="6" id="f-3439">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1072" decimals="-6" name="ifrs-full:CurrentFinancialAssets" format="ixt:fixed-zero" scale="6" id="f-3440">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1073" decimals="-6" name="ifrs-full:CurrentFinancialAssets" format="ixt:fixed-zero" scale="6" id="f-3441">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1074" decimals="-6" name="ifrs-full:CurrentFinancialAssets" format="ixt:fixed-zero" scale="6" id="f-3442">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1075" decimals="-6" name="ifrs-full:CurrentFinancialAssets" format="ixt:fixed-zero" scale="6" id="f-3443">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1076" decimals="-6" sign="-" name="ifrs-full:CurrentFinancialAssets" format="ixt:num-dot-decimal" scale="6" id="f-3444">3,048</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1077" decimals="-6" sign="-" name="ifrs-full:CurrentFinancialAssets" format="ixt:num-dot-decimal" scale="6" id="f-3445">3,048</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1077" decimals="-6" name="tef:CurrentFinancialAssetsAtFairValue" format="ixt:fixed-zero" scale="6" id="f-3446">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Other current financial assets (Note 15)</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1078" decimals="-6" name="ifrs-full:CurrentFinancialAssets" scale="6" id="f-3447">367</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 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0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1085" decimals="-6" name="ifrs-full:CurrentFinancialAssets" format="ixt:fixed-zero" scale="6" id="f-3454">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1086" decimals="-6" name="ifrs-full:CurrentFinancialAssets" format="ixt:num-dot-decimal" scale="6" id="f-3455">1,018</ix:nonFraction>&#160;</span></td><td style="border-top:1pt 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id="f-3475">4,232</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1005" decimals="-6" name="ifrs-full:FinancialAssets" scale="6" id="f-3476">14</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:2pt 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format="ixt:num-dot-decimal" scale="6" id="f-3478">22,765</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1007" decimals="-6" name="ifrs-full:FinancialAssetsAtFairValue" format="ixt:num-dot-decimal" scale="6" id="f-3479">22,765</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr></table></div></ix:continuation><div style="margin-bottom:210pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The calculation of the fair values of the Telef&#243;nica Group's debt instruments required an estimate, for each currency and counterparty, of a credit spread curve using the prices of the Group's bonds and credit derivatives. </span></div></ix:continuation><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">F-70</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><ix:continuation id="f-3325-2" continuedAt="f-3325-3"><ix:continuation id="f-3073-5"><div style="margin-top:9pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The breakdown of financial assets of the Telef&#243;nica Group at December&#160;31, 2023 was as follows: </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.707%"><tr><td style="width:1.0%"/><td style="width:12.536%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:6.671%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:4.911%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:5.204%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:5.791%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:6.378%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:6.964%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:9.603%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:9.603%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:7.257%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:6.524%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:5.358%"/><td style="width:0.1%"/></tr><tr><td colspan="36" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">December 31, 2023</span></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="6" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Fair value through profit or loss</span></td><td colspan="6" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;Fair value through other comprehensive income</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="9" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Measurement hierarchy</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Millions of euros</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Held for trading</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Fair value option</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Debt instru-ments</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Equity instru-ments</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Hedges</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Level 1 (Quoted prices)</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Level 2 (Other directly observable market inputs)</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Level 3 (Inputs not based on observable market data)</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Amortized cost</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total carrying amount</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total fair value</span></td></tr><tr><td colspan="3" style="border-top:2pt solid 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style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1106" decimals="-6" name="ifrs-full:CurrentFinancialAssets" format="ixt:num-dot-decimal" scale="6" id="f-3576">14,152</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span 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style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1155" decimals="-6" name="ifrs-full:CurrentFinancialAssets" format="ixt:fixed-zero" scale="6" id="f-3586">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1156" decimals="-6" name="ifrs-full:CurrentFinancialAssets" format="ixt:num-dot-decimal" scale="6" 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name="tef:CurrentFinancialAssetsAtFairValue" format="ixt:num-dot-decimal" scale="6" id="f-3589">7,430</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Impairment of trade receivables (Note 14)</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1168" decimals="-6" name="ifrs-full:CurrentFinancialAssets" format="ixt:fixed-zero" scale="6" id="f-3590">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1169" decimals="-6" name="ifrs-full:CurrentFinancialAssets" format="ixt:fixed-zero" scale="6" id="f-3591">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1170" decimals="-6" name="ifrs-full:CurrentFinancialAssets" format="ixt:fixed-zero" scale="6" id="f-3592">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt 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format="ixt:fixed-zero" scale="6" id="f-3596">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1175" decimals="-6" name="ifrs-full:CurrentFinancialAssets" format="ixt:fixed-zero" scale="6" id="f-3597">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1176" decimals="-6" sign="-" 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style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1195" decimals="-6" name="ifrs-full:CurrentFinancialAssets" format="ixt:fixed-zero" scale="6" id="f-3619">&#8212;</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1196" decimals="-6" name="ifrs-full:CurrentFinancialAssets" format="ixt:num-dot-decimal" scale="6" id="f-3620">7,151</ix:nonFraction></span><span 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style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1197" decimals="-6" name="tef:CurrentFinancialAssetsAtFairValue" format="ixt:num-dot-decimal" scale="6" id="f-3622">7,151</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total </span></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1098" decimals="-6" name="ifrs-full:FinancialAssets" scale="6" id="f-3623">515</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1099" decimals="-6" name="ifrs-full:FinancialAssets" format="ixt:fixed-zero" scale="6" id="f-3624">&#8212;</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1100" decimals="-6" name="ifrs-full:FinancialAssets" format="ixt:num-dot-decimal" scale="6" id="f-3625">1,234</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1101" decimals="-6" name="ifrs-full:FinancialAssets" scale="6" id="f-3626">578</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1102" decimals="-6" name="ifrs-full:FinancialAssets" format="ixt:num-dot-decimal" scale="6" id="f-3627">2,056</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1103" decimals="-6" name="ifrs-full:FinancialAssets" scale="6" id="f-3628">830</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1104" decimals="-6" name="ifrs-full:FinancialAssets" format="ixt:num-dot-decimal" scale="6" id="f-3629">3,540</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1105" decimals="-6" name="ifrs-full:FinancialAssets" scale="6" id="f-3630">13</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1106" decimals="-6" name="ifrs-full:FinancialAssets" format="ixt:num-dot-decimal" scale="6" id="f-3631">16,477</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1107" decimals="-6" name="ifrs-full:FinancialAssets" format="ixt:num-dot-decimal" scale="6" id="f-3632">20,860</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1107" decimals="-6" name="ifrs-full:FinancialAssetsAtFairValue" format="ixt:num-dot-decimal" scale="6" id="f-3633">20,860</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr></table></div></ix:continuation></ix:continuation><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">F-71</span></div></div></div><div id="i63478826478c4e0dbabc502413383f6b_331"></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><div style="margin-top:9pt;text-align:center"><span style="color:#a6a6a6;font-family:'Arial',sans-serif;font-size:18pt;font-weight:400;line-height:120%">Note 17. <ix:nonNumeric contextRef="c-1" name="ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory" id="f-3634" continuedAt="f-3634-1" escape="true">Equity</ix:nonNumeric></span></div><ix:continuation id="f-3634-1" continuedAt="f-3634-2"><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">a) Share capital and share premium</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">2024</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">At December 31, 2024, Telef&#243;nica, S.A.&#180;s share capital amounted to <ix:nonFraction unitRef="eur" contextRef="c-1198" decimals="INF" name="ifrs-full:IssuedCapital" format="ixt:num-dot-decimal" scale="0" id="f-3635">5,670,161,554</ix:nonFraction> euros and is divided into <ix:nonFraction unitRef="shares" contextRef="c-1198" decimals="INF" name="ifrs-full:NumberOfSharesOutstanding" format="ixt:num-dot-decimal" scale="0" id="f-3636">5,670,161,554</ix:nonFraction> common shares, of a single series and with a par value of <ix:nonFraction unitRef="eurPerShare" contextRef="c-1198" decimals="INF" name="ifrs-full:ParValuePerShare" format="ixt-sec:numwordsen" scale="0" id="f-3637">one</ix:nonFraction> euro each, fully paid in. All the shares of the Company have the same characteristics and carry the same rights and obligations. </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Board of Directors of Telef&#243;nica, S.A. at its meeting held on April 12, 2024, resolved to carry out the implementation of the share capital reduction through the cancellation of own shares approved by the Annual General Shareholders&#8217; Meeting held on the same day.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The share capital of Telef&#243;nica, S.A. was reduced in the amount of <ix:nonFraction unitRef="eur" contextRef="c-1199" decimals="INF" sign="-" name="ifrs-full:IncreaseDecreaseThroughTreasuryShareTransactions" format="ixt:num-dot-decimal" scale="0" id="f-3638">80,296,591</ix:nonFraction> euros, through the cancellation of <ix:nonFraction unitRef="shares" contextRef="c-1200" decimals="INF" sign="-" name="ifrs-full:IncreaseDecreaseInNumberOfSharesOutstanding" format="ixt:num-dot-decimal" scale="0" id="f-3639">80,296,591</ix:nonFraction> own shares of the Company held as treasury stock, with a nominal value of <ix:nonFraction unitRef="eurPerShare" contextRef="c-1201" decimals="INF" name="ifrs-full:ParValuePerShare" format="ixt-sec:numwordsen" scale="0" id="f-3640">one</ix:nonFraction> euro each. The share capital of the Company resulting from the reduction was set at <ix:nonFraction unitRef="eur" contextRef="c-1202" decimals="INF" name="ifrs-full:Equity" format="ixt:num-dot-decimal" scale="0" id="f-3641">5,670,161,554</ix:nonFraction> euros corresponding to <ix:nonFraction unitRef="shares" contextRef="c-1202" decimals="INF" name="ifrs-full:NumberOfSharesOutstanding" format="ixt:num-dot-decimal" scale="0" id="f-3642">5,670,161,554</ix:nonFraction> shares with a nominal value of <ix:nonFraction unitRef="eurPerShare" contextRef="c-1203" decimals="INF" name="ifrs-full:ParValuePerShare" format="ixt-sec:numwordsen" scale="0" id="f-3643">one</ix:nonFraction> euro each. Related to the capital reduction the share premium was reduced by <ix:nonFraction unitRef="eur" contextRef="c-1204" decimals="-6" sign="-" name="ifrs-full:IncreaseDecreaseThroughTreasuryShareTransactions" scale="6" id="f-3644">230</ix:nonFraction> million euros.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The reduction did not entail the return of contributions to the shareholders since the Company was the owner of the cancelled shares. The reduction was carried out with a charge to unrestricted reserves, through the allocation of a reserve for cancelled share capital in an amount equal to the nominal value of the cancelled shares (i.e. for an amount of <ix:nonFraction unitRef="eur" contextRef="c-1199" decimals="INF" sign="-" name="ifrs-full:IncreaseDecreaseThroughTreasuryShareTransactions" format="ixt:num-dot-decimal" scale="0" id="f-3645">80,296,591</ix:nonFraction> euros). This reserve for cancelled share capital can only be used if the same requirements as those applicable to the reduction of share capital are met. Therefore, in accordance with the Section 335.c) of the Corporate Enterprises Act, the creditors of the Company cannot claim the opposition right disclosed in article 334 of the Corporate Enterprise Act.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On May 13, 2024, the deed relating to the share capital reduction was registered in the Commercial Registry of Madrid.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The shares of Telef&#243;nica, S.A. are represented by book entries that are listed on the Spanish Electronic Market (within the selective Ibex 35 index) and on the four Spanish Stock Exchanges (Madrid, Barcelona, Valencia and Bilbao), as well as on the New York and Lima Stock Exchanges (on these latter two Exchanges through American Depositary Shares (ADSs), with each ADS representing one share of the Company).  </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">2023</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">At December 31, 2023, Telef&#243;nica, S.A.&#180;s share capital amounted to <ix:nonFraction unitRef="eur" contextRef="c-1205" decimals="INF" name="ifrs-full:IssuedCapital" format="ixt:num-dot-decimal" scale="0" id="f-3646">5,750,458,145</ix:nonFraction> euros and was divided into <ix:nonFraction unitRef="shares" contextRef="c-1205" decimals="INF" name="ifrs-full:NumberOfSharesOutstanding" format="ixt:num-dot-decimal" scale="0" id="f-3647">5,750,458,145</ix:nonFraction> common shares, of a single series and with a par value of <ix:nonFraction unitRef="eurPerShare" contextRef="c-1205" decimals="INF" name="ifrs-full:ParValuePerShare" format="ixt-sec:numwordsen" scale="0" id="f-3648">one</ix:nonFraction> euro each, fully paid in.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Board of Directors of Telef&#243;nica, S.A. at its meeting held on March 31, 2023, resolved to carry out the implementation of the share capital reduction through the cancellation of own shares approved by the Annual General Shareholders&#8217; Meeting held on March 31, 2023.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The share capital of Telef&#243;nica, S.A. was reduced in the amount of <ix:nonFraction unitRef="eur" contextRef="c-1206" decimals="INF" sign="-" name="ifrs-full:IncreaseDecreaseThroughTreasuryShareTransactions" format="ixt:num-dot-decimal" scale="0" id="f-3649">24,779,409</ix:nonFraction> euros, through the cancellation of <ix:nonFraction unitRef="shares" contextRef="c-1207" decimals="INF" sign="-" name="ifrs-full:IncreaseDecreaseInNumberOfSharesOutstanding" format="ixt:num-dot-decimal" scale="0" id="f-3650">24,779,409</ix:nonFraction> own shares of the Company held as treasury stock, with a nominal value of <ix:nonFraction unitRef="eurPerShare" contextRef="c-1208" decimals="INF" name="ifrs-full:ParValuePerShare" format="ixt-sec:numwordsen" scale="0" id="f-3651">one</ix:nonFraction> euro each. The share capital of the Company resulting from the reduction was set at <ix:nonFraction unitRef="eur" contextRef="c-1209" decimals="INF" name="ifrs-full:Equity" format="ixt:num-dot-decimal" scale="0" id="f-3652">5,750,458,145</ix:nonFraction> euros corresponding to <ix:nonFraction unitRef="shares" contextRef="c-1209" decimals="INF" name="ifrs-full:NumberOfSharesOutstanding" format="ixt:num-dot-decimal" scale="0" id="f-3653">5,750,458,145</ix:nonFraction> shares with a nominal value of <ix:nonFraction unitRef="eurPerShare" contextRef="c-1209" decimals="INF" name="ifrs-full:ParValuePerShare" format="ixt-sec:numwordsen" scale="0" id="f-3654">one</ix:nonFraction> euro each. Related to the capital reduction the share premium was reduced by <ix:nonFraction unitRef="eur" contextRef="c-1210" decimals="-6" sign="-" name="ifrs-full:IncreaseDecreaseThroughTreasuryShareTransactions" scale="6" id="f-3655">73</ix:nonFraction> million euros.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The reduction of capital did not entail the return of contributions to the shareholders since the Company was the owner of the cancelled shares. The reduction was carried out with a charge to unrestricted reserves, through the allocation of a reserve for cancelled share capital in an amount equal to the nominal value of the cancelled shares (i.e. for an amount of <ix:nonFraction unitRef="eur" contextRef="c-1206" decimals="INF" sign="-" name="ifrs-full:IncreaseDecreaseThroughTreasuryShareTransactions" format="ixt:num-dot-decimal" scale="0" id="f-3656">24,779,409</ix:nonFraction> euros). This reserve for cancelled share capital could only be used if the same requirements as those applicable to the reduction of share capital were met. Therefore, in accordance with the Section 335.c) of the Corporate Enterprises Act, the creditors of the Company could not claim the opposition right disclosed in article 334 of the Corporate Enterprise Act.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On April 17, 2023, the deed relating to the share capital reduction was registered in the Commercial Registry of Madrid.</span></div></ix:continuation><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">F-72</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><ix:continuation id="f-3634-2" continuedAt="f-3634-3"><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Authorizations by Shareholders&#8217; Meeting</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">As regards the authorizations conferred in respect of the share capital, the shareholders acting at the Ordinary General Shareholders&#8217; Meeting held on June 12, 2020 resolved to delegate to the Board of Directors, as broadly as required by Law, pursuant to the provisions of Section 297.1.b) of the Companies Act, the power to increase the share capital on one or more occasions and at any time, within a period of five year from the date of adoption of such resolution, by the maximum nominal amount of <ix:nonFraction unitRef="eur" contextRef="c-1211" decimals="INF" name="tef:MaximumAuthorizedIssuedCapital" format="ixt:num-dot-decimal" scale="0" id="f-3657">2,596,065,843</ix:nonFraction> euros, equal to one-half of the share capital of the Company on the date of adoption of the resolution at the General Shareholders&#8217; Meeting, issuing and floating the respective new shares for such purpose with or without a premium, the consideration for which will consist of monetary contributions, with express provision for incomplete subscription of the shares to be issued. The Board of Directors was also authorized to exclude pre-emptive rights in whole or in part, as provided in section 506 of the Companies Act. However, the power to exclude pre-emptive rights is limited to 20% of the share capital on the date on which the resolution is adopted. In accordance with the above-mentioned authorization, as of the end of fiscal year 2024, the Board would be authorized to increase the share capital by the maximum nominal amount of <ix:nonFraction unitRef="eur" contextRef="c-1198" decimals="INF" name="tef:MaximumAuthorizedIssuedCapital" format="ixt:num-dot-decimal" scale="0" id="f-3658">2,596,065,843</ix:nonFraction> euros. </span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Furthermore, the shareholders acting at the Ordinary General Shareholders&#8217; Meeting of Telef&#243;nica, S.A. held on June 12, 2020 delegated to the Board of Directors, in accordance with the general rules governing the issuance of debentures and pursuant to the provisions of applicable law and the Company&#8217;s By-Laws, the power to issue securities, including preferred shares and warrants, with the power to exclude the pre-emptive rights of shareholders. The aforementioned securities may be issued on one or more occasions, within a maximum period of five years as from the date of adoption of the resolution. The securities issued may be debentures, bonds, notes and other fixed-income securities, or debt instruments of a similar nature, or hybrid instruments in any of the forms admitted by Law (including, among others, preferred interests) both simple and, in the case of debentures, bonds and hybrid instruments, convertible into shares of the Company and/or exchangeable for shares of the Company, of any of the companies of its Group or of any other company and/or giving the holders thereof an interest in the corporate earnings. Such delegation also includes warrants or other similar instruments that may entitle the holders thereof, directly or indirectly, to subscribe for or acquire newly-issued or outstanding shares, payable by physical delivery or through differences. The aggregate amount of the issuance or issuances of instruments that may be approved in reliance on this delegation may not exceed, at any time, <ix:nonFraction unitRef="eur" contextRef="c-1212" decimals="-6" name="tef:AggregateAmountofIssuanceofSecurities" format="ixt:num-dot-decimal" scale="6" id="f-3659">25,000</ix:nonFraction> million euros or the equivalent thereof in another currency. In the case of notes and for purposes of the above-mentioned limits, the outstanding balance of those issued in reliance on the delegation shall be computed. In the case of warrants, and also for the purpose of such limit, the sum of the premiums and exercise prices of each issuance shall be taken into account.  </span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Furthermore, under the aforementioned delegation resolution, the shareholders at the Ordinary General Shareholders&#8217; Meeting of Telef&#243;nica, S.A. resolved to authorize the Board of Directors to guarantee, in the name of the Company, the issuance of the aforementioned instruments issued by the Companies belonging to its Group of Companies, within a maximum period of five years as from the date of adoption of the resolution. </span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Furthermore, on March 31, 2023, shareholders voted to authorize the acquisition by the Board of Directors of Telef&#243;nica, S.A. treasury shares, up to the limits and pursuant to the terms and conditions established at the Shareholders&#8217; Meeting, within a maximum five-year period from that date. However, it specified that in no circumstances could the par value of the shares acquired, added to that of the treasury shares already held by Telef&#243;nica, S.A. and by any of its controlled subsidiaries, exceed the maximum legal percentage at any time. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">b) Dividends</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Dividends distribution in 2024</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Approval was given at the General Shareholders&#8217; Meeting of April 12, 2024 to pay a dividend in cash charge to unrestricted reserves amounting to <ix:nonFraction unitRef="eurPerShare" contextRef="c-1213" decimals="2" name="ifrs-full:DividendsPaidOrdinarySharesPerShare" scale="0" id="f-3660">0.30</ix:nonFraction> euros per share payable in <ix:nonFraction unitRef="tranche" contextRef="c-1214" decimals="INF" name="tef:NumberOfTranchesForDividendsPayable" format="ixt-sec:numwordsen" scale="0" id="f-3661">two</ix:nonFraction> tranches. </span></div><div style="margin-bottom:18pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On June 20, 2024, <ix:nonFraction unitRef="eurPerShare" contextRef="c-1215" decimals="2" name="ifrs-full:DividendsPaidOrdinarySharesPerShare" format="ixt:num-dot-decimal" id="f-3662">0.15</ix:nonFraction> euros per share was paid, for a total amount of <ix:nonFraction unitRef="eur" contextRef="c-1215" decimals="-6" name="ifrs-full:DividendsPaidOrdinaryShares" scale="6" id="f-3663">846</ix:nonFraction> million euros, and on December 19, 2024, a second payment of <ix:nonFraction unitRef="eurPerShare" contextRef="c-1216" decimals="2" name="ifrs-full:DividendsPaidOrdinarySharesPerShare" scale="0" id="f-3664">0.15</ix:nonFraction> euros amounting to <ix:nonFraction unitRef="eur" contextRef="c-1216" decimals="-6" name="ifrs-full:DividendsPaidOrdinaryShares" scale="6" id="f-3665">847</ix:nonFraction> million euros.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Dividends distribution in 2023</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Approval was given at the General Shareholders&#8217; Meeting of March 31, 2023 to pay a dividend in cash charge to unrestricted reserves, in <ix:nonFraction unitRef="tranche" contextRef="c-1217" decimals="INF" name="tef:NumberOfTranchesForDividendsPayable" format="ixt-sec:numwordsen" scale="0" id="f-3666">two</ix:nonFraction> tranches, for an approximate amount of <ix:nonFraction unitRef="eurPerShare" contextRef="c-1218" decimals="2" name="ifrs-full:DividendsPaidOrdinarySharesPerShare" scale="0" id="f-3667">0.30</ix:nonFraction> euros per share.</span></div></ix:continuation><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">F-73</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><ix:continuation id="f-3634-3" continuedAt="f-3634-4"><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On June 15, 2023, <ix:nonFraction unitRef="eurPerShare" contextRef="c-1219" decimals="2" name="ifrs-full:DividendsPaidOrdinarySharesPerShare" scale="0" id="f-3668">0.15</ix:nonFraction> euros per share was paid, for a total amount of <ix:nonFraction unitRef="eur" contextRef="c-1219" decimals="-6" name="ifrs-full:DividendsPaidOrdinaryShares" scale="6" id="f-3669">851</ix:nonFraction> million euros, and on December 14, 2023, a second payment of <ix:nonFraction unitRef="eurPerShare" contextRef="c-1220" decimals="2" name="ifrs-full:DividendsPaidOrdinarySharesPerShare" scale="0" id="f-3670">0.15</ix:nonFraction> euros amounting to <ix:nonFraction unitRef="eur" contextRef="c-1220" decimals="-6" name="ifrs-full:DividendsPaidOrdinaryShares" scale="6" id="f-3671">847</ix:nonFraction> million euros.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Dividends distribution in 2022</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Approval was given at the General Shareholders&#8217; Meeting of April 8 2022 to pay a dividend in <ix:nonFraction unitRef="tranche" contextRef="c-1221" decimals="INF" name="tef:NumberOfTranchesForDividendsPayable" format="ixt-sec:numwordsen" scale="0" id="f-3672">two</ix:nonFraction> tranches for an approximately amount of <ix:nonFraction unitRef="eurPerShare" contextRef="c-1222" decimals="2" name="ifrs-full:DividendsPaidOrdinarySharesPerShare" scale="0" id="f-3673">0.30</ix:nonFraction> euros per share.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On June 22, 2022, took place the payment of a scrip dividend of approximately <ix:nonFraction unitRef="eurPerShare" contextRef="c-1223" decimals="2" name="ifrs-full:DividendsPaidOrdinarySharesPerShare" scale="0" id="f-3674">0.15</ix:nonFraction> euros per share consisting of the assignment of free allotment rights with an irrevocable purchase commitment by the Company, after the adoption of the corresponding corporate resolutions.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">At its meeting held on May 25, 2022, the Executive Commission of Telef&#243;nica, S.A. Board of Directors agreed to carry out the execution of the increase in paid-up capital, related to the shareholders compensation by means of a scrip dividend. Thus, each shareholder received <ix:nonFraction unitRef="allotmentright" contextRef="c-1224" decimals="INF" name="tef:NumberOfFreeOfChargeAllotmentRights" format="ixt-sec:numwordsen" scale="0" id="f-3675">one</ix:nonFraction> free allotment right for each Telef&#243;nica share held. Such free allotment rights were traded on the Continuous Market in Spain during a period of <ix:nonNumeric contextRef="c-1225" name="tef:FreeOfChargeAllotmentRightsTradingPeriod" format="ixt-sec:durday" id="f-3676">15</ix:nonNumeric> calendar days. Once this trading period ended, the shareholders of <ix:nonFraction unitRef="number" contextRef="c-1226" decimals="4" name="tef:PercentageOfShareholdersIssuedFreeOfChargeAllotmentRightsIssuedInCash" scale="-2" id="f-3677">25.54</ix:nonFraction>% of the free-of-charge allotment rights accepted the irrevocable purchase commitment assumed by Telef&#243;nica, S.A. The payment was made on June 16, 2022. The gross impact of this dividend amounted to <ix:nonFraction unitRef="eur" contextRef="c-1227" decimals="-6" name="ifrs-full:DividendsPaidOrdinaryShares" scale="6" id="f-3678">213</ix:nonFraction> million euros.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On the other hand, the shareholders of <ix:nonFraction unitRef="number" contextRef="c-1228" decimals="4" name="tef:PercentageOfShareholdersIssuedFreeOfChargeAllotmentRightsIssuedInShares" scale="-2" id="f-3679">74.46</ix:nonFraction>% of the free-of-charge allotment rights were entitled, therefore, to receive new shares of Telef&#243;nica, S.A. So the final number of shares issued after June 24, 2022 in the capital increase was <ix:nonFraction unitRef="shares" contextRef="c-1229" decimals="INF" name="ifrs-full:IncreaseDecreaseInNumberOfSharesOutstanding" format="ixt:num-dot-decimal" scale="0" id="f-3680">135,464,591</ix:nonFraction> shares with a nominal value of <ix:nonFraction unitRef="eurPerShare" contextRef="c-1228" decimals="INF" name="ifrs-full:ParValuePerShare" scale="0" id="f-3681">1</ix:nonFraction> euro each.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On December 15, 2022 took place the payment of a dividend of <ix:nonFraction unitRef="eurPerShare" contextRef="c-1223" decimals="2" name="ifrs-full:DividendsPaidOrdinarySharesPerShare" scale="0" id="f-3682">0.15</ix:nonFraction> euros per share amounting to <ix:nonFraction unitRef="eur" contextRef="c-1230" decimals="-6" name="ifrs-full:DividendsPaidOrdinaryShares" scale="6" id="f-3683">854</ix:nonFraction> million euros. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Proposed distribution of results of the parent company </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Telef&#243;nica, S.A. genera</span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">ted <ix:nonFraction unitRef="eur" contextRef="c-201" decimals="-6" name="ifrs-full:ProfitLoss" scale="6" id="f-3684">563</ix:nonFraction> million euros of profits in 2024. </span></div><ix:nonNumeric contextRef="c-1" name="tef:DistributionofProfitTableTextBlock" id="f-3685" escape="true"><div style="margin-top:9pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company&#8217;s Board of Directors will submit the following proposed distribution of 2024 results for approval at the Shareholders&#8217; Meeting:</span></div><div style="margin-top:9pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.853%"><tr><td style="width:1.0%"/><td style="width:70.935%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:26.865%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Millions of euros</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Legal reserve</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-201" decimals="-6" name="tef:ProposedDistributionLegalReserve" format="ixt:fixed-zero" scale="6" id="f-3686">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Unrestricted reserves</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-201" decimals="-6" name="tef:ProposedDistributionOtherReserves" scale="6" id="f-3687">563</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total</span></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-201" decimals="-6" name="ifrs-full:ProfitLoss" scale="6" id="f-3688">563</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr></table></div></ix:nonNumeric></ix:continuation><div style="margin-top:9pt;text-align:justify"><span><br/></span></div><div style="margin-top:9pt;text-align:justify"><span><br/></span></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">F-74</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><ix:continuation id="f-3634-4" continuedAt="f-3634-5"><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">c) Other equity instruments</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Undated deeply subordinated securities</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Unless specified otherwise, undated deeply subordinated securities were issued by Telef&#243;nica Europe, B.V. </span></div><ix:nonNumeric contextRef="c-1" name="ifrs-full:DisclosureOfSubordinatedLiabilitiesExplanatory" id="f-3689" escape="true"><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The characteristic of undated deeply subordinated securities, the detail of the tender offer and the amounts repurchased in the operations and the amount amortized in advance, are the following (million euros):</span></div><div style="margin-top:9pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.853%"><tr><td style="width:1.0%"/><td style="width:10.027%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:8.856%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:10.027%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:10.027%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:10.027%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:11.052%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:10.027%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:10.027%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:10.030%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Issue date</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Annual&#160;<br/>Fix&#160;&#160;&#160;&#160;&#160;</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Variable</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Exercisable by issuer</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">12/31/2023</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Tender Offer</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Amount repurchased</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Redemption</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">12/31/2024</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">09/18/2024  </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(1)</span></div></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-1231" decimals="INF" name="ifrs-full:BorrowingsInterestRate" scale="-2" id="f-3690">6.750</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">from 09/07/31  rate SWAP + spread incremental</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2031</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"><ix:nonFraction unitRef="eur" contextRef="c-1232" xsi:nil="true" name="ifrs-full:Borrowings" id="f-3691"></ix:nonFraction></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"><ix:nonFraction unitRef="eur" contextRef="c-1233" xsi:nil="true" name="tef:TenderOfferofEquityInstrument" id="f-3692"></ix:nonFraction></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"><ix:nonFraction unitRef="eur" contextRef="c-1233" xsi:nil="true" name="tef:AmountRepurchasedofEquityInstrument" id="f-3693"></ix:nonFraction></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"><ix:nonFraction unitRef="eur" contextRef="c-1233" xsi:nil="true" name="tef:RedemptionofEquityInstrument" id="f-3694"></ix:nonFraction></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1234" decimals="-6" name="ifrs-full:Borrowings" scale="6" id="f-3695">200</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">03/15/2024  </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(1)</span></div></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-1235" decimals="INF" name="ifrs-full:BorrowingsInterestRate" scale="-2" id="f-3696">5.752</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">from 04/15/32 rate SWAP + spread incremental</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2032</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"><ix:nonFraction unitRef="eur" contextRef="c-1236" xsi:nil="true" name="ifrs-full:Borrowings" id="f-3697"></ix:nonFraction></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"><ix:nonFraction unitRef="eur" contextRef="c-1237" xsi:nil="true" name="tef:TenderOfferofEquityInstrument" id="f-3698"></ix:nonFraction></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"><ix:nonFraction unitRef="eur" contextRef="c-1237" xsi:nil="true" name="tef:AmountRepurchasedofEquityInstrument" id="f-3699"></ix:nonFraction></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"><ix:nonFraction unitRef="eur" contextRef="c-1237" xsi:nil="true" name="tef:RedemptionofEquityInstrument" id="f-3700"></ix:nonFraction></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1238" decimals="-6" name="ifrs-full:Borrowings" format="ixt:num-dot-decimal" scale="6" id="f-3701">1,100</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">09/7/2023 </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(1)</span></div></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-1239" decimals="INF" name="ifrs-full:BorrowingsInterestRate" scale="-2" id="f-3702">6.750</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">from 09/07/31 rate SWAP + spread incremental</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2031</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1240" decimals="-6" name="ifrs-full:Borrowings" scale="6" id="f-3703">750</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"><ix:nonFraction unitRef="eur" contextRef="c-1241" xsi:nil="true" name="tef:TenderOfferofEquityInstrument" id="f-3704"></ix:nonFraction></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"><ix:nonFraction unitRef="eur" contextRef="c-1241" xsi:nil="true" name="tef:AmountRepurchasedofEquityInstrument" id="f-3705"></ix:nonFraction></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"><ix:nonFraction unitRef="eur" contextRef="c-1241" xsi:nil="true" name="tef:RedemptionofEquityInstrument" id="f-3706"></ix:nonFraction></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1242" decimals="-6" name="ifrs-full:Borrowings" scale="6" id="f-3707">750</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">02/2/2023 </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(1)</span></div></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-1243" decimals="INF" name="ifrs-full:BorrowingsInterestRate" scale="-2" id="f-3708">6.135</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">from 05/03/30 rate SWAP + spread incremental</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2030</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1244" decimals="-6" name="ifrs-full:Borrowings" format="ixt:num-dot-decimal" scale="6" id="f-3709">1,000</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"><ix:nonFraction unitRef="eur" contextRef="c-1245" xsi:nil="true" name="tef:TenderOfferofEquityInstrument" id="f-3710"></ix:nonFraction></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"><ix:nonFraction unitRef="eur" contextRef="c-1245" xsi:nil="true" name="tef:AmountRepurchasedofEquityInstrument" id="f-3711"></ix:nonFraction></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"><ix:nonFraction unitRef="eur" contextRef="c-1245" xsi:nil="true" name="tef:RedemptionofEquityInstrument" id="f-3712"></ix:nonFraction></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1246" decimals="-6" name="ifrs-full:Borrowings" format="ixt:num-dot-decimal" scale="6" id="f-3713">1,000</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">11/23/2022</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline"> (1)</span></div></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-1247" decimals="INF" name="ifrs-full:BorrowingsInterestRate" scale="-2" id="f-3714">7.125</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">from 11/23/28 rate SWAP + spread incremental</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2028</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1248" decimals="-6" name="ifrs-full:Borrowings" scale="6" id="f-3715">750</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"><ix:nonFraction unitRef="eur" contextRef="c-1249" xsi:nil="true" name="tef:TenderOfferofEquityInstrument" id="f-3716"></ix:nonFraction></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"><ix:nonFraction unitRef="eur" contextRef="c-1249" xsi:nil="true" name="tef:AmountRepurchasedofEquityInstrument" id="f-3717"></ix:nonFraction></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"><ix:nonFraction unitRef="eur" contextRef="c-1249" xsi:nil="true" name="tef:RedemptionofEquityInstrument" id="f-3718"></ix:nonFraction></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1250" decimals="-6" name="ifrs-full:Borrowings" scale="6" id="f-3719">750</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">11/24/2021</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline"> (2)</span></div></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-1251" decimals="INF" name="ifrs-full:BorrowingsInterestRate" scale="-2" id="f-3720">2.880</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">from 05/24/28 rate SWAP + spread incremental</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2028</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1252" decimals="-6" name="ifrs-full:Borrowings" scale="6" id="f-3721">750</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"><ix:nonFraction unitRef="eur" contextRef="c-1253" xsi:nil="true" name="tef:TenderOfferofEquityInstrument" id="f-3722"></ix:nonFraction></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"><ix:nonFraction unitRef="eur" contextRef="c-1253" xsi:nil="true" name="tef:AmountRepurchasedofEquityInstrument" id="f-3723"></ix:nonFraction></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"><ix:nonFraction unitRef="eur" contextRef="c-1253" xsi:nil="true" name="tef:RedemptionofEquityInstrument" id="f-3724"></ix:nonFraction></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1254" decimals="-6" name="ifrs-full:Borrowings" scale="6" id="f-3725">750</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">02/12/2021</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline"> (2)</span></div></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-1255" decimals="INF" name="ifrs-full:BorrowingsInterestRate" scale="-2" id="f-3726">2.376</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">from 05/12/29 rate SWAP + spread incremental</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2029</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1256" decimals="-6" name="ifrs-full:Borrowings" format="ixt:num-dot-decimal" scale="6" id="f-3727">1,000</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"><ix:nonFraction unitRef="eur" contextRef="c-1257" xsi:nil="true" name="tef:TenderOfferofEquityInstrument" id="f-3728"></ix:nonFraction></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"><ix:nonFraction unitRef="eur" contextRef="c-1257" xsi:nil="true" name="tef:AmountRepurchasedofEquityInstrument" id="f-3729"></ix:nonFraction></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"><ix:nonFraction unitRef="eur" contextRef="c-1257" xsi:nil="true" name="tef:RedemptionofEquityInstrument" id="f-3730"></ix:nonFraction></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1258" decimals="-6" name="ifrs-full:Borrowings" format="ixt:num-dot-decimal" scale="6" id="f-3731">1,000</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">02/05/2020</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline"> (1)</span></div></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-1259" decimals="INF" name="ifrs-full:BorrowingsInterestRate" scale="-2" id="f-3732">2.502</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">from 05/05/27 rate SWAP + spread incremental</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2027</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1260" decimals="-6" name="ifrs-full:Borrowings" scale="6" id="f-3733">500</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"><ix:nonFraction unitRef="eur" contextRef="c-1261" xsi:nil="true" name="tef:TenderOfferofEquityInstrument" id="f-3734"></ix:nonFraction></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"><ix:nonFraction unitRef="eur" contextRef="c-1261" xsi:nil="true" name="tef:AmountRepurchasedofEquityInstrument" id="f-3735"></ix:nonFraction></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"><ix:nonFraction unitRef="eur" contextRef="c-1261" xsi:nil="true" name="tef:RedemptionofEquityInstrument" id="f-3736"></ix:nonFraction></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1262" decimals="-6" name="ifrs-full:Borrowings" scale="6" id="f-3737">500</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">09/24/2019</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-1263" decimals="INF" name="ifrs-full:BorrowingsInterestRate" scale="-2" id="f-3738">2.875</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">from 09/24/27 rate SWAP + spread incremental</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2027</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1264" decimals="-6" name="ifrs-full:Borrowings" scale="6" id="f-3739">500</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"><ix:nonFraction unitRef="eur" contextRef="c-1265" xsi:nil="true" name="tef:TenderOfferofEquityInstrument" id="f-3740"></ix:nonFraction></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"><ix:nonFraction unitRef="eur" contextRef="c-1265" xsi:nil="true" name="tef:AmountRepurchasedofEquityInstrument" id="f-3741"></ix:nonFraction></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"><ix:nonFraction unitRef="eur" contextRef="c-1265" xsi:nil="true" name="tef:RedemptionofEquityInstrument" id="f-3742"></ix:nonFraction></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1266" decimals="-6" name="ifrs-full:Borrowings" scale="6" id="f-3743">500</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">03/14/2019</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-1267" decimals="INF" name="ifrs-full:BorrowingsInterestRate" scale="-2" id="f-3744">4.375</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">from 03/14/25 rate SWAP + spread incremental</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2025</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1268" decimals="-6" name="ifrs-full:Borrowings" format="ixt:num-dot-decimal" scale="6" id="f-3745">1,300</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1269" decimals="-6" name="tef:TenderOfferofEquityInstrument" format="ixt:num-dot-decimal" scale="6" id="f-3746">1,300</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1269" decimals="-6" name="tef:AmountRepurchasedofEquityInstrument" format="ixt:num-dot-decimal" scale="6" id="f-3747">1,097</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1269" decimals="-6" name="tef:RedemptionofEquityInstrument" scale="6" id="f-3748">203</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1270" decimals="-6" name="ifrs-full:Borrowings" format="ixt:fixed-zero" scale="6" id="f-3749">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">03/22/2018</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-1271" decimals="INF" name="ifrs-full:BorrowingsInterestRate" scale="-2" id="f-3750">3.875</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">from 09/22/26 rate SWAP + spread incremental</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2026</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1272" decimals="-6" name="ifrs-full:Borrowings" format="ixt:num-dot-decimal" scale="6" id="f-3751">1,000</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"><ix:nonFraction unitRef="eur" contextRef="c-1273" xsi:nil="true" name="tef:TenderOfferofEquityInstrument" id="f-3752"></ix:nonFraction></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"><ix:nonFraction unitRef="eur" contextRef="c-1273" xsi:nil="true" name="tef:AmountRepurchasedofEquityInstrument" id="f-3753"></ix:nonFraction></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"><ix:nonFraction unitRef="eur" contextRef="c-1273" xsi:nil="true" name="tef:RedemptionofEquityInstrument" id="f-3754"></ix:nonFraction></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1274" decimals="-6" name="ifrs-full:Borrowings" format="ixt:num-dot-decimal" scale="6" id="f-3755">1,000</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td colspan="3" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td colspan="3" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td colspan="3" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1275" decimals="-6" name="ifrs-full:Borrowings" format="ixt:num-dot-decimal" scale="6" id="f-3756">7,550</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:0 1pt"/><td colspan="3" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:0 1pt"/><td colspan="3" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:0 1pt"/><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1276" decimals="-6" name="ifrs-full:Borrowings" format="ixt:num-dot-decimal" scale="6" id="f-3757">7,550</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr></table></div><div style="text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:4.55pt;font-weight:400;line-height:120%;position:relative;top:-2.44pt;vertical-align:baseline">(1)</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:120%"> Green undated deeply subordinated securities (see Note 29.d)</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:4.55pt;font-weight:400;line-height:120%;position:relative;top:-2.44pt;vertical-align:baseline">(2)</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:120%"> Sustainable undated deeply subordinated securities (see Note 29.d)</span></div></ix:nonNumeric><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In all issuances of undated deeply subordinated securities (hybrid instruments), the issuer has an option to defer the payment of coupons and holders of such securities cannot call for payment. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">As the repayment of principal and the payment of coupons depend solely on Telef&#243;nica&#8217;s decision, these undated deeply subordinated securities are equity instruments and are presented under &#8220;Other equity instruments&#8221; in the accompanying consolidated statement of changes in equity. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In March 2024 Telef&#243;nica Europe, B.V. carried out two transactions on its hybrid capital: (a) a new issue amounting to <ix:nonFraction unitRef="eur" contextRef="c-1277" decimals="-6" name="ifrs-full:Borrowings" format="ixt:num-dot-decimal" scale="6" id="f-3758">1,100</ix:nonFraction> million euros, guaranteed by Telef&#243;nica, S.A. (see Note 29.d) and (b) a tender offer on a hybrid instruments, denominated in euros, with a first call date in March 2025. The issuer accepted the purchase in cash of the tendered securities in a principal amount of <ix:nonFraction unitRef="eur" contextRef="c-1278" decimals="-6" name="tef:AmountRepurchasedofEquityInstrument" format="ixt:num-dot-decimal" scale="6" id="f-3759">1,097</ix:nonFraction> million euros.</span></div></ix:continuation><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">F-75</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><ix:continuation id="f-3634-5" continuedAt="f-3634-6"><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In September 2024, Telef&#243;nica Europe, B.V. carried out a reopening of <ix:nonFraction unitRef="eur" contextRef="c-1279" decimals="-6" name="ifrs-full:Borrowings" scale="6" id="f-3760">750</ix:nonFraction> million euros hybrid instruments issued in September 2023 for an amount of  <ix:nonFraction unitRef="eur" contextRef="c-1280" decimals="-6" name="tef:AmountRepurchasedofEquityInstrument" scale="6" id="f-3761">200</ix:nonFraction> million euros, guaranteed by Telef&#243;nica, S.A. (see Note 29.d).</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In October 2024, Telef&#243;nica Europe, B.V. exercised the clean-up call option for the remaining hybrid instruments with first non-call date March 2025, with an aggregate principal amount of <ix:nonFraction unitRef="eur" contextRef="c-1281" decimals="-6" name="tef:AmountRepurchasedofEquityInstrument" scale="6" id="f-3762">203</ix:nonFraction> million euros. </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In 2024, the payment of the coupons related to hybrids instruments, in an aggregate amount, net of tax effects, of <ix:nonFraction unitRef="eur" contextRef="c-45" decimals="-6" name="tef:PaymentsofCouponRelatedtoUndatedDeeplySubordinatedDebtNetofTax" format="ixt:num-dot-decimal" scale="6" id="f-3763">249</ix:nonFraction>&#160;million euros (<ix:nonFraction unitRef="eur" contextRef="c-81" decimals="-6" name="tef:PaymentsofCouponRelatedtoUndatedDeeplySubordinatedDebtNetofTax" scale="6" id="f-3764">239</ix:nonFraction> million and <ix:nonFraction unitRef="eur" contextRef="c-104" decimals="-6" name="tef:PaymentsofCouponRelatedtoUndatedDeeplySubordinatedDebtNetofTax" scale="6" id="f-3765">201</ix:nonFraction> million euros in 2023 and 2022, respectively), was recorded as &#8220;Retained earnings&#8221; in the consolidated statements of changes in equity.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">d) Legal reserve</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">According to the article 274 of the consolidated text of the Spanish Corporate Enterprises Act, companies must transfer <ix:nonFraction unitRef="number" contextRef="c-12" decimals="2" name="tef:LegalReserveRequiredPercentageOfProfits" scale="-2" id="f-3766">10</ix:nonFraction>% of profit for the year to a legal reserve until this reserve reaches at least <ix:nonFraction unitRef="number" contextRef="c-12" decimals="2" name="tef:LegalReserveMinimumPercentageOfShareCapital" scale="-2" id="f-3767">20</ix:nonFraction>% of share capital. The legal reserve can be used to increase capital by the amount exceeding <ix:nonFraction unitRef="number" contextRef="c-12" decimals="2" name="tef:LegalReserveIncreaseShareCapitalThresholdAllowableToIncreaseCapital" scale="-2" id="f-3768">10</ix:nonFraction>% of the increased share capital amount. Except for this purpose, until the legal reserve exceeds the limit of <ix:nonFraction unitRef="number" contextRef="c-12" decimals="2" name="tef:LegalReserveMinimumPercentageOfShareCapital" scale="-2" id="f-3769">20</ix:nonFraction>% of share capital, it can only be used to offset losses, if there are no other reserves available. The General Shareholders' Meeting held on April 12, 2024, approved the allocation of <ix:nonFraction unitRef="eur" contextRef="c-1213" decimals="-6" name="ifrs-full:IncreaseDecreaseThroughTransferToStatutoryReserve" scale="6" id="f-3770">91</ix:nonFraction> million euros to legal reserves against the results of the 2023 year. At of December 31, 2024 the legal reserve amounts to <ix:nonFraction unitRef="eur" contextRef="c-12" decimals="-6" name="ifrs-full:StatutoryReserve" format="ixt:num-dot-decimal" scale="6" id="f-3771">1,150</ix:nonFraction> million euros representing <ix:nonFraction unitRef="number" contextRef="c-12" decimals="4" name="tef:LegalReservePercentageOfShareCapital" scale="-2" id="f-3772">20.28</ix:nonFraction>% of the share capital at the date.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">e) Retained earnings</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">These reserves include undistributed profits of companies constituting the consolidated Group minus interim dividends paid against profit for the year, actuarial gains and losses, the impact of the asset ceiling on defined benefit plans and the payment of coupons related to subordinated securities, if applicable. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">These reserves also include revaluation reserves and the reserve for canceled share capital. These reserves are regulated by some restrictions for their distribution. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Revaluation reserves</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The balance of Revaluation reserves arose as a result of the revaluation made pursuant to Spanish Royal Decree-Law 7/1996 of June 7, and may be used, free of tax, to offset any losses incurred in the future and to increase capital. It may also be allocated to unrestricted reserves, provided that the capital gain has been realized. </span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The capital gain will be deemed to have been realized in respect of the portion on which the depreciation was recorded for accounting purposes or when the revalued assets were transferred or recognized. In this respect, <ix:nonFraction unitRef="eur" contextRef="c-1" decimals="-6" name="ifrs-full:IncreaseDecreaseThroughTransferBetweenRevaluationReserveAndRetainedEarnings" scale="6" id="f-3773">2</ix:nonFraction> million euros were reclassified to &#8220;Retained earnings&#8221; in 2024 (<ix:nonFraction unitRef="eur" contextRef="c-14" decimals="-6" name="ifrs-full:IncreaseDecreaseThroughTransferBetweenRevaluationReserveAndRetainedEarnings" scale="6" id="f-3774">3</ix:nonFraction> million euros in 2023) corresponding to revaluation reserves subsequently considered to be unrestricted. At December&#160;31, 2024, this reserve amounted to <ix:nonFraction unitRef="eur" contextRef="c-12" decimals="-6" name="ifrs-full:RevaluationSurplus" scale="6" id="f-3775">49</ix:nonFraction> million euros (<ix:nonFraction unitRef="eur" contextRef="c-13" decimals="-6" name="ifrs-full:RevaluationSurplus" scale="6" id="f-3776">51</ix:nonFraction> million euros at December&#160;31, 2023). </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Reserve for canceled share capital</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In accordance with Section 335.c) of the Spanish Corporate Enterprises Act and to render null and void the right of opposition provided for in Section 334 of the same Act, whenever the Company decreases capital, it should record a reserve for canceled share capital for an amount equal to the par value of the canceled shares, which can only be used upon satisfaction of the same requirements as those applicable to the reduction of share capital. In 2024 was recorded in this account <ix:nonFraction unitRef="eur" contextRef="c-12" decimals="-6" name="tef:CapitalRedemptionReserveRecorded" scale="6" id="f-3777">80</ix:nonFraction> million euros (<ix:nonFraction unitRef="eur" contextRef="c-13" decimals="-6" name="tef:CapitalRedemptionReserveRecorded" scale="6" id="f-3778">25</ix:nonFraction> million euros in 2023). The cumulative amount as of December 31, 2024 is <ix:nonFraction unitRef="eur" contextRef="c-12" decimals="-6" name="ifrs-full:CapitalRedemptionReserve" format="ixt:num-dot-decimal" scale="6" id="f-3779">1,059</ix:nonFraction> million euros.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">f) Translation differences</span></div><ix:nonNumeric contextRef="c-1" name="tef:DisclosureOfTranslationDifferencesTableTextBlock" id="f-3780" continuedAt="f-3780-1" escape="true"><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The breakdown of the accumulated contribution of translation differences attributable to equity holders of the parent at December 31 is as follows:</span></div></ix:nonNumeric></ix:continuation><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">F-76</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><ix:continuation id="f-3634-6" continuedAt="f-3634-7"><ix:continuation id="f-3780-1"><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.707%"><tr><td style="width:1.0%"/><td style="width:47.140%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:16.055%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:16.055%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:16.350%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Millions of euros</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2024</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2023</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2022</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Brazilian real</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1282" decimals="-6" sign="-" name="ifrs-full:ReserveOfExchangeDifferencesOnTranslation" format="ixt:num-dot-decimal" scale="6" id="f-3781">15,786</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1283" decimals="-6" sign="-" name="ifrs-full:ReserveOfExchangeDifferencesOnTranslation" format="ixt:num-dot-decimal" scale="6" id="f-3782">13,612</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1284" decimals="-6" sign="-" name="ifrs-full:ReserveOfExchangeDifferencesOnTranslation" format="ixt:num-dot-decimal" scale="6" id="f-3783">14,031</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Pound sterling</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1285" decimals="-6" name="ifrs-full:ReserveOfExchangeDifferencesOnTranslation" scale="6" id="f-3784">309</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1286" decimals="-6" sign="-" name="ifrs-full:ReserveOfExchangeDifferencesOnTranslation" scale="6" id="f-3785">97</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1287" decimals="-6" sign="-" name="ifrs-full:ReserveOfExchangeDifferencesOnTranslation" scale="6" id="f-3786">322</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Venezuelan bolivar</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1288" decimals="-6" sign="-" name="ifrs-full:ReserveOfExchangeDifferencesOnTranslation" format="ixt:num-dot-decimal" scale="6" id="f-3787">3,253</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1289" decimals="-6" sign="-" name="ifrs-full:ReserveOfExchangeDifferencesOnTranslation" format="ixt:num-dot-decimal" scale="6" id="f-3788">3,686</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1290" decimals="-6" sign="-" name="ifrs-full:ReserveOfExchangeDifferencesOnTranslation" format="ixt:num-dot-decimal" scale="6" id="f-3789">3,734</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Argentine peso</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1291" decimals="-6" sign="-" name="ifrs-full:ReserveOfExchangeDifferencesOnTranslation" format="ixt:num-dot-decimal" scale="6" id="f-3790">1,112</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1292" decimals="-6" sign="-" name="ifrs-full:ReserveOfExchangeDifferencesOnTranslation" format="ixt:num-dot-decimal" scale="6" id="f-3791">2,011</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1293" decimals="-6" sign="-" name="ifrs-full:ReserveOfExchangeDifferencesOnTranslation" format="ixt:num-dot-decimal" scale="6" id="f-3792">1,364</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Other currencies</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1294" decimals="-6" sign="-" name="ifrs-full:ReserveOfExchangeDifferencesOnTranslation" format="ixt:num-dot-decimal" scale="6" id="f-3793">1,437</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1295" decimals="-6" sign="-" name="ifrs-full:ReserveOfExchangeDifferencesOnTranslation" format="ixt:num-dot-decimal" scale="6" id="f-3794">1,280</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1296" decimals="-6" sign="-" name="ifrs-full:ReserveOfExchangeDifferencesOnTranslation" format="ixt:num-dot-decimal" scale="6" id="f-3795">1,272</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total Group</span></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-12" decimals="-6" sign="-" name="ifrs-full:ReserveOfExchangeDifferencesOnTranslation" format="ixt:num-dot-decimal" scale="6" id="f-3796">21,279</ix:nonFraction>)</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-13" decimals="-6" sign="-" name="ifrs-full:ReserveOfExchangeDifferencesOnTranslation" format="ixt:num-dot-decimal" scale="6" id="f-3797">20,686</ix:nonFraction>)</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-80" decimals="-6" sign="-" name="ifrs-full:ReserveOfExchangeDifferencesOnTranslation" format="ixt:num-dot-decimal" scale="6" id="f-3798">20,723</ix:nonFraction>)</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr></table></div></ix:continuation><div style="text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The accumulated negative translation differences corresponding to Telef&#243;nica M&#243;viles Argentina, S.A. (see Note 31) amounted to <ix:nonFraction unitRef="eur" contextRef="c-1297" decimals="-6" name="ifrs-full:ReserveOfExchangeDifferencesOnTranslation" format="ixt:num-dot-decimal" scale="6" id="f-3799">1,107</ix:nonFraction> million euros as of December 31, 2024 (<ix:nonFraction unitRef="eur" contextRef="c-1298" decimals="-6" name="ifrs-full:ReserveOfExchangeDifferencesOnTranslation" format="ixt:num-dot-decimal" scale="6" id="f-3800">2,006</ix:nonFraction> million euros as of December 31, 2023).</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">g) Adjustment on initial application of IAS 21</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The early adoption of the amendments to IAS 21 following its approval by the European Union in November 2024 (see Note 3) has had a negative impact on retained earnings amounting to <ix:nonFraction unitRef="eur" contextRef="c-192" decimals="-6" sign="-" name="ifrs-full:ChangesInEquity" scale="6" id="f-3801">224</ix:nonFraction> million euros and a positive impact on translation differences amounting to <ix:nonFraction unitRef="eur" contextRef="c-193" decimals="-6" name="ifrs-full:ChangesInEquity" scale="6" id="f-3802">366</ix:nonFraction> million. The impact on the Group's Equity amounted to <ix:nonFraction unitRef="eur" contextRef="c-1299" decimals="-6" name="ifrs-full:ChangesInEquity" scale="6" id="f-3803">142</ix:nonFraction> million euros.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">h) Treasury share instruments</span></div><ix:nonNumeric contextRef="c-1" name="tef:TreasuryShareInstrumentsTableTextBlock" id="f-3804" escape="true"><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Telef&#243;nica, S.A. held the following treasury shares at December&#160;31, 2024, 2023 and 2022: </span></div><div style="margin-top:9pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.853%"><tr><td style="width:1.0%"/><td style="width:34.478%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:13.541%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:12.516%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:9.295%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:11.784%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:11.786%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="6" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Euros per share</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Number of shares</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Acquisition price</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Trading price</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Market value </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:5.2pt;font-weight:700;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(*)</span></div></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">%</span></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Treasury shares at 12/31/2024</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="shares" contextRef="c-58" decimals="INF" name="ifrs-full:NumberOfSharesOutstanding" format="ixt:num-dot-decimal" scale="0" id="f-3805">26,874,751</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eurPerShare" contextRef="c-12" decimals="2" name="tef:TreasuryShareAcquisitionPrice" scale="0" id="f-3806">3.97</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eurPerShare" contextRef="c-12" decimals="2" name="tef:TreasuryShareTradingPrice" scale="0" id="f-3807">3.94</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-12" decimals="-6" name="tef:TreasurySharesMarketValue" scale="6" id="f-3808">106</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-12" decimals="INF" name="tef:TreasurySharesAsAPercentofTotalShares" scale="-2" id="f-3809">0.474</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Treasury shares at 12/31/2023</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="shares" contextRef="c-18" decimals="INF" name="ifrs-full:NumberOfSharesOutstanding" format="ixt:num-dot-decimal" scale="0" id="f-3810">111,099,480</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eurPerShare" contextRef="c-13" decimals="2" name="tef:TreasuryShareAcquisitionPrice" scale="0" id="f-3811">3.87</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eurPerShare" contextRef="c-13" decimals="2" name="tef:TreasuryShareTradingPrice" scale="0" id="f-3812">3.53</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-13" decimals="-6" name="tef:TreasurySharesMarketValue" scale="6" id="f-3813">393</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-13" decimals="INF" name="tef:TreasurySharesAsAPercentofTotalShares" scale="-2" id="f-3814">1.932</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td></tr><tr><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Treasury shares at 12/31/2022</span></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="shares" contextRef="c-70" decimals="INF" name="ifrs-full:NumberOfSharesOutstanding" format="ixt:num-dot-decimal" scale="0" id="f-3815">85,217,621</ix:nonFraction>&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eurPerShare" contextRef="c-80" decimals="2" name="tef:TreasuryShareAcquisitionPrice" scale="0" id="f-3816">4.00</ix:nonFraction>&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eurPerShare" contextRef="c-80" decimals="2" name="tef:TreasuryShareTradingPrice" scale="0" id="f-3817">3.39</ix:nonFraction>&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-80" decimals="-6" name="tef:TreasurySharesMarketValue" scale="6" id="f-3818">288</ix:nonFraction>&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-80" decimals="INF" name="tef:TreasurySharesAsAPercentofTotalShares" scale="-2" id="f-3819">1.476</ix:nonFraction>&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td></tr></table></div><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline">(*)</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%"> Millions of euros.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The following transactions involving treasury shares were carried out in 2024, 2023 and 2022:</span></div><div style="margin-top:9pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.853%"><tr><td style="width:1.0%"/><td style="width:76.791%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:21.009%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Number of shares</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Treasury shares at 12/31/2021</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="shares" contextRef="c-93" decimals="INF" name="ifrs-full:NumberOfSharesOutstanding" format="ixt:num-dot-decimal" scale="0" id="f-3820">139,329,370</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Acquisitions</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="shares" contextRef="c-113" decimals="INF" name="tef:CommonSharesAcquired" format="ixt:num-dot-decimal" scale="0" id="f-3821">90,403,530</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Scrip dividend</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="shares" contextRef="c-113" decimals="INF" name="tef:TreasurySharesScripDividend" format="ixt:num-dot-decimal" scale="0" id="f-3822">563,415</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Employee share option plan</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="shares" contextRef="c-113" decimals="INF" name="tef:NumberOfShareAwardsInShareBasedPaymentArrangements" format="ixt:num-dot-decimal" scale="0" id="f-3823">5,391,956</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Capital reduction</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="shares" contextRef="c-113" decimals="INF" sign="-" name="tef:IncreaseDecreaseInSharesOutstandingFromCapitalIncreaseReduction" format="ixt:num-dot-decimal" scale="0" id="f-3824">139,275,057</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Sales</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="shares" contextRef="c-113" decimals="INF" name="tef:TreasurySharesDisposal" format="ixt:num-dot-decimal" scale="0" id="f-3825">411,681</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Treasury shares at 12/31/2022</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="shares" contextRef="c-70" decimals="INF" name="ifrs-full:NumberOfSharesOutstanding" format="ixt:num-dot-decimal" scale="0" id="f-3826">85,217,621</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Acquisitions</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="shares" contextRef="c-88" decimals="INF" name="tef:CommonSharesAcquired" format="ixt:num-dot-decimal" scale="0" id="f-3827">60,070,274</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Employee share option plan</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="shares" contextRef="c-88" decimals="INF" name="tef:NumberOfShareAwardsInShareBasedPaymentArrangements" format="ixt:num-dot-decimal" scale="0" id="f-3828">8,845,558</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Capital reduction</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="shares" contextRef="c-88" decimals="INF" sign="-" name="tef:IncreaseDecreaseInSharesOutstandingFromCapitalIncreaseReduction" format="ixt:num-dot-decimal" scale="0" id="f-3829">24,779,409</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Sales</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="shares" contextRef="c-88" decimals="INF" name="tef:TreasurySharesDisposal" format="ixt:num-dot-decimal" scale="0" id="f-3830">563,448</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Treasury shares at 12/31/2023</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="shares" contextRef="c-18" decimals="INF" name="ifrs-full:NumberOfSharesOutstanding" format="ixt:num-dot-decimal" scale="0" id="f-3831">111,099,480</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Acquisitions</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="shares" contextRef="c-53" decimals="INF" name="tef:CommonSharesAcquired" format="ixt:num-dot-decimal" scale="0" id="f-3832">36,525,204</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Employee share option plan</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="shares" contextRef="c-53" decimals="INF" name="tef:NumberOfShareAwardsInShareBasedPaymentArrangements" format="ixt:num-dot-decimal" scale="0" id="f-3833">19,909,898</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Capital reduction</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="shares" contextRef="c-53" decimals="INF" sign="-" name="tef:IncreaseDecreaseInSharesOutstandingFromCapitalIncreaseReduction" format="ixt:num-dot-decimal" scale="0" id="f-3834">80,296,591</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Sales</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="shares" contextRef="c-53" decimals="INF" name="tef:TreasurySharesDisposal" format="ixt:num-dot-decimal" scale="0" id="f-3835">20,543,444</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Treasury shares at 12/31/2024</span></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="shares" contextRef="c-58" decimals="INF" name="ifrs-full:NumberOfSharesOutstanding" format="ixt:num-dot-decimal" scale="0" id="f-3836">26,874,751</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr></table></div></ix:nonNumeric><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">There were treasury shares purchases in 2024 amounting to <ix:nonFraction unitRef="eur" contextRef="c-1" decimals="-6" name="ifrs-full:PurchaseOfTreasuryShares" scale="6" id="f-3837">145</ix:nonFraction> million euros (<ix:nonFraction unitRef="eur" contextRef="c-14" decimals="-6" name="ifrs-full:PurchaseOfTreasuryShares" scale="6" id="f-3838">223</ix:nonFraction> and <ix:nonFraction unitRef="eur" contextRef="c-15" decimals="-6" name="ifrs-full:PurchaseOfTreasuryShares" scale="6" id="f-3839">365</ix:nonFraction> million euros in 2023 and 2022, respectively)</span></div></ix:continuation><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">F-77</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><ix:continuation id="f-3634-7" continuedAt="f-3634-8"><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company also has different derivative instruments, to be settled by offset, on a nominal value equivalent to <ix:nonFraction unitRef="shares" contextRef="c-12" decimals="-6" name="tef:DerivativeFinancialInstrumentSharesEquivalent" scale="6" id="f-3840">173</ix:nonFraction> million of Telef&#243;nica shares, mainly contracted through Banco Bilbao Vizcaya, recorded in the statement of financial position at December 31, 2024 in accordance with their maturity date and fair value (<ix:nonFraction unitRef="shares" contextRef="c-13" decimals="-6" name="tef:DerivativeFinancialInstrumentSharesEquivalent" scale="6" id="f-3841">193</ix:nonFraction> million euros at December 31, 2023). </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:700;line-height:120%">i) Equity attributable to non-controlling interests</span></div><ix:nonNumeric contextRef="c-1" name="tef:DisclosureOfEquityAttributableToNoncontrollingInterestTableTextBlock" id="f-3842" escape="true"><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8220;Equity attributable to non-controlling interests&#8221; represents the share of non-controlling interests in the equity and income or loss for the year of fully consolidated Group companies. The movements in this balance for the 2024, 2023 and 2022 consolidated statements of financial position are as follows:</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.853%"><tr><td style="width:1.0%"/><td style="width:20.422%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:6.952%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:10.466%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:9.880%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:8.416%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:8.416%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:8.416%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:9.295%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:7.837%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Millions of euros</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Balance at 12/31/23</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Sales of non-controlling interests and inclusion of companies</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Acquisitions of non-controlling interests and exclusion of companies</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span id="ide2e8e2ff5d44dc09ab9294e0f798544_0-4-1-1-2061971"></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Dividends paid</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Profit/(loss) for the year</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Change in translation 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style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1304" decimals="-6" name="tef:IncreaseDecreaseThroughChangeInTranslationDifferencesEquity" format="ixt:fixed-zero" scale="6" id="f-3856">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1304" decimals="-6" name="ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesEquity" scale="6" id="f-3857">2</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 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name="ifrs-full:DividendsPaidToNoncontrollingInterests" scale="6" id="f-3870">3</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1310" decimals="-6" name="ifrs-full:ProfitLossAttributableToNoncontrollingInterests" scale="6" id="f-3871">47</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1310" 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style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1311" decimals="-6" name="ifrs-full:NoncontrollingInterests" scale="6" id="f-3874">47</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total</span></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1312" decimals="-6" name="ifrs-full:NoncontrollingInterests" format="ixt:num-dot-decimal" scale="6" id="f-3875">5,244</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1313" decimals="-6" name="ifrs-full:IncreaseDecreaseThroughDisposalOfSubsidiary" format="ixt:fixed-zero" scale="6" id="f-3876">&#8212;</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1313" decimals="-6" sign="-" name="ifrs-full:IncreaseDecreaseThroughAcquisitionOfSubsidiary" format="ixt:num-dot-decimal" scale="6" id="f-3877">1,450</ix:nonFraction>)</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1313" decimals="-6" name="ifrs-full:DividendsPaidToNoncontrollingInterests" scale="6" id="f-3878">145</ix:nonFraction>)</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1313" decimals="-6" name="ifrs-full:ProfitLossAttributableToNoncontrollingInterests" scale="6" id="f-3879">258</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1313" decimals="-6" sign="-" name="tef:IncreaseDecreaseThroughChangeInTranslationDifferencesEquity" scale="6" id="f-3880">506</ix:nonFraction>)</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1313" decimals="-6" name="ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesEquity" scale="6" id="f-3881">1</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1314" decimals="-6" name="ifrs-full:NoncontrollingInterests" format="ixt:num-dot-decimal" scale="6" id="f-3882">3,402</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr></table></div><div style="margin-top:9pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.853%"><tr><td style="width:1.0%"/><td style="width:20.422%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:6.952%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:10.466%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:9.880%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:8.416%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:8.416%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:8.416%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:9.295%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:7.837%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Millions of euros</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Balance at 12/31/22</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Sales of non-controlling interests and inclusion of companies</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Acquisitions of non-controlling interests and exclusion of companies</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Dividends paid</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Profit/(loss) for the year</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Change in translation differences</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Other movements</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Balance at 12/31/23</span></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#244;nica Brasil, S.A.</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1315" decimals="-6" name="ifrs-full:NoncontrollingInterests" format="ixt:num-dot-decimal" scale="6" id="f-3883">3,399</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1316" decimals="-6" name="ifrs-full:IncreaseDecreaseThroughDisposalOfSubsidiary" format="ixt:fixed-zero" scale="6" id="f-3884">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1316" decimals="-6" sign="-" name="ifrs-full:IncreaseDecreaseThroughAcquisitionOfSubsidiary" scale="6" id="f-3885">111</ix:nonFraction>)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1316" decimals="-6" name="ifrs-full:DividendsPaidToNoncontrollingInterests" scale="6" id="f-3886">158</ix:nonFraction>)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1316" decimals="-6" name="ifrs-full:ProfitLossAttributableToNoncontrollingInterests" scale="6" id="f-3887">238</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid 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0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1318" decimals="-6" sign="-" name="ifrs-full:IncreaseDecreaseThroughAcquisitionOfSubsidiary" scale="6" id="f-3893">866</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1318" decimals="-6" name="ifrs-full:DividendsPaidToNoncontrollingInterests" scale="6" id="f-3894">157</ix:nonFraction>)</span></td><td style="border-top:1pt solid 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format="ixt:num-dot-decimal" scale="6" id="f-3898">1,286</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Colombia Telecomunicaciones, S.A., ESP BIC</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1319" decimals="-6" name="ifrs-full:NoncontrollingInterests" scale="6" id="f-3899">344</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt 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0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1320" decimals="-6" name="ifrs-full:DividendsPaidToNoncontrollingInterests" format="ixt:fixed-zero" scale="6" id="f-3902">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1320" decimals="-6" sign="-" name="ifrs-full:ProfitLossAttributableToNoncontrollingInterests" scale="6" id="f-3903">44</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1320" decimals="-6" name="tef:IncreaseDecreaseThroughChangeInTranslationDifferencesEquity" scale="6" id="f-3904">70</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1320" decimals="-6" sign="-" name="ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesEquity" scale="6" id="f-3905">8</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1306" decimals="-6" name="ifrs-full:NoncontrollingInterests" scale="6" id="f-3906">362</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telxius Telecom, S.A.</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1321" decimals="-6" name="ifrs-full:NoncontrollingInterests" scale="6" id="f-3907">599</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1322" decimals="-6" name="ifrs-full:IncreaseDecreaseThroughDisposalOfSubsidiary" format="ixt:fixed-zero" scale="6" id="f-3908">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1322" decimals="-6" sign="-" name="ifrs-full:IncreaseDecreaseThroughAcquisitionOfSubsidiary" scale="6" id="f-3909">585</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1322" decimals="-6" name="ifrs-full:DividendsPaidToNoncontrollingInterests" scale="6" id="f-3910">28</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1322" decimals="-6" name="ifrs-full:ProfitLossAttributableToNoncontrollingInterests" scale="6" id="f-3911">22</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 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style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1323" decimals="-6" name="ifrs-full:NoncontrollingInterests" format="ixt:fixed-zero" scale="6" id="f-3914">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Other</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1324" decimals="-6" name="ifrs-full:NoncontrollingInterests" scale="6" id="f-3915">41</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1325" decimals="-6" name="ifrs-full:IncreaseDecreaseThroughDisposalOfSubsidiary" format="ixt:fixed-zero" scale="6" id="f-3916">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1325" decimals="-6" sign="-" name="ifrs-full:IncreaseDecreaseThroughAcquisitionOfSubsidiary" scale="6" id="f-3917">17</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1325" decimals="-6" name="ifrs-full:DividendsPaidToNoncontrollingInterests" scale="6" id="f-3918">2</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 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colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1325" decimals="-6" sign="-" name="ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesEquity" scale="6" id="f-3921">3</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1309" decimals="-6" name="ifrs-full:NoncontrollingInterests" scale="6" id="f-3922">50</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total</span></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1326" decimals="-6" name="ifrs-full:NoncontrollingInterests" format="ixt:num-dot-decimal" scale="6" id="f-3923">6,620</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 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style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1327" decimals="-6" sign="-" name="ifrs-full:IncreaseDecreaseThroughAcquisitionOfSubsidiary" format="ixt:num-dot-decimal" scale="6" id="f-3925">1,579</ix:nonFraction>)</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1327" decimals="-6" name="ifrs-full:DividendsPaidToNoncontrollingInterests" scale="6" id="f-3926">345</ix:nonFraction>)</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1327" decimals="-6" name="ifrs-full:ProfitLossAttributableToNoncontrollingInterests" scale="6" id="f-3927">318</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1327" decimals="-6" name="tef:IncreaseDecreaseThroughChangeInTranslationDifferencesEquity" scale="6" id="f-3928">233</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1327" decimals="-6" sign="-" name="ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesEquity" scale="6" id="f-3929">3</ix:nonFraction>)</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1312" decimals="-6" name="ifrs-full:NoncontrollingInterests" format="ixt:num-dot-decimal" scale="6" id="f-3930">5,244</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr></table></div><div style="margin-bottom:9pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.853%"><tr><td style="width:1.0%"/><td style="width:20.422%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:6.952%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:10.466%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:9.880%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:8.416%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:8.416%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:8.416%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:9.295%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:7.837%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Millions of euros</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Balance at 12/31/21</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Sales of non-controlling interests and inclusion of companies</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Acquisitions of non-controlling interests and exclusion of companies</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Dividends paid</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Profit/(loss) for the year</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Change in translation differences</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Other movements</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Balance at 12/31/22</span></td></tr><tr><td colspan="3" style="border-top:2pt 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name="ifrs-full:NoncontrollingInterests" scale="6" id="f-3963">63</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1337" decimals="-6" name="ifrs-full:IncreaseDecreaseThroughDisposalOfSubsidiary" scale="6" id="f-3964">23</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1337" decimals="-6" sign="-" name="ifrs-full:IncreaseDecreaseThroughAcquisitionOfSubsidiary" scale="6" id="f-3965">44</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1337" decimals="-6" name="ifrs-full:DividendsPaidToNoncontrollingInterests" scale="6" id="f-3966">2</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1337" decimals="-6" sign="-" name="ifrs-full:ProfitLossAttributableToNoncontrollingInterests" scale="6" id="f-3967">4</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1337" decimals="-6" name="tef:IncreaseDecreaseThroughChangeInTranslationDifferencesEquity" scale="6" id="f-3968">2</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1337" decimals="-6" name="ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesEquity" scale="6" id="f-3969">3</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1324" decimals="-6" name="ifrs-full:NoncontrollingInterests" scale="6" id="f-3970">41</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total</span></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1338" decimals="-6" name="ifrs-full:NoncontrollingInterests" format="ixt:num-dot-decimal" scale="6" id="f-3971">6,477</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1339" decimals="-6" name="ifrs-full:IncreaseDecreaseThroughDisposalOfSubsidiary" scale="6" id="f-3972">23</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1339" decimals="-6" sign="-" name="ifrs-full:IncreaseDecreaseThroughAcquisitionOfSubsidiary" scale="6" id="f-3973">178</ix:nonFraction>)</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1339" decimals="-6" name="ifrs-full:DividendsPaidToNoncontrollingInterests" scale="6" id="f-3974">411</ix:nonFraction>)</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1339" decimals="-6" name="ifrs-full:ProfitLossAttributableToNoncontrollingInterests" scale="6" id="f-3975">308</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1339" decimals="-6" name="tef:IncreaseDecreaseThroughChangeInTranslationDifferencesEquity" scale="6" id="f-3976">393</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1339" decimals="-6" name="ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesEquity" scale="6" id="f-3977">8</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1326" decimals="-6" name="ifrs-full:NoncontrollingInterests" format="ixt:num-dot-decimal" scale="6" id="f-3978">6,620</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr></table></div></ix:nonNumeric><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">2024</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The 2024 movement mainly includes the impact of the closing of the acquisition of Telef&#243;nica Deutschland shares associated with the Public Offering, as well as the purchase of its own shares by Telef&#244;nica Brasil.</span></div></ix:continuation><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">F-78</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><ix:continuation id="f-3634-8" continuedAt="f-3634-9"><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Public Offers for the Acquisition of Shares of Telef&#243;nica Deutschland</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On November 7, 2023, Telef&#243;nica, through its subsidiary Telef&#243;nica Local Services GmbH, launched a partial voluntary public offer for the acquisition of shares of Telef&#243;nica Deutschland Holding AG. The Offer acceptance period began on December 5, 2023 and ended on January 17, 2024.</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On March 20, 2024 a public exclusion offer was launched with the objective of acquiring the shares of Telef&#243;nica Deutschland that at that time were not directly or indirectly owned by Telef&#243;nica.</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The cash outflow in 2024 of the purchases made has amounted to <ix:nonFraction unitRef="eur" contextRef="c-1340" decimals="-6" name="ifrs-full:IncreaseDecreaseThroughDisposalOfSubsidiary" format="ixt:num-dot-decimal" scale="6" id="f-3979">1,019</ix:nonFraction> million euros (see Note 28).</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In 2024 these operations produced an increase of <ix:nonFraction unitRef="eur" contextRef="c-1341" decimals="-6" name="ifrs-full:IncreaseDecreaseThroughChangeInEquityOfSubsidiaries" scale="6" id="f-3980">28</ix:nonFraction> million euros in the equity attributed to the parent company and a decrease of <ix:nonFraction unitRef="eur" contextRef="c-1342" decimals="-6" sign="-" name="ifrs-full:IncreaseDecreaseThroughChangeInEquityOfSubsidiaries" format="ixt:num-dot-decimal" scale="6" id="f-3981">1,057</ix:nonFraction> million euros in the equity attributed to minority interests (see Note 2).</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">2023</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The 2023 movement mainly includes the impact of the acquisition of KKR's stake in Telxius and the acquisition by Telef&#243;nica of shares of Telef&#243;nica Deutschland through a public tender Offer.</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Acquisition of KKR's percentage stake in Telxius</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In January 2023, once the corresponding regulatory and competition approvals were obtained, Pontel Participaciones, S.L. ("Pontel"), Telef&#243;nica&#8217;s subsidiary held <ix:nonFraction unitRef="number" contextRef="c-1343" decimals="4" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" scale="-2" id="f-3982">83.35</ix:nonFraction>% by Telef&#243;nica and <ix:nonFraction unitRef="number" contextRef="c-1344" decimals="4" name="ifrs-full:ProportionOfVotingPowerHeldInSubsidiary" scale="-2" id="f-3983">16.65</ix:nonFraction>% by Pontegadea Inversiones, S.L., ("Pontegadea") acquired <ix:nonFraction unitRef="number" contextRef="c-1345" decimals="2" name="ifrs-full:PercentageOfVotingEquityInterestsAcquired" scale="-2" id="f-3984">40</ix:nonFraction>% of the share capital of Telxius Telecom, S.A. from Taurus Bidco S.&#224; r.l. (a company managed by KKR). As a result of the transaction, Pontel, which held the remaining <ix:nonFraction unitRef="number" contextRef="c-1346" decimals="2" name="ifrs-full:ProportionOfVotingPowerHeldInAssociate" scale="-2" id="f-3985">60</ix:nonFraction>% of Telxius Telecom, S.A.'s share capital, became the sole shareholder of Telxius Telecom, S.A. Likewise, Pontegadea increased its holding in Pontel to <ix:nonFraction unitRef="number" contextRef="c-1347" decimals="2" name="ifrs-full:ProportionOfVotingPowerHeldInSubsidiary" scale="-2" id="f-3986">30</ix:nonFraction>% and Telef&#243;nica kept a <ix:nonFraction unitRef="number" contextRef="c-1348" decimals="2" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" scale="-2" id="f-3987">70</ix:nonFraction>% stake.</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Within the framework of this transaction and on the same date, Pontel carried out a capital increase fully subscribed and paid up by its shareholders in the proportion agreed between them, in such a way that both Telef&#243;nica and Pontegadea paid out <ix:nonFraction unitRef="eur" contextRef="c-1349" decimals="-6" name="ifrs-full:IssuedCapital" scale="6" id="f-3988">111</ix:nonFraction> million euros.</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Additionally, in January 2023 Telxius recovered the credit amounting <ix:nonFraction unitRef="eur" contextRef="c-1350" decimals="-6" sign="-" name="tef:IncreaseDecreaseInIncomeTaxesReceivableAsset" scale="6" id="f-3989">876</ix:nonFraction> million euros corresponding to the income tax for the 2021 fiscal year. The amount was distributed to its shareholders, with KKR receiving <ix:nonFraction unitRef="eur" contextRef="c-1351" decimals="-6" name="tef:CashReceivedFromIncomeTaxesReceivable" scale="6" id="f-3990">351</ix:nonFraction> million euros for <ix:nonFraction unitRef="number" contextRef="c-1351" decimals="2" name="tef:CashReceivedFromIncomeTaxesReceivablePercentage" scale="-2" id="f-3991">40</ix:nonFraction>% and Pontegadea receiving <ix:nonFraction unitRef="eur" contextRef="c-1352" decimals="-6" name="tef:CashReceivedFromIncomeTaxesReceivable" scale="6" id="f-3992">88</ix:nonFraction> million euros for <ix:nonFraction unitRef="number" contextRef="c-1352" decimals="4" name="tef:CashReceivedFromIncomeTaxesReceivablePercentage" scale="-2" id="f-3993">9.99</ix:nonFraction>%.</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Subsequently, with effect from March 24, 2023, Telxius Telecom, S.A. absorbed Pontel Participaciones, S.L.</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The impact of these transactions on the consolidated statement of changes in equity in 2023 was a reduction in equity attributable to the parent company for an amount of <ix:nonFraction unitRef="eur" contextRef="c-1353" decimals="-6" sign="-" name="ifrs-full:IncreaseDecreaseThroughDisposalOfSubsidiary" scale="6" id="f-3994">46</ix:nonFraction> million euros and a reduction in equity attributable to minority interests for an amount of <ix:nonFraction unitRef="eur" contextRef="c-1354" decimals="-6" sign="-" name="ifrs-full:IncreaseDecreaseThroughDisposalOfSubsidiary" scale="6" id="f-3995">585</ix:nonFraction> million euros.</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Public Offer for the Acquisition of Shares of Telef&#243;nica Deutschland</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The cash outflow in 2023 of the direct purchases made in the fiscal year amounted to <ix:nonFraction unitRef="eur" contextRef="c-1355" decimals="-6" name="ifrs-full:IncreaseDecreaseThroughDisposalOfSubsidiary" scale="6" id="f-3996">816</ix:nonFraction> million euros (see Notes 2 and 28).</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">2022</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In 2022, "sales of non-controlling interest and inclusion of companies" reflected the impact of the acquisition by the consortion formed by CAA and Vauban of <ix:nonFraction unitRef="number" contextRef="c-148" decimals="2" name="ifrs-full:ProportionOfVotingPowerHeldInAssociate" scale="-2" id="f-3997">45</ix:nonFraction>% of the company Bluevia for <ix:nonFraction unitRef="eur" contextRef="c-1356" decimals="-6" name="ifrs-full:IncreaseDecreaseThroughDisposalOfSubsidiary" scale="6" id="f-3998">23</ix:nonFraction> million euros (see Note 2)..</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Note 4 contains the revenues, operating results before depreciation and amortization, operating income, capital expenditure and the main items of the statement of financial position for the main segments of the Telef&#243;nica Group with non-controlling interests, namely Telef&#243;nica Brazil and Telef&#243;nica Germany. <ix:nonNumeric contextRef="c-1" name="srt:ScheduleOfCondensedFinancialStatementsTableTextBlock" id="f-3999" continuedAt="f-3999-1" escape="true">The detail of these figures for Colombia Telecomunicaciones is as follows: </ix:nonNumeric></span></div></ix:continuation><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">F-79</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><ix:continuation id="f-3634-9"><ix:continuation id="f-3999-1"><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.853%"><tr><td style="width:1.0%"/><td style="width:62.589%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:10.759%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:10.613%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:11.639%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Millions of euros</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Colombia Telecomunicaciones</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2024</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2023</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2022</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Revenues</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span 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style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.853%"><tr><td style="width:1.0%"/><td style="width:62.589%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:10.759%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:10.613%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:11.639%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Millions of euros</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Telef&#243;nica Brazil</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2024</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2023</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2022</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Net cash flow provided by operating activities</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1363" decimals="-6" name="ifrs-full:CashFlowsFromUsedInOperatingActivities" format="ixt:num-dot-decimal" scale="6" id="f-4025">3,644</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1364" decimals="-6" name="ifrs-full:CashFlowsFromUsedInOperatingActivities" format="ixt:num-dot-decimal" scale="6" id="f-4026">3,710</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1365" decimals="-6" name="ifrs-full:CashFlowsFromUsedInOperatingActivities" format="ixt:num-dot-decimal" scale="6" id="f-4027">3,678</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Net cash flow used in investing activities</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1363" decimals="-6" sign="-" name="ifrs-full:CashFlowsFromUsedInInvestingActivities" format="ixt:num-dot-decimal" scale="6" id="f-4028">1,529</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1364" decimals="-6" sign="-" name="ifrs-full:CashFlowsFromUsedInInvestingActivities" format="ixt:num-dot-decimal" scale="6" id="f-4029">1,477</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1365" decimals="-6" sign="-" name="ifrs-full:CashFlowsFromUsedInInvestingActivities" format="ixt:num-dot-decimal" scale="6" id="f-4030">2,741</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Net cash flow used in financing activities</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1363" decimals="-6" sign="-" name="ifrs-full:CashFlowsFromUsedInFinancingActivities" format="ixt:num-dot-decimal" scale="6" id="f-4031">1,557</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1364" decimals="-6" sign="-" name="ifrs-full:CashFlowsFromUsedInFinancingActivities" format="ixt:num-dot-decimal" scale="6" id="f-4032">1,709</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1365" decimals="-6" sign="-" name="ifrs-full:CashFlowsFromUsedInFinancingActivities" format="ixt:num-dot-decimal" scale="6" id="f-4033">1,674</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr></table></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.853%"><tr><td style="width:1.0%"/><td style="width:62.589%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:10.759%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:10.613%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:11.639%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Millions of euros</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Telef&#243;nica Germany</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2024</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2023</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2022</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Net cash flow provided by operating activities</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1366" decimals="-6" name="ifrs-full:CashFlowsFromUsedInOperatingActivities" format="ixt:num-dot-decimal" scale="6" id="f-4034">2,774</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1367" decimals="-6" name="ifrs-full:CashFlowsFromUsedInOperatingActivities" format="ixt:num-dot-decimal" scale="6" id="f-4035">2,684</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1368" decimals="-6" name="ifrs-full:CashFlowsFromUsedInOperatingActivities" format="ixt:num-dot-decimal" scale="6" id="f-4036">2,732</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Net cash flow used in investing activities</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1366" decimals="-6" sign="-" name="ifrs-full:CashFlowsFromUsedInInvestingActivities" format="ixt:num-dot-decimal" scale="6" id="f-4037">1,334</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1367" decimals="-6" sign="-" name="ifrs-full:CashFlowsFromUsedInInvestingActivities" format="ixt:num-dot-decimal" scale="6" id="f-4038">1,337</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1368" decimals="-6" sign="-" name="ifrs-full:CashFlowsFromUsedInInvestingActivities" format="ixt:num-dot-decimal" scale="6" id="f-4039">1,608</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Net cash flow used in financing activities</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1366" decimals="-6" sign="-" name="ifrs-full:CashFlowsFromUsedInFinancingActivities" format="ixt:num-dot-decimal" scale="6" id="f-4040">1,586</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1367" decimals="-6" sign="-" name="ifrs-full:CashFlowsFromUsedInFinancingActivities" format="ixt:num-dot-decimal" scale="6" id="f-4041">1,498</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1368" decimals="-6" sign="-" name="ifrs-full:CashFlowsFromUsedInFinancingActivities" format="ixt:num-dot-decimal" scale="6" id="f-4042">1,339</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr></table></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.853%"><tr><td style="width:1.0%"/><td style="width:62.589%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:10.759%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:10.613%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:11.639%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Millions of euros</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Colombia Telecomunicaciones</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2024</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2023</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2022</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Net cash flow provided by operating activities</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1357" decimals="-6" name="ifrs-full:CashFlowsFromUsedInOperatingActivities" scale="6" id="f-4043">219</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1358" decimals="-6" name="ifrs-full:CashFlowsFromUsedInOperatingActivities" scale="6" id="f-4044">206</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1359" decimals="-6" name="ifrs-full:CashFlowsFromUsedInOperatingActivities" scale="6" id="f-4045">180</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Net cash flow provided by (used in) investing activities</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1357" decimals="-6" sign="-" name="ifrs-full:CashFlowsFromUsedInInvestingActivities" scale="6" id="f-4046">101</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1358" decimals="-6" sign="-" name="ifrs-full:CashFlowsFromUsedInInvestingActivities" scale="6" id="f-4047">144</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1359" decimals="-6" name="ifrs-full:CashFlowsFromUsedInInvestingActivities" scale="6" id="f-4048">30</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Net cash flow used in financing activities</span></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1357" decimals="-6" sign="-" name="ifrs-full:CashFlowsFromUsedInFinancingActivities" scale="6" id="f-4049">58</ix:nonFraction>)</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1358" decimals="-6" sign="-" name="ifrs-full:CashFlowsFromUsedInFinancingActivities" scale="6" id="f-4050">80</ix:nonFraction>)</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1359" decimals="-6" sign="-" name="ifrs-full:CashFlowsFromUsedInFinancingActivities" scale="6" id="f-4051">225</ix:nonFraction>)</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr></table></div></ix:nonNumeric></ix:continuation><div style="margin-bottom:9pt;text-align:justify"><span><br/></span></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">F-80</span></div></div></div><div id="i63478826478c4e0dbabc502413383f6b_334"></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:center"><span style="color:#a6a6a6;font-family:'Arial',sans-serif;font-size:18pt;font-weight:400;line-height:120%">Note 18. <ix:nonNumeric contextRef="c-1" name="ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory" id="f-4052" continuedAt="f-4052-1" escape="true">Financial liabilities</ix:nonNumeric></span></div><ix:continuation id="f-4052-1" continuedAt="f-4052-2"><ix:nonNumeric contextRef="c-1" name="ifrs-full:MaturityAnalysisForNonderivativeFinancialLiabilities" id="f-4053" continuedAt="f-4053-1" escape="true"><div style="margin-bottom:9pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The breakdown of financial liabilities at December&#160;31, 2024 and the corresponding maturities schedule is as follows: </span><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.561%"><tr><td style="width:1.0%"/><td style="width:30.177%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:6.682%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:6.682%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:6.682%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:6.682%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:6.682%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:9.325%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:10.206%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:6.982%"/><td style="width:0.1%"/></tr><tr><td colspan="27" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Millions of euros</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Current</span></td><td colspan="15" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Non-current</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Maturity</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2025</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2026</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2027</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2028</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2029</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Subsequent years</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Non-current total</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Debentures and bonds</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1369" decimals="-6" name="ifrs-full:BondsIssuedUndiscountedCashFlows" format="ixt:num-dot-decimal" scale="6" id="f-4054">3,559</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1370" decimals="-6" name="ifrs-full:BondsIssuedUndiscountedCashFlows" format="ixt:num-dot-decimal" scale="6" id="f-4055">2,046</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1371" decimals="-6" name="ifrs-full:BondsIssuedUndiscountedCashFlows" format="ixt:num-dot-decimal" scale="6" id="f-4056">4,019</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1372" decimals="-6" name="ifrs-full:BondsIssuedUndiscountedCashFlows" format="ixt:num-dot-decimal" scale="6" id="f-4057">2,006</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1373" decimals="-6" name="ifrs-full:BondsIssuedUndiscountedCashFlows" format="ixt:num-dot-decimal" scale="6" id="f-4058">2,422</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1374" decimals="-6" name="ifrs-full:BondsIssuedUndiscountedCashFlows" format="ixt:num-dot-decimal" scale="6" id="f-4059">17,203</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1375" decimals="-6" name="ifrs-full:BondsIssuedUndiscountedCashFlows" format="ixt:num-dot-decimal" scale="6" id="f-4060">27,696</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-274" decimals="-6" name="ifrs-full:BondsIssuedUndiscountedCashFlows" format="ixt:num-dot-decimal" scale="6" id="f-4061">31,255</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Promissory notes &amp; commercial paper</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1369" decimals="-6" name="ifrs-full:BankBorrowingsUndiscountedCashFlows" format="ixt:num-dot-decimal" scale="6" id="f-4062">1,276</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1370" decimals="-6" name="ifrs-full:BankBorrowingsUndiscountedCashFlows" scale="6" id="f-4063">12</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1371" decimals="-6" name="ifrs-full:BankBorrowingsUndiscountedCashFlows" scale="6" id="f-4064">3</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1372" decimals="-6" name="ifrs-full:BankBorrowingsUndiscountedCashFlows" scale="6" id="f-4065">19</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1373" decimals="-6" name="ifrs-full:BankBorrowingsUndiscountedCashFlows" scale="6" id="f-4066">10</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1374" decimals="-6" name="ifrs-full:BankBorrowingsUndiscountedCashFlows" scale="6" id="f-4067">129</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1375" decimals="-6" name="ifrs-full:BankBorrowingsUndiscountedCashFlows" scale="6" id="f-4068">173</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-274" decimals="-6" name="ifrs-full:BankBorrowingsUndiscountedCashFlows" format="ixt:num-dot-decimal" scale="6" id="f-4069">1,449</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total Issues</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1369" decimals="-6" name="ifrs-full:Borrowings" format="ixt:num-dot-decimal" scale="6" id="f-4070">4,835</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1370" decimals="-6" name="ifrs-full:Borrowings" format="ixt:num-dot-decimal" scale="6" id="f-4071">2,058</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 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style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1373" decimals="-6" name="ifrs-full:Borrowings" format="ixt:num-dot-decimal" scale="6" id="f-4074">2,432</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span 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style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-274" decimals="-6" name="ifrs-full:Borrowings" format="ixt:num-dot-decimal" scale="6" id="f-4077">32,704</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span 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id="f-4079">389</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1371" decimals="-6" name="ifrs-full:TradeAndOtherPayablesUndiscountedCashFlows" scale="6" id="f-4080">643</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1372" decimals="-6" name="ifrs-full:TradeAndOtherPayablesUndiscountedCashFlows" scale="6" id="f-4081">277</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1373" decimals="-6" name="ifrs-full:TradeAndOtherPayablesUndiscountedCashFlows" scale="6" id="f-4082">565</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1374" 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contextRef="c-1371" decimals="-6" name="ifrs-full:DerivativeFinancialLiabilitiesUndiscountedCashFlows" scale="6" id="f-4088">562</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1372" decimals="-6" name="ifrs-full:DerivativeFinancialLiabilitiesUndiscountedCashFlows" scale="6" id="f-4089">376</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span 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0;text-align:right;vertical-align:bottom"/></tr></table></div></ix:nonNumeric><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The estimate of future payments for interest on these financial liabilities at December 31, 2024 is as follows: <ix:nonFraction unitRef="eur" contextRef="c-1376" decimals="-6" name="ifrs-full:InterestPayable" format="ixt:num-dot-decimal" scale="6" id="f-4102">1,308</ix:nonFraction> million euros in</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">2025, <ix:nonFraction unitRef="eur" contextRef="c-1377" decimals="-6" name="ifrs-full:InterestPayable" format="ixt:num-dot-decimal" scale="6" id="f-4103">1,187</ix:nonFraction> million euros in 2026, <ix:nonFraction 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name="ifrs-full:DisclosureOfFinancialLiabilitiesExplanatory" id="f-4112" escape="true"><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The composition of the financial liabilities by category at December&#160;31, 2024 and 2023 is as follows: </span></div><div style="margin-top:9pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"/><td style="width:19.952%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:6.940%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:7.525%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:5.917%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:7.525%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:8.402%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:8.402%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:7.525%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:8.110%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:8.702%"/><td style="width:0.1%"/></tr><tr><td colspan="30" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">December 31, 2024</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="6" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Fair value through profit or loss</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="9" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Measurement hierarchy</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Millions of euros</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Held for trading</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Fair value option</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Hedges</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Level 1 (Quoted prices)</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Level 2 (Other directly observable market inputs)</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Level 3 (Inputs not based on observable market data)</span></td><td colspan="3" 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style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr></table></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"/><td style="width:20.976%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:6.940%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:7.525%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:5.917%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:7.525%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:8.402%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:8.402%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:7.525%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:7.525%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:8.263%"/><td style="width:0.1%"/></tr><tr><td colspan="30" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">December 31, 2023</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="6" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Fair value through profit or loss</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="9" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Measurement hierarchy</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:top"><span 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style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr></table></div></ix:nonNumeric><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The calculation of the fair values of the Telef&#243;nica Group&#8217;s debt instruments required an estimate of the credit spread curve for each currency and corresponding subsidiary using the prices of the Group&#8217;s bonds and credit derivatives. </span></div></ix:continuation><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">F-81</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><ix:continuation id="f-4052-2" continuedAt="f-4052-3"><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">At December 31, 2024, some of the financing arranged by Telef&#243;nica Group companies in Latin America (<ix:nonFraction unitRef="eur" contextRef="c-169" decimals="-6" name="ifrs-full:FinancialLiabilities" scale="6" id="f-4185">435</ix:nonFraction> million euros in Peru), which amounted to approximately <ix:nonFraction unitRef="number" contextRef="c-1444" decimals="2" name="tef:ProportionOfGrossDebt" scale="-2" id="f-4186">1</ix:nonFraction>% of the Telef&#243;nica Group&#8217;s gross debt, was subject to compliance with certain financial covenants. To date, these covenants are being met and have no impact on the debt of the Telef&#243;nica Group companies. Due to the absence of cross-defaults, breach of the covenants would not affect the debt at Telef&#243;nica, S.A. level.  </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Some of the financial liabilities of Telef&#243;nica Group includes adjustments in the amortized cost at December 31, 2024 and 2023 as a result of fair value interest rate and exchange rate hedges. </span></div><div style="margin-top:9pt;text-align:justify"><span><br/></span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Issues, promissory notes, commercial paper, loans and other payables </span></div><ix:nonNumeric contextRef="c-1" name="tef:DisclosureOfReconciliationOfChangesInFinancialLiabilitiesTableTextBlock" id="f-4187" escape="true"><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The movement in issues, promissory notes, commercial paper, loans and other payables in 2024 and 2023 arising from financial activities is as follows:</span></div><div style="margin-bottom:9pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"/><td style="width:18.636%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:8.256%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:10.595%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:9.572%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:11.911%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:10.595%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:9.864%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:11.771%"/><td style="width:0.1%"/></tr><tr><td colspan="6" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td colspan="6" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Cash used in financing activities</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"/><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"/><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"/><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Millions of euros</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Balance at 12/31/2023</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Cash received</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Cash paid</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Translation differences and exchange gains and losses</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Financial updates</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Other movements</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Balance at 12/31/2024</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Issues</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1445" decimals="-6" name="ifrs-full:FinancialLiabilities" format="ixt:num-dot-decimal" scale="6" id="f-4188">30,198</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1446" decimals="-6" name="tef:AcquisitionsofFinancialLiabilities" format="ixt:num-dot-decimal" scale="6" id="f-4189">1,787</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1446" decimals="-6" name="tef:DisposalsofFinancialLiabilities" format="ixt:num-dot-decimal" scale="6" id="f-4190">1,140</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1446" decimals="-6" name="tef:TranslationDifferencesofFinancialLiabilities" scale="6" id="f-4191">589</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1446" decimals="-6" sign="-" name="tef:FairValueAdjustmentsandFinancialUpdatesofFinancialLiabilities" scale="6" id="f-4192">109</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1446" decimals="-6" sign="-" name="tef:Increasedecreasethroughothermovementsfinancialliabilities" scale="6" id="f-4193">70</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1447" decimals="-6" name="ifrs-full:FinancialLiabilities" format="ixt:num-dot-decimal" scale="6" id="f-4194">31,255</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Promissory notes and commercial paper</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1448" decimals="-6" name="ifrs-full:FinancialLiabilities" format="ixt:num-dot-decimal" scale="6" id="f-4195">1,369</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1449" decimals="-6" name="tef:AcquisitionsofFinancialLiabilities" scale="6" id="f-4196">478</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1449" decimals="-6" name="tef:DisposalsofFinancialLiabilities" scale="6" id="f-4197">409</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1449" decimals="-6" name="tef:TranslationDifferencesofFinancialLiabilities" scale="6" id="f-4198">1</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1449" decimals="-6" name="tef:FairValueAdjustmentsandFinancialUpdatesofFinancialLiabilities" format="ixt:fixed-zero" scale="6" id="f-4199">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1449" decimals="-6" name="tef:Increasedecreasethroughothermovementsfinancialliabilities" scale="6" id="f-4200">10</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1450" decimals="-6" name="ifrs-full:FinancialLiabilities" format="ixt:num-dot-decimal" scale="6" id="f-4201">1,449</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Loans and other payables</span></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1451" decimals="-6" name="ifrs-full:FinancialLiabilities" format="ixt:num-dot-decimal" scale="6" id="f-4202">3,601</ix:nonFraction>&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1452" decimals="-6" name="tef:AcquisitionsofFinancialLiabilities" scale="6" id="f-4203">897</ix:nonFraction>&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1452" decimals="-6" name="tef:DisposalsofFinancialLiabilities" scale="6" id="f-4204">694</ix:nonFraction>)</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1452" decimals="-6" sign="-" name="tef:TranslationDifferencesofFinancialLiabilities" scale="6" id="f-4205">54</ix:nonFraction>)</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1452" decimals="-6" name="tef:FairValueAdjustmentsandFinancialUpdatesofFinancialLiabilities" format="ixt:fixed-zero" scale="6" id="f-4206">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1452" decimals="-6" name="tef:Increasedecreasethroughothermovementsfinancialliabilities" scale="6" id="f-4207">264</ix:nonFraction>&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1453" decimals="-6" name="ifrs-full:FinancialLiabilities" format="ixt:num-dot-decimal" scale="6" id="f-4208">4,014</ix:nonFraction>&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr></table><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.707%"><tr><td style="width:1.0%"/><td style="width:18.694%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:7.844%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:10.630%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:9.603%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:11.949%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:10.630%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:10.043%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:11.807%"/><td style="width:0.1%"/></tr><tr><td colspan="6" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td colspan="6" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Cash used in financing activities</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"/><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"/><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"/><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Millions of euros</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Balance at 12/31/2022</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Cash received</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Cash paid</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Translation differences and exchange gains and losses</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Financial updates</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Other movements</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Balance at 12/31/2023</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Issues</span></td><td 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0;text-align:right;vertical-align:bottom"/></tr></table></div></ix:nonNumeric></ix:continuation><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">F-82</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><div style="margin-top:9pt;text-align:center"><span><br/></span></div><ix:continuation id="f-4052-3" continuedAt="f-4052-4"><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Debentures and bonds </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Financial updates of debenture and bond issues include mainly the value adjustment of the basis adjustment bonds due to their fair value hedges, impacted by interest rate movements.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">At December&#160;31, 2024, the nominal amount of outstan</span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">ding debentures and bonds issues was <ix:nonFraction unitRef="eur" contextRef="c-12" decimals="-6" name="ifrs-full:NotesAndDebenturesIssued" format="ixt:num-dot-decimal" scale="6" id="f-4230">30,979</ix:nonFraction> million euros (<ix:nonFraction unitRef="eur" contextRef="c-13" decimals="-6" name="ifrs-full:BondsIssued" format="ixt:num-dot-decimal" scale="6" id="f-4231">29,779</ix:nonFraction> million euros at December&#160;31, 2023). Appendix III presents the characteristics of all outstanding debentures and bond issues at the year-end 2024, and the significant issues made during the year. </span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Telef&#243;nica, S.A. has a full and unconditional guarantee on issues made by Telef&#243;nica Emisiones, S.A.U., and Telef&#243;nica Europe, B.V., both of which are wholly owned finance subsidiaries of Telef&#243;nica, S.A. No other subsidiaries of Telef&#243;nica, S.A. provide guarantees on these issues.  </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Promissory notes and commercial paper </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The main programs for issuance of promissory notes and commercial paper are the following: </span></div><div style="margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:10pt">At December&#160;31, 2024, Telef&#243;nica Europe, B.V. had a commercial paper issuance program guaranteed by Telef&#243;nica, S.A. for up to <ix:nonFraction unitRef="eur" contextRef="c-12" decimals="-6" name="tef:Commercialpapersissuable" format="ixt:num-dot-decimal" scale="6" id="f-4232">5,000</ix:nonFraction> million euros. The outstanding balance of commercial paper issued under this program at December&#160;31, 2024 was <ix:nonFraction unitRef="eur" contextRef="c-1460" decimals="-6" name="ifrs-full:NotesAndDebenturesIssued" format="ixt:num-dot-decimal" scale="6" id="f-4233">1,165</ix:nonFraction> million euros, issued at an average interest rate of <ix:nonFraction unitRef="number" contextRef="c-1461" decimals="4" name="tef:BorrowingsAverageInterestRate" scale="-2" id="f-4234">3.76</ix:nonFraction>% for 2024 (<ix:nonFraction unitRef="eur" contextRef="c-13" decimals="-6" name="ifrs-full:CommercialPapersIssued" format="ixt:num-dot-decimal" scale="6" id="f-4235">1,000</ix:nonFraction> million euros issued in 2023 at an average rate of <ix:nonFraction unitRef="number" contextRef="c-1462" decimals="4" name="tef:BorrowingsAverageInterestRate" scale="-2" id="f-4236">3.65</ix:nonFraction>%). </span></div><div style="margin-bottom:9pt;margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:22.5pt"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:10pt">At December&#160;31, 2024, Telef&#243;nica, S.A. had a corporate promissory note program for <ix:nonFraction unitRef="eur" contextRef="c-12" decimals="-6" name="tef:Promissorynotesissuableallowedincrease" scale="6" id="f-4237">500</ix:nonFraction> million euros expandable to <ix:nonFraction unitRef="eur" contextRef="c-1463" decimals="-6" name="tef:Promissorynotesissuableallowedincrease" format="ixt:num-dot-decimal" scale="6" id="f-4238">2,000</ix:nonFraction> million euros, with <ix:nonFraction unitRef="eur" contextRef="c-1464" decimals="-6" name="ifrs-full:NotesAndDebenturesIssued" scale="6" id="f-4239">35</ix:nonFraction> million euros of outstanding balance at December 31, 2024, issued at an average interest rate of <ix:nonFraction unitRef="number" contextRef="c-1465" decimals="4" name="tef:BorrowingsAverageInterestRate" scale="-2" id="f-4240">3.65</ix:nonFraction>% for 2024 (<ix:nonFraction unitRef="eur" contextRef="c-1466" decimals="-6" name="ifrs-full:NotesAndDebenturesIssued" format="ixt:fixed-zero" scale="6" id="f-4241">no</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> outstanding balance at December 31, 2023). </span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Interest-bearing debt</span><span style="color:#50535a;font-family:'Telefonica',sans-serif;font-size:9.3pt;font-weight:700;line-height:120%"> </span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Other movements in "Loans and other payables" at December 31, 2024 include collections and payments related to collateral liabilities deposit associated with Telef&#243;nica, S.A. debt for a net amount of payments amounting to <ix:nonFraction unitRef="eur" contextRef="c-201" decimals="-6" name="tef:PaymentsCollectionsRelatedToCollateralLiabilitiesDeposit" scale="6" id="f-4242">123</ix:nonFraction> million euros (<ix:nonFraction unitRef="eur" contextRef="c-224" decimals="-6" sign="-" name="tef:PaymentsCollectionsRelatedToCollateralLiabilitiesDeposit" scale="6" id="f-4243">589</ix:nonFraction> million euros for a net amount of proceeds at December 31, 2023).</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The average interest rate on outstanding loans and other payables at December&#160;31, 2024 was <ix:nonFraction unitRef="number" contextRef="c-1467" decimals="4" name="tef:BorrowingsAverageInterestRate" scale="-2" id="f-4244">4.71</ix:nonFraction>% (<ix:nonFraction unitRef="number" contextRef="c-1468" decimals="4" name="tef:BorrowingsAverageInterestRate" scale="-2" id="f-4245">4.47</ix:nonFraction>% in 2023). This percentage does not include the impact of hedges arranged by the Group. </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The main financing transactions included under &#8220;Interest-bearing debt&#8221; line outstanding at December&#160;31, 2024 and 2023 and their nominal amounts are provided in Appendix V. </span></div><ix:nonNumeric contextRef="c-1" name="ifrs-full:DisclosureOfDetailedInformationAboutBorrowingsExplanatory" id="f-4246" continuedAt="f-4246-1" escape="true"><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Interest-bearing debt arranged or repaid in 2024 mainly includes the following: </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"/><td style="width:22.876%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:10.011%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:8.256%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:10.011%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:10.011%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:10.011%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:10.011%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:10.013%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="border-top:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Description</span></td><td colspan="3" style="border-top:0.5pt solid #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Limit 12/31/2024(*) (million euros)</span></td><td colspan="3" style="border-top:0.5pt solid #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Currency</span></td><td colspan="3" style="border-top:0.5pt solid #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Outstanding balance 12/31/2024 (million euros)</span></td><td colspan="3" style="border-top:0.5pt solid #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Arrangement date</span></td><td colspan="3" style="border-top:0.5pt solid #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Maturity date</span></td><td colspan="3" style="border-top:0.5pt solid #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Drawndown 2024 (million euros)</span></td><td colspan="3" style="border-top:0.5pt solid #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Repayment 2024 (million euros)</span></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Telef&#243;nica, S.A.</span></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"/><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"/><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"/><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"/><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"/><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"/><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"/></tr><tr><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:112%">Sustainability syndicated </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:5.2pt;font-weight:400;line-height:112%;position:relative;top:-2.8pt;vertical-align:baseline">(1)</span></div></td><td colspan="2" style="border-top:0.5pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1469" decimals="-6" name="ifrs-full:NotionalAmount" format="ixt:num-dot-decimal" scale="6" id="f-4247">5,500</ix:nonFraction>&#160;</span></td><td style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-top:0.5pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1469" decimals="-6" name="ifrs-full:Borrowings" format="ixt:fixed-zero" scale="6" id="f-4248">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">03/15/2018</span></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">01/13/2029</span></td><td colspan="2" style="border-top:0.5pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1470" decimals="-6" name="ifrs-full:ProceedsFromBorrowingsClassifiedAsFinancingActivities" format="ixt:fixed-zero" scale="6" id="f-4249">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:0.5pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1470" decimals="-6" name="ifrs-full:RepaymentsOfBorrowingsClassifiedAsFinancingActivities" format="ixt:fixed-zero" scale="6" id="f-4250">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Bilateral loan</span></td><td colspan="2" style="border-top:0.5pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1471" decimals="-6" name="ifrs-full:NotionalAmount" format="ixt:fixed-zero" scale="6" id="f-4251">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-top:0.5pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1471" decimals="-6" name="ifrs-full:Borrowings" scale="6" id="f-4252">150</ix:nonFraction>&#160;</span></td><td style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">03/27/2024</span></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">07/31/2034</span></td><td colspan="2" style="border-top:0.5pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1472" decimals="-6" name="ifrs-full:ProceedsFromBorrowingsClassifiedAsFinancingActivities" scale="6" id="f-4253">150</ix:nonFraction>&#160;</span></td><td style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:0.5pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1472" decimals="-6" name="ifrs-full:RepaymentsOfBorrowingsClassifiedAsFinancingActivities" format="ixt:fixed-zero" scale="6" id="f-4254">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Bilateral loan </span></td><td colspan="2" style="border-top:0.5pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1473" decimals="-6" name="ifrs-full:NotionalAmount" format="ixt:fixed-zero" scale="6" id="f-4255">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-top:0.5pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1473" decimals="-6" name="ifrs-full:Borrowings" scale="6" id="f-4256">140</ix:nonFraction>&#160;</span></td><td style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">10/09/2024</span></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">10/31/2031</span></td><td colspan="2" style="border-top:0.5pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1474" decimals="-6" name="ifrs-full:ProceedsFromBorrowingsClassifiedAsFinancingActivities" scale="6" id="f-4257">140</ix:nonFraction>&#160;</span></td><td style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:0.5pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1474" decimals="-6" name="ifrs-full:RepaymentsOfBorrowingsClassifiedAsFinancingActivities" format="ixt:fixed-zero" scale="6" id="f-4258">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Bilateral loan</span></td><td colspan="2" style="border-top:0.5pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1475" decimals="-6" name="ifrs-full:NotionalAmount" format="ixt:fixed-zero" scale="6" id="f-4259">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-top:0.5pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1475" decimals="-6" name="ifrs-full:Borrowings" scale="6" id="f-4260">100</ix:nonFraction>&#160;</span></td><td style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">11/21/2024</span></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">12/16/2031</span></td><td colspan="2" style="border-top:0.5pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1476" decimals="-6" name="ifrs-full:ProceedsFromBorrowingsClassifiedAsFinancingActivities" scale="6" id="f-4261">100</ix:nonFraction>&#160;</span></td><td style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:0.5pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1476" decimals="-6" name="ifrs-full:RepaymentsOfBorrowingsClassifiedAsFinancingActivities" format="ixt:fixed-zero" scale="6" id="f-4262">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Bluevia Fibra S.L.U.</span></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:0 1pt"/><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:0 1pt"/><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:0 1pt"/><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:0 1pt"/><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:0 1pt"/><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:0 1pt"/><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:0 1pt"/></tr><tr><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Syndicated </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(2)</span></div></td><td colspan="2" style="border-top:0.5pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1477" decimals="-6" name="ifrs-full:NotionalAmount" scale="6" id="f-4263">360</ix:nonFraction>&#160;</span></td><td style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-top:0.5pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1477" decimals="-6" name="ifrs-full:Borrowings" scale="6" id="f-4264">325</ix:nonFraction>&#160;</span></td><td style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">11/16/2022</span></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">12/20/2029</span></td><td colspan="2" style="border-top:0.5pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1478" decimals="-6" name="ifrs-full:ProceedsFromBorrowingsClassifiedAsFinancingActivities" scale="6" id="f-4265">75</ix:nonFraction>&#160;</span></td><td style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:0.5pt solid #bfbfbf;padding:2px 0 2px 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colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Telxius Telecom, S.A.</span></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:0 1pt"/><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:0 1pt"/><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:0 1pt"/><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:0 1pt"/><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:0 1pt"/><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:0 1pt"/><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:0 1pt"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="border-bottom:0.5pt solid #bfbfbf;border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Syndicated </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(3)</span></div></td><td colspan="2" style="border-bottom:0.5pt solid #bfbfbf;border-top:0.5pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1479" decimals="-6" name="ifrs-full:NotionalAmount" scale="6" id="f-4267">145</ix:nonFraction>&#160;</span></td><td style="border-bottom:0.5pt solid #bfbfbf;border-top:0.5pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="border-bottom:0.5pt solid #bfbfbf;border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-bottom:0.5pt solid #bfbfbf;border-top:0.5pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1479" decimals="-6" name="ifrs-full:Borrowings" scale="6" id="f-4268">100</ix:nonFraction>&#160;</span></td><td style="border-bottom:0.5pt solid #bfbfbf;border-top:0.5pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="border-bottom:0.5pt solid #bfbfbf;border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">12/01/2023</span></td><td colspan="3" style="border-bottom:0.5pt solid #bfbfbf;border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">12/04/2029</span></td><td colspan="2" style="border-bottom:0.5pt solid #bfbfbf;border-top:0.5pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1480" decimals="-6" name="ifrs-full:ProceedsFromBorrowingsClassifiedAsFinancingActivities" format="ixt:fixed-zero" scale="6" id="f-4269">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-bottom:0.5pt solid #bfbfbf;border-top:0.5pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:0.5pt solid #bfbfbf;border-top:0.5pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1480" decimals="-6" name="ifrs-full:RepaymentsOfBorrowingsClassifiedAsFinancingActivities" format="ixt:fixed-zero" scale="6" id="f-4270">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-bottom:0.5pt solid #bfbfbf;border-top:0.5pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr></table></div><div style="text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">(</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:120%">1) The second one-year extension option for the Telef&#243;nica, S.A. sustainability-linked syndicated credit facility for up to <ix:nonFraction unitRef="eur" contextRef="c-1481" decimals="-6" name="tef:BorrowingFacilitiesMaximumBorrowingCapacity" format="ixt:num-dot-decimal" scale="6" id="f-4271">5,500</ix:nonFraction> million euros, was executed on January 13, 2024, extending the maturity date to January 13, 2029.</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:120%">(2) The second one-year extension option of the Bluev&#237;a Fibra S.L.U syndicated facility, for <ix:nonFraction unitRef="eur" contextRef="c-1477" decimals="-6" name="tef:BorrowingFacilitiesMaximumBorrowingCapacity" scale="6" id="f-4272">360</ix:nonFraction> million euros, was executed on December 20, 2024, with a maturity extending the maturity date to December 20, 2029.</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%"> </span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:120%">(3) On December 4, 2024, the first one-year extension option of the Telxius Telecom, S.A, syndicated facility, for <ix:nonFraction unitRef="eur" contextRef="c-1479" decimals="-6" name="tef:BorrowingFacilitiesMaximumBorrowingCapacity" scale="6" id="f-4273">145</ix:nonFraction> million euros, was executed extending the maturity date to December 4, 2029. The facility has two annual extension options at Telxius Telecom, S.A. request with a maturity maximum up to 2030.</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:120%">(*) Undrawn limit.</span></div></ix:nonNumeric></ix:continuation><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">F-83</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><ix:continuation id="f-4052-4"><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">At December&#160;31, 2024, the Telef&#243;nica Group presented availabilities of financing from different sources that amounted to approximately <ix:nonFraction unitRef="eur" contextRef="c-12" decimals="-6" name="tef:BorrowingsRemainingBorrowingCapacity" format="ixt:num-dot-decimal" scale="6" id="f-4274">11,017</ix:nonFraction> million euros (<ix:nonFraction unitRef="eur" contextRef="c-13" decimals="-6" name="tef:BorrowingsRemainingBorrowingCapacity" format="ixt:num-dot-decimal" scale="6" id="f-4275">11,315</ix:nonFraction> million euros at December&#160;31, 2023), of which <ix:nonFraction unitRef="eur" contextRef="c-12" decimals="-6" name="tef:BorrowingsMaturinginmorethanTwelveMonths" format="ixt:num-dot-decimal" scale="6" id="f-4276">10,634</ix:nonFraction> million euros will mature in more than twelve months. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Within these availabilities of financing, <ix:nonFraction unitRef="eur" contextRef="c-1482" decimals="-6" name="ifrs-full:Borrowings" format="ixt:num-dot-decimal" scale="6" id="f-4277">10,593</ix:nonFraction> million euros are included, whose interests are linked to the fulfillment of sustainability objectives. Of these, <ix:nonFraction unitRef="eur" contextRef="c-1483" decimals="-6" name="ifrs-full:Borrowings" format="ixt:num-dot-decimal" scale="6" id="f-4278">4,343</ix:nonFraction> million euros correspond to committed lines and bilateral financing, <ix:nonFraction unitRef="eur" contextRef="c-1484" decimals="-6" name="ifrs-full:Borrowings" scale="6" id="f-4279">750</ix:nonFraction> million euros correspond to the sustainable syndicated loan of Telef&#243;nica Germany GmbH &amp; Co. OHG (see Annex V) and <ix:nonFraction unitRef="eur" contextRef="c-1485" decimals="-6" name="ifrs-full:Borrowings" format="ixt:num-dot-decimal" scale="6" id="f-4280">5,500</ix:nonFraction> million euros correspond to the sustainable syndicated loan of Telef&#243;nica, S.A. (see Note 29.d).</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Loans by currency </span></div><ix:nonNumeric contextRef="c-1" name="ifrs-full:DisclosureOfLoansAndAdvancesToCustomersExplanatory" id="f-4281" escape="true"><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The breakdown of &#8220;Loans and other payables&#8221; line by currency at December&#160;31, 2024 and 2023, and the equivalent value of foreign-currency loans in euros, is as follows: </span></div><div style="margin-bottom:18pt;margin-top:9pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.853%"><tr><td style="width:1.0%"/><td style="width:30.964%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:15.883%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:15.883%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:15.883%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:15.887%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="12" style="border-bottom:1pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Outstanding balance (in millions)</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="6" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Local Currency</span></td><td colspan="6" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Euros</span></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Currency</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span 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id="f-4298">776</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="mxn" contextRef="c-1493" decimals="-6" name="ifrs-full:TradeAndOtherPayablesUndiscountedCashFlows" format="ixt:num-dot-decimal" scale="6" id="f-4299">2,716</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1492" decimals="-6" name="ifrs-full:TradeAndOtherPayablesUndiscountedCashFlows" scale="6" id="f-4300">36</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1493" decimals="-6" name="ifrs-full:TradeAndOtherPayablesUndiscountedCashFlows" scale="6" id="f-4301">145</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Uruguayan peso</span></td><td colspan="2" 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style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1497" decimals="-6" name="ifrs-full:TradeAndOtherPayablesUndiscountedCashFlows" scale="6" id="f-4309">255</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Other currencies</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"/><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1294" decimals="-6" name="ifrs-full:TradeAndOtherPayablesUndiscountedCashFlows" scale="6" id="f-4310">113</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1295" decimals="-6" name="ifrs-full:TradeAndOtherPayablesUndiscountedCashFlows" scale="6" id="f-4311">103</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 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style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">F-84</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><div style="margin-top:18pt;text-align:center"><span style="color:#a6a6a6;font-family:'Arial',sans-serif;font-size:18pt;font-weight:400;line-height:120%">Note 19 <ix:nonNumeric contextRef="c-1" name="ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory" id="f-4314" continuedAt="f-4314-1" escape="true">Derivative financial instruments and risk management policies</ix:nonNumeric></span></div><ix:continuation id="f-4314-1" continuedAt="f-4314-2"><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Telef&#243;nica Group is exposed to various financial market risks as a result of: (i) its ordinary business activity, (ii) debt incurred to finance its business, (iii) its investments in companies, and (iv) other financial instruments related to the above commitments. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The main market risks affecting the Group companies are as follows: </span></div><div style="margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:10pt">Exchange rate risk</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">: arises primarily from: (i) Telef&#243;nica&#8217;s international presence, through its investments and businesses in countries that use currencies other than the euro (primarily in Latin America, but also in the United Kingdom), (ii) debt denominated in currencies other than that of the country where the business is conducted or the home country of the company incurring such debt , and (iii) for those trade receivables or payables in foreign currency related to the company with the transaction registered.</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%"> </span></div><div style="margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:10pt">Interest rate risk</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">: arises primarily in connection with changes in interest rates affecting: (i) financial expenses on floating-rate debt (or short-term debt likely to be renewed), (ii) the value of long-term liabilities at fixed interest rates and (iii) financial expenses and principal payments of inflation-linked financial instruments, considering interest rate risk as the impact of changes in inflation rates. </span></div><div style="margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:10pt">Share price risk</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">: arises primarily from changes in the value of the equity investments (that may be bought, sold or otherwise involved in transactions), from changes in the value of derivatives associated with such investments, from changes in the value of treasury shares and from changes in the value of equity derivatives. </span></div><div style="margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:10pt">Liquidity risk</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">: arises due to a mismatch between financing needs (including operating and financial expenses, investment, debt redemptions and dividend commitments) and sources of finance (including revenues, divestments, credit lines from financial institutions and capital market transactions). The cost of finance could also be affected by movements in the credit spreads (over benchmark rates) demanded by lenders. </span></div><div style="margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:10pt">Country risk</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">: refers to the possible decline in the value of assets, cash flows generated or cash flows returned to the parent company as a result of political, economic or social instability in the countries where the Telef&#243;nica Group operates, especially in Latin America.</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%"> </span></div><div style="margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:10pt">Credit risk</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">: appears when a counterparty fails to meet or delays its payment obligations in accordance with the agreed terms, driving an impairment in an asset due to: (i) solvency issues, or (ii) no intention to pay.</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%"> </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Risk management </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Telef&#243;nica Group actively manages these risks through the use of derivatives (primarily on exchange rates, interest rates, credit, share prices and commodities) and by incurring debt in local currencies, where appropriate, with a view to optimize the financial cost and to stabilizing cash flows, the income statement and investments. In this way, it attempts to protect the Telef&#243;nica Group&#8217;s solvency, facilitate financial planning and take advantage of investment opportunities. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Telef&#243;nica Group manages its exchange rate risk and interest rate risk in terms of net financial debt (including leases under IFRS 16) plus commitments as calculated by the Group. The Telef&#243;nica Group believes that these parameters are more appropriate to understand its debt position. Net financial debt and net financial debt plus commitments take into account the impact of the Group&#8217;s cash balance and cash equivalents including derivatives positions with a positive value linked to liabilities. Neither net financial debt nor net financial debt plus commitments as calculated by the Telef&#243;nica Group should be considered as a substitute for gross financial debt (the sum of current and non-current interest-bearing debt).  </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">For a more detailed description on reconciliation of net financial debt and net financial debt plus commitments to gross financial debt, see Note 2.</span></div></ix:continuation><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">F-85</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><ix:continuation id="f-4314-2" continuedAt="f-4314-3"><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Exchange rate risk</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The fundamental objective of the exchange rate risk management policy is that, in event of depreciation in foreign currencies relative to the euro, any potential losses in the value of the operating results before depreciation and amortization margin generated by the businesses in such currencies (caused by depreciation in exchange rates of a foreign currency relative to the euro) are offset (to some extent) by savings from the reduction in the euro value of debt denominated in such currencies. This objective is also reflected on the decrease of the sensitivity to exchange rate variations of the net debt to operating results before depreciation and amortization ratio, in order to protect the Group's solvency. The degree of exchange rate hedging varies depending on the type of investment and may easily and actively be adjusted. For transactions of purchase or sale of business in currencies other than euro, additional hedges can be made on the estimated prices of the transactions or on estimated cash flows and operating results before depreciation and amortization. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">At December 31, 2024, the net financial debt in Latin American currencies was equivalent to approximately <ix:nonFraction unitRef="eur" contextRef="c-1498" decimals="-6" name="ifrs-full:NominalAmountOfHedgingInstrument" format="ixt:num-dot-decimal" scale="6" id="f-4315">5,436</ix:nonFraction> million euros (<ix:nonFraction unitRef="eur" contextRef="c-1499" decimals="-6" name="ifrs-full:NominalAmountOfHedgingInstrument" format="ixt:num-dot-decimal" scale="6" id="f-4316">6,535</ix:nonFraction> million euros in 2023). However, the Latin American currencies in which this debt is denominated is not distributed in proportion to the operating results before depreciation and amortization generated in each currency. The future effectiveness of the strategy described above as an economic hedge of exchange rate risks therefore depends on which currencies depreciate relative to the euro. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Telef&#243;nica occasionally takes out dollar-denominated debt to hedge the euro-dollar intermediate component in the relation Euro-Latin American currencies, either in Spain (where such debt is associated with an investment as long as it is considered to be an effective hedge) or in the country itself, where the market for local currency financing or hedges may be inadequate or non-existent. At December 31, 2024, the Telef&#243;nica Group&#8217;s net financial debt denominated in dollars to hedge that component was equivalent to <ix:nonFraction unitRef="eur" contextRef="c-1500" decimals="-6" name="ifrs-full:NominalAmountOfHedgingInstrument" scale="6" id="f-4317">1166</ix:nonFraction> million euros of asset position (<ix:nonFraction unitRef="eur" contextRef="c-1501" decimals="-6" name="ifrs-full:NominalAmountOfHedgingInstrument" scale="6" id="f-4318">657</ix:nonFraction> million euros of asset position in 2023). </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">At December 31, 2024, net financial debt in pounds sterling was equivalent to <ix:nonFraction unitRef="eur" contextRef="c-1502" decimals="-6" name="ifrs-full:NominalAmountOfHedgingInstrument" scale="6" id="f-4319">46</ix:nonFraction> million euros of asset position (<ix:nonFraction unitRef="eur" contextRef="c-1503" decimals="-6" name="ifrs-full:NominalAmountOfHedgingInstrument" scale="6" id="f-4320">82</ix:nonFraction> million euros at December 31, 2023). As a consequence of setting up in June 2021 of the joint venture VMO2, the previous objective of maintaining debt in pounds sterling in the consolidated balance sheet of the Group of twice operating results before depreciation and amortization has been modified, as a result of changing the consolidation method of UK assets (VMO2 is accounted for under the equity method) and incorporating VMO2 to leverage higher than the ratio of twice Debt operating results before depreciation and amortization. The synthetic debt target denominated in pounds will be directly related to the flows that are expected to be repatriated from VMO2. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Telef&#243;nica Group also manages exchange rate risk by seeking to reduce the negative impact of any exchange rate exposure on the income statement, as a result of transactions recognized on the statement of financial position sheet and highly probable transactions, regardless of whether there are open positions. Such open position exposure can arise for any of three reasons: (i) a thin market for local derivatives or difficulty in sourcing local currency finance which makes it impossible to arrange a low-cost hedge (as in Argentina and Venezuela), (ii) financing through intra-group loans, where the accounting treatment of exchange rate risk is different from that for financing through capital contributions, and (iii) as the result of a deliberate policy decision, to avoid the high cost of hedges that are not warranted by expectations or high risk of depreciation. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The main transactions that generate or may generate exchange rate risk (regardless of whether or not they have an impact on the income statement) are, among others, as follows: issues in currencies other than the functional currency of the Group company, highly probable transactions in other currencies, future cash inflows in other currencies, investments and divestments, provisions for collections or payments and collections in foreign currency, the actual value of the investments (subsidiaries) in currencies other than the euro. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In 2024, net foreign exchange results were obtained from the management of the exchange rate (excluding monetary correction) for a total positive net result of <ix:nonFraction unitRef="eur" contextRef="c-1" decimals="-6" name="ifrs-full:GainsLossesOnExchangeDifferencesOnTranslationRecognisedInProfitOrLoss" scale="6" id="f-4321">113</ix:nonFraction> million euros (positive net result of <ix:nonFraction unitRef="eur" contextRef="c-14" decimals="-6" name="ifrs-full:GainsLossesOnExchangeDifferencesOnTranslationRecognisedInProfitOrLoss" scale="6" id="f-4322">124</ix:nonFraction> million euros in 2023).  </span></div></ix:continuation><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">F-86</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><ix:continuation id="f-4314-3" continuedAt="f-4314-4"><ix:nonNumeric contextRef="c-1" name="ifrs-full:SensitivityAnalysisForEachTypeOfMarketRisk" id="f-4323" continuedAt="f-4323-1" escape="true"><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The following table illustrates the sensitivity of foreign currency gains and sensitivity losses and of equity to changes in exchange rates, where: a) in calculating the impact on the income statement, the exchange rate position affecting the income statement at the end of 2024 was considered constant during 2025; b) in calculating the impact on equity, only monetary items have been considered, namely debt and derivatives such as hedges of net investment and loans to subsidiaries related to the investment, breakdown of which is considered constant in 2025 and identical to that existing at the end of 2024. In both cases, Latin American currencies are assumed to change their value against the dollar and the rest of the currencies against the euro by <ix:nonFraction unitRef="number" contextRef="c-1504" decimals="2" name="tef:SensitivityAnalysisIncreaseInExchangeRate" scale="-2" id="f-4324">10</ix:nonFraction>%.</span></div><div style="margin-top:3pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"/><td style="width:48.181%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:15.710%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:15.710%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:15.999%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Millions of euros</span></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Currency</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Change</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Impact on the consolidated income statement</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Impact on consolidated equity</span></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">All currencies vs EUR</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-1505" decimals="2" name="tef:SensitivityAnalysisIncreaseInExchangeRate" scale="-2" id="f-4325">10</ix:nonFraction>%</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1505" decimals="-6" sign="-" name="tef:SensitivityAnalysisChangeInForeignExchangeRateIncreaseInNetIncome" scale="6" id="f-4326">42</ix:nonFraction>)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1505" decimals="-6" name="tef:SensitivityAnalysisChangeInExchangeRateDecreaseInConsolidatedEquity" scale="6" id="f-4327">298</ix:nonFraction>)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">USD vs EUR</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-1506" decimals="2" name="tef:SensitivityAnalysisIncreaseInExchangeRate" scale="-2" id="f-4328">10</ix:nonFraction>%</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1506" decimals="-6" sign="-" name="tef:SensitivityAnalysisChangeInForeignExchangeRateIncreaseInNetIncome" scale="6" id="f-4329">4</ix:nonFraction>)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1506" decimals="-6" name="tef:SensitivityAnalysisChangeInExchangeRateDecreaseInConsolidatedEquity" scale="6" id="f-4330">42</ix:nonFraction>)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Other currencies vs EUR</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-1507" decimals="2" name="tef:SensitivityAnalysisIncreaseInExchangeRate" scale="-2" id="f-4331">10</ix:nonFraction>%</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1507" decimals="-6" name="tef:SensitivityAnalysisChangeInForeignExchangeRateIncreaseInNetIncome" scale="6" id="f-4332">1</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1507" decimals="-6" name="tef:SensitivityAnalysisChangeInExchangeRateDecreaseInConsolidatedEquity" format="ixt:fixed-zero" scale="6" id="f-4333">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Latin American currencies vs USD</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-1504" decimals="2" name="tef:SensitivityAnalysisIncreaseInExchangeRate" scale="-2" id="f-4334">10</ix:nonFraction>%</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1504" decimals="-6" sign="-" name="tef:SensitivityAnalysisChangeInForeignExchangeRateIncreaseInNetIncome" scale="6" id="f-4335">39</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1504" decimals="-6" name="tef:SensitivityAnalysisChangeInExchangeRateDecreaseInConsolidatedEquity" scale="6" id="f-4336">256</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">All currencies vs EUR</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="number" contextRef="c-1505" decimals="2" name="tef:SensitivityAnalysisDecreaseInExchangeRate" scale="-2" id="f-4337">10</ix:nonFraction>%)</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1505" decimals="-6" sign="-" name="tef:SensitivityAnalysisChangeInForeignExchangeRateDecreaseInNetIncome" scale="6" id="f-4338">42</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1505" decimals="-6" name="tef:SensitivityAnalysisChangeInExchangeRateIncreaseInConsolidatedEquity" scale="6" id="f-4339">298</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">USD vs EUR</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="number" contextRef="c-1506" decimals="2" name="tef:SensitivityAnalysisDecreaseInExchangeRate" scale="-2" id="f-4340">10</ix:nonFraction>%)</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1506" decimals="-6" sign="-" name="tef:SensitivityAnalysisChangeInForeignExchangeRateDecreaseInNetIncome" scale="6" id="f-4341">4</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1506" decimals="-6" name="tef:SensitivityAnalysisChangeInExchangeRateIncreaseInConsolidatedEquity" scale="6" id="f-4342">42</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Other currencies vs EUR</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="number" contextRef="c-1507" decimals="2" name="tef:SensitivityAnalysisDecreaseInExchangeRate" scale="-2" id="f-4343">10</ix:nonFraction>%)</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1507" decimals="-6" name="tef:SensitivityAnalysisChangeInForeignExchangeRateDecreaseInNetIncome" scale="6" id="f-4344">1</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1507" decimals="-6" name="tef:SensitivityAnalysisChangeInExchangeRateIncreaseInConsolidatedEquity" format="ixt:fixed-zero" scale="6" id="f-4345">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Latin American currencies vs USD</span></td><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="number" contextRef="c-1504" decimals="2" name="tef:SensitivityAnalysisDecreaseInExchangeRate" scale="-2" id="f-4346">10</ix:nonFraction>%)</span></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1504" decimals="-6" sign="-" name="tef:SensitivityAnalysisChangeInForeignExchangeRateDecreaseInNetIncome" scale="6" id="f-4347">39</ix:nonFraction>&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1504" decimals="-6" name="tef:SensitivityAnalysisChangeInExchangeRateIncreaseInConsolidatedEquity" scale="6" id="f-4348">256</ix:nonFraction>&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr></table></div></ix:nonNumeric><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Group&#8217;s monetary position in Venezuela at December&#160;31, 2024 is a net asset position of <ix:nonFraction unitRef="veb" contextRef="c-1508" decimals="-6" name="ifrs-full:HedgingInstrumentLiabilities" format="ixt:num-dot-decimal" scale="6" id="f-4349">10,207</ix:nonFraction> million Venezuelan digital bolivars equivalent to <ix:nonFraction unitRef="eur" contextRef="c-1508" decimals="-6" name="ifrs-full:HedgingInstrumentLiabilities" scale="6" id="f-4350">120</ix:nonFraction> million euros (<ix:nonFraction unitRef="veb" contextRef="c-1509" decimals="-6" name="ifrs-full:HedgingInstrumentLiabilities" format="ixt:num-dot-decimal" scale="6" id="f-4351">19,900</ix:nonFraction> million Venezuelan digital bolivars equivalent to <ix:nonFraction unitRef="eur" contextRef="c-1509" decimals="-6" name="ifrs-full:HedgingInstrumentLiabilities" scale="6" id="f-4352">113</ix:nonFraction> million euros at December&#160;31, 2023). The net monetary position exposure in 2024 has been an asset position, which led to a higher financial expense of <ix:nonFraction unitRef="eur" contextRef="c-173" decimals="-6" sign="-" name="tef:IncreaseDecreaseInIncomeExpenseDueToEffectOfInflationCorrection" scale="6" id="f-4353">67</ix:nonFraction> million euros due to the effect of the monetary correction for inflation during the year (<ix:nonFraction unitRef="eur" contextRef="c-174" decimals="-6" sign="-" name="tef:IncreaseDecreaseInIncomeExpenseDueToEffectOfInflationCorrection" scale="6" id="f-4354">161</ix:nonFraction> million euros of expense in 2023).</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The impact of hyperinflation on the net monetary position of the Group&#8217;s subsidiaries in Argentina represents a financial income amounting to <ix:nonFraction unitRef="eur" contextRef="c-129" decimals="-6" name="ifrs-full:NetForeignExchangeGain" scale="6" id="f-4355">183</ix:nonFraction>&#160;million euros in 2024 (<ix:nonFraction unitRef="eur" contextRef="c-130" decimals="-6" name="ifrs-full:NetForeignExchangeGain" scale="6" id="f-4356">48</ix:nonFraction> million euros in 2023 and <ix:nonFraction unitRef="eur" contextRef="c-181" decimals="-6" name="ifrs-full:NetForeignExchangeGain" scale="6" id="f-4357">39</ix:nonFraction> million euros in 2022 of net result for both periods) and is recorded under Exchange differences in the consolidated income statement. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Interest rate risk</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The main objective of the interest rate risk management policy is to bring the Company's financing costs in line with the budget for financial expenses for the current year, as well as the current strategic plan. In accordance with this objective, Telef&#243;nica decided to actively adjust the exposure of its debt to interest rates, i.e., the amount of debt that would accrue interest at fixed rates and variable rates.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In order to meet this target, Telef&#243;nica mainly carried out the following:</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;a) The interest rate of borrowings tied to a variable interest rate was set. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;b) Interest rate fluctuations of debt tied to a variable interest rate were reduced. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;c) Fixed rate debt instruments were converted into variable market rate debt instruments. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">These transactions may be carried out against an existing underlying asset or those that are highly likely to take place in the future (for example, a highly probable future issue of debt). </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Telef&#243;nica Group&#8217;s financial expenses are exposed to changes in interest rates. In 2024 the Euro, Brazilian Real, British Pound, American Dollar, Chilean peso and Colombian peso were the short-term rates that accounted for most of the exposure. In nominal terms, at December&#160;31, 2024, <ix:nonFraction unitRef="number" contextRef="c-12" decimals="3" name="tef:PercentageOfNetDebtPlusCommitmentsUnderFixedInterestRates" scale="-2" id="f-4358">82.5</ix:nonFraction>% of Telef&#243;nica&#8217;s net financial debt was pegged to fixed interest rates for a period greater than one year, compared to </span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"><ix:nonFraction unitRef="number" contextRef="c-13" decimals="3" name="tef:PercentageOfNetDebtPlusCommitmentsUnderFixedInterestRates" scale="-2" id="f-4359">88.6</ix:nonFraction>%</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> in 2023. Of the remaining <ix:nonFraction unitRef="number" contextRef="c-12" decimals="3" name="tef:PercentageOfNetDebtAtFloatingRatesOrFixedRatesLessThanOneYear" scale="-2" id="f-4360">17.5</ix:nonFraction>% (net debt at floating rates or at fixed rates maturing within one year), no debt had interest rates bounded in a period over one year, the same as on December&#160;31, 2023. </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In addition, early retirement and Individual Suspension Plan liabilities (see Note 24) were discounted to present value over the year, based on the curve for instruments with very high credit quality. The variation of interest rates </span></div></ix:continuation><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">F-87</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><ix:continuation id="f-4314-4" continuedAt="f-4314-5"><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">during the year has led to a change in the market value of these liabilities. However, this change was nearly completely offset by a variation in the opposite direction of the market value of the hedges on these positions. </span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:115%">Net financial expenses amounted to <ix:nonFraction unitRef="eur" contextRef="c-1" decimals="-6" sign="-" name="ifrs-full:FinanceIncomeCost" format="ixt:num-dot-decimal" scale="6" id="f-4361">1,789</ix:nonFraction> million euros in 2024, decreasing <ix:nonFraction unitRef="eur" contextRef="c-1" decimals="-6" sign="-" name="tef:IncreaseDecreaseinFinanceIncomeCostfromPriorYear" scale="6" id="f-4362">115</ix:nonFraction> million euros compared to 2023. The lower amount in 2024 is mainly due to the positive impact of <ix:nonFraction unitRef="eur" contextRef="c-1510" decimals="-6" name="ifrs-full:OtherRevenue" scale="6" id="f-4363">154</ix:nonFraction> million euros in interest associated with the favorable award relating to the ICSID arbitration procedure initiated by Telef&#243;nica, S.A. in 2018 against the Republic of Colombia.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">To illustrate the sensitivity of the Company's net financial expense to fluctuations in short-term interest rates, on one hand a <ix:nonFraction unitRef="number" contextRef="c-1" decimals="INF" name="tef:SensitivityAnalysisPercentageIncreaseInInterestRate" scale="-4" id="f-4364">100</ix:nonFraction> basis point increase in interest rates in all currencies in which Telef&#243;nica has financial positions at December&#160;31, 2024, and a <ix:nonFraction unitRef="number" contextRef="c-1" decimals="INF" name="tef:SensitivityAnalysisPercentageDecreaseInInterestRate" scale="-4" id="f-4365">100</ix:nonFraction> basis point decrease in all currencies has been assumed, and on the other hand a constant position equal to the position at year-end has been considered. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">To calculate the sensitivity of equity to fluctuations in interest rates, on one hand a <ix:nonFraction unitRef="number" contextRef="c-1" decimals="INF" name="tef:SensitivityAnalysisPercentageIncreaseInInterestRate" scale="-4" id="f-4366">100</ix:nonFraction> basis point increase in interest rates in all currencies and in all periods on the yield curve in which Telef&#243;nica has financial positions at December&#160;31, 2024, and a <ix:nonFraction unitRef="number" contextRef="c-1" decimals="INF" name="tef:SensitivityAnalysisPercentageDecreaseInInterestRate" scale="-4" id="f-4367">100</ix:nonFraction> basis point decrease in all currencies and all periods was assumed, and on the other hand only positions with cash flow hedges were considered, which are basically the only positions in which changes in market value due to interest rate fluctuations are recognized in equity. </span></div><ix:continuation id="f-4323-1"><div style="margin-top:9pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"/><td style="width:56.945%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:19.733%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:20.022%"/><td style="width:0.1%"/></tr><tr><td colspan="9" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Millions of euros</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Change in basis points (bp)</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Impact on consolidated income statement</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Impact on consolidated equity</span></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;+<ix:nonFraction unitRef="number" contextRef="c-1" decimals="INF" name="tef:SensitivityAnalysisPercentageIncreaseInInterestRate" scale="-4" id="f-4368">100</ix:nonFraction>bp</span></div></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1" decimals="-6" name="tef:SensitivityAnalysisDecreaseInNetIncomeDueToIncreaseInInterestRate" scale="6" id="f-4369">41</ix:nonFraction>)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1" decimals="-6" sign="-" name="tef:SensitivityAnalysisDecreaseInEquityDueToDecreaseInInterestRate" scale="6" id="f-4370">533</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-bottom:1.5pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;-<ix:nonFraction unitRef="number" contextRef="c-1" decimals="INF" name="tef:SensitivityAnalysisPercentageDecreaseInInterestRate" scale="-4" id="f-4371">100</ix:nonFraction>bp</span></div></td><td colspan="2" style="border-bottom:1.5pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1" decimals="-6" name="tef:SensitivityAnalysisIncreaseInNetIncomeDueToDecreaseInInterestRate" scale="6" id="f-4372">41</ix:nonFraction>&#160;</span></td><td style="border-bottom:1.5pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:1.5pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1" decimals="-6" sign="-" name="tef:SensitivityAnalysisIncreaseInEquityDueToIncreaseInInterestRate" scale="6" id="f-4373">533</ix:nonFraction>)</span></td><td style="border-bottom:1.5pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr></table></div></ix:continuation><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Share price risk</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Telef&#243;nica Group is exposed to changes in the value of equity investments, of derivatives associated with such investments, of share-based payments plans, of treasury shares and of equity derivatives over treasury shares. </span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">According to the share-based payments plans (see Note 27), the shares to be delivered to employees under such plan may be either Telef&#243;nica, S.A. treasury shares, acquired by itself or any of its Group companies, or newly issued shares. The possibility of delivering shares to beneficiaries of the plans in the future, implies a risk since there could be an obligation to hand over a maximum number of shares at the end of each phase, whose acquisition (in the event of acquisition in the market) in the future could imply a higher cash outflow than required on the start date of each phase if the share price is above the corresponding price on the phase start date. In the event that new shares are issued for delivery to the beneficiaries of the plan, there would be a dilutive effect for ordinary shareholders of Telef&#243;nica as a result of the higher number of shares delivered under such plan outstanding. </span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In 2021, the General Shareholder&#8217;s Meeting approved a Long-Term Incentive Plan allocated to Senior Executive Officers of the Telef&#243;nica Group consisting of the delivery of shares of Telef&#243;nica, S.A. This plan has a total duration of <span style="-sec-ix-hidden:f-4374">five</span> years and is divided into <ix:nonFraction unitRef="model" contextRef="c-1511" decimals="INF" name="tef:ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfIndependentPhases" format="ixt-sec:numwordsen" scale="0" id="f-4375">three</ix:nonFraction> mutually exclusive cycles of <span style="-sec-ix-hidden:f-4376">three</span> years each. Each of the cycles commenced, respectively, in January 2021, 2022 and 2023. The first (2021) of the three cycles matured on December 31, 2023 and the second cycle (2022) matured on December 31, 2024 (see Note 27). </span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The 2022 Shareholder&#8217;s Meeting approved a Global Employee Incentive Share Purchase Plan for shares of Telef&#243;nica, S.A. for the Employees of the Telef&#243;nica Group, which delivered shares to its participants in 2024 (see Note 27</span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:12pt;font-weight:400;line-height:120%">).</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Finally in 2024, the General Shareholder&#8217;s Meeting approved a Long-Term Incentive Plan allocated to Senior Executive Officers of the Telef&#243;nica Group consisting of the delivery of shares of Telef&#243;nica, S.A. This plan has a total duration of <ix:nonNumeric contextRef="c-1512" name="tef:SharebasedCompensationArrangementbySharebasedPaymentAwardAwardVestingPeriod1" format="ixt-sec:durwordsen" id="f-4377">five years</ix:nonNumeric> and is divided into <ix:nonFraction unitRef="model" contextRef="c-1512" decimals="INF" name="tef:ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfIndependentPhases" format="ixt-sec:numwordsen" scale="0" id="f-4378">three</ix:nonFraction> mutually exclusive cycles of <ix:nonNumeric contextRef="c-1512" name="tef:ShareBasedCompensationArrangementByShareBasedPaymentAwardPeriodInForceOfEachPhases" format="ixt-sec:durwordsen" id="f-4379">three years</ix:nonNumeric> each. The first cycle is deemed to have started on January 1, 2024 (with delivery of the corresponding shares in 2027). </span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">To reduce the risk associated with variations in share price under these plans, Telef&#243;nica could acquire instruments that hedge the risk profile of some of these plans. </span></div></ix:continuation><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">F-88</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><ix:continuation id="f-4314-5" continuedAt="f-4314-6"><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In addition, the Group may use part of the treasury shares of Telef&#243;nica, S.A. held at December 31, 2024  to cover shares deliverable under the outstanding Plans. The net asset value of the treasury shares could increase or decrease depending on variations in Telef&#243;nica, S.A.&#8217;s share price. </span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Liquidity risk</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Telef&#243;nica Group seeks to match the schedule for its debt maturity payments to its capacity to generate cash flows to meet these maturities, while allowing for some flexibility. In practice, this has been translated into two key principles: </span></div><div style="margin-bottom:9pt;padding-left:36pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">1.</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:5.17pt">The Telef&#243;nica Group&#8217;s average maturity of net financial debt is intended to stay above <ix:nonNumeric contextRef="c-1513" name="tef:AverageMaturityOfNetFinancialDebt" format="ixt-sec:durwordsen" id="f-4380">six years</ix:nonNumeric> or be restored above that threshold in a reasonable period of time if it eventually falls below it. This principle is considered as a guideline when managing debt and access to credit markets, but not a rigid requirement. When calculating the average maturity for the net financial debt, a portion of the undrawn credit lines can be considered as offsetting the shorter debt maturities, and extension options on some financing facilities may be considered as exercised, for calculation purposes. </span></div><div style="margin-bottom:9pt;padding-left:36pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">2.</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:5.17pt">The Telef&#243;nica Group must be able to pay all commitments over the next <ix:nonNumeric contextRef="c-1" name="tef:PeriodtoPayAllCommitments" format="ixt-sec:durmonth" id="f-4381">12</ix:nonNumeric> months without accessing new borrowing or tapping the capital markets (drawing upon firm credit lines arranged with banks), assuming budget projections are met. </span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">At December 31, 2024, the average maturity of net financial debt (<ix:nonFraction unitRef="eur" contextRef="c-12" decimals="-6" name="ifrs-full:HedgingInstrumentLiabilities" format="ixt:num-dot-decimal" scale="6" id="f-4382">27,161</ix:nonFraction> million euros) was <ix:nonNumeric contextRef="c-1" name="tef:AverageMaturityOfNetFinancialDebt" format="ixt-sec:duryear" id="f-4383">11.34</ix:nonNumeric> years (including undrawn committed credit facilities).</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">At December 31, 2024, financial liabilities (Note 18) and lease liabilities (Note 20) scheduled to mature in 2024 amounted to <ix:nonFraction unitRef="eur" contextRef="c-1369" decimals="-6" name="ifrs-full:FinancialLiabilities" format="ixt:num-dot-decimal" scale="6" id="f-4384">5,590</ix:nonFraction> and <ix:nonFraction unitRef="eur" contextRef="c-12" decimals="-6" name="ifrs-full:CurrentLeaseLiabilities" format="ixt:num-dot-decimal" scale="6" id="f-4385">2,226</ix:nonFraction></span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> million euros, respectively. These maturities are lower than the amount of funds available, calculated as the sum of: a) cash and cash equivalents and current financial assets; b) annual cash generation projected for 2025, and c) undrawn credit facilities arranged with banks whose original maturity is over one year (an aggregate of <ix:nonFraction unitRef="eur" contextRef="c-12" decimals="-6" name="tef:HedgingInstrumentNonCurrentLiabilities" format="ixt:num-dot-decimal" scale="6" id="f-4386">10,634</ix:nonFraction> million euros at </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">December 31, 2024</span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">), providing flexibility to the Telef&#243;nica Group with regard to accessing capital or credit markets in the next <ix:nonNumeric contextRef="c-1" name="tef:HedgingInstrumentNonCurrentLiabilitiesTerm" format="ixt-sec:durwordsen" id="f-4387">two years</ix:nonNumeric>. For a further description of the Telef&#243;nica Group&#8217;s liquidity and capital resources in 2024, see Note 18 and Appendix V.  </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Country risk</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Telef&#243;nica Group managed or mitigated country risk by pursuing two lines of action (in addition to its normal business practices): </span></div><div style="margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">1.</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:5.17pt">Partly matching assets to liabilities (those not guaranteed by the Parent company) in the Telef&#243;nica Group&#8217;s Latin American companies such that any potential asset impairment would be accompanied by a reduction in liabilities; and </span></div><div style="margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">2.</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:5.17pt">Repatriating funds generated in Latin America that are not required for the pursuit of new, profitable business development opportunities in the region. </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Regarding the first point, at December&#160;31, 2024, the Telef&#243;nica Group&#8217;s Latin American companies had net financial debt not guaranteed by the Parent company of <ix:nonFraction unitRef="eur" contextRef="c-1514" decimals="-6" name="ifrs-full:HedgingInstrumentLiabilities" format="ixt:num-dot-decimal" scale="6" id="f-4388">1,768</ix:nonFraction> million euros, which represents <ix:nonFraction unitRef="number" contextRef="c-12" decimals="3" name="tef:PercentageOfNetFinancialDebtHeld" scale="-2" id="f-4389">6.5</ix:nonFraction>% of net financial debt of the Group. Nevertheless, in certain countries, such as Venezuela, there is a net cash balance (instead of a net liability balance). </span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:115%">Regarding the net repatriation of funds to Spain, </span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:115%"><ix:nonFraction unitRef="eur" contextRef="c-1515" decimals="-6" name="tef:NetRepatriationOfFunds" scale="6" id="f-4390">364</ix:nonFraction> million euros from Latin America companies have been received in 2024. This amount includ</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:115%">es aggregate dividend collections of <ix:nonFraction unitRef="eur" contextRef="c-1515" decimals="-6" name="tef:NetRepatriationOfFundsDividends" scale="6" id="f-4391">377</ix:nonFraction>&#160;million euros and fees for <ix:nonFraction unitRef="eur" contextRef="c-1515" decimals="-6" name="tef:NetRepatriationOfFundsFees" scale="6" id="f-4392">266</ix:nonFraction> million euros, partially offset by loans and capital contributions made to subsidiaries in an aggregate amount of <ix:nonFraction unitRef="eur" contextRef="c-1515" decimals="-6" name="tef:NetRepatriationOfFundsLoanPayments" scale="6" id="f-4393">279</ix:nonFraction>&#160;million euros. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Credit risk</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Telef&#243;nica Group trades in derivatives with creditworthy counterparties. Therefore, Telef&#243;nica, S.A. generally trades with credit entities whose &#8220;senior debt&#8221; ratings are of at least &#8220;A-&#8221; or in case of Spanish entities in line with the credit rating of the Kingdom of Spain. In Spain, where most of the Group&#8217;s derivatives portfolio is held, there are netting agreements with financial institutions, with debtor or creditor positions offset in case of bankruptcy, limiting the risk to the net position. In addition, the CDS (Credit Default Swap) of all the counterparties with which Telef&#243;nica, S.A. operates is monitored at all times in order to assess the maximum allowable CDS for operating at any given time. Transactions are generally only carried out with counterparties whose CDS is below the threshold. </span></div></ix:continuation><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">F-89</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><ix:continuation id="f-4314-6" continuedAt="f-4314-7"><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Net CVA (CVA+DVA) or Credit Valuation Adjustment is the method used to measure credit risk for both counterparties and Telef&#243;nica in order to determine the fair value of the derivatives portfolio. This adjustment reflects the probability of default or the deterioration of the credit quality of both Telef&#243;nica and its counterparties. The simplified formula to calculate CVA is Expected Exposure times Probability of Default times Loss Given Default (LGD). In order to calculate these variables standard market practices are used. </span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">At the same time, and in order to address the credit risk, Telef&#243;nica considers the use of CDS, novations, derivatives with break clauses and signing CSA's under certain conditions. </span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">For other subsidiaries, particularly those in Latin America, assuming a stable sovereign rating provides a ceiling which is below &#8220;A&#8221;, trades are with local financial entities whose rating by local standards is considered to be of high creditworthiness. </span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Meanwhile, with credit risk arising from cash and cash equivalents, the Telef&#243;nica Group places its cash surpluses in high quality money-market assets. These placements are regulated by a general framework, revised annually. Counterparties are chosen according to criteria of liquidity, solvency and diversification based on the conditions of the market and countries where the Group operates. The general framework sets: the maximum amounts to be invested by counterparty based on its rating (long-term debt rating) and the instruments in which the surpluses may be invested (money-market instruments). Additionally, for Treasury surpluses managed at Telef&#243;nica S.A, a criteria based on CDS is also considered, similar to that used for the selection of counterparties to operate with derivatives, for the selection of counterparties for the placement of those surpluses. </span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Telef&#243;nica Group considers customer credit risk management as a key element to achieve its business and customer base growth targets in a sustainable way. This management approach relies on the active evaluation of the risk-reward balance within the commercial operations and on the adequate separation between the risk ownership and risk management functions. </span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Formal delegation of authority procedures and management practices are implemented in the different Group companies, taking into account benchmark risk management techniques, adapted to the local characteristics of each market. Commercial debtors that may cause a relevant impact on the Telef&#243;nica Group consolidated financial statements and increased risk profile products - due to customer target, term, channels or other commercial characteristics - are subject to specific management practices in order to mitigate the exposure to credit risk. </span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">This customer credit risk management model is embedded in the day-to-day operational processes of the different companies, where the credit risk assessment guides both the product and services available for the different customers and the collection strategy. </span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Telef&#243;nica Group&#8217;s maximum exposure to credit risk is initially represented by the carrying amounts of the financial assets and the guarantees given by the Telef&#243;nica Group. </span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Several Telef&#243;nica Group companies provide operating guarantees granted by external counterparties, which are offered during their normal commercial activity, in bids for licenses, permits and concessions, and spectrum acquisitions. At December&#160;31, 2024, these guarantees amounted to approximately <ix:nonFraction unitRef="eur" contextRef="c-12" decimals="-6" name="ifrs-full:ExposureToCreditRiskOnLoanCommitmentsAndFinancialGuaranteeContracts" format="ixt:num-dot-decimal" scale="6" id="f-4394">7,526</ix:nonFraction> million euros (<ix:nonFraction unitRef="eur" contextRef="c-13" decimals="-6" name="ifrs-full:ExposureToCreditRiskOnLoanCommitmentsAndFinancialGuaranteeContracts" format="ixt:num-dot-decimal" scale="6" id="f-4395">7,316</ix:nonFraction> million euros at December&#160;31, 2023). </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Capital management</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Telef&#243;nica&#8217;s corporate finance department takes into consideration several factors for the evaluation of the Telef&#243;nica&#8217;s capital structure, with the aim of maintaining the solvency and creating value to the shareholders. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The corporate finance department estimates the cost of capital on a continuous basis through the monitoring of the financial markets and the application of standard industry approaches for calculating weighted average cost of capital, or WACC, so that it can be applied in the valuation of businesses in course and in the evaluation of investment projects. In addition, Telef&#243;nica also uses as reference net financial debt (excluding items of a non-recurring or exceptional nature) that allows for a comfortable investment grade credit rating as assigned by credit rating agencies, aiming at protecting credit solvency and making it compatible with alternative uses of cash flow that could arise at any time. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">These general principles are refined by other considerations and the application of specific variables, such as country risk in the broadest sense, or the volatility in cash flows generation that are considered, when evaluating the financial structure of the Telef&#243;nica Group and its different areas. </span></div></ix:continuation><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">F-90</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><ix:continuation id="f-4314-7" continuedAt="f-4314-8"><div style="margin-top:9pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Interest rate benchmark reform and associated risks</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In 2022, the transition was made to the new reference indices affected as of December 31, 2022 (GBP Libor and CHF Libor) and in June 2023 the one related to USD Libor. Due to the need to incorporate substitute indices (known as fallbacks) of the reference rates used in the contracts, in 2021 Telef&#243;nica, S.A. decided not to adhere to the ISDA Protocol and has since negotiated bilateral contracts with each affected counterparty. Thanks to the decisions agreed in 2021 to manage the changes in Libor, there have been no impacts from these changes, no contractual modifications of derivative instruments or impact on hedging relationships directly affected by the reform. Thus, as of June 2023, all Libor indices have been replaced by Libor Fallbacks for the entire portfolio outstanding on that date.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Derivatives policy</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">At December&#160;31, 2024, the nominal value of outstanding derivatives with external counterparties amounted to <ix:nonFraction unitRef="eur" contextRef="c-12" decimals="-6" name="ifrs-full:NotionalAmount" format="ixt:num-dot-decimal" scale="6" id="f-4396">84,933</ix:nonFraction> million euros equivalent, a <ix:nonFraction unitRef="number" contextRef="c-1" decimals="3" name="tef:PercentageIncreaseDecreaseInOutstandingDerivatives" scale="-2" id="f-4397">4.7</ix:nonFraction>% increase from December&#160;31, 2023 (<ix:nonFraction unitRef="eur" contextRef="c-13" decimals="-6" name="ifrs-full:NotionalAmount" format="ixt:num-dot-decimal" scale="6" id="f-4398">81,097</ix:nonFraction> million euros equivalent). This figure is inflated by the use in some cases of several levels of derivatives applied to the nominal value of a single underlying liability. For example, a foreign currency loan can be hedged into floating rate, and then each interest rate period can be fixed using a fixed rate hedge, or FRA (Forward Rate Agreement) The high volume is also due to the fact that when a derivative transaction is canceled, the company may either cancel the derivative or take the opposite position, which cancels out the variability thereof. The second option is usually chosen in order to cut costs. Even using such techniques to reduce the position, it is still necessary to take extreme care in the use of derivatives to avoid potential problems arising through error or a failure to understand the real position and its associated risks. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The main principles in the management of derivatives are detailed below: </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">1) Derivatives based on a clearly identified hedged items. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Telef&#243;nica&#8217;s derivatives policy emphasizes the following points: </span></div><div style="margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">Acceptable underlyings include assets and liabilities, profits, revenues and cash flows in either a company&#8217;s functional currency or another currency. These flows can be contractual (debt and interest payments, settlement of foreign currency payables, etc.), reasonably certain or foreseeable (PP&amp;E purchases, future debt issues, commercial paper programs, etc.). The acceptability of an underlying asset in the above cases does not depend on whether it complies with accounting rules requirements for hedge accounting, as is required in the case of certain intra-group transactions, for instance. Parent company investments in subsidiaries with functional currencies other than the euro also qualify as acceptable underlying assets. </span></div><div style="margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">Economic hedges are hedges that have a designated underlying asset and that, under certain circumstances, may offset the changes in the value of the underlying asset. These economic hedges may not always meet the requirements to be treated as hedges for accounting purposes. The decision to arrange these hedges if they do not meet certain requirements will depend on the marginal impact on the income statement and, therefore, on how far this may compromise the goal of having a stable income statement. In any case, the changes are recognized in the income statement. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">2) Matching of the hedged item to one side of the derivative. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">This matching basically applies to foreign currency debt and derivatives hedging foreign currency payments by Telef&#243;nica Group subsidiaries. The aim is to eliminate the risk arising from changes in foreign currency interest rates. Nonetheless, even when the aim is to achieve perfect hedging for all cash flows, the lack of liquidity in certain markets, especially in Latin American currencies, has meant that historically there have been mismatches between the terms of the hedges and those of the debts they are meant to hedge. The Telef&#243;nica Group intends to reduce these mismatches, provided that doing so does not involve disproportionate costs. In this regard, if adjustment does prove too costly, the financial timing of the underlying asset in foreign currency will be modified in order to minimize interest rate risk in foreign currency. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In certain cases, the timing of the underlying as defined for derivative purposes may not be exactly the same as the timing of the contractual underlying. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">3) Matching the company contracting the derivative and the company that owns the hedged item. </span></div></ix:continuation><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">F-91</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><ix:continuation id="f-4314-8" continuedAt="f-4314-9"><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Generally, the aim is to ensure that the hedging derivative and the hedged asset or liability belong to the same company. Sometimes, however, the holding companies (Telef&#243;nica, S.A. and Telef&#243;nica Latinoam&#233;rica Holding, S.L.) have arranged hedges on behalf of a subsidiary that owns the underlying asset. The main reasons for separating the hedge and the underlying asset were the chance of differences in the legal validity of local and international hedges (as a result of unforeseen legal changes) and the different credit ratings of the counterparties (of the Telef&#243;nica Group companies as well as those of the banks). </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">4) Ability to measure the derivative&#8217;s fair value using the valuation systems available to the Telef&#243;nica Group. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Telef&#243;nica uses several tools to evaluate and manage the risk involved in derivatives and debt. Among these tools are the Calypso system, extensively used in various financial institutions, and the specialized libraries in the MBRM financial calculation, both of which are widespread throughout the market and have shown proven reliability. In order to perform these calculations, customary market techniques are used when configuring the calculation methods, and information from money market curves is used on a daily basis as market inputs (swaps, depos, FRA, etc.) for interest rates, official fixings for exchange rates and the interest rates and volatility matrices for interest and exchange rates that are listed in the multi-contributor systems, Reuters and Bloomberg. For those yield curves that are less liquid or whose prices published in Reuters and Bloomberg are considered not to adequately reflect the market situation, these curves will be requested from relevant banks in these markets. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">5) Sale of options only when there is an underlying exposure. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Telef&#243;nica considers the sale of options when: i) there is an underlying exposure (on the consolidated statement of financial position or associated with a highly probable cash outflow) that would offset the potential loss for the year if the counterparty exercised the option. This exposure does not have to be treated as a purchased option, but rather it can be another type of hedged item (in these cases, hedge accounting does not apply since this hedging instrument does not meet the criteria required by accounting standards to treat the sale of options as hedging instruments), or ii) the option is part of a structure in which another derivative offsets any loss. The sale of options is also permitted in option structures where, at the moment they are taken out, the net premium is either positive or zero. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">For instance, it would be possible to sell short-term options on interest rate swaps that entitle the counterparty to receive a certain fixed interest rate, below the level prevailing at the time the option was sold. This would mean that if rates fell and the counterparty exercised its option, the Group would swap part of its debt from floating rate to a lower fixed rate, having received a premium. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">6) Hedge accounting. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The main risks that may qualify for hedge accounting are as follows: </span></div><div style="margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:10pt">Variations in market interest rates (either money-market rates, credit spreads or both) that affect the value of the underlying asset or the measurement of the cash flows. </span></div><div style="margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:10pt">Variations in exchange rates that change the value of the underlying asset in the company&#8217;s functional currency and affect the measurement of the cash flow in the functional currency. </span></div><div style="margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:10pt">Variations in the valuation of any financial asset, particularly shares of companies included in the portfolio of &#8220;Equity instruments&#8221;. </span></div><div style="margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:10pt">Variations in the price of commodities related to contracts that the Group has with third parties. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Regarding the underlying: </span></div><div style="margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:10pt">Hedges can cover all or part of the value of the underlying. </span></div><div style="margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:10pt">The risk to be hedged can be for the whole period of the transaction or for only part of the period. </span></div><div style="margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:10pt">The underlying may be a highly probable future transaction, or a contractual underlying (loan, foreign currency payment, investment, financial asset, etc.) or a combination of both that defines an underlying with a longer term. </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The main coverage instruments used are: </span></div></ix:continuation><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">F-92</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><ix:continuation id="f-4314-9" continuedAt="f-4314-10"><div style="margin-bottom:9pt;margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:10pt">Forwards / NDF: they are used mainly for exchange rate hedges related to commercial positions in foreign currency. They can also be used to hedge financing in foreign currency and net investment hedge in foreign currency. </span></div><div style="margin-bottom:9pt;margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:10pt">Exchange Rate Options: in some cases, this type of instruments can be used linked to future CapEx and OpEx operations and investments and divestments in foreign currency. </span></div><div style="margin-bottom:9pt;margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:10pt">Spots: for purchases and sales of currencies that are made same day value or two days&#8217; value. Generally used for operational needs or for divestments of operations in foreign currency. </span></div><div style="margin-bottom:9pt;margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:10pt">Currency swaps: this type of transaction is generally executed to hedge bonds issuance or loans issued in foreign currency or net investment hedge. </span></div><div style="margin-bottom:9pt;margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:10pt">Interest Swaps / Interest Rate Options: these instruments are used to manage the interest rate of the debt portfolio. Their use of them is ruled by the Financial Expenses Budget with the objective of its fulfillment. Both the volume to be contracted and the maturity of these products are determined by the underlying assets to be hedged. </span></div><div style="margin-bottom:9pt;margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">It is possible that in several markets the maturity, as well as the low liquidity, does not allow to contract a "perfect&#8221; hedge, but this circumstance will have to be analyzed case by case. </span></div><div style="margin-bottom:9pt;margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:10pt">CDS: in order to manage the counterparty credit risk or CVA / DVA, CDS operations can be arranged to mitigate this risk. </span></div><div style="margin-bottom:9pt;margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:10pt">Derivatives of Commodities associated to: </span></div><div style="padding-left:108pt;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#9642;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:9.96pt">Price risk hedge (mainly Electricity) associated with the Group's own contracts.</span></div><div style="margin-bottom:9pt;margin-top:9pt;padding-left:108pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#9642;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:9.96pt">Supporting the business lines that may need it and always hedging the commercial risks of the signed contracts. They would be settled by differences, this is, in a non-deliverable format. </span></div><div style="margin-bottom:9pt;margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:10pt">Equity Derivatives: these are derivatives that address strategic decisions or hedging needs, either to hedge future investments or hedge existing risks. They protect Telef&#243;nica from the potential appreciation or depreciation in the price of the shares they hold as underlying. </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Between the hedged item and the hedging instrument there is an economic relationship, this is, in general terms they move in opposite directions due to the same risk or risk covered. In other words, there must be an expectation that the value of the hedging instrument and the value of the hedged item will change systematically in opposite directions in response to the movements of one of the following elements: </span></div><div style="margin-bottom:9pt;margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:10pt">the same underlying item; or </span></div><div style="margin-bottom:9pt;margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:10pt">Underlying items that are economically related in such sense that they respond similarly to the risk that is being hedged. </span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Depending on the complexity of the hedge relationship and the way in which the hedge has been structured, a quantitative or qualitative analysis will have to be performed to demonstrate that there is an economic relationship between the hedged item and the hedging instrument. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">This may on occasion mean that the hedging instruments have longer terms than the related contractual underlying. This happens when the Telef&#243;nica Group enters into long-term swaps, caps or collars to protect the Group against interest rate increases that may raise the financial expense of its promissory notes, commercial paper and some floating rate loans which mature earlier than their hedges. These floating rate financing programs are highly likely to be renewed and Telef&#243;nica commits to this by defining the underlying asset in a more general way as a floating rate financing program whose term coincides with the maturity of the hedge. In those cases in which the underlying assets representing the risk hedged are canceled or refinanced early, and if there is an open risk with similar characteristics as the underlying asset that was canceled or refinanced early, either because there is new financing or because there is an underlying asset with similar characteristics and risk profile, the hedge may remain in force with the derivatives assigned thereto and the risk will be subject to the hedge arranged in the aforementioned refinancing. When either of these situations occurs, the effectiveness of the hedge will be reviewed taking into account the new situation. </span></div></ix:continuation><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">F-93</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><ix:continuation id="f-4314-10" continuedAt="f-4314-11"><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">There can be <ix:nonFraction unitRef="type_of_hedge" contextRef="c-12" decimals="INF" name="tef:NumberOfTypesOfHedges" format="ixt-sec:numwordsen" scale="0" id="f-4399">three</ix:nonFraction> types of hedges: </span></div><div style="margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:10pt">Fair value hedges. </span></div><div style="margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:10pt">Cash flow hedges. Such hedges can be set at any value of the risk to be hedged (interest rates, exchange rates, etc.) or for a defined range (interest rates between <ix:nonFraction unitRef="number" contextRef="c-1516" decimals="2" name="ifrs-full:AverageRateOfHedgingInstrument" scale="-2" id="f-4400">2</ix:nonFraction>% and <ix:nonFraction unitRef="number" contextRef="c-1517" decimals="2" name="ifrs-full:AverageRateOfHedgingInstrument" scale="-2" id="f-4401">4</ix:nonFraction>%, above <ix:nonFraction unitRef="number" contextRef="c-1518" decimals="2" name="ifrs-full:AverageRateOfHedgingInstrument" scale="-2" id="f-4402">4</ix:nonFraction>%, etc.). In this last case, the hedging instrument used is options. </span></div><div style="margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:10pt">Hedges of net investment in consolidated foreign subsidiaries. Generally, such hedges are arranged by Telef&#243;nica, S.A. and other Telef&#243;nica holding companies. Wherever possible, these hedges are implemented through real debt in foreign currency. Often, however, this is not always possible as many Latin American currencies are non-convertible, making it impossible for non-resident companies to issue local currency debt. It may also be that, due to the debt market deepness, the debt in the currency concerned is not enough to accommodate the required hedge, or that an acquisition is made in cash with no need for market financing. In these circumstances derivatives either forwards or cross-currency swaps are mainly used to hedge the net investment. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">When using options, forwards or cross-currency swaps as hedging instruments, the exclusion of the time value of the option, the element at maturity of the forward and the currency spread of the cross-currency swap of the hedging relationship are evaluated on a case by case basis, in order to be treated as hedge costs. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Hedges can comprise a combination of different derivatives. </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Management of accounting hedges is not static, and the hedging relationship may change before maturity. The interruption of the hedge accounting is possible within the framework of the management of financial risks and described in the internal document of &#8220;financial risks management and hedging strategy under IFRS 9&#8221;. To gauge the efficiency of transactions defined as accounting hedges, the Group analyzes the extent to which the changes in the fair value or in the cash flows attributable to the hedged item would offset the changes in fair value or cash flows attributable to the hedged risk using a linear regression model prospectively. To evaluate the effectiveness of hedges, under IFRS 9, there is no numerical range under which it is accepted that a hedge is effective and hence the hedge accounting standards are applicable. Therefore, Telef&#243;nica considers that if there is an economic relationship, not dominated by changes in credit risk and if the appropriate hedging rationale has been designated, the requirements for effectiveness are met. However, at the moment when ineffectiveness arises, Telef&#243;nica will evaluate whether there is still an economic relationship or whether the designated hedging rationale is appropriate. The possible sources of ineffectiveness that Telef&#243;nica can have when designing a hedging relationship and that will be considered when establishing the hedging rationale are: </span></div><div style="margin-bottom:9pt;padding-left:36pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:10pt">The hedging instrument and the hedged item have different maturity dates, initial dates, contract dates, repricing dates, etc. </span></div><div style="margin-bottom:9pt;padding-left:36pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:10pt">The hedging instrument starts with initial value and a financing effect is produced. </span></div><div style="margin-bottom:9pt;padding-left:36pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:10pt">When the underlying items have different sensitivity and are not homogeneous, for example EURIBOR 3M versus EURIBOR 6M. </span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The main guiding principles for risk management are laid down by Telef&#243;nica&#8217;s Finance Department and implemented by the company financial officers (who are responsible for balancing the interests of each company and those of the Telef&#243;nica Group). The Corporate Finance Department may allow exceptions to this policy where these can be justified, normally when the market is too thin for the volume of transactions required or on clearly limited and small risks. New companies joining the Telef&#243;nica Group as a result of mergers or acquisitions may also need time to adapt. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">7) Cancellation of derivatives. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">When a derivative transaction is canceled, the Company may: </span></div><div style="margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:10pt">Cancel the derivative and pay its market value. </span></div><div style="margin-bottom:9pt;margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:10pt">Take the opposite position which cancels out the variability thereof, if cancellation costs are high or if it is recommended for operating or business reasons. </span></div></ix:continuation><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">F-94</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><ix:continuation id="f-4314-11" continuedAt="f-4314-12"><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Breakdown of financial results</span></div><ix:nonNumeric contextRef="c-1" name="tef:DisclosureOfFinancialResultsTableTextBlock" id="f-4403" escape="true"><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The breakdown of the financial results recognized in 2024, 2023 and 2022 is as follows: </span></div><div style="margin-bottom:9pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"/><td style="width:48.181%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:15.710%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:15.710%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:15.999%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Millions of euros</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2024</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2023</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2022</span></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Interest income</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1519" decimals="-6" name="ifrs-full:RevenueFromInterest" scale="6" id="f-4404">486</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1520" decimals="-6" name="ifrs-full:RevenueFromInterest" scale="6" id="f-4405">516</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1521" decimals="-6" name="ifrs-full:RevenueFromInterest" scale="6" id="f-4406">384</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Dividends received</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1519" decimals="-6" name="ifrs-full:RevenueFromDividends" scale="6" id="f-4407">39</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1520" decimals="-6" name="ifrs-full:RevenueFromDividends" scale="6" id="f-4408">29</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1521" decimals="-6" name="ifrs-full:RevenueFromDividends" scale="6" id="f-4409">25</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Other financial income</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1519" decimals="-6" name="ifrs-full:OtherRevenue" scale="6" id="f-4410">326</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1520" decimals="-6" name="ifrs-full:OtherRevenue" scale="6" id="f-4411">349</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1521" decimals="-6" name="ifrs-full:OtherRevenue" scale="6" id="f-4412">894</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Subtotal</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1519" decimals="-6" name="ifrs-full:Revenue" scale="6" id="f-4413">851</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1520" decimals="-6" name="ifrs-full:Revenue" scale="6" id="f-4414">894</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1521" decimals="-6" name="ifrs-full:Revenue" format="ixt:num-dot-decimal" scale="6" id="f-4415">1,303</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Changes in fair value of asset derivatives at fair value through profit or loss</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1519" decimals="-6" name="ifrs-full:GainsLossesOnFinancialAssetsAtFairValueThroughProfitOrLoss" scale="6" id="f-4416">145</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1520" decimals="-6" name="ifrs-full:GainsLossesOnFinancialAssetsAtFairValueThroughProfitOrLoss" scale="6" id="f-4417">114</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1521" decimals="-6" name="ifrs-full:GainsLossesOnFinancialAssetsAtFairValueThroughProfitOrLoss" scale="6" id="f-4418">377</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Changes in fair value of liability derivatives at fair value through profit or loss</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1519" decimals="-6" sign="-" name="ifrs-full:GainsLossesOnFinancialLiabilitiesAtFairValueThroughProfitOrLoss" scale="6" id="f-4419">88</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1520" decimals="-6" sign="-" name="ifrs-full:GainsLossesOnFinancialLiabilitiesAtFairValueThroughProfitOrLoss" scale="6" id="f-4420">42</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1521" decimals="-6" sign="-" name="ifrs-full:GainsLossesOnFinancialLiabilitiesAtFairValueThroughProfitOrLoss" scale="6" id="f-4421">861</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Changes in the fair value of debt instruments and other assets at fair value to profit or loss</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1519" decimals="-6" name="tef:Gainslossesondebtinstrumentsandotherassetsatfairvaluethroughprofitorloss" scale="6" id="f-4422">4</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1520" decimals="-6" name="tef:Gainslossesondebtinstrumentsandotherassetsatfairvaluethroughprofitorloss" scale="6" id="f-4423">4</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1521" decimals="-6" name="tef:Gainslossesondebtinstrumentsandotherassetsatfairvaluethroughprofitorloss" scale="6" id="f-4424">8</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Transfer from equity of results of cash flow hedges - future cash flows that are no longer expected to happen</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1519" decimals="-6" name="tef:TransferFromEquityToProfitAndLossFromCashFlowHedgesNotExpectedtoHappen" format="ixt:fixed-zero" scale="6" id="f-4425">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1520" decimals="-6" name="tef:TransferFromEquityToProfitAndLossFromCashFlowHedgesNotExpectedtoHappen" format="ixt:fixed-zero" scale="6" id="f-4426">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1521" decimals="-6" name="tef:TransferFromEquityToProfitAndLossFromCashFlowHedgesNotExpectedtoHappen" scale="6" id="f-4427">2</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(Loss)/Gain on fair value hedges</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1519" decimals="-6" sign="-" name="ifrs-full:GainLossOnChangeInFairValueOfHedgedItemUsedAsBasisForRecognisingHedgeIneffectiveness" scale="6" id="f-4428">226</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1520" decimals="-6" name="ifrs-full:GainLossOnChangeInFairValueOfHedgedItemUsedAsBasisForRecognisingHedgeIneffectiveness" scale="6" id="f-4429">246</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1521" decimals="-6" sign="-" name="ifrs-full:GainLossOnChangeInFairValueOfHedgedItemUsedAsBasisForRecognisingHedgeIneffectiveness" format="ixt:num-dot-decimal" scale="6" id="f-4430">1,818</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Gain/(loss) on adjustment to items hedged by fair value hedges</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1519" decimals="-6" name="tef:GainsLossesOnAdjustmentsToItemsHedgedByFairValueHedges" scale="6" id="f-4431">224</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1520" decimals="-6" sign="-" name="tef:GainsLossesOnAdjustmentsToItemsHedgedByFairValueHedges" scale="6" id="f-4432">292</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1521" decimals="-6" name="tef:GainsLossesOnAdjustmentsToItemsHedgedByFairValueHedges" format="ixt:num-dot-decimal" scale="6" id="f-4433">1,763</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Subtotal</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1519" decimals="-6" name="ifrs-full:GainsLossesOnChangeInFairValueOfDerivatives" scale="6" id="f-4434">59</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1520" decimals="-6" name="ifrs-full:GainsLossesOnChangeInFairValueOfDerivatives" scale="6" id="f-4435">30</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1521" decimals="-6" sign="-" name="ifrs-full:GainsLossesOnChangeInFairValueOfDerivatives" scale="6" id="f-4436">533</ix:nonFraction>)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Interest expenses </span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1519" decimals="-6" name="ifrs-full:InterestExpense" format="ixt:num-dot-decimal" scale="6" id="f-4437">1,796</ix:nonFraction>)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1520" decimals="-6" name="ifrs-full:InterestExpense" format="ixt:num-dot-decimal" scale="6" id="f-4438">1,606</ix:nonFraction>)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1521" decimals="-6" name="ifrs-full:InterestExpense" format="ixt:num-dot-decimal" scale="6" id="f-4439">1,548</ix:nonFraction>)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Financial expenses on lease liabilities (see Note 20)</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1519" decimals="-6" name="ifrs-full:InterestExpenseOnLeaseLiabilities" scale="6" id="f-4440">512</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1520" decimals="-6" name="ifrs-full:InterestExpenseOnLeaseLiabilities" scale="6" id="f-4441">435</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1521" decimals="-6" name="ifrs-full:InterestExpenseOnLeaseLiabilities" scale="6" id="f-4442">393</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Ineffective portion of cash flow hedges</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1519" decimals="-6" sign="-" name="ifrs-full:GainLossOnHedgeIneffectivenessRecognisedInProfitOrLoss" scale="6" id="f-4443">2</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1520" decimals="-6" sign="-" name="ifrs-full:GainLossOnHedgeIneffectivenessRecognisedInProfitOrLoss" scale="6" id="f-4444">12</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1521" decimals="-6" sign="-" name="ifrs-full:GainLossOnHedgeIneffectivenessRecognisedInProfitOrLoss" scale="6" id="f-4445">15</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Accretion of provisions and other liabilities</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1519" decimals="-6" name="tef:AccretionOfProvisionsAndOtherLiabilities" scale="6" id="f-4446">389</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1520" decimals="-6" name="tef:AccretionOfProvisionsAndOtherLiabilities" scale="6" id="f-4447">489</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1521" decimals="-6" sign="-" name="tef:AccretionOfProvisionsAndOtherLiabilities" scale="6" id="f-4448">276</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Other financial expenses</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1519" decimals="-6" name="ifrs-full:OtherFinanceCost" scale="6" id="f-4449">229</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1520" decimals="-6" name="ifrs-full:OtherFinanceCost" scale="6" id="f-4450">297</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1521" decimals="-6" name="ifrs-full:OtherFinanceCost" scale="6" id="f-4451">317</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Subtotal</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1519" decimals="-6" name="ifrs-full:FinanceCosts" format="ixt:num-dot-decimal" scale="6" id="f-4452">2,928</ix:nonFraction>)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1520" decimals="-6" name="ifrs-full:FinanceCosts" format="ixt:num-dot-decimal" scale="6" id="f-4453">2,839</ix:nonFraction>)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1521" decimals="-6" name="ifrs-full:FinanceCosts" format="ixt:num-dot-decimal" scale="6" id="f-4454">1,997</ix:nonFraction>)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Net finance costs excluding foreign exchange differences and inflation adjustments</span></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1519" decimals="-6" sign="-" name="tef:FinanceIncomeCostExcludingForeignExchangeDifferencesAndHyperinflationaryAdjustments" format="ixt:num-dot-decimal" scale="6" id="f-4455">2,018</ix:nonFraction>)</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1520" decimals="-6" sign="-" name="tef:FinanceIncomeCostExcludingForeignExchangeDifferencesAndHyperinflationaryAdjustments" format="ixt:num-dot-decimal" scale="6" id="f-4456">1,915</ix:nonFraction>)</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1521" decimals="-6" sign="-" name="tef:FinanceIncomeCostExcludingForeignExchangeDifferencesAndHyperinflationaryAdjustments" format="ixt:num-dot-decimal" scale="6" id="f-4457">1,227</ix:nonFraction>)</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr></table></div></ix:nonNumeric><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">"Other financial income" in 2024 includes <ix:nonFraction unitRef="usd" contextRef="c-1522" decimals="-6" name="ifrs-full:OtherRevenue" scale="6" id="f-4458">164</ix:nonFraction> million U.S. dollars (approximately <ix:nonFraction unitRef="eur" contextRef="c-1522" decimals="-6" name="ifrs-full:OtherRevenue" scale="6" id="f-4459">154</ix:nonFraction> million euros) relating to the favorable award of Telef&#243;nica issued by ICSID against the Republic of Colombia (see notes 2, 15 and 29.a). Interest has been calculated from August 29, 2017 at a compound rate of <ix:nonFraction unitRef="number" contextRef="c-1523" decimals="2" name="tef:PercentageOfCompoundInterestRatePenaltyDueToDamagesPenalty" scale="-2" id="f-4460">5</ix:nonFraction>% per year. </span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">"Accretion of provisions and other liabilities" in 2024 includes <ix:nonFraction unitRef="brl" contextRef="c-1524" decimals="-6" sign="-" name="tef:AccretionOfProvisionsAndOtherLiabilities" scale="6" id="f-4461">406</ix:nonFraction> million Brazilian Reais (<ix:nonFraction unitRef="eur" contextRef="c-1524" decimals="-6" sign="-" name="tef:AccretionOfProvisionsAndOtherLiabilities" scale="6" id="f-4462">70</ix:nonFraction> million euros at 2024 average exchange rate) referring to the reversal of the monetary update of the regulatory provisions of Telef&#243;nica Brasil reversed after the Concession Migration Agreement signed between Telef&#243;nica Brasil and ANATEL (see notes 24.c and 29.a).</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">"Other financial income" in 2023 included <ix:nonFraction unitRef="eur" contextRef="c-1525" decimals="-6" name="ifrs-full:OtherRevenue" scale="6" id="f-4463">46</ix:nonFraction> million euros corresponding to the default interest as a result of the final decisions in favor of Telef&#243;nica Brazil about the right to deduct the ICMS from the calculation basis of PIS/COFINS (<ix:nonFraction unitRef="eur" contextRef="c-15" decimals="-6" name="tef:IncreaseDecreaseInFinanceIncomeDueToDecisionsWithTaxAuthorities" scale="6" id="f-4464">139</ix:nonFraction> million euros in 2022).</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">"Other financial income" in 2022 included <ix:nonFraction unitRef="eur" contextRef="c-1526" decimals="-6" name="ifrs-full:OtherRevenue" scale="6" id="f-4465">526</ix:nonFraction> million euros corresponding to delayed interest after the Agreement for the Execution of the Judgment of the Audiencia Nacional issued on October 24, 2022 (see Note 25, Inspections of the tax group in Spain).</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">"(Loss)/Gain on fair value hedges" includes mainly the impact on income of fair value hedges contracted by Telef&#243;nica, S.A., which are similarly reflected under "Gain/(loss) on adjustment to items hedged by fair value hedges" and therefore, have no significant net impact on the consolidated income statement. The movement in both items in 2024 and in 2023 with respect to previous years is the result of the variation of interest rates in the exercise. </span></div></ix:continuation><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">F-95</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><ix:continuation id="f-4314-12" continuedAt="f-4314-13"><div style="margin-bottom:12pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Evolution of derivative instruments    </span></div><ix:nonNumeric contextRef="c-1" name="tef:DisclosureOfFairValueOfDerivativeInstrumentsAndExpectedMaturityTableTextBlock" id="f-4466" continuedAt="f-4466-1" escape="true"><div style="margin-bottom:9pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The movement of the net position of derivatives during the years ended December 31, 2024 and December 31, 2023 is as follows:  </span><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"/><td style="width:60.626%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:18.036%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:18.038%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Millions of euros<br/></span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Movement in 2024</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Movement in 2023</span></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Opening balance of assets/(liabilities)</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1527" decimals="-6" name="tef:DerivativeAssetLiabilityNet" scale="6" id="f-4467">399</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1528" decimals="-6" name="tef:DerivativeAssetLiabilityNet" format="ixt:num-dot-decimal" scale="6" id="f-4468">1,012</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Financing payments</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1529" decimals="-6" name="tef:FinancingPaymentsofFinancialInstruments" scale="6" id="f-4469">20</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1530" decimals="-6" sign="-" name="tef:FinancingPaymentsofFinancialInstruments" scale="6" id="f-4470">33</ix:nonFraction>)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #b7b7b7;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Financing proceeds</span></td><td colspan="2" style="border-top:1pt solid #b7b7b7;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1529" decimals="-6" name="tef:FinancingProceedsofFinancialInstruments" scale="6" id="f-4471">385</ix:nonFraction>)</span></td><td style="border-top:1pt solid #b7b7b7;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #b7b7b7;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1530" decimals="-6" name="tef:FinancingProceedsofFinancialInstruments" scale="6" id="f-4472">20</ix:nonFraction>)</span></td><td style="border-top:1pt solid #b7b7b7;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #b7b7b7;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Interest (proceeds)/payments</span></td><td colspan="2" style="border-top:1pt solid #b7b7b7;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1529" decimals="-6" sign="-" name="tef:InterestProceedsPaymentsofFinancialInstruments" scale="6" id="f-4473">50</ix:nonFraction>)</span></td><td style="border-top:1pt solid #b7b7b7;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #b7b7b7;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1530" decimals="-6" name="tef:InterestProceedsPaymentsofFinancialInstruments" scale="6" id="f-4474">97</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #b7b7b7;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #b7b7b7;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Other (proceeds)/payments</span></td><td colspan="2" style="border-top:1pt solid #b7b7b7;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1529" decimals="-6" name="tef:OtherProceedsPaymentsofFinancialInstruments" scale="6" id="f-4475">123</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #b7b7b7;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #b7b7b7;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1530" decimals="-6" name="tef:OtherProceedsPaymentsofFinancialInstruments" scale="6" id="f-4476">87</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #b7b7b7;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #b7b7b7;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Fair value adjustments through other comprehensive income</span></td><td colspan="2" style="border-top:1pt solid #b7b7b7;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1529" decimals="-6" name="tef:FairValueAdjustmentsThroughOtherComprehensiveIncomeofFinancialInstruments" format="ixt:num-dot-decimal" scale="6" id="f-4477">1,108</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #b7b7b7;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #b7b7b7;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1530" decimals="-6" sign="-" name="tef:FairValueAdjustmentsThroughOtherComprehensiveIncomeofFinancialInstruments" scale="6" id="f-4478">584</ix:nonFraction>)</span></td><td style="border-top:1pt solid #b7b7b7;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #b7b7b7;padding:2px 1pt;text-align:left;vertical-align:bottom"><span 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name="tef:Increasedecreasethroughmovementswithcounterpartyfinancialinstruments" scale="6" id="f-4480">57</ix:nonFraction>)</span></td><td style="border-top:1pt solid #b7b7b7;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #b7b7b7;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Translation differences</span></td><td colspan="2" style="border-top:1pt solid #b7b7b7;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1529" decimals="-6" name="tef:Increasedecreasethroughtranslationdifferencesfinancialinstruments" scale="6" id="f-4481">40</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #b7b7b7;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #b7b7b7;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1530" decimals="-6" sign="-" name="tef:Increasedecreasethroughtranslationdifferencesfinancialinstruments" scale="6" id="f-4482">115</ix:nonFraction>)</span></td><td style="border-top:1pt solid #b7b7b7;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Other movements</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1529" decimals="-6" name="tef:Increasedecreasethroughothermovementsfinancialinstruments" format="ixt:fixed-zero" scale="6" id="f-4483">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1530" decimals="-6" name="tef:Increasedecreasethroughothermovementsfinancialinstruments" scale="6" id="f-4484">12</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Closing balance of assets/(liabilities)</span></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1531" decimals="-6" name="tef:DerivativeAssetLiabilityNet" format="ixt:num-dot-decimal" scale="6" id="f-4485">1,002</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1527" decimals="-6" name="tef:DerivativeAssetLiabilityNet" scale="6" id="f-4486">399</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr></table></div></ix:nonNumeric><div style="text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The variation in 2024 represents a increase of <ix:nonFraction unitRef="eur" contextRef="c-1529" decimals="-6" name="ifrs-full:IncreaseDecreaseInFinancialAssets" scale="6" id="f-4487">603</ix:nonFraction> million euros of assets (decrease of <ix:nonFraction unitRef="eur" contextRef="c-1530" decimals="-6" sign="-" name="ifrs-full:IncreaseDecreaseInFinancialAssets" scale="6" id="f-4488">613</ix:nonFraction> million euros of assets in 2023) mainly due to the evolution of exchange rate, mainly due to the appreciation of dollar and the depreciation of the Brazilian real, netting the opposite effect due to the increase of interest rates of dollar and decrease of euro. These variations are mostly by a similar impact and in the opposite direction in the hedge accounting of the different issuances and loans in dollar and euro currency of the Telef&#243;nica Group. </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">As of December 31, 2024 the derivatives portfolio amounted to a net positive value of <ix:nonFraction unitRef="eur" contextRef="c-1531" decimals="-6" name="tef:DerivativeAssetLiabilityNet" format="ixt:num-dot-decimal" scale="6" id="f-4489">1,002</ix:nonFraction> million euros (a net positive value of <ix:nonFraction unitRef="eur" contextRef="c-1527" decimals="-6" name="tef:DerivativeAssetLiabilityNet" scale="6" id="f-4490">399</ix:nonFraction> as of December 31, 2023). This amount includes a net positive value of <ix:nonFraction unitRef="eur" contextRef="c-1532" decimals="-6" name="ifrs-full:GainsLossesOnChangeInFairValueOfDerivatives" scale="6" id="f-4491">914</ix:nonFraction> million euros due to hedges (cross currency swaps) to transfer financial debt issued in foreign currency to local currency (a positive value of <ix:nonFraction unitRef="eur" contextRef="c-1533" decimals="-6" name="ifrs-full:GainsLossesOnChangeInFairValueOfDerivatives" scale="6" id="f-4492">135</ix:nonFraction> million euros at December 31, 2023). </span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The calculation of the fair values of the Telef&#243;nica Group&#8217;s debt instruments required an estimate, for each currency and counterparty, of a credit spread curve using the prices of the Group&#8217;s bonds and credit derivatives. </span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The derivatives portfolio was measured through the techniques and models normally used in the market, based on money market curves and volatility prices available in the markets.  Additionally, the credit valuation adjustment or net CVA per counterparty (CVA+DVA) is calculated on that measurement as the method used to measure the credit risks of the counterparties and also Telef&#243;nica for the purpose of adjusting the fair value valuation of the derivatives. This adjustment reflects the possibility of bankruptcy or credit rating impairment of the counterparty and Telef&#243;nica. </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Derivatives arranged by the Group at December&#160;31, 2024 are detailed in Appendix IV. </span></div></ix:continuation><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">F-96</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><ix:continuation id="f-4466-1" continuedAt="f-4466-2"><ix:continuation id="f-4314-13" continuedAt="f-4314-14"><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The breakdown of Telef&#243;nica&#8217;s hedges and other derivative instruments at December 31, 2024 and December 31, 2023, their fair value at year-end and the expected maturity schedule is as set forth in the table below: </span></div><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"/><td style="width:26.303%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:5.643%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:5.643%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:5.643%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:5.643%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:5.643%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.517%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:6.504%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:6.504%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:6.934%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:6.790%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:5.933%"/><td style="width:0.1%"/></tr><tr><td colspan="36" style="border-bottom:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">December 31, 2024</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"/><td colspan="15" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Notional amount - Maturities </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:5.2pt;font-weight:700;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(*)</span></div></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"/><td colspan="15" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Book value of the derivative and no-derivative instruments </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:5.2pt;font-weight:700;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(**)</span></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Millions of euros</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2025</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2026</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2027</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Later</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total</span></td><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Non-current asset</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Current asset</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Non-current liabilities</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Current liabilities</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total</span></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 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style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1593" decimals="-6" name="ifrs-full:CurrentDerivativeFinancialLiabilities" scale="6" id="f-4611">132</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1593" decimals="-6" sign="-" name="tef:DerivativeAssetLiabilityNet" scale="6" id="f-4612">218</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Other derivatives of interest rate</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1594" decimals="-6" sign="-" name="ifrs-full:NotionalAmount" scale="6" id="f-4613">525</ix:nonFraction>)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1595" decimals="-6" sign="-" name="ifrs-full:NotionalAmount" scale="6" id="f-4614">738</ix:nonFraction>)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1596" decimals="-6" sign="-" name="ifrs-full:NotionalAmount" scale="6" id="f-4615">325</ix:nonFraction>)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid 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2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1608" decimals="-6" name="ifrs-full:NoncurrentDerivativeFinancialAssets" scale="6" id="f-4638">5</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1608" decimals="-6" name="ifrs-full:CurrentDerivativeFinancialAssets" scale="6" id="f-4639">10</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1608" decimals="-6" name="ifrs-full:NoncurrentDerivativeFinancialLiabilities" format="ixt:fixed-zero" scale="6" id="f-4640">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1608" decimals="-6" name="ifrs-full:CurrentDerivativeFinancialLiabilities" scale="6" id="f-4641">115</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1608" decimals="-6" sign="-" name="tef:DerivativeAssetLiabilityNet" scale="6" id="f-4642">100</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total derivative instruments</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1609" decimals="-6" sign="-" name="ifrs-full:NotionalAmount" format="ixt:num-dot-decimal" scale="6" id="f-4643">2,992</ix:nonFraction>)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1610" decimals="-6" name="ifrs-full:NotionalAmount" format="ixt:num-dot-decimal" scale="6" id="f-4644">1,542</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1611" decimals="-6" name="ifrs-full:NotionalAmount" scale="6" id="f-4645">968</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1612" decimals="-6" name="ifrs-full:NotionalAmount" scale="6" id="f-4646">983</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1613" decimals="-6" name="ifrs-full:NotionalAmount" scale="6" id="f-4647">501</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1613" decimals="-6" name="ifrs-full:NoncurrentDerivativeFinancialAssets" format="ixt:num-dot-decimal" scale="6" id="f-4648">2,605</ix:nonFraction>)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1613" decimals="-6" name="ifrs-full:CurrentDerivativeFinancialAssets" scale="6" id="f-4649">461</ix:nonFraction>)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1613" decimals="-6" name="ifrs-full:NoncurrentDerivativeFinancialLiabilities" format="ixt:num-dot-decimal" scale="6" id="f-4650">1,865</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1613" decimals="-6" name="ifrs-full:CurrentDerivativeFinancialLiabilities" scale="6" id="f-4651">199</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1613" decimals="-6" name="tef:DerivativeAssetLiabilityNet" format="ixt:num-dot-decimal" scale="6" id="f-4652">1,002</ix:nonFraction>)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">No derivatives instruments of accounting hedges </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:5.2pt;font-weight:700;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(***)</span></div></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1614" decimals="-6" name="ifrs-full:NotionalAmount" format="ixt:fixed-zero" scale="6" id="f-4653">&#8212;</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1615" decimals="-6" name="ifrs-full:NotionalAmount" format="ixt:fixed-zero" scale="6" id="f-4654">&#8212;</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1616" decimals="-6" name="ifrs-full:NotionalAmount" format="ixt:fixed-zero" scale="6" id="f-4655">&#8212;</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1617" decimals="-6" name="ifrs-full:NotionalAmount" scale="6" id="f-4656">29</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1618" decimals="-6" name="ifrs-full:NotionalAmount" scale="6" id="f-4657">29</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1618" decimals="-6" name="ifrs-full:NoncurrentDerivativeFinancialAssets" format="ixt:fixed-zero" scale="6" id="f-4658">&#8212;</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1618" decimals="-6" name="ifrs-full:CurrentDerivativeFinancialAssets" format="ixt:fixed-zero" scale="6" id="f-4659">&#8212;</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1618" decimals="-6" name="ifrs-full:NoncurrentDerivativeFinancialLiabilities" scale="6" id="f-4660">29</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1618" decimals="-6" name="ifrs-full:CurrentDerivativeFinancialLiabilities" format="ixt:fixed-zero" scale="6" id="f-4661">&#8212;</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1618" decimals="-6" sign="-" name="tef:DerivativeAssetLiabilityNet" scale="6" id="f-4662">29</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Exchange rate risk</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1619" decimals="-6" name="ifrs-full:NotionalAmount" format="ixt:fixed-zero" scale="6" id="f-4663">&#8212;</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1620" decimals="-6" name="ifrs-full:NotionalAmount" format="ixt:fixed-zero" scale="6" id="f-4664">&#8212;</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1621" decimals="-6" name="ifrs-full:NotionalAmount" format="ixt:fixed-zero" scale="6" id="f-4665">&#8212;</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1622" decimals="-6" name="ifrs-full:NotionalAmount" scale="6" id="f-4666">29</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1623" decimals="-6" name="ifrs-full:NotionalAmount" scale="6" id="f-4667">29</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1623" decimals="-6" name="ifrs-full:NoncurrentDerivativeFinancialAssets" format="ixt:fixed-zero" scale="6" id="f-4668">&#8212;</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1623" decimals="-6" name="ifrs-full:CurrentDerivativeFinancialAssets" format="ixt:fixed-zero" scale="6" id="f-4669">&#8212;</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1623" decimals="-6" name="ifrs-full:NoncurrentDerivativeFinancialLiabilities" scale="6" id="f-4670">29</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1623" decimals="-6" name="ifrs-full:CurrentDerivativeFinancialLiabilities" format="ixt:fixed-zero" scale="6" id="f-4671">&#8212;</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1623" decimals="-6" sign="-" name="tef:DerivativeAssetLiabilityNet" scale="6" id="f-4672">29</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Fair value hedges</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1624" decimals="-6" name="ifrs-full:NotionalAmount" format="ixt:fixed-zero" scale="6" 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format="ixt:fixed-zero" scale="6" id="f-4675">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1627" decimals="-6" name="ifrs-full:NotionalAmount" format="ixt:fixed-zero" scale="6" id="f-4676">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1628" decimals="-6" name="ifrs-full:NotionalAmount" format="ixt:fixed-zero" scale="6" id="f-4677">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1628" decimals="-6" name="ifrs-full:NoncurrentDerivativeFinancialAssets" format="ixt:fixed-zero" scale="6" id="f-4678">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1628" decimals="-6" name="ifrs-full:CurrentDerivativeFinancialAssets" format="ixt:fixed-zero" scale="6" id="f-4679">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1628" decimals="-6" name="ifrs-full:NoncurrentDerivativeFinancialLiabilities" format="ixt:fixed-zero" scale="6" id="f-4680">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1628" decimals="-6" name="ifrs-full:CurrentDerivativeFinancialLiabilities" format="ixt:fixed-zero" scale="6" id="f-4681">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1628" decimals="-6" name="tef:DerivativeAssetLiabilityNet" format="ixt:fixed-zero" scale="6" id="f-4682">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Net investment in a foreign business hedges</span></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1629" decimals="-6" name="ifrs-full:NotionalAmount" format="ixt:fixed-zero" scale="6" id="f-4683">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1630" decimals="-6" name="ifrs-full:NotionalAmount" format="ixt:fixed-zero" scale="6" id="f-4684">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1631" decimals="-6" name="ifrs-full:NotionalAmount" format="ixt:fixed-zero" scale="6" id="f-4685">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1632" decimals="-6" name="ifrs-full:NotionalAmount" scale="6" id="f-4686">29</ix:nonFraction>&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1633" decimals="-6" name="ifrs-full:NotionalAmount" scale="6" id="f-4687">29</ix:nonFraction>&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:0 1pt"/><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1633" decimals="-6" name="ifrs-full:NoncurrentDerivativeFinancialAssets" format="ixt:fixed-zero" scale="6" id="f-4688">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1633" decimals="-6" name="ifrs-full:CurrentDerivativeFinancialAssets" format="ixt:fixed-zero" scale="6" id="f-4689">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1633" decimals="-6" name="ifrs-full:NoncurrentDerivativeFinancialLiabilities" scale="6" id="f-4690">29</ix:nonFraction>&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1633" decimals="-6" name="ifrs-full:CurrentDerivativeFinancialLiabilities" format="ixt:fixed-zero" scale="6" id="f-4691">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1633" decimals="-6" sign="-" name="tef:DerivativeAssetLiabilityNet" scale="6" id="f-4692">29</ix:nonFraction>&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr></table></div><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline">(*)</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%"> For interest rate hedges, the positive amount is in terms of "fixed payment.&#8221; For foreign currency hedges, a positive amount means payment in functional vs. foreign currency.  </span></div><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline">(**)</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%"> Positive amounts indicate payables.</span></div><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline">(***)</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%"> Of the hedging instruments that are not derivatives,<ix:nonFraction unitRef="eur" contextRef="c-1634" decimals="-6" name="ifrs-full:NoncurrentDerivativeFinancialLiabilities" scale="6" id="f-4693">29</ix:nonFraction> million euros correspond to "Loans and other debts"" (see Note 18). </span></div></ix:continuation></ix:continuation><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">F-97</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><ix:continuation id="f-4466-2" continuedAt="f-4466-3"><ix:continuation id="f-4314-14" continuedAt="f-4314-15"><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%"> </span><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"/><td style="width:27.862%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:5.384%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:5.384%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:5.672%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:5.384%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:5.384%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.520%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:6.392%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:6.392%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:6.825%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:6.536%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:5.965%"/><td style="width:0.1%"/></tr><tr><td colspan="36" style="border-bottom:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">December 31, 2023</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"/><td colspan="15" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Notional amount - Maturities </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:5.2pt;font-weight:700;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(*)</span></div></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"/><td colspan="15" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Book value of the derivative and no-derivative instruments </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:5.2pt;font-weight:700;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(**)</span></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Millions of euros</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2024</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2025</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2026</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Later</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total</span></td><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Non-current asset</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Current asset</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Non-current liabilities</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Current liabilities</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total</span></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Derivative instruments of accounting hedges</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1635" decimals="-6" sign="-" name="ifrs-full:NotionalAmount" format="ixt:num-dot-decimal" scale="6" id="f-4694">3,225</ix:nonFraction>)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1636" decimals="-6" name="ifrs-full:NotionalAmount" scale="6" id="f-4695">873</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1637" decimals="-6" name="ifrs-full:NotionalAmount" format="ixt:num-dot-decimal" scale="6" id="f-4696">2,533</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1638" decimals="-6" name="ifrs-full:NotionalAmount" format="ixt:num-dot-decimal" scale="6" id="f-4697">4,917</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1639" decimals="-6" name="ifrs-full:NotionalAmount" format="ixt:num-dot-decimal" scale="6" id="f-4698">5,098</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1639" decimals="-6" name="ifrs-full:NoncurrentDerivativeFinancialAssets" format="ixt:num-dot-decimal" scale="6" id="f-4699">1,785</ix:nonFraction>)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1639" decimals="-6" name="ifrs-full:CurrentDerivativeFinancialAssets" scale="6" id="f-4700">272</ix:nonFraction>)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1639" decimals="-6" name="ifrs-full:NoncurrentDerivativeFinancialLiabilities" format="ixt:num-dot-decimal" scale="6" id="f-4701">1,224</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1639" decimals="-6" name="ifrs-full:CurrentDerivativeFinancialLiabilities" scale="6" id="f-4702">87</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1639" decimals="-6" name="tef:DerivativeAssetLiabilityNet" scale="6" id="f-4703">746</ix:nonFraction>)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Interest rate risk</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1640" decimals="-6" sign="-" name="ifrs-full:NotionalAmount" format="ixt:num-dot-decimal" scale="6" id="f-4704">1,190</ix:nonFraction>)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1641" decimals="-6" sign="-" name="ifrs-full:NotionalAmount" scale="6" id="f-4705">123</ix:nonFraction>)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1642" decimals="-6" name="ifrs-full:NotionalAmount" scale="6" id="f-4706">2</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1643" decimals="-6" sign="-" name="ifrs-full:NotionalAmount" format="ixt:num-dot-decimal" scale="6" id="f-4707">4,070</ix:nonFraction>)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1644" decimals="-6" sign="-" name="ifrs-full:NotionalAmount" format="ixt:num-dot-decimal" scale="6" id="f-4708">5,381</ix:nonFraction>)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1644" decimals="-6" name="ifrs-full:NoncurrentDerivativeFinancialAssets" scale="6" id="f-4709">334</ix:nonFraction>)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1644" decimals="-6" name="ifrs-full:CurrentDerivativeFinancialAssets" scale="6" id="f-4710">163</ix:nonFraction>)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1644" decimals="-6" name="ifrs-full:NoncurrentDerivativeFinancialLiabilities" scale="6" id="f-4711">404</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt 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name="tef:DerivativeAssetLiabilityNet" scale="6" id="f-4713">58</ix:nonFraction>)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Cash flow hedges</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1645" decimals="-6" sign="-" name="ifrs-full:NotionalAmount" format="ixt:num-dot-decimal" scale="6" id="f-4714">1,490</ix:nonFraction>)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1646" decimals="-6" sign="-" name="ifrs-full:NotionalAmount" scale="6" id="f-4715">650</ix:nonFraction>)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1647" decimals="-6" name="ifrs-full:NotionalAmount" format="ixt:fixed-zero" scale="6" id="f-4716">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" 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#bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1704" decimals="-6" name="ifrs-full:NoncurrentDerivativeFinancialAssets" format="ixt:fixed-zero" scale="6" id="f-4829">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1704" decimals="-6" name="ifrs-full:CurrentDerivativeFinancialAssets" scale="6" id="f-4830">14</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1704" decimals="-6" name="ifrs-full:NoncurrentDerivativeFinancialLiabilities" format="ixt:fixed-zero" scale="6" id="f-4831">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1704" decimals="-6" name="ifrs-full:CurrentDerivativeFinancialLiabilities" scale="6" id="f-4832">13</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1704" decimals="-6" name="tef:DerivativeAssetLiabilityNet" scale="6" id="f-4833">1</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Other derivatives</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1705" decimals="-6" name="ifrs-full:NotionalAmount" scale="6" id="f-4834">807</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1706" decimals="-6" name="ifrs-full:NotionalAmount" scale="6" id="f-4835">109</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1707" decimals="-6" name="ifrs-full:NotionalAmount" format="ixt:fixed-zero" scale="6" id="f-4836">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1708" decimals="-6" name="ifrs-full:NotionalAmount" format="ixt:fixed-zero" scale="6" id="f-4837">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1709" decimals="-6" name="ifrs-full:NotionalAmount" scale="6" id="f-4838">916</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1709" decimals="-6" name="ifrs-full:NoncurrentDerivativeFinancialAssets" format="ixt:fixed-zero" scale="6" id="f-4839">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1709" decimals="-6" name="ifrs-full:CurrentDerivativeFinancialAssets" scale="6" id="f-4840">12</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1709" decimals="-6" name="ifrs-full:NoncurrentDerivativeFinancialLiabilities" scale="6" id="f-4841">34</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1709" decimals="-6" name="ifrs-full:CurrentDerivativeFinancialLiabilities" scale="6" id="f-4842">122</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1709" decimals="-6" sign="-" name="tef:DerivativeAssetLiabilityNet" scale="6" id="f-4843">144</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total derivative instruments</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1710" decimals="-6" sign="-" name="ifrs-full:NotionalAmount" format="ixt:num-dot-decimal" scale="6" id="f-4844">2,829</ix:nonFraction>)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1711" decimals="-6" name="ifrs-full:NotionalAmount" scale="6" id="f-4845">457</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1712" decimals="-6" name="ifrs-full:NotionalAmount" format="ixt:num-dot-decimal" scale="6" id="f-4846">1,795</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1713" decimals="-6" name="ifrs-full:NotionalAmount" format="ixt:num-dot-decimal" scale="6" id="f-4847">3,292</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1714" decimals="-6" name="ifrs-full:NotionalAmount" format="ixt:num-dot-decimal" scale="6" id="f-4848">2,715</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1714" decimals="-6" name="ifrs-full:NoncurrentDerivativeFinancialAssets" format="ixt:num-dot-decimal" scale="6" id="f-4849">1,940</ix:nonFraction>)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1714" decimals="-6" name="ifrs-full:CurrentDerivativeFinancialAssets" scale="6" id="f-4850">352</ix:nonFraction>)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1714" decimals="-6" name="ifrs-full:NoncurrentDerivativeFinancialLiabilities" format="ixt:num-dot-decimal" scale="6" id="f-4851">1,657</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1714" decimals="-6" name="ifrs-full:CurrentDerivativeFinancialLiabilities" scale="6" id="f-4852">236</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1714" decimals="-6" name="tef:DerivativeAssetLiabilityNet" scale="6" id="f-4853">399</ix:nonFraction>)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">No derivatives instruments of accounting hedges </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:5.2pt;font-weight:700;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(***)</span></div></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1715" decimals="-6" name="ifrs-full:NotionalAmount" format="ixt:fixed-zero" scale="6" id="f-4854">&#8212;</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1716" decimals="-6" name="ifrs-full:NotionalAmount" format="ixt:fixed-zero" scale="6" id="f-4855">&#8212;</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1717" decimals="-6" name="ifrs-full:NotionalAmount" format="ixt:fixed-zero" scale="6" id="f-4856">&#8212;</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1718" decimals="-6" name="ifrs-full:NotionalAmount" scale="6" id="f-4857">27</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1719" decimals="-6" name="ifrs-full:NotionalAmount" scale="6" id="f-4858">27</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1719" decimals="-6" name="ifrs-full:NoncurrentDerivativeFinancialAssets" format="ixt:fixed-zero" scale="6" id="f-4859">&#8212;</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1719" decimals="-6" name="ifrs-full:CurrentDerivativeFinancialAssets" format="ixt:fixed-zero" scale="6" id="f-4860">&#8212;</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1719" decimals="-6" name="ifrs-full:NoncurrentDerivativeFinancialLiabilities" scale="6" id="f-4861">27</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1719" decimals="-6" name="ifrs-full:CurrentDerivativeFinancialLiabilities" format="ixt:fixed-zero" scale="6" id="f-4862">&#8212;</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1719" decimals="-6" sign="-" name="tef:DerivativeAssetLiabilityNet" scale="6" id="f-4863">27</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Exchange rate risk</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 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style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1722" decimals="-6" name="ifrs-full:NotionalAmount" format="ixt:fixed-zero" scale="6" id="f-4866">&#8212;</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1723" decimals="-6" name="ifrs-full:NotionalAmount" scale="6" id="f-4867">27</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1724" decimals="-6" name="ifrs-full:NotionalAmount" scale="6" id="f-4868">27</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid 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style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1724" decimals="-6" name="ifrs-full:CurrentDerivativeFinancialAssets" format="ixt:fixed-zero" scale="6" id="f-4870">&#8212;</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1724" decimals="-6" name="ifrs-full:NoncurrentDerivativeFinancialLiabilities" scale="6" id="f-4871">27</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1724" decimals="-6" name="ifrs-full:CurrentDerivativeFinancialLiabilities" format="ixt:fixed-zero" scale="6" id="f-4872">&#8212;</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1724" decimals="-6" sign="-" name="tef:DerivativeAssetLiabilityNet" scale="6" id="f-4873">27</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="border-top:2pt 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contextRef="c-1728" decimals="-6" name="ifrs-full:NotionalAmount" format="ixt:fixed-zero" scale="6" id="f-4877">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1729" decimals="-6" name="ifrs-full:NotionalAmount" format="ixt:fixed-zero" scale="6" id="f-4878">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span 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0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1734" decimals="-6" name="ifrs-full:NoncurrentDerivativeFinancialLiabilities" scale="6" id="f-4891">27</ix:nonFraction>&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1734" decimals="-6" name="ifrs-full:CurrentDerivativeFinancialLiabilities" format="ixt:fixed-zero" scale="6" id="f-4892">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1734" decimals="-6" sign="-" name="tef:DerivativeAssetLiabilityNet" scale="6" id="f-4893">27</ix:nonFraction>&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr></table></div><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline">(*)</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%"> For interest rate hedges, the positive amount is in terms of "fixed payment.&#8221; For foreign currency hedges, a positive amount means payment in functional vs. foreign currency.   </span></div><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline">(**)</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%"> Positive amounts indicate payables. </span></div><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline">(***)</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%"> Of the hedging instruments that are not derivatives, <ix:nonFraction unitRef="eur" contextRef="c-1735" decimals="-6" name="ifrs-full:NoncurrentDerivativeFinancialLiabilities" scale="6" id="f-4894">27</ix:nonFraction> million euros correspond to "Loans and other debts" (see Note 18).  </span></div></ix:continuation></ix:continuation><div style="margin-top:9pt"><span><br/></span></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">F-98</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><ix:continuation id="f-4314-15" continuedAt="f-4314-16"><div style="margin-top:9pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%"> </span><ix:continuation id="f-4466-3" continuedAt="f-4466-4"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The detail of hedged items by fair value hedges at December 31, 2024 and December 31, 2023 are as follows:</span></ix:continuation></div><ix:continuation id="f-4466-4" continuedAt="f-4466-5"><div style="margin-top:9pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"/><td style="width:22.463%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:6.371%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:8.526%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:8.095%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:5.078%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.518%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:6.514%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:8.239%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:8.526%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:4.647%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:9.823%"/><td style="width:0.1%"/></tr><tr><td colspan="33" style="border-bottom:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">December 31, 2024</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"/><td colspan="12" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Hedged items carrying amount</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"/><td colspan="15" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Accumulated amount in the hedged item adjusted by fair value hedge </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:5.2pt;font-weight:700;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(*)</span></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Millions of euros</span></td><td colspan="3" style="border-top:0.25pt solid #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Interest rate risk</span></td><td colspan="3" style="border-top:0.25pt solid #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Exchange rate risk</span></td><td colspan="3" style="border-top:0.25pt solid #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Interest rate and exchange rate risk</span></td><td colspan="3" style="border-top:0.25pt solid #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total</span></td><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="border-top:0.25pt solid #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Interest rate risk</span></td><td colspan="3" style="border-top:0.25pt solid #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Exchange rate risk</span></td><td colspan="3" style="border-top:0.25pt solid #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Interest rate and exchange rate risk</span></td><td colspan="3" style="border-top:0.25pt solid #000;padding:2px 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name="tef:NoncurrentPayablesAndOtherNoncurrentLiabilities" format="ixt:fixed-zero" scale="6" id="f-4955">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1745" decimals="-6" name="tef:NoncurrentPayablesAndOtherNoncurrentLiabilities" scale="6" id="f-4956">1</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction 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id="f-4962">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1568" decimals="-6" name="ifrs-full:CurrentFinancialLiabilities" format="ixt:fixed-zero" scale="6" id="f-4963">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1588" decimals="-6" name="ifrs-full:CurrentFinancialLiabilities" format="ixt:fixed-zero" scale="6" id="f-4964">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1745" decimals="-6" name="ifrs-full:CurrentFinancialLiabilities" format="ixt:fixed-zero" scale="6" id="f-4965">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1746" decimals="-6" name="ifrs-full:CurrentFinancialLiabilities" format="ixt:fixed-zero" scale="6" id="f-4966">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Payables and other current liabilities</span></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1736" decimals="-6" name="tef:CurrentPayablesAndOtherCurrentLiabilities" format="ixt:fixed-zero" scale="6" id="f-4967">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1737" decimals="-6" name="tef:CurrentPayablesAndOtherCurrentLiabilities" scale="6" id="f-4968">705</ix:nonFraction>&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1738" decimals="-6" name="tef:CurrentPayablesAndOtherCurrentLiabilities" format="ixt:fixed-zero" scale="6" id="f-4969">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1739" decimals="-6" name="tef:CurrentPayablesAndOtherCurrentLiabilities" scale="6" id="f-4970">705</ix:nonFraction>&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:0 1pt"/><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1553" decimals="-6" name="tef:CurrentPayablesAndOtherCurrentLiabilities" format="ixt:fixed-zero" scale="6" id="f-4971">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1568" decimals="-6" name="tef:CurrentPayablesAndOtherCurrentLiabilities" scale="6" id="f-4972">14</ix:nonFraction>&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1588" decimals="-6" name="tef:CurrentPayablesAndOtherCurrentLiabilities" format="ixt:fixed-zero" scale="6" id="f-4973">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1745" decimals="-6" name="tef:CurrentPayablesAndOtherCurrentLiabilities" scale="6" id="f-4974">14</ix:nonFraction>&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1746" decimals="-6" name="tef:CurrentPayablesAndOtherCurrentLiabilities" scale="6" id="f-4975">6</ix:nonFraction>&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr></table><span style="color:#000000;font-family:'Arial',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline">(*)</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%"> Accumulated amount adjusted by fair value hedge is shown with negative sign when it reduces the value (lowest liability or lowest asset) and viceversa.</span></div></ix:continuation></ix:continuation><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">F-99</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><ix:continuation id="f-4466-5" continuedAt="f-4466-6"><ix:continuation id="f-4314-16" continuedAt="f-4314-17"><div style="margin-top:9pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"/><td style="width:22.463%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:6.945%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:8.670%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:8.095%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:5.652%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.949%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:6.945%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:8.239%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:8.095%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:5.365%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:7.382%"/><td style="width:0.1%"/></tr><tr><td colspan="33" style="border-bottom:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">December 31, 2023</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"/><td colspan="12" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Hedged items carrying amount</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"/><td colspan="15" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Accumulated amount in the hedged item adjusted by fair value hedge </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:5.2pt;font-weight:700;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(*)</span></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Millions of euros</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Interest rate risk</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Exchange rate risk</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Interest rate and exchange rate risk</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total</span></td><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Interest rate risk</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Exchange rate risk</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 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style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1749" decimals="-6" name="ifrs-full:Assets" format="ixt:fixed-zero" scale="6" id="f-4978">&#8212;</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1750" decimals="-6" name="ifrs-full:Assets" scale="6" id="f-4979">281</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1751" decimals="-6" sign="-" name="ifrs-full:Assets" scale="6" id="f-4980">15</ix:nonFraction>)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1752" decimals="-6" name="ifrs-full:Assets" format="ixt:fixed-zero" scale="6" id="f-4981">&#8212;</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1753" decimals="-6" name="ifrs-full:Assets" format="ixt:fixed-zero" scale="6" id="f-4982">&#8212;</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1754" decimals="-6" sign="-" name="ifrs-full:Assets" scale="6" id="f-4983">15</ix:nonFraction>)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1755" decimals="-6" name="ifrs-full:Assets" format="ixt:fixed-zero" scale="6" id="f-4984">&#8212;</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Financial assets and other non-current assets</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1747" decimals="-6" name="tef:NonCurrentFinancialAssetsAndOtherNonCurrentAssets" scale="6" id="f-4985">28</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1748" decimals="-6" name="tef:NonCurrentFinancialAssetsAndOtherNonCurrentAssets" scale="6" id="f-4986">96</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1749" decimals="-6" name="tef:NonCurrentFinancialAssetsAndOtherNonCurrentAssets" format="ixt:fixed-zero" scale="6" id="f-4987">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1750" decimals="-6" name="tef:NonCurrentFinancialAssetsAndOtherNonCurrentAssets" scale="6" id="f-4988">124</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1751" decimals="-6" sign="-" name="tef:NonCurrentFinancialAssetsAndOtherNonCurrentAssets" scale="6" id="f-4989">14</ix:nonFraction>)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1752" decimals="-6" name="tef:NonCurrentFinancialAssetsAndOtherNonCurrentAssets" format="ixt:fixed-zero" scale="6" id="f-4990">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 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id="f-5046">1</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1757" decimals="-6" name="tef:NoncurrentPayablesAndOtherNoncurrentLiabilities" format="ixt:fixed-zero" scale="6" id="f-5047">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Current financial liabilities</span></td><td colspan="2" style="border-top:1pt solid 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style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1757" decimals="-6" name="ifrs-full:CurrentFinancialLiabilities" format="ixt:fixed-zero" scale="6" id="f-5056">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Payables and other current liabilities</span></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid 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decimals="-6" name="tef:CurrentPayablesAndOtherCurrentLiabilities" scale="6" id="f-5060">859</ix:nonFraction>&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:0 1pt"/><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1654" decimals="-6" name="tef:CurrentPayablesAndOtherCurrentLiabilities" format="ixt:fixed-zero" scale="6" id="f-5061">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1669" decimals="-6" sign="-" name="tef:CurrentPayablesAndOtherCurrentLiabilities" scale="6" id="f-5062">7</ix:nonFraction>)</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1689" decimals="-6" name="tef:CurrentPayablesAndOtherCurrentLiabilities" format="ixt:fixed-zero" scale="6" id="f-5063">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1756" decimals="-6" sign="-" name="tef:CurrentPayablesAndOtherCurrentLiabilities" scale="6" id="f-5064">7</ix:nonFraction>)</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1757" decimals="-6" sign="-" name="tef:CurrentPayablesAndOtherCurrentLiabilities" scale="6" id="f-5065">42</ix:nonFraction>)</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr></table><span style="color:#000000;font-family:'Arial',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline">(*)</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%"> Accumulated amount adjusted by fair value hedge is shown with negative sign when it reduces the value (lowest liability or lowest asset) and vice versa.</span></div></ix:continuation></ix:continuation><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">F-100</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><ix:continuation id="f-4314-17" continuedAt="f-4314-18"><ix:continuation id="f-4466-6" continuedAt="f-4466-7"><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The evolutions of hedges in equity at December 31, 2024 and December 31, 2023 are as follows: </span></div><div style="margin-top:9pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"/><td style="width:28.252%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:8.828%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:8.108%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:8.252%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:8.252%"/><td style="width:0.1%"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td style="width:0.1%"/><td style="width:0.807%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:9.403%"/><td style="width:0.1%"/><td colspan="3" style="display:none"/><td style="width:1.0%"/><td style="width:6.238%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:5.806%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:5.954%"/><td style="width:0.1%"/></tr><tr style="height:29pt"><td colspan="3" style="border-top:1pt solid #b7b7b7;padding:0 1pt"/><td colspan="12" style="border-top:1pt solid #b7b7b7;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Derivative instruments</span></td><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="border-top:1pt solid #b7b7b7;padding:0 1pt"/><td colspan="3" style="border-top:1pt solid #b7b7b7;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">No derivative instruments</span></td><td colspan="3" style="display:none"/><td colspan="3" rowspan="3" style="border-top:1pt solid #b7b7b7;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total Gross amount </span></td><td colspan="3" rowspan="3" style="border-top:1pt solid #b7b7b7;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Tax effect</span></td><td colspan="3" rowspan="3" style="border-top:1pt solid #b7b7b7;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total hedges in equity</span></td></tr><tr style="height:14pt"><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"/><td colspan="9" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Gains (losses) of cash flow hedges</span></td><td colspan="3" rowspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Derivatives - Net investment hedges</span></td><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"/><td colspan="3" rowspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">No Derivatives - Net investment hedges</span></td><td colspan="3" style="display:none"/></tr><tr style="height:38pt"><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Millions of euros</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Interest rate risk</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Exchange rate risk</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Exchange rate and interest rate risks</span></td><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="padding:0 1pt"/></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Balance at 12/31/2023</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1758" decimals="-6" sign="-" name="tef:HedgesinEquity" scale="6" id="f-5066">56</ix:nonFraction>)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1759" decimals="-6" name="tef:HedgesinEquity" scale="6" id="f-5067">441</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1760" decimals="-6" name="tef:HedgesinEquity" scale="6" id="f-5068">176</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1761" decimals="-6" sign="-" name="tef:HedgesinEquity" scale="6" id="f-5069">100</ix:nonFraction>)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1762" decimals="-6" sign="-" name="tef:HedgesinEquity" scale="6" id="f-5070">11</ix:nonFraction>)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1763" decimals="-6" name="tef:HedgesinEquity" scale="6" id="f-5071">450</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1764" decimals="-6" sign="-" name="tef:HedgesinEquity" scale="6" id="f-5072">137</ix:nonFraction>)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-13" decimals="-6" name="tef:HedgesinEquity" scale="6" id="f-5073">313</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="border-top:1pt solid #86888c;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Changes in the fair value registered in equity</span></td><td colspan="2" style="border-top:1pt solid #86888c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1765" decimals="-6" sign="-" name="tef:HedgesinEquityIncreaseDecreaseinFairValue" scale="6" id="f-5074">8</ix:nonFraction>)</span></td><td style="border-top:1pt solid #86888c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #86888c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1766" decimals="-6" name="tef:HedgesinEquityIncreaseDecreaseinFairValue" scale="6" id="f-5075">430</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #86888c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #86888c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1767" decimals="-6" name="tef:HedgesinEquityIncreaseDecreaseinFairValue" scale="6" id="f-5076">159</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #86888c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #86888c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1768" decimals="-6" name="tef:HedgesinEquityIncreaseDecreaseinFairValue" scale="6" id="f-5077">382</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #86888c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="border-top:1pt solid #86888c;padding:0 1pt"/><td colspan="2" style="border-top:1pt solid #86888c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1769" decimals="-6" sign="-" name="tef:HedgesinEquityIncreaseDecreaseinFairValue" scale="6" id="f-5078">1</ix:nonFraction>)</span></td><td style="border-top:1pt solid #86888c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="2" style="border-top:1pt solid #86888c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1770" decimals="-6" name="tef:HedgesinEquityIncreaseDecreaseinFairValue" scale="6" id="f-5079">962</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #86888c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #86888c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1771" decimals="-6" sign="-" name="tef:HedgesinEquityIncreaseDecreaseinFairValue" scale="6" id="f-5080">252</ix:nonFraction>)</span></td><td style="border-top:1pt solid #86888c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #86888c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1" 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style="border-top:1pt solid #d4d4d4;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #d4d4d4;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1768" decimals="-6" name="tef:HedgesinEquityIncreaseDecreasefromTransfertoInitialValue" format="ixt:fixed-zero" scale="6" id="f-5085">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #d4d4d4;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="border-top:1pt solid #d4d4d4;padding:0 1pt"/><td colspan="2" style="border-top:1pt solid #d4d4d4;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1769" decimals="-6" name="tef:HedgesinEquityIncreaseDecreasefromTransfertoInitialValue" format="ixt:fixed-zero" scale="6" id="f-5086">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #d4d4d4;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="2" style="border-top:1pt solid #d4d4d4;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1770" decimals="-6" name="tef:HedgesinEquityIncreaseDecreasefromTransfertoInitialValue" scale="6" id="f-5087">3</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #d4d4d4;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" 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style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1769" decimals="-6" name="tef:HedgesinEquityIncreaseDecreasefromTransfertoIncomeStatementNoLongerExpected" format="ixt:fixed-zero" scale="6" id="f-5094">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #d4d4d4;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="2" style="border-top:1pt solid #d4d4d4;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1770" decimals="-6" name="tef:HedgesinEquityIncreaseDecreasefromTransfertoIncomeStatementNoLongerExpected" format="ixt:fixed-zero" scale="6" id="f-5095">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #d4d4d4;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #d4d4d4;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1771" decimals="-6" name="tef:HedgesinEquityIncreaseDecreasefromTransfertoIncomeStatementNoLongerExpected" format="ixt:fixed-zero" scale="6" id="f-5096">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #d4d4d4;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #d4d4d4;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1" decimals="-6" name="tef:HedgesinEquityIncreaseDecreasefromTransfertoIncomeStatementNoLongerExpected" format="ixt:fixed-zero" scale="6" id="f-5097">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #d4d4d4;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #d4d4d4;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Transfer to the income statement of the period - the hedged item has affected profit or loss</span></td><td colspan="2" style="border-top:1pt solid #d4d4d4;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1765" decimals="-6" name="tef:HedgesinEquityIncreaseDecreasefromTransfertoIncomeStatementAffectedProfitorLoss" scale="6" id="f-5098">7</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #d4d4d4;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #d4d4d4;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1766" decimals="-6" sign="-" name="tef:HedgesinEquityIncreaseDecreasefromTransfertoIncomeStatementAffectedProfitorLoss" scale="6" id="f-5099">710</ix:nonFraction>)</span></td><td style="border-top:1pt solid #d4d4d4;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #d4d4d4;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1767" decimals="-6" sign="-" name="tef:HedgesinEquityIncreaseDecreasefromTransfertoIncomeStatementAffectedProfitorLoss" scale="6" id="f-5100">166</ix:nonFraction>)</span></td><td style="border-top:1pt solid #d4d4d4;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #d4d4d4;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1768" decimals="-6" name="tef:HedgesinEquityIncreaseDecreasefromTransfertoIncomeStatementAffectedProfitorLoss" format="ixt:fixed-zero" scale="6" id="f-5101">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #d4d4d4;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="border-top:1pt solid #d4d4d4;padding:0 1pt"/><td colspan="2" style="border-top:1pt solid #d4d4d4;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1769" decimals="-6" name="tef:HedgesinEquityIncreaseDecreasefromTransfertoIncomeStatementAffectedProfitorLoss" format="ixt:fixed-zero" scale="6" id="f-5102">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #d4d4d4;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="2" style="border-top:1pt solid #d4d4d4;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1770" decimals="-6" sign="-" name="tef:HedgesinEquityIncreaseDecreasefromTransfertoIncomeStatementAffectedProfitorLoss" scale="6" id="f-5103">869</ix:nonFraction>)</span></td><td style="border-top:1pt solid #d4d4d4;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #d4d4d4;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1771" decimals="-6" name="tef:HedgesinEquityIncreaseDecreasefromTransfertoIncomeStatementAffectedProfitorLoss" scale="6" id="f-5104">220</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #d4d4d4;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #d4d4d4;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1" decimals="-6" sign="-" name="tef:HedgesinEquityIncreaseDecreasefromTransfertoIncomeStatementAffectedProfitorLoss" scale="6" id="f-5105">649</ix:nonFraction>)</span></td><td style="border-top:1pt solid #d4d4d4;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #d4d4d4;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Total translation differences</span></td><td colspan="2" style="border-top:1pt solid #d4d4d4;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1765" decimals="-6" name="tef:HedgesinEquityIncreaseDecreasefromTranslationDifferences" scale="6" id="f-5106">3</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #d4d4d4;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #d4d4d4;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1766" decimals="-6" sign="-" name="tef:HedgesinEquityIncreaseDecreasefromTranslationDifferences" scale="6" id="f-5107">1</ix:nonFraction>)</span></td><td style="border-top:1pt solid #d4d4d4;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #d4d4d4;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1767" decimals="-6" name="tef:HedgesinEquityIncreaseDecreasefromTranslationDifferences" format="ixt:fixed-zero" scale="6" id="f-5108">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #d4d4d4;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #d4d4d4;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1768" decimals="-6" name="tef:HedgesinEquityIncreaseDecreasefromTranslationDifferences" format="ixt:fixed-zero" scale="6" id="f-5109">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #d4d4d4;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="border-top:1pt solid #d4d4d4;padding:0 1pt"/><td colspan="2" style="border-top:1pt solid #d4d4d4;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1769" decimals="-6" name="tef:HedgesinEquityIncreaseDecreasefromTranslationDifferences" format="ixt:fixed-zero" scale="6" id="f-5110">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #d4d4d4;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="2" style="border-top:1pt solid #d4d4d4;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1770" decimals="-6" name="tef:HedgesinEquityIncreaseDecreasefromTranslationDifferences" scale="6" id="f-5111">2</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #d4d4d4;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #d4d4d4;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1771" decimals="-6" name="tef:HedgesinEquityIncreaseDecreasefromTranslationDifferences" format="ixt:fixed-zero" scale="6" id="f-5112">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #d4d4d4;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #d4d4d4;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1" decimals="-6" name="tef:HedgesinEquityIncreaseDecreasefromTranslationDifferences" scale="6" id="f-5113">2</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #d4d4d4;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #d4d4d4;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Other movements</span></td><td colspan="2" style="border-top:1pt solid #d4d4d4;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1765" decimals="-6" name="tef:HedgesinEquityIncreaseDecreasefromOtherMovements" format="ixt:fixed-zero" scale="6" id="f-5114">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #d4d4d4;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #d4d4d4;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1766" decimals="-6" name="tef:HedgesinEquityIncreaseDecreasefromOtherMovements" format="ixt:fixed-zero" scale="6" id="f-5115">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #d4d4d4;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #d4d4d4;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1767" decimals="-6" name="tef:HedgesinEquityIncreaseDecreasefromOtherMovements" format="ixt:fixed-zero" scale="6" id="f-5116">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #d4d4d4;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #d4d4d4;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1768" decimals="-6" name="tef:HedgesinEquityIncreaseDecreasefromOtherMovements" scale="6" id="f-5117">26</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #d4d4d4;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="border-top:1pt solid #d4d4d4;padding:0 1pt"/><td colspan="2" style="border-top:1pt solid #d4d4d4;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1769" decimals="-6" name="tef:HedgesinEquityIncreaseDecreasefromOtherMovements" format="ixt:fixed-zero" scale="6" id="f-5118">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #d4d4d4;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="2" style="border-top:1pt solid #d4d4d4;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1770" decimals="-6" name="tef:HedgesinEquityIncreaseDecreasefromOtherMovements" scale="6" id="f-5119">26</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #d4d4d4;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #d4d4d4;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1771" decimals="-6" sign="-" name="tef:HedgesinEquityIncreaseDecreasefromOtherMovements" scale="6" id="f-5120">16</ix:nonFraction>)</span></td><td style="border-top:1pt solid #d4d4d4;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #d4d4d4;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1" decimals="-6" name="tef:HedgesinEquityIncreaseDecreasefromOtherMovements" scale="6" id="f-5121">10</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #d4d4d4;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Balance at 12/31/2024</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1772" decimals="-6" sign="-" name="tef:HedgesinEquity" scale="6" id="f-5122">53</ix:nonFraction>)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1773" decimals="-6" name="tef:HedgesinEquity" scale="6" id="f-5123">160</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1774" decimals="-6" name="tef:HedgesinEquity" scale="6" id="f-5124">171</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1775" decimals="-6" name="tef:HedgesinEquity" scale="6" id="f-5125">308</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1776" decimals="-6" sign="-" name="tef:HedgesinEquity" scale="6" id="f-5126">12</ix:nonFraction>)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1777" decimals="-6" name="tef:HedgesinEquity" scale="6" id="f-5127">574</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1778" decimals="-6" sign="-" name="tef:HedgesinEquity" scale="6" id="f-5128">186</ix:nonFraction>)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-12" decimals="-6" name="tef:HedgesinEquity" scale="6" id="f-5129">388</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Amounts remaining in equity for continuing hedges</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1772" decimals="-6" sign="-" name="tef:HedgesinEquityContinuingHedges" scale="6" id="f-5130">24</ix:nonFraction>)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1773" decimals="-6" name="tef:HedgesinEquityContinuingHedges" scale="6" id="f-5131">127</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1774" decimals="-6" name="tef:HedgesinEquityContinuingHedges" scale="6" id="f-5132">240</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1775" decimals="-6" name="tef:HedgesinEquityContinuingHedges" scale="6" id="f-5133">308</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1776" decimals="-6" sign="-" name="tef:HedgesinEquityContinuingHedges" scale="6" id="f-5134">12</ix:nonFraction>)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1777" decimals="-6" name="tef:HedgesinEquityContinuingHedges" scale="6" id="f-5135">639</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"/><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"/></tr><tr><td colspan="3" style="border-top:1pt solid #d4d4d4;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Amounts remaining in equity from any hedging relationship for which hedge accounting is no longer applied</span></td><td colspan="2" style="border-top:1pt solid #d4d4d4;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1772" decimals="-6" sign="-" name="tef:HedgesinEquityHedgingNoLongerNeeded" scale="6" id="f-5136">29</ix:nonFraction>)</span></td><td style="border-top:1pt solid #d4d4d4;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #d4d4d4;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1773" decimals="-6" name="tef:HedgesinEquityHedgingNoLongerNeeded" scale="6" id="f-5137">33</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #d4d4d4;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #d4d4d4;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1774" decimals="-6" sign="-" name="tef:HedgesinEquityHedgingNoLongerNeeded" scale="6" id="f-5138">69</ix:nonFraction>)</span></td><td style="border-top:1pt solid #d4d4d4;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #d4d4d4;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1775" decimals="-6" name="tef:HedgesinEquityHedgingNoLongerNeeded" format="ixt:fixed-zero" scale="6" id="f-5139">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #d4d4d4;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="border-top:1pt solid #d4d4d4;padding:0 1pt"/><td colspan="2" style="border-top:1pt solid #d4d4d4;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1776" decimals="-6" name="tef:HedgesinEquityHedgingNoLongerNeeded" format="ixt:fixed-zero" scale="6" id="f-5140">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #d4d4d4;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="2" style="border-top:1pt solid #d4d4d4;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1777" decimals="-6" sign="-" name="tef:HedgesinEquityHedgingNoLongerNeeded" scale="6" id="f-5141">65</ix:nonFraction>)</span></td><td style="border-top:1pt solid #d4d4d4;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="border-top:1pt solid #d4d4d4;padding:0 1pt"/><td colspan="3" style="border-top:1pt solid #d4d4d4;padding:0 1pt"/></tr><tr><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Balance at 12/31/2024</span></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1772" decimals="-6" sign="-" name="tef:HedgesinEquity" scale="6" id="f-5142">53</ix:nonFraction>)</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1773" decimals="-6" name="tef:HedgesinEquity" scale="6" id="f-5143">160</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1774" decimals="-6" name="tef:HedgesinEquity" scale="6" id="f-5144">171</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1775" decimals="-6" name="tef:HedgesinEquity" scale="6" id="f-5145">308</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:0 1pt"/><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1776" decimals="-6" sign="-" name="tef:HedgesinEquity" scale="6" id="f-5146">12</ix:nonFraction>)</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1777" decimals="-6" name="tef:HedgesinEquity" scale="6" id="f-5147">574</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:0 1pt"/><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:0 1pt"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr></table></div></ix:continuation><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The total amount of "Transfer to the income statements of the period - the hedged item has affected profit or loss" with an impact on financial results, reported under "Interest expenses" amounted to +<ix:nonFraction unitRef="eur" contextRef="c-1779" decimals="-6" name="tef:HedgesinEquityIncreaseDecreasefromTransfertoIncomeStatementAffectedProfitorLoss" scale="6" id="f-5148">229</ix:nonFraction> million euros (+<ix:nonFraction unitRef="eur" contextRef="c-1780" decimals="-6" name="tef:HedgesinEquityIncreaseDecreasefromTransfertoIncomeStatementAffectedProfitorLoss" scale="6" id="f-5149">240</ix:nonFraction> million euros in 2023), see detail of "Net finance costs excluding foreign exchange differences and inflation adjustments" in this Note, and in exchange differences amounted to <ix:nonFraction unitRef="eur" contextRef="c-1781" decimals="-6" name="tef:HedgesinEquityIncreaseDecreasefromTransfertoIncomeStatementAffectedProfitorLoss" scale="6" id="f-5150">633</ix:nonFraction> million euros (-<ix:nonFraction unitRef="eur" contextRef="c-1782" decimals="-6" sign="-" name="tef:HedgesinEquityIncreaseDecreasefromTransfertoIncomeStatementAffectedProfitorLoss" scale="6" id="f-5151">324</ix:nonFraction> million euros in 2023).     </span></div><ix:continuation id="f-4466-7" continuedAt="f-4466-8"><div style="margin-bottom:9pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"/><td style="width:28.252%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:8.828%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:8.108%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:8.252%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:8.252%"/><td style="width:0.1%"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td style="width:0.1%"/><td style="width:0.807%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:9.403%"/><td style="width:0.1%"/><td colspan="3" style="display:none"/><td style="width:1.0%"/><td style="width:6.238%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:5.806%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:5.954%"/><td style="width:0.1%"/></tr><tr style="height:27pt"><td colspan="3" style="border-top:1pt solid #b7b7b7;padding:0 1pt"/><td colspan="12" style="border-top:1pt solid #b7b7b7;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Derivative instruments</span></td><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="border-top:1pt solid #b7b7b7;padding:0 1pt"/><td colspan="3" style="border-top:1pt solid #b7b7b7;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">No derivative instruments</span></td><td colspan="3" style="display:none"/><td colspan="3" rowspan="3" style="border-top:1pt solid #b7b7b7;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total Gross amount </span></td><td colspan="3" rowspan="3" style="border-top:1pt solid #b7b7b7;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Tax effect</span></td><td colspan="3" rowspan="3" style="border-top:1pt solid #b7b7b7;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total hedges in equity</span></td></tr><tr style="height:14pt"><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"/><td colspan="9" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Gains (losses) of cash flow hedges</span></td><td colspan="3" rowspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Derivatives - Net investment hedges</span></td><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="border-top:1pt solid #b7b7b7;padding:0 1pt"/><td colspan="3" rowspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">No Derivatives - Net investment hedges</span></td><td colspan="3" style="display:none"/></tr><tr style="height:38pt"><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Millions of euros</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Interest rate risk</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Exchange rate risk</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Exchange rate and interest rate risks</span></td><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="padding:0 1pt"/></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Balance at 12/31/2022</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1783" decimals="-6" sign="-" name="tef:HedgesinEquity" scale="6" id="f-5152">37</ix:nonFraction>)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1784" decimals="-6" name="tef:HedgesinEquity" scale="6" id="f-5153">861</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1785" decimals="-6" name="tef:HedgesinEquity" scale="6" id="f-5154">210</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1786" decimals="-6" sign="-" name="tef:HedgesinEquity" scale="6" id="f-5155">30</ix:nonFraction>)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1787" decimals="-6" sign="-" name="tef:HedgesinEquity" scale="6" id="f-5156">9</ix:nonFraction>)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1788" decimals="-6" name="tef:HedgesinEquity" scale="6" id="f-5157">995</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1789" decimals="-6" sign="-" name="tef:HedgesinEquity" scale="6" id="f-5158">270</ix:nonFraction>)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-80" decimals="-6" name="tef:HedgesinEquity" scale="6" id="f-5159">725</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Changes in the fair value registered in equity</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1790" decimals="-6" sign="-" name="tef:HedgesinEquityIncreaseDecreaseinFairValue" scale="6" id="f-5160">49</ix:nonFraction>)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1791" decimals="-6" sign="-" name="tef:HedgesinEquityIncreaseDecreaseinFairValue" scale="6" id="f-5161">445</ix:nonFraction>)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1792" decimals="-6" sign="-" name="tef:HedgesinEquityIncreaseDecreaseinFairValue" scale="6" id="f-5162">66</ix:nonFraction>)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1793" decimals="-6" sign="-" name="tef:HedgesinEquityIncreaseDecreaseinFairValue" scale="6" id="f-5163">66</ix:nonFraction>)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1794" decimals="-6" name="tef:HedgesinEquityIncreaseDecreaseinFairValue" scale="6" id="f-5164">2</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1795" decimals="-6" sign="-" name="tef:HedgesinEquityIncreaseDecreaseinFairValue" scale="6" id="f-5165">624</ix:nonFraction>)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1796" decimals="-6" name="tef:HedgesinEquityIncreaseDecreaseinFairValue" scale="6" id="f-5166">155</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-14" decimals="-6" sign="-" name="tef:HedgesinEquityIncreaseDecreaseinFairValue" scale="6" id="f-5167">469</ix:nonFraction>)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #d4d4d4;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Transfer to the initial value of hedged item</span></td><td colspan="2" style="border-top:1pt solid #d4d4d4;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1790" decimals="-6" name="tef:HedgesinEquityIncreaseDecreasefromTransfertoInitialValue" scale="6" id="f-5168">1</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #d4d4d4;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #d4d4d4;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1791" decimals="-6" name="tef:HedgesinEquityIncreaseDecreasefromTransfertoInitialValue" scale="6" id="f-5169">6</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #d4d4d4;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #d4d4d4;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1792" decimals="-6" name="tef:HedgesinEquityIncreaseDecreasefromTransfertoInitialValue" scale="6" id="f-5170">13</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #d4d4d4;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #d4d4d4;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1793" decimals="-6" name="tef:HedgesinEquityIncreaseDecreasefromTransfertoInitialValue" format="ixt:fixed-zero" scale="6" id="f-5171">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #d4d4d4;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="border-top:1pt solid #d4d4d4;padding:0 1pt"/><td colspan="2" style="border-top:1pt solid #d4d4d4;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1794" decimals="-6" name="tef:HedgesinEquityIncreaseDecreasefromTransfertoInitialValue" format="ixt:fixed-zero" scale="6" id="f-5172">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #d4d4d4;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="2" style="border-top:1pt solid #d4d4d4;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1795" decimals="-6" name="tef:HedgesinEquityIncreaseDecreasefromTransfertoInitialValue" scale="6" id="f-5173">20</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #d4d4d4;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #d4d4d4;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1796" decimals="-6" sign="-" name="tef:HedgesinEquityIncreaseDecreasefromTransfertoInitialValue" scale="6" id="f-5174">5</ix:nonFraction>)</span></td><td style="border-top:1pt solid #d4d4d4;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #d4d4d4;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-14" decimals="-6" name="tef:HedgesinEquityIncreaseDecreasefromTransfertoInitialValue" scale="6" id="f-5175">15</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #d4d4d4;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #d4d4d4;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Transfer to the income statement of the period - the hedged future cash flows are no longer expected to happen</span></td><td colspan="2" style="border-top:1pt solid #d4d4d4;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1790" decimals="-6" name="tef:HedgesinEquityIncreaseDecreasefromTransfertoIncomeStatementNoLongerExpected" format="ixt:fixed-zero" scale="6" id="f-5176">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #d4d4d4;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #d4d4d4;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1791" decimals="-6" name="tef:HedgesinEquityIncreaseDecreasefromTransfertoIncomeStatementNoLongerExpected" format="ixt:fixed-zero" scale="6" id="f-5177">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #d4d4d4;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #d4d4d4;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1792" decimals="-6" name="tef:HedgesinEquityIncreaseDecreasefromTransfertoIncomeStatementNoLongerExpected" format="ixt:fixed-zero" scale="6" id="f-5178">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #d4d4d4;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #d4d4d4;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1793" decimals="-6" name="tef:HedgesinEquityIncreaseDecreasefromTransfertoIncomeStatementNoLongerExpected" format="ixt:fixed-zero" scale="6" id="f-5179">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #d4d4d4;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="border-top:1pt solid #d4d4d4;padding:0 1pt"/><td colspan="2" style="border-top:1pt solid #d4d4d4;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1794" decimals="-6" name="tef:HedgesinEquityIncreaseDecreasefromTransfertoIncomeStatementNoLongerExpected" format="ixt:fixed-zero" scale="6" id="f-5180">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #d4d4d4;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="2" style="border-top:1pt solid #d4d4d4;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1795" decimals="-6" name="tef:HedgesinEquityIncreaseDecreasefromTransfertoIncomeStatementNoLongerExpected" format="ixt:fixed-zero" scale="6" id="f-5181">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #d4d4d4;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #d4d4d4;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1796" decimals="-6" name="tef:HedgesinEquityIncreaseDecreasefromTransfertoIncomeStatementNoLongerExpected" format="ixt:fixed-zero" scale="6" id="f-5182">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #d4d4d4;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #d4d4d4;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-14" decimals="-6" name="tef:HedgesinEquityIncreaseDecreasefromTransfertoIncomeStatementNoLongerExpected" format="ixt:fixed-zero" scale="6" id="f-5183">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #d4d4d4;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #d4d4d4;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Transfer to the income statement of the period - the hedged item has affected profit or loss</span></td><td colspan="2" style="border-top:1pt solid #d4d4d4;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1790" decimals="-6" name="tef:HedgesinEquityIncreaseDecreasefromTransfertoIncomeStatementAffectedProfitorLoss" scale="6" id="f-5184">32</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #d4d4d4;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #d4d4d4;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1791" decimals="-6" name="tef:HedgesinEquityIncreaseDecreasefromTransfertoIncomeStatementAffectedProfitorLoss" scale="6" id="f-5185">19</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #d4d4d4;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #d4d4d4;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1792" decimals="-6" name="tef:HedgesinEquityIncreaseDecreasefromTransfertoIncomeStatementAffectedProfitorLoss" scale="6" id="f-5186">19</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #d4d4d4;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #d4d4d4;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1793" decimals="-6" name="tef:HedgesinEquityIncreaseDecreasefromTransfertoIncomeStatementAffectedProfitorLoss" format="ixt:fixed-zero" scale="6" id="f-5187">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #d4d4d4;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="border-top:1pt solid #d4d4d4;padding:0 1pt"/><td colspan="2" style="border-top:1pt solid #d4d4d4;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1794" decimals="-6" name="tef:HedgesinEquityIncreaseDecreasefromTransfertoIncomeStatementAffectedProfitorLoss" format="ixt:fixed-zero" scale="6" id="f-5188">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #d4d4d4;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="2" style="border-top:1pt solid #d4d4d4;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1795" decimals="-6" name="tef:HedgesinEquityIncreaseDecreasefromTransfertoIncomeStatementAffectedProfitorLoss" scale="6" id="f-5189">70</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #d4d4d4;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #d4d4d4;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1796" decimals="-6" sign="-" name="tef:HedgesinEquityIncreaseDecreasefromTransfertoIncomeStatementAffectedProfitorLoss" scale="6" id="f-5190">17</ix:nonFraction>)</span></td><td style="border-top:1pt solid #d4d4d4;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #d4d4d4;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-14" decimals="-6" name="tef:HedgesinEquityIncreaseDecreasefromTransfertoIncomeStatementAffectedProfitorLoss" scale="6" id="f-5191">53</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #d4d4d4;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #d4d4d4;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Total translation differences</span></td><td colspan="2" style="border-top:1pt solid #d4d4d4;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1790" decimals="-6" sign="-" name="tef:HedgesinEquityIncreaseDecreasefromTranslationDifferences" scale="6" id="f-5192">3</ix:nonFraction>)</span></td><td style="border-top:1pt solid #d4d4d4;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #d4d4d4;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1791" decimals="-6" name="tef:HedgesinEquityIncreaseDecreasefromTranslationDifferences" format="ixt:fixed-zero" scale="6" id="f-5193">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #d4d4d4;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #d4d4d4;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1792" decimals="-6" name="tef:HedgesinEquityIncreaseDecreasefromTranslationDifferences" format="ixt:fixed-zero" scale="6" id="f-5194">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #d4d4d4;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #d4d4d4;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1793" decimals="-6" sign="-" name="tef:HedgesinEquityIncreaseDecreasefromTranslationDifferences" scale="6" id="f-5195">1</ix:nonFraction>)</span></td><td style="border-top:1pt solid #d4d4d4;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="border-top:1pt solid #d4d4d4;padding:0 1pt"/><td colspan="2" style="border-top:1pt solid #d4d4d4;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1794" decimals="-6" name="tef:HedgesinEquityIncreaseDecreasefromTranslationDifferences" format="ixt:fixed-zero" scale="6" id="f-5196">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #d4d4d4;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="2" style="border-top:1pt solid #d4d4d4;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1795" decimals="-6" sign="-" name="tef:HedgesinEquityIncreaseDecreasefromTranslationDifferences" scale="6" id="f-5197">4</ix:nonFraction>)</span></td><td style="border-top:1pt solid #d4d4d4;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #d4d4d4;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1796" decimals="-6" name="tef:HedgesinEquityIncreaseDecreasefromTranslationDifferences" format="ixt:fixed-zero" scale="6" id="f-5198">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #d4d4d4;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #d4d4d4;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-14" decimals="-6" sign="-" name="tef:HedgesinEquityIncreaseDecreasefromTranslationDifferences" scale="6" id="f-5199">4</ix:nonFraction>)</span></td><td style="border-top:1pt solid #d4d4d4;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #dbdbdb;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Other movements</span></td><td colspan="2" style="border-top:1pt solid #dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1790" decimals="-6" name="tef:HedgesinEquityIncreaseDecreasefromOtherMovements" format="ixt:fixed-zero" scale="6" id="f-5200">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1791" decimals="-6" name="tef:HedgesinEquityIncreaseDecreasefromOtherMovements" format="ixt:fixed-zero" scale="6" id="f-5201">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1792" decimals="-6" name="tef:HedgesinEquityIncreaseDecreasefromOtherMovements" format="ixt:fixed-zero" scale="6" id="f-5202">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1793" decimals="-6" sign="-" name="tef:HedgesinEquityIncreaseDecreasefromOtherMovements" scale="6" id="f-5203">3</ix:nonFraction>)</span></td><td style="border-top:1pt solid #dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="border-top:1pt solid #dbdbdb;padding:0 1pt"/><td colspan="2" style="border-top:1pt solid #dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1794" decimals="-6" sign="-" name="tef:HedgesinEquityIncreaseDecreasefromOtherMovements" scale="6" id="f-5204">4</ix:nonFraction>)</span></td><td style="border-top:1pt solid #dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="2" style="border-top:1pt solid #dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1795" decimals="-6" sign="-" name="tef:HedgesinEquityIncreaseDecreasefromOtherMovements" scale="6" id="f-5205">7</ix:nonFraction>)</span></td><td style="border-top:1pt solid #dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1796" decimals="-6" name="tef:HedgesinEquityIncreaseDecreasefromOtherMovements" format="ixt:fixed-zero" scale="6" id="f-5206">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-14" decimals="-6" sign="-" name="tef:HedgesinEquityIncreaseDecreasefromOtherMovements" scale="6" id="f-5207">7</ix:nonFraction>)</span></td><td style="border-top:1pt solid #dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1.5pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Balance at 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style="border-top:1.5pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1.5pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1760" decimals="-6" name="tef:HedgesinEquity" scale="6" id="f-5210">176</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1.5pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1.5pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1761" decimals="-6" sign="-" name="tef:HedgesinEquity" scale="6" id="f-5211">100</ix:nonFraction>)</span></td><td style="border-top:1.5pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="border-top:1.5pt solid #bfbfbf;padding:0 1pt"/><td colspan="2" style="border-top:1.5pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1762" decimals="-6" sign="-" name="tef:HedgesinEquity" scale="6" id="f-5212">11</ix:nonFraction>)</span></td><td style="border-top:1.5pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="2" style="border-top:1.5pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1763" decimals="-6" name="tef:HedgesinEquity" scale="6" id="f-5213">450</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1.5pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1.5pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1764" decimals="-6" sign="-" name="tef:HedgesinEquity" scale="6" id="f-5214">137</ix:nonFraction>)</span></td><td style="border-top:1.5pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1.5pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-13" decimals="-6" name="tef:HedgesinEquity" scale="6" id="f-5215">313</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1.5pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Amounts remaining in equity for continuing hedges</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1758" decimals="-6" sign="-" name="tef:HedgesinEquityContinuingHedges" scale="6" id="f-5216">33</ix:nonFraction>)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1759" decimals="-6" name="tef:HedgesinEquityContinuingHedges" scale="6" id="f-5217">408</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1760" decimals="-6" name="tef:HedgesinEquityContinuingHedges" scale="6" id="f-5218">250</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1761" decimals="-6" sign="-" name="tef:HedgesinEquityContinuingHedges" scale="6" id="f-5219">100</ix:nonFraction>)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1762" decimals="-6" sign="-" name="tef:HedgesinEquityContinuingHedges" scale="6" id="f-5220">11</ix:nonFraction>)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1763" decimals="-6" name="tef:HedgesinEquityContinuingHedges" scale="6" id="f-5221">514</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"/><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"/></tr><tr><td colspan="3" style="border-top:1pt solid #d4d4d4;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Amounts remaining in equity from any hedging relationship for which hedge accounting is no longer applied</span></td><td colspan="2" style="border-top:1pt solid #d4d4d4;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1758" decimals="-6" sign="-" name="tef:HedgesinEquityHedgingNoLongerNeeded" scale="6" id="f-5222">23</ix:nonFraction>)</span></td><td style="border-top:1pt solid #d4d4d4;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #d4d4d4;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1759" decimals="-6" name="tef:HedgesinEquityHedgingNoLongerNeeded" scale="6" id="f-5223">33</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #d4d4d4;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #d4d4d4;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1760" decimals="-6" sign="-" name="tef:HedgesinEquityHedgingNoLongerNeeded" scale="6" id="f-5224">74</ix:nonFraction>)</span></td><td style="border-top:1pt solid #d4d4d4;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #d4d4d4;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1761" decimals="-6" name="tef:HedgesinEquityHedgingNoLongerNeeded" format="ixt:fixed-zero" scale="6" id="f-5225">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #d4d4d4;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="border-top:1pt solid #d4d4d4;padding:0 1pt"/><td colspan="2" style="border-top:1pt solid #d4d4d4;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1762" decimals="-6" name="tef:HedgesinEquityHedgingNoLongerNeeded" format="ixt:fixed-zero" scale="6" id="f-5226">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #d4d4d4;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="2" style="border-top:1pt solid #d4d4d4;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1763" decimals="-6" sign="-" name="tef:HedgesinEquityHedgingNoLongerNeeded" scale="6" id="f-5227">64</ix:nonFraction>)</span></td><td style="border-top:1pt solid #d4d4d4;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="border-top:1pt solid #d4d4d4;padding:0 1pt"/><td colspan="3" style="border-top:1pt solid #d4d4d4;padding:0 1pt"/></tr><tr><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Balance at 12/31/2023</span></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1758" decimals="-6" sign="-" name="tef:HedgesinEquity" scale="6" id="f-5228">56</ix:nonFraction>)</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1759" decimals="-6" name="tef:HedgesinEquity" scale="6" id="f-5229">441</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1760" decimals="-6" name="tef:HedgesinEquity" scale="6" id="f-5230">176</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1761" decimals="-6" sign="-" name="tef:HedgesinEquity" scale="6" id="f-5231">100</ix:nonFraction>)</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:0 1pt"/><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1762" decimals="-6" sign="-" name="tef:HedgesinEquity" scale="6" id="f-5232">11</ix:nonFraction>)</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1763" decimals="-6" name="tef:HedgesinEquity" scale="6" id="f-5233">450</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:0 1pt"/><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:0 1pt"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr></table></div></ix:continuation></ix:continuation><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">F-101</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><ix:continuation id="f-4314-18" continuedAt="f-4314-19"><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">  <ix:continuation id="f-4466-8" continuedAt="f-4466-9">The evolution of cost of hedging in equity in 2024 and 2023 are as follows:</ix:continuation></span></div><ix:continuation id="f-4466-9" continuedAt="f-4466-10"><div style="margin-top:9pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"/><td style="width:42.209%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:15.158%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:10.842%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:11.130%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:15.161%"/><td style="width:0.1%"/></tr><tr style="height:14pt"><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="border-top:1pt solid #b7b7b7;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Exchange rate risk</span></td><td colspan="3" rowspan="3" style="border-top:1pt solid #b7b7b7;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total gross amount<br/></span></td><td colspan="3" rowspan="3" style="border-top:1pt solid #b7b7b7;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Tax effect <br/></span></td><td colspan="3" rowspan="3" style="border-top:1pt solid #b7b7b7;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total cost of hedging in equity<br/></span></td></tr><tr style="height:21pt"><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Forward element /CBS</span></td></tr><tr style="height:21pt"><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Millions of euros</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">A time - period related hedge item</span></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Balance at 12/31/2022</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1797" decimals="-6" sign="-" name="tef:Costofhedginginequity" scale="6" id="f-5234">25</ix:nonFraction>)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1788" decimals="-6" sign="-" name="tef:Costofhedginginequity" scale="6" id="f-5235">25</ix:nonFraction>)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1789" decimals="-6" name="tef:Costofhedginginequity" scale="6" id="f-5236">6</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-80" decimals="-6" sign="-" name="tef:Costofhedginginequity" scale="6" id="f-5237">19</ix:nonFraction>)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Changes in the fair value registered in equity</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1798" decimals="-6" name="tef:IncreaseDecreaseinFairValueofCostofHedginginEquity" scale="6" id="f-5238">79</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1795" decimals="-6" name="tef:IncreaseDecreaseinFairValueofCostofHedginginEquity" scale="6" id="f-5239">79</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1796" decimals="-6" sign="-" name="tef:IncreaseDecreaseinFairValueofCostofHedginginEquity" scale="6" id="f-5240">20</ix:nonFraction>)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-14" decimals="-6" name="tef:IncreaseDecreaseinFairValueofCostofHedginginEquity" scale="6" id="f-5241">59</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Transfer to the income statement of the period - the hedged item has affected profit or loss</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1798" decimals="-6" sign="-" name="tef:IncreaseDecreaseinCostofHedginginEquityfromTransferstoIncomeStatement" scale="6" id="f-5242">9</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1795" decimals="-6" sign="-" name="tef:IncreaseDecreaseinCostofHedginginEquityfromTransferstoIncomeStatement" scale="6" id="f-5243">9</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1796" decimals="-6" name="tef:IncreaseDecreaseinCostofHedginginEquityfromTransferstoIncomeStatement" scale="6" id="f-5244">2</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-14" decimals="-6" sign="-" name="tef:IncreaseDecreaseinCostofHedginginEquityfromTransferstoIncomeStatement" scale="6" id="f-5245">7</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Balance at 12/31/2023</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1799" decimals="-6" name="tef:Costofhedginginequity" scale="6" id="f-5246">45</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1763" decimals="-6" name="tef:Costofhedginginequity" scale="6" id="f-5247">45</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1764" decimals="-6" sign="-" name="tef:Costofhedginginequity" scale="6" id="f-5248">12</ix:nonFraction>)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-13" decimals="-6" name="tef:Costofhedginginequity" scale="6" id="f-5249">33</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Changes in the fair value registered in equity</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1800" decimals="-6" name="tef:IncreaseDecreaseinFairValueofCostofHedginginEquity" scale="6" id="f-5250">168</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1770" decimals="-6" name="tef:IncreaseDecreaseinFairValueofCostofHedginginEquity" scale="6" id="f-5251">168</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1771" decimals="-6" sign="-" name="tef:IncreaseDecreaseinFairValueofCostofHedginginEquity" scale="6" id="f-5252">42</ix:nonFraction>)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1" decimals="-6" name="tef:IncreaseDecreaseinFairValueofCostofHedginginEquity" scale="6" id="f-5253">126</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Transfer to the income statement of the period - the hedged item has affected profit or loss</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1800" decimals="-6" sign="-" name="tef:IncreaseDecreaseinCostofHedginginEquityfromTransferstoIncomeStatement" scale="6" id="f-5254">10</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1770" decimals="-6" sign="-" name="tef:IncreaseDecreaseinCostofHedginginEquityfromTransferstoIncomeStatement" scale="6" id="f-5255">10</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1771" decimals="-6" name="tef:IncreaseDecreaseinCostofHedginginEquityfromTransferstoIncomeStatement" scale="6" id="f-5256">3</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1" decimals="-6" sign="-" name="tef:IncreaseDecreaseinCostofHedginginEquityfromTransferstoIncomeStatement" scale="6" id="f-5257">7</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Balance at 12/31/2024</span></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1801" decimals="-6" name="tef:Costofhedginginequity" scale="6" id="f-5258">203</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1777" decimals="-6" name="tef:Costofhedginginequity" scale="6" id="f-5259">203</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1778" decimals="-6" sign="-" name="tef:Costofhedginginequity" scale="6" id="f-5260">51</ix:nonFraction>)</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-12" decimals="-6" name="tef:Costofhedginginequity" scale="6" id="f-5261">152</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr></table></div></ix:continuation></ix:continuation><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">F-102</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><ix:continuation id="f-4466-10"><ix:continuation id="f-4314-19"><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> The details of the ineffective portion of accounting hedges with impact on the income statement in 2024 and 2023 are as follows: </span></div><div style="margin-top:9pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"/><td style="width:67.147%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:9.963%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:8.813%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:9.677%"/><td style="width:0.1%"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="12" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2024</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Millions of euros</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Changes in fair value of the hedging instrument</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Changes in the fair value of hedges item for the hedged risk</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Ineffective portion hedged registered in the income statement</span></td><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Interest rate risk</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1802" decimals="-6" sign="-" name="tef:Gainlossonchangeinfairvalueofhedginginstrument" scale="6" id="f-5262">288</ix:nonFraction>)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1802" decimals="-6" sign="-" name="tef:Gainlossonchangeinfairvalueofhedginginstrumenteffectiveportion" scale="6" id="f-5263">289</ix:nonFraction>)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1802" decimals="-6" name="ifrs-full:GainLossOnChangeInFairValueOfHedgingInstrumentUsedAsBasisForRecognisingHedgeIneffectiveness" scale="6" id="f-5264">1</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Cash flow hedges</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1803" decimals="-6" name="tef:Gainlossonchangeinfairvalueofhedginginstrument" scale="6" id="f-5265">23</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1803" decimals="-6" name="tef:Gainlossonchangeinfairvalueofhedginginstrumenteffectiveportion" scale="6" id="f-5266">23</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1803" decimals="-6" name="ifrs-full:GainLossOnChangeInFairValueOfHedgingInstrumentUsedAsBasisForRecognisingHedgeIneffectiveness" format="ixt:fixed-zero" scale="6" id="f-5267">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Fair value hedges</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1804" decimals="-6" sign="-" name="tef:Gainlossonchangeinfairvalueofhedginginstrument" scale="6" id="f-5268">311</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1804" decimals="-6" sign="-" name="tef:Gainlossonchangeinfairvalueofhedginginstrumenteffectiveportion" scale="6" id="f-5269">312</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1804" decimals="-6" name="ifrs-full:GainLossOnChangeInFairValueOfHedgingInstrumentUsedAsBasisForRecognisingHedgeIneffectiveness" scale="6" id="f-5270">1</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Exchange rate risk</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1800" decimals="-6" name="tef:Gainlossonchangeinfairvalueofhedginginstrument" scale="6" id="f-5271">804</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1800" decimals="-6" name="tef:Gainlossonchangeinfairvalueofhedginginstrumenteffectiveportion" scale="6" id="f-5272">804</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1800" decimals="-6" name="ifrs-full:GainLossOnChangeInFairValueOfHedgingInstrumentUsedAsBasisForRecognisingHedgeIneffectiveness" format="ixt:fixed-zero" scale="6" id="f-5273">&#8212;</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Cash flow hedges</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1805" decimals="-6" name="tef:Gainlossonchangeinfairvalueofhedginginstrument" scale="6" id="f-5274">539</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1805" decimals="-6" name="tef:Gainlossonchangeinfairvalueofhedginginstrumenteffectiveportion" scale="6" id="f-5275">540</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1805" decimals="-6" sign="-" name="ifrs-full:GainLossOnChangeInFairValueOfHedgingInstrumentUsedAsBasisForRecognisingHedgeIneffectiveness" scale="6" id="f-5276">1</ix:nonFraction>)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Exchange rate risk - fair value hedges</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1806" decimals="-6" name="tef:Gainlossonchangeinfairvalueofhedginginstrument" scale="6" id="f-5277">1</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1806" decimals="-6" name="tef:Gainlossonchangeinfairvalueofhedginginstrumenteffectiveportion" format="ixt:fixed-zero" scale="6" id="f-5278">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1806" decimals="-6" name="ifrs-full:GainLossOnChangeInFairValueOfHedgingInstrumentUsedAsBasisForRecognisingHedgeIneffectiveness" scale="6" id="f-5279">1</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Net investment hedges</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1807" decimals="-6" name="tef:Gainlossonchangeinfairvalueofhedginginstrument" scale="6" id="f-5280">264</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1807" decimals="-6" name="tef:Gainlossonchangeinfairvalueofhedginginstrumenteffectiveportion" scale="6" id="f-5281">264</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1807" decimals="-6" name="ifrs-full:GainLossOnChangeInFairValueOfHedgingInstrumentUsedAsBasisForRecognisingHedgeIneffectiveness" format="ixt:fixed-zero" scale="6" id="f-5282">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Interest rate and exchange rate risk</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1808" decimals="-6" name="tef:Gainlossonchangeinfairvalueofhedginginstrument" scale="6" id="f-5283">179</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1808" decimals="-6" name="tef:Gainlossonchangeinfairvalueofhedginginstrumenteffectiveportion" scale="6" id="f-5284">179</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1808" decimals="-6" name="ifrs-full:GainLossOnChangeInFairValueOfHedgingInstrumentUsedAsBasisForRecognisingHedgeIneffectiveness" format="ixt:fixed-zero" scale="6" id="f-5285">&#8212;</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Cash flow hedges</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1809" decimals="-6" name="tef:Gainlossonchangeinfairvalueofhedginginstrument" scale="6" id="f-5286">179</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1809" decimals="-6" name="tef:Gainlossonchangeinfairvalueofhedginginstrumenteffectiveportion" scale="6" id="f-5287">179</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1809" decimals="-6" name="ifrs-full:GainLossOnChangeInFairValueOfHedgingInstrumentUsedAsBasisForRecognisingHedgeIneffectiveness" format="ixt:fixed-zero" scale="6" id="f-5288">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total </span></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1" decimals="-6" name="tef:Gainlossonchangeinfairvalueofhedginginstrument" scale="6" id="f-5289">695</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1" decimals="-6" name="tef:Gainlossonchangeinfairvalueofhedginginstrumenteffectiveportion" scale="6" id="f-5290">694</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1" decimals="-6" name="ifrs-full:GainLossOnChangeInFairValueOfHedgingInstrumentUsedAsBasisForRecognisingHedgeIneffectiveness" scale="6" id="f-5291">1</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr></table></div><div style="margin-top:9pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"/><td style="width:67.147%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:9.963%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:8.813%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:9.677%"/><td style="width:0.1%"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="12" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2023</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Millions of euros</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Changes in fair value of the hedging instrument</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Changes in the fair value of hedges item for the hedged risk</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Ineffective portion hedged registered in the income statement</span></td><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Interest rate risk</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1810" decimals="-6" name="tef:Gainlossonchangeinfairvalueofhedginginstrument" scale="6" id="f-5292">97</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1810" decimals="-6" name="tef:Gainlossonchangeinfairvalueofhedginginstrumenteffectiveportion" scale="6" id="f-5293">98</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1810" decimals="-6" sign="-" name="ifrs-full:GainLossOnChangeInFairValueOfHedgingInstrumentUsedAsBasisForRecognisingHedgeIneffectiveness" scale="6" id="f-5294">1</ix:nonFraction>)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Cash flow hedges</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1811" decimals="-6" sign="-" name="tef:Gainlossonchangeinfairvalueofhedginginstrument" scale="6" id="f-5295">39</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1811" decimals="-6" sign="-" name="tef:Gainlossonchangeinfairvalueofhedginginstrumenteffectiveportion" scale="6" id="f-5296">39</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1811" decimals="-6" name="ifrs-full:GainLossOnChangeInFairValueOfHedgingInstrumentUsedAsBasisForRecognisingHedgeIneffectiveness" format="ixt:fixed-zero" scale="6" id="f-5297">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Fair value hedges</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1812" decimals="-6" name="tef:Gainlossonchangeinfairvalueofhedginginstrument" scale="6" id="f-5298">136</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1812" decimals="-6" name="tef:Gainlossonchangeinfairvalueofhedginginstrumenteffectiveportion" scale="6" id="f-5299">137</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1812" decimals="-6" sign="-" name="ifrs-full:GainLossOnChangeInFairValueOfHedgingInstrumentUsedAsBasisForRecognisingHedgeIneffectiveness" scale="6" id="f-5300">1</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Exchange rate risk</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1798" decimals="-6" sign="-" name="tef:Gainlossonchangeinfairvalueofhedginginstrument" scale="6" id="f-5301">702</ix:nonFraction>)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1798" decimals="-6" sign="-" name="tef:Gainlossonchangeinfairvalueofhedginginstrumenteffectiveportion" scale="6" id="f-5302">699</ix:nonFraction>)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1798" decimals="-6" sign="-" name="ifrs-full:GainLossOnChangeInFairValueOfHedgingInstrumentUsedAsBasisForRecognisingHedgeIneffectiveness" scale="6" id="f-5303">3</ix:nonFraction>)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Cash flow hedges</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1813" decimals="-6" sign="-" name="tef:Gainlossonchangeinfairvalueofhedginginstrument" scale="6" id="f-5304">409</ix:nonFraction>)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1813" decimals="-6" sign="-" name="tef:Gainlossonchangeinfairvalueofhedginginstrumenteffectiveportion" scale="6" id="f-5305">406</ix:nonFraction>)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1813" decimals="-6" sign="-" name="ifrs-full:GainLossOnChangeInFairValueOfHedgingInstrumentUsedAsBasisForRecognisingHedgeIneffectiveness" scale="6" id="f-5306">3</ix:nonFraction>)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Net investment hedges</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1814" decimals="-6" sign="-" name="tef:Gainlossonchangeinfairvalueofhedginginstrument" scale="6" id="f-5307">293</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1814" decimals="-6" sign="-" name="tef:Gainlossonchangeinfairvalueofhedginginstrumenteffectiveportion" scale="6" id="f-5308">293</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1814" decimals="-6" name="ifrs-full:GainLossOnChangeInFairValueOfHedgingInstrumentUsedAsBasisForRecognisingHedgeIneffectiveness" format="ixt:fixed-zero" scale="6" id="f-5309">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Interest rate and exchange rate risk</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1815" decimals="-6" sign="-" name="tef:Gainlossonchangeinfairvalueofhedginginstrument" scale="6" id="f-5310">45</ix:nonFraction>)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1815" decimals="-6" sign="-" name="tef:Gainlossonchangeinfairvalueofhedginginstrumenteffectiveportion" scale="6" id="f-5311">35</ix:nonFraction>)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1815" decimals="-6" sign="-" name="ifrs-full:GainLossOnChangeInFairValueOfHedgingInstrumentUsedAsBasisForRecognisingHedgeIneffectiveness" scale="6" id="f-5312">10</ix:nonFraction>)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Cash flow hedges</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1816" decimals="-6" sign="-" name="tef:Gainlossonchangeinfairvalueofhedginginstrument" scale="6" id="f-5313">45</ix:nonFraction>)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1816" decimals="-6" sign="-" name="tef:Gainlossonchangeinfairvalueofhedginginstrumenteffectiveportion" scale="6" id="f-5314">35</ix:nonFraction>)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1816" decimals="-6" sign="-" name="ifrs-full:GainLossOnChangeInFairValueOfHedgingInstrumentUsedAsBasisForRecognisingHedgeIneffectiveness" scale="6" id="f-5315">10</ix:nonFraction>)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total </span></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-14" decimals="-6" sign="-" name="tef:Gainlossonchangeinfairvalueofhedginginstrument" scale="6" id="f-5316">650</ix:nonFraction>)</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-14" decimals="-6" sign="-" name="tef:Gainlossonchangeinfairvalueofhedginginstrumenteffectiveportion" scale="6" id="f-5317">636</ix:nonFraction>)</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-14" decimals="-6" sign="-" name="ifrs-full:GainLossOnChangeInFairValueOfHedgingInstrumentUsedAsBasisForRecognisingHedgeIneffectiveness" scale="6" id="f-5318">14</ix:nonFraction>)</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr></table></div></ix:continuation></ix:continuation><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">F-103</span></div></div></div><div id="i63478826478c4e0dbabc502413383f6b_340"></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:center"><span style="color:#a6a6a6;font-family:'Arial',sans-serif;font-size:18pt;font-weight:400;line-height:120%">Note 20. <ix:nonNumeric contextRef="c-1" name="ifrs-full:DisclosureOfLeasesExplanatory" id="f-5319" continuedAt="f-5319-1" escape="true">Lease liabilities</ix:nonNumeric></span></div><ix:continuation id="f-5319-1"><ix:nonNumeric contextRef="c-1" name="ifrs-full:ExplanationOfDifferenceBetweenOperatingLeaseCommitmentsDisclosedApplyingIAS17AndLeaseLiabilitiesRecognisedAtDateOfInitialApplicationOfIFRS16Explanatory" id="f-5320" escape="true"><div style="margin-bottom:9pt;padding-right:2.25pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The evolution of lease liabilities in 2024 and 2023 were as follows:</span><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.853%"><tr><td style="width:1.0%"/><td style="width:70.203%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:27.597%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Millions of euros</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Lease liabilities</span></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Balance at 12/31/2023</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-13" decimals="-6" name="ifrs-full:LeaseLiabilities" format="ixt:num-dot-decimal" scale="6" id="f-5321">8,947</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">First application of IAS 21</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1817" decimals="-6" name="ifrs-full:LeaseLiabilities" scale="6" id="f-5322">4</ix:nonFraction></span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Additions</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1" decimals="-6" name="tef:AdditionstoLeaseLiabilities" format="ixt:num-dot-decimal" scale="6" id="f-5323">2,082</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 1.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Principal and interests payments</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1" decimals="-6" name="tef:PrincipalandInterestPaymentsofLeaseLiabilities" format="ixt:num-dot-decimal" scale="6" id="f-5324">2,647</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Principal payments (Note 28)</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1" decimals="-6" name="tef:PrincipalPaymentsonLeases" format="ixt:num-dot-decimal" scale="6" id="f-5325">2,143</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Interests payments</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1" decimals="-6" name="ifrs-full:InterestExpenseOnLeaseLiabilities" scale="6" id="f-5326">504</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 1.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Disposals</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1" decimals="-6" name="tef:DisposalsofLeaseLiabilities" scale="6" id="f-5327">70</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 1.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Business combinations</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1" decimals="-6" name="tef:RegistrationOfCompaniesLeaseLiabilities" scale="6" id="f-5328">2</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:0.75pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Accrued interests</span></div></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1" decimals="-6" name="tef:AccruedInterestsofLeaseLiabilities" scale="6" id="f-5329">512</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 1.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Translation differences and inflation adjustments</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1" decimals="-6" sign="-" name="tef:TranslationDifferencesAndInflationAdjustmentsOfLeaseLiabilities" scale="6" id="f-5330">531</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Transfers and others</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1" decimals="-6" sign="-" name="tef:TransfersandOthersofLeaseLiabilities" scale="6" id="f-5331">4</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Balance at 12/31/2024</span></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-12" decimals="-6" name="ifrs-full:LeaseLiabilities" format="ixt:num-dot-decimal" scale="6" id="f-5332">8,303</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr></table><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.853%"><tr><td style="width:1.0%"/><td style="width:70.203%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:27.597%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Millions of euros</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Lease liabilities</span></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Balance at 12/31/2022</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-80" decimals="-6" name="ifrs-full:LeaseLiabilities" format="ixt:num-dot-decimal" scale="6" id="f-5333">8,677</ix:nonFraction></span></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Additions</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-14" decimals="-6" name="tef:AdditionstoLeaseLiabilities" format="ixt:num-dot-decimal" scale="6" id="f-5334">2,382</ix:nonFraction></span></td></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 1.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Principal and interests payments</span></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #bfbfbf;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-14" decimals="-6" name="tef:PrincipalandInterestPaymentsofLeaseLiabilities" format="ixt:num-dot-decimal" scale="6" id="f-5335">2,559</ix:nonFraction>)</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Principal payments (Note 28)</span></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #bfbfbf;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-14" decimals="-6" name="tef:PrincipalPaymentsonLeases" format="ixt:num-dot-decimal" scale="6" id="f-5336">2,114</ix:nonFraction>)</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Interests payments</span></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #bfbfbf;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-14" decimals="-6" name="ifrs-full:InterestExpenseOnLeaseLiabilities" scale="6" id="f-5337">445</ix:nonFraction>)</span></td></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 1.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Disposals</span></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #bfbfbf;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-14" decimals="-6" name="tef:DisposalsofLeaseLiabilities" scale="6" id="f-5338">138</ix:nonFraction>)</span></td></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:0.75pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Accrued interests</span></div></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #bfbfbf;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-14" decimals="-6" name="tef:AccruedInterestsofLeaseLiabilities" scale="6" id="f-5339">435</ix:nonFraction></span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 1.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Translation differences and inflation adjustments</span></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #bfbfbf;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-14" decimals="-6" name="tef:TranslationDifferencesAndInflationAdjustmentsOfLeaseLiabilities" scale="6" id="f-5340">62</ix:nonFraction></span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Transfers and others</span></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #bfbfbf;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-14" decimals="-6" sign="-" name="tef:TransfersandOthersofLeaseLiabilities" scale="6" id="f-5341">88</ix:nonFraction></span></td></tr><tr><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Balance at 12/31/2023</span></td><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-13" decimals="-6" name="ifrs-full:LeaseLiabilities" format="ixt:num-dot-decimal" scale="6" id="f-5342">8,947</ix:nonFraction></span></td></tr></table></div></ix:nonNumeric><div style="margin-bottom:9pt;margin-top:9pt;padding-right:2.25pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">"Additions" includes fixed asset sale and leaseback transactions, which amounted to <ix:nonFraction unitRef="eur" contextRef="c-1" decimals="-6" name="tef:AdditionstoLeaseLiabilitiesrelatedtoFixedAssetSaleandLeasebackTransaction" scale="6" id="f-5343">12</ix:nonFraction> million euros in 2024 (<ix:nonFraction unitRef="eur" contextRef="c-14" decimals="-6" name="tef:AdditionstoLeaseLiabilitiesrelatedtoFixedAssetSaleandLeasebackTransaction" scale="6" id="f-5344">21</ix:nonFraction> million euros in 2023). The gains recorded in 2024 and 2023 for sale and leaseback transactions amounted to <ix:nonFraction unitRef="eur" contextRef="c-1" decimals="-6" name="ifrs-full:GainsLossesArisingFromSaleAndLeasebackTransactions" scale="6" id="f-5345">17</ix:nonFraction> million euros and <ix:nonFraction unitRef="eur" contextRef="c-14" decimals="-6" name="ifrs-full:GainsLossesArisingFromSaleAndLeasebackTransactions" scale="6" id="f-5346">105</ix:nonFraction> million euros, respectively (see Note 26). </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">There are commitments for leases not started at December 31, 2024 amounting to <ix:nonFraction unitRef="eur" contextRef="c-513" decimals="-6" name="tef:ExposureArisingFromLeasesNotYetCommencedToWhichLesseeIsCommitted" format="ixt:num-dot-decimal" scale="6" id="f-5347">2,606</ix:nonFraction> million euros, mainly related to the sites construction agreement between Telef&#243;nica Germany GmbH and Telxius Towers Germany GmbH (at December 31, 2023 <ix:nonFraction unitRef="eur" contextRef="c-514" decimals="-6" name="tef:ExposureArisingFromLeasesNotYetCommencedToWhichLesseeIsCommitted" format="ixt:num-dot-decimal" scale="6" id="f-5348">1,117</ix:nonFraction> million euros). </span></div><ix:nonNumeric contextRef="c-1" name="ifrs-full:DisclosureOfMaturityAnalysisOfOperatingLeasePaymentsExplanatory" id="f-5349" escape="true"><div style="margin-bottom:9pt;margin-top:9pt;padding-right:2.25pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The maturity schedule of lease liabilities at December 31, 2024 is as follows: </span></div><div style="margin-bottom:9pt;margin-top:9pt;padding-right:2.25pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"/><td style="width:18.900%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:9.848%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:6.929%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:6.929%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:6.929%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:6.929%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:11.600%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:11.600%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:10.436%"/><td style="width:0.1%"/></tr><tr><td colspan="27" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Millions of euros</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"/><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:10pt;text-align:center"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Current</span></div></td><td colspan="15" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:10pt;text-align:center"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Non-Current</span></div></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"/><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:10pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Maturity</span></div></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2025</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2026</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2027</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2028</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2029</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:10pt;text-align:center"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Subsequent years</span></div></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:10pt;text-align:center"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Non-current total</span></div></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:10pt;text-align:center"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total</span></div></td></tr><tr><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Lease liabilities</span></td><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1376" decimals="-6" name="ifrs-full:UndiscountedOperatingLeasePaymentsToBeReceived" format="ixt:num-dot-decimal" scale="6" id="f-5350">2,339</ix:nonFraction></span></td><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1377" decimals="-6" name="ifrs-full:UndiscountedOperatingLeasePaymentsToBeReceived" format="ixt:num-dot-decimal" scale="6" id="f-5351">1,666</ix:nonFraction></span></td><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1378" decimals="-6" name="ifrs-full:UndiscountedOperatingLeasePaymentsToBeReceived" format="ixt:num-dot-decimal" scale="6" id="f-5352">1,401</ix:nonFraction></span></td><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1379" decimals="-6" name="ifrs-full:UndiscountedOperatingLeasePaymentsToBeReceived" format="ixt:num-dot-decimal" scale="6" id="f-5353">1,179</ix:nonFraction></span></td><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1380" decimals="-6" name="ifrs-full:UndiscountedOperatingLeasePaymentsToBeReceived" scale="6" id="f-5354">983</ix:nonFraction></span></td><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1381" decimals="-6" name="ifrs-full:UndiscountedOperatingLeasePaymentsToBeReceived" format="ixt:num-dot-decimal" scale="6" id="f-5355">1,890</ix:nonFraction></span></td><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1818" decimals="-6" name="ifrs-full:UndiscountedOperatingLeasePaymentsToBeReceived" format="ixt:num-dot-decimal" scale="6" id="f-5356">7,119</ix:nonFraction></span></td><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-12" decimals="-6" name="ifrs-full:UndiscountedOperatingLeasePaymentsToBeReceived" format="ixt:num-dot-decimal" scale="6" id="f-5357">9,458</ix:nonFraction></span></td></tr></table></div></ix:nonNumeric></ix:continuation><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">F-104</span></div></div></div><div id="i63478826478c4e0dbabc502413383f6b_343"></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><div style="margin-top:9pt;text-align:center"><span style="color:#a6a6a6;font-family:'Arial',sans-serif;font-size:18pt;font-weight:400;line-height:120%">Note 21. <ix:nonNumeric contextRef="c-1" name="ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory" id="f-5358" continuedAt="f-5358-1" escape="true">Payables and other non-current liabilities</ix:nonNumeric></span></div><ix:continuation id="f-5358-1"><ix:nonNumeric contextRef="c-1" name="tef:DisclosureoftheCompositionofPayablesandOtherNonCurrentLiabilitiesTableTextBlock" id="f-5359" escape="true"><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The composition of &#8220;Payables and other non-current liabilities&#8221; of the Telef&#243;nica Group at December 31, 2024 and December 31, 2023 is as follows:  </span></div><div style="margin-top:9pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.707%"><tr><td style="width:1.0%"/><td style="width:71.627%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:12.536%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:12.537%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Millions of euros</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">12/31/2024</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">12/31/2023</span></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Payables</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-12" decimals="-6" name="ifrs-full:NoncurrentPayables" format="ixt:num-dot-decimal" scale="6" id="f-5360">1,850</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-13" decimals="-6" name="ifrs-full:NoncurrentPayables" format="ixt:num-dot-decimal" scale="6" id="f-5361">1,913</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Debt for spectrum acquisition</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-12" decimals="-6" name="ifrs-full:LongtermBorrowings" format="ixt:num-dot-decimal" scale="6" id="f-5362">1,008</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-13" decimals="-6" name="ifrs-full:LongtermBorrowings" format="ixt:num-dot-decimal" scale="6" id="f-5363">1,184</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Payables to associates and joint ventures (Note 10)</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-12" decimals="-6" name="ifrs-full:TradeAndOtherPayablesToRelatedParties" scale="6" id="f-5364">433</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-13" decimals="-6" name="ifrs-full:TradeAndOtherPayablesToRelatedParties" scale="6" id="f-5365">236</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Trade payables</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-12" decimals="-6" name="ifrs-full:NoncurrentPayablesToTradeSuppliers" scale="6" id="f-5366">163</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-13" decimals="-6" name="ifrs-full:NoncurrentPayablesToTradeSuppliers" scale="6" id="f-5367">318</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Other payables</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-12" decimals="-6" name="ifrs-full:OtherNoncurrentPayables" scale="6" id="f-5368">246</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-13" decimals="-6" name="ifrs-full:OtherNoncurrentPayables" scale="6" id="f-5369">175</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 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style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-12" decimals="-6" name="ifrs-full:NoncurrentContractLiabilities" scale="6" id="f-5372">813</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-13" decimals="-6" name="ifrs-full:NoncurrentContractLiabilities" scale="6" id="f-5373">778</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" 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contextRef="c-13" decimals="-6" name="ifrs-full:NoncurrentDeferredIncomeOtherThanNoncurrentContractLiabilities" scale="6" id="f-5375">126</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Non-current tax payables</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-12" decimals="-6" name="tef:NoncurrentTaxPayables" scale="6" id="f-5376">938</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 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style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">12/31/2024</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">12/31/2023</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Spain</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1819" decimals="-6" name="ifrs-full:LongtermBorrowings" scale="6" id="f-5383">63</ix:nonFraction>&#160;</span></td><td 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style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1821" decimals="-6" name="ifrs-full:LongtermBorrowings" scale="6" id="f-5385">74</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1822" decimals="-6" name="ifrs-full:LongtermBorrowings" scale="6" id="f-5386">108</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span 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style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Germany</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1825" decimals="-6" name="ifrs-full:LongtermBorrowings" scale="6" id="f-5389">690</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span 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<ix:nonFraction unitRef="brl" contextRef="c-1829" decimals="-6" name="tef:NoncurrentPayablesAndOtherNoncurrentLiabilities" scale="6" id="f-5397">942</ix:nonFraction> million Brazilian reais (<ix:nonFraction unitRef="eur" contextRef="c-1829" decimals="-6" name="tef:NoncurrentPayablesAndOtherNoncurrentLiabilities" scale="6" id="f-5398">146</ix:nonFraction> million euros) classified as non-current. At December 31, 2023, outstanding liabilities amounted to <ix:nonFraction unitRef="brl" contextRef="c-1830" decimals="-6" name="ifrs-full:Liabilities" format="ixt:num-dot-decimal" scale="6" id="f-5399">1,301</ix:nonFraction> million Brazilian reais (<ix:nonFraction unitRef="eur" contextRef="c-1830" decimals="-6" name="ifrs-full:Liabilities" scale="6" id="f-5400">243</ix:nonFraction> million euros at closing exchange rate of 2023), including <ix:nonFraction unitRef="brl" contextRef="c-1830" decimals="-6" name="tef:NoncurrentPayablesAndOtherNoncurrentLiabilities" scale="6" id="f-5401">949</ix:nonFraction> million Brazilian reais (<ix:nonFraction unitRef="eur" contextRef="c-1830" decimals="-6" name="tef:NoncurrentPayablesAndOtherNoncurrentLiabilities" scale="6" id="f-5402">177</ix:nonFraction> million euros at closing exchange rate of 2023) classified as non-current.</span></div><div style="margin-top:9pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In June 2019 Telef&#243;nica Germany acquired a total of 90 MHz spectrum at a cost of <ix:nonFraction unitRef="eur" contextRef="c-1831" decimals="-6" name="ifrs-full:AdditionsOtherThanThroughBusinessCombinationsIntangibleAssetsOtherThanGoodwill" format="ixt:num-dot-decimal" scale="6" id="f-5403">1,425</ix:nonFraction> milli</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">on euros. The Company, like the other auction participants, reached an agreement to defer payments in interest-free annual installments until 2030, instead of an upfront one-time payment (see Appendix VI). In 2024 and 2023, payments amounting to <ix:nonFraction unitRef="eur" contextRef="c-1832" decimals="-6" name="tef:PaymentOnBorrowings" scale="6" id="f-5404"><ix:nonFraction unitRef="eur" contextRef="c-1833" decimals="-6" name="tef:PaymentOnBorrowings" scale="6" id="f-5405">108</ix:nonFraction></ix:nonFraction> million euros have been made each year (see Note 28). The current value of the debt at December 31, 2024 amounted to <ix:nonFraction unitRef="eur" contextRef="c-1834" decimals="-6" name="ifrs-full:Borrowings" scale="6" id="f-5406">797</ix:nonFraction> million euros (<ix:nonFraction unitRef="eur" contextRef="c-1835" decimals="-6" name="ifrs-full:Borrowings" scale="6" id="f-5407">898</ix:nonFraction> million euros at December 31, 2023), <ix:nonFraction unitRef="eur" contextRef="c-1834" decimals="-6" name="ifrs-full:LongtermBorrowings" scale="6" id="f-5408">690</ix:nonFraction></span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">million euros have a maturity of more than twelve months (<ix:nonFraction unitRef="eur" contextRef="c-1835" decimals="-6" name="ifrs-full:LongtermBorrowings" scale="6" id="f-5409">791</ix:nonFraction> million euros at December 31, 2023).</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Payments for financed licenses for the years 2024 and 2023 amounted to <ix:nonFraction unitRef="eur" contextRef="c-350" decimals="-6" name="tef:PaymentOnBorrowings" scale="6" id="f-5410">210</ix:nonFraction> and <ix:nonFraction unitRef="eur" contextRef="c-375" decimals="-6" name="tef:PaymentOnBorrowings" scale="6" id="f-5411">245</ix:nonFraction> million euros, respectively (see Note 28).</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">"Non-current tax payables" mainly includes balances of Telef&#243;nica Brasil regarding the rate of the Telecommunications Inspection Fund (Fistel) corresponding to the period 2020-2024 that jointly with the financial interest accrued amounted to <ix:nonFraction unitRef="brl" contextRef="c-1823" decimals="-6" name="tef:NoncurrentTaxPayables" format="ixt:num-dot-decimal" scale="6" id="f-5412">4,714</ix:nonFraction> million Brazilian Reais (<ix:nonFraction unitRef="eur" contextRef="c-1823" decimals="-6" name="tef:NoncurrentTaxPayables" scale="6" id="f-5413">732</ix:nonFraction> million euros) at December 31, 2024 (<ix:nonFraction unitRef="brl" contextRef="c-1824" decimals="-6" name="tef:NoncurrentTaxPayables" format="ixt:num-dot-decimal" scale="6" id="f-5414">3,502</ix:nonFraction> million Brazilian Reais, <ix:nonFraction unitRef="eur" contextRef="c-1824" decimals="-6" name="tef:NoncurrentTaxPayables" scale="6" id="f-5415">655</ix:nonFraction> million euros at December 31, 2023). Any payment with respect to this liability, according to the decisions of the Federal Regional Court of the First Region, is suspended.</span></div></ix:continuation><div style="margin-bottom:9pt;text-align:justify"><span><br/></span></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">F-105</span></div></div></div><div id="i63478826478c4e0dbabc502413383f6b_346"></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><div style="margin-top:9pt;text-align:center"><span style="color:#a6a6a6;font-family:'Arial',sans-serif;font-size:18pt;font-weight:400;line-height:120%">Note 22. <ix:nonNumeric contextRef="c-1" name="ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory" id="f-5416" continuedAt="f-5416-1" escape="true">Payables and other current liabilities</ix:nonNumeric></span></div><ix:continuation id="f-5416-1" continuedAt="f-5416-2"><ix:nonNumeric contextRef="c-1" name="tef:ScheduleOfCompositionOfPayablesAndOtherCurrentLiabilitiesTableTextBlock" id="f-5417" escape="true"><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The breakdown of "Payables and other current liabilities" of the Telef&#243;nica Group at December 31, 2024 and December 31, 2023 is as follows:</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"/><td style="width:70.976%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:12.935%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:12.789%"/><td style="width:0.1%"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Millions of euros</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">12/31/2024</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">12/31/2023</span></td><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Payables</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-12" decimals="-6" name="ifrs-full:TradeAndOtherCurrentPayables" format="ixt:num-dot-decimal" scale="6" id="f-5418">12,640</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-13" decimals="-6" name="ifrs-full:TradeAndOtherCurrentPayables" format="ixt:num-dot-decimal" scale="6" id="f-5419">12,138</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Trade payables</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-12" decimals="-6" name="ifrs-full:TradeAndOtherCurrentPayablesToTradeSuppliers" format="ixt:num-dot-decimal" scale="6" id="f-5420">7,783</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-13" decimals="-6" name="ifrs-full:TradeAndOtherCurrentPayablesToTradeSuppliers" format="ixt:num-dot-decimal" scale="6" id="f-5421">7,612</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Payables to suppliers of property, plant and equipment</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-12" decimals="-6" name="ifrs-full:CurrentPayablesForPurchaseOfNoncurrentAssets" format="ixt:num-dot-decimal" scale="6" id="f-5422">2,803</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-13" decimals="-6" name="ifrs-full:CurrentPayablesForPurchaseOfNoncurrentAssets" format="ixt:num-dot-decimal" scale="6" id="f-5423">2,763</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Debt for spectrum acquisition</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-12" decimals="-6" name="ifrs-full:CurrentPortionOfLongtermBorrowings" scale="6" id="f-5424">227</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-13" decimals="-6" name="ifrs-full:CurrentPortionOfLongtermBorrowings" scale="6" id="f-5425">218</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 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name="ifrs-full:OtherCurrentPayables" format="ixt:num-dot-decimal" scale="6" id="f-5427">1,176</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Dividends pending payment</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-12" decimals="-6" name="ifrs-full:CurrentDividendPayables" scale="6" id="f-5428">121</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-13" decimals="-6" name="ifrs-full:CurrentDividendPayables" scale="6" id="f-5429">166</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Payables to associates and joint ventures (Note 10)</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span 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style="display:none"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Deferred revenue </span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-12" decimals="-6" name="ifrs-full:CurrentDeferredIncomeOtherThanCurrentContractLiabilities" scale="6" id="f-5436">113</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-13" decimals="-6" name="ifrs-full:CurrentDeferredIncomeOtherThanCurrentContractLiabilities" scale="6" id="f-5437">98</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Advances received</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-12" decimals="-6" name="ifrs-full:CurrentAdvances" scale="6" id="f-5438">533</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-13" decimals="-6" name="ifrs-full:CurrentAdvances" scale="6" id="f-5439">465</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Short-term insurance and reinsurance contracts liabilities</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-12" decimals="-6" name="ifrs-full:InsuranceContractsThatAreLiabilities" scale="6" id="f-5440">236</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-13" decimals="-6" name="ifrs-full:InsuranceContractsThatAreLiabilities" scale="6" id="f-5441">197</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Short-term insurance and reinsurance contracts liabilities and other liabilities to associates and joint ventures (Note 10)</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-12" decimals="-6" name="tef:OtherLiabilitiesAssociatesAndJointVentures" scale="6" id="f-5442">20</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-13" decimals="-6" name="tef:OtherLiabilitiesAssociatesAndJointVentures" scale="6" id="f-5443">24</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total</span></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-12" decimals="-6" name="tef:CurrentPayablesAndOtherCurrentLiabilities" format="ixt:num-dot-decimal" scale="6" id="f-5444">14,606</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-13" decimals="-6" name="tef:CurrentPayablesAndOtherCurrentLiabilities" format="ixt:num-dot-decimal" scale="6" id="f-5445">13,957</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/></tr></table></div></ix:nonNumeric><ix:nonNumeric contextRef="c-1" name="tef:ScheduleOfCurrentPortionOfLongTermDebtTableTextBlock" id="f-5446" escape="true"><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">"Current debt for spectrum acquisition" as of December 31, 2024 and December 31, 2023, is detailed below:</span></div><div style="margin-top:9pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.707%"><tr><td style="width:1.0%"/><td style="width:71.627%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:12.536%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:12.537%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Millions of euros</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">12/31/2024</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">12/31/2023</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Germany</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1825" decimals="-6" name="ifrs-full:CurrentPortionOfLongtermBorrowings" scale="6" id="f-5447">107</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1826" decimals="-6" name="ifrs-full:CurrentPortionOfLongtermBorrowings" scale="6" id="f-5448">107</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Colombia </span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1821" decimals="-6" name="ifrs-full:CurrentPortionOfLongtermBorrowings" scale="6" id="f-5449">60</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1822" decimals="-6" name="ifrs-full:CurrentPortionOfLongtermBorrowings" scale="6" id="f-5450">10</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Brazil</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1823" decimals="-6" name="ifrs-full:CurrentPortionOfLongtermBorrowings" scale="6" id="f-5451">10</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1824" decimals="-6" name="ifrs-full:CurrentPortionOfLongtermBorrowings" scale="6" id="f-5452">66</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica 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0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Ecuador</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1836" decimals="-6" name="ifrs-full:CurrentPortionOfLongtermBorrowings" scale="6" id="f-5455">15</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1837" decimals="-6" name="ifrs-full:CurrentPortionOfLongtermBorrowings" scale="6" id="f-5456">16</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Uruguay</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1838" decimals="-6" name="ifrs-full:CurrentPortionOfLongtermBorrowings" scale="6" id="f-5457">3</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1839" decimals="-6" name="ifrs-full:CurrentPortionOfLongtermBorrowings" scale="6" id="f-5458">12</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total</span></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-12" decimals="-6" name="ifrs-full:CurrentPortionOfLongtermBorrowings" scale="6" id="f-5459">227</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-13" decimals="-6" name="ifrs-full:CurrentPortionOfLongtermBorrowings" scale="6" id="f-5460">218</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr></table></div></ix:nonNumeric><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">At December 31, 2024 and December 31, 2023, &#8220;Payables for spectrum acquisition&#8221;, includes the debt maturing within twelve months of the spectrum licenses in Telef&#243;nica Brazil acquired in November 2021 and the spectrum licenses in Telef&#243;nica Germany acquired in June 2019 (see Note 21). </span></div></ix:continuation><div style="margin-bottom:9pt;text-align:justify"><span><br/></span></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">F-106</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><ix:continuation id="f-5416-2" continuedAt="f-5416-3"><ix:nonNumeric contextRef="c-1" name="tef:DisclosureOfCurrentOtherPayablesTableTextBlock" id="f-5461" escape="true"><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The composition of current "Other payables" at December&#160;31, 2024 and December&#160;31, 2023 is as follows:</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.853%"><tr><td style="width:1.0%"/><td style="width:41.798%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:27.450%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:27.452%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Millions of euros</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">12/31/2024</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">12/31/2023</span></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Accrued employee benefits</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-12" decimals="-6" name="ifrs-full:ShorttermEmployeeBenefitsAccruals" scale="6" id="f-5462">610</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-13" decimals="-6" name="ifrs-full:ShorttermEmployeeBenefitsAccruals" scale="6" id="f-5463">621</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Other non-financial non-trade payables</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-12" decimals="-6" name="tef:OtherCurrentNonFinancialNonTradePayables" scale="6" id="f-5464">689</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-13" decimals="-6" name="tef:OtherCurrentNonFinancialNonTradePayables" scale="6" id="f-5465">555</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:10pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total</span></div></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-12" decimals="-6" name="ifrs-full:OtherCurrentPayables" format="ixt:num-dot-decimal" scale="6" id="f-5466">1,299</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-13" decimals="-6" name="ifrs-full:OtherCurrentPayables" format="ixt:num-dot-decimal" scale="6" id="f-5467">1,176</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr></table></div></ix:nonNumeric><div><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Other non-financial non-trade payables mainly comprise liabilities associated with the continuing involvement in portfolio sales made by Telef&#243;nica Deutschland, amounting to <ix:nonFraction unitRef="eur" contextRef="c-1825" decimals="-6" name="tef:OtherCurrentNonFinancialNonTradePayables" scale="6" id="f-5468">481</ix:nonFraction> million euros at December 31, 2024 (<ix:nonFraction unitRef="eur" contextRef="c-1826" decimals="-6" name="tef:OtherCurrentNonFinancialNonTradePayables" scale="6" id="f-5469">400</ix:nonFraction> million euros at December 31, 2023).</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Information on average payment period to suppliers. Third additional provision, &#8220;Information requirement&#8221; of Law 15/2010 of July 5, modified by Law 18/2022, of September 28. </span></div><ix:nonNumeric contextRef="c-1" name="tef:DisclosureOfAveragePaymentPeriodToSuppliersTableTextBlock" id="f-5470" escape="true"><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In accordance with the aforementioned Law 15/2010, the following information corresponding to the Spanish companies of the Telef&#243;nica Group is disclosed:</span></div><div style="margin-top:9pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.853%"><tr><td style="width:1.0%"/><td style="width:56.147%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:20.129%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:20.424%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2024</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2023</span></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Number of days</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"/><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"/></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Weighted average maturity period</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonNumeric contextRef="c-1840" name="ifrs-full:NumberOfDaysBetweenInvoiceDateAndPaymentDueDateForFinancialLiabilitiesThatArePartOfSupplierFinanceArrangements" format="ixt-sec:durday" id="f-5471">51</ix:nonNumeric></span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonNumeric contextRef="c-1841" name="ifrs-full:NumberOfDaysBetweenInvoiceDateAndPaymentDueDateForFinancialLiabilitiesThatArePartOfSupplierFinanceArrangements" format="ixt-sec:durday" id="f-5472">51</ix:nonNumeric></span></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Ratio of payments</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonNumeric contextRef="c-1842" name="tef:RatioOfPayments" format="ixt-sec:durday" id="f-5473">52</ix:nonNumeric></span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonNumeric contextRef="c-1843" name="tef:RatioOfPayments" format="ixt-sec:durday" id="f-5474">53</ix:nonNumeric></span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Ratio of outstanding invoices</span></td><td colspan="3" style="border-top:1pt solid #b7b7b7;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonNumeric contextRef="c-1842" name="tef:RatioOfOutstandingInvoices" format="ixt-sec:durday" id="f-5475">39</ix:nonNumeric></span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonNumeric contextRef="c-1843" name="tef:RatioOfOutstandingInvoices" format="ixt-sec:durday" id="f-5476">39</ix:nonNumeric></span></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Millions of euros</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"/><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"/></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Total payments</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1844" decimals="-6" name="ifrs-full:FinancialLiabilities" format="ixt:num-dot-decimal" scale="6" id="f-5477">8,424</ix:nonFraction></span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1845" decimals="-6" name="ifrs-full:FinancialLiabilities" format="ixt:num-dot-decimal" scale="6" id="f-5478">7,897</ix:nonFraction></span></td></tr><tr><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Outstanding invoices</span></td><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #b7b7b7;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1846" decimals="-6" name="ifrs-full:FinancialLiabilities" format="ixt:num-dot-decimal" scale="6" id="f-5479">1,221</ix:nonFraction></span></td><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #b7b7b7;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1847" decimals="-6" name="ifrs-full:FinancialLiabilities" format="ixt:num-dot-decimal" scale="6" id="f-5480">1,211</ix:nonFraction></span></td></tr></table></div></ix:nonNumeric><ix:nonNumeric contextRef="c-1" name="tef:ScheduleOfChangesInProvisionLaw182022TableTextBlock" id="f-5481" escape="true"><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On October 19, 2022, Law 18/2022, of September 28, on the creation and growth of companies, came into force, which modifies the third additional provision of Law 15/2010. The new standard establishes the obligation to publish in annual accounts, in addition to the information already required, the monetary volume and number of invoices paid in a period less than the maximum established in the late payment regulations, and the percentage they represent of the total number of invoices and on the total monetary payments to its suppliers. This information for the 2024 and 2023 financial years is shown below:</span></div><div style="margin-top:9pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"/><td style="width:56.502%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:20.098%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:20.100%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2024</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2023</span></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Monetary volume of invoices paid in a period less than the maximum established in the regulations (millions of euros)</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1848" decimals="-6" name="ifrs-full:PaymentsToSuppliersForGoodsAndServices" format="ixt:num-dot-decimal" scale="6" id="f-5482">5,406</ix:nonFraction></span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1849" decimals="-6" name="ifrs-full:PaymentsToSuppliersForGoodsAndServices" format="ixt:num-dot-decimal" scale="6" id="f-5483">4,558</ix:nonFraction></span></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Percentage of total payments</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-1848" decimals="2" name="tef:PaymentsToSuppliersForGoodsAndServicesToTotalPercentage" scale="-2" id="f-5484">64</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">%</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-1849" decimals="2" name="tef:PaymentsToSuppliersForGoodsAndServicesToTotalPercentage" scale="-2" id="f-5485">58</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">%</span></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Number of invoices paid in a period less than the maximum established in the regulations</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="invoice" contextRef="c-1848" decimals="INF" name="tef:NumberOfInvoicesPaymentsToSuppliersForGoodsAndServices" format="ixt:num-dot-decimal" scale="0" id="f-5486">157,640</ix:nonFraction></span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="invoice" contextRef="c-1849" decimals="INF" name="tef:NumberOfInvoicesPaymentsToSuppliersForGoodsAndServices" format="ixt:num-dot-decimal" scale="0" id="f-5487">141,862</ix:nonFraction></span></td></tr><tr><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Percentage of the total number of invoices paid</span></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-1848" decimals="2" name="tef:NumberOfInvoicesPaymentsToSuppliersForGoodsAndServicesToTotalPercentage" scale="-2" id="f-5488">58</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">%</span></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-1849" decimals="2" name="tef:NumberOfInvoicesPaymentsToSuppliersForGoodsAndServicesToTotalPercentage" scale="-2" id="f-5489">51</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">%</span></td></tr></table></div></ix:nonNumeric><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Telef&#243;nica Group&#8217;s Spanish companies adapted their internal processes and payment schedules to the provisions of Law 15/2010 (amended by Law 31/2014) and Royal Decree-Law 4/2013, amending Law 3/2004, which establishes measures against late payment in commercial transactions. Engagement conditions with commercial suppliers in 2024 included payment periods of up to <ix:nonNumeric contextRef="c-1463" name="ifrs-full:NumberOfDaysBetweenInvoiceDateAndPaymentDueDateForFinancialLiabilitiesThatArePartOfSupplierFinanceArrangements" format="ixt-sec:durday" id="f-5490">60</ix:nonNumeric> days, according to the terms agreed between the parties. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">For efficiency purposes and in line with general business practices, Telef&#243;nica Group companies in Spain have agreed payment schedules with suppliers, whereby most of the payments are made on set days of each month. Invoices falling due between two payment days are settled on the following payment date in the schedule. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Payments to Spanish suppliers in 2024 surpassing the established legal limit were the result of circumstances or incidents beyond the payment policies, mainly the delay in issuing invoices (legal obligation of the supplier), the closing of agreements with suppliers over the delivery of goods or rendering of services, or occasional processing issues. </span></div></ix:continuation><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">F-107</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"><ix:continuation id="f-5416-3">The average payment period to suppliers of the Telef&#243;nica Group&#8217;s companies in Spain in 2024, calculated in accordance with the only additional provision of the Resolution of the Instituto de Contabilidad y Auditor&#237;a de Cuentas (Spanish Accounting and Audit Institute) of January 29, 2016, amounted to <ix:nonNumeric contextRef="c-1840" name="ifrs-full:NumberOfDaysBetweenInvoiceDateAndPaymentDueDateForFinancialLiabilitiesThatArePartOfSupplierFinanceArrangements" format="ixt-sec:durday" id="f-5491">51</ix:nonNumeric> days (<ix:nonNumeric contextRef="c-1841" name="ifrs-full:NumberOfDaysBetweenInvoiceDateAndPaymentDueDateForFinancialLiabilitiesThatArePartOfSupplierFinanceArrangements" format="ixt-sec:durday" id="f-5492">51</ix:nonNumeric> days in 2023).</ix:continuation> </span></div><div style="margin-top:9pt;text-align:justify"><span><br/></span></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">F-108</span></div></div></div><div id="i63478826478c4e0dbabc502413383f6b_349"></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><div style="margin-top:9pt;text-align:center"><span style="color:#a6a6a6;font-family:'Arial',sans-serif;font-size:18pt;font-weight:400;line-height:120%">Note 23. <ix:nonNumeric contextRef="c-1" name="ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory" id="f-5493" continuedAt="f-5493-1" escape="true">Breakdown of contractual assets and liabilities, and capitalized costs</ix:nonNumeric></span></div><ix:continuation id="f-5493-1" continuedAt="f-5493-2"><ix:nonNumeric contextRef="c-1" name="ifrs-full:ExplanationOfSignificantChangesInContractAssetsAndContractLiabilitiesExplanatory" id="f-5494" continuedAt="f-5494-1" escape="true"><div style="margin-bottom:9pt;margin-top:9pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The movement of contractual assets and capitalized costs in 2024</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">and</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">2023 is as follows: </span><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.853%"><tr><td style="width:1.0%"/><td style="width:40.334%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:10.613%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:10.613%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:10.613%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:10.613%"/><td style="width:0.1%"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td style="width:1.0%"/><td style="width:10.614%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Millions of euros</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Balance at 12/31/2023</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Additions</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Disposals</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Transfers</span></td><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Balance at 12/31/2024</span></td></tr><tr><td colspan="3" 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contextRef="c-1861" decimals="-6" name="ifrs-full:ContractAssets" scale="6" id="f-5514">229</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Contractual assets</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1862" decimals="-6" name="ifrs-full:ContractAssets" scale="6" id="f-5515">209</ix:nonFraction>&#160;</span></td><td style="border-top:2pt 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style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1863" decimals="-6" name="tef:IncreaseDecreaseThroughTransfersContractAssets" scale="6" id="f-5518">188</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1864" decimals="-6" name="ifrs-full:ContractAssets" scale="6" id="f-5519">236</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Impairment losses</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1865" decimals="-6" sign="-" name="ifrs-full:ContractAssets" scale="6" id="f-5520">7</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1866" decimals="-6" sign="-" name="ifrs-full:IncreaseThroughBusinessCombinationsContractAssets" scale="6" id="f-5521">2</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1866" decimals="-6" name="tef:DecreaseThroughDisposalsContractAssets" format="ixt:fixed-zero" scale="6" id="f-5522">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1866" decimals="-6" name="tef:IncreaseDecreaseThroughTransfersContractAssets" scale="6" id="f-5523">1</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1867" decimals="-6" sign="-" name="ifrs-full:ContractAssets" scale="6" id="f-5524">7</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total</span></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-13" decimals="-6" name="ifrs-full:ContractAssets" scale="6" id="f-5525">527</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1" decimals="-6" name="ifrs-full:IncreaseThroughBusinessCombinationsContractAssets" scale="6" id="f-5526">430</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1" decimals="-6" name="tef:DecreaseThroughDisposalsContractAssets" scale="6" id="f-5527">436</ix:nonFraction>)</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1" decimals="-6" name="tef:IncreaseDecreaseThroughTransfersContractAssets" format="ixt:fixed-zero" scale="6" id="f-5528">&#8212;</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-12" decimals="-6" name="ifrs-full:ContractAssets" scale="6" id="f-5529">517</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr></table></div><div style="margin-bottom:12pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"/><td style="width:40.420%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:10.595%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:10.595%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:10.595%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:10.595%"/><td style="width:0.1%"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td style="width:1.0%"/><td style="width:10.600%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Millions of euros</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Balance at 12/31/2022</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Additions</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Disposals</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Transfers</span></td><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Balance at 12/31/2023</span></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Long-term contractual assets (Note 12)</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1868" decimals="-6" name="ifrs-full:ContractAssets" scale="6" id="f-5530">359</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1869" decimals="-6" name="ifrs-full:IncreaseThroughBusinessCombinationsContractAssets" scale="6" id="f-5531">118</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1869" decimals="-6" name="tef:DecreaseThroughDisposalsContractAssets" scale="6" id="f-5532">17</ix:nonFraction>)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1869" decimals="-6" sign="-" name="tef:IncreaseDecreaseThroughTransfersContractAssets" scale="6" id="f-5533">135</ix:nonFraction>)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1850" decimals="-6" name="ifrs-full:ContractAssets" scale="6" id="f-5534">325</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Contractual assets</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1870" decimals="-6" name="ifrs-full:ContractAssets" scale="6" id="f-5535">360</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1871" decimals="-6" name="ifrs-full:IncreaseThroughBusinessCombinationsContractAssets" scale="6" id="f-5536">118</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1871" decimals="-6" name="tef:DecreaseThroughDisposalsContractAssets" scale="6" id="f-5537">17</ix:nonFraction>)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1871" decimals="-6" sign="-" name="tef:IncreaseDecreaseThroughTransfersContractAssets" scale="6" id="f-5538">135</ix:nonFraction>)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1853" decimals="-6" name="ifrs-full:ContractAssets" scale="6" id="f-5539">326</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Impairment losses</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1872" decimals="-6" sign="-" name="ifrs-full:ContractAssets" scale="6" id="f-5540">1</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1873" decimals="-6" name="ifrs-full:IncreaseThroughBusinessCombinationsContractAssets" format="ixt:fixed-zero" scale="6" id="f-5541">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1873" decimals="-6" name="tef:DecreaseThroughDisposalsContractAssets" format="ixt:fixed-zero" scale="6" id="f-5542">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1873" decimals="-6" name="tef:IncreaseDecreaseThroughTransfersContractAssets" format="ixt:fixed-zero" scale="6" id="f-5543">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1856" decimals="-6" sign="-" name="ifrs-full:ContractAssets" scale="6" id="f-5544">1</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Short-term contractual assets (Note 14)</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1874" decimals="-6" name="ifrs-full:ContractAssets" scale="6" id="f-5545">195</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1875" decimals="-6" name="ifrs-full:IncreaseThroughBusinessCombinationsContractAssets" scale="6" id="f-5546">276</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1875" decimals="-6" name="tef:DecreaseThroughDisposalsContractAssets" scale="6" id="f-5547">403</ix:nonFraction>)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1875" decimals="-6" name="tef:IncreaseDecreaseThroughTransfersContractAssets" scale="6" id="f-5548">134</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1859" decimals="-6" name="ifrs-full:ContractAssets" scale="6" id="f-5549">202</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Contractual assets</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1876" decimals="-6" name="ifrs-full:ContractAssets" scale="6" id="f-5550">202</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1877" decimals="-6" name="ifrs-full:IncreaseThroughBusinessCombinationsContractAssets" scale="6" id="f-5551">277</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1877" decimals="-6" name="tef:DecreaseThroughDisposalsContractAssets" scale="6" id="f-5552">404</ix:nonFraction>)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1877" decimals="-6" name="tef:IncreaseDecreaseThroughTransfersContractAssets" scale="6" id="f-5553">134</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1862" decimals="-6" name="ifrs-full:ContractAssets" scale="6" id="f-5554">209</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Impairment losses</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1878" decimals="-6" sign="-" name="ifrs-full:ContractAssets" scale="6" id="f-5555">7</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1879" decimals="-6" sign="-" name="ifrs-full:IncreaseThroughBusinessCombinationsContractAssets" scale="6" id="f-5556">1</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1879" decimals="-6" sign="-" name="tef:DecreaseThroughDisposalsContractAssets" scale="6" id="f-5557">1</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1879" decimals="-6" name="tef:IncreaseDecreaseThroughTransfersContractAssets" format="ixt:fixed-zero" scale="6" id="f-5558">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1865" decimals="-6" sign="-" name="ifrs-full:ContractAssets" scale="6" id="f-5559">7</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total</span></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-80" decimals="-6" name="ifrs-full:ContractAssets" scale="6" id="f-5560">554</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-14" decimals="-6" name="ifrs-full:IncreaseThroughBusinessCombinationsContractAssets" scale="6" id="f-5561">394</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-14" decimals="-6" name="tef:DecreaseThroughDisposalsContractAssets" scale="6" id="f-5562">420</ix:nonFraction>)</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-14" decimals="-6" sign="-" name="tef:IncreaseDecreaseThroughTransfersContractAssets" scale="6" id="f-5563">1</ix:nonFraction>)</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-13" decimals="-6" name="ifrs-full:ContractAssets" scale="6" id="f-5564">527</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr></table></div></ix:nonNumeric><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Once the amounts recognized as contract assets become receivables, which normally occurs when they are invoiced, they are transferred to the "Trade receivables" heading. In this regard, the balance of the contract assets account basically represents amounts not yet due. </span></div></ix:continuation><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">F-109</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><ix:continuation id="f-5493-2" continuedAt="f-5493-3"><ix:nonNumeric contextRef="c-1" name="ifrs-full:DisclosureOfAssetsRecognisedFromCostsToObtainOrFulfilContractsWithCustomersExplanatory" id="f-5565" escape="true"><div style="margin-bottom:9pt;margin-top:9pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The movement of the deferred expenses in 2024 and 2023 is as follows: </span><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"/><td style="width:36.180%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:9.280%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:8.987%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:8.987%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:8.987%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:10.449%"/><td style="width:0.1%"/><td colspan="3" style="display:none"/><td style="width:1.0%"/><td style="width:9.430%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Millions of euros</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Balance at 12/31/2023</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Additions</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Disposals</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Transfers</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Translation differences and inflation adjustments</span></td><td colspan="3" style="display:none"/><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Balance at 12/31/2024</span></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Non-current capitalized costs (Note 12)</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1850" decimals="-6" name="ifrs-full:AssetsRecognisedFromCostsToObtainOrFulfilContractsWithCustomers" format="ixt:num-dot-decimal" scale="6" id="f-5566">1,001</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1851" decimals="-6" name="tef:IncreaseThroughBusinessCombinationsCapitalizedCosts" scale="6" id="f-5567">885</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1851" decimals="-6" name="tef:DecreaseThroughDisposalsCapitalizedCosts" scale="6" id="f-5568">5</ix:nonFraction>)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1851" decimals="-6" sign="-" name="tef:IncreaseDecreaseThroughTransfersCapitalizedCosts" scale="6" id="f-5569">764</ix:nonFraction>)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1851" decimals="-6" sign="-" name="tef:IncreaseDecreaseThroughTranslationDifferencesAndInflationAdjustmentsCapitalizedCosts" scale="6" id="f-5570">44</ix:nonFraction>)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1852" decimals="-6" name="ifrs-full:AssetsRecognisedFromCostsToObtainOrFulfilContractsWithCustomers" format="ixt:num-dot-decimal" scale="6" id="f-5571">1,073</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Of obtaining a contract</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1880" decimals="-6" name="ifrs-full:AssetsRecognisedFromCostsToObtainOrFulfilContractsWithCustomers" scale="6" id="f-5572">774</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1881" decimals="-6" name="tef:IncreaseThroughBusinessCombinationsCapitalizedCosts" scale="6" id="f-5573">759</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1881" decimals="-6" name="tef:DecreaseThroughDisposalsCapitalizedCosts" scale="6" id="f-5574">5</ix:nonFraction>)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1881" decimals="-6" sign="-" name="tef:IncreaseDecreaseThroughTransfersCapitalizedCosts" scale="6" id="f-5575">601</ix:nonFraction>)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1881" decimals="-6" sign="-" name="tef:IncreaseDecreaseThroughTranslationDifferencesAndInflationAdjustmentsCapitalizedCosts" scale="6" id="f-5576">56</ix:nonFraction>)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1882" decimals="-6" name="ifrs-full:AssetsRecognisedFromCostsToObtainOrFulfilContractsWithCustomers" scale="6" id="f-5577">871</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Of fulfilling a contract</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1883" decimals="-6" name="ifrs-full:AssetsRecognisedFromCostsToObtainOrFulfilContractsWithCustomers" scale="6" id="f-5578">227</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1884" decimals="-6" name="tef:IncreaseThroughBusinessCombinationsCapitalizedCosts" scale="6" id="f-5579">126</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1884" decimals="-6" name="tef:DecreaseThroughDisposalsCapitalizedCosts" format="ixt:fixed-zero" scale="6" id="f-5580">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1884" decimals="-6" sign="-" name="tef:IncreaseDecreaseThroughTransfersCapitalizedCosts" scale="6" id="f-5581">163</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1884" decimals="-6" name="tef:IncreaseDecreaseThroughTranslationDifferencesAndInflationAdjustmentsCapitalizedCosts" scale="6" id="f-5582">12</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1885" decimals="-6" name="ifrs-full:AssetsRecognisedFromCostsToObtainOrFulfilContractsWithCustomers" scale="6" id="f-5583">202</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Impairment losses</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1856" decimals="-6" name="ifrs-full:AssetsRecognisedFromCostsToObtainOrFulfilContractsWithCustomers" format="ixt:fixed-zero" scale="6" id="f-5584">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1857" decimals="-6" name="tef:IncreaseThroughBusinessCombinationsCapitalizedCosts" format="ixt:fixed-zero" scale="6" id="f-5585">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1857" decimals="-6" name="tef:DecreaseThroughDisposalsCapitalizedCosts" format="ixt:fixed-zero" scale="6" id="f-5586">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1857" decimals="-6" name="tef:IncreaseDecreaseThroughTransfersCapitalizedCosts" format="ixt:fixed-zero" scale="6" id="f-5587">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1857" decimals="-6" name="tef:IncreaseDecreaseThroughTranslationDifferencesAndInflationAdjustmentsCapitalizedCosts" format="ixt:fixed-zero" scale="6" id="f-5588">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1858" decimals="-6" name="ifrs-full:AssetsRecognisedFromCostsToObtainOrFulfilContractsWithCustomers" format="ixt:fixed-zero" scale="6" id="f-5589">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Current capitalized costs (Note 14)</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1859" decimals="-6" name="ifrs-full:AssetsRecognisedFromCostsToObtainOrFulfilContractsWithCustomers" scale="6" id="f-5590">998</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1860" decimals="-6" name="tef:IncreaseThroughBusinessCombinationsCapitalizedCosts" scale="6" id="f-5591">671</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1860" decimals="-6" name="tef:DecreaseThroughDisposalsCapitalizedCosts" format="ixt:num-dot-decimal" scale="6" id="f-5592">1,332</ix:nonFraction>)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1860" decimals="-6" name="tef:IncreaseDecreaseThroughTransfersCapitalizedCosts" scale="6" id="f-5593">761</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1860" decimals="-6" sign="-" name="tef:IncreaseDecreaseThroughTranslationDifferencesAndInflationAdjustmentsCapitalizedCosts" scale="6" id="f-5594">4</ix:nonFraction>)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1861" decimals="-6" name="ifrs-full:AssetsRecognisedFromCostsToObtainOrFulfilContractsWithCustomers" format="ixt:num-dot-decimal" scale="6" id="f-5595">1,094</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Of obtaining a contract</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1886" decimals="-6" name="ifrs-full:AssetsRecognisedFromCostsToObtainOrFulfilContractsWithCustomers" scale="6" id="f-5596">815</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1887" decimals="-6" name="tef:IncreaseThroughBusinessCombinationsCapitalizedCosts" scale="6" id="f-5597">573</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1887" decimals="-6" name="tef:DecreaseThroughDisposalsCapitalizedCosts" format="ixt:num-dot-decimal" scale="6" id="f-5598">1,077</ix:nonFraction>)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1887" decimals="-6" name="tef:IncreaseDecreaseThroughTransfersCapitalizedCosts" scale="6" id="f-5599">599</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1887" decimals="-6" sign="-" name="tef:IncreaseDecreaseThroughTranslationDifferencesAndInflationAdjustmentsCapitalizedCosts" scale="6" id="f-5600">21</ix:nonFraction>)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1888" decimals="-6" name="ifrs-full:AssetsRecognisedFromCostsToObtainOrFulfilContractsWithCustomers" scale="6" id="f-5601">889</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Of fulfilling a contract</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1889" decimals="-6" name="ifrs-full:AssetsRecognisedFromCostsToObtainOrFulfilContractsWithCustomers" scale="6" id="f-5602">183</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1890" decimals="-6" name="tef:IncreaseThroughBusinessCombinationsCapitalizedCosts" scale="6" id="f-5603">98</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1890" decimals="-6" name="tef:DecreaseThroughDisposalsCapitalizedCosts" scale="6" id="f-5604">255</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1890" decimals="-6" name="tef:IncreaseDecreaseThroughTransfersCapitalizedCosts" scale="6" id="f-5605">162</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1890" decimals="-6" name="tef:IncreaseDecreaseThroughTranslationDifferencesAndInflationAdjustmentsCapitalizedCosts" scale="6" id="f-5606">17</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1891" decimals="-6" name="ifrs-full:AssetsRecognisedFromCostsToObtainOrFulfilContractsWithCustomers" scale="6" id="f-5607">205</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Impairment losses</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1865" decimals="-6" name="ifrs-full:AssetsRecognisedFromCostsToObtainOrFulfilContractsWithCustomers" format="ixt:fixed-zero" scale="6" id="f-5608">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1866" decimals="-6" name="tef:IncreaseThroughBusinessCombinationsCapitalizedCosts" format="ixt:fixed-zero" scale="6" id="f-5609">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1866" decimals="-6" name="tef:DecreaseThroughDisposalsCapitalizedCosts" format="ixt:fixed-zero" scale="6" id="f-5610">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1866" decimals="-6" name="tef:IncreaseDecreaseThroughTransfersCapitalizedCosts" format="ixt:fixed-zero" scale="6" id="f-5611">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1866" decimals="-6" name="tef:IncreaseDecreaseThroughTranslationDifferencesAndInflationAdjustmentsCapitalizedCosts" format="ixt:fixed-zero" scale="6" id="f-5612">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1867" decimals="-6" name="ifrs-full:AssetsRecognisedFromCostsToObtainOrFulfilContractsWithCustomers" format="ixt:fixed-zero" scale="6" id="f-5613">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total</span></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-13" decimals="-6" name="ifrs-full:AssetsRecognisedFromCostsToObtainOrFulfilContractsWithCustomers" format="ixt:num-dot-decimal" scale="6" id="f-5614">1,999</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1" decimals="-6" name="tef:IncreaseThroughBusinessCombinationsCapitalizedCosts" format="ixt:num-dot-decimal" scale="6" id="f-5615">1,556</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1" decimals="-6" name="tef:DecreaseThroughDisposalsCapitalizedCosts" format="ixt:num-dot-decimal" scale="6" id="f-5616">1,337</ix:nonFraction>)</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1" decimals="-6" sign="-" name="tef:IncreaseDecreaseThroughTransfersCapitalizedCosts" scale="6" id="f-5617">3</ix:nonFraction>)</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1" decimals="-6" sign="-" name="tef:IncreaseDecreaseThroughTranslationDifferencesAndInflationAdjustmentsCapitalizedCosts" scale="6" id="f-5618">48</ix:nonFraction>)</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-12" decimals="-6" name="ifrs-full:AssetsRecognisedFromCostsToObtainOrFulfilContractsWithCustomers" format="ixt:num-dot-decimal" scale="6" id="f-5619">2,167</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr></table></div><div style="margin-top:9pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"/><td style="width:34.426%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:10.011%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:8.987%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:8.987%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:8.402%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:12.204%"/><td style="width:0.1%"/><td colspan="3" style="display:none"/><td style="width:1.0%"/><td style="width:9.283%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Millions of euros</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Balance at 12/31/2022</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Additions</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Disposals</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Transfers</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Translation differences and inflation adjustments</span></td><td colspan="3" style="display:none"/><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Balance at 12/31/2023</span></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Non-current capitalized costs (Note 12)</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1868" decimals="-6" name="ifrs-full:AssetsRecognisedFromCostsToObtainOrFulfilContractsWithCustomers" scale="6" id="f-5620">854</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1869" decimals="-6" name="tef:IncreaseThroughBusinessCombinationsCapitalizedCosts" scale="6" id="f-5621">838</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1869" decimals="-6" name="tef:DecreaseThroughDisposalsCapitalizedCosts" scale="6" id="f-5622">2</ix:nonFraction>)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1869" decimals="-6" sign="-" name="tef:IncreaseDecreaseThroughTransfersCapitalizedCosts" scale="6" id="f-5623">682</ix:nonFraction>)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1869" decimals="-6" sign="-" name="tef:IncreaseDecreaseThroughTranslationDifferencesAndInflationAdjustmentsCapitalizedCosts" scale="6" id="f-5624">7</ix:nonFraction>)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1850" decimals="-6" name="ifrs-full:AssetsRecognisedFromCostsToObtainOrFulfilContractsWithCustomers" format="ixt:num-dot-decimal" scale="6" id="f-5625">1,001</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Of obtaining a contract</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1892" decimals="-6" name="ifrs-full:AssetsRecognisedFromCostsToObtainOrFulfilContractsWithCustomers" scale="6" id="f-5626">610</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1893" decimals="-6" name="tef:IncreaseThroughBusinessCombinationsCapitalizedCosts" scale="6" id="f-5627">694</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1893" decimals="-6" name="tef:DecreaseThroughDisposalsCapitalizedCosts" scale="6" id="f-5628">1</ix:nonFraction>)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1893" decimals="-6" sign="-" name="tef:IncreaseDecreaseThroughTransfersCapitalizedCosts" scale="6" id="f-5629">536</ix:nonFraction>)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1893" decimals="-6" name="tef:IncreaseDecreaseThroughTranslationDifferencesAndInflationAdjustmentsCapitalizedCosts" scale="6" id="f-5630">7</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1880" decimals="-6" name="ifrs-full:AssetsRecognisedFromCostsToObtainOrFulfilContractsWithCustomers" scale="6" id="f-5631">774</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Of fulfilling a contract</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1894" decimals="-6" name="ifrs-full:AssetsRecognisedFromCostsToObtainOrFulfilContractsWithCustomers" scale="6" id="f-5632">244</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1895" decimals="-6" name="tef:IncreaseThroughBusinessCombinationsCapitalizedCosts" scale="6" id="f-5633">144</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1895" decimals="-6" name="tef:DecreaseThroughDisposalsCapitalizedCosts" scale="6" id="f-5634">1</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1895" decimals="-6" sign="-" name="tef:IncreaseDecreaseThroughTransfersCapitalizedCosts" scale="6" id="f-5635">146</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1895" decimals="-6" sign="-" name="tef:IncreaseDecreaseThroughTranslationDifferencesAndInflationAdjustmentsCapitalizedCosts" scale="6" id="f-5636">14</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1883" decimals="-6" name="ifrs-full:AssetsRecognisedFromCostsToObtainOrFulfilContractsWithCustomers" scale="6" id="f-5637">227</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Impairment losses</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1872" decimals="-6" name="ifrs-full:AssetsRecognisedFromCostsToObtainOrFulfilContractsWithCustomers" format="ixt:fixed-zero" scale="6" id="f-5638">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1873" decimals="-6" name="tef:IncreaseThroughBusinessCombinationsCapitalizedCosts" format="ixt:fixed-zero" scale="6" id="f-5639">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1873" decimals="-6" name="tef:DecreaseThroughDisposalsCapitalizedCosts" format="ixt:fixed-zero" scale="6" id="f-5640">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1873" decimals="-6" name="tef:IncreaseDecreaseThroughTransfersCapitalizedCosts" format="ixt:fixed-zero" scale="6" id="f-5641">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1873" decimals="-6" name="tef:IncreaseDecreaseThroughTranslationDifferencesAndInflationAdjustmentsCapitalizedCosts" format="ixt:fixed-zero" scale="6" id="f-5642">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid 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style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1875" decimals="-6" name="tef:DecreaseThroughDisposalsCapitalizedCosts" format="ixt:num-dot-decimal" scale="6" id="f-5646">1,175</ix:nonFraction>)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1875" decimals="-6" name="tef:IncreaseDecreaseThroughTransfersCapitalizedCosts" scale="6" id="f-5647">684</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1875" decimals="-6" sign="-" name="tef:IncreaseDecreaseThroughTranslationDifferencesAndInflationAdjustmentsCapitalizedCosts" scale="6" id="f-5648">16</ix:nonFraction>)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="2" style="border-top:2pt solid 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style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1896" decimals="-6" name="ifrs-full:AssetsRecognisedFromCostsToObtainOrFulfilContractsWithCustomers" scale="6" id="f-5650">710</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1897" decimals="-6" name="tef:IncreaseThroughBusinessCombinationsCapitalizedCosts" scale="6" id="f-5651">534</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1897" decimals="-6" name="tef:DecreaseThroughDisposalsCapitalizedCosts" scale="6" id="f-5652">967</ix:nonFraction>)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1897" decimals="-6" name="tef:IncreaseDecreaseThroughTransfersCapitalizedCosts" scale="6" id="f-5653">538</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1897" decimals="-6" name="tef:IncreaseDecreaseThroughTranslationDifferencesAndInflationAdjustmentsCapitalizedCosts" format="ixt:fixed-zero" scale="6" id="f-5654">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1886" decimals="-6" name="ifrs-full:AssetsRecognisedFromCostsToObtainOrFulfilContractsWithCustomers" scale="6" id="f-5655">815</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid 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style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1899" decimals="-6" name="tef:IncreaseThroughBusinessCombinationsCapitalizedCosts" scale="6" id="f-5657">86</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1899" decimals="-6" name="tef:DecreaseThroughDisposalsCapitalizedCosts" scale="6" id="f-5658">208</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1899" decimals="-6" name="tef:IncreaseDecreaseThroughTransfersCapitalizedCosts" scale="6" id="f-5659">146</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1899" decimals="-6" sign="-" name="tef:IncreaseDecreaseThroughTranslationDifferencesAndInflationAdjustmentsCapitalizedCosts" scale="6" id="f-5660">16</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" 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style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1878" decimals="-6" name="ifrs-full:AssetsRecognisedFromCostsToObtainOrFulfilContractsWithCustomers" format="ixt:fixed-zero" scale="6" id="f-5662">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1879" decimals="-6" name="tef:IncreaseThroughBusinessCombinationsCapitalizedCosts" format="ixt:fixed-zero" scale="6" id="f-5663">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1879" decimals="-6" name="tef:DecreaseThroughDisposalsCapitalizedCosts" format="ixt:fixed-zero" scale="6" id="f-5664">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1879" decimals="-6" name="tef:IncreaseDecreaseThroughTransfersCapitalizedCosts" format="ixt:fixed-zero" scale="6" id="f-5665">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1879" decimals="-6" name="tef:IncreaseDecreaseThroughTranslationDifferencesAndInflationAdjustmentsCapitalizedCosts" format="ixt:fixed-zero" scale="6" id="f-5666">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1865" decimals="-6" name="ifrs-full:AssetsRecognisedFromCostsToObtainOrFulfilContractsWithCustomers" format="ixt:fixed-zero" scale="6" id="f-5667">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total</span></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-80" decimals="-6" name="ifrs-full:AssetsRecognisedFromCostsToObtainOrFulfilContractsWithCustomers" format="ixt:num-dot-decimal" scale="6" id="f-5668">1,739</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-14" decimals="-6" name="tef:IncreaseThroughBusinessCombinationsCapitalizedCosts" format="ixt:num-dot-decimal" scale="6" id="f-5669">1,458</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-14" decimals="-6" name="tef:DecreaseThroughDisposalsCapitalizedCosts" format="ixt:num-dot-decimal" scale="6" id="f-5670">1,177</ix:nonFraction>)</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-14" decimals="-6" name="tef:IncreaseDecreaseThroughTransfersCapitalizedCosts" scale="6" id="f-5671">2</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-14" decimals="-6" sign="-" name="tef:IncreaseDecreaseThroughTranslationDifferencesAndInflationAdjustmentsCapitalizedCosts" scale="6" id="f-5672">23</ix:nonFraction>)</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-13" decimals="-6" name="ifrs-full:AssetsRecognisedFromCostsToObtainOrFulfilContractsWithCustomers" format="ixt:num-dot-decimal" scale="6" id="f-5673">1,999</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr></table></div></ix:nonNumeric><ix:continuation id="f-5494-1" continuedAt="f-5494-2"><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The movement of contractual liabilities of contracts with customers in 2024</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">and 2023 is as follows: </span></div><div style="margin-bottom:16pt;margin-top:11pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"/><td style="width:26.531%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:9.426%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:8.110%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:8.402%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:8.402%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:9.426%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:11.473%"/><td style="width:0.1%"/><td colspan="3" style="display:none"/><td style="width:1.0%"/><td style="width:9.430%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Millions of euros</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Balance at 12/31/2023</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Additions</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Disposals (previous years)</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Disposals (current year)</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Transfers</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Translation differences and inflation adjustments</span></td><td colspan="3" style="display:none"/><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Balance at 12/31/2024</span></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Long-term contractual liabilities (Note 21)</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1850" decimals="-6" name="ifrs-full:ContractLiabilities" scale="6" id="f-5674">778</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1851" decimals="-6" name="ifrs-full:IncreaseThroughBusinessCombinationsContractLiabilities" scale="6" id="f-5675">250</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1851" decimals="-6" name="tef:DecreaseThroughDisposalsfromPriorYearsContractLiabilities" scale="6" id="f-5676">1</ix:nonFraction>)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1851" decimals="-6" name="tef:DecreaseThroughDisposalsContractLiabilities" format="ixt:fixed-zero" scale="6" id="f-5677">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1851" decimals="-6" sign="-" name="tef:IncreaseDecreaseThroughTransfersContractLiabilities" scale="6" id="f-5678">222</ix:nonFraction>)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1851" decimals="-6" name="tef:IncreaseDecreaseThroughTranslationDifferencesAndHyperinflationAdjustmentsContractLiabilities" scale="6" id="f-5679">8</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1852" decimals="-6" name="ifrs-full:ContractLiabilities" scale="6" id="f-5680">813</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Short-term contractual liabilities (Note 22)</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1859" decimals="-6" name="ifrs-full:ContractLiabilities" format="ixt:num-dot-decimal" scale="6" id="f-5681">1,035</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1860" decimals="-6" name="ifrs-full:IncreaseThroughBusinessCombinationsContractLiabilities" format="ixt:num-dot-decimal" scale="6" id="f-5682">5,624</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1860" decimals="-6" name="tef:DecreaseThroughDisposalsfromPriorYearsContractLiabilities" scale="6" id="f-5683">969</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1860" decimals="-6" name="tef:DecreaseThroughDisposalsContractLiabilities" format="ixt:num-dot-decimal" scale="6" id="f-5684">4,809</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1860" decimals="-6" name="tef:IncreaseDecreaseThroughTransfersContractLiabilities" scale="6" id="f-5685">220</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1860" decimals="-6" sign="-" name="tef:IncreaseDecreaseThroughTranslationDifferencesAndHyperinflationAdjustmentsContractLiabilities" scale="6" id="f-5686">37</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1861" decimals="-6" name="ifrs-full:ContractLiabilities" format="ixt:num-dot-decimal" scale="6" id="f-5687">1,064</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total</span></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-13" decimals="-6" name="ifrs-full:ContractLiabilities" format="ixt:num-dot-decimal" scale="6" id="f-5688">1,813</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1" decimals="-6" name="ifrs-full:IncreaseThroughBusinessCombinationsContractLiabilities" format="ixt:num-dot-decimal" scale="6" id="f-5689">5,874</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1" decimals="-6" name="tef:DecreaseThroughDisposalsfromPriorYearsContractLiabilities" scale="6" id="f-5690">970</ix:nonFraction>)</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1" decimals="-6" name="tef:DecreaseThroughDisposalsContractLiabilities" format="ixt:num-dot-decimal" scale="6" id="f-5691">4,809</ix:nonFraction>)</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1" decimals="-6" sign="-" name="tef:IncreaseDecreaseThroughTransfersContractLiabilities" scale="6" id="f-5692">2</ix:nonFraction>)</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1" decimals="-6" sign="-" name="tef:IncreaseDecreaseThroughTranslationDifferencesAndHyperinflationAdjustmentsContractLiabilities" scale="6" id="f-5693">29</ix:nonFraction>)</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-12" decimals="-6" name="ifrs-full:ContractLiabilities" format="ixt:num-dot-decimal" scale="6" id="f-5694">1,877</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr></table></div></ix:continuation></ix:continuation><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">F-110</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><ix:continuation id="f-5493-3"><ix:continuation id="f-5494-2"><div style="margin-bottom:16pt;margin-top:11pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"/><td style="width:27.408%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:9.280%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:9.280%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:8.110%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:8.110%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:7.525%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:12.204%"/><td style="width:0.1%"/><td colspan="3" style="display:none"/><td style="width:1.0%"/><td style="width:9.283%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Millions of euros</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Balance at 12/31/2022</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Additions</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Disposals (previous years)</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Disposals (current year)</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Transfers</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Translation differences and inflation adjustments</span></td><td colspan="3" style="display:none"/><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Balance at 12/31/2023</span></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Long-term contractual liabilities (Note 21)</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1868" decimals="-6" name="ifrs-full:ContractLiabilities" scale="6" id="f-5695">891</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1869" decimals="-6" name="ifrs-full:IncreaseThroughBusinessCombinationsContractLiabilities" scale="6" id="f-5696">162</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1869" decimals="-6" name="tef:DecreaseThroughDisposalsfromPriorYearsContractLiabilities" scale="6" id="f-5697">2</ix:nonFraction>)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1869" decimals="-6" name="tef:DecreaseThroughDisposalsContractLiabilities" scale="6" id="f-5698">1</ix:nonFraction>)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1869" decimals="-6" sign="-" name="tef:IncreaseDecreaseThroughTransfersContractLiabilities" scale="6" id="f-5699">279</ix:nonFraction>)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1869" decimals="-6" name="tef:IncreaseDecreaseThroughTranslationDifferencesAndHyperinflationAdjustmentsContractLiabilities" scale="6" id="f-5700">7</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1850" decimals="-6" name="ifrs-full:ContractLiabilities" scale="6" id="f-5701">778</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Short-term contractual liabilities (Note 22)</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1874" decimals="-6" name="ifrs-full:ContractLiabilities" format="ixt:num-dot-decimal" scale="6" id="f-5702">1,038</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1875" decimals="-6" name="ifrs-full:IncreaseThroughBusinessCombinationsContractLiabilities" format="ixt:num-dot-decimal" scale="6" id="f-5703">5,374</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1875" decimals="-6" name="tef:DecreaseThroughDisposalsfromPriorYearsContractLiabilities" scale="6" id="f-5704">973</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1875" decimals="-6" name="tef:DecreaseThroughDisposalsContractLiabilities" format="ixt:num-dot-decimal" scale="6" id="f-5705">4,700</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1875" decimals="-6" name="tef:IncreaseDecreaseThroughTransfersContractLiabilities" scale="6" id="f-5706">286</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1875" decimals="-6" name="tef:IncreaseDecreaseThroughTranslationDifferencesAndHyperinflationAdjustmentsContractLiabilities" scale="6" id="f-5707">10</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1859" decimals="-6" name="ifrs-full:ContractLiabilities" format="ixt:num-dot-decimal" scale="6" id="f-5708">1,035</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total</span></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-80" decimals="-6" name="ifrs-full:ContractLiabilities" format="ixt:num-dot-decimal" scale="6" id="f-5709">1,929</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-14" decimals="-6" name="ifrs-full:IncreaseThroughBusinessCombinationsContractLiabilities" format="ixt:num-dot-decimal" scale="6" id="f-5710">5,536</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-14" decimals="-6" name="tef:DecreaseThroughDisposalsfromPriorYearsContractLiabilities" scale="6" id="f-5711">975</ix:nonFraction>)</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-14" decimals="-6" name="tef:DecreaseThroughDisposalsContractLiabilities" format="ixt:num-dot-decimal" scale="6" id="f-5712">4,701</ix:nonFraction>)</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-14" decimals="-6" name="tef:IncreaseDecreaseThroughTransfersContractLiabilities" scale="6" id="f-5713">7</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 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name="ifrs-full:ContractLiabilities" format="ixt:num-dot-decimal" scale="6" id="f-5715">1,813</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr></table></div></ix:continuation><ix:nonNumeric contextRef="c-1" name="ifrs-full:DisclosureOfTransactionPriceAllocatedToRemainingPerformanceObligationsExplanatory" id="f-5716" escape="true"><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The maturity schedule of contractual liabilities at December 31, 2024 is as follows:</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.707%"><tr><td style="width:1.0%"/><td style="width:45.234%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:8.870%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:8.870%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:8.870%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:10.776%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:10.780%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Millions of euros</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2025</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2026</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2027</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Subsequent years</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total</span></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Contractual liabilities, activation fees</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1900" decimals="-6" name="ifrs-full:TransactionPriceAllocatedToRemainingPerformanceObligations" scale="6" id="f-5717">8</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1901" decimals="-6" name="ifrs-full:TransactionPriceAllocatedToRemainingPerformanceObligations" scale="6" id="f-5718">3</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1902" decimals="-6" name="ifrs-full:TransactionPriceAllocatedToRemainingPerformanceObligations" scale="6" id="f-5719">2</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1903" decimals="-6" name="ifrs-full:TransactionPriceAllocatedToRemainingPerformanceObligations" scale="6" id="f-5720">2</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1904" decimals="-6" name="ifrs-full:TransactionPriceAllocatedToRemainingPerformanceObligations" scale="6" id="f-5721">15</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Contractual liabilities, sales of prepay cards</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1905" decimals="-6" name="ifrs-full:TransactionPriceAllocatedToRemainingPerformanceObligations" scale="6" id="f-5722">560</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1906" decimals="-6" name="ifrs-full:TransactionPriceAllocatedToRemainingPerformanceObligations" format="ixt:fixed-zero" scale="6" id="f-5723">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1907" decimals="-6" name="ifrs-full:TransactionPriceAllocatedToRemainingPerformanceObligations" format="ixt:fixed-zero" scale="6" id="f-5724">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1908" decimals="-6" name="ifrs-full:TransactionPriceAllocatedToRemainingPerformanceObligations" format="ixt:fixed-zero" scale="6" id="f-5725">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1909" decimals="-6" name="ifrs-full:TransactionPriceAllocatedToRemainingPerformanceObligations" scale="6" id="f-5726">560</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Contractual liabilities, services</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1910" decimals="-6" name="ifrs-full:TransactionPriceAllocatedToRemainingPerformanceObligations" scale="6" id="f-5727">214</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1911" decimals="-6" name="ifrs-full:TransactionPriceAllocatedToRemainingPerformanceObligations" scale="6" id="f-5728">34</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1912" decimals="-6" name="ifrs-full:TransactionPriceAllocatedToRemainingPerformanceObligations" scale="6" id="f-5729">15</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1913" decimals="-6" name="ifrs-full:TransactionPriceAllocatedToRemainingPerformanceObligations" scale="6" id="f-5730">96</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1914" decimals="-6" name="ifrs-full:TransactionPriceAllocatedToRemainingPerformanceObligations" scale="6" id="f-5731">359</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Contractual liabilities, sales of handsets</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1915" decimals="-6" name="ifrs-full:TransactionPriceAllocatedToRemainingPerformanceObligations" scale="6" id="f-5732">34</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1916" decimals="-6" name="ifrs-full:TransactionPriceAllocatedToRemainingPerformanceObligations" scale="6" id="f-5733">6</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1917" decimals="-6" name="ifrs-full:TransactionPriceAllocatedToRemainingPerformanceObligations" format="ixt:fixed-zero" scale="6" id="f-5734">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1918" decimals="-6" name="ifrs-full:TransactionPriceAllocatedToRemainingPerformanceObligations" format="ixt:fixed-zero" scale="6" id="f-5735">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1919" decimals="-6" name="ifrs-full:TransactionPriceAllocatedToRemainingPerformanceObligations" scale="6" id="f-5736">40</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Contractual liabilities, irrevocable rights to use</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1920" decimals="-6" name="ifrs-full:TransactionPriceAllocatedToRemainingPerformanceObligations" scale="6" id="f-5737">73</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1921" decimals="-6" name="ifrs-full:TransactionPriceAllocatedToRemainingPerformanceObligations" scale="6" id="f-5738">63</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1922" decimals="-6" name="ifrs-full:TransactionPriceAllocatedToRemainingPerformanceObligations" scale="6" id="f-5739">57</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1923" decimals="-6" name="ifrs-full:TransactionPriceAllocatedToRemainingPerformanceObligations" scale="6" id="f-5740">434</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1924" decimals="-6" name="ifrs-full:TransactionPriceAllocatedToRemainingPerformanceObligations" scale="6" id="f-5741">627</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Other contractual liabilities</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1925" decimals="-6" name="ifrs-full:TransactionPriceAllocatedToRemainingPerformanceObligations" scale="6" id="f-5742">175</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1926" decimals="-6" name="ifrs-full:TransactionPriceAllocatedToRemainingPerformanceObligations" scale="6" id="f-5743">25</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1927" decimals="-6" name="ifrs-full:TransactionPriceAllocatedToRemainingPerformanceObligations" scale="6" id="f-5744">21</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1928" decimals="-6" name="ifrs-full:TransactionPriceAllocatedToRemainingPerformanceObligations" scale="6" id="f-5745">55</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1929" decimals="-6" name="ifrs-full:TransactionPriceAllocatedToRemainingPerformanceObligations" scale="6" id="f-5746">276</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Maturity of performance obligations</span></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1376" decimals="-6" name="ifrs-full:TransactionPriceAllocatedToRemainingPerformanceObligations" format="ixt:num-dot-decimal" scale="6" id="f-5747">1,064</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1377" decimals="-6" name="ifrs-full:TransactionPriceAllocatedToRemainingPerformanceObligations" scale="6" id="f-5748">131</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1378" decimals="-6" name="ifrs-full:TransactionPriceAllocatedToRemainingPerformanceObligations" scale="6" id="f-5749">95</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1930" decimals="-6" name="ifrs-full:TransactionPriceAllocatedToRemainingPerformanceObligations" scale="6" id="f-5750">587</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-12" decimals="-6" name="ifrs-full:TransactionPriceAllocatedToRemainingPerformanceObligations" format="ixt:num-dot-decimal" scale="6" id="f-5751">1,877</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr></table></div></ix:nonNumeric></ix:continuation><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">F-111</span></div></div></div><div id="i63478826478c4e0dbabc502413383f6b_352"></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><div style="margin-bottom:9pt;text-align:center"><span style="color:#a6a6a6;font-family:'Arial',sans-serif;font-size:18pt;font-weight:400;line-height:120%">Note 24. <ix:nonNumeric contextRef="c-1" name="ifrs-full:DisclosureOfEmployeeBenefitsExplanatory" id="f-5752" continuedAt="f-5752-1" escape="true">Provisions</ix:nonNumeric></span></div><ix:continuation id="f-5752-1" continuedAt="f-5752-2"><ix:nonNumeric contextRef="c-1" name="tef:DisclosureOfAmountsOfProvisionsTableTextBlock" id="f-5753" escape="true"><div style="margin-bottom:9pt;margin-top:9pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The amounts of provisions in 2024 and 2023 are as follows: </span><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.853%"><tr><td style="width:1.0%"/><td style="width:25.107%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:11.198%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:11.198%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:11.198%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:11.198%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:11.198%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:11.203%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="9" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">12/31/2024</span></td><td colspan="9" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">12/31/2023</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Millions of euros</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Current</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Non-current</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Current</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Non-current</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total</span></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Employee benefits</span></td><td colspan="2" 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scale="6" id="f-5755">4,020</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-12" decimals="-6" name="ifrs-full:ProvisionsForEmployeeBenefits" format="ixt:num-dot-decimal" scale="6" id="f-5756">5,093</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 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name="tef:CurrentProvisionsForTerminationPlans" scale="6" id="f-5763">282</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-13" decimals="-6" name="tef:NonCurrentProvisionsForTerminationPlans" format="ixt:num-dot-decimal" scale="6" id="f-5764">1,461</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" 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0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total</span></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-12" decimals="-6" name="ifrs-full:RestructuringProvision" scale="6" id="f-5808">104</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-13" decimals="-6" name="ifrs-full:RestructuringProvision" format="ixt:num-dot-decimal" scale="6" id="f-5809">1,538</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr></table></div></ix:continuation><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Termination plans </span></div><ix:nonNumeric contextRef="c-1" name="tef:DisclosureOfChangesInProvisionForPostEmploymentPlansTableTextBlock" id="f-5810" escape="true"><div style="margin-top:9pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The movement in provisions for termination plans in 2024 and 2023 is as follows: </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.853%"><tr><td style="width:1.0%"/><td style="width:70.935%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:26.865%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="border-top:0.25pt solid #414b61;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Millions of euros</span></td><td colspan="3" style="border-top:0.25pt solid #414b61;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total</span></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Provisions for termination plans at 12/31/2022</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-80" decimals="-6" name="tef:ProvisionsForTerminationPlans" scale="6" id="f-5811">376</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Additions</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-14" decimals="-6" name="tef:AdditionsToProvisionsForTerminationPlans" format="ixt:num-dot-decimal" scale="6" id="f-5812">1,520</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Retirements/amount applied</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-14" decimals="-6" sign="-" name="tef:IncreaseDecreaseInProvisionsForTerminationPlansDueToRetirements" scale="6" id="f-5813">133</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Translation differences, inflation adjustments and accretion</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-14" decimals="-6" sign="-" name="tef:IncreaseDecreaseInProvisionsForTerminationPlansDueToTranslationDifferencesAndAccretion" scale="6" id="f-5814">20</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Provisions for termination plans at 12/31/2023</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-13" decimals="-6" name="tef:ProvisionsForTerminationPlans" format="ixt:num-dot-decimal" scale="6" id="f-5815">1,743</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Additions</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1" decimals="-6" name="tef:AdditionsToProvisionsForTerminationPlans" scale="6" id="f-5816">79</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Retirements/amount applied</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1" decimals="-6" sign="-" name="tef:IncreaseDecreaseInProvisionsForTerminationPlansDueToRetirements" scale="6" id="f-5817">311</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Translation differences, inflation adjustments and accretion</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1" decimals="-6" name="tef:IncreaseDecreaseInProvisionsForTerminationPlansDueToTranslationDifferencesAndAccretion" scale="6" id="f-5818">68</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Provisions for termination plans at 12/31/2024</span></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-12" decimals="-6" name="tef:ProvisionsForTerminationPlans" format="ixt:num-dot-decimal" scale="6" id="f-5819">1,579</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr></table></div></ix:nonNumeric><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Telef&#243;nica Spain </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On December 28, 2023 certain subsidiaries of Telef&#243;nica Spain, taking into account the concurrence of productive, organizational and technical causes, reached an agreement with the most representative Trade Unions for the execution of collective redundancies up to a total of <ix:nonFraction unitRef="worker" contextRef="c-153" decimals="INF" name="tef:RestructuringPlanNumberOfWorkers" format="ixt:num-dot-decimal" scale="0" id="f-5820">3,420</ix:nonFraction> employees, to which employees turned <ix:nonFraction unitRef="y" contextRef="c-154" decimals="INF" name="tef:RestructuringPlanMinimumAgeOfEmployees" scale="0" id="f-5821">56</ix:nonFraction> years or older during 2024 and with a seniority of more than <ix:nonFraction unitRef="y" contextRef="c-154" decimals="INF" name="tef:RestructuringPlanMinimumSeniorityOfEmployees" scale="0" id="f-5822">15</ix:nonFraction> years were adhered (see Note 2). This agreement was endorsed on January 3, 2024.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">As a consequence of these agreements, a provision of <ix:nonFraction unitRef="eur" contextRef="c-225" decimals="-6" name="ifrs-full:ExpenseOfRestructuringActivities" format="ixt:num-dot-decimal" scale="6" id="f-5823">1,299</ix:nonFraction> million euros were recorded, charged to the personnel expenses heading of the consolidated income statement in 2023. This provision stood at <ix:nonFraction unitRef="eur" contextRef="c-202" decimals="-6" name="ifrs-full:ExpenseOfRestructuringActivities" format="ixt:num-dot-decimal" scale="6" id="f-5824">1,248</ix:nonFraction> million euros at December 31, 2024, of which <ix:nonFraction unitRef="eur" contextRef="c-509" decimals="-6" name="ifrs-full:ShorttermRestructuringProvision" scale="6" id="f-5825">231</ix:nonFraction> million euros were classified as current (<span id="i556b0c3ae76c41449f04c06316ced084_9689"></span><ix:nonFraction unitRef="eur" contextRef="c-510" decimals="-6" name="ifrs-full:ShorttermRestructuringProvision" scale="6" id="f-5826">107</ix:nonFraction> million euros in 2023).</span></div></ix:continuation><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">F-112</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><ix:continuation id="f-5752-2" continuedAt="f-5752-3"><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The discount rate used for this termination plan at December&#160;31, 2024 was <ix:nonFraction unitRef="number" contextRef="c-1933" decimals="4" name="ifrs-full:ActuarialAssumptionOfDiscountRates" scale="-2" id="f-5827">2.76</ix:nonFraction>% with an average plan length of <ix:nonNumeric contextRef="c-1934" name="ifrs-full:WeightedAverageDurationOfDefinedBenefitObligation2019" format="ixt-sec:duryear" id="f-5828">3.19</ix:nonNumeric> years.   </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Additionally, in 2023 the III Collective Bargaining Agreement was signed, valid until December 31, 2026 and extendable for another year, with the aim of moving towards a more digital, flexible company prepared for future challenges in a highly competitive context and deep transformation.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Post-employment defined benefit plans </span></div><ix:nonNumeric contextRef="c-1" name="ifrs-full:DisclosureOfDefinedBenefitPlansExplanatory" id="f-5829" escape="true"><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Group has a number of defined benefit plans in the countries where it operates. The following tables present the main data of these plans:</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"/><td style="width:27.993%"/><td style="width:0.1%"/><td colspan="3" style="display:none"/><td style="width:1.0%"/><td style="width:13.081%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:13.081%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:13.081%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:13.081%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:13.083%"/><td style="width:0.1%"/></tr><tr><td colspan="18" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">12/31/2024</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Millions of euros</span></td><td colspan="3" style="display:none"/><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Germany</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Brazil</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Hispam</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Others</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total</span></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Obligation</span></td><td colspan="3" style="display:none"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1935" decimals="-6" name="ifrs-full:LiabilityAssetOfDefinedBenefitPlans" scale="6" id="f-5830">226</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1936" decimals="-6" name="ifrs-full:LiabilityAssetOfDefinedBenefitPlans" scale="6" id="f-5831">544</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1937" decimals="-6" name="ifrs-full:LiabilityAssetOfDefinedBenefitPlans" scale="6" id="f-5832">75</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1938" decimals="-6" name="ifrs-full:LiabilityAssetOfDefinedBenefitPlans" scale="6" id="f-5833">17</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1939" decimals="-6" name="ifrs-full:LiabilityAssetOfDefinedBenefitPlans" scale="6" id="f-5834">862</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Assets</span></td><td colspan="3" style="display:none"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1940" decimals="-6" sign="-" name="ifrs-full:LiabilityAssetOfDefinedBenefitPlans" scale="6" id="f-5835">106</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1941" decimals="-6" sign="-" name="ifrs-full:LiabilityAssetOfDefinedBenefitPlans" scale="6" id="f-5836">628</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1942" decimals="-6" name="ifrs-full:LiabilityAssetOfDefinedBenefitPlans" format="ixt:fixed-zero" scale="6" id="f-5837">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1943" decimals="-6" sign="-" name="ifrs-full:LiabilityAssetOfDefinedBenefitPlans" scale="6" id="f-5838">17</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1944" decimals="-6" sign="-" name="ifrs-full:LiabilityAssetOfDefinedBenefitPlans" scale="6" id="f-5839">751</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Net provision before asset ceiling</span></td><td colspan="3" style="display:none"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1945" decimals="-6" name="ifrs-full:LiabilityAssetOfDefinedBenefitPlans" scale="6" id="f-5840">120</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1946" decimals="-6" sign="-" name="ifrs-full:LiabilityAssetOfDefinedBenefitPlans" scale="6" id="f-5841">84</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1947" decimals="-6" name="ifrs-full:LiabilityAssetOfDefinedBenefitPlans" scale="6" id="f-5842">75</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1948" decimals="-6" name="ifrs-full:LiabilityAssetOfDefinedBenefitPlans" format="ixt:fixed-zero" scale="6" id="f-5843">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1949" decimals="-6" name="ifrs-full:LiabilityAssetOfDefinedBenefitPlans" scale="6" id="f-5844">111</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Asset ceiling</span></td><td colspan="3" style="display:none"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1950" decimals="-6" name="ifrs-full:LiabilityAssetOfDefinedBenefitPlans" format="ixt:fixed-zero" scale="6" id="f-5845">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1951" decimals="-6" name="ifrs-full:LiabilityAssetOfDefinedBenefitPlans" scale="6" id="f-5846">173</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1952" decimals="-6" name="ifrs-full:LiabilityAssetOfDefinedBenefitPlans" format="ixt:fixed-zero" scale="6" id="f-5847">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1953" decimals="-6" name="ifrs-full:LiabilityAssetOfDefinedBenefitPlans" format="ixt:fixed-zero" scale="6" id="f-5848">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1954" decimals="-6" name="ifrs-full:LiabilityAssetOfDefinedBenefitPlans" scale="6" id="f-5849">173</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total</span></td><td colspan="3" style="display:none"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1955" decimals="-6" name="ifrs-full:LiabilityAssetOfDefinedBenefitPlans" scale="6" id="f-5850">120</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1956" decimals="-6" name="ifrs-full:LiabilityAssetOfDefinedBenefitPlans" scale="6" id="f-5851">89</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1957" decimals="-6" name="ifrs-full:LiabilityAssetOfDefinedBenefitPlans" scale="6" id="f-5852">75</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1958" decimals="-6" name="ifrs-full:LiabilityAssetOfDefinedBenefitPlans" format="ixt:fixed-zero" scale="6" id="f-5853">&#8212;</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1959" decimals="-6" name="ifrs-full:LiabilityAssetOfDefinedBenefitPlans" scale="6" id="f-5854">284</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Net provision</span></td><td colspan="3" style="display:none"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1955" decimals="-6" name="tef:ProvisionsForDefinedBenefitPlans" scale="6" id="f-5855">130</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1956" decimals="-6" name="tef:ProvisionsForDefinedBenefitPlans" scale="6" id="f-5856">113</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1957" decimals="-6" name="tef:ProvisionsForDefinedBenefitPlans" scale="6" id="f-5857">90</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1958" decimals="-6" name="tef:ProvisionsForDefinedBenefitPlans" scale="6" id="f-5858">6</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1959" decimals="-6" name="tef:ProvisionsForDefinedBenefitPlans" scale="6" id="f-5859">339</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Net assets</span></td><td colspan="3" style="display:none"/><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1955" decimals="-6" sign="-" name="tef:LiabilityAssetOfDefinedBenefitPlansNetOfProvisions" scale="6" id="f-5860">10</ix:nonFraction>&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1956" decimals="-6" sign="-" name="tef:LiabilityAssetOfDefinedBenefitPlansNetOfProvisions" scale="6" id="f-5861">24</ix:nonFraction>&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1957" decimals="-6" sign="-" name="tef:LiabilityAssetOfDefinedBenefitPlansNetOfProvisions" scale="6" id="f-5862">15</ix:nonFraction>&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1958" decimals="-6" sign="-" name="tef:LiabilityAssetOfDefinedBenefitPlansNetOfProvisions" scale="6" id="f-5863">6</ix:nonFraction>&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1959" decimals="-6" sign="-" name="tef:LiabilityAssetOfDefinedBenefitPlansNetOfProvisions" scale="6" id="f-5864">55</ix:nonFraction>&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr></table></div><div style="margin-bottom:9pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"/><td style="width:27.993%"/><td style="width:0.1%"/><td colspan="3" style="display:none"/><td style="width:1.0%"/><td style="width:13.081%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:13.081%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:13.081%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:13.081%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:13.083%"/><td style="width:0.1%"/></tr><tr><td colspan="18" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">12/31/2023</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Millions of euros</span></td><td colspan="3" style="display:none"/><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Germany</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Brazil</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Hispam</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Others</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total</span></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Obligation</span></td><td colspan="3" style="display:none"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1960" decimals="-6" name="ifrs-full:LiabilityAssetOfDefinedBenefitPlans" scale="6" id="f-5865">236</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1961" decimals="-6" name="ifrs-full:LiabilityAssetOfDefinedBenefitPlans" scale="6" id="f-5866">764</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1962" decimals="-6" name="ifrs-full:LiabilityAssetOfDefinedBenefitPlans" scale="6" id="f-5867">74</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1963" decimals="-6" name="ifrs-full:LiabilityAssetOfDefinedBenefitPlans" scale="6" id="f-5868">15</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1964" decimals="-6" name="ifrs-full:LiabilityAssetOfDefinedBenefitPlans" format="ixt:num-dot-decimal" scale="6" id="f-5869">1,089</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Assets</span></td><td colspan="3" style="display:none"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1965" decimals="-6" sign="-" name="ifrs-full:LiabilityAssetOfDefinedBenefitPlans" scale="6" id="f-5870">103</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1966" decimals="-6" sign="-" name="ifrs-full:LiabilityAssetOfDefinedBenefitPlans" scale="6" id="f-5871">777</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1967" decimals="-6" name="ifrs-full:LiabilityAssetOfDefinedBenefitPlans" format="ixt:fixed-zero" scale="6" id="f-5872">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1968" decimals="-6" sign="-" name="ifrs-full:LiabilityAssetOfDefinedBenefitPlans" scale="6" id="f-5873">14</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1969" decimals="-6" sign="-" name="ifrs-full:LiabilityAssetOfDefinedBenefitPlans" scale="6" id="f-5874">894</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Net provision before asset ceiling</span></td><td colspan="3" style="display:none"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1970" decimals="-6" name="ifrs-full:LiabilityAssetOfDefinedBenefitPlans" scale="6" id="f-5875">133</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1971" decimals="-6" sign="-" name="ifrs-full:LiabilityAssetOfDefinedBenefitPlans" scale="6" id="f-5876">13</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1972" decimals="-6" name="ifrs-full:LiabilityAssetOfDefinedBenefitPlans" scale="6" id="f-5877">74</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1973" decimals="-6" name="ifrs-full:LiabilityAssetOfDefinedBenefitPlans" scale="6" id="f-5878">1</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1974" decimals="-6" name="ifrs-full:LiabilityAssetOfDefinedBenefitPlans" scale="6" id="f-5879">195</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Asset ceiling</span></td><td colspan="3" style="display:none"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1975" decimals="-6" name="ifrs-full:LiabilityAssetOfDefinedBenefitPlans" format="ixt:fixed-zero" scale="6" id="f-5880">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1976" decimals="-6" name="ifrs-full:LiabilityAssetOfDefinedBenefitPlans" scale="6" id="f-5881">200</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1977" decimals="-6" name="ifrs-full:LiabilityAssetOfDefinedBenefitPlans" format="ixt:fixed-zero" scale="6" id="f-5882">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1978" decimals="-6" name="ifrs-full:LiabilityAssetOfDefinedBenefitPlans" format="ixt:fixed-zero" scale="6" id="f-5883">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1979" decimals="-6" name="ifrs-full:LiabilityAssetOfDefinedBenefitPlans" scale="6" id="f-5884">200</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total</span></td><td colspan="3" style="display:none"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1980" decimals="-6" name="ifrs-full:LiabilityAssetOfDefinedBenefitPlans" scale="6" id="f-5885">133</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1981" decimals="-6" name="ifrs-full:LiabilityAssetOfDefinedBenefitPlans" scale="6" id="f-5886">187</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1982" decimals="-6" name="ifrs-full:LiabilityAssetOfDefinedBenefitPlans" scale="6" id="f-5887">74</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1983" decimals="-6" name="ifrs-full:LiabilityAssetOfDefinedBenefitPlans" scale="6" id="f-5888">1</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1984" decimals="-6" name="ifrs-full:LiabilityAssetOfDefinedBenefitPlans" scale="6" id="f-5889">395</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Net provision</span></td><td colspan="3" style="display:none"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1980" decimals="-6" name="tef:ProvisionsForDefinedBenefitPlans" scale="6" id="f-5890">143</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1981" decimals="-6" name="tef:ProvisionsForDefinedBenefitPlans" scale="6" id="f-5891">201</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1982" decimals="-6" name="tef:ProvisionsForDefinedBenefitPlans" scale="6" id="f-5892">86</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1983" decimals="-6" name="tef:ProvisionsForDefinedBenefitPlans" scale="6" id="f-5893">10</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1984" decimals="-6" name="tef:ProvisionsForDefinedBenefitPlans" scale="6" id="f-5894">440</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Net assets</span></td><td colspan="3" style="display:none"/><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1980" decimals="-6" sign="-" name="tef:LiabilityAssetOfDefinedBenefitPlansNetOfProvisions" scale="6" id="f-5895">10</ix:nonFraction>&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1981" decimals="-6" sign="-" name="tef:LiabilityAssetOfDefinedBenefitPlansNetOfProvisions" scale="6" id="f-5896">14</ix:nonFraction>&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1982" decimals="-6" sign="-" name="tef:LiabilityAssetOfDefinedBenefitPlansNetOfProvisions" scale="6" id="f-5897">12</ix:nonFraction>&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1983" decimals="-6" sign="-" name="tef:LiabilityAssetOfDefinedBenefitPlansNetOfProvisions" scale="6" id="f-5898">9</ix:nonFraction>&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1984" decimals="-6" sign="-" name="tef:LiabilityAssetOfDefinedBenefitPlansNetOfProvisions" scale="6" id="f-5899">45</ix:nonFraction>&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr></table></div></ix:nonNumeric><ix:nonNumeric contextRef="c-1" name="ifrs-full:DisclosureOfNetDefinedBenefitLiabilityAssetExplanatory" id="f-5900" continuedAt="f-5900-1" escape="true"><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The movement in the present value of obligations in 2024 and 2023 is as follows:</span></div></ix:nonNumeric></ix:continuation><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">F-113</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><ix:continuation id="f-5752-3" continuedAt="f-5752-4"><ix:continuation id="f-5900-1"><div style="margin-bottom:9pt;text-align:justify"><span style="color:#006476;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"/><td style="width:39.689%"/><td style="width:0.1%"/><td colspan="3" style="display:none"/><td style="width:1.0%"/><td style="width:10.742%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:10.742%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:10.742%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:10.742%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:10.743%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Millions of euros</span></td><td colspan="3" style="display:none"/><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Germany</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Brazil</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Hispam</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Other</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total</span></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Present value of obligation at 12/31/2022</span></td><td colspan="3" style="display:none"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1985" decimals="-6" name="ifrs-full:LiabilityAssetOfDefinedBenefitPlans" scale="6" id="f-5901">208</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1986" decimals="-6" name="ifrs-full:LiabilityAssetOfDefinedBenefitPlans" scale="6" id="f-5902">622</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1987" decimals="-6" name="ifrs-full:LiabilityAssetOfDefinedBenefitPlans" scale="6" id="f-5903">64</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1988" decimals="-6" name="ifrs-full:LiabilityAssetOfDefinedBenefitPlans" scale="6" id="f-5904">19</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1989" decimals="-6" name="ifrs-full:LiabilityAssetOfDefinedBenefitPlans" scale="6" id="f-5905">913</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Translation differences</span></td><td colspan="3" style="display:none"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1990" decimals="-6" name="ifrs-full:IncreaseDecreaseThroughChangesInForeignExchangeRatesNetDefinedBenefitLiabilityAsset" format="ixt:fixed-zero" scale="6" id="f-5906">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1991" decimals="-6" name="ifrs-full:IncreaseDecreaseThroughChangesInForeignExchangeRatesNetDefinedBenefitLiabilityAsset" scale="6" id="f-5907">27</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1992" decimals="-6" name="ifrs-full:IncreaseDecreaseThroughChangesInForeignExchangeRatesNetDefinedBenefitLiabilityAsset" scale="6" id="f-5908">4</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1993" decimals="-6" name="ifrs-full:IncreaseDecreaseThroughChangesInForeignExchangeRatesNetDefinedBenefitLiabilityAsset" format="ixt:fixed-zero" scale="6" id="f-5909">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1994" decimals="-6" name="ifrs-full:IncreaseDecreaseThroughChangesInForeignExchangeRatesNetDefinedBenefitLiabilityAsset" scale="6" id="f-5910">31</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Current service cost</span></td><td colspan="3" 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2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1992" decimals="-6" name="ifrs-full:CurrentServiceCostNetDefinedBenefitLiabilityAsset" scale="6" id="f-5913">5</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1993" decimals="-6" name="ifrs-full:CurrentServiceCostNetDefinedBenefitLiabilityAsset" scale="6" id="f-5914">1</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1994" decimals="-6" name="ifrs-full:CurrentServiceCostNetDefinedBenefitLiabilityAsset" scale="6" id="f-5915">19</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Interest cost</span></td><td colspan="3" style="display:none"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1990" decimals="-6" name="ifrs-full:InterestExpenseIncomeNetDefinedBenefitLiabilityAsset" scale="6" id="f-5916">8</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1991" decimals="-6" name="ifrs-full:InterestExpenseIncomeNetDefinedBenefitLiabilityAsset" scale="6" id="f-5917">61</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 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solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1994" decimals="-6" name="ifrs-full:InterestExpenseIncomeNetDefinedBenefitLiabilityAsset" scale="6" id="f-5920">78</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Actuarial losses and gains</span></td><td colspan="3" style="display:none"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1990" decimals="-6" sign="-" name="ifrs-full:GainLossOnRemeasurementOfNetDefinedBenefitLiabilityAsset" scale="6" id="f-5921">15</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1991" decimals="-6" sign="-" name="ifrs-full:GainLossOnRemeasurementOfNetDefinedBenefitLiabilityAsset" scale="6" id="f-5922">101</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid 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0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1994" decimals="-6" sign="-" name="ifrs-full:GainLossOnRemeasurementOfNetDefinedBenefitLiabilityAsset" scale="6" id="f-5925">118</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Benefits paid</span></td><td colspan="3" style="display:none"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1990" decimals="-6" name="ifrs-full:PaymentsFromPlanNetDefinedBenefitLiabilityAsset" scale="6" id="f-5926">6</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1991" decimals="-6" name="ifrs-full:PaymentsFromPlanNetDefinedBenefitLiabilityAsset" scale="6" id="f-5927">49</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 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style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1992" decimals="-6" sign="-" name="tef:Plancurtailmentnetdefinedbenefitliabilityasset" scale="6" id="f-5933">3</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1993" decimals="-6" name="tef:Plancurtailmentnetdefinedbenefitliabilityasset" format="ixt:fixed-zero" scale="6" id="f-5934">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1994" decimals="-6" sign="-" name="tef:Plancurtailmentnetdefinedbenefitliabilityasset" scale="6" id="f-5935">3</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Other movements</span></td><td colspan="3" style="display:none"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1990" decimals="-6" name="ifrs-full:IncreaseDecreaseThroughOtherChangesNetDefinedBenefitLiabilityAsset" format="ixt:fixed-zero" scale="6" id="f-5936">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid 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name="ifrs-full:IncreaseDecreaseThroughOtherChangesNetDefinedBenefitLiabilityAsset" scale="6" id="f-5938">1</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1993" decimals="-6" sign="-" name="ifrs-full:IncreaseDecreaseThroughOtherChangesNetDefinedBenefitLiabilityAsset" scale="6" id="f-5939">5</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1994" decimals="-6" sign="-" name="ifrs-full:IncreaseDecreaseThroughOtherChangesNetDefinedBenefitLiabilityAsset" scale="6" id="f-5940">6</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Present value of obligation at 12/31/2023</span></td><td colspan="3" style="display:none"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1960" 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style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1964" decimals="-6" name="ifrs-full:LiabilityAssetOfDefinedBenefitPlans" format="ixt:num-dot-decimal" scale="6" id="f-5945">1,089</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">First application of IAS 21</span></td><td colspan="3" style="display:none"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1995" decimals="-6" name="ifrs-full:LiabilityAssetOfDefinedBenefitPlans" format="ixt:fixed-zero" scale="6" id="f-5946">&#8212;</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1996" decimals="-6" name="ifrs-full:LiabilityAssetOfDefinedBenefitPlans" format="ixt:fixed-zero" scale="6" id="f-5947">&#8212;</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1997" decimals="-6" name="ifrs-full:LiabilityAssetOfDefinedBenefitPlans" scale="6" id="f-5948">6</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1998" decimals="-6" name="ifrs-full:LiabilityAssetOfDefinedBenefitPlans" format="ixt:fixed-zero" scale="6" id="f-5949">&#8212;</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1999" decimals="-6" name="ifrs-full:LiabilityAssetOfDefinedBenefitPlans" scale="6" id="f-5950">6</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Translation differences</span></td><td colspan="3" style="display:none"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2000" decimals="-6" name="ifrs-full:IncreaseDecreaseThroughChangesInForeignExchangeRatesNetDefinedBenefitLiabilityAsset" format="ixt:fixed-zero" scale="6" id="f-5951">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-2001" decimals="-6" sign="-" name="ifrs-full:IncreaseDecreaseThroughChangesInForeignExchangeRatesNetDefinedBenefitLiabilityAsset" scale="6" id="f-5952">119</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-2002" decimals="-6" sign="-" name="ifrs-full:IncreaseDecreaseThroughChangesInForeignExchangeRatesNetDefinedBenefitLiabilityAsset" scale="6" id="f-5953">10</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2003" decimals="-6" name="ifrs-full:IncreaseDecreaseThroughChangesInForeignExchangeRatesNetDefinedBenefitLiabilityAsset" scale="6" id="f-5954">1</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-2004" decimals="-6" sign="-" name="ifrs-full:IncreaseDecreaseThroughChangesInForeignExchangeRatesNetDefinedBenefitLiabilityAsset" scale="6" id="f-5955">128</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Current service cost</span></td><td colspan="3" style="display:none"/><td 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1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2002" decimals="-6" name="ifrs-full:InterestExpenseIncomeNetDefinedBenefitLiabilityAsset" scale="6" id="f-5963">18</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2003" decimals="-6" name="ifrs-full:InterestExpenseIncomeNetDefinedBenefitLiabilityAsset" scale="6" id="f-5964">1</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2004" decimals="-6" name="ifrs-full:InterestExpenseIncomeNetDefinedBenefitLiabilityAsset" scale="6" id="f-5965">89</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Actuarial losses and gains</span></td><td colspan="3" style="display:none"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-2000" decimals="-6" name="ifrs-full:GainLossOnRemeasurementOfNetDefinedBenefitLiabilityAsset" scale="6" id="f-5966">23</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-2001" decimals="-6" name="ifrs-full:GainLossOnRemeasurementOfNetDefinedBenefitLiabilityAsset" scale="6" id="f-5967">118</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 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style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-2002" decimals="-6" sign="-" name="tef:Plancurtailmentnetdefinedbenefitliabilityasset" scale="6" id="f-5978">3</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2003" decimals="-6" name="tef:Plancurtailmentnetdefinedbenefitliabilityasset" format="ixt:fixed-zero" scale="6" id="f-5979">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 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style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2001" decimals="-6" name="ifrs-full:IncreaseDecreaseThroughOtherChangesNetDefinedBenefitLiabilityAsset" format="ixt:fixed-zero" scale="6" id="f-5982">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-2002" decimals="-6" sign="-" name="ifrs-full:IncreaseDecreaseThroughOtherChangesNetDefinedBenefitLiabilityAsset" scale="6" id="f-5983">2</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2003" decimals="-6" name="ifrs-full:IncreaseDecreaseThroughOtherChangesNetDefinedBenefitLiabilityAsset" format="ixt:fixed-zero" scale="6" id="f-5984">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-2004" decimals="-6" sign="-" name="ifrs-full:IncreaseDecreaseThroughOtherChangesNetDefinedBenefitLiabilityAsset" scale="6" id="f-5985">2</ix:nonFraction>)</span></td><td style="border-top:1pt 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style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1937" decimals="-6" name="ifrs-full:LiabilityAssetOfDefinedBenefitPlans" scale="6" id="f-5988">75</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1938" decimals="-6" name="ifrs-full:LiabilityAssetOfDefinedBenefitPlans" scale="6" id="f-5989">17</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1939" decimals="-6" name="ifrs-full:LiabilityAssetOfDefinedBenefitPlans" scale="6" id="f-5990">862</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr></table></div></ix:continuation><ix:nonNumeric contextRef="c-1" name="ifrs-full:DisclosureOfFairValueOfPlanAssetsExplanatory" id="f-5991" escape="true"><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Movements in the fair value of plan assets in 2024 and 2023 are as follows:</span><span style="color:#006476;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span></div><div style="margin-bottom:70pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"/><td style="width:40.420%"/><td style="width:0.1%"/><td colspan="3" style="display:none"/><td style="width:1.0%"/><td style="width:13.519%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:13.519%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:13.519%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:13.523%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Millions of euros</span></td><td colspan="3" style="display:none"/><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Germany</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Brazil</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Other</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total</span></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Fair value of plan assets at 12/31/2022</span></td><td colspan="3" style="display:none"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2005" decimals="-6" sign="-" name="ifrs-full:LiabilityAssetOfDefinedBenefitPlans" scale="6" id="f-5992">101</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2006" decimals="-6" sign="-" name="ifrs-full:LiabilityAssetOfDefinedBenefitPlans" scale="6" id="f-5993">751</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid 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style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Translation differences</span></td><td colspan="3" style="display:none"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2009" decimals="-6" name="ifrs-full:IncreaseDecreaseThroughChangesInForeignExchangeRatesNetDefinedBenefitLiabilityAsset" format="ixt:fixed-zero" scale="6" id="f-5996">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2010" decimals="-6" sign="-" name="ifrs-full:IncreaseDecreaseThroughChangesInForeignExchangeRatesNetDefinedBenefitLiabilityAsset" scale="6" id="f-5997">31</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2011" decimals="-6" name="ifrs-full:IncreaseDecreaseThroughChangesInForeignExchangeRatesNetDefinedBenefitLiabilityAsset" format="ixt:fixed-zero" scale="6" id="f-5998">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2012" decimals="-6" sign="-" name="ifrs-full:IncreaseDecreaseThroughChangesInForeignExchangeRatesNetDefinedBenefitLiabilityAsset" scale="6" id="f-5999">31</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Interest income</span></td><td colspan="3" style="display:none"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2009" decimals="-6" sign="-" name="ifrs-full:InterestExpenseIncomeNetDefinedBenefitLiabilityAsset" scale="6" id="f-6000">3</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2010" decimals="-6" sign="-" name="ifrs-full:InterestExpenseIncomeNetDefinedBenefitLiabilityAsset" scale="6" id="f-6001">74</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2011" decimals="-6" name="ifrs-full:InterestExpenseIncomeNetDefinedBenefitLiabilityAsset" format="ixt:fixed-zero" scale="6" id="f-6002">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2012" decimals="-6" sign="-" name="ifrs-full:InterestExpenseIncomeNetDefinedBenefitLiabilityAsset" scale="6" id="f-6003">77</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Actuarial losses and gains</span></td><td colspan="3" style="display:none"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2009" decimals="-6" name="ifrs-full:GainLossOnRemeasurementOfNetDefinedBenefitLiabilityAsset" format="ixt:fixed-zero" scale="6" id="f-6004">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-2010" decimals="-6" name="ifrs-full:GainLossOnRemeasurementOfNetDefinedBenefitLiabilityAsset" scale="6" id="f-6005">30</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span 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unitRef="eur" contextRef="c-2010" decimals="-6" name="ifrs-full:ContributionsToPlanByEmployerNetDefinedBenefitLiabilityAsset" format="ixt:fixed-zero" scale="6" id="f-6009">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2011" decimals="-6" name="ifrs-full:ContributionsToPlanByEmployerNetDefinedBenefitLiabilityAsset" format="ixt:fixed-zero" scale="6" id="f-6010">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span 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style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2010" decimals="-6" name="tef:Increasedecreasethroughtransfersnetdefinedbenefitliabilityasset" format="ixt:fixed-zero" scale="6" id="f-6017">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-2011" decimals="-6" sign="-" name="tef:Increasedecreasethroughtransfersnetdefinedbenefitliabilityasset" scale="6" id="f-6018">4</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid 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style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2011" decimals="-6" name="ifrs-full:IncreaseDecreaseThroughOtherChangesNetDefinedBenefitLiabilityAsset" format="ixt:fixed-zero" scale="6" id="f-6022">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-2012" decimals="-6" name="ifrs-full:IncreaseDecreaseThroughOtherChangesNetDefinedBenefitLiabilityAsset" scale="6" id="f-6023">4</ix:nonFraction>)</span></td><td style="border-top:1pt solid 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0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1966" decimals="-6" sign="-" name="ifrs-full:LiabilityAssetOfDefinedBenefitPlans" scale="6" id="f-6025">777</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1968" decimals="-6" sign="-" name="ifrs-full:LiabilityAssetOfDefinedBenefitPlans" scale="6" id="f-6026">14</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1969" decimals="-6" sign="-" name="ifrs-full:LiabilityAssetOfDefinedBenefitPlans" scale="6" id="f-6027">894</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Translation differences</span></td><td colspan="3" style="display:none"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2013" decimals="-6" name="ifrs-full:IncreaseDecreaseThroughChangesInForeignExchangeRatesNetDefinedBenefitLiabilityAsset" format="ixt:fixed-zero" scale="6" id="f-6028">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-2014" decimals="-6" name="ifrs-full:IncreaseDecreaseThroughChangesInForeignExchangeRatesNetDefinedBenefitLiabilityAsset" scale="6" id="f-6029">129</ix:nonFraction>)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2015" decimals="-6" sign="-" name="ifrs-full:IncreaseDecreaseThroughChangesInForeignExchangeRatesNetDefinedBenefitLiabilityAsset" scale="6" id="f-6030">1</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-2016" decimals="-6" name="ifrs-full:IncreaseDecreaseThroughChangesInForeignExchangeRatesNetDefinedBenefitLiabilityAsset" scale="6" id="f-6031">128</ix:nonFraction>)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Interest income</span></td><td colspan="3" style="display:none"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2013" decimals="-6" sign="-" name="ifrs-full:InterestExpenseIncomeNetDefinedBenefitLiabilityAsset" scale="6" id="f-6032">4</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2014" decimals="-6" sign="-" name="ifrs-full:InterestExpenseIncomeNetDefinedBenefitLiabilityAsset" scale="6" id="f-6033">63</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2015" decimals="-6" name="ifrs-full:InterestExpenseIncomeNetDefinedBenefitLiabilityAsset" format="ixt:fixed-zero" scale="6" id="f-6034">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2016" decimals="-6" sign="-" name="ifrs-full:InterestExpenseIncomeNetDefinedBenefitLiabilityAsset" scale="6" id="f-6035">67</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Actuarial losses and gains</span></td><td colspan="3" style="display:none"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2013" decimals="-6" name="ifrs-full:GainLossOnRemeasurementOfNetDefinedBenefitLiabilityAsset" format="ixt:fixed-zero" scale="6" id="f-6036">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-2014" decimals="-6" name="ifrs-full:GainLossOnRemeasurementOfNetDefinedBenefitLiabilityAsset" scale="6" id="f-6037">31</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2015" decimals="-6" name="ifrs-full:GainLossOnRemeasurementOfNetDefinedBenefitLiabilityAsset" format="ixt:fixed-zero" scale="6" id="f-6038">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-2016" decimals="-6" name="ifrs-full:GainLossOnRemeasurementOfNetDefinedBenefitLiabilityAsset" scale="6" id="f-6039">31</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Company contributions</span></td><td colspan="3" style="display:none"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span 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id="f-6057">628</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1943" decimals="-6" sign="-" name="ifrs-full:LiabilityAssetOfDefinedBenefitPlans" scale="6" id="f-6058">17</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1944" decimals="-6" sign="-" name="ifrs-full:LiabilityAssetOfDefinedBenefitPlans" scale="6" id="f-6059">751</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr></table></div></ix:nonNumeric></ix:continuation><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">F-114</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><ix:continuation id="f-5752-4" continuedAt="f-5752-5"><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Telef&#243;nica Brazil post-employment benefit plans</span></div><ix:nonNumeric contextRef="c-1" name="ifrs-full:DisclosureOfDefinedContributionPlansExplanatory" id="f-6060" escape="true"><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Telef&#243;nica Brazil sponsors the following post-employment benefit plans: </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.853%"><tr><td style="width:1.0%"/><td style="width:43.263%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:14.859%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:38.578%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Plans</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Management entity</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Sponsor</span></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Health plans</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Plano de Assist&#234;ncia M&#233;dica ao Aposentado y Programa de Coberturas Especiais (PAMA/PCE)</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Funda&#231;&#227;o Sistel de Seguridade Social</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#244;nica Brasil, jointly and severally with other companies resulting from the privatization of Telebr&#225;s (Telecomunica&#231;&#245;es Brasileiras, S.A.)</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Assistencia m&#233;dica &#8211; Lei 9.656/98</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#244;nica Brasil</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#244;nica Brasil, Terra Networks, TGLog, TIS, IoTCo Brasil and CloudCo Brasil</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Pension plans</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">PBS Assistidos (PBS-A)<br/>&#160;</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Funda&#231;&#227;o 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1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#244;nica Brasil</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#244;nica BD</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Vis&#227;o Prev</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#244;nica Brasil</span></td></tr><tr><td colspan="3" style="border-bottom:2pt solid 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escape="true"><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The main actuarial assumptions used in valuing these plans are as follows: </span></div><div style="margin-top:9pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.853%"><tr><td style="width:1.0%"/><td style="width:60.832%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:18.226%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:17.642%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">12/31/2024</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">12/31/2023</span></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Discount rate</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-2017" decimals="4" name="ifrs-full:ActuarialAssumptionOfDiscountRates" scale="-2" id="f-6062">11.07</ix:nonFraction>% - <ix:nonFraction unitRef="number" contextRef="c-2018" decimals="4" name="ifrs-full:ActuarialAssumptionOfDiscountRates" scale="-2" id="f-6063">11.67</ix:nonFraction>%</span></div></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-2019" decimals="4" name="ifrs-full:ActuarialAssumptionOfDiscountRates" scale="-2" id="f-6064">8.90</ix:nonFraction>% - <ix:nonFraction unitRef="number" contextRef="c-2020" decimals="4" name="ifrs-full:ActuarialAssumptionOfDiscountRates" scale="-2" id="f-6065">9.18</ix:nonFraction>%</span></div></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Nominal rate of salary increase</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-2017" decimals="4" name="ifrs-full:ActuarialAssumptionOfExpectedRatesOfSalaryIncreases" scale="-2" id="f-6066">4.57</ix:nonFraction>% - <ix:nonFraction unitRef="number" contextRef="c-2018" decimals="4" name="ifrs-full:ActuarialAssumptionOfExpectedRatesOfSalaryIncreases" scale="-2" id="f-6067">6.60</ix:nonFraction>%</span></div></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-2019" decimals="4" name="ifrs-full:ActuarialAssumptionOfExpectedRatesOfSalaryIncreases" scale="-2" id="f-6068">4.57</ix:nonFraction>% - <ix:nonFraction unitRef="number" contextRef="c-2020" decimals="4" name="ifrs-full:ActuarialAssumptionOfExpectedRatesOfSalaryIncreases" scale="-2" id="f-6069">6.60</ix:nonFraction>%</span></div></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Long-term inflation rate</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-2021" decimals="4" name="ifrs-full:ActuarialAssumptionOfExpectedRatesOfInflation" scale="-2" id="f-6070">3.50</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-2022" decimals="4" name="ifrs-full:ActuarialAssumptionOfExpectedRatesOfInflation" scale="-2" id="f-6071">3.50</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Growth rate for medical costs</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-2021" decimals="4" name="ifrs-full:ActuarialAssumptionOfMedicalCostTrendRates" scale="-2" id="f-6072">6.61</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-2022" decimals="4" name="ifrs-full:ActuarialAssumptionOfMedicalCostTrendRates" scale="-2" id="f-6073">6.61</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td></tr><tr><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Mortality tables</span></td><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">AT 2000 M/F</span></td><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">AT 2000 M/F</span></td></tr></table></div></ix:nonNumeric><ix:nonNumeric contextRef="c-1" name="ifrs-full:DisclosureOfSensitivityAnalysisForActuarialAssumptionsExplanatory" id="f-6074" continuedAt="f-6074-1" escape="true"><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The discount rate and growth rate for medical costs are considered to be the most significant actuarial assumptions with a reasonable possibility of fluctuations depending on demographic and economic changes and may significantly change the amount of the post-employment benefit obligation. The sensitivity to changes in these assumptions is shown below: </span></div><div style="margin-top:9pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.707%"><tr><td style="width:1.0%"/><td style="width:17.228%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:27.785%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:25.292%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:25.295%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Present value of the discounted obligation at the current discount rate</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Present value of the obligation by increasing the discount rate by <ix:nonFraction unitRef="number" contextRef="c-2023" decimals="3" name="ifrs-full:PercentageOfReasonablyPossibleIncreaseInActuarialAssumption" scale="-2" id="f-6075">0.5</ix:nonFraction>%</span></div></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Present value of the obligation by reducing the discount rate by <ix:nonFraction unitRef="number" contextRef="c-2024" decimals="3" name="ifrs-full:PercentageOfReasonablyPossibleDecreaseInActuarialAssumption" scale="-2" id="f-6076">0.5</ix:nonFraction>%</span></div></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Pension plans</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2025" decimals="-6" name="ifrs-full:DefinedBenefitObligationAtPresentValue" scale="6" id="f-6077">304</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2026" decimals="-6" name="ifrs-full:DefinedBenefitObligationAtPresentValue" scale="6" id="f-6078">295</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2027" decimals="-6" name="ifrs-full:DefinedBenefitObligationAtPresentValue" scale="6" id="f-6079">313</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Health plans</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2028" decimals="-6" name="ifrs-full:DefinedBenefitObligationAtPresentValue" scale="6" id="f-6080">241</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2029" decimals="-6" name="ifrs-full:DefinedBenefitObligationAtPresentValue" scale="6" id="f-6081">228</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2030" decimals="-6" name="ifrs-full:DefinedBenefitObligationAtPresentValue" scale="6" id="f-6082">254</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"/></tr><tr><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Total obligation</span></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2031" decimals="-6" name="ifrs-full:DefinedBenefitObligationAtPresentValue" scale="6" id="f-6083">545</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"/><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2023" decimals="-6" name="ifrs-full:DefinedBenefitObligationAtPresentValue" scale="6" id="f-6084">523</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"/><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2024" decimals="-6" name="ifrs-full:DefinedBenefitObligationAtPresentValue" scale="6" id="f-6085">567</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"/></tr></table></div><div style="margin-bottom:9pt;margin-top:9pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.707%"><tr><td style="width:1.0%"/><td style="width:17.228%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:27.785%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:25.292%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:25.295%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Present value of the obligation at the current growth rate for medical costs</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Present value of the obligation by increasing the rate by <ix:nonFraction unitRef="number" contextRef="c-2032" decimals="2" name="ifrs-full:PercentageOfReasonablyPossibleIncreaseInActuarialAssumption" scale="-2" id="f-6086">1</ix:nonFraction>%</span></div></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Present value of the obligation by reducing the rate by <ix:nonFraction unitRef="number" contextRef="c-2033" decimals="2" name="ifrs-full:PercentageOfReasonablyPossibleDecreaseInActuarialAssumption" scale="-2" id="f-6087">1</ix:nonFraction>%</span></div></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Pension plans</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2034" decimals="-6" name="ifrs-full:DefinedBenefitObligationAtPresentValue" scale="6" id="f-6088">304</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2035" decimals="-6" name="ifrs-full:DefinedBenefitObligationAtPresentValue" scale="6" id="f-6089">304</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2036" decimals="-6" name="ifrs-full:DefinedBenefitObligationAtPresentValue" scale="6" id="f-6090">304</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Health plans</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2037" decimals="-6" name="ifrs-full:DefinedBenefitObligationAtPresentValue" scale="6" id="f-6091">241</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2038" decimals="-6" name="ifrs-full:DefinedBenefitObligationAtPresentValue" scale="6" id="f-6092">269</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2039" decimals="-6" name="ifrs-full:DefinedBenefitObligationAtPresentValue" scale="6" id="f-6093">217</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Total obligation</span></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2040" decimals="-6" name="ifrs-full:DefinedBenefitObligationAtPresentValue" scale="6" id="f-6094">545</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2032" decimals="-6" name="ifrs-full:DefinedBenefitObligationAtPresentValue" scale="6" id="f-6095">573</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2033" decimals="-6" name="ifrs-full:DefinedBenefitObligationAtPresentValue" scale="6" id="f-6096">521</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr></table></div></ix:nonNumeric></ix:continuation><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">F-115</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><ix:continuation id="f-5752-5" continuedAt="f-5752-6"><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Other employee benefits </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Telef&#243;nica de Espa&#241;a, Telef&#243;nica M&#243;viles Espa&#241;a and Telef&#243;nica Soluciones Individual Suspension Plans </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In 2015 Telef&#243;nica de Espa&#241;a, S.A.U., Telef&#243;nica M&#243;viles Espa&#241;a, S.A.U. and Telef&#243;nica Soluciones de Inform&#225;tica y Comunicaciones de Espa&#241;a, S.A.U. signed the first Collective Bargaining Agreement of Related Companies (CEV). This agreement considered elements that included a plan of measures for individual suspension of the employment relationship in 2016 and 2017, applying principles of voluntariness, universality, non-discrimination and social responsibility. In December 2016, the Collective Bargaining Agreement of Related Companies was extended until 2018 by virtue of the provisions thereof. In September 2019 Telef&#243;nica Espa&#241;a signed the second Collective Agreement of Related Companies that includes, among other aspects, an "Individual Suspension Plan" that was completely voluntary for the year 2019, with the same conditions as the previous one. In 2021, Telef&#243;nica Espa&#241;a signed a Social Pact for Employment supported by the largest trade unions, which contemplated an Individual Suspension Plan of employment, fully voluntary. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">These plans are based on mutual agreement between the company and employees and entail the possibility of voluntarily suspending the employment relationship for an initial three-year period, renewable for consecutive three-year periods until the retirement age. Employees who meet the age and seniority requirements may enter the Individual Suspension Plans (PSI) in the periods opened for these purposes. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">At the end of each period, the current value of the forecast payment flows to meet the commitments of these programs (applying certain hypotheses regarding estimated number of accessions and future reintegration ratio) is recognized. At 2024 and </span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">2023</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> year-ends, this figure was calculated using </span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">the biometric table PERM2020 published in the resolution of December 17, 2020 combined with the invalidity table published in the ministerial order of 1977 and a high quality credit market based interest rate.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The provision at December&#160;31, 2024 amounted to </span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"><ix:nonFraction unitRef="eur" contextRef="c-2041" decimals="-6" name="ifrs-full:ProvisionsForEmployeeBenefits" format="ixt:num-dot-decimal" scale="6" id="f-6097">3,073</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> million euros (<ix:nonFraction unitRef="eur" contextRef="c-2042" decimals="-6" name="ifrs-full:ProvisionsForEmployeeBenefits" format="ixt:num-dot-decimal" scale="6" id="f-6098">3,648</ix:nonFraction> million euros at December&#160;31, 2023). </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The discount rate used for these provisions at December&#160;31, 2024 was <ix:nonFraction unitRef="number" contextRef="c-2041" decimals="4" name="ifrs-full:ActuarialAssumptionOfDiscountRates" scale="-2" id="f-6099">2.75</ix:nonFraction>% with an average plan length of <ix:nonNumeric contextRef="c-2043" name="tef:WeightedAverageDurationOfPlan" format="ixt-sec:duryear" id="f-6100">2.73</ix:nonNumeric> years.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Sensitivity of the valuation </span></div><ix:continuation id="f-6074-1"><div style="margin-top:9pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The table below shows the sensitivity of the value of termination, post-employment and other obligations, including the Individual Suspension Plans of Telef&#243;nica Group companies in Spain to changes in the discount rate:  </span><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"/><td style="width:23.900%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:23.900%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:23.900%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:23.900%"/><td style="width:0.1%"/></tr><tr><td colspan="6" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">-<ix:nonFraction unitRef="number" contextRef="c-12" decimals="4" name="ifrs-full:PercentageOfReasonablyPossibleDecreaseInActuarialAssumption" scale="-4" id="f-6101">100</ix:nonFraction> bps</span></div></td><td colspan="6" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;+<ix:nonFraction unitRef="number" contextRef="c-12" decimals="4" name="ifrs-full:PercentageOfReasonablyPossibleIncreaseInActuarialAssumption" scale="-4" id="f-6102">100</ix:nonFraction> bps</span></div></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Impact on value</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Impact on income statement</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Impact on value</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Impact on&#160;&#160;income statement</span></td></tr><tr><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-2044" decimals="-6" sign="-" name="ifrs-full:IncreaseDecreaseInDefinedBenefitObligationDueToReasonablyPossibleDecreaseInActuarialAssumption" scale="6" id="f-6103">127</ix:nonFraction>)</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-2044" decimals="-6" name="tef:DecreaseInIncomeDueToReasonablyPossibleIncreaseInActuarialAssumption" scale="6" id="f-6104">127</ix:nonFraction>)</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2044" decimals="-6" name="ifrs-full:IncreaseDecreaseInDefinedBenefitObligationDueToReasonablyPossibleIncreaseInActuarialAssumption" scale="6" id="f-6105">120</ix:nonFraction>&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2044" decimals="-6" name="tef:IncreaseInIncomeDueToReasonablyPossibleDecreaseInActuarialAssumption" scale="6" id="f-6106">120</ix:nonFraction>&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr></table></div></ix:continuation><div style="margin-top:9pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">A 100 b.p. increase in the discount rate would reduce the value of the liabilities by <ix:nonFraction unitRef="eur" contextRef="c-2044" decimals="-6" name="ifrs-full:IncreaseDecreaseInDefinedBenefitObligationDueToReasonablyPossibleIncreaseInActuarialAssumption" scale="6" id="f-6107">120</ix:nonFraction> million euros and have a positive impact on the income statement of <ix:nonFraction unitRef="eur" contextRef="c-2044" decimals="-6" name="tef:IncreaseInIncomeDueToReasonablyPossibleDecreaseInActuarialAssumption" scale="6" id="f-6108">120</ix:nonFraction> million euros before tax. On the other hand, a 100 b.p. decrease in the discount rate would increase the value of the liabilities by <ix:nonFraction unitRef="eur" contextRef="c-2044" decimals="-6" sign="-" name="ifrs-full:IncreaseDecreaseInDefinedBenefitObligationDueToReasonablyPossibleDecreaseInActuarialAssumption" scale="6" id="f-6109">127</ix:nonFraction> million euros and have a negative impact on the income statement of <ix:nonFraction unitRef="eur" contextRef="c-2044" decimals="-6" name="tef:DecreaseInIncomeDueToReasonablyPossibleIncreaseInActuarialAssumption" scale="6" id="f-6110">127</ix:nonFraction> million euros before tax.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Telef&#243;nica Group actively manages this position and has arranged a derivatives portfolio to significantly reduce the impact of changes in the discount rate (see Note 19).  </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">b) Provisions for dismantling of assets </span></div><ix:nonNumeric contextRef="c-1" name="ifrs-full:DisclosureOfOtherProvisionsExplanatory" id="f-6111" continuedAt="f-6111-1" escape="true"><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The movement of provision for dismantling of assets in 2024 and 2023 is as follows: </span></div></ix:nonNumeric></ix:continuation><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">F-116</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><ix:continuation id="f-5752-6" continuedAt="f-5752-7"><ix:continuation id="f-6111-1" continuedAt="f-6111-2"><div style="margin-top:9pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.415%"><tr><td style="width:1.0%"/><td style="width:70.811%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:26.989%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Millions of euros</span></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Dismantling of assets at December 31, 2022</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2045" decimals="-6" name="ifrs-full:OtherProvisions" scale="6" id="f-6112">528</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Additions</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2046" decimals="-6" name="ifrs-full:AdditionalProvisionsOtherProvisions" scale="6" id="f-6113">54</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Accretion</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2046" decimals="-6" name="tef:AccretionToProvisionsOtherProvisions" scale="6" id="f-6114">23</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Retirements/amount applied</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-2046" decimals="-6" name="ifrs-full:ProvisionUsedOtherProvisions" scale="6" id="f-6115">67</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Transfers</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2046" decimals="-6" name="ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesOtherProvisions" scale="6" id="f-6116">14</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Translation differences and other</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-2046" decimals="-6" sign="-" name="ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesOtherProvisions" scale="6" id="f-6117">30</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Dismantling of assets at December 31, 2023</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2047" decimals="-6" name="ifrs-full:OtherProvisions" scale="6" id="f-6118">522</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Additions</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2048" decimals="-6" name="ifrs-full:AdditionalProvisionsOtherProvisions" scale="6" id="f-6119">38</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 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style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Retirements/amount applied</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-2048" decimals="-6" name="ifrs-full:ProvisionUsedOtherProvisions" scale="6" id="f-6121">48</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Transfers</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2048" decimals="-6" name="ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesOtherProvisions" scale="6" id="f-6122">4</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Business combinations</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2048" decimals="-6" name="ifrs-full:AcquisitionsThroughBusinessCombinationsOtherProvisions" scale="6" id="f-6123">1</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Translation differences and other</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-2048" decimals="-6" sign="-" name="ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesOtherProvisions" scale="6" id="f-6124">25</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Dismantling of assets at December 31, 2024</span></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2049" decimals="-6" name="ifrs-full:OtherProvisions" scale="6" id="f-6125">535</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr></table></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The detail by segments of provision for dismantling of assets in 2024 and 2023 is as follows: </span></div><div style="margin-top:9pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.269%"><tr><td style="width:1.0%"/><td style="width:60.902%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:17.898%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:17.900%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Millions of euros</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">12/31/2024</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">12/31/2023</span></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Spain</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2050" decimals="-6" name="ifrs-full:OtherProvisions" scale="6" id="f-6126">14</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2051" decimals="-6" name="ifrs-full:OtherProvisions" scale="6" id="f-6127">16</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Germany</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2052" decimals="-6" name="ifrs-full:OtherProvisions" scale="6" id="f-6128">360</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2053" decimals="-6" name="ifrs-full:OtherProvisions" scale="6" id="f-6129">354</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Brazil</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2054" decimals="-6" name="ifrs-full:OtherProvisions" scale="6" id="f-6130">64</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2055" decimals="-6" name="ifrs-full:OtherProvisions" scale="6" id="f-6131">76</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Hispam</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2056" decimals="-6" name="ifrs-full:OtherProvisions" scale="6" id="f-6132">97</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2057" decimals="-6" name="ifrs-full:OtherProvisions" scale="6" id="f-6133">76</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total</span></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2049" decimals="-6" name="ifrs-full:OtherProvisions" scale="6" id="f-6134">535</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2047" decimals="-6" name="ifrs-full:OtherProvisions" scale="6" id="f-6135">522</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr></table></div></ix:continuation><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">c) Other provisions </span></div><ix:continuation id="f-6111-2"><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The movement in &#8220;Other provisions&#8221; in 2024 and 2023 is as follows: </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.853%"><tr><td style="width:1.0%"/><td style="width:70.935%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:26.865%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Millions of euros</span></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Other provisions at December 31, 2022</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2058" decimals="-6" name="ifrs-full:OtherProvisions" format="ixt:num-dot-decimal" scale="6" id="f-6136">2,630</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Additions and accretion</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2059" decimals="-6" name="ifrs-full:AdditionalProvisionsOtherProvisions" scale="6" id="f-6137">809</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Retirements/amount applied</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-2059" decimals="-6" name="ifrs-full:ProvisionUsedOtherProvisions" scale="6" id="f-6138">805</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Transfers</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-2059" decimals="-6" sign="-" name="ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesOtherProvisions" scale="6" id="f-6139">16</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Translation differences and other</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-2059" decimals="-6" sign="-" name="ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesOtherProvisions" scale="6" id="f-6140">44</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Other provisions at December 31, 2023</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2060" decimals="-6" name="ifrs-full:OtherProvisions" format="ixt:num-dot-decimal" scale="6" id="f-6141">2,574</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Additions and accretion</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2061" decimals="-6" name="ifrs-full:AdditionalProvisionsOtherProvisions" scale="6" id="f-6142">611</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Retirements/amount applied</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-2061" decimals="-6" name="ifrs-full:ProvisionUsedOtherProvisions" scale="6" id="f-6143">702</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Transfers</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-2061" decimals="-6" sign="-" name="ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesOtherProvisions" scale="6" id="f-6144">60</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Translation differences and other</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-2061" decimals="-6" sign="-" name="ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesOtherProvisions" scale="6" id="f-6145">234</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Other provisions at December 31, 2024</span></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2062" decimals="-6" name="ifrs-full:OtherProvisions" format="ixt:num-dot-decimal" scale="6" id="f-6146">2,189</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr></table></div></ix:continuation><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Group is exposed to risks of claims and litigation, mainly related to tax and regulatory proceedings, and labor and civil claims.  </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Given the nature of the risks covered by these provisions, no reliable schedule of potential payments, if any, can be determined. </span></div><div style="margin-bottom:9pt;margin-top:9pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Telef&#243;nica Brazil</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Telef&#244;nica Brasil, S.A. and its subsidiaries are party to administrative and judicial proceedings and labor, tax and civil claims filed in different courts. The Telef&#243;nica Group management based on the opinion of its legal counsel, recognized provisions for proceedings for which an unfavorable outcome is considered likely. </span></div></ix:continuation><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">F-117</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><ix:continuation id="f-5752-7" continuedAt="f-5752-8"><ix:nonNumeric contextRef="c-1" name="tef:DisclosureOfProvisionsForTaxProceedingsTableTextBlock" id="f-6147" continuedAt="f-6147-1" escape="true"><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The balance of these provisions at December 31, 2024 and December 31, 2023 is shown in the following table:</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.707%"><tr><td style="width:1.0%"/><td style="width:61.070%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:17.814%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:17.816%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Millions of euros</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">12/31/2024</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">12/31/2023</span></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Tax proceedings</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2063" decimals="-6" name="ifrs-full:OtherProvisions" scale="6" id="f-6148">314</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2064" decimals="-6" name="ifrs-full:OtherProvisions" scale="6" id="f-6149">515</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 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id="f-6151">329</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Labor claims</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2067" decimals="-6" name="ifrs-full:OtherProvisions" scale="6" id="f-6152">145</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2068" decimals="-6" name="ifrs-full:OtherProvisions" scale="6" id="f-6153">130</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Civil proceedings</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2069" decimals="-6" name="ifrs-full:OtherProvisions" scale="6" id="f-6154">219</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2070" decimals="-6" name="ifrs-full:OtherProvisions" scale="6" id="f-6155">229</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Amounts to be refunded to customers</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2071" decimals="-6" name="ifrs-full:OtherProvisions" scale="6" id="f-6156">14</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2072" decimals="-6" name="ifrs-full:OtherProvisions" scale="6" id="f-6157">18</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Provision for fines for canceling lease agreements</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2073" decimals="-6" name="ifrs-full:OtherProvisions" scale="6" id="f-6158">6</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2074" decimals="-6" name="ifrs-full:OtherProvisions" scale="6" id="f-6159">8</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total</span></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-511" decimals="-6" name="ifrs-full:OtherProvisions" scale="6" id="f-6160">877</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-512" decimals="-6" name="ifrs-full:OtherProvisions" format="ixt:num-dot-decimal" scale="6" id="f-6161">1,229</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr></table></div></ix:nonNumeric><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Additionally, Telef&#243;nica Brazil recognized contingent liabilities according to IFRS 3 generated on</span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> acquisition of the controlling interest of Vivo Participa&#231;oes in 2011, GVT in 2015 and the mobile assets of Oi in 2022 (see Note 5). 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style="width:0.1%"/><td style="width:1.0%"/><td style="width:17.816%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Millions of euros</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">12/31/2024</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">12/31/2023</span></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Federal taxes</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2077" decimals="-6" name="ifrs-full:OtherProvisions" scale="6" id="f-6164">126</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2078" decimals="-6" name="ifrs-full:OtherProvisions" scale="6" id="f-6165">149</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">State taxes</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2079" decimals="-6" name="ifrs-full:OtherProvisions" scale="6" id="f-6166">72</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2080" decimals="-6" name="ifrs-full:OtherProvisions" scale="6" id="f-6167">248</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Municipal taxes</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2081" decimals="-6" name="ifrs-full:OtherProvisions" scale="6" id="f-6168">21</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2082" decimals="-6" name="ifrs-full:OtherProvisions" scale="6" id="f-6169">9</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">FUST</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2083" decimals="-6" name="ifrs-full:OtherProvisions" scale="6" id="f-6170">95</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2084" decimals="-6" name="ifrs-full:OtherProvisions" scale="6" id="f-6171">109</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total</span></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2063" decimals="-6" name="ifrs-full:OtherProvisions" scale="6" id="f-6172">314</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2064" decimals="-6" name="ifrs-full:OtherProvisions" scale="6" id="f-6173">515</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr></table></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The breakdown of changes in provisions for tax proceedings in 2024 and 2023 is as follows: </span></div><div style="margin-bottom:9pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.853%"><tr><td style="width:1.0%"/><td style="width:70.935%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:26.865%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"/><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Millions of euros</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Balance at 12/31/2022</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2085" decimals="-6" name="ifrs-full:OtherProvisions" scale="6" id="f-6174">446</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Movements with a corresponding entry under operating income</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2086" decimals="-6" sign="-" name="ifrs-full:UnusedProvisionReversedOtherProvisions" scale="6" id="f-6175">16</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Write-offs due to payment</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-2086" decimals="-6" name="ifrs-full:ProvisionUsedOtherProvisions" scale="6" id="f-6176">3</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Monetary updating</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2086" decimals="-6" name="tef:Increasedecreasethroughmonetaryupdatingotherprovisions" scale="6" id="f-6177">38</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Translation differences</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2086" decimals="-6" name="ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesOtherProvisions" scale="6" id="f-6178">18</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#ffffff;border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Balance at 12/31/2023</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2064" decimals="-6" name="ifrs-full:OtherProvisions" scale="6" id="f-6179">515</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Movements with a corresponding entry under operating income</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2087" decimals="-6" name="tef:IncreaseDecreaseThroughJudicialDepositsOtherProvisions" scale="6" id="f-6180">7</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Other additions/reversal</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-2087" decimals="-6" name="ifrs-full:UnusedProvisionReversedOtherProvisions" scale="6" id="f-6181">84</ix:nonFraction>)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Write-offs due to payment</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-2087" decimals="-6" name="ifrs-full:ProvisionUsedOtherProvisions" scale="6" id="f-6182">12</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Business combination</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2087" decimals="-6" name="ifrs-full:AcquisitionsThroughBusinessCombinationsOtherProvisions" scale="6" id="f-6183">9</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Monetary updating</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-2087" decimals="-6" sign="-" name="tef:Increasedecreasethroughmonetaryupdatingotherprovisions" scale="6" id="f-6184">46</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Translation differences</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-2087" decimals="-6" sign="-" name="ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesOtherProvisions" scale="6" id="f-6185">75</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#ffffff;border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Balance at 12/31/2024</span></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2063" decimals="-6" name="ifrs-full:OtherProvisions" scale="6" id="f-6186">314</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr></table></div></ix:continuation><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Group management and legal counsel understand that losses are possible from tax contingencies in federal, state, municipal and other taxes for an aggregated amount of <ix:nonFraction unitRef="brl" contextRef="c-2088" decimals="-6" name="ifrs-full:EstimatedFinancialEffectOfContingentLiabilities" format="ixt:num-dot-decimal" scale="6" id="f-6187">40,850</ix:nonFraction> million Brazilian reals (<ix:nonFraction unitRef="eur" contextRef="c-2088" decimals="-6" name="ifrs-full:EstimatedFinancialEffectOfContingentLiabilities" format="ixt:num-dot-decimal" scale="6" id="f-6188">6,347</ix:nonFraction> million euros) as of </span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">December&#160;31, 2024</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> (<ix:nonFraction unitRef="brl" contextRef="c-2089" decimals="-6" name="ifrs-full:EstimatedFinancialEffectOfContingentLiabilities" format="ixt:num-dot-decimal" scale="6" id="f-6189">36,963</ix:nonFraction> million Brazilian reals, <ix:nonFraction unitRef="eur" contextRef="c-2089" decimals="-6" name="ifrs-full:EstimatedFinancialEffectOfContingentLiabilities" format="ixt:num-dot-decimal" scale="6" id="f-6190">6,909</ix:nonFraction> million euros as of </span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">December&#160;31, 2023</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">). The possible contingencies from the main income tax proceedings (federal tax) are described in Note 25.</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Noteworthy state tax-related contingencies include the "ICMS" tax (see Note 25). Moreover, Telef&#243;nica Brazil presently has different open proceedings regarding the Fundo de Universaliza&#231;&#227;o de Servi&#231;os de Telecomunica&#231;&#245;es (FUST, refer to Note 29). </span></div></ix:continuation><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">F-118</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><ix:continuation id="f-5752-8"><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">With regard to regulatory proceedings, Telef&#243;nica Brazil is party to administrative proceedings against Agencia Nacional de Telecomunica&#231;&#245;es (ANATEL) based on an alleged failure to meet sector regulations and judicial proceedings to contest sanctions applied by ANATEL at the administrative level. Consolidated provisions totaled <ix:nonFraction unitRef="brl" contextRef="c-2065" decimals="-6" name="ifrs-full:OtherProvisions" format="ixt:num-dot-decimal" scale="6" id="f-6191">1,151</ix:nonFraction> million Brazilian reals (<ix:nonFraction unitRef="eur" contextRef="c-2065" decimals="-6" name="ifrs-full:OtherProvisions" scale="6" id="f-6192">179</ix:nonFraction> million euros) at </span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">December 31, 2024 </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(<ix:nonFraction unitRef="brl" contextRef="c-2066" decimals="-6" name="ifrs-full:OtherProvisions" format="ixt:num-dot-decimal" scale="6" id="f-6193">1,761</ix:nonFraction> million Brazilian reals, <ix:nonFraction unitRef="eur" contextRef="c-2066" decimals="-6" name="ifrs-full:OtherProvisions" scale="6" id="f-6194">329</ix:nonFraction> million euros at </span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">December&#160;31, 2023</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">). </span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In 2024, Telef&#243;nica Brasil and ANATEL signed a self-composition agreement regarding the switched fixed telephone service (STFC) from the concession regime to an authorization regime (see Notes 29.a and Appendix VI). As a consequence of this agreement, regulatory provisions amounted to <ix:nonFraction unitRef="brl" contextRef="c-2090" decimals="-6" name="ifrs-full:UnusedProvisionReversedOtherProvisions" scale="6" id="f-6195">792</ix:nonFraction> million Brazilian Reais (<ix:nonFraction unitRef="eur" contextRef="c-2090" decimals="-6" name="ifrs-full:UnusedProvisionReversedOtherProvisions" scale="6" id="f-6196">137</ix:nonFraction> million euros) have been reversed with a corresponding entry under Other expenses (<ix:nonFraction unitRef="brl" contextRef="c-2090" decimals="-6" name="ifrs-full:OtherExpenseByNature" scale="6" id="f-6197">386</ix:nonFraction> million Brazilian Reais, equivalent to <ix:nonFraction unitRef="eur" contextRef="c-2090" decimals="-6" name="ifrs-full:OtherExpenseByNature" scale="6" id="f-6198">67</ix:nonFraction> million euros, see note 26) and in financial results (<ix:nonFraction unitRef="brl" contextRef="c-2090" decimals="-6" name="ifrs-full:FinanceIncome" scale="6" id="f-6199">406</ix:nonFraction> million Brazilian Reais, <ix:nonFraction unitRef="eur" contextRef="c-2090" decimals="-6" name="ifrs-full:FinanceIncome" scale="6" id="f-6200">70</ix:nonFraction> million euros, see note 19). </span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In addition, Group management and legal counsel understand that losses are possible from regulatory contingencies amounting to <ix:nonFraction unitRef="brl" contextRef="c-2091" decimals="-6" name="ifrs-full:OtherProvisions" format="ixt:num-dot-decimal" scale="6" id="f-6201">3,067</ix:nonFraction> million Brazilian reals (<ix:nonFraction unitRef="eur" contextRef="c-2091" decimals="-6" name="ifrs-full:OtherProvisions" scale="6" id="f-6202">476</ix:nonFraction> million euros) at </span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">December&#160;31, 2024</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> (<ix:nonFraction unitRef="brl" contextRef="c-2092" decimals="-6" name="ifrs-full:OtherProvisions" format="ixt:num-dot-decimal" scale="6" id="f-6203">6,765</ix:nonFraction> million Brazilian reals, <ix:nonFraction unitRef="eur" contextRef="c-2092" decimals="-6" name="ifrs-full:OtherProvisions" format="ixt:num-dot-decimal" scale="6" id="f-6204">1,264</ix:nonFraction> million euros at </span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">December&#160;31, 2023. The reduction in 2024 of these possible losses from regulatory contingencies is mainly related to the self-composition agreement signed by Telef&#243;nica Brasil and ANATEL described above.</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In addition, Group management and legal counsel understand that losses are possible from civil proceedings, amounting to <ix:nonFraction unitRef="eur" contextRef="c-2093" decimals="-6" name="ifrs-full:EstimatedFinancialEffectOfContingentLiabilities" scale="6" id="f-6205">311</ix:nonFraction> million euros at </span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">December&#160;31, 2024</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> (<ix:nonFraction unitRef="eur" contextRef="c-2094" decimals="-6" name="ifrs-full:EstimatedFinancialEffectOfContingentLiabilities" scale="6" id="f-6206">398</ix:nonFraction> million euros at </span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">December&#160;31, 2023</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">). </span></div><ix:nonNumeric contextRef="c-1" name="tef:DisclosureOfProvisionsForJudicialDepositsTableTextBlock" id="f-6207" escape="true"><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In some situations, in connection with a legal requirement or presentation of guarantees, judicial deposits are made to secure the continuance of the claims under discussion. The judicial deposits by nature of risk at </span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">December&#160;31, 2024</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> and </span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">December&#160;31, 2023</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> are as follows: </span></div><div style="margin-bottom:9pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"/><td style="width:60.888%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:17.905%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:17.907%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Millions of euros</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">12/31/2024</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">12/31/2023</span></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Tax proceedings</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2095" decimals="-6" name="ifrs-full:OtherProvisions" scale="6" id="f-6208">264</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2096" decimals="-6" name="ifrs-full:OtherProvisions" scale="6" id="f-6209">304</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Labor claims</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2097" decimals="-6" name="ifrs-full:OtherProvisions" scale="6" id="f-6210">11</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2098" decimals="-6" name="ifrs-full:OtherProvisions" scale="6" id="f-6211">17</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Civil proceedings</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2099" decimals="-6" name="ifrs-full:OtherProvisions" scale="6" id="f-6212">139</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2100" decimals="-6" name="ifrs-full:OtherProvisions" scale="6" id="f-6213">161</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Regulatory proceedings</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2101" decimals="-6" name="ifrs-full:OtherProvisions" scale="6" id="f-6214">51</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2102" decimals="-6" name="ifrs-full:OtherProvisions" scale="6" id="f-6215">58</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Garnishments</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2103" decimals="-6" name="ifrs-full:OtherProvisions" scale="6" id="f-6216">2</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2104" decimals="-6" name="ifrs-full:OtherProvisions" scale="6" id="f-6217">4</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2105" decimals="-6" name="ifrs-full:OtherProvisions" scale="6" id="f-6218">467</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2106" decimals="-6" name="ifrs-full:OtherProvisions" scale="6" id="f-6219">544</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Current </span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2105" decimals="-6" name="ifrs-full:OtherShorttermProvisions" scale="6" id="f-6220">24</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2106" decimals="-6" name="ifrs-full:OtherShorttermProvisions" scale="6" id="f-6221">14</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Non-current (see Note 12)</span></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2105" decimals="-6" name="ifrs-full:OtherLongtermProvisions" scale="6" id="f-6222">443</ix:nonFraction>&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2106" decimals="-6" name="ifrs-full:OtherLongtermProvisions" scale="6" id="f-6223">530</ix:nonFraction>&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr></table></div></ix:nonNumeric></ix:continuation><div id="i63478826478c4e0dbabc502413383f6b_355"></div><div style="margin-bottom:18pt;margin-top:9pt;text-align:center"><span><br/></span></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">F-119</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><div style="margin-bottom:18pt;margin-top:9pt;text-align:center"><span style="color:#a6a6a6;font-family:'Arial',sans-serif;font-size:18pt;font-weight:400;line-height:120%">Note 25. <ix:nonNumeric contextRef="c-1" name="ifrs-full:DisclosureOfIncomeTaxExplanatory" id="f-6224" continuedAt="f-6224-1" escape="true">Tax matters</ix:nonNumeric></span></div><ix:continuation id="f-6224-1" continuedAt="f-6224-2"><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Pursuant to a Ministerial Order dated December 27, 1989, Telef&#243;nica, S.A. files consolidated tax returns in Spain for certain Group companies. The consolidated tax group comprised </span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"><ix:nonFraction unitRef="company" contextRef="c-12" decimals="INF" name="tef:NumberOfConsolidatedTaxGroupCompanies" scale="0" id="f-6225">47</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> companies at December 31, 2024 (<ix:nonFraction unitRef="company" contextRef="c-13" decimals="INF" name="tef:NumberOfConsolidatedTaxGroupCompanies" scale="0" id="f-6226">45</ix:nonFraction> companies at December 31, 2023).</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">This tax consolidation regime applies indefinitely providing the companies continue to meet the requirements set down in prevailing legislation, and that application of the regime is not expressly waived. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Group companies which are resident in Spain and which are not part of this consolidation regime and non-resident companies file individual or aggregated tax returns under the tax law applicable in each country. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Deferred taxes movement</span></div><ix:nonNumeric contextRef="c-1" name="ifrs-full:DisclosureOfTemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsExplanatory" id="f-6227" continuedAt="f-6227-1" escape="true"><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The movements in deferred taxes in the Telef&#243;nica Group in 2024 and 2023 are as follows:</span></div><div style="margin-top:9pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.707%"><tr><td style="width:1.0%"/><td style="width:63.562%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:16.495%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:16.643%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Millions of euros</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Deferred tax assets</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Deferred tax liabilities</span></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Balance at December 31, 2023</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-13" decimals="-6" name="ifrs-full:DeferredTaxAssets" format="ixt:num-dot-decimal" scale="6" id="f-6228">6,240</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-13" decimals="-6" name="ifrs-full:DeferredTaxLiabilities" format="ixt:num-dot-decimal" scale="6" id="f-6229">2,702</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">First application of IAS 21</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1817" decimals="-6" name="ifrs-full:DeferredTaxAssets" format="ixt:fixed-zero" scale="6" id="f-6230">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1817" decimals="-6" sign="-" name="ifrs-full:DeferredTaxLiabilities" scale="6" id="f-6231">48</ix:nonFraction>)</span></td><td style="background-color:#ffffff;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Additions</span></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1" decimals="-6" name="tef:IncreaseDecreaseThroughBusinessCombinationsDeferredTaxAsset" format="ixt:num-dot-decimal" scale="6" id="f-6232">1,418</ix:nonFraction>&#160;</span></td><td style="background-color:#ffffff;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1" decimals="-6" name="tef:IncreaseDecreaseThroughBusinessCombinationsDeferredTaxLiability" format="ixt:num-dot-decimal" scale="6" id="f-6233">1,028</ix:nonFraction>&#160;</span></td><td style="background-color:#ffffff;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Disposals</span></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1" decimals="-6" sign="-" name="tef:IncreaseDecreaseThroughLossOfControlOfSubsidiaryDeferredTaxAsset" scale="6" id="f-6234">928</ix:nonFraction>)</span></td><td style="background-color:#ffffff;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1" decimals="-6" sign="-" name="tef:IncreaseDecreaseThroughLossOfControlOfSubsidiaryDeferredTaxLiability" scale="6" id="f-6235">811</ix:nonFraction>)</span></td><td style="background-color:#ffffff;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Transfers</span></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1" decimals="-6" name="tef:IncreaseDecreaseThroughNetExchangeDifferencesDeferredTaxAsset" scale="6" id="f-6236">27</ix:nonFraction>&#160;</span></td><td style="background-color:#ffffff;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1" decimals="-6" name="tef:IncreaseDecreaseThroughNetExchangeDifferencesDeferredTaxLiability" scale="6" id="f-6237">26</ix:nonFraction>&#160;</span></td><td style="background-color:#ffffff;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Translation differences and inflation adjustments</span></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1" decimals="-6" sign="-" name="tef:IncreaseDecreaseThroughTranslationDifferencesAndInflationAdjustmentsDeferredTaxAsset" scale="6" id="f-6238">89</ix:nonFraction>)</span></td><td style="background-color:#ffffff;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1" decimals="-6" sign="-" name="tef:IncreaseDecreaseThroughTranslationDifferencesDeferredTaxLiability" scale="6" id="f-6239">2</ix:nonFraction>)</span></td><td style="background-color:#ffffff;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Company movements and others</span></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1" decimals="-6" name="tef:IncreaseDecreaseInCompanyMovementsDeferredTaxAsset" scale="6" id="f-6240">5</ix:nonFraction>&#160;</span></td><td style="background-color:#ffffff;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1" decimals="-6" name="tef:IncreaseDecreaseInCompanyMovementsDeferredTaxLiability" scale="6" id="f-6241">10</ix:nonFraction>&#160;</span></td><td style="background-color:#ffffff;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Balance at December 31, 2024</span></td><td colspan="2" style="background-color:#ffffff;border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-12" decimals="-6" name="ifrs-full:DeferredTaxAssets" format="ixt:num-dot-decimal" scale="6" id="f-6242">6,673</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="background-color:#ffffff;border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-12" decimals="-6" name="ifrs-full:DeferredTaxLiabilities" format="ixt:num-dot-decimal" scale="6" id="f-6243">2,905</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr></table></div><div style="margin-bottom:9pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.707%"><tr><td style="width:1.0%"/><td style="width:63.562%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:16.495%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:16.643%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Millions of euros</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Deferred tax assets</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Deferred tax liabilities</span></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Balance at December 31, 2022</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-80" decimals="-6" name="ifrs-full:DeferredTaxAssets" format="ixt:num-dot-decimal" scale="6" id="f-6244">4,884</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-80" decimals="-6" name="ifrs-full:DeferredTaxLiabilities" format="ixt:num-dot-decimal" scale="6" id="f-6245">3,067</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Additions</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-14" decimals="-6" name="tef:IncreaseDecreaseThroughBusinessCombinationsDeferredTaxAsset" format="ixt:num-dot-decimal" scale="6" id="f-6246">2,040</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-14" decimals="-6" name="tef:IncreaseDecreaseThroughBusinessCombinationsDeferredTaxLiability" scale="6" id="f-6247">383</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Disposals</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-14" decimals="-6" sign="-" name="tef:IncreaseDecreaseThroughLossOfControlOfSubsidiaryDeferredTaxAsset" scale="6" id="f-6248">760</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-14" decimals="-6" sign="-" name="tef:IncreaseDecreaseThroughLossOfControlOfSubsidiaryDeferredTaxLiability" scale="6" id="f-6249">673</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Transfers</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-14" decimals="-6" name="tef:IncreaseDecreaseThroughNetExchangeDifferencesDeferredTaxAsset" scale="6" id="f-6250">15</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-14" decimals="-6" name="tef:IncreaseDecreaseThroughNetExchangeDifferencesDeferredTaxLiability" scale="6" id="f-6251">21</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Translation differences and inflation adjustments</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-14" decimals="-6" name="tef:IncreaseDecreaseThroughTranslationDifferencesAndInflationAdjustmentsDeferredTaxAsset" scale="6" id="f-6252">61</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-14" decimals="-6" sign="-" name="tef:IncreaseDecreaseThroughTranslationDifferencesDeferredTaxLiability" scale="6" id="f-6253">92</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Company movements and others</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-14" decimals="-6" name="tef:IncreaseDecreaseInCompanyMovementsDeferredTaxAsset" format="ixt:fixed-zero" scale="6" id="f-6254">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-14" decimals="-6" sign="-" name="tef:IncreaseDecreaseInCompanyMovementsDeferredTaxLiability" scale="6" id="f-6255">4</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Balance at December 31, 2023</span></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-13" decimals="-6" name="ifrs-full:DeferredTaxAssets" format="ixt:num-dot-decimal" scale="6" id="f-6256">6,240</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-13" decimals="-6" name="ifrs-full:DeferredTaxLiabilities" format="ixt:num-dot-decimal" scale="6" id="f-6257">2,702</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr></table></div></ix:nonNumeric><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Group assesses the recoverability of deferred tax assets based on the future activities carried out by the different companies, on tax regulations in the different countries in which these companies operate, and on the strategic decisions affecting the companies.</span></div><div style="margin-top:9pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Main changes registered in 2024</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In 2024 there were additions of deferred tax assets for <ix:nonFraction unitRef="eur" contextRef="c-202" decimals="-6" sign="-" name="tef:IncreaseDecreaseThroughRestructuringDeferredTaxLiabilityAsset" scale="6" id="f-6258">78</ix:nonFraction> million euros as a result of the provisions recognized during the year in relation to the various workforce restructuring plans, other obligations with employees of the companies include in the group in Spain and its financial update (see Note 24). Likewise, disposals of deferred tax assets in 2024 included the impact of the materialization of these provisions and its financial update, amounting to <ix:nonFraction unitRef="eur" contextRef="c-202" decimals="-6" name="tef:DisposalOfTaxAsset" scale="6" id="f-6259">255</ix:nonFraction> million euros. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"><ix:nonFraction unitRef="eur" contextRef="c-202" decimals="-6" name="tef:DeferredTaxAssetsTemporaryDifference" scale="6" id="f-6260">218</ix:nonFraction> million euros of deferred tax assets were recorded due to the application of Law 7/2024 of December 20, which, in addition to regulating the Global minimum tax, establishes the extension to 2024 and 2025 of the 50% limitation on the use of individual tax loss carryforwards for the year, which must be reversed in equal parts in each of the ten years following the year in which they are applied. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The abovementioned Law also re-establishes the mandatory reversal regime for impairment losses on securities representing capital or equity that had been tax deductible prior to 2013 and were pending reversal at January 1, 2024 (see section Constitutional Court Ruling on Royal Decree Law 3/2016 in this Note). The reversal must be </span></div></ix:continuation><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">F-120</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><ix:continuation id="f-6224-2" continuedAt="f-6224-3"><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">done, at least, in equal parts in each of the first three years beginning on or after January 1, 2024, which has resulted in the recording of a deferred tax liability of <ix:nonFraction unitRef="eur" contextRef="c-2107" decimals="-6" name="tef:IncreaseDecreaseInTaxExpenseDueToTemporaryDifferences" scale="6" id="f-6261">535</ix:nonFraction> million euros for the balance outstanding at the beginning of 2024. The Company has taken into account in its analysis of recoverability of deferred tax assets at the end of 2024 the amount of impairment losses deducted prior to 2013 that are pending integration, quantifying the effects of their return in the years. As a result, deferred tax assets amounting to <ix:nonFraction unitRef="eur" contextRef="c-2108" decimals="-6" name="tef:IncreaseDecreaseInTaxExpenseDueToTemporaryDifferences" scale="6" id="f-6262">410</ix:nonFraction> million euros have been recorded as additions.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Telef&#243;nica Germany recognized tax credits for loss carryforwards generated in previous years amounting to <ix:nonFraction unitRef="eur" contextRef="c-2109" decimals="-6" sign="-" name="ifrs-full:AdjustmentsForCurrentTaxOfPriorPeriod" scale="6" id="f-6263">127</ix:nonFraction> million euros and applied tax loss carryforwards amounting to <ix:nonFraction unitRef="eur" contextRef="c-1825" decimals="-6" name="tef:AppliedTaxLossCarryforwards" scale="6" id="f-6264">60</ix:nonFraction> million euros in 2024. Furthermore, Telef&#243;nica Germany recognized additions of deferred tax liabilities amounting to <ix:nonFraction unitRef="eur" contextRef="c-2109" decimals="-6" name="tef:TaxLiabilitiesAdditions" scale="6" id="f-6265">40</ix:nonFraction> million euros.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The additions of deferred tax assets included tax credits recognized for <ix:nonFraction unitRef="eur" contextRef="c-2110" decimals="-6" name="tef:TaxCreditsRecognized" scale="6" id="f-6266">106</ix:nonFraction> million euros by the German company Group 3G UMTS Holding GmbH. Furthermore, this company applied tax loss carryforwards in 2024 amounting to <ix:nonFraction unitRef="eur" contextRef="c-2111" decimals="-6" name="tef:AppliedTaxLossCarryforwards" scale="6" id="f-6267">83</ix:nonFraction> million euros. </span></div><div style="margin-top:9pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Telef&#243;nica Brasil recognized additions of deferred tax assets in the amount of <ix:nonFraction unitRef="eur" contextRef="c-1823" decimals="-6" name="ifrs-full:DeferredTaxAssets" scale="6" id="f-6268">3</ix:nonFraction> million euros, applied tax loss carryforwards amounting to <ix:nonFraction unitRef="eur" contextRef="c-1823" decimals="-6" name="tef:AppliedTaxLossCarryforwards" scale="6" id="f-6269">65</ix:nonFraction> million euros and recognized disposals for temporary differences in the amount of <ix:nonFraction unitRef="eur" contextRef="c-2112" decimals="-6" name="tef:DisposalOfTaxAsset" scale="6" id="f-6270">4</ix:nonFraction> million euros in 2024. Additionally, it recognized additions of liabilities for deferred taxes amounting to <ix:nonFraction unitRef="eur" contextRef="c-1823" decimals="-6" name="ifrs-full:DeferredTaxLiabilities" scale="6" id="f-6271">178</ix:nonFraction> million euros and disposals of deferred tax liabilities amounting to <ix:nonFraction unitRef="eur" contextRef="c-2112" decimals="-6" name="tef:DisposalOfTaxLiability" scale="6" id="f-6272">140</ix:nonFraction> million euros.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Telef&#243;nica Chile recognized additions of deferred tax assets in the amount of <ix:nonFraction unitRef="eur" contextRef="c-2113" decimals="-6" name="ifrs-full:DeferredTaxAssets" scale="6" id="f-6273">70</ix:nonFraction> million euros and disposals of deferred tax assets in the amount of <ix:nonFraction unitRef="eur" contextRef="c-2114" decimals="-6" name="tef:DisposalOfTaxAsset" scale="6" id="f-6274">38</ix:nonFraction> million euros in 2024. Additionally, recognized additions of deferred tax liabilities in the amount of <ix:nonFraction unitRef="eur" contextRef="c-2113" decimals="-6" name="ifrs-full:DeferredTaxLiabilities" scale="6" id="f-6275">8</ix:nonFraction> million euros and disposals of deferred tax liabilities amounting to <ix:nonFraction unitRef="eur" contextRef="c-2114" decimals="-6" name="tef:DisposalOfTaxLiability" scale="6" id="f-6276">24</ix:nonFraction> million euros.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Telef&#243;nica Colombia recognized disposals of deferred tax assets in the amount of <ix:nonFraction unitRef="eur" contextRef="c-2115" decimals="-6" name="ifrs-full:DeferredTaxAssets" scale="6" id="f-6277">45</ix:nonFraction> million euros in 2024. Additionally, recognized disposals of deferred tax liabilities in the amount of <ix:nonFraction unitRef="eur" contextRef="c-2116" decimals="-6" name="tef:DisposalOfTaxAsset" scale="6" id="f-6278">11</ix:nonFraction> million euros.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Likewise, in 2024, Telef&#243;nica del Per&#250; has reversed deferred tax assets for loss carryforwards, amounting to <ix:nonFraction unitRef="eur" contextRef="c-167" decimals="-6" name="tef:ReversalOfDeferredTaxAssets" scale="6" id="f-6279">91</ix:nonFraction> million euros (see Note 2).</span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Telef&#243;nica Argentina recorded disposals in deferred tax liabilities, and additions in deferred tax assets for temporary differences, amounting to <ix:nonFraction unitRef="eur" contextRef="c-2117" decimals="-6" name="tef:DisposalOfTaxLiability" scale="6" id="f-6280">332</ix:nonFraction> million euros and <ix:nonFraction unitRef="eur" contextRef="c-2117" decimals="-6" name="tef:AdditionOfDeferredTaxAsset" scale="6" id="f-6281">141</ix:nonFraction> million euros, respectively, mainly corresponding to the tax effect of the impairment loss on intangible assets and property, plant and equipment recorded at the end of 2024 (see Note 2).</span></div><div><span><br/></span></div><div><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The movements relating to deferred taxes recognized directly in equity in 2024 amounted to <ix:nonFraction unitRef="eur" contextRef="c-2107" decimals="-6" name="ifrs-full:DeferredTaxRelatingToItemsChargedOrCreditedDirectlyToEquity" scale="6" id="f-6282">29</ix:nonFraction> million euros of additions (net position of higher deferred tax liabilities) and <ix:nonFraction unitRef="eur" contextRef="c-2108" decimals="-6" sign="-" name="ifrs-full:DeferredTaxRelatingToItemsChargedOrCreditedDirectlyToEquity" scale="6" id="f-6283">115</ix:nonFraction> million euros of disposals (net position of higher deferred tax </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">liabilities</span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">).</span></div><div><span><br/></span></div><div><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Likewise, the amount of recognized deferred tax liabilities associated with investments in subsidiaries amounted to <ix:nonFraction unitRef="eur" contextRef="c-2118" decimals="-6" name="ifrs-full:DeferredTaxLiabilities" scale="6" id="f-6284">156</ix:nonFraction> million euros as of December 31, 2024. The amount of unrecognized deferred tax liabilities associated with investments in subsidiaries amounted to <ix:nonFraction unitRef="eur" contextRef="c-2118" decimals="-6" name="ifrs-full:TemporaryDifferencesAssociatedWithInvestmentsInSubsidiariesBranchesAndAssociatesAndInterestsInJointVentures" scale="6" id="f-6285">330</ix:nonFraction> million euros as of December 31, 2024.</span></div></ix:continuation><div><span><br/></span></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">F-121</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><ix:continuation id="f-6224-3" continuedAt="f-6224-4"><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Main changes registered in 2023</span></div><div style="margin-top:9pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Following the ruling of the General Court Judgment of September 27, 2023 that finally annuls the Third Decision (EU) 2015/314 of the Commission (see the section "Tax deductibility of financial goodwill in Spain" in this note) an addition of tax credits for tax loss carryforwards was recognized with a balancing entry in the income tax amounting to <ix:nonFraction unitRef="eur" contextRef="c-2119" decimals="-6" name="tef:TaxCreditsRecognized" scale="6" id="f-6286">334</ix:nonFraction> million euros. </span></div><div style="margin-top:9pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Likewise, as of December 31, 2023, the recoverability of the deferred tax assets of the Tax Group in Spain has been estimated, considering: i) the estimates of results of the companies that make up the Tax Group; and ii) the effects of RD 3/2016 (see Constitutional Court Judgment on Royal Decree Law 3/2016 in this note). Following this analysis, deferred tax assets were recorded for tax loss carryforwards and deductions, with a counterpart in income taxes, in the amount of <ix:nonFraction unitRef="eur" contextRef="c-225" decimals="-6" sign="-" name="ifrs-full:IncreaseDecreaseInDeferredTaxLiabilityAsset" scale="6" id="f-6287"><ix:nonFraction unitRef="eur" contextRef="c-225" decimals="-6" sign="-" name="ifrs-full:IncomeTaxExpenseContinuingOperations" scale="6" id="f-6288">541</ix:nonFraction></ix:nonFraction> million euros.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Additionally, in 2023 there were additions of deferred tax assets for <ix:nonFraction unitRef="eur" contextRef="c-225" decimals="-6" sign="-" name="tef:IncreaseDecreaseThroughRestructuringDeferredTaxLiabilityAsset" scale="6" id="f-6289">412</ix:nonFraction> million euros as a result of the provisions recognized during the year in relation to the various workforce restructuring plans and other obligations with employees of the companies include in the group in Spain (see Note 24). Likewise, disposals of deferred tax assets in 2023 included the impact of the materialization of these provisions and its financial update, amounting to <ix:nonFraction unitRef="eur" contextRef="c-225" decimals="-6" name="tef:DisposalOfTaxAsset" scale="6" id="f-6290">208</ix:nonFraction> million euros. </span></div><div style="margin-top:9pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Deferred tax assets were added in the amount of <ix:nonFraction unitRef="eur" contextRef="c-2120" decimals="-6" name="tef:DeferredTaxAssetsTemporaryDifference" scale="6" id="f-6291">306</ix:nonFraction> million euros in Spain, as a consequence of Law 38/2022, of December 27, which establishes temporary measures in determining the tax base under the tax consolidation regime, limiting the amount of individual tax loss carryforwards corresponding to fiscal year 2023 to 50%.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Telef&#243;nica Germany recognized tax credits for loss carryforwards generated in previous years amounting to <ix:nonFraction unitRef="eur" contextRef="c-2121" decimals="-6" sign="-" name="ifrs-full:AdjustmentsForCurrentTaxOfPriorPeriod" scale="6" id="f-6292">115</ix:nonFraction> million euros and applied tax loss carryforwards amounting to <ix:nonFraction unitRef="eur" contextRef="c-1826" decimals="-6" name="tef:AppliedTaxLossCarryforwards" scale="6" id="f-6293">41</ix:nonFraction> million euros in 2023. Furthermore, Telef&#243;nica Germany recognized deferred tax liabilities disposals amounting to <ix:nonFraction unitRef="eur" contextRef="c-2121" decimals="-6" name="tef:DisposalOfTaxLiability" scale="6" id="f-6294">18</ix:nonFraction> million euros.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The additions of deferred tax assets included tax credits recognized for <ix:nonFraction unitRef="eur" contextRef="c-2122" decimals="-6" name="tef:TaxCreditsRecognized" scale="6" id="f-6295">73</ix:nonFraction> million euros by the German company Group 3G UMTS Holding GmbH. Furthermore, this company applied tax loss carryforwards in 2023 amounting to <ix:nonFraction unitRef="eur" contextRef="c-2123" decimals="-6" name="tef:AppliedTaxLossCarryforwards" scale="6" id="f-6296">79</ix:nonFraction> million euros. </span></div><div style="margin-top:9pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Telef&#243;nica Brasil recognized additions of deferred tax assets in the amount of <ix:nonFraction unitRef="eur" contextRef="c-1824" decimals="-6" name="ifrs-full:DeferredTaxAssets" scale="6" id="f-6297">23</ix:nonFraction> million euros, applied tax loss carryforwards amounting to <ix:nonFraction unitRef="eur" contextRef="c-1824" decimals="-6" name="tef:AppliedTaxLossCarryforwards" scale="6" id="f-6298">60</ix:nonFraction> million euros and recognized disposals for temporary differences in the amount of <ix:nonFraction unitRef="eur" contextRef="c-2124" decimals="-6" name="tef:DisposalOfTaxAsset" scale="6" id="f-6299">61</ix:nonFraction> million euros in 2023. Additionally, it recognized additions of liabilities for deferred taxes amounting to <ix:nonFraction unitRef="eur" contextRef="c-1824" decimals="-6" name="ifrs-full:DeferredTaxLiabilities" scale="6" id="f-6300">119</ix:nonFraction> million euros and disposals of deferred tax liabilities amounting to <ix:nonFraction unitRef="eur" contextRef="c-2124" decimals="-6" name="tef:DisposalOfTaxLiability" scale="6" id="f-6301">266</ix:nonFraction> million euros.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Telef&#243;nica Chile recognized additions of deferred tax assets in the amount of <ix:nonFraction unitRef="eur" contextRef="c-2125" decimals="-6" name="ifrs-full:DeferredTaxAssets" scale="6" id="f-6302">94</ix:nonFraction> million euros and disposals of deferred tax assets in the amount of <ix:nonFraction unitRef="eur" contextRef="c-2126" decimals="-6" name="tef:DisposalOfTaxAsset" scale="6" id="f-6303">18</ix:nonFraction> million euros in 2023. Additionally, it recognized additions of deferred tax liabilities in the amount of <ix:nonFraction unitRef="eur" contextRef="c-2125" decimals="-6" name="ifrs-full:DeferredTaxLiabilities" scale="6" id="f-6304">48</ix:nonFraction> million euros and disposals of deferred tax liabilities amounting to <ix:nonFraction unitRef="eur" contextRef="c-2126" decimals="-6" name="tef:DisposalOfTaxLiability" scale="6" id="f-6305">28</ix:nonFraction> million euros.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Telef&#243;nica Colombia recognized additions of deferred tax assets in the amount of <ix:nonFraction unitRef="eur" contextRef="c-2127" decimals="-6" name="ifrs-full:DeferredTaxAssets" scale="6" id="f-6306">9</ix:nonFraction> million euros and disposals of deferred tax assets in the amount of <ix:nonFraction unitRef="eur" contextRef="c-2128" decimals="-6" name="tef:DisposalOfTaxAsset" scale="6" id="f-6307">66</ix:nonFraction> million euros in 2023. Additionally, it recognized disposals of deferred tax liabilities in the amount of <ix:nonFraction unitRef="eur" contextRef="c-2128" decimals="-6" name="tef:DisposalOfTaxLiability" scale="6" id="f-6308">13</ix:nonFraction> million euros.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The movements relating to deferred taxes recognized directly in equity in 2023 amounted to <ix:nonFraction unitRef="eur" contextRef="c-2129" decimals="-6" name="ifrs-full:DeferredTaxRelatingToItemsChargedOrCreditedDirectlyToEquity" scale="6" id="f-6309">2</ix:nonFraction> million euros of additions (net position of higher deferred tax liabilities) and <ix:nonFraction unitRef="eur" contextRef="c-2130" decimals="-6" sign="-" name="ifrs-full:DeferredTaxRelatingToItemsChargedOrCreditedDirectlyToEquity" scale="6" id="f-6310">194</ix:nonFraction> million euros of disposals (net position of higher deferred tax </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">liabilities</span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">).</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Likewise, the amount of recognized deferred tax liabilities associated with investments in subsidiaries amounted to <ix:nonFraction unitRef="eur" contextRef="c-2131" decimals="-6" name="ifrs-full:DeferredTaxLiabilities" scale="6" id="f-6311">258</ix:nonFraction> million euros as of December 31, 2023.The amount of unrecognized deferred tax liabilities associated with investments in subsidiaries amounted to <ix:nonFraction unitRef="eur" contextRef="c-2131" decimals="-6" name="ifrs-full:TemporaryDifferencesAssociatedWithInvestmentsInSubsidiariesBranchesAndAssociatesAndInterestsInJointVentures" scale="6" id="f-6312">233</ix:nonFraction> million euros as of December 31, 2023.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Expected realization of deferred tax assets and liabilities</span></div><ix:continuation id="f-6227-1" continuedAt="f-6227-2"><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The estimated realization of deferred tax assets and liabilities recognized in the consolidated statement of financial position in 2024 is as follows:</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.707%"><tr><td style="width:1.0%"/><td style="width:47.140%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:16.055%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:16.055%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:16.350%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Millions of euros</span></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #bfbfbf;padding:0 1pt"/><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #bfbfbf;padding:0 1pt"/><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #bfbfbf;padding:0 1pt"/></tr><tr><td colspan="3" style="background-color:#ffffff;border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">12/31/2024</span></td><td colspan="3" style="background-color:#ffffff;border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total</span></td><td colspan="3" style="background-color:#ffffff;border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Less than 1 year</span></td><td colspan="3" style="background-color:#ffffff;border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">More than 1 year</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Deferred tax assets</span></td><td colspan="2" style="background-color:#ffffff;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2132" decimals="-6" name="ifrs-full:DeferredTaxAssets" format="ixt:num-dot-decimal" scale="6" id="f-6313">6,673</ix:nonFraction>&#160;</span></td><td style="background-color:#ffffff;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="background-color:#ffffff;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2133" decimals="-6" name="ifrs-full:DeferredTaxAssets" format="ixt:num-dot-decimal" scale="6" id="f-6314">1,034</ix:nonFraction>&#160;</span></td><td style="background-color:#ffffff;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="background-color:#ffffff;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2134" decimals="-6" name="ifrs-full:DeferredTaxAssets" format="ixt:num-dot-decimal" scale="6" id="f-6315">5,639</ix:nonFraction>&#160;</span></td><td style="background-color:#ffffff;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#ffffff;border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Deferred tax liabilities</span></td><td colspan="2" style="background-color:#ffffff;border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2135" decimals="-6" name="ifrs-full:DeferredTaxLiabilities" format="ixt:num-dot-decimal" scale="6" id="f-6316">2,905</ix:nonFraction>&#160;</span></td><td style="background-color:#ffffff;border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="background-color:#ffffff;border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2136" decimals="-6" name="ifrs-full:DeferredTaxLiabilities" scale="6" id="f-6317">295</ix:nonFraction>&#160;</span></td><td style="background-color:#ffffff;border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="background-color:#ffffff;border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2137" decimals="-6" name="ifrs-full:DeferredTaxLiabilities" format="ixt:num-dot-decimal" scale="6" id="f-6318">2,610</ix:nonFraction>&#160;</span></td><td style="background-color:#ffffff;border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr></table></div></ix:continuation></ix:continuation><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">F-122</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><ix:continuation id="f-6224-4" continuedAt="f-6224-5"><div style="margin-bottom:9pt;margin-top:9pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Deferred tax assets</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Deferred tax assets in the accompanying consolidated statements of financial position include the tax loss carryforwards, unused tax credits recognized and deductible temporary differences recognized at the end of the reporting period. </span></div><ix:continuation id="f-6227-2" continuedAt="f-6227-3"><div style="margin-top:9pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.707%"><tr><td style="width:1.0%"/><td style="width:63.562%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:16.495%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:16.643%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Millions of euros</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">12/31/2024</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">12/31/2023</span></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Tax credits for loss carryforwards</span></td><td colspan="2" style="background-color:#ffffff;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2138" decimals="-6" name="ifrs-full:DeferredTaxAssets" format="ixt:num-dot-decimal" scale="6" id="f-6319">2,877</ix:nonFraction>&#160;</span></td><td style="background-color:#ffffff;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="background-color:#ffffff;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2139" decimals="-6" name="ifrs-full:DeferredTaxAssets" format="ixt:num-dot-decimal" scale="6" id="f-6320">2,803</ix:nonFraction>&#160;</span></td><td style="background-color:#ffffff;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Unused tax deductions</span></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2140" decimals="-6" name="ifrs-full:DeferredTaxAssets" format="ixt:num-dot-decimal" scale="6" id="f-6321">1,000</ix:nonFraction>&#160;</span></td><td style="background-color:#ffffff;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2141" decimals="-6" name="ifrs-full:DeferredTaxAssets" scale="6" id="f-6322">733</ix:nonFraction>&#160;</span></td><td style="background-color:#ffffff;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Deferred tax assets for temporary differences</span></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2142" decimals="-6" name="ifrs-full:DeferredTaxAssets" format="ixt:num-dot-decimal" scale="6" id="f-6323">2,796</ix:nonFraction>&#160;</span></td><td style="background-color:#ffffff;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2143" decimals="-6" name="ifrs-full:DeferredTaxAssets" format="ixt:num-dot-decimal" scale="6" id="f-6324">2,704</ix:nonFraction>&#160;</span></td><td style="background-color:#ffffff;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total deferred tax assets</span></td><td colspan="2" style="background-color:#ffffff;border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-274" decimals="-6" name="ifrs-full:DeferredTaxAssets" format="ixt:num-dot-decimal" scale="6" id="f-6325">6,673</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="background-color:#ffffff;border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-282" decimals="-6" name="ifrs-full:DeferredTaxAssets" format="ixt:num-dot-decimal" scale="6" id="f-6326">6,240</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr></table></div></ix:continuation><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Tax credits for loss carryforwards</span></div><ix:continuation id="f-6227-3" continuedAt="f-6227-4"><div style="margin-top:9pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The movements in Tax credits for loss carryforwards in the Telef&#243;nica Group in 2024 and 2023 are as follows:</span><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"/><td style="width:41.151%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:10.011%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:10.157%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:10.888%"/><td style="width:0.1%"/><td colspan="3" style="display:none"/><td style="width:1.0%"/><td style="width:10.742%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:10.451%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Location of the company (Millions of euros)</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Balance at 12/31/2023</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Additions</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Reversals</span></td><td colspan="3" style="display:none"/><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Translation differences and other</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Balance at 12/31/2024</span></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Spain</span></td><td colspan="2" style="background-color:#ffffff;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2144" decimals="-6" name="ifrs-full:DeferredTaxAssets" format="ixt:num-dot-decimal" scale="6" id="f-6327">1,110</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td 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contextRef="c-2145" decimals="-6" sign="-" name="ifrs-full:IncreaseDecreaseThroughLossOfControlOfSubsidiaryDeferredTaxLiabilityAsset" scale="6" id="f-6329">17</ix:nonFraction>)</span></td><td style="background-color:#ffffff;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="2" style="background-color:#ffffff;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2145" decimals="-6" name="ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesDeferredTaxLiabilityAsset" scale="6" id="f-6330">1</ix:nonFraction>&#160;</span></td><td style="background-color:#ffffff;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="background-color:#ffffff;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2146" decimals="-6" name="ifrs-full:DeferredTaxAssets" format="ixt:num-dot-decimal" scale="6" id="f-6331">1,277</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Germany</span></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span 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name="ifrs-full:IncreaseDecreaseThroughNetExchangeDifferencesDeferredTaxLiabilityAsset" scale="6" id="f-6375">56</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2156" decimals="-6" name="ifrs-full:DeferredTaxAssets" format="ixt:num-dot-decimal" scale="6" id="f-6376">2,803</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr></table></div><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Spanish tax group considers that unused tax loss carryforwards in Spain, taking into account tax litigation in which the group is involved, amounted</span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> to <ix:nonFraction unitRef="eur" contextRef="c-12" decimals="-6" name="ifrs-full:UnusedTaxLossesForWhichNoDeferredTaxAssetRecognised" format="ixt:num-dot-decimal" scale="6" id="f-6377">5,426</ix:nonFraction> </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">million euros at December&#160;31, 2024:</span></div><div style="margin-top:9pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.707%"><tr><td style="width:1.0%"/><td style="width:47.140%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:16.055%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:16.055%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:16.350%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Millions of euros</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Less than 1 year</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">More than 1 year</span></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Tax loss carryforwards generated in the tax group</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2135" decimals="-6" name="ifrs-full:UnusedTaxLossesForWhichNoDeferredTaxAssetRecognised" format="ixt:num-dot-decimal" scale="6" id="f-6378">3,439</ix:nonFraction></span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2136" decimals="-6" name="ifrs-full:UnusedTaxLossesForWhichNoDeferredTaxAssetRecognised" scale="6" id="f-6379">868</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2137" decimals="-6" name="ifrs-full:UnusedTaxLossesForWhichNoDeferredTaxAssetRecognised" format="ixt:num-dot-decimal" scale="6" id="f-6380">2,571</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Tax loss carryforwards generated before consolidation in the tax group</span></td><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2168" decimals="-6" name="ifrs-full:UnusedTaxLossesForWhichNoDeferredTaxAssetRecognised" format="ixt:num-dot-decimal" scale="6" id="f-6381">1,987</ix:nonFraction></span></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2169" decimals="-6" name="ifrs-full:UnusedTaxLossesForWhichNoDeferredTaxAssetRecognised" format="ixt:fixed-zero" scale="6" id="f-6382">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2170" decimals="-6" name="ifrs-full:UnusedTaxLossesForWhichNoDeferredTaxAssetRecognised" format="ixt:num-dot-decimal" scale="6" id="f-6383">1,987</ix:nonFraction>&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr></table></div></ix:continuation><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Total tax credits for loss carryforwards in Spain in the statement of financial position at December 31, 2024 amounted </span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">to </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"><ix:nonFraction unitRef="eur" contextRef="c-2171" decimals="-6" name="ifrs-full:DeferredTaxAssets" format="ixt:num-dot-decimal" scale="6" id="f-6384">1,277</ix:nonFraction> million euros (<ix:nonFraction unitRef="eur" contextRef="c-2172" decimals="-6" name="ifrs-full:DeferredTaxAssets" format="ixt:num-dot-decimal" scale="6" id="f-6385">1,110</ix:nonFraction> million euros at December 31, 2023). Total unrecognized tax credits for loss carryforwards of the Spanish tax group amounted to</span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"><ix:nonFraction unitRef="eur" contextRef="c-2171" decimals="-6" name="ifrs-full:UnusedTaxLossesForWhichNoDeferredTaxAssetRecognised" scale="6" id="f-6386">113</ix:nonFraction></span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> m</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">illion euros (<ix:nonFraction unitRef="eur" contextRef="c-2172" decimals="-6" name="ifrs-full:UnusedTaxLossesForWhichNoDeferredTaxAssetRecognised" scale="6" id="f-6387">77</ix:nonFraction> million euros at December 31, 2023). These tax credits do not expire.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Group companies in Germany have recogn</span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">ized </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"><ix:nonFraction unitRef="eur" contextRef="c-2173" decimals="-6" name="ifrs-full:DeferredTaxAssets" scale="6" id="f-6388">970</ix:nonFraction></span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> milli</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">on euros of tax credits for loss carryforwards at December&#160;31, 2024 (<ix:nonFraction unitRef="eur" contextRef="c-2174" decimals="-6" name="ifrs-full:DeferredTaxAssets" scale="6" id="f-6389">879</ix:nonFraction> million euros at December 31, 2023). Total unrecognized tax credits for loss carryforwards of these companies amount t</span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">o </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"><ix:nonFraction unitRef="eur" contextRef="c-2173" decimals="-6" name="ifrs-full:UnusedTaxLossesForWhichNoDeferredTaxAssetRecognised" format="ixt:num-dot-decimal" scale="6" id="f-6390">5,168</ix:nonFraction></span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">million euros (<ix:nonFraction unitRef="eur" contextRef="c-2174" decimals="-6" name="ifrs-full:UnusedTaxLossesForWhichNoDeferredTaxAssetRecognised" format="ixt:num-dot-decimal" scale="6" id="f-6391">5,295</ix:nonFraction> million euros at December 31, 2023). These tax credits do not expire. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Recognized tax credits in the consolidated statement of financial position arising from the Latin American subsidiaries at December&#160;31, 2024 amounted to <ix:nonFraction unitRef="eur" contextRef="c-2175" decimals="-6" name="ifrs-full:DeferredTaxAssets" scale="6" id="f-6392">630</ix:nonFraction> million euros (<ix:nonFraction unitRef="eur" contextRef="c-2176" decimals="-6" name="ifrs-full:DeferredTaxAssets" scale="6" id="f-6393">814</ix:nonFraction> million euros as of December 31, 2023). Total unrecognized tax credits for tax loss carryforwards in Latin America amounted to</span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"><ix:nonFraction unitRef="eur" contextRef="c-2175" decimals="-6" name="ifrs-full:UnusedTaxLossesForWhichNoDeferredTaxAssetRecognised" scale="6" id="f-6394">797</ix:nonFraction></span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">million euros (<ix:nonFraction unitRef="eur" contextRef="c-2176" decimals="-6" name="ifrs-full:UnusedTaxLossesForWhichNoDeferredTaxAssetRecognised" scale="6" id="f-6395">841</ix:nonFraction> million euros at December 31, 2023). </span></div></ix:continuation><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">F-123</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><ix:continuation id="f-6224-5" continuedAt="f-6224-6"><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Deductions</span></div><div style="margin-top:9pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Group has recognized </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"><ix:nonFraction unitRef="eur" contextRef="c-2177" decimals="-6" name="ifrs-full:DeferredTaxAssets" format="ixt:num-dot-decimal" scale="6" id="f-6396">1,000</ix:nonFraction></span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> million euros of tax credits from deductions at December&#160;31, 2024, in Spain (<ix:nonFraction unitRef="eur" contextRef="c-2178" decimals="-6" name="ifrs-full:DeferredTaxAssets" scale="6" id="f-6397">733</ix:nonFraction> millIon euros in 2023), generated primarily from R+D+i, double taxation, donations to non-profit organizations and film productions. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Total unrecognized tax credits from deductions in Spain amounted t</span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">o </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"><ix:nonFraction unitRef="eur" contextRef="c-2179" decimals="-6" name="ifrs-full:DeferredTaxAssets" scale="6" id="f-6398">123</ix:nonFraction></span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">million euros at December 31, 2024 (<ix:nonFraction unitRef="eur" contextRef="c-2180" decimals="-6" name="ifrs-full:DeferredTaxAssets" scale="6" id="f-6399">244</ix:nonFraction> million euros as of December 31, 2023).</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Temporary differences</span></div><ix:continuation id="f-6227-4"><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The sources of deferred tax assets and liabilities from temporary differences recognized at December&#160;31, 2024 and 2023 are as follows: </span></div><div style="margin-top:9pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.707%"><tr><td style="width:1.0%"/><td style="width:63.562%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:16.495%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:16.643%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Millions of euros</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">12/31/2024</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">12/31/2023</span></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Goodwill and intangible assets</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2181" decimals="-6" name="ifrs-full:DeferredTaxAssets" scale="6" id="f-6400">652</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2182" decimals="-6" name="ifrs-full:DeferredTaxAssets" scale="6" id="f-6401">787</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Property, plant and equipment</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2183" decimals="-6" name="ifrs-full:DeferredTaxAssets" scale="6" id="f-6402">438</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2184" decimals="-6" name="ifrs-full:DeferredTaxAssets" scale="6" id="f-6403">378</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Personnel commitments</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2185" decimals="-6" name="ifrs-full:DeferredTaxAssets" format="ixt:num-dot-decimal" scale="6" id="f-6404">1,271</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2186" decimals="-6" name="ifrs-full:DeferredTaxAssets" format="ixt:num-dot-decimal" scale="6" id="f-6405">1,498</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Provisions</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2187" decimals="-6" name="ifrs-full:DeferredTaxAssets" scale="6" id="f-6406">960</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2188" decimals="-6" name="ifrs-full:DeferredTaxAssets" format="ixt:num-dot-decimal" scale="6" id="f-6407">1,062</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt 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contextRef="c-2190" decimals="-6" name="ifrs-full:DeferredTaxLiabilities" scale="6" id="f-6433">746</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Rights of use</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2193" decimals="-6" name="ifrs-full:DeferredTaxLiabilities" scale="6" id="f-6434">997</ix:nonFraction>&#160;</span></td><td 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style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Deferred tax assets and liabilities are offset if a legally enforceable right exists to offset current tax assets against current tax liabilities and the deferred taxes relate to the same taxable entity and the same taxation authority. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The heading "Other concepts&#8221; of deferred tax assets for temporary differences include, among others, the effect of the 50% limitation on the use of individual negative tax credits for loss carryforwards for the year of companies under a tax consolidation regime in Spain (see the section Main deferred tax movements recorded in 2024 of this Note). 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Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><ix:continuation id="f-6224-6" continuedAt="f-6224-7"><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Tax payables and receivables</span></div><ix:nonNumeric contextRef="c-1" name="ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory" id="f-6448" escape="true"><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Current tax payables and receivables at December&#160;31, 2024 and 2023 are as follows: </span></div><div 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1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Balance at 12/31/2023</span></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Tax payables</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Tax withholdings</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-12" decimals="-6" name="tef:CurrentTaxWithholdings" scale="6" id="f-6449">104</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-13" decimals="-6" name="tef:CurrentTaxWithholdings" scale="6" 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name="tef:OtherTaxesPayable" scale="6" id="f-6458">311</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total</span></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-12" decimals="-6" name="ifrs-full:CurrentTaxLiabilitiesCurrent" format="ixt:num-dot-decimal" scale="6" id="f-6459">1,614</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td 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1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Indirect taxes</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-12" decimals="-6" name="tef:CurrentIndirectTaxesReceivable" scale="6" id="f-6461">461</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-13" decimals="-6" name="tef:CurrentIndirectTaxesReceivable" scale="6" id="f-6462">493</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Current income taxes receivable</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-12" decimals="-6" name="tef:CurrentIncomeTaxesReceivable" scale="6" id="f-6463">392</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-13" decimals="-6" name="tef:CurrentIncomeTaxesReceivable" scale="6" id="f-6464">598</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Other</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-12" decimals="-6" name="tef:OtherTaxesReceivable" scale="6" id="f-6465">117</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-13" decimals="-6" name="tef:OtherTaxesReceivable" scale="6" id="f-6466">102</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total</span></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-12" decimals="-6" name="ifrs-full:CurrentTaxAssetsCurrent" scale="6" id="f-6467">970</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-13" decimals="-6" name="ifrs-full:CurrentTaxAssetsCurrent" format="ixt:num-dot-decimal" scale="6" id="f-6468">1,193</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr></table></div></ix:nonNumeric><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">"Current income taxes payable" as of December 31, 2024 includes <ix:nonFraction unitRef="eur" contextRef="c-2205" decimals="-6" name="tef:CurrentIncomeTaxesPayable" scale="6" id="f-6469">549</ix:nonFraction> million euros (<ix:nonFraction unitRef="eur" contextRef="c-2206" decimals="-6" name="tef:CurrentIncomeTaxesPayable" scale="6" id="f-6470">660</ix:nonFraction> million euros as of December 31, 2023) corresponding to Telef&#243;nica del Per&#250;'s legal proceedings related to corporate income tax (see the section </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Tax litigation in Telef&#243;nica del Per&#250; </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">in this note).</span></div></ix:continuation><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span><br/></span></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">F-125</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><ix:continuation id="f-6224-7" continuedAt="f-6224-8"><div style="margin-top:9pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Reconciliation of book profit before taxes to taxable income</span></div><ix:nonNumeric contextRef="c-1" name="tef:DisclosureOfReconciliationOfAccountingProfitTableTextBlock" id="f-6471" escape="true"><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The reconciliation between book profit before tax and the income tax expense from continuing operations for 2024, 2023 and 2022 is as follows:</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.707%"><tr><td style="width:1.0%"/><td style="width:47.140%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:16.055%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:16.055%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:16.350%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Millions of euros</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2024</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2023</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2022</span></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Accounting profit before tax</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1" decimals="-6" name="ifrs-full:AccountingProfit" scale="6" id="f-6472">557</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-14" decimals="-6" sign="-" name="ifrs-full:AccountingProfit" format="ixt:num-dot-decimal" scale="6" id="f-6473">1,473</ix:nonFraction>)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-15" decimals="-6" name="ifrs-full:AccountingProfit" format="ixt:num-dot-decimal" scale="6" id="f-6474">2,960</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Tax expense at prevailing statutory rate</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1" decimals="-6" name="ifrs-full:TaxExpenseIncomeAtApplicableTaxRate" scale="6" id="f-6475">102</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td 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style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-14" decimals="-6" name="tef:TaxEffectOfOtherPermanentDifferences" scale="6" id="f-6479">442</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-15" decimals="-6" sign="-" name="tef:TaxEffectOfOtherPermanentDifferences" scale="6" id="f-6480">793</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span 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style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1" decimals="-6" sign="-" name="tef:ReversalCapitalizationOfTaxDeductionAndTaxRelief" scale="6" id="f-6484">252</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-14" decimals="-6" sign="-" name="tef:ReversalCapitalizationOfTaxDeductionAndTaxRelief" scale="6" id="f-6485">173</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-15" decimals="-6" name="tef:ReversalCapitalizationOfTaxDeductionAndTaxRelief" scale="6" id="f-6486">88</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(Capitalization)/reversal of loss carryforwards</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1" decimals="-6" sign="-" name="tef:ReversalCapitalizationOfLossCarryforwards" scale="6" id="f-6487">333</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-14" decimals="-6" sign="-" name="tef:ReversalCapitalizationOfLossCarryforwards" scale="6" id="f-6488">855</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 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decimals="-6" name="tef:IncreaseDecreaseInTaxExpenseDueToTemporaryDifferences" scale="6" id="f-6490">599</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-14" decimals="-6" name="tef:IncreaseDecreaseInTaxExpenseDueToTemporaryDifferences" scale="6" id="f-6491">11</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-15" decimals="-6" name="tef:IncreaseDecreaseInTaxExpenseDueToTemporaryDifferences" scale="6" id="f-6492">43</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Other concepts</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1" decimals="-6" name="ifrs-full:OtherTaxEffectsForReconciliationBetweenAccountingProfitAndTaxExpenseIncome" scale="6" id="f-6493">65</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-14" decimals="-6" sign="-" name="ifrs-full:OtherTaxEffectsForReconciliationBetweenAccountingProfitAndTaxExpenseIncome" scale="6" id="f-6494">76</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-15" decimals="-6" name="ifrs-full:OtherTaxEffectsForReconciliationBetweenAccountingProfitAndTaxExpenseIncome" scale="6" id="f-6495">308</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Corporate income tax</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1" decimals="-6" name="ifrs-full:IncomeTaxExpenseContinuingOperations" scale="6" id="f-6496">348</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-14" decimals="-6" sign="-" name="ifrs-full:IncomeTaxExpenseContinuingOperations" scale="6" id="f-6497">899</ix:nonFraction>)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-15" decimals="-6" name="ifrs-full:IncomeTaxExpenseContinuingOperations" scale="6" id="f-6498">641</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Breakdown of current/deferred tax expense</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Current tax expense</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1" decimals="-6" name="ifrs-full:CurrentTaxExpenseIncome" scale="6" id="f-6499">519</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-14" decimals="-6" name="ifrs-full:CurrentTaxExpenseIncome" scale="6" id="f-6500">473</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-15" decimals="-6" sign="-" name="ifrs-full:CurrentTaxExpenseIncome" scale="6" id="f-6501">218</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Deferred tax expense</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1" decimals="-6" sign="-" name="ifrs-full:DeferredTaxExpenseIncome" scale="6" id="f-6502">171</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-14" decimals="-6" sign="-" name="ifrs-full:DeferredTaxExpenseIncome" format="ixt:num-dot-decimal" scale="6" id="f-6503">1,372</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-15" decimals="-6" name="ifrs-full:DeferredTaxExpenseIncome" scale="6" id="f-6504">859</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total Corporate income tax</span></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1" decimals="-6" name="ifrs-full:IncomeTaxExpenseContinuingOperations" scale="6" id="f-6505">348</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-14" decimals="-6" sign="-" name="ifrs-full:IncomeTaxExpenseContinuingOperations" scale="6" id="f-6506">899</ix:nonFraction>)</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-15" decimals="-6" name="ifrs-full:IncomeTaxExpenseContinuingOperations" scale="6" id="f-6507">641</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr></table></div></ix:nonNumeric><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">2024</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Permanent differences for 2024 mainly included the result of excluding goodwill impairment losses (see Note 26) from the reconciliation. Goodwill impairment losses are part of the Accounting profit before tax but have no effect on the consolidated Corporate income tax.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(Capitalization)/reversal of tax deduction and tax relief in 2024 mainly includes the activation of deferred tax assets for deductions within the tax group of Telef&#243;nica, S.A. following the recoverability analysis at year-end, amounting to <ix:nonFraction unitRef="eur" contextRef="c-201" decimals="-6" name="tef:ReversalOfDeferredTaxAssetsForTaxCredits" scale="6" id="f-6508">236</ix:nonFraction> million euros, with a corresponding deferred tax expense (see the section Main changes registered in 2024 above in this note).</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(Capitalization)/reversal of loss carryforwards in 2024 mainly includes the effect of the activation of tax credits for tax loss carryforwards generated in previous years of Telef&#243;nica, S.A.amounting to <ix:nonFraction unitRef="eur" contextRef="c-201" decimals="-6" name="ifrs-full:TaxBenefitArisingFromPreviouslyUnrecognisedTaxLossTaxCreditOrTemporaryDifferenceOfPriorPeriodUsedToReduceCurrentTaxExpense" scale="6" id="f-6509">174</ix:nonFraction> million euros, Telef&#243;nica Germany amounting to <ix:nonFraction unitRef="eur" contextRef="c-2109" decimals="-6" name="tef:TaxCreditsRecognized" scale="6" id="f-6510">127</ix:nonFraction> million euros and Group 3G UMTS Holding GmbH amounting to <ix:nonFraction unitRef="eur" contextRef="c-2207" decimals="-6" name="tef:TaxCreditsRecognized" scale="6" id="f-6511">106</ix:nonFraction> million euros (see the section Main changes registered in 2024 above in this note).</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The increase/(decrease) in tax expense arising from temporary differences in 2024 mainly includes the recognition of the deferred tax liability amounting to <ix:nonFraction unitRef="eur" contextRef="c-2107" decimals="-6" name="tef:IncreaseDecreaseInTaxExpenseDueToTemporaryDifferences" scale="6" id="f-6512">535</ix:nonFraction> million euros, following the reinstatement of the mandatory reversal regime for impairment losses on equity securities that had been tax-deductible prior to 2013 and were still pending reversal as of January 1, 2024 (see the section "Main movements in deferred taxes recognized in 2024" of this note).</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">2023</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Permanent differences for 2023 mainly included <ix:nonFraction unitRef="eur" contextRef="c-2208" decimals="-6" sign="-" name="tef:TaxEffectOfOtherPermanentDifferences" scale="6" id="f-6513">477</ix:nonFraction> million euros that result from excluding from the reconciliation the share of loss of VMO2 accounted for by the equity method (see Note 10). This result is part of the Accounting profit before tax but has no effect on the consolidated Corporate income tax.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(Capitalization)/reversal of tax deduction and tax relief in 2023 mainly included the reversal of deferred tax assets for tax credits of the Telef&#243;nica, S.A. tax group amounting to <ix:nonFraction unitRef="eur" contextRef="c-224" decimals="-6" name="tef:ReversalOfDeferredTaxAssetsForTaxCredits" scale="6" id="f-6514">173</ix:nonFraction> million euros, with a balancing entry in deferred tax expense (see Main changes registered in 2023 above in this note). </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(Capitalization)/reversal of loss carryforwards in 2023 mainly included the effect of the General Court Judgment of September 27, 2023 that finally annuls the Third Decision (EU) 2015/314 of the Commission (see Tax deductibility of financial goodwill in Spain in this note) with a corresponding entry under deferred tax assets amounted to <ix:nonFraction unitRef="eur" contextRef="c-2209" decimals="-6" name="tef:ReversalOfDeferredTaxAssets" scale="6" id="f-6515">334</ix:nonFraction> million euros and the activation of tax credits for tax loss carryforwards generated in previous years of Telef&#243;nica, </span></div></ix:continuation><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">F-126</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><ix:continuation id="f-6224-8" continuedAt="f-6224-9"><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">S.A. for an amount of <ix:nonFraction unitRef="eur" contextRef="c-224" decimals="-6" name="ifrs-full:TaxBenefitArisingFromPreviouslyUnrecognisedTaxLossTaxCreditOrTemporaryDifferenceOfPriorPeriodUsedToReduceCurrentTaxExpense" scale="6" id="f-6516">368</ix:nonFraction> million euros, the recognition of tax credits for tax loss carryforwards generated in previous years of Telef&#243;nica Germany amounting to <ix:nonFraction unitRef="eur" contextRef="c-1367" decimals="-6" name="tef:TaxCreditsRecognized" scale="6" id="f-6517">115</ix:nonFraction> million euros and Group 3G UMTS Holding GmbH amounting to <ix:nonFraction unitRef="eur" contextRef="c-2210" decimals="-6" name="tef:TaxCreditsRecognized" scale="6" id="f-6518">73</ix:nonFraction> million euros (see the section Main changes registered in 2023 above in this note).</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">2022</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">"Permanent differences" for 2022, mainly included <ix:nonFraction unitRef="eur" contextRef="c-2211" decimals="-6" sign="-" name="tef:TaxEffectOfOtherPermanentDifferences" scale="6" id="f-6519">651</ix:nonFraction> million of income corresponding to the last corporate simplification implemented in Brazil due to the approval in 2021 of a new Telecommunications Law (Law 14.195 of 26 August 2021), the consequent repeal of Decree 2.617/1998, which abolishes the obligation to control a telecommunications company through a Brazilian company.  </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Likewise, as a result of the closure of the tax inspection of Group 3G UMTS Holding GmbH for several years up to 2015 and once it was confirmed that no adjustment was proposed, the company has reversed the provision that had been recorded for this purpose, with an impact on Corporate income tax of <ix:nonFraction unitRef="eur" contextRef="c-2212" decimals="-6" name="ifrs-full:UnusedProvisionReversedOtherProvisions" scale="6" id="f-6520">186</ix:nonFraction> million euros and in Finance income of <ix:nonFraction unitRef="eur" contextRef="c-2213" decimals="-6" name="ifrs-full:UnusedProvisionReversedOtherProvisions" scale="6" id="f-6521">69</ix:nonFraction> million euros. This movement has not had any cash effect.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(Capitalization)/reversal of tax deduction and tax relief in 2022 mainly included the reversal of deferred tax assets for tax credits of the Telef&#243;nica, S.A. tax group amounting to <ix:nonFraction unitRef="eur" contextRef="c-247" decimals="-6" name="tef:ReversalOfDeferredTaxAssetsForTaxCredits" scale="6" id="f-6522">112</ix:nonFraction> million euros, with a balancing entry in deferred tax expense. </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(Capitalization)/reversal of loss carryforwards in 2022 mainly included the effect of unrecorded tax loss carryforwards generated in the year and the reversal of tax loss carryforwards generated in prior years of the Telef&#243;nica, S.A. tax group, amounting to <ix:nonFraction unitRef="eur" contextRef="c-247" decimals="-6" name="ifrs-full:TaxBenefitArisingFromPreviouslyUnrecognisedTaxLossTaxCreditOrTemporaryDifferenceOfPriorPeriodUsedToReduceCurrentTaxExpense" scale="6" id="f-6523">326</ix:nonFraction> million euros and <ix:nonFraction unitRef="eur" contextRef="c-247" decimals="-6" name="tef:ReversalOfDeferredTaxAssetsForTaxLossCarryforwards" scale="6" id="f-6524">85</ix:nonFraction> million euros, respectively. On the other hand, the recognition of tax credits for tax loss carryforwards generated in previous years of Telef&#243;nica Germany amounting to <ix:nonFraction unitRef="eur" contextRef="c-1368" decimals="-6" name="tef:TaxCreditsRecognized" scale="6" id="f-6525">76</ix:nonFraction> million euros and Group 3G UMTS Holding GmbH amounting to <ix:nonFraction unitRef="eur" contextRef="c-2214" decimals="-6" name="tef:TaxCreditsRecognized" scale="6" id="f-6526">76</ix:nonFraction> million euros are included too in (Capitalization)/reversal of loss carryforwards in 2022. </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Other items in 2022 mainly included an expense of <ix:nonFraction unitRef="eur" contextRef="c-2215" decimals="-6" name="ifrs-full:IncomeTaxExpenseContinuingOperations" scale="6" id="f-6527">241</ix:nonFraction> million euros as a result of the provision for tax contingencies recorded during the year by Telef&#243;nica del Per&#250;.</span></div><div style="margin-top:9pt"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Tax deductibility of financial goodwill in Spain </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The tax regulations added article 12.5 to the Spanish Corporate Income Tax Law, which came into force on January 1, 2002. The article regulated the deductibility of tax amortization of financial goodwill (fondo de comercio) arising from the acquisition of non-Spanish companies, which could be amortized over 20 years at 5% per annum.  </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Following the entry into force of the Laws 9/2011 of August 19, 2011 and 16/2013 of October 29, 2013, the amount of goodwill amortization deductible for tax purposes under article 12.5 for the years 2011 to 2015 was reduced from 5% to 1%. The effect is temporary because the 4% not amortized for five years (20% in total) will be recovered extending the deduction period from the initial 20 years to 25 years. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Telef&#243;nica Group, under this regulation, has been amortizing for tax purposes the financial goodwill from its investments, both direct and indirect, in O2, BellSouth and Colombia Telecomunicaciones (prior to December 21, 2007) and Vivo (acquired in 2010). The positive accumulated effect of the corresponding settlements of corporate income tax from 2004 to the closing of December&#160;31, 2024, was <ix:nonFraction unitRef="eur" contextRef="c-1" decimals="-6" sign="-" name="ifrs-full:TaxEffectOfImpairmentOfGoodwill" format="ixt:num-dot-decimal" scale="6" id="f-6528">2,368</ix:nonFraction> million euros.  </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In relation to this tax incentive, the European Commission (EC) has in recent years commenced three proceedings against the Spanish State, as it deems that this tax benefit could constitute an example of state aid. Although the EC itself acknowledged the validity of the tax incentive for those investors that invested in European companies for  operations carried out before December 21, 2007 in the first decision, and before May 21, 2011 for investments in other countries in the second decision, in its third decision issued on October 15, 2014 it calls into question the applicability of the principle of legitimate expectations in the application of the incentive for indirect acquisitions, whatever the date of acquisition may have been. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">There are also doubts in the Spanish Courts about the classification of the incentive as a deduction and its maintenance in the case of subsequent transmission. </span></div><div style="margin-top:9pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On October 6, 2021, the Court of Justice of the European Union concluded that the European Commission correctly classified the Spanish tax depreciation scheme of the Fondo de Comercio as State aid incompatible with the internal market for the First and Second Decisions. </span></div></ix:continuation><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">F-127</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><ix:continuation id="f-6224-9" continuedAt="f-6224-10"><div style="margin-top:9pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">With regard to the recognition of legitimate expectations for the First and Second decisions, the Court of Justice of the European Union confirms its applicability.</span></div><div style="margin-top:9pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The proceedings initiated on the Third Decision, suspended until the resolution of the 1st and the 2nd Decisions resumed on October 19, 2021. The General Court of the Court of Justice of the European Union issued a ruling on September 27, 2023 annulling the Commission's Third Decision (EU) 2015/314, effective as of the day of its publication. However, the proceedings have not been finally concluded as the European Commission appealed the ruling to the Court of Justice of the European Union on December 14, 2023. </span></div><div style="margin-bottom:12pt;margin-top:9pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">As a result of the execution of this Sentence, in accordance with the opinion of the Company and its advisors as to the likely outcome of the aforementioned appeal, as well as that of the Constitutional Court on Royal Decree Law 3/2016, Telef&#243;nica could once again have available (in addition to the <ix:nonFraction unitRef="eur" contextRef="c-202" decimals="-6" name="tef:TaxCreditsRecognized" scale="6" id="f-6529">334</ix:nonFraction> million euros mentioned in the section "Main changes registered in 2023"), totally or partially, the tax credits for tax loss carryforwards and deductions described under "Constitutional Court Ruling on Royal Decree Law 3/2016" of this note.</span></div><div style="text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:112%">The "Tax and Customs Control Unit of the Spanish Tax Authority" (Dependencia de Control Tributario y Aduanero de la Agencia Tributaria), in compliance with the obligation set out in the EC Decision (EU) 2015/314, recovered in March 2019, February 2021 and July 2023, the amounts that had been deducted in connection with the amortization of goodwill for the indirect acquisition of non-resident companies from 2005 to 2015, 2016 to 2018 and 2019 to 2020, respectively. The amount paid by Telef&#243;nica after offsetting outstanding tax credits (tax losses carryforward and deductions) amounted to <ix:nonFraction unitRef="eur" contextRef="c-2216" decimals="-5" name="tef:ProceedsfromFavorableTaxAppeal" scale="6" id="f-6530">13.4</ix:nonFraction> million euros. All settlements have been appealed by the Company in the Spanish courts.  </span></div><div style="margin-top:9pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Notwithstanding the fact that Telef&#243;nica understands that the principle of legitimate expectations in relation to this tax incentive applies, in relation to tax-amortized goodwill through the purchase of some companies for which the applicability of the legitimate expectations principle is questioned, mainly Vivo, the Group has decided to continue provisioning the amount of the goodwill amortized for tax purposes, and not recovered by the Administration which amounted to <ix:nonFraction unitRef="eur" contextRef="c-12" decimals="-6" name="ifrs-full:GoodwillExpectedDeductibleForTaxPurposes" scale="6" id="f-6531">480</ix:nonFraction> million euros as of December 31, 2024 (<ix:nonFraction unitRef="eur" contextRef="c-13" decimals="-6" name="ifrs-full:GoodwillExpectedDeductibleForTaxPurposes" scale="6" id="f-6532">419</ix:nonFraction> million euros as of December 31, 2023).  </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Inspections of the tax group in Spain</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:112%">In July 2019, new inspection procedures were initiated for several of the companies belonging to Tax Group 24/90, of which Telef&#243;nica, S.A. is the dominant company. The periods audited for Corporate Income Tax were the years 2014 to 2017. </span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The closing of the inspection procedure took place in January 2022, with the Settlement Agreement being notified, and which the Company challenged in an economic-administrative procedure at the Central Economic-Administrative Court due to the adjustments with which it did not agree, mainly related to the "juros sobre el capital propio". In December 2022, the Company received a rejection resolution from the Central Economic-Administrative Court, which was challenged on the National High Court in February 2023. The final decision is still pending.</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In relation to the 2008-2011 inspection procedure, in July 2022 Telef&#243;nica was notified of the Supreme Court's decision rejecting the appeal for cassation filed by the State Attorney's Office against the judgment of the Audiencia Nacional (National High Court) of October 29, 2021. This confirmed the criteria used by Telef&#243;nica, S.A. for the use of tax losses carryforward and deductions in relation to the liquidation agreements derived from the Corporate Income Tax inspection of those years.</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On October 24, 2022, an Agreement for the Execution of the Judgment of the Audiencia Nacional (National High Court) was issued, which orders the refund to Telef&#243;nica of an amount of <ix:nonFraction unitRef="eur" contextRef="c-2217" decimals="-6" name="tef:TaxRefundReceivableFromTaxPaid" scale="6" id="f-6533">790</ix:nonFraction> million euros for taxes paid in those years, as well as an amount of <ix:nonFraction unitRef="eur" contextRef="c-2217" decimals="-6" name="tef:TaxRefundInterestReceivableFromTaxPaid" scale="6" id="f-6534">526</ix:nonFraction> million euros as delayed interest. Said amounts were collecte</span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">d on October 28, 2022.</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In July 2023 new inspection procedures were initiated with respect to several of the companies belonging to Tax Group 24/90, of which Telef&#243;nica, S.A. is the dominant company. The taxes and periods being audited were as follows: corporate income tax for the years 2018 to 2021 and value added tax for the period from May to December 2019 as well as for the years 2020 and 2021. </span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">As a result of the ongoing inspection process and the years still to be inspected, at the end of the financial year 2024, it is not estimated that there will be a need to recognize additional liabilities in addition to those described in the Consolidated Financial Statements.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Constitutional Court Ruling on Royal Decree Law 3/2016</span></div></ix:continuation><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">F-128</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><ix:continuation id="f-6224-10" continuedAt="f-6224-11"><div style="margin-bottom:9pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:112%">On January 18, 2024, the plenary session of the Constitutional Court of Spain ("TC") unanimously declared unconstitutional certain measures introduced by Royal Decree-Law 3/2016 of December 2 on corporate income tax. Specifically, the TC declared unconstitutional the setting of stricter ceilings for the offsetting of tax loss carryforwards, the introduction ex novo of a limit on the application of double taxation deductions, and the obligation to automatically integrate into the tax base of the tax the impairment of holdings that had been deducted in previous years. This ruling, following the trend of previous TC rulings, points out that, in the interest of legal certainty, the effects of the declaration of unconstitutionality are limited.</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">However, because Telef&#243;nica has submitted letters of request for rectification for the financial years 2016 onwards of both the consolidated self-assessment tax returns (Form 220) of the Tax Group 24/90 and the individual self-assessment tax returns (Form 200) of the Group companies affected by the measures deemed to be unconstitutional, Telef&#243;nica would not be affected by any such limitation on the scope of the declaration of unconstitutionality.</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Furthermore, on December 21, 2024, Law 7/2024 of December 20 was published in the Official State Gazette (BOE), which, in addition to regulating a complementary tax ensuring a minimum global tax rate for multinational groups (transposing European Council Directive 2022/2523 of December 15), introduces other changes to the corporate income tax in order to reverse the effects of the partial annulment of the tax measures introduced by Royal Decree-Law 3/2016 of December 2.</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:112%">With effect from tax periods starting on or after January 1, 2024 and not yet concluded at the time the Law 7/2024 comes into force, the mandatory reversal regime for impairments of securities on share capital or equity that had been fiscally deductible prior to 2013 is reinstated.</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Specifically, the total amount of impairments that were deductible before 2013 and are pending reversal as of January 1, 2024 must be included in the tax base. </span></div><div style="margin-bottom:9pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:112%">The reversal must be made, at a minimum, in equal parts during each of the first three financial years starting from January 1, 2024. It will be possible to offset the positive income arising from this mandatory reversal with tax loss carryforwards generated in years prior to 2021, without the application of the 25% and 50% limits mentioned earlier (although the general 70%  limit will still apply).</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:112%">As a result, the corporate income tax returns of the fiscal group in Spain for the years 2016 to 2021 will be affected by the aforementioned ruling. Given the current status of the litigation related to the corporate income tax for 2016-2017 before the Spanish National Court, and the conclusion of the tax inspection process for the years 2018 to 2021, it is expected that the Spanish tax authorities will issue the corresponding enforcement agreements when the inspection procedure concludes in 2025. </span></div><div style="margin-bottom:9pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Accordingly, Telef&#243;nica, with the support of its external advisors, based on the applicable financial reporting framework, has taken into account the effects of the unconstitutionality of Royal Decree-Law 3/2016 and Law 7/2024, in its analysis of recoverability of deferred tax assets at the end of 2024, this resulted mainly in the reversal of impairment of portfolios that were tax-deductible in periods starting prior to January 1, 2013 and their integration in the taxable income base according to the provisions of Article 12.3 of Royal Decree-Law 4/2004 and the new Law 7/2024.The effects are shown in the section "Main changes registered in 2024" in this note.</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:112%">As a result of the execution of this TC ruling, as well as the ruling from the General Court of the European Union regarding the amortization of goodwill, Telef&#243;nica could once again have available (in addition to the <ix:nonFraction unitRef="eur" contextRef="c-202" decimals="-6" name="tef:TaxCreditsRecognized" scale="6" id="f-6535">334</ix:nonFraction> million euros mentioned), either in whole or in part, the following tax credits for tax loss carryforwards and deductions used in the assessments of those years: for tax loss carryforwards of the years 2002, <ix:nonFraction unitRef="eur" contextRef="c-1" decimals="-6" name="tef:TaxCreditExpectedLossCarryforwardsOfTwoThousandAndTwo" scale="6" id="f-6536">247</ix:nonFraction> million euros; 2004, <ix:nonFraction unitRef="eur" contextRef="c-1" decimals="-6" name="tef:TaxCreditExpectedLossCarryforwardsOfTwoThousandAndFour" scale="6" id="f-6537">21</ix:nonFraction> million euros; 2011, <ix:nonFraction unitRef="eur" contextRef="c-1" decimals="-6" name="tef:TaxCreditExpectedLossCarryforwardsOfTwoThousandEleven" scale="6" id="f-6538">615</ix:nonFraction> million euros; and 2015, <ix:nonFraction unitRef="eur" contextRef="c-1" decimals="-6" name="tef:TaxCreditExpectedLossCarryforwardsOfTwoThousandFifteen" format="ixt:num-dot-decimal" scale="6" id="f-6539">1,503</ix:nonFraction> million euros; and for deductions: for double taxation for the years 2010 to 2020, <ix:nonFraction unitRef="eur" contextRef="c-1" decimals="-6" name="tef:TaxCreditExpectedDeductionsForDoubleTaxation" scale="6" id="f-6540">952</ix:nonFraction> million euros; for reinvestment for the years 2003 and 2011 to 2013, <ix:nonFraction unitRef="eur" contextRef="c-1" decimals="-6" name="tef:TaxCreditExpectedDeductionsForReinvestments" scale="6" id="f-6541">23</ix:nonFraction> million euros; for investments from 2003 to 2013, <ix:nonFraction unitRef="eur" contextRef="c-1" decimals="-6" name="tef:TaxCreditExpectedDeductionsForInvestments" scale="6" id="f-6542">476</ix:nonFraction> million euros; for donations from the years 2009 to 2018, <ix:nonFraction unitRef="eur" contextRef="c-1" decimals="-6" name="tef:TaxCreditExpectedDeductionsForDonations" scale="6" id="f-6543">260</ix:nonFraction> million euros; for fixed assets in the Canary Islands from 2010 to 2020, <ix:nonFraction unitRef="eur" contextRef="c-1" decimals="-6" name="tef:TaxCreditExpectedDeductionsForFixedAssets" scale="6" id="f-6544">101</ix:nonFraction> million euros and due to the reversal of temporary measures from 2015 to 2020, <ix:nonFraction unitRef="eur" contextRef="c-1" decimals="-6" name="tef:TaxCreditExpectedDeductionsForReversalOfTemporaryMeasures" scale="6" id="f-6545">29</ix:nonFraction> million euros.</span></div><div style="margin-top:9pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Tax litigation in Telef&#243;nica Brazil </span></div><div style="margin-top:9pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">State taxes </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Telef&#243;nica Group is involved in a range of tax litigation in Brazil over direct and indirect taxes (including those relating to GVT). This includes a number of appeals relating to ICMS tax (a tax similar to VAT, levied on telecommunications services). There is a dispute with the Brazilian tax authorities over which services should be subject to this tax. </span></div></ix:continuation><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">F-129</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><ix:continuation id="f-6224-11" continuedAt="f-6224-12"><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">To date the most significant issues have focused on the requirement to collect ICMS on penalties charged to customers for non-compliance, and complementary or additional services to the basic telecommunications services such as value-added services, modem rental, and the application of this tax on the basic fee (assinatura b&#225;sica). In the case of the latter (assinatura b&#225;sica), the Supreme Court has established that the tax is only payable in respect of assessments for periods after October 2016. </span></div><div style="margin-top:9pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">All related procedures are being contested in all instances (administrative and court proceedings). The aggregate amount of the relevant proceedings, updated to take into account interest, fines and other items, was approximately <ix:nonFraction unitRef="brl" contextRef="c-1" decimals="-6" name="ifrs-full:LossesOnLitigationSettlements" format="ixt:num-dot-decimal" scale="6" id="f-6546">25,760</ix:nonFraction> million Brazilian reais as of December 31, 2024 (approximately <ix:nonFraction unitRef="eur" contextRef="c-1" decimals="-6" name="ifrs-full:LossesOnLitigationSettlements" format="ixt:num-dot-decimal" scale="6" id="f-6547">4,002</ix:nonFraction> million euros at the exchange rate on that date, see Note 24), <ix:nonFraction unitRef="brl" contextRef="c-14" decimals="-6" name="ifrs-full:LossesOnLitigationSettlements" format="ixt:num-dot-decimal" scale="6" id="f-6548">23,130</ix:nonFraction> million Brazilian reais as of December 31, 2023 (approximately <ix:nonFraction unitRef="eur" contextRef="c-14" decimals="-6" name="ifrs-full:LossesOnLitigationSettlements" format="ixt:num-dot-decimal" scale="6" id="f-6549">4,323</ix:nonFraction> million euros at the exchange rate on that date). Telef&#243;nica Brazil has obtained independent expert reports supporting its position, i.e., that the aforesaid services are not subject to ICMS. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Federal taxes</span></div><div style="margin-top:9pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In addition, there are possible contingencies in relation to federal income taxes for a total amount of <ix:nonFraction unitRef="brl" contextRef="c-2218" decimals="-6" name="tef:OtherPossibleContingentLiabilities" format="ixt:num-dot-decimal" scale="6" id="f-6550">36,723</ix:nonFraction> million Brazilian reais as of December 31, 2024 (approximately <ix:nonFraction unitRef="eur" contextRef="c-2218" decimals="-6" name="tef:OtherPossibleContingentLiabilities" format="ixt:num-dot-decimal" scale="6" id="f-6551">5,706</ix:nonFraction> million euros at the exchange rate on that date), compared to <ix:nonFraction unitRef="brl" contextRef="c-2219" decimals="-6" name="tef:OtherPossibleContingentLiabilities" format="ixt:num-dot-decimal" scale="6" id="f-6552">30,379</ix:nonFraction> million Brazilian reais as of  December 31, 2023 (approximately <ix:nonFraction unitRef="eur" contextRef="c-2219" decimals="-6" name="tef:OtherPossibleContingentLiabilities" format="ixt:num-dot-decimal" scale="6" id="f-6553">5,678</ix:nonFraction> million euros at the exchange rate on that date), mainly related to the tax amortizations in Brazil in the years between 2011 and 2021 with respect to goodwill originated in the acquisitions of Vivo and GVT and their subsequent mergers with Telef&#243;nica Brasil. In relation to the tax amortization of goodwill in 2024, the last assessment received was for an amount of <ix:nonFraction unitRef="brl" contextRef="c-2220" decimals="-6" name="tef:TaxAmortizationFromGoodwillAssessment" format="ixt:num-dot-decimal" scale="6" id="f-6554">4,018</ix:nonFraction> million Brazilian reais (approximately <ix:nonFraction unitRef="eur" contextRef="c-2220" decimals="-6" name="tef:TaxAmortizationFromGoodwillAssessment" scale="6" id="f-6555">624</ix:nonFraction> million euros at the exchange rate as of December 31, 2024). Telef&#243;nica Brasil has challenged the related assessments. These proceedings are at the administrative and judicial stage and no provisions have been made since the potential risk associated with them has been classified as "not probable" and Telef&#243;nica Brazil has received independent expert reports that support this view. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">There are other probable contingencies in relation to the federal income taxes for the total amount of </span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"><ix:nonFraction unitRef="brl" contextRef="c-2221" decimals="-6" name="tef:OtherPossibleContingentLiabilities" scale="6" id="f-6556">216</ix:nonFraction> </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">million Brazilian reais as of December 31, 2024 (approximat</span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">ely <ix:nonFraction unitRef="eur" contextRef="c-2221" decimals="-6" name="tef:OtherPossibleContingentLiabilities" scale="6" id="f-6557">34</ix:nonFraction> million euros a</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">t the exchange rate as of December 31, 2024), compared to <ix:nonFraction unitRef="brl" contextRef="c-2222" decimals="-6" name="tef:OtherPossibleContingentLiabilities" scale="6" id="f-6558">198</ix:nonFraction> million Brazilian reais as of  December 31, 2023 (approximately <ix:nonFraction unitRef="eur" contextRef="c-2222" decimals="-6" name="tef:OtherPossibleContingentLiabilities" scale="6" id="f-6559">37</ix:nonFraction> million euros at the exchange rate on that date). The Company has recognized a provision for this amount.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Tax litigation in Telef&#243;nica del Per&#250;</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In relation to tax claims in Peru, it should be noted that Telef&#243;nica del Per&#250; is party to numerous legal proceedings (contentious administrative proceedings (ACAs) and appeals (amparos)) for tax matters relating to corporate income tax and VAT, mainly for the years </span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">1998 to 2005</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">, the most relevant being those corresponding to the years 1998 to 2001 (relating to corporate income tax, payments in advance, credit balances, associated VAT, interest and applicable penalties).</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The evolution of the appeals of the different cases from the period 1998 to 2001 has been uneven and complex over the last few years, but we can highlight the second instance Judgment of 2015, which was partially upheld; the Supreme Court Judgments of 2019; the January 2020 Supreme Court Ruling, annulling the previous rulings of 2000 and 2001 in relation to the provision for doubtful debts; the Constitutional Court Rulings in 2021 in relation to the settlement of late payment interest, partially upheld; and the Supreme Court Rulings of 2021 and 2022 on the credit balance from 1999 used in 2000.</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On January 17 and 18, 2023, Telef&#243;nica del Per&#250; received notifications of the judgments handed down by the Supreme Court that resolved, in the last instance and unfavorably to the Company (references to the &#8220;Company&#8221; in this section refer to Telef&#243;nica del Per&#250;), the contentious administrative proceedings relating to income tax for the years 1998, 2000 and 2001.</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The rulings issued by the Fifth Chamber of Constitutional and Social Transitory of the Supreme Court do not contain any payment mandate to the Company, as the rulings issued in the administrative contentious proceedings were resolved on concepts derived from a pronouncement of the Tax Court. At the end of these proceedings - and any others that may be applicable - the Tax Administration, through an administrative act, will determine the amount of the corresponding payment obligations.</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Because there were certain adjustments on which the rulings had been definitive since 2015 (positively for the Company in relation to the deductibility of the rental of public spaces and negatively in the case of the deductibility of certain financial charges), the Company previously recorded a provision with an impact on income tax, the </span></div></ix:continuation><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">F-130</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><ix:continuation id="f-6224-12" continuedAt="f-6224-13"><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">amount of which has been updated periodically and constantly depending on the evolution of the various proceedings and the applicable interest rates.</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In addition to the above, in June 2022 a new ruling was received from the Tax Court in relation to the corporate income tax of Telef&#243;nica M&#243;viles del Per&#250; for 2000. This ruling was favorable to the Company with respect to the recognition of the tax value of certain network assets and unfavorable with respect to the deductibility of the exchange rate tax.</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In relation to all these proceedings, the Group considers that the initial amount claimed by the Peruvian government has been exponentially increased by the accrual of interest generated by the delay, not attributable to the Company, of almost <ix:nonFraction unitRef="y" contextRef="c-2223" decimals="INF" name="tef:NumberOfYearsInProcessingLawsuitsTaxLitigation" scale="0" id="f-6560">20</ix:nonFraction> years in processing the lawsuits, meaning that almost <ix:nonFraction unitRef="number" contextRef="c-2223" decimals="2" name="tef:IncreaseLegalClaimTaxLitigationPercentage" scale="-2" id="f-6561">80</ix:nonFraction>% of the total amount claimed is due to interest and fines. And all this, despite the fact that in 2021 the Constitutional Court itself ruled in favor of Telef&#243;nica del Per&#250;, recognizing that it had been charged interest for delays not attributable to the company.</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">For this and other reasons, the Group has been in international arbitration before ICSID since March 2021 for various conducts of the Peruvian State in violation of the Agreement for the Promotion and Reciprocal Protection of Investments between Spain and Peru (see Note 29.a).</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">During the 2024 financial year, the partial execution of the guarantees provided during the aforementioned proceedings from 1998 to 2001 has finally taken place, for a total amount of <ix:nonFraction unitRef="pen" contextRef="c-2224" decimals="-6" name="tef:GuaranteesPartiallyExecutedFromTaxLitigation" format="ixt:num-dot-decimal" scale="6" id="f-6562">1,105</ix:nonFraction> million Peruvian soles, equivalent to <ix:nonFraction unitRef="eur" contextRef="c-2224" decimals="-6" name="tef:GuaranteesPartiallyExecutedFromTaxLitigation" scale="6" id="f-6563">272</ix:nonFraction> million euros at the 2024 average exchange rate.</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company has recorded the necessary provisions for the contingencies considered probable, leaving as possible contingencies an amount of <ix:nonFraction unitRef="pen" contextRef="c-2225" decimals="-6" name="ifrs-full:AdditionalProvisionsOtherProvisions" scale="6" id="f-6564">517</ix:nonFraction> million Peruvian soles as of December 31, 2024, or approximately <ix:nonFraction unitRef="eur" contextRef="c-2225" decimals="-6" name="ifrs-full:AdditionalProvisionsOtherProvisions" scale="6" id="f-6565">132</ix:nonFraction> million euros at the exchange rate on that date (<ix:nonFraction unitRef="pen" contextRef="c-2226" decimals="-6" name="ifrs-full:AdditionalProvisionsOtherProvisions" scale="6" id="f-6566">587</ix:nonFraction> million Peruvian soles as of December 31, 2023, or approximately <ix:nonFraction unitRef="eur" contextRef="c-2226" decimals="-6" name="ifrs-full:AdditionalProvisionsOtherProvisions" scale="6" id="f-6567">143</ix:nonFraction> million euros at the 2024 average exchange rate).</span></div><div style="text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The total provision for tax litigation in Peru, following the payments made to date, as well as the use of credit balance and the restatement of interest, have led to the adjustment of the provision at December 31, 2024, </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">which amounts, including the amount corresponding to the guaranteed letters paid and pending return, </span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">to <ix:nonFraction unitRef="pen" contextRef="c-2227" decimals="-6" name="ifrs-full:OtherProvisions" format="ixt:num-dot-decimal" scale="6" id="f-6568">2,739</ix:nonFraction> million Peruvian soles, or approximately <ix:nonFraction unitRef="eur" contextRef="c-2227" decimals="-6" name="ifrs-full:OtherProvisions" scale="6" id="f-6569">700</ix:nonFraction> million euros at the exchange rate as of December 31, 2024 (<ix:nonFraction unitRef="pen" contextRef="c-2228" decimals="-6" name="ifrs-full:OtherProvisions" format="ixt:num-dot-decimal" scale="6" id="f-6570">3,117</ix:nonFraction> million Peruvian soles as of December 31, 2023 or approximately <ix:nonFraction unitRef="eur" contextRef="c-2228" decimals="-6" name="ifrs-full:OtherProvisions" scale="6" id="f-6571">761</ix:nonFraction> million euros at the exchange rate on that date). </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Years open for inspection in the Group companies</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The years open for review by the tax inspection authorities for the main applicable taxes vary from one consolidated company to another, based on each country&#8217;s tax legislation, taking into account their respective statute of limitations period</span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">s. In Spain, years fro</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">m 2018 </span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">onwards are open to inspection. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In the other countries in which the Telef&#243;nica Group has a significant presence, the years open for inspection by the relevant authorities are generally as follows:</span></div><div style="margin-top:9pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:10pt">The last ten years in the United Kingdom.</span></div><div style="margin-top:9pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:10pt">The last nine years in Germany. </span></div><div style="margin-top:9pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:10pt">The last seven years in Argentina.</span></div><div style="margin-top:9pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:10pt">The last six years in Venezuela and Colombia. </span></div><div style="margin-top:9pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:10pt">The last five years in Brazil, Mexico, Uruguay and the Netherlands.  </span></div><div style="margin-top:9pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:10pt">The last four years in Peru and Ecuador. </span></div><div style="margin-top:9pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:10pt">The last three years in Chile and the United States. </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The tax inspection of the open years is not expected to give rise to additional material liabilities for the Group. </span></div><div><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:112%">Complementary Minimun Tax (Pillar Two)</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:105%">On December 21, 2024, the Official State Gazette published Law 7/2024 of December 20, which establishes a Complementary Tax to guarantee a minimum global level of taxation for multinational groups and large domestic groups, a Tax on the margin of interest and fees of certain financial entities, and a Tax on liquids for electronic </span></div></ix:continuation><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">F-131</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><ix:continuation id="f-6224-13"><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:105%">cigarettes and other tobacco-related products, as well as amendments to other tax regulations (hereinafter, "Law 7/2024").</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:105%">Law 7/2024 implements Pillar Two in Spain, establishing, with retroactive effect for fiscal years starting on January 1, 2024, a Complementary Tax that ensures large multinational groups are taxed at a minimum effective rate of 15% wherever they operate.</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Telef&#243;nica Group, as a large multinational group, is subject to this Complementary Tax.</span></div><div style="margin-bottom:9pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:112%">In this regard, the group has conducted an analysis of the potential impacts that may arise from the application of this tax in the 2024 financial year in those jurisdictions where it is present, considering the application of the Transitional Safe Harbours outlined in the Fourth Transitional Provision of Law 7/2024 and, where applicable, the full calculation.</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">These Transitional Safe Harbours aim to facilitate adaptation to the Pillar Two regulations by stipulating that the Complementary Tax will be zero if any of the three regulated tests are met.</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:112%">The tax expense in the consolidated accounts for 2024 related to jurisdictions where none of the safe harbour tests are met does not have a significant impact, in accordance with the application of the Pillar Two legislation.</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Group applies the exemption to recognise and disclose information on deferred tax assets and liabilities arising from the implementation of Law 7/2024, as provided in the amendments to IAS 12 issued in May 2023.</span></div></ix:continuation><div><span><br/></span></div><div><span><br/></span></div><div><span><br/></span></div><div><span><br/></span></div><div><span><br/></span></div><div style="text-align:justify"><span><br/></span></div><div><span><br/></span></div><div style="margin-top:9pt;text-align:justify"><span><br/></span></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">F-132</span></div></div></div><div id="i63478826478c4e0dbabc502413383f6b_358"></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><div style="margin-top:9pt;text-align:center"><span style="color:#a6a6a6;font-family:'Arial',sans-serif;font-size:18pt;font-weight:400;line-height:120%">Note 26. <ix:nonNumeric contextRef="c-1" name="ifrs-full:DisclosureOfRevenueExplanatory" id="f-6573" continuedAt="f-6573-1" escape="true"><ix:nonNumeric contextRef="c-1" name="ifrs-full:DisclosureOfExpensesExplanatory" id="f-6572" continuedAt="f-6572-1" escape="true">Revenue and expenses</ix:nonNumeric></ix:nonNumeric></span></div><ix:continuation id="f-6573-1" continuedAt="f-6573-2"><ix:continuation id="f-6572-1" continuedAt="f-6572-2"><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Revenues</span></div><ix:nonNumeric contextRef="c-1" name="tef:DisclosureOfTheCompositionOfRevenuesTableTextBlock" id="f-6574" escape="true"><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The breakdown of Revenues for the years 2024, 2023 and 2022 is as follows: </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.707%"><tr><td style="width:1.0%"/><td style="width:47.140%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:16.055%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:16.055%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:16.350%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Millions of euros</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2024</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2023</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2022</span></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Revenues from rendering of services</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1" decimals="-6" name="ifrs-full:RevenueFromRenderingOfServices" format="ixt:num-dot-decimal" scale="6" id="f-6575">35,480</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-14" decimals="-6" name="ifrs-full:RevenueFromRenderingOfServices" format="ixt:num-dot-decimal" scale="6" id="f-6576">34,832</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-15" decimals="-6" name="ifrs-full:RevenueFromRenderingOfServices" format="ixt:num-dot-decimal" scale="6" id="f-6577">34,479</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Lease revenues</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1" decimals="-6" name="ifrs-full:OperatingLeaseIncome" scale="6" id="f-6578">79</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-14" decimals="-6" name="ifrs-full:OperatingLeaseIncome" scale="6" id="f-6579">71</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-15" decimals="-6" name="ifrs-full:OperatingLeaseIncome" scale="6" id="f-6580">76</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Sale of goods</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1" decimals="-6" name="ifrs-full:RevenueFromSaleOfGoods" format="ixt:num-dot-decimal" scale="6" id="f-6581">5,756</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-14" decimals="-6" name="ifrs-full:RevenueFromSaleOfGoods" format="ixt:num-dot-decimal" scale="6" id="f-6582">5,749</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-15" decimals="-6" name="ifrs-full:RevenueFromSaleOfGoods" format="ixt:num-dot-decimal" scale="6" id="f-6583">5,438</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total</span></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1" decimals="-6" name="ifrs-full:Revenue" format="ixt:num-dot-decimal" scale="6" id="f-6584">41,315</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-14" decimals="-6" name="ifrs-full:Revenue" format="ixt:num-dot-decimal" scale="6" id="f-6585">40,652</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-15" decimals="-6" name="ifrs-full:Revenue" format="ixt:num-dot-decimal" scale="6" id="f-6586">39,993</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr></table></div></ix:nonNumeric><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">"Revenues from sale of goods" mainly include the sale of mobile handsets, also including those corresponding to leases of terminals with a purchase option.   </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In 2024, "revenues from rendering of services" included <ix:nonFraction unitRef="eur" contextRef="c-1" decimals="-6" name="ifrs-full:InsuranceRevenue" scale="6" id="f-6587">212</ix:nonFraction> million euros corresponding to insurance contracts (<ix:nonFraction unitRef="eur" contextRef="c-14" decimals="-6" name="ifrs-full:InsuranceRevenue" scale="6" id="f-6588">212</ix:nonFraction> million euros in 2023), after the adoption of IFRS 17 on January 1, 2023.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Other income</span></div><ix:nonNumeric contextRef="c-1" name="tef:DisclosureOfTheCompositionOfOtherIncomeTableTextBlock" id="f-6589" escape="true"><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The breakdown of &#8220;Other income&#8221; is as follows:</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.707%"><tr><td style="width:1.0%"/><td style="width:47.140%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:16.055%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:16.055%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:16.350%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Millions of euros</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2024</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2023</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2022</span></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Own work capitalized</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1" decimals="-6" name="tef:IncomeFromCapitalizationOfOwnWork" scale="6" id="f-6590">820</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-14" decimals="-6" name="tef:IncomeFromCapitalizationOfOwnWork" scale="6" id="f-6591">803</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-15" decimals="-6" name="tef:IncomeFromCapitalizationOfOwnWork" scale="6" id="f-6592">783</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Gain on disposal of businesses</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1" decimals="-6" name="ifrs-full:GainsOnDisposalsOfInvestments" scale="6" id="f-6593">47</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-14" decimals="-6" name="ifrs-full:GainsOnDisposalsOfInvestments" scale="6" id="f-6594">24</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-15" decimals="-6" name="ifrs-full:GainsOnDisposalsOfInvestments" scale="6" id="f-6595">205</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Gain on disposal of property, plant and equipment</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1" decimals="-6" name="ifrs-full:GainsOnDisposalsOfPropertyPlantAndEquipment" scale="6" id="f-6596">161</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-14" decimals="-6" name="ifrs-full:GainsOnDisposalsOfPropertyPlantAndEquipment" scale="6" id="f-6597">257</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-15" decimals="-6" name="ifrs-full:GainsOnDisposalsOfPropertyPlantAndEquipment" scale="6" id="f-6598">582</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Gain on disposal of intangible assets</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1" decimals="-6" name="ifrs-full:GainsLossesOnDisposalsOfOtherNoncurrentAssets" format="ixt:fixed-zero" scale="6" id="f-6599">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-14" decimals="-6" name="ifrs-full:GainsLossesOnDisposalsOfOtherNoncurrentAssets" scale="6" id="f-6600">2</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-15" decimals="-6" name="ifrs-full:GainsLossesOnDisposalsOfOtherNoncurrentAssets" scale="6" id="f-6601">1</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Government grants</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1" decimals="-6" name="ifrs-full:RevenueFromGovernmentGrants" scale="6" id="f-6602">39</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-14" decimals="-6" name="ifrs-full:RevenueFromGovernmentGrants" scale="6" id="f-6603">27</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-15" decimals="-6" name="ifrs-full:RevenueFromGovernmentGrants" scale="6" id="f-6604">16</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Other operating income</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1" decimals="-6" name="ifrs-full:OtherOperatingIncomeExpense" scale="6" id="f-6605">625</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-14" decimals="-6" name="ifrs-full:OtherOperatingIncomeExpense" scale="6" id="f-6606">428</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-15" decimals="-6" name="ifrs-full:OtherOperatingIncomeExpense" scale="6" id="f-6607">478</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total</span></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1" decimals="-6" name="ifrs-full:OtherIncome" format="ixt:num-dot-decimal" scale="6" id="f-6608">1,692</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-14" decimals="-6" name="ifrs-full:OtherIncome" format="ixt:num-dot-decimal" scale="6" id="f-6609">1,541</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-15" decimals="-6" name="ifrs-full:OtherIncome" format="ixt:num-dot-decimal" scale="6" id="f-6610">2,065</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr></table></div></ix:nonNumeric><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">"Other operating income" in 2024 included the amount corresponding to the favorable award to Telef&#243;nica relating to the international arbitration proceeding against the Republic of Colombia, which amounted to approximately <ix:nonFraction unitRef="usd" contextRef="c-133" decimals="-6" name="ifrs-full:OtherOperatingIncomeExpense" scale="6" id="f-6611">380</ix:nonFraction> million U.S. dollars (approximately <ix:nonFraction unitRef="eur" contextRef="c-133" decimals="-6" name="ifrs-full:OtherOperatingIncomeExpense" scale="6" id="f-6612">358</ix:nonFraction> million euros, see notes 2, 15 and 29.a).</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">"Gain on disposal of businesses" in 2024 includes the gain generated in the joint operation in Colombia (see Note 5), which amounted to <ix:nonFraction unitRef="eur" contextRef="c-326" decimals="-6" name="ifrs-full:GainsOnDisposalsOfInvestments" scale="6" id="f-6613">47</ix:nonFraction> million euros.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">"Gain on disposal of businesses" in 2022 mainly included the gain from the sale of fiber optics assets of Colombia Telecomunicaciones, amounting to <ix:nonFraction unitRef="eur" contextRef="c-2229" decimals="-6" name="ifrs-full:GainsLossesOnDisposalsOfPropertyPlantAndEquipment" scale="6" id="f-6614">162</ix:nonFraction> million euros and the gain from the establishment of the joint company for the deployment of fiber in the United Kingdom amounting to <ix:nonFraction unitRef="eur" contextRef="c-673" decimals="-6" name="tef:CapitalGainLoss" scale="6" id="f-6615">20</ix:nonFraction> million euros.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">"Gain on disposal of property, plant and equipment" includes the gains on sale and leaseback transactions, which amounted to <ix:nonFraction unitRef="eur" contextRef="c-1" decimals="-6" name="ifrs-full:GainsLossesArisingFromSaleAndLeasebackTransactions" scale="6" id="f-6616">17</ix:nonFraction> million euros, <ix:nonFraction unitRef="eur" contextRef="c-14" decimals="-6" name="ifrs-full:GainsLossesArisingFromSaleAndLeasebackTransactions" scale="6" id="f-6617">105</ix:nonFraction> million euros and <ix:nonFraction unitRef="eur" contextRef="c-15" decimals="-6" name="ifrs-full:GainsLossesArisingFromSaleAndLeasebackTransactions" scale="6" id="f-6618">381</ix:nonFraction> million euros in 2024, 2023 and 2022, respectively (see Note 20).</span></div></ix:continuation></ix:continuation><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">F-133</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><ix:continuation id="f-6573-2" continuedAt="f-6573-3"><ix:continuation id="f-6572-2" continuedAt="f-6572-3"><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Other expenses</span></div><ix:nonNumeric contextRef="c-1" name="tef:DisclosureOfTheCompositionOfOtherExpenseTableTextBlock" id="f-6619" continuedAt="f-6619-1" escape="true"><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The breakdown of &#8220;Other expenses&#8221; is as follows:</span></div></ix:nonNumeric><div style="margin-top:9pt;text-align:justify"><ix:continuation id="f-6619-1" continuedAt="f-6619-2"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.707%"><tr><td style="width:1.0%"/><td style="width:47.140%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:16.055%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:16.055%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:16.350%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="border-top:0.25pt solid #414b61;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Millions of euros</span></td><td colspan="3" style="border-top:0.25pt solid #414b61;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2024</span></td><td colspan="3" style="border-top:0.25pt solid #414b61;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2023</span></td><td colspan="3" style="border-top:0.25pt solid #414b61;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2022</span></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Leases included in "Other expenses" </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(1)</span></div></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1" decimals="-6" name="ifrs-full:RentalExpense" scale="6" 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style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-14" decimals="-6" name="ifrs-full:OtherExpenseByNature" format="ixt:num-dot-decimal" scale="6" id="f-6642">10,298</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:2pt solid 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2024 includes mainly impairment losses on intangible assets and property, plant and equipment in Telef&#243;nica Argentina amounting to <ix:nonFraction unitRef="eur" contextRef="c-2117" decimals="-6" name="tef:LossOnDisposalOfFixedAssetsLossesOnOperationsClassifiedAsHeldForSaleAndSaleOfAssets" format="ixt:num-dot-decimal" scale="6" id="f-6649">1,274</ix:nonFraction> million euros (see Notes 2, 6 and 8), impairment losses on intangible assets of Telef&#243;nica del Per&#250; amounting to <ix:nonFraction unitRef="eur" contextRef="c-2233" decimals="-6" name="tef:LossOnDisposalOfFixedAssetsLossesOnOperationsClassifiedAsHeldForSaleAndSaleOfAssets" scale="6" id="f-6650">54</ix:nonFraction> million euros (see Notes 2 and 6), impairment losses on property, plant and equipment of Pangea amounting to <ix:nonFraction unitRef="eur" contextRef="c-170" decimals="-6" name="ifrs-full:ImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment" scale="6" id="f-6651">108</ix:nonFraction> million euros (see Note 30) and the impairment of goodwill allocated to the fiber optics business in Peru amounting to <ix:nonFraction unitRef="eur" contextRef="c-588" decimals="-6" name="ifrs-full:ImpairmentLossRecognisedInProfitOrLossGoodwill" scale="6" id="f-6652">34</ix:nonFraction> million euros (see Note 30). 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style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The estimated payment schedule for purchases and other contractual commitments (non-cancelable without penalty cost) is as follows:</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"/><td style="width:70.245%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:27.555%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="border-top:0.25pt solid #414b61;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Millions of euros</span></td><td colspan="3" style="border-top:0.25pt solid 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0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1 to 3 years</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2238" decimals="-6" name="tef:Undiscountedoperatingleasepaymentstobepaid" format="ixt:num-dot-decimal" scale="6" id="f-6660">4,008</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">3 to 5 years</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2239" decimals="-6" name="tef:Undiscountedoperatingleasepaymentstobepaid" format="ixt:num-dot-decimal" scale="6" id="f-6661">1,441</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">More than 5 years</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1381" decimals="-6" name="tef:Undiscountedoperatingleasepaymentstobepaid" format="ixt:num-dot-decimal" scale="6" id="f-6662">1,895</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total</span></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-12" decimals="-6" name="tef:Undiscountedoperatingleasepaymentstobepaid" format="ixt:num-dot-decimal" scale="6" id="f-6663">11,548</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr></table></div></ix:nonNumeric><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The purchases and other contractual commitments in the table above include <ix:nonFraction unitRef="eur" contextRef="c-2240" decimals="-6" name="tef:LongTermPurchaseCommitment" format="ixt:num-dot-decimal" scale="6" id="f-6664">1,033</ix:nonFraction> million euros corresponding to power purchase agreements (PPAs), mainly of Telef&#243;nica Spain for the period from 2025 to 2031 and Telef&#243;nica Germany for the period from 2025 to 2035 and 2040 (see Note 29.d). The Group uses these contracts to purchase energy from renewable sources, such as wind and solar, at generally fixed prices (see Note 3.l).</span></div></ix:continuation></ix:continuation><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">F-134</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><ix:continuation id="f-6573-3" continuedAt="f-6573-4"><ix:continuation id="f-6572-3" continuedAt="f-6572-4"><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Commitments for short-term leases and low value leases amounted to <ix:nonFraction unitRef="eur" contextRef="c-12" decimals="-6" name="tef:PurchaseAndOtherContractualObligations" scale="6" id="f-6665">58</ix:nonFraction> million euros as of December 31, 2024. In addition, the Group has lease collection commitments amounting to <ix:nonFraction unitRef="eur" contextRef="c-13" decimals="-6" name="tef:ExpectedFutureMinimumLeasePaymentsReceivableUnderNonCancellableSubleasesClassifiedAsOperatingLeaseAtPresentValue" scale="6" id="f-6666">5</ix:nonFraction> million euros as of December 31, 2024. </span></div><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Headcount</span></div><ix:nonNumeric contextRef="c-1" name="tef:DisclosureOfNumberOfEmployeesBySegmentTableTextBlock" id="f-6667" escape="true"><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The table below presents the breakdown of the Telef&#243;nica Group&#8217;s average number of employees by fully consolidated segment (see Note 4) in 2024, 2023 and 2022, together with total headcount at December 31 each year. </span><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.853%"><tr><td style="width:1.0%"/><td style="width:33.599%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:9.588%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:9.880%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:9.880%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:9.588%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:9.880%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:9.885%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="6" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2024</span></td><td colspan="6" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2023</span></td><td colspan="6" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2022</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Average</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Year-end</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Average</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Year-end</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Average</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Year-end</span></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Spain</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="employee" contextRef="c-194" decimals="0" name="ifrs-full:AverageNumberOfEmployees" format="ixt:num-dot-decimal" scale="0" 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name="ifrs-full:AverageNumberOfEmployees" format="ixt:num-dot-decimal" scale="0" id="f-6670">21,342</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="employee" contextRef="c-275" decimals="INF" name="ifrs-full:NumberOfEmployees" format="ixt:num-dot-decimal" scale="0" id="f-6671">21,443</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction 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style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-14" decimals="-6" name="ifrs-full:AmortisationIntangibleAssetsOtherThanGoodwill" format="ixt:num-dot-decimal" scale="6" id="f-6715">2,583</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-15" decimals="-6" name="ifrs-full:AmortisationIntangibleAssetsOtherThanGoodwill" format="ixt:num-dot-decimal" scale="6" id="f-6716">2,599</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Rights of use (Note 9)</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1" decimals="-6" name="ifrs-full:DepreciationRightofuseAssets" format="ixt:num-dot-decimal" scale="6" id="f-6717">2,235</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-14" decimals="-6" name="ifrs-full:DepreciationRightofuseAssets" format="ixt:num-dot-decimal" scale="6" id="f-6718">2,159</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-15" decimals="-6" name="ifrs-full:DepreciationRightofuseAssets" format="ixt:num-dot-decimal" scale="6" id="f-6719">2,064</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total</span></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1" decimals="-6" name="ifrs-full:DepreciationAndAmortisationExpense" format="ixt:num-dot-decimal" scale="6" id="f-6720">8,799</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-14" decimals="-6" name="ifrs-full:DepreciationAndAmortisationExpense" format="ixt:num-dot-decimal" scale="6" id="f-6721">8,797</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-15" decimals="-6" name="ifrs-full:DepreciationAndAmortisationExpense" format="ixt:num-dot-decimal" scale="6" id="f-6722">8,796</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr></table></div></ix:nonNumeric><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Earnings per share</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Basic earnings per share amounts are calculated by dividing (a) the profit for the year attributable to equity holders of the parent, adjusted for the net coupon corresponding to the undated deeply subordinated securities (see Note 17.c) by (b) the weighted average number of ordinary shares outstanding during the year. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Diluted earnings per share amounts are calculated by dividing the net profit for the year attributable to ordinary equity holders of the parent, adjusted as described above, by the weighted average number of ordinary shares adjusted as described in the preceding paragraph, plus the weighted average number of ordinary shares that would be issued on the conversion of all the dilutive potential ordinary shares into ordinary shares. </span></div><ix:nonNumeric contextRef="c-1" name="ifrs-full:EarningsPerShareExplanatory" id="f-6723" continuedAt="f-6723-1" escape="true"><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Both basic and diluted earnings per share attributable to equity holders of the parent are calculated based on the following data:</span></div><div style="margin-top:9pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.707%"><tr><td style="width:1.0%"/><td style="width:47.140%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:16.055%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:16.055%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:16.350%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Millions of euros</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2024</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2023</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2022</span></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(Loss) profit attributable to ordinary equity holders of the parent company</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1" decimals="-6" sign="-" name="ifrs-full:ProfitLossFromContinuingOperationsAttributableToOrdinaryEquityHoldersOfParentEntity" scale="6" id="f-6724">49</ix:nonFraction>)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-14" decimals="-6" sign="-" name="ifrs-full:ProfitLossFromContinuingOperationsAttributableToOrdinaryEquityHoldersOfParentEntity" scale="6" id="f-6725">892</ix:nonFraction>)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-15" decimals="-6" name="ifrs-full:ProfitLossFromContinuingOperationsAttributableToOrdinaryEquityHoldersOfParentEntity" format="ixt:num-dot-decimal" scale="6" id="f-6726">2,011</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Adjustment for the coupon corresponding to perpetual subordinated obligations</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1" decimals="-6" sign="-" name="tef:AdjustmentForTheNetCouponCorrespondingToUndatedDeeplySubordinatedSecurities" scale="6" id="f-6727">359</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-14" decimals="-6" sign="-" name="tef:AdjustmentForTheNetCouponCorrespondingToUndatedDeeplySubordinatedSecurities" scale="6" id="f-6728">339</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-15" decimals="-6" sign="-" name="tef:AdjustmentForTheNetCouponCorrespondingToUndatedDeeplySubordinatedSecurities" scale="6" id="f-6729">279</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Tax effect</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1" decimals="-6" sign="-" name="tef:Profitlossfromcontinuingoperationsattributabletoordinaryequityholdersofparententityincludingdilutiveeffectstaxeffect" scale="6" id="f-6730">90</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-14" decimals="-6" sign="-" name="tef:Profitlossfromcontinuingoperationsattributabletoordinaryequityholdersofparententityincludingdilutiveeffectstaxeffect" scale="6" id="f-6731">85</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 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decimals="-6" sign="-" name="ifrs-full:ProfitLossFromContinuingOperationsAttributableToOrdinaryEquityHoldersOfParentEntityIncludingDilutiveEffects" format="ixt:num-dot-decimal" scale="6" id="f-6734">1,146</ix:nonFraction>)</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-15" decimals="-6" name="ifrs-full:ProfitLossFromContinuingOperationsAttributableToOrdinaryEquityHoldersOfParentEntityIncludingDilutiveEffects" format="ixt:num-dot-decimal" scale="6" id="f-6735">1,802</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr></table></div></ix:nonNumeric></ix:continuation></ix:continuation><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">F-135</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><ix:continuation id="f-6573-4"><ix:continuation id="f-6572-4"><ix:continuation id="f-6723-1" continuedAt="f-6723-2"><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.707%"><tr><td style="width:1.0%"/><td style="width:47.140%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:16.055%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:16.055%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:16.350%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Number of shares (thousands)</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2024</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2023</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2022</span></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Weighted average number of ordinary shares for basic earnings per share  (does not include treasury shares)</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="shares" contextRef="c-1" decimals="-3" name="ifrs-full:WeightedAverageShares" format="ixt:num-dot-decimal" scale="3" id="f-6736">5,635,695</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="shares" contextRef="c-14" decimals="-3" name="ifrs-full:WeightedAverageShares" format="ixt:num-dot-decimal" scale="3" id="f-6737">5,668,142</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="shares" contextRef="c-15" decimals="-3" name="ifrs-full:WeightedAverageShares" format="ixt:num-dot-decimal" scale="3" id="f-6738">5,740,105</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica, S.A. plans of rights over shares</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="shares" contextRef="c-1" decimals="-2" name="ifrs-full:DilutiveEffectOfShareOptionsOnNumberOfOrdinaryShares" format="ixt:num-dot-decimal" scale="3" id="f-6739">36,575</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="shares" contextRef="c-14" decimals="-2" name="ifrs-full:DilutiveEffectOfShareOptionsOnNumberOfOrdinaryShares" format="ixt:num-dot-decimal" scale="3" id="f-6740">47,435</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="shares" contextRef="c-15" decimals="-2" name="ifrs-full:DilutiveEffectOfShareOptionsOnNumberOfOrdinaryShares" format="ixt:num-dot-decimal" scale="3" id="f-6741">23,096</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Weighted average number of ordinary shares outstanding for diluted earnings per share (excluding treasury shares)</span></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="shares" contextRef="c-1" decimals="-3" name="ifrs-full:AdjustedWeightedAverageShares" format="ixt:num-dot-decimal" scale="3" id="f-6742">5,672,270</ix:nonFraction>&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="shares" contextRef="c-14" decimals="-3" name="ifrs-full:AdjustedWeightedAverageShares" format="ixt:num-dot-decimal" scale="3" id="f-6743">5,715,577</ix:nonFraction>&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="shares" contextRef="c-15" decimals="-2" name="ifrs-full:AdjustedWeightedAverageShares" format="ixt:num-dot-decimal" scale="3" id="f-6744">5,763,201</ix:nonFraction>&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr></table></div></ix:continuation><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">For the purposes of calculating the earnings per share (basic and diluted) attributable to equity holders of the parent, the weighted average number of shares outstanding is retrospectively adjusted for transactions that have changed the number of shares outstanding without a corresponding change in resources, as if such transactions had occurred at the beginning of the earliest period presented. Such is the case of the bonus share issues carried out to meet the </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">scrip dividend</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> (see Note 17.b).</span></div><ix:continuation id="f-6723-2"><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Thus, basic and diluted (loss) earnings per share attributable to equity holders of the parent are as follows:</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.707%"><tr><td style="width:1.0%"/><td style="width:47.140%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:16.055%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:16.055%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:16.350%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(Loss) earnings per share (euros)</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2024</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2023</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2022</span></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Basic</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eurPerShare" contextRef="c-1" decimals="2" sign="-" name="ifrs-full:BasicEarningsLossPerShare" scale="0" id="f-6745">0.06</ix:nonFraction>)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eurPerShare" contextRef="c-14" decimals="2" sign="-" name="ifrs-full:BasicEarningsLossPerShare" scale="0" id="f-6746">0.20</ix:nonFraction>)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eurPerShare" contextRef="c-15" decimals="2" name="ifrs-full:BasicEarningsLossPerShare" scale="0" id="f-6747">0.31</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Diluted</span></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eurPerShare" contextRef="c-1" decimals="2" sign="-" name="ifrs-full:DilutedEarningsLossPerShare" scale="0" id="f-6748">0.06</ix:nonFraction>)</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eurPerShare" contextRef="c-14" decimals="2" sign="-" name="ifrs-full:DilutedEarningsLossPerShare" scale="0" id="f-6749">0.20</ix:nonFraction>)</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eurPerShare" contextRef="c-15" decimals="2" name="ifrs-full:DilutedEarningsLossPerShare" scale="0" id="f-6750">0.31</ix:nonFraction>&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr></table></div></ix:continuation></ix:continuation></ix:continuation><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span><br/></span></div><div id="i63478826478c4e0dbabc502413383f6b_361"></div><div style="margin-bottom:18pt;margin-top:18pt;text-align:center"><span><br/></span></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">F-136</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><div style="margin-bottom:18pt;margin-top:18pt;text-align:center"><span style="color:#a6a6a6;font-family:'Arial',sans-serif;font-size:18pt;font-weight:400;line-height:120%">Note 27. <ix:nonNumeric contextRef="c-1" name="ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory" id="f-6751" continuedAt="f-6751-1" escape="true">Long-term incentive plans based on Telef&#243;nica, S.A. shares</ix:nonNumeric></span></div><ix:continuation id="f-6751-1" continuedAt="f-6751-2"><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Long-term incentive plan based on Telef&#243;nica, S.A. shares: Performance Share Plan 2021-2025 </span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">At the General Shareholders&#8217; Meeting held on April 23, 2021, a long-term incentive plan was approved, consisting of the delivery of shares of Telef&#243;nica, S.A. aimed at senior executive officers of the Telef&#243;nica Group, including the Executive Directors of Telef&#243;nica, S.A. The plan consists of the delivery to the participants of a certain number of shares of Telef&#243;nica, S.A. based on compliance with the objectives established for each of the cycles into which the plan is divided. </span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The number of shares to be delivered depends (i) <ix:nonFraction unitRef="number" contextRef="c-2248" decimals="2" name="tef:SharebasedCompensationArrangementbySharebasedPaymentAwardPercentageofFulfillmentofTotalShareholderReturnObjective" scale="-2" id="f-6752">50</ix:nonFraction>% on achievement of the total shareholder return ("TSR") objective for shares of Telef&#243;nica, S.A. with regard to the TSRs of a comparison group made up of companies of the telecommunication sector, weighted by its relevance for Telef&#243;nica, (ii) <ix:nonFraction unitRef="number" contextRef="c-2248" decimals="2" name="tef:SharebasedCompensationArrangementbySharebasedPaymentAwardPercentageofFreeCashFlowGeneration" scale="-2" id="f-6753">40</ix:nonFraction>% on the generation of Free Cash Flow of Telef&#243;nica Group ("FCF"), and (iii) <ix:nonFraction unitRef="number" contextRef="c-2248" decimals="2" name="tef:ShareBasedCompensationArrangementByShareBasedPaymentAwardPercentageOfCarbonDioxideEmissionNeutralization" scale="-2" id="f-6754">10</ix:nonFraction>% on CO2 Emission Neutralization, in line with the goal set by the Company.   </span></div><div style="margin-bottom:9pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The plan has a duration of <ix:nonNumeric contextRef="c-2248" name="tef:SharebasedCompensationArrangementbySharebasedPaymentAwardAwardVestingPeriod1" format="ixt-sec:durwordsen" id="f-6755">five years</ix:nonNumeric> and is divided into <ix:nonFraction unitRef="cycle" contextRef="c-2248" decimals="INF" name="tef:ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfIndependentPhases" format="ixt-sec:numwordsen" scale="0" id="f-6756">three</ix:nonFraction> cycles of <ix:nonNumeric contextRef="c-2248" name="tef:ShareBasedCompensationArrangementByShareBasedPaymentAwardPeriodInForceOfEachPhases" format="ixt-sec:durwordsen" id="f-6757">three years</ix:nonNumeric> each. Performance assesment is carried out on the basis of the evolution of the share price, as well as the audited results of the Company, prior to their validation by the Nominating, Compensation and Corporate Governance Committee.</span></div><div style="margin-bottom:9pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><ix:nonNumeric contextRef="c-1" name="ifrs-full:DisclosureOfNumberAndWeightedAverageExercisePricesOfOtherEquityInstrumentsExplanatory" id="f-6758" continuedAt="f-6758-1" escape="true"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">The first cycle commenced on</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> January 1, 2021 and ended on December 31, 2023. The maximum number of shares assigned to this cycle of the plan was <ix:nonFraction unitRef="shares" contextRef="c-2249" decimals="INF" name="ifrs-full:NumberOfInstrumentsOtherEquityInstrumentsGranted" format="ixt:num-dot-decimal" scale="0" id="f-6759">19,425,499</ix:nonFraction> and the outstanding shares at December 31, 2023 were <ix:nonFraction unitRef="shares" contextRef="c-2250" decimals="INF" name="ifrs-full:NumberOfOtherEquityInstrumentsOutstandingInSharebasedPaymentArrangement" format="ixt:num-dot-decimal" scale="0" id="f-6760">17,728,523</ix:nonFraction>, with the following breakdown: </span></ix:nonNumeric></div><ix:continuation id="f-6758-1" continuedAt="f-6758-2"><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.415%"><tr><td style="width:1.0%"/><td style="width:46.105%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:18.311%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:18.164%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:13.020%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">First cycle</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">No. of shares assigned</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Outstanding shares at 12/31/2023</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Unit fair value (euros)</span></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">TSR Objective</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="shares" contextRef="c-2251" decimals="INF" name="ifrs-full:NumberOfInstrumentsOtherEquityInstrumentsGranted" format="ixt:num-dot-decimal" scale="0" id="f-6761">9,712,749</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="shares" contextRef="c-2252" decimals="INF" name="ifrs-full:NumberOfOtherEquityInstrumentsOutstandingInSharebasedPaymentArrangement" format="ixt:num-dot-decimal" scale="0" id="f-6762">8,864,262</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eurPerShare" contextRef="c-2252" decimals="2" name="ifrs-full:WeightedAverageExercisePriceOfOtherEquityInstrumentsOutstandingInSharebasedPaymentArrangement2019" scale="0" id="f-6763">2.64</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">FCF Objective</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="shares" contextRef="c-2253" decimals="INF" name="ifrs-full:NumberOfInstrumentsOtherEquityInstrumentsGranted" format="ixt:num-dot-decimal" scale="0" id="f-6764">7,770,200</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="shares" contextRef="c-2254" decimals="INF" name="ifrs-full:NumberOfOtherEquityInstrumentsOutstandingInSharebasedPaymentArrangement" format="ixt:num-dot-decimal" scale="0" id="f-6765">7,091,409</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eurPerShare" contextRef="c-2254" decimals="2" name="ifrs-full:WeightedAverageExercisePriceOfOtherEquityInstrumentsOutstandingInSharebasedPaymentArrangement2019" scale="0" id="f-6766">3.15</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">CO2 E.N. Objective</span></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="shares" contextRef="c-2255" decimals="INF" name="ifrs-full:NumberOfInstrumentsOtherEquityInstrumentsGranted" format="ixt:num-dot-decimal" scale="0" id="f-6767">1,942,550</ix:nonFraction>&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="shares" contextRef="c-2256" decimals="INF" name="ifrs-full:NumberOfOtherEquityInstrumentsOutstandingInSharebasedPaymentArrangement" format="ixt:num-dot-decimal" scale="0" id="f-6768">1,772,852</ix:nonFraction>&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"/><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eurPerShare" contextRef="c-2256" decimals="2" name="ifrs-full:WeightedAverageExercisePriceOfOtherEquityInstrumentsOutstandingInSharebasedPaymentArrangement2019" scale="0" id="f-6769">3.15</ix:nonFraction>&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr></table></div><div style="margin-bottom:9pt;padding-left:36pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">After considering the levels of performance during the measurement period, a weighted achievement coefficient of <ix:nonFraction unitRef="number" contextRef="c-2257" decimals="4" name="tef:WeightedAveragePaymentCoefficientPercent" scale="-2" id="f-6770">89.45</ix:nonFraction>% was reached.</span></div><div style="margin-bottom:9pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">The second cycle commenced on</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> January 1, 2022 and ended on December 31, 2024. The maximum number of shares assigned to this cycle of the plan was <ix:nonFraction unitRef="shares" contextRef="c-2258" decimals="INF" name="ifrs-full:NumberOfInstrumentsOtherEquityInstrumentsGranted" format="ixt:num-dot-decimal" scale="0" id="f-6771">15,069,650</ix:nonFraction> and the outstanding shares at December 31, 2024 were <ix:nonFraction unitRef="shares" contextRef="c-2259" decimals="INF" name="ifrs-full:NumberOfOtherEquityInstrumentsOutstandingInSharebasedPaymentArrangement" format="ixt:num-dot-decimal" scale="0" id="f-6772">13,851,509</ix:nonFraction>, with the following breakdown: </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.415%"><tr><td style="width:1.0%"/><td style="width:46.105%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:18.311%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:18.164%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:13.020%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Second cycle</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">No. of shares assigned</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Outstanding shares at 12/31/2024</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Unit fair value (euros)</span></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">TSR Objective</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="shares" contextRef="c-2260" decimals="INF" name="ifrs-full:NumberOfInstrumentsOtherEquityInstrumentsGranted" format="ixt:num-dot-decimal" scale="0" id="f-6773">7,534,825</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="shares" contextRef="c-2261" decimals="INF" name="ifrs-full:NumberOfOtherEquityInstrumentsOutstandingInSharebasedPaymentArrangement" format="ixt:num-dot-decimal" scale="0" id="f-6774">6,925,755</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eurPerShare" contextRef="c-2261" decimals="2" name="ifrs-full:WeightedAverageExercisePriceOfOtherEquityInstrumentsOutstandingInSharebasedPaymentArrangement2019" scale="0" id="f-6775">2.43</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">FCF Objective</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="shares" contextRef="c-2262" decimals="INF" name="ifrs-full:NumberOfInstrumentsOtherEquityInstrumentsGranted" format="ixt:num-dot-decimal" scale="0" id="f-6776">6,027,860</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="shares" contextRef="c-2263" decimals="INF" name="ifrs-full:NumberOfOtherEquityInstrumentsOutstandingInSharebasedPaymentArrangement" format="ixt:num-dot-decimal" scale="0" id="f-6777">5,540,604</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eurPerShare" contextRef="c-2263" decimals="2" name="ifrs-full:WeightedAverageExercisePriceOfOtherEquityInstrumentsOutstandingInSharebasedPaymentArrangement2019" scale="0" id="f-6778">2.95</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">CO2 E.N. Objective</span></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="shares" contextRef="c-2264" decimals="INF" name="ifrs-full:NumberOfInstrumentsOtherEquityInstrumentsGranted" format="ixt:num-dot-decimal" scale="0" id="f-6779">1,506,965</ix:nonFraction>&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="shares" contextRef="c-2265" decimals="INF" name="ifrs-full:NumberOfOtherEquityInstrumentsOutstandingInSharebasedPaymentArrangement" format="ixt:num-dot-decimal" scale="0" id="f-6780">1,385,150</ix:nonFraction>&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"/><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eurPerShare" contextRef="c-2265" decimals="2" name="ifrs-full:WeightedAverageExercisePriceOfOtherEquityInstrumentsOutstandingInSharebasedPaymentArrangement2019" scale="0" id="f-6781">2.95</ix:nonFraction>&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr></table></div><div style="margin-bottom:9pt;padding-left:36pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">After considering the levels of performance during the measurement period, a weighted achievement coefficient of <ix:nonFraction unitRef="number" contextRef="c-2266" decimals="2" name="tef:WeightedAveragePaymentCoefficientPercent" scale="-2" id="f-6782">100</ix:nonFraction>% was reached.</span></div><div style="margin-bottom:9pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">The third cycle commenced on</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> January 1, 2023 and will end on December 31, 2025. The maximum number of shares assigned to this cycle of the plan was <ix:nonFraction unitRef="shares" contextRef="c-2267" decimals="INF" name="ifrs-full:NumberOfInstrumentsOtherEquityInstrumentsGranted" format="ixt:num-dot-decimal" scale="0" id="f-6783">16,618,564</ix:nonFraction> and the outstanding shares at December 31,<br/>2024 were <ix:nonFraction unitRef="shares" contextRef="c-2268" decimals="INF" name="ifrs-full:NumberOfOtherEquityInstrumentsOutstandingInSharebasedPaymentArrangement" format="ixt:num-dot-decimal" scale="0" id="f-6784">15,856,658</ix:nonFraction>, with the following breakdown: </span></div></ix:continuation></ix:continuation><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">F-137</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><ix:continuation id="f-6751-2" continuedAt="f-6751-3"><ix:continuation id="f-6758-2" continuedAt="f-6758-3"><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.415%"><tr><td style="width:1.0%"/><td style="width:46.105%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:18.311%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:18.164%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:13.020%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Third cycle</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">No. of shares assigned</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Outstanding shares at 12/31/2024</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Unit fair value (euros)</span></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">TSR Objective</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="shares" contextRef="c-2269" decimals="INF" name="ifrs-full:NumberOfInstrumentsOtherEquityInstrumentsGranted" format="ixt:num-dot-decimal" scale="0" id="f-6785">8,309,282</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="shares" contextRef="c-2270" decimals="INF" name="ifrs-full:NumberOfOtherEquityInstrumentsOutstandingInSharebasedPaymentArrangement" format="ixt:num-dot-decimal" scale="0" id="f-6786">7,928,329</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eurPerShare" contextRef="c-2270" decimals="2" name="ifrs-full:WeightedAverageExercisePriceOfOtherEquityInstrumentsOutstandingInSharebasedPaymentArrangement2019" scale="0" id="f-6787">1.77</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">FCF Objective</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="shares" contextRef="c-2271" decimals="INF" name="ifrs-full:NumberOfInstrumentsOtherEquityInstrumentsGranted" format="ixt:num-dot-decimal" scale="0" id="f-6788">6,647,426</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="shares" contextRef="c-2272" decimals="INF" name="ifrs-full:NumberOfOtherEquityInstrumentsOutstandingInSharebasedPaymentArrangement" format="ixt:num-dot-decimal" scale="0" id="f-6789">6,342,664</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eurPerShare" contextRef="c-2272" decimals="2" name="ifrs-full:WeightedAverageExercisePriceOfOtherEquityInstrumentsOutstandingInSharebasedPaymentArrangement2019" scale="0" id="f-6790">2.81</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">CO2 E.N. Objective</span></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="shares" contextRef="c-2273" decimals="INF" name="ifrs-full:NumberOfInstrumentsOtherEquityInstrumentsGranted" format="ixt:num-dot-decimal" scale="0" id="f-6791">1,661,856</ix:nonFraction>&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="shares" contextRef="c-2274" decimals="INF" name="ifrs-full:NumberOfOtherEquityInstrumentsOutstandingInSharebasedPaymentArrangement" format="ixt:num-dot-decimal" scale="0" id="f-6792">1,585,665</ix:nonFraction>&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"/><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eurPerShare" contextRef="c-2274" decimals="2" name="ifrs-full:WeightedAverageExercisePriceOfOtherEquityInstrumentsOutstandingInSharebasedPaymentArrangement2019" scale="0" id="f-6793">2.81</ix:nonFraction>&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr></table></div></ix:continuation><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Long-term incentive plan in Telef&#243;nica, S.A. shares: Performance Share Plan 2024-2028 </span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">T</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">he General Shareholders' Meeting of Telef&#243;nica, S.A. held on April 12, 2024 approved a long-term incentive plan consisting of the delivery of Telef&#243;nica, S.A. shares to executives of the Telef&#243;nica Group, including the Executive Directors of Telef&#243;nica, S.A. The plan consists of the delivery of a certain number of Telef&#243;nica, S.A. shares based on the fulfillment of the objectives established for each of the cycles into which the plan is divided. </span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The number of shares to be delivered depends on (i) <ix:nonFraction unitRef="number" contextRef="c-2275" decimals="2" name="tef:SharebasedCompensationArrangementbySharebasedPaymentAwardPercentageofFulfillmentofTotalShareholderReturnObjective" scale="-2" id="f-6794">50</ix:nonFraction>% on the total shareholder return ("TSR") objective of Telef&#243;nica, S.A. shares being met; with respect to the TSRs of a comparison group of companies in the telecommunications sector weighted according to their relevance to Telef&#243;nica, (ii) <ix:nonFraction unitRef="number" contextRef="c-2275" decimals="2" name="tef:SharebasedCompensationArrangementbySharebasedPaymentAwardPercentageofFreeCashFlowGeneration" scale="-2" id="f-6795">40</ix:nonFraction>% on the Telef&#243;nica Group's free cash flow generation (the "FCF"), (iii) <ix:nonFraction unitRef="number" contextRef="c-2275" decimals="2" name="tef:ShareBasedCompensationArrangementByShareBasedPaymentAwardPercentageOfCarbonDioxideEmissionNeutralization" scale="-2" id="f-6796">5</ix:nonFraction>% on the Neutralization of CO2 Emissions and (iv) <ix:nonFraction unitRef="number" contextRef="c-2275" decimals="2" name="tef:ShareBasedCompensationArrangementByShareBasedPaymentAwardPercentageOfWomenInExecutivePositions" scale="-2" id="f-6797">5</ix:nonFraction>% on the number of women in executive positions, in line with the objective set by the Company.</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The plan has a total duration of <ix:nonNumeric contextRef="c-2275" name="tef:SharebasedCompensationArrangementbySharebasedPaymentAwardAwardVestingPeriod1" format="ixt-sec:durwordsen" id="f-6798">five years</ix:nonNumeric> and is divided into <ix:nonFraction unitRef="cycle" contextRef="c-2275" decimals="INF" name="tef:ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfIndependentPhases" format="ixt-sec:numwordsen" scale="0" id="f-6799">three</ix:nonFraction> cycles of <span style="-sec-ix-hidden:f-6800">three</span> years each. The assessment of the degree of compliance is carried out on the basis of the evolution of the share price, as well as the results audited by the Company's internal and external auditor, prior to their validation by the Nominating, Compensation and Corporate Governance Committee.</span></div><ix:continuation id="f-6758-3" continuedAt="f-6758-4"><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The first cycle of the plan began on January 1, 2024 and will end on December 31, 2026. The maximum number of shares assigned in this first cycle was <ix:nonFraction unitRef="shares" contextRef="c-2276" decimals="INF" name="ifrs-full:NumberOfInstrumentsOtherEquityInstrumentsGranted" format="ixt:num-dot-decimal" scale="0" id="f-6801">15,353,759</ix:nonFraction>, of which <ix:nonFraction unitRef="shares" contextRef="c-2277" decimals="INF" name="ifrs-full:NumberOfOtherEquityInstrumentsOutstandingInSharebasedPaymentArrangement" format="ixt:num-dot-decimal" scale="0" id="f-6802">15,317,175</ix:nonFraction> remained outstanding as of December 31, 2024, with the following breakdown:</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.415%"><tr><td style="width:1.0%"/><td style="width:46.105%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:18.311%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:18.164%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:13.020%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">First cycle</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">No. of shares assigned</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Outstanding shares at 12/31/2024</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Unit fair value (euros)</span></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">TSR Objective</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="shares" contextRef="c-2278" decimals="INF" name="ifrs-full:NumberOfInstrumentsOtherEquityInstrumentsGranted" format="ixt:num-dot-decimal" scale="0" id="f-6803">7,676,879</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="shares" contextRef="c-2279" decimals="INF" name="ifrs-full:NumberOfOtherEquityInstrumentsOutstandingInSharebasedPaymentArrangement" format="ixt:num-dot-decimal" scale="0" id="f-6804">7,658,587</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eurPerShare" contextRef="c-2279" decimals="2" name="ifrs-full:WeightedAverageExercisePriceOfOtherEquityInstrumentsOutstandingInSharebasedPaymentArrangement2019" scale="0" id="f-6805">2.85</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">FCF Objective</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="shares" contextRef="c-2280" decimals="INF" name="ifrs-full:NumberOfInstrumentsOtherEquityInstrumentsGranted" format="ixt:num-dot-decimal" scale="0" id="f-6806">6,141,504</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="shares" contextRef="c-2281" decimals="INF" name="ifrs-full:NumberOfOtherEquityInstrumentsOutstandingInSharebasedPaymentArrangement" format="ixt:num-dot-decimal" scale="0" id="f-6807">6,126,870</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eurPerShare" contextRef="c-2281" decimals="2" name="ifrs-full:WeightedAverageExercisePriceOfOtherEquityInstrumentsOutstandingInSharebasedPaymentArrangement2019" scale="0" id="f-6808">3.42</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">CO2 E.N. Objective</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="shares" contextRef="c-2282" decimals="INF" name="ifrs-full:NumberOfInstrumentsOtherEquityInstrumentsGranted" format="ixt:num-dot-decimal" scale="0" id="f-6809">767,688</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="shares" contextRef="c-2283" decimals="INF" name="ifrs-full:NumberOfOtherEquityInstrumentsOutstandingInSharebasedPaymentArrangement" format="ixt:num-dot-decimal" scale="0" id="f-6810">765,859</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eurPerShare" contextRef="c-2283" decimals="2" name="ifrs-full:WeightedAverageExercisePriceOfOtherEquityInstrumentsOutstandingInSharebasedPaymentArrangement2019" scale="0" id="f-6811">3.42</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Women in executive positions</span></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="shares" contextRef="c-2284" decimals="INF" name="ifrs-full:NumberOfInstrumentsOtherEquityInstrumentsGranted" format="ixt:num-dot-decimal" scale="0" id="f-6812">767,688</ix:nonFraction>&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="shares" contextRef="c-2285" decimals="INF" name="ifrs-full:NumberOfOtherEquityInstrumentsOutstandingInSharebasedPaymentArrangement" format="ixt:num-dot-decimal" scale="0" id="f-6813">765,859</ix:nonFraction>&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"/><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eurPerShare" contextRef="c-2285" decimals="2" name="ifrs-full:WeightedAverageExercisePriceOfOtherEquityInstrumentsOutstandingInSharebasedPaymentArrangement2019" scale="0" id="f-6814">3.42</ix:nonFraction>&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr></table></div></ix:continuation><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Long-term incentive plan based on Telef&#243;nica, S.A. shares: Talent for the Future Share Plan 2021-2025 (TFSP) </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">At its meeting on March 17, 2021, the Telef&#243;nica, S.A.'s Board of Directors agreed to launch a new installment of the long-term incentive plan </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Talent for the Future Share Plan</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The term of this plan was also <ix:nonNumeric contextRef="c-2286" name="tef:SharebasedCompensationArrangementbySharebasedPaymentAwardAwardVestingPeriod1" format="ixt-sec:durwordsen" id="f-6815">five years</ix:nonNumeric> and it is divided into <ix:nonFraction unitRef="cycle" contextRef="c-2286" decimals="INF" name="tef:ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfIndependentPhases" format="ixt-sec:numwordsen" scale="0" id="f-6816">three</ix:nonFraction> cycles. As in the case of the </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Performance Share Plan</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> 2021-2025 described above, the number of shares to deliver will depend (i) <ix:nonFraction unitRef="number" contextRef="c-2286" decimals="2" name="tef:SharebasedCompensationArrangementbySharebasedPaymentAwardPercentageofFulfillmentofTotalShareholderReturnObjective" scale="-2" id="f-6817">50</ix:nonFraction>% on achievement of the total shareholder return ("TSR") objective for shares of Telef&#243;nica, S.A. with regard to the TSRs of a comparison group  made up of companies of the telecommunication sector, weighted by its relevance for Telef&#243;nica, (ii) <ix:nonFraction unitRef="number" contextRef="c-2286" decimals="2" name="tef:SharebasedCompensationArrangementbySharebasedPaymentAwardPercentageofFreeCashFlowGeneration" scale="-2" id="f-6818">40</ix:nonFraction>% on the generation of Free Cash Flow of Telef&#243;nica Group ("FCF"), and (iii) <ix:nonFraction unitRef="number" contextRef="c-2286" decimals="2" name="tef:ShareBasedCompensationArrangementByShareBasedPaymentAwardPercentageOfCarbonDioxideEmissionNeutralization" scale="-2" id="f-6819">10</ix:nonFraction>% on CO2 Emission Neutralization, in line with the goal set by the Company. </span></div><div style="margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><ix:continuation id="f-6758-4" continuedAt="f-6758-5"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">The first cycle commenced on January 1, 2021 and ended on December 31, 2023. The maximum number of shares assigned to this cycle of the plan was <ix:nonFraction unitRef="shares" contextRef="c-2287" decimals="INF" name="ifrs-full:NumberOfInstrumentsOtherEquityInstrumentsGranted" format="ixt:num-dot-decimal" scale="0" id="f-6820">1,751,500</ix:nonFraction> and the outstanding shares at December 31, 2023 were <ix:nonFraction unitRef="shares" contextRef="c-2288" decimals="INF" name="ifrs-full:NumberOfOtherEquityInstrumentsOutstandingInSharebasedPaymentArrangement" format="ixt:num-dot-decimal" scale="0" id="f-6821">1,557,000</ix:nonFraction>, with the following breakdown: </span></ix:continuation></div></ix:continuation><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">F-138</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><ix:continuation id="f-6751-3" continuedAt="f-6751-4"><ix:continuation id="f-6758-5" continuedAt="f-6758-6"><div style="margin-bottom:6pt;margin-top:9pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.415%"><tr><td style="width:1.0%"/><td style="width:46.105%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:18.311%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:18.164%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:13.020%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">First cycle</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">No. of shares assigned</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Outstanding shares at 12/31/2023</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Unit fair value (euros)</span></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">TSR Objective</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="shares" contextRef="c-2289" decimals="INF" name="ifrs-full:NumberOfInstrumentsOtherEquityInstrumentsGranted" format="ixt:num-dot-decimal" scale="0" id="f-6822">875,750</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="shares" contextRef="c-2290" decimals="INF" name="ifrs-full:NumberOfOtherEquityInstrumentsOutstandingInSharebasedPaymentArrangement" format="ixt:num-dot-decimal" scale="0" id="f-6823">778,500</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eurPerShare" contextRef="c-2290" decimals="2" name="ifrs-full:WeightedAverageExercisePriceOfOtherEquityInstrumentsOutstandingInSharebasedPaymentArrangement2019" scale="0" id="f-6824">2.64</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">FCF Objective</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="shares" contextRef="c-2291" decimals="INF" name="ifrs-full:NumberOfInstrumentsOtherEquityInstrumentsGranted" format="ixt:num-dot-decimal" scale="0" id="f-6825">700,600</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="shares" contextRef="c-2292" decimals="INF" name="ifrs-full:NumberOfOtherEquityInstrumentsOutstandingInSharebasedPaymentArrangement" format="ixt:num-dot-decimal" scale="0" id="f-6826">622,800</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eurPerShare" contextRef="c-2292" decimals="2" name="ifrs-full:WeightedAverageExercisePriceOfOtherEquityInstrumentsOutstandingInSharebasedPaymentArrangement2019" scale="0" id="f-6827">3.15</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">CO2 E.N. Objective</span></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="shares" contextRef="c-2293" decimals="INF" name="ifrs-full:NumberOfInstrumentsOtherEquityInstrumentsGranted" format="ixt:num-dot-decimal" scale="0" id="f-6828">175,150</ix:nonFraction>&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="shares" contextRef="c-2294" decimals="INF" name="ifrs-full:NumberOfOtherEquityInstrumentsOutstandingInSharebasedPaymentArrangement" format="ixt:num-dot-decimal" scale="0" id="f-6829">155,700</ix:nonFraction>&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"/><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eurPerShare" contextRef="c-2294" decimals="2" name="ifrs-full:WeightedAverageExercisePriceOfOtherEquityInstrumentsOutstandingInSharebasedPaymentArrangement2019" scale="0" id="f-6830">3.15</ix:nonFraction>&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr></table></div><div style="margin-bottom:9pt;padding-left:36pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">After considering the levels of performance during the measurement period, a weighted achievement coefficient of <ix:nonFraction unitRef="number" contextRef="c-2295" decimals="4" name="tef:WeightedAveragePaymentCoefficientPercent" scale="-2" id="f-6831">89.45</ix:nonFraction>% was reached.</span></div><div style="margin-bottom:9pt;margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">The second cycle commenced on January 1, 2022 and ended on December 31, 2024. The maximum number of shares assigned to this cycle of the plan was <ix:nonFraction unitRef="shares" contextRef="c-2296" decimals="INF" name="ifrs-full:NumberOfInstrumentsOtherEquityInstrumentsGranted" format="ixt:num-dot-decimal" scale="0" id="f-6832">1,646,500</ix:nonFraction> and the outstanding shares at December 31, 2024 was <ix:nonFraction unitRef="shares" contextRef="c-2297" decimals="INF" name="ifrs-full:NumberOfOtherEquityInstrumentsOutstandingInSharebasedPaymentArrangement" format="ixt:num-dot-decimal" scale="0" id="f-6833">1,458,000</ix:nonFraction>, with the following breakdown: </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.415%"><tr><td style="width:1.0%"/><td style="width:46.105%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:18.311%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:18.164%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:13.020%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Second cycle</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">No. of shares assigned</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Outstanding shares at 12/31/2024</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Unit fair value (euros)</span></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">TSR Objective</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="shares" contextRef="c-2298" decimals="INF" name="ifrs-full:NumberOfInstrumentsOtherEquityInstrumentsGranted" format="ixt:num-dot-decimal" scale="0" id="f-6834">823,250</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="shares" contextRef="c-2299" decimals="INF" name="ifrs-full:NumberOfOtherEquityInstrumentsOutstandingInSharebasedPaymentArrangement" format="ixt:num-dot-decimal" scale="0" id="f-6835">729,000</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eurPerShare" contextRef="c-2299" decimals="2" name="ifrs-full:WeightedAverageExercisePriceOfOtherEquityInstrumentsOutstandingInSharebasedPaymentArrangement2019" scale="0" id="f-6836">2.43</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">FCF Objective</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="shares" contextRef="c-2300" decimals="INF" name="ifrs-full:NumberOfInstrumentsOtherEquityInstrumentsGranted" format="ixt:num-dot-decimal" scale="0" id="f-6837">658,600</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="shares" contextRef="c-2301" decimals="INF" name="ifrs-full:NumberOfOtherEquityInstrumentsOutstandingInSharebasedPaymentArrangement" format="ixt:num-dot-decimal" scale="0" id="f-6838">583,200</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eurPerShare" contextRef="c-2301" decimals="2" name="ifrs-full:WeightedAverageExercisePriceOfOtherEquityInstrumentsOutstandingInSharebasedPaymentArrangement2019" scale="0" id="f-6839">2.95</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">CO2 E.N. Objective</span></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="shares" contextRef="c-2302" decimals="INF" name="ifrs-full:NumberOfInstrumentsOtherEquityInstrumentsGranted" format="ixt:num-dot-decimal" scale="0" id="f-6840">164,650</ix:nonFraction>&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="shares" contextRef="c-2303" decimals="INF" name="ifrs-full:NumberOfOtherEquityInstrumentsOutstandingInSharebasedPaymentArrangement" format="ixt:num-dot-decimal" scale="0" id="f-6841">145,800</ix:nonFraction>&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"/><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eurPerShare" contextRef="c-2303" decimals="2" name="ifrs-full:WeightedAverageExercisePriceOfOtherEquityInstrumentsOutstandingInSharebasedPaymentArrangement2019" scale="0" id="f-6842">2.95</ix:nonFraction>&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr></table></div><div style="margin-bottom:9pt;margin-top:9pt;padding-left:36pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">After considering the levels of performance during the measurement period, a weighted achievement coefficient of <ix:nonFraction unitRef="number" contextRef="c-2304" decimals="2" name="tef:WeightedAveragePaymentCoefficientPercent" scale="-2" id="f-6843">100</ix:nonFraction>% was reached.</span></div><div style="margin-bottom:6pt;margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">The third cycle commenced on January 1, 2023 and will end on December 31, 2025. The maximum number of shares assigned to this cycle of the plan was <ix:nonFraction unitRef="shares" contextRef="c-2305" decimals="INF" name="ifrs-full:NumberOfInstrumentsOtherEquityInstrumentsGranted" format="ixt:num-dot-decimal" scale="0" id="f-6844">1,771,500</ix:nonFraction> and the outstanding shares at December 31, 2024 was <ix:nonFraction unitRef="shares" contextRef="c-2306" decimals="INF" name="ifrs-full:NumberOfOtherEquityInstrumentsOutstandingInSharebasedPaymentArrangement" format="ixt:num-dot-decimal" scale="0" id="f-6845">1,663,000</ix:nonFraction>, with the following breakdown: </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.415%"><tr><td style="width:1.0%"/><td style="width:46.105%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:18.311%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:18.164%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:13.020%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Third cycle</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">No. of shares assigned</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Outstanding shares at 12/31/2024</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Unit fair value (euros)</span></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">TSR Objective</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="shares" contextRef="c-2307" decimals="INF" name="ifrs-full:NumberOfInstrumentsOtherEquityInstrumentsGranted" format="ixt:num-dot-decimal" scale="0" id="f-6846">885,750</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="shares" contextRef="c-2308" decimals="INF" name="ifrs-full:NumberOfOtherEquityInstrumentsOutstandingInSharebasedPaymentArrangement" format="ixt:num-dot-decimal" scale="0" id="f-6847">831,500</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eurPerShare" contextRef="c-2308" decimals="2" name="ifrs-full:WeightedAverageExercisePriceOfOtherEquityInstrumentsOutstandingInSharebasedPaymentArrangement2019" scale="0" id="f-6848">1.77</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">FCF Objective</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="shares" contextRef="c-2309" decimals="INF" name="ifrs-full:NumberOfInstrumentsOtherEquityInstrumentsGranted" format="ixt:num-dot-decimal" scale="0" id="f-6849">708,600</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="shares" contextRef="c-2310" decimals="INF" name="ifrs-full:NumberOfOtherEquityInstrumentsOutstandingInSharebasedPaymentArrangement" format="ixt:num-dot-decimal" scale="0" id="f-6850">665,200</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eurPerShare" contextRef="c-2310" decimals="2" name="ifrs-full:WeightedAverageExercisePriceOfOtherEquityInstrumentsOutstandingInSharebasedPaymentArrangement2019" scale="0" id="f-6851">2.81</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">CO2 E.N. Objective</span></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="shares" contextRef="c-2311" decimals="INF" name="ifrs-full:NumberOfInstrumentsOtherEquityInstrumentsGranted" format="ixt:num-dot-decimal" scale="0" id="f-6852">177,150</ix:nonFraction>&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="shares" contextRef="c-2312" decimals="INF" name="ifrs-full:NumberOfOtherEquityInstrumentsOutstandingInSharebasedPaymentArrangement" format="ixt:num-dot-decimal" scale="0" id="f-6853">166,300</ix:nonFraction>&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"/><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eurPerShare" contextRef="c-2312" decimals="2" name="ifrs-full:WeightedAverageExercisePriceOfOtherEquityInstrumentsOutstandingInSharebasedPaymentArrangement2019" scale="0" id="f-6854">2.81</ix:nonFraction>&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr></table></div></ix:continuation><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Long-term incentive plan in shares of Telef&#243;nica, S.A.: Talent for the Future Share Plan 2024-2028 (TFSP)</span></div><div style="margin-bottom:9pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">At its meeting on April 12, 2024,the Telef&#243;nica, S.A.'s Board of Directors agreed to launch a new installment of the long-term incentive plan "Talent for the Future Share Plan". </span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The term of this plan is also <span style="-sec-ix-hidden:f-6855">five</span> years and it is divided into <ix:nonFraction unitRef="cycle" contextRef="c-2313" decimals="INF" name="tef:ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfIndependentPhases" format="ixt-sec:numwordsen" scale="0" id="f-6856">three</ix:nonFraction> cycles. As in the case of the Performance Share Plan 2024-2028 described above, the number of shares to be delivered depends on (i) <ix:nonFraction unitRef="number" contextRef="c-2313" decimals="2" name="tef:SharebasedCompensationArrangementbySharebasedPaymentAwardPercentageofFulfillmentofTotalShareholderReturnObjective" scale="-2" id="f-6857">50</ix:nonFraction>% on the total shareholder return ("TSR") target of Telef&#243;nica, S.A. shares being met; with respect to the TSRs of a comparison group of companies in the telecommunications sector weighted according to their relevance to Telef&#243;nica, (ii) <ix:nonFraction unitRef="number" contextRef="c-2313" decimals="2" name="tef:SharebasedCompensationArrangementbySharebasedPaymentAwardPercentageofFreeCashFlowGeneration" scale="-2" id="f-6858">40</ix:nonFraction>% on the Telef&#243;nica group's free cash flow generation (the "FCF"), (iii) <ix:nonFraction unitRef="number" contextRef="c-2313" decimals="2" name="tef:ShareBasedCompensationArrangementByShareBasedPaymentAwardPercentageOfCarbonDioxideEmissionNeutralization" scale="-2" id="f-6859">5</ix:nonFraction>% on the Neutralization of CO2 Emissions and (iv) <ix:nonFraction unitRef="number" contextRef="c-2313" decimals="2" name="tef:ShareBasedCompensationArrangementByShareBasedPaymentAwardPercentageOfWomenInExecutivePositions" scale="-2" id="f-6860">5</ix:nonFraction>% on the number of women in executive positions, in line with the objective set by the Company.</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The plan has a duration of <ix:nonNumeric contextRef="c-2313" name="tef:SharebasedCompensationArrangementbySharebasedPaymentAwardAwardVestingPeriod1" format="ixt-sec:durwordsen" id="f-6861">five years</ix:nonNumeric> and is divided into <ix:nonFraction unitRef="cycle" contextRef="c-2313" decimals="INF" name="tef:ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfIndependentPhases" format="ixt-sec:numwordsen" scale="0" id="f-6862">three</ix:nonFraction> cycles of <ix:nonNumeric contextRef="c-2313" name="tef:ShareBasedCompensationArrangementByShareBasedPaymentAwardPeriodInForceOfEachPhases" format="ixt-sec:durwordsen" id="f-6863">three years</ix:nonNumeric>. Performance assessment has been carried out based on the evolution of the stock price and on the audited results of the Company (audited both by internal and external audit teams) prior to the approval by the Nominating, Compensation and Corporate Governance Committee.</span></div><ix:continuation id="f-6758-6" continuedAt="f-6758-7"><div style="margin-bottom:9pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The first cycle of the plan began on January 1, 2024 and will end on December 31, 2026. The maximum number of shares assigned in this first cycle was <ix:nonFraction unitRef="shares" contextRef="c-2314" decimals="INF" name="ifrs-full:NumberOfInstrumentsOtherEquityInstrumentsGranted" format="ixt:num-dot-decimal" scale="0" id="f-6864">1,530,500</ix:nonFraction> and the outstanding shares at December 31, 2024 was <ix:nonFraction unitRef="shares" contextRef="c-2315" decimals="INF" name="ifrs-full:NumberOfOtherEquityInstrumentsOutstandingInSharebasedPaymentArrangement" format="ixt:num-dot-decimal" scale="0" id="f-6865">1,513,500</ix:nonFraction>, with the following breakdown:</span></div></ix:continuation></ix:continuation><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">F-139</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><ix:continuation id="f-6751-4"><ix:continuation id="f-6758-7"><div style="margin-bottom:9pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.415%"><tr><td style="width:1.0%"/><td style="width:46.105%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:18.311%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:18.164%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:13.020%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">First cycle</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">No. of shares assigned</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Outstanding shares at 12/31/2024</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Unit fair value (euros)</span></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">TSR Objective</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="shares" contextRef="c-2316" decimals="INF" name="ifrs-full:NumberOfInstrumentsOtherEquityInstrumentsGranted" format="ixt:num-dot-decimal" scale="0" id="f-6866">765,250</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="shares" contextRef="c-2317" decimals="INF" name="ifrs-full:NumberOfOtherEquityInstrumentsOutstandingInSharebasedPaymentArrangement" format="ixt:num-dot-decimal" scale="0" id="f-6867">756,750</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eurPerShare" contextRef="c-2317" decimals="2" name="ifrs-full:WeightedAverageExercisePriceOfOtherEquityInstrumentsOutstandingInSharebasedPaymentArrangement2019" scale="0" id="f-6868">2.85</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">FCF Objective</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="shares" contextRef="c-2318" decimals="INF" name="ifrs-full:NumberOfInstrumentsOtherEquityInstrumentsGranted" format="ixt:num-dot-decimal" scale="0" id="f-6869">612,200</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="shares" contextRef="c-2319" decimals="INF" name="ifrs-full:NumberOfOtherEquityInstrumentsOutstandingInSharebasedPaymentArrangement" format="ixt:num-dot-decimal" scale="0" id="f-6870">605,400</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eurPerShare" contextRef="c-2319" decimals="2" name="ifrs-full:WeightedAverageExercisePriceOfOtherEquityInstrumentsOutstandingInSharebasedPaymentArrangement2019" scale="0" id="f-6871">3.42</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">CO2 E.N. Objective</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="shares" contextRef="c-2320" decimals="INF" name="ifrs-full:NumberOfInstrumentsOtherEquityInstrumentsGranted" format="ixt:num-dot-decimal" scale="0" id="f-6872">76,525</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="shares" contextRef="c-2321" decimals="INF" name="ifrs-full:NumberOfOtherEquityInstrumentsOutstandingInSharebasedPaymentArrangement" format="ixt:num-dot-decimal" scale="0" id="f-6873">75,675</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eurPerShare" contextRef="c-2321" decimals="2" name="ifrs-full:WeightedAverageExercisePriceOfOtherEquityInstrumentsOutstandingInSharebasedPaymentArrangement2019" scale="0" id="f-6874">3.42</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Women in executive positions</span></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="shares" contextRef="c-2322" decimals="INF" name="ifrs-full:NumberOfInstrumentsOtherEquityInstrumentsGranted" format="ixt:num-dot-decimal" scale="0" id="f-6875">76,525</ix:nonFraction>&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="shares" contextRef="c-2323" decimals="INF" name="ifrs-full:NumberOfOtherEquityInstrumentsOutstandingInSharebasedPaymentArrangement" format="ixt:num-dot-decimal" scale="0" id="f-6876">75,675</ix:nonFraction>&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"/><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eurPerShare" contextRef="c-2323" decimals="2" name="ifrs-full:WeightedAverageExercisePriceOfOtherEquityInstrumentsOutstandingInSharebasedPaymentArrangement2019" scale="0" id="f-6877">3.42</ix:nonFraction>&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr></table></div></ix:continuation><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Incentivized purchases of Telef&#243;nica, S.A. shares for employees </span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Telef&#243;nica, S.A. Ordinary General Shareholders&#8217; meeting on April 8, 2022 approved a voluntary plan for incentivized purchases of shares of Telef&#243;nica, S.A. for the employees of the Group. Under this Plan, employees were offered the option to acquire Telef&#243;nica, S.A. shares during a twelve-month period, with the company undertaking to deliver a certain number of free shares to participants, subject to certain requirements. The maximum amount that each employee could invest was limited to <ix:nonFraction unitRef="eur" contextRef="c-2324" decimals="INF" name="tef:SharebasedCompensationArrangementbySharebasedPaymentAwardMaximumAmountOfSharesAnEmployeeIsAllowedToPurchase" format="ixt:num-dot-decimal" scale="0" id="f-6878">1,800</ix:nonFraction> euros. The total number of free shares to be delivered for the whole plan may never exceed <ix:nonFraction unitRef="number" contextRef="c-2324" decimals="4" name="tef:ShareBasedCompensationArrangementByShareBasedPaymentAwardMaximumNumberOfSharesAnEmployeeIsAllowedToPurchaseOfShareCapitalPercentage" scale="-2" id="f-6879">0.38</ix:nonFraction>% of the share capital of Telef&#243;nica, S.A. at the date of approval of the plan at the General Shareholders' Meeting.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The purchase period commenced in October 2022 and ended in September 2023. In March 2024 the vesting period of the plan will end. The plan's holding period ended in March 2024 and <ix:nonFraction unitRef="employee" contextRef="c-2325" decimals="INF" name="tef:SharebasedCompensationArrangementbySharebasedPaymentAwardNumberOfEmployeesRegistered" format="ixt:num-dot-decimal" scale="0" id="f-6880">10,255,044</ix:nonFraction> shares were delivered to the Group's employees.</span></div></ix:continuation><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">F-140</span></div></div></div><div id="i63478826478c4e0dbabc502413383f6b_364"></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><div style="margin-top:9pt;text-align:center"><span style="color:#a6a6a6;font-family:'Arial',sans-serif;font-size:18pt;font-weight:400;line-height:120%">Note 28. <ix:nonNumeric contextRef="c-1" name="ifrs-full:DisclosureOfCashFlowStatementExplanatory" id="f-6881" continuedAt="f-6881-1" escape="true">Cash flow detail</ix:nonNumeric></span></div><ix:continuation id="f-6881-1" continuedAt="f-6881-2"><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Net cash flow provided by operating activities</span></div><ix:nonNumeric contextRef="c-1" name="tef:DisclosureOfCashFlowItemsOperatingActivitiesTableTextBlock" id="f-6882" escape="true"><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The detail of net cash flow provided by operating activities is the following: </span></div><div style="margin-top:9pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"/><td style="width:67.759%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:9.280%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:9.280%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:9.281%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Millions of euros</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2024</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2023</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2022</span></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Cash received from operations</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1" decimals="-6" name="tef:ReceiptsFromOperations" format="ixt:num-dot-decimal" scale="6" id="f-6883">48,856</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-14" decimals="-6" name="tef:ReceiptsFromOperations" format="ixt:num-dot-decimal" scale="6" id="f-6884">47,314</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-15" decimals="-6" name="tef:ReceiptsFromOperations" format="ixt:num-dot-decimal" scale="6" id="f-6885">46,925</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Cash paid from operations</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1" decimals="-6" name="tef:PaymentsForOperations" format="ixt:num-dot-decimal" scale="6" id="f-6886">36,134</ix:nonFraction>)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-14" decimals="-6" name="tef:PaymentsForOperations" format="ixt:num-dot-decimal" scale="6" id="f-6887">34,646</ix:nonFraction>)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-15" decimals="-6" name="tef:PaymentsForOperations" format="ixt:num-dot-decimal" scale="6" id="f-6888">34,778</ix:nonFraction>)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 30.25pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Cash paid to suppliers</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1" decimals="-6" name="ifrs-full:PaymentsToSuppliersForGoodsAndServices" format="ixt:num-dot-decimal" scale="6" id="f-6889">30,360</ix:nonFraction>)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-14" decimals="-6" name="ifrs-full:PaymentsToSuppliersForGoodsAndServices" format="ixt:num-dot-decimal" scale="6" id="f-6890">29,188</ix:nonFraction>)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-15" decimals="-6" name="ifrs-full:PaymentsToSuppliersForGoodsAndServices" format="ixt:num-dot-decimal" scale="6" id="f-6891">29,509</ix:nonFraction>)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 30.25pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Cash paid to employees</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1" decimals="-6" name="ifrs-full:PaymentsToAndOnBehalfOfEmployees" format="ixt:num-dot-decimal" scale="6" id="f-6892">4,773</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-14" decimals="-6" name="ifrs-full:PaymentsToAndOnBehalfOfEmployees" format="ixt:num-dot-decimal" scale="6" id="f-6893">4,604</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-15" decimals="-6" name="ifrs-full:PaymentsToAndOnBehalfOfEmployees" format="ixt:num-dot-decimal" scale="6" id="f-6894">4,416</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 30.25pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Payments related to cancellation of commitments</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1" decimals="-6" name="ifrs-full:OtherCashPaymentsFromOperatingActivities" format="ixt:num-dot-decimal" scale="6" id="f-6895">1,001</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-14" decimals="-6" name="ifrs-full:OtherCashPaymentsFromOperatingActivities" scale="6" id="f-6896">854</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-15" decimals="-6" name="ifrs-full:OtherCashPaymentsFromOperatingActivities" scale="6" id="f-6897">853</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Net payments of interest and other financial expenses net of dividends received</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1" decimals="-6" name="tef:PaymentsOfInterestAndOtherFinancialExpensesNetOfDividendsReceived" format="ixt:num-dot-decimal" scale="6" id="f-6898">1,060</ix:nonFraction>)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-14" decimals="-6" name="tef:PaymentsOfInterestAndOtherFinancialExpensesNetOfDividendsReceived" scale="6" id="f-6899">565</ix:nonFraction>)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-15" decimals="-6" name="tef:PaymentsOfInterestAndOtherFinancialExpensesNetOfDividendsReceived" scale="6" id="f-6900">292</ix:nonFraction>)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 30.25pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Net interest and other financial expenses paid</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1" decimals="-6" name="ifrs-full:InterestPaidClassifiedAsOperatingActivities" format="ixt:num-dot-decimal" scale="6" id="f-6901">1,620</ix:nonFraction>)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-14" decimals="-6" name="ifrs-full:InterestPaidClassifiedAsOperatingActivities" format="ixt:num-dot-decimal" scale="6" id="f-6902">1,811</ix:nonFraction>)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-15" decimals="-6" name="ifrs-full:InterestPaidClassifiedAsOperatingActivities" format="ixt:num-dot-decimal" scale="6" id="f-6903">1,236</ix:nonFraction>)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 30.25pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Dividends received</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1" decimals="-6" name="ifrs-full:DividendsReceived" scale="6" id="f-6904">560</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-14" decimals="-6" name="ifrs-full:DividendsReceived" format="ixt:num-dot-decimal" scale="6" id="f-6905">1,246</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-15" decimals="-6" name="ifrs-full:DividendsReceived" scale="6" id="f-6906">944</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Taxes  (payments)/proceeds</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1" decimals="-6" name="ifrs-full:IncomeTaxesPaidRefundClassifiedAsOperatingActivities" scale="6" id="f-6907">668</ix:nonFraction>)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-14" decimals="-6" name="ifrs-full:IncomeTaxesPaidRefundClassifiedAsOperatingActivities" scale="6" id="f-6908">454</ix:nonFraction>)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-15" decimals="-6" name="ifrs-full:IncomeTaxesPaidRefundClassifiedAsOperatingActivities" scale="6" id="f-6909">92</ix:nonFraction>)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Net cash flow provided by operating activities</span></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1" decimals="-6" name="ifrs-full:CashFlowsFromUsedInOperatingActivities" format="ixt:num-dot-decimal" scale="6" id="f-6910">10,994</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-14" decimals="-6" name="ifrs-full:CashFlowsFromUsedInOperatingActivities" format="ixt:num-dot-decimal" scale="6" id="f-6911">11,649</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-15" decimals="-6" name="ifrs-full:CashFlowsFromUsedInOperatingActivities" format="ixt:num-dot-decimal" scale="6" id="f-6912">11,763</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr></table></div></ix:nonNumeric><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In 2024, dividends amounting to <ix:nonFraction unitRef="gbp" contextRef="c-136" decimals="-6" name="ifrs-full:DividendsReceivedFromJointVenturesClassifiedAsInvestingActivities" scale="6" id="f-6913">425</ix:nonFraction> million pounds were received from VMED O2 UK Limited (see Note 10) equivalent to <ix:nonFraction unitRef="eur" contextRef="c-136" decimals="-6" name="ifrs-full:DividendsReceivedFromJointVenturesClassifiedAsInvestingActivities" scale="6" id="f-6914">512</ix:nonFraction> million euros (<ix:nonFraction unitRef="gbp" contextRef="c-137" decimals="-6" name="ifrs-full:DividendsReceivedFromJointVenturesClassifiedAsInvestingActivities" format="ixt:num-dot-decimal" scale="6" id="f-6915">1,000</ix:nonFraction> million pounds, equivalent to <ix:nonFraction unitRef="eur" contextRef="c-137" decimals="-6" name="ifrs-full:DividendsReceivedFromJointVenturesClassifiedAsInvestingActivities" format="ixt:num-dot-decimal" scale="6" id="f-6916">1,154</ix:nonFraction> million euros in 2023 and <ix:nonFraction unitRef="gbp" contextRef="c-138" decimals="-6" name="ifrs-full:DividendsReceivedFromJointVenturesClassifiedAsInvestingActivities" scale="6" id="f-6917">800</ix:nonFraction> million pounds, equivalent to <ix:nonFraction unitRef="eur" contextRef="c-138" decimals="-6" name="ifrs-full:DividendsReceivedFromJointVenturesClassifiedAsInvestingActivities" scale="6" id="f-6918">909</ix:nonFraction> million euros in 2022).</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In 2024, no payments have been made on account of the Corporate Tax of the Tax Group of Telef&#243;nica, S.A. (<ix:nonFraction unitRef="eur" contextRef="c-14" decimals="-6" name="ifrs-full:IncomeTaxesPaidClassifiedAsOperatingActivities" format="ixt:num-dot-decimal" scale="6" id="f-6919">198</ix:nonFraction>&#160;million euros in 2023). In December 2024, after executing a credit assignment contract signed with a financial institution, <ix:nonFraction unitRef="eur" contextRef="c-2326" decimals="-6" name="ifrs-full:FinanceIncomeReceivedClassifiedAsOperatingActivities" format="ixt:num-dot-decimal" scale="6" id="f-6920">211</ix:nonFraction>&#160;million euros were collected corresponding to the 2023 installment (<ix:nonFraction unitRef="eur" contextRef="c-14" decimals="-6" name="ifrs-full:FinanceIncomeReceivedClassifiedAsOperatingActivities" format="ixt:num-dot-decimal" scale="6" id="f-6921">285</ix:nonFraction>&#160;million euros in 2023 corresponding to the 2022 installment).</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Net cash flow used in investing activities</span></div><ix:nonNumeric contextRef="c-1" name="tef:DisclosureOfCashFlowItemsInvestingActivitiesInvestmentsAndPropertyPlantAndEquipmentAndIntangibleAssetsTableTextBlock" id="f-6922" escape="true"><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The following is a detail of the items comprising the net cash flow used in investing activities.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.853%"><tr><td style="width:1.0%"/><td style="width:68.738%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:9.295%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:9.295%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:8.272%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Millions of euros</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2024</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2023</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2022</span></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Proceeds from the sale in property, plant and equipment and intangible assets</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1" decimals="-6" name="tef:ProceedsFromSalesOfPropertyPlantAndEquipmentAndIntangiblesClassifiedAsInvestingActivities" scale="6" id="f-6923">269</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-14" decimals="-6" name="tef:ProceedsFromSalesOfPropertyPlantAndEquipmentAndIntangiblesClassifiedAsInvestingActivities" scale="6" id="f-6924">310</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-15" decimals="-6" name="tef:ProceedsFromSalesOfPropertyPlantAndEquipmentAndIntangiblesClassifiedAsInvestingActivities" scale="6" id="f-6925">842</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Payments on investments in property, plant and equipment and intangible assets</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1" decimals="-6" name="ifrs-full:PurchaseOfPropertyPlantAndEquipmentIntangibleAssetsOtherThanGoodwillInvestmentPropertyAndOtherNoncurrentAssets" format="ixt:num-dot-decimal" scale="6" id="f-6926">5,790</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-14" decimals="-6" name="ifrs-full:PurchaseOfPropertyPlantAndEquipmentIntangibleAssetsOtherThanGoodwillInvestmentPropertyAndOtherNoncurrentAssets" format="ixt:num-dot-decimal" scale="6" id="f-6927">6,161</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-15" decimals="-6" name="ifrs-full:PurchaseOfPropertyPlantAndEquipmentIntangibleAssetsOtherThanGoodwillInvestmentPropertyAndOtherNoncurrentAssets" format="ixt:num-dot-decimal" scale="6" id="f-6928">6,350</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(Payments on investments)/proceeds from the sale in property, plant and equipment and intangible assets</span></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1" decimals="-6" sign="-" name="tef:ProceedsFromPurchaseOfPropertyPlantAndEquipmentAndIntangibleAssetsClassifiedAsInvestingActivitiesNet" format="ixt:num-dot-decimal" scale="6" id="f-6929">5,521</ix:nonFraction>)</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-14" decimals="-6" sign="-" name="tef:ProceedsFromPurchaseOfPropertyPlantAndEquipmentAndIntangibleAssetsClassifiedAsInvestingActivitiesNet" format="ixt:num-dot-decimal" scale="6" id="f-6930">5,851</ix:nonFraction>)</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-15" decimals="-6" sign="-" name="tef:ProceedsFromPurchaseOfPropertyPlantAndEquipmentAndIntangibleAssetsClassifiedAsInvestingActivitiesNet" format="ixt:num-dot-decimal" scale="6" id="f-6931">5,508</ix:nonFraction>)</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr></table></div></ix:nonNumeric><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Payments for non-financed spectrum in 2024 amounted to <ix:nonFraction unitRef="eur" contextRef="c-1" decimals="-6" name="tef:PaymentsToAcquireIntangibleAssets1" scale="6" id="f-6932">46</ix:nonFraction> million euros, mainly due to the payment of <ix:nonFraction unitRef="eur" contextRef="c-2327" decimals="-6" name="tef:PaymentsToAcquireIntangibleAssets1" scale="6" id="f-6933">23</ix:nonFraction> million euros for Telef&#243;nica M&#243;viles Uruguay and <ix:nonFraction unitRef="eur" contextRef="c-2328" decimals="-6" name="tef:PaymentsToAcquireIntangibleAssets1" scale="6" id="f-6934">21</ix:nonFraction> million euros for Otecel.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Payments for non-financed spectrum in 2023 amounted to <ix:nonFraction unitRef="eur" contextRef="c-14" decimals="-6" name="tef:PaymentsToAcquireIntangibleAssets1" scale="6" id="f-6935">128</ix:nonFraction> million euros, mainly due to the payment of <ix:nonFraction unitRef="eur" contextRef="c-2329" decimals="-6" name="tef:PaymentsToAcquireIntangibleAssets1" scale="6" id="f-6936">97</ix:nonFraction> million euros for Telef&#243;nica M&#243;viles Argentina and <ix:nonFraction unitRef="eur" contextRef="c-2330" decimals="-6" name="tef:PaymentsToAcquireIntangibleAssets1" scale="6" id="f-6937">20</ix:nonFraction> million euros for Telef&#243;nica M&#243;viles Espa&#241;a.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Payments for non-financed spectrum in 2022 amounted to <ix:nonFraction unitRef="eur" contextRef="c-15" decimals="-6" name="tef:PaymentsToAcquireIntangibleAssets1" scale="6" id="f-6938">27</ix:nonFraction> million euros, mainly due to the payment of <ix:nonFraction unitRef="eur" contextRef="c-2331" decimals="-6" name="tef:PaymentsToAcquireIntangibleAssets1" scale="6" id="f-6939">11</ix:nonFraction> million euros for Telef&#243;nica M&#243;viles Argentina and <ix:nonFraction unitRef="eur" contextRef="c-2332" decimals="-6" name="tef:PaymentsToAcquireIntangibleAssets1" scale="6" id="f-6940">8</ix:nonFraction> million euros for Telef&#243;nica M&#243;viles Espa&#241;a.</span></div></ix:continuation><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">F-141</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><ix:continuation id="f-6881-2" continuedAt="f-6881-3"><ix:nonNumeric contextRef="c-1" name="tef:DisclosureOfCashFlowItemsInvestingActivitiesProceedsOnDisposalsOfCompaniesAndPaymentsOnInvestmentsInCompaniesTableTextBlock" id="f-6941" escape="true"><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:98.538%"><tr><td style="width:1.0%"/><td style="width:66.110%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:10.027%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:9.730%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:9.733%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Millions of euros</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2024</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2023</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2022</span></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Tax associated with the sale of the tower division of Telxius</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2333" decimals="-6" name="ifrs-full:CashFlowsFromLosingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities" format="ixt:fixed-zero" scale="6" id="f-6942">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2334" decimals="-6" name="ifrs-full:CashFlowsFromLosingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities" scale="6" id="f-6943">876</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid 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name="ifrs-full:CashFlowsFromLosingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities" format="ixt:num-dot-decimal" scale="6" id="f-6970">1,004</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-15" decimals="-6" sign="-" name="ifrs-full:CashFlowsFromLosingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities" scale="6" id="f-6971">115</ix:nonFraction>)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Oi mobile assets acquisition (Note 2)</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2359" decimals="-6" name="ifrs-full:CashFlowsUsedInObtainingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities" format="ixt:fixed-zero" scale="6" id="f-6972">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span 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style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2363" decimals="-6" name="ifrs-full:CashFlowsUsedInObtainingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities" format="ixt:fixed-zero" scale="6" id="f-6976">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-343" decimals="-6" name="ifrs-full:CashFlowsUsedInObtainingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities" scale="6" id="f-6977">178</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">BE-terna acquisition (Note 5)</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2364" decimals="-6" name="ifrs-full:CashFlowsUsedInObtainingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities" format="ixt:fixed-zero" scale="6" id="f-6978">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 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0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">IPNET acquisition (Note 5)</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-2366" decimals="-6" name="ifrs-full:CashFlowsUsedInObtainingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities" scale="6" id="f-6981">10</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2367" decimals="-6" name="ifrs-full:CashFlowsUsedInObtainingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities" format="ixt:fixed-zero" scale="6" id="f-6982">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2368" decimals="-6" name="ifrs-full:CashFlowsUsedInObtainingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities" format="ixt:fixed-zero" scale="6" id="f-6983">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 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style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-2370" decimals="-6" name="ifrs-full:CashFlowsUsedInObtainingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities" scale="6" id="f-6985">73</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-2371" decimals="-6" name="ifrs-full:CashFlowsUsedInObtainingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities" scale="6" id="f-6986">50</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td 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style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-2373" decimals="-6" name="ifrs-full:CashFlowsUsedInObtainingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities" scale="6" id="f-6988">46</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2374" decimals="-6" name="ifrs-full:CashFlowsUsedInObtainingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities" format="ixt:fixed-zero" scale="6" id="f-6989">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 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1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-2376" decimals="-6" name="ifrs-full:CashFlowsUsedInObtainingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities" scale="6" id="f-6991">46</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2377" decimals="-6" name="ifrs-full:CashFlowsUsedInObtainingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities" format="ixt:fixed-zero" scale="6" id="f-6992">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid 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style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-2382" decimals="-6" name="ifrs-full:CashFlowsUsedInObtainingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities" scale="6" id="f-6997">46</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-2383" decimals="-6" name="ifrs-full:CashFlowsUsedInObtainingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities" scale="6" id="f-6998">86</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Payments on investments in companies, net of cash and cash equivalents acquired</span></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1" decimals="-6" name="ifrs-full:CashFlowsUsedInObtainingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities" scale="6" id="f-6999">189</ix:nonFraction>)</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:2pt solid 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format="ixt:num-dot-decimal" scale="6" id="f-7001">1,628</ix:nonFraction>)</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr></table></div></ix:nonNumeric><ix:nonNumeric contextRef="c-1" name="tef:DisclosureOfCashFlowItemsInvestingActivitiesProceedsAndPaymentsOnFinancialInvestmentsTableTextBlock" id="f-7002" escape="true"><div style="margin-bottom:9pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.122%"><tr><td style="width:1.0%"/><td style="width:65.714%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:9.961%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:9.961%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:9.964%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Millions of euros</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2024</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2023</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2022</span></td></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td 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style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2385" decimals="-6" name="tef:ProceedsFromFinancialInvestmentsNotIncludedUnderCashEquivalents" format="ixt:num-dot-decimal" scale="6" id="f-7004">1,088</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2386" decimals="-6" name="tef:ProceedsFromFinancialInvestmentsNotIncludedUnderCashEquivalents" format="ixt:num-dot-decimal" scale="6" id="f-7005">2,891</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Bond sales in Argentina</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2387" decimals="-6" name="tef:ProceedsFromFinancialInvestmentsNotIncludedUnderCashEquivalents" scale="6" id="f-7006">91</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2388" decimals="-6" name="tef:ProceedsFromFinancialInvestmentsNotIncludedUnderCashEquivalents" scale="6" id="f-7007">9</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2389" decimals="-6" name="tef:ProceedsFromFinancialInvestmentsNotIncludedUnderCashEquivalents" format="ixt:fixed-zero" scale="6" id="f-7008">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Legal deposits</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2390" decimals="-6" name="tef:ProceedsFromFinancialInvestmentsNotIncludedUnderCashEquivalents" scale="6" id="f-7009">12</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2391" decimals="-6" name="tef:ProceedsFromFinancialInvestmentsNotIncludedUnderCashEquivalents" scale="6" id="f-7010">31</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2392" decimals="-6" name="tef:ProceedsFromFinancialInvestmentsNotIncludedUnderCashEquivalents" scale="6" id="f-7011">3</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Long-term financial instruments of Pegaso PCS (Note 12)</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2393" decimals="-6" name="tef:ProceedsFromFinancialInvestmentsNotIncludedUnderCashEquivalents" format="ixt:fixed-zero" scale="6" id="f-7012">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-945" decimals="-6" name="tef:ProceedsFromFinancialInvestmentsNotIncludedUnderCashEquivalents" scale="6" id="f-7013">287</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2394" decimals="-6" name="tef:ProceedsFromFinancialInvestmentsNotIncludedUnderCashEquivalents" format="ixt:fixed-zero" scale="6" id="f-7014">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Others</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2395" decimals="-6" name="tef:ProceedsFromFinancialInvestmentsNotIncludedUnderCashEquivalents" scale="6" id="f-7015">18</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2396" decimals="-6" name="tef:ProceedsFromFinancialInvestmentsNotIncludedUnderCashEquivalents" scale="6" id="f-7016">17</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2397" decimals="-6" name="tef:ProceedsFromFinancialInvestmentsNotIncludedUnderCashEquivalents" scale="6" id="f-7017">73</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Proceeds on financial investments not included under cash equivalents</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1" decimals="-6" name="tef:ProceedsFromFinancialInvestmentsNotIncludedUnderCashEquivalents" format="ixt:num-dot-decimal" scale="6" id="f-7018">1,413</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-14" decimals="-6" name="tef:ProceedsFromFinancialInvestmentsNotIncludedUnderCashEquivalents" format="ixt:num-dot-decimal" scale="6" id="f-7019">1,432</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-15" decimals="-6" name="tef:ProceedsFromFinancialInvestmentsNotIncludedUnderCashEquivalents" format="ixt:num-dot-decimal" scale="6" id="f-7020">2,967</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Legal deposits</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-2390" decimals="-6" name="tef:PaymentsForFinancialInvestmentsNotIncludedUnderCashEquivalents" scale="6" id="f-7021">10</ix:nonFraction>)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-2391" decimals="-6" name="tef:PaymentsForFinancialInvestmentsNotIncludedUnderCashEquivalents" scale="6" id="f-7022">16</ix:nonFraction>)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-2392" decimals="-6" name="tef:PaymentsForFinancialInvestmentsNotIncludedUnderCashEquivalents" scale="6" id="f-7023">4</ix:nonFraction>)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Collateral guarantees on derivatives</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-2384" decimals="-6" name="tef:PaymentsForFinancialInvestmentsNotIncludedUnderCashEquivalents" scale="6" id="f-7024">987</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-2385" decimals="-6" name="tef:PaymentsForFinancialInvestmentsNotIncludedUnderCashEquivalents" format="ixt:num-dot-decimal" scale="6" id="f-7025">1,402</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-2386" decimals="-6" name="tef:PaymentsForFinancialInvestmentsNotIncludedUnderCashEquivalents" format="ixt:num-dot-decimal" scale="6" id="f-7026">2,195</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Bond purchases in Argentina</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-2387" decimals="-6" name="tef:PaymentsForFinancialInvestmentsNotIncludedUnderCashEquivalents" scale="6" id="f-7027">170</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-2388" decimals="-6" name="tef:PaymentsForFinancialInvestmentsNotIncludedUnderCashEquivalents" scale="6" id="f-7028">42</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2389" decimals="-6" name="tef:PaymentsForFinancialInvestmentsNotIncludedUnderCashEquivalents" format="ixt:fixed-zero" scale="6" id="f-7029">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Long-term financial instruments of Pegaso PCS</span></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2393" decimals="-6" name="tef:PaymentsForFinancialInvestmentsNotIncludedUnderCashEquivalents" format="ixt:fixed-zero" scale="6" id="f-7030">&#8212;</ix:nonFraction>&#160;</span></td><td style="background-color:#ffffff;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-945" decimals="-6" name="tef:PaymentsForFinancialInvestmentsNotIncludedUnderCashEquivalents" format="ixt:fixed-zero" scale="6" id="f-7031">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-2394" decimals="-6" name="tef:PaymentsForFinancialInvestmentsNotIncludedUnderCashEquivalents" scale="6" id="f-7032">260</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Others</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-2395" decimals="-6" name="tef:PaymentsForFinancialInvestmentsNotIncludedUnderCashEquivalents" scale="6" id="f-7033">29</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-2396" decimals="-6" name="tef:PaymentsForFinancialInvestmentsNotIncludedUnderCashEquivalents" scale="6" id="f-7034">15</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-2397" decimals="-6" name="tef:PaymentsForFinancialInvestmentsNotIncludedUnderCashEquivalents" scale="6" id="f-7035">116</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Payments on financial 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id="f-7037">1,475</ix:nonFraction>)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-15" decimals="-6" name="tef:PaymentsForFinancialInvestmentsNotIncludedUnderCashEquivalents" format="ixt:num-dot-decimal" scale="6" id="f-7038">2,575</ix:nonFraction>)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Net proceeds/(payments) for temporary financial investments</span></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1" decimals="-6" name="tef:ProceedsFromPaymentsForTemporaryFinancialInstruments" scale="6" id="f-7039">50</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-14" decimals="-6" name="tef:ProceedsFromPaymentsForTemporaryFinancialInstruments" scale="6" id="f-7040">856</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-15" decimals="-6" name="tef:ProceedsFromPaymentsForTemporaryFinancialInstruments" format="ixt:num-dot-decimal" scale="6" id="f-7041">1,532</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr></table></div></ix:nonNumeric><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Net proceeds/(payments) for temporary financial investments mainly includes placements of treasury surpluses not included in cash equivalents.</span></div></ix:continuation><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">F-142</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><ix:continuation id="f-6881-3" continuedAt="f-6881-4"><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Net cash flow used in financing activities</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The following is a detail of the items comprising the net cash flow used in financing activities.</span></div><ix:nonNumeric contextRef="c-1" name="tef:DisclosureOfCashFlowItemsFinancingActivitiesDividendsPaidProceedsFromIssuanceOfShareCapitalAndOtherOperationsTableTextBlock" id="f-7042" escape="true"><div style="margin-bottom:9pt;margin-top:9pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.269%"><tr><td style="width:1.0%"/><td style="width:65.615%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:9.945%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:10.092%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:9.948%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Millions of euros</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2024</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2023</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2022</span></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Dividends paid to the shareholders of Telef&#243;nica, S.A. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(*)</span></div></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-2398" decimals="-6" name="ifrs-full:DividendsPaidClassifiedAsFinancingActivities" format="ixt:num-dot-decimal" scale="6" id="f-7043">1,720</ix:nonFraction>)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-2399" decimals="-6" name="ifrs-full:DividendsPaidClassifiedAsFinancingActivities" format="ixt:num-dot-decimal" scale="6" id="f-7044">1,701</ix:nonFraction>)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-2400" decimals="-6" name="ifrs-full:DividendsPaidClassifiedAsFinancingActivities" scale="6" id="f-7045">959</ix:nonFraction>)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Payments to 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style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Payments to non-controlling interests of Telxius Telecom, S.A.</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2407" decimals="-6" name="ifrs-full:DividendsPaidClassifiedAsFinancingActivities" format="ixt:fixed-zero" scale="6" id="f-7052">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-2408" decimals="-6" name="ifrs-full:DividendsPaidClassifiedAsFinancingActivities" scale="6" id="f-7053">76</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2409" decimals="-6" name="ifrs-full:DividendsPaidClassifiedAsFinancingActivities" format="ixt:fixed-zero" scale="6" id="f-7054">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Others</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-2410" decimals="-6" name="ifrs-full:DividendsPaidClassifiedAsFinancingActivities" scale="6" id="f-7055">37</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-2411" decimals="-6" name="ifrs-full:DividendsPaidClassifiedAsFinancingActivities" scale="6" id="f-7056">16</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-2412" decimals="-6" name="ifrs-full:DividendsPaidClassifiedAsFinancingActivities" scale="6" id="f-7057">9</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Dividends paid (see Note 17)</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1" decimals="-6" name="ifrs-full:DividendsPaidClassifiedAsFinancingActivities" format="ixt:num-dot-decimal" scale="6" id="f-7058">1,887</ix:nonFraction>)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-14" decimals="-6" name="ifrs-full:DividendsPaidClassifiedAsFinancingActivities" format="ixt:num-dot-decimal" scale="6" id="f-7059">2,139</ix:nonFraction>)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-15" decimals="-6" name="ifrs-full:DividendsPaidClassifiedAsFinancingActivities" format="ixt:num-dot-decimal" scale="6" id="f-7060">1,397</ix:nonFraction>)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Share capital increase Pontel, S.L. (see Note 17.i)</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2413" decimals="-6" name="ifrs-full:ProceedsFromIssuingShares" format="ixt:fixed-zero" scale="6" id="f-7061">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2414" decimals="-6" name="ifrs-full:ProceedsFromIssuingShares" scale="6" id="f-7062">111</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2415" decimals="-6" name="ifrs-full:ProceedsFromIssuingShares" format="ixt:fixed-zero" scale="6" id="f-7063">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:9pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Establishment of Bluevia Fibra (see notes 2 and 17.i)</span></div></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2416" decimals="-6" name="ifrs-full:ProceedsFromIssuingShares" format="ixt:fixed-zero" scale="6" id="f-7064">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2417" decimals="-6" name="ifrs-full:ProceedsFromIssuingShares" format="ixt:fixed-zero" scale="6" id="f-7065">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2418" decimals="-6" name="ifrs-full:ProceedsFromIssuingShares" format="ixt:num-dot-decimal" scale="6" id="f-7066">1,021</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Share capital decrease Telef&#244;nica Brasil, S.A. (see Note 17.i)</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-2419" decimals="-6" name="ifrs-full:PaymentsFromChangesInOwnershipInterestsInSubsidiaries" scale="6" id="f-7067">57</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2420" decimals="-6" name="ifrs-full:PaymentsFromChangesInOwnershipInterestsInSubsidiaries" format="ixt:fixed-zero" scale="6" id="f-7068">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2421" decimals="-6" name="ifrs-full:PaymentsFromChangesInOwnershipInterestsInSubsidiaries" format="ixt:fixed-zero" scale="6" id="f-7069">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Others</span></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2422" decimals="-6" name="ifrs-full:ProceedsFromIssuingShares" format="ixt:fixed-zero" scale="6" id="f-7070">&#8212;</ix:nonFraction>&#160;</span></td><td style="background-color:#ffffff;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2423" decimals="-6" name="ifrs-full:ProceedsFromIssuingShares" scale="6" id="f-7071">2</ix:nonFraction>&#160;</span></td><td style="background-color:#ffffff;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2424" decimals="-6" name="ifrs-full:ProceedsFromIssuingShares" scale="6" id="f-7072">1</ix:nonFraction>&#160;</span></td><td style="background-color:#ffffff;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(Payments)/proceeds from share capital decrease/increase with minority interests</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1" decimals="-6" sign="-" name="tef:ProceedsPaymentsFromShareCapitalDecreaseIncreaseWithMinorityInterests" scale="6" id="f-7073">57</ix:nonFraction>)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-14" decimals="-6" name="tef:ProceedsPaymentsFromShareCapitalDecreaseIncreaseWithMinorityInterests" scale="6" id="f-7074">113</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-15" decimals="-6" name="tef:ProceedsPaymentsFromShareCapitalDecreaseIncreaseWithMinorityInterests" format="ixt:num-dot-decimal" scale="6" id="f-7075">1,022</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span 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1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-2433" decimals="-6" sign="-" name="tef:ProceedsFromPaymentsForTreasurySharesAndOtherShareholderOperations" scale="6" id="f-7084">88</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2434" decimals="-6" name="tef:ProceedsFromPaymentsForTreasurySharesAndOtherShareholderOperations" format="ixt:fixed-zero" scale="6" id="f-7085">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Own shares purchase of Telef&#243;nica Brasil</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-2419" decimals="-6" sign="-" name="tef:ProceedsFromPaymentsForTreasurySharesAndOtherShareholderOperations" scale="6" id="f-7086">224</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-2420" decimals="-6" sign="-" name="tef:ProceedsFromPaymentsForTreasurySharesAndOtherShareholderOperations" scale="6" id="f-7087">92</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-2421" decimals="-6" sign="-" name="tef:ProceedsFromPaymentsForTreasurySharesAndOtherShareholderOperations" scale="6" id="f-7088">111</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Shares purchase of Telef&#243;nica Deutschland (Note 2 and 17.i)</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-2435" decimals="-6" sign="-" name="tef:ProceedsFromPaymentsForTreasurySharesAndOtherShareholderOperations" format="ixt:num-dot-decimal" scale="6" id="f-7089">1,019</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-2436" decimals="-6" sign="-" name="tef:ProceedsFromPaymentsForTreasurySharesAndOtherShareholderOperations" scale="6" id="f-7090">816</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-2437" decimals="-6" sign="-" name="tef:ProceedsFromPaymentsForTreasurySharesAndOtherShareholderOperations" scale="6" id="f-7091">48</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Transactions carried out by Telef&#243;nica, S.A. (see Note 17.i)</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-2438" decimals="-6" sign="-" name="tef:ProceedsFromPaymentsForTreasurySharesAndOtherShareholderOperations" scale="6" id="f-7092">58</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-2439" decimals="-6" sign="-" name="tef:ProceedsFromPaymentsForTreasurySharesAndOtherShareholderOperations" scale="6" id="f-7093">223</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-2440" decimals="-6" sign="-" name="tef:ProceedsFromPaymentsForTreasurySharesAndOtherShareholderOperations" scale="6" id="f-7094">365</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Centroam&#233;rica Inversiones, S.L. share premium (ECPN.) refund related to the sale of T. Guatemala, T. Nicaragua and T. Panama</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2441" decimals="-6" name="tef:ProceedsFromPaymentsForTreasurySharesAndOtherShareholderOperations" format="ixt:fixed-zero" scale="6" id="f-7095">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2442" decimals="-6" name="tef:ProceedsFromPaymentsForTreasurySharesAndOtherShareholderOperations" format="ixt:fixed-zero" scale="6" id="f-7096">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-2443" decimals="-6" sign="-" name="tef:ProceedsFromPaymentsForTreasurySharesAndOtherShareholderOperations" scale="6" id="f-7097">44</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Others</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2444" decimals="-6" name="tef:ProceedsFromPaymentsForTreasurySharesAndOtherShareholderOperations" format="ixt:fixed-zero" scale="6" id="f-7098">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2445" decimals="-6" name="tef:ProceedsFromPaymentsForTreasurySharesAndOtherShareholderOperations" scale="6" id="f-7099">23</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2446" decimals="-6" name="tef:ProceedsFromPaymentsForTreasurySharesAndOtherShareholderOperations" scale="6" id="f-7100">13</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(Payments)/proceeds of treasury shares and other operations with shareholders and with minority interests</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1" decimals="-6" sign="-" name="tef:ProceedsFromPaymentsForTreasurySharesAndOtherShareholderOperations" format="ixt:num-dot-decimal" scale="6" id="f-7101">1,301</ix:nonFraction>)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-14" decimals="-6" sign="-" name="tef:ProceedsFromPaymentsForTreasurySharesAndOtherShareholderOperations" format="ixt:num-dot-decimal" scale="6" id="f-7102">1,771</ix:nonFraction>)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-15" decimals="-6" sign="-" name="tef:ProceedsFromPaymentsForTreasurySharesAndOtherShareholderOperations" scale="6" id="f-7103">555</ix:nonFraction>)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Issuance of undated deeply subordinated securities (Note 17.c)</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2447" decimals="-6" name="ifrs-full:ProceedsFromIssuingOtherEquityInstruments" format="ixt:num-dot-decimal" scale="6" id="f-7104">1,300</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2448" decimals="-6" name="ifrs-full:ProceedsFromIssuingOtherEquityInstruments" format="ixt:num-dot-decimal" scale="6" id="f-7105">1,750</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2449" decimals="-6" name="ifrs-full:ProceedsFromIssuingOtherEquityInstruments" scale="6" id="f-7106">750</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Acquisition and payment of undated deeply subordinated securities (Note 17.c)</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-2447" decimals="-6" name="ifrs-full:PaymentsToAcquireOrRedeemEntitysShares" format="ixt:num-dot-decimal" scale="6" id="f-7107">1,300</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-2448" decimals="-6" name="ifrs-full:PaymentsToAcquireOrRedeemEntitysShares" format="ixt:num-dot-decimal" scale="6" id="f-7108">1,750</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-2449" decimals="-6" name="ifrs-full:PaymentsToAcquireOrRedeemEntitysShares" scale="6" id="f-7109">750</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Payment of the coupon related to the issuances of undated deeply&#160;subordinated securities issued (see Note 17.c)</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-2450" decimals="-6" name="ifrs-full:PaymentsOfOtherEquityInstruments" scale="6" id="f-7110">346</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-2451" decimals="-6" name="ifrs-full:PaymentsOfOtherEquityInstruments" scale="6" id="f-7111">329</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-2452" decimals="-6" name="ifrs-full:PaymentsOfOtherEquityInstruments" scale="6" id="f-7112">268</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Operations with other equity holders</span></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1" decimals="-6" name="tef:CashFlowsFromOperationsWithOtherEquityHolders" scale="6" id="f-7113">346</ix:nonFraction>)</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-14" decimals="-6" name="tef:CashFlowsFromOperationsWithOtherEquityHolders" scale="6" id="f-7114">329</ix:nonFraction>)</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-15" decimals="-6" name="tef:CashFlowsFromOperationsWithOtherEquityHolders" scale="6" id="f-7115">268</ix:nonFraction>)</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr></table><span style="color:#000000;font-family:'Arial',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline">(*)</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%"> This amount differs from that indicated in Note 17 because of withholding taxes deducted in the payment to certain major shareholders in accordance with current legislation.</span></div></ix:nonNumeric></ix:continuation><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">F-143</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><ix:continuation id="f-6881-4"><div style="margin-top:9pt;text-align:justify"><span style="color:#222222;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%"> </span><ix:nonNumeric contextRef="c-1" name="tef:DisclosureOfCashFlowItemsFinancingActivitiesProceedsOnIssuanceOfDebenturesAndBondsAndAdditionalInformationTableTextBlock" id="f-7116" continuedAt="f-7116-1" escape="true"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.707%"><tr><td style="width:1.0%"/><td style="width:66.495%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:9.897%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:9.897%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:9.311%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Millions of euros</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2024</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2023</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2022</span></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Issued under the EMTN program of Telef&#243;nica Emisiones, S.A.U.&#160;(see Appendix III)</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2453" decimals="-6" name="ifrs-full:ProceedsFromIssueOfBondsNotesAndDebentures" format="ixt:num-dot-decimal" scale="6" id="f-7117">1,750</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2454" decimals="-6" name="ifrs-full:ProceedsFromIssueOfBondsNotesAndDebentures" scale="6" id="f-7118">850</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2455" decimals="-6" name="ifrs-full:ProceedsFromIssueOfBondsNotesAndDebentures" format="ixt:num-dot-decimal" scale="6" id="f-7119">1,100</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Issuance of Telef&#243;nica M&#243;viles Chile, S.A. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(*)</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> (see Appendix III)</span></div></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2456" decimals="-6" name="ifrs-full:ProceedsFromIssueOfBondsNotesAndDebentures" scale="6" id="f-7120">37</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2457" decimals="-6" name="ifrs-full:ProceedsFromIssueOfBondsNotesAndDebentures" scale="6" id="f-7121">114</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2458" decimals="-6" name="ifrs-full:ProceedsFromIssueOfBondsNotesAndDebentures" format="ixt:fixed-zero" scale="6" id="f-7122">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Issuance of Telef&#243;nica Brasil, S.A. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(*)</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></div></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2459" decimals="-6" name="ifrs-full:ProceedsFromIssueOfBondsNotesAndDebentures" format="ixt:fixed-zero" scale="6" id="f-7123">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2460" decimals="-6" name="ifrs-full:ProceedsFromIssueOfBondsNotesAndDebentures" format="ixt:fixed-zero" scale="6" id="f-7124">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2461" decimals="-6" name="ifrs-full:ProceedsFromIssueOfBondsNotesAndDebentures" scale="6" id="f-7125">628</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Others</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2462" decimals="-6" name="ifrs-full:ProceedsFromIssueOfBondsNotesAndDebentures" format="ixt:fixed-zero" scale="6" id="f-7126">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2463" decimals="-6" name="ifrs-full:ProceedsFromIssueOfBondsNotesAndDebentures" scale="6" id="f-7127">3</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2464" decimals="-6" name="ifrs-full:ProceedsFromIssueOfBondsNotesAndDebentures" scale="6" id="f-7128">18</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Proceeds on issue of debentures and bonds, and other debts</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1" decimals="-6" name="ifrs-full:ProceedsFromIssueOfBondsNotesAndDebentures" format="ixt:num-dot-decimal" scale="6" id="f-7129">1,787</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-14" decimals="-6" name="ifrs-full:ProceedsFromIssueOfBondsNotesAndDebentures" scale="6" id="f-7130">967</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-15" decimals="-6" name="ifrs-full:ProceedsFromIssueOfBondsNotesAndDebentures" format="ixt:num-dot-decimal" scale="6" id="f-7131">1,746</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Disposal bilateral loans of Telef&#243;nica, S.A. (see Note 18)</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2465" decimals="-6" name="ifrs-full:ProceedsFromBorrowingsClassifiedAsFinancingActivities" scale="6" id="f-7132">390</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2466" decimals="-6" name="ifrs-full:ProceedsFromBorrowingsClassifiedAsFinancingActivities" scale="6" id="f-7133">275</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2467" decimals="-6" name="ifrs-full:ProceedsFromBorrowingsClassifiedAsFinancingActivities" scale="6" id="f-7134">150</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span 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style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Disposal bilateral loan of Telef&#243;nica Brasil, S.A. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(*)</span></div></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2471" decimals="-6" name="ifrs-full:ProceedsFromBorrowingsClassifiedAsFinancingActivities" format="ixt:fixed-zero" scale="6" id="f-7138">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 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(see Note 18)</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2474" decimals="-6" name="ifrs-full:ProceedsFromBorrowingsClassifiedAsFinancingActivities" scale="6" id="f-7141">75</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2475" decimals="-6" name="ifrs-full:ProceedsFromBorrowingsClassifiedAsFinancingActivities" scale="6" id="f-7142">10</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2476" decimals="-6" name="ifrs-full:ProceedsFromBorrowingsClassifiedAsFinancingActivities" scale="6" id="f-7143">245</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Settlement of nominal value of gross debt hedging derivatives</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2477" decimals="-6" name="ifrs-full:ProceedsFromBorrowingsClassifiedAsFinancingActivities" scale="6" id="f-7144">385</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2478" decimals="-6" name="ifrs-full:ProceedsFromBorrowingsClassifiedAsFinancingActivities" scale="6" id="f-7145">20</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2479" decimals="-6" name="ifrs-full:ProceedsFromBorrowingsClassifiedAsFinancingActivities" scale="6" id="f-7146">89</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">New promissory note debt (see Note 18)</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2480" decimals="-6" name="ifrs-full:ProceedsFromBorrowingsClassifiedAsFinancingActivities" scale="6" id="f-7147">478</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2481" decimals="-6" name="ifrs-full:ProceedsFromBorrowingsClassifiedAsFinancingActivities" scale="6" id="f-7148">504</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2482" decimals="-6" name="ifrs-full:ProceedsFromBorrowingsClassifiedAsFinancingActivities" scale="6" id="f-7149">7</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Others</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2483" decimals="-6" name="ifrs-full:ProceedsFromBorrowingsClassifiedAsFinancingActivities" scale="6" id="f-7150">432</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2484" decimals="-6" name="ifrs-full:ProceedsFromBorrowingsClassifiedAsFinancingActivities" scale="6" id="f-7151">798</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2485" decimals="-6" name="ifrs-full:ProceedsFromBorrowingsClassifiedAsFinancingActivities" scale="6" id="f-7152">49</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Proceeds on loans, borrowings and promissory notes (see Appendix V)</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1" decimals="-6" name="ifrs-full:ProceedsFromBorrowingsClassifiedAsFinancingActivities" format="ixt:num-dot-decimal" scale="6" id="f-7153">1,760</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-14" decimals="-6" name="ifrs-full:ProceedsFromBorrowingsClassifiedAsFinancingActivities" format="ixt:num-dot-decimal" scale="6" id="f-7154">1,707</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-15" decimals="-6" name="ifrs-full:ProceedsFromBorrowingsClassifiedAsFinancingActivities" scale="6" id="f-7155">839</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span 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name="ifrs-full:RepaymentsOfBondsNotesAndDebentures" format="ixt:num-dot-decimal" scale="6" id="f-7157">1,910</ix:nonFraction>)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-15" decimals="-6" name="ifrs-full:RepaymentsOfBondsNotesAndDebentures" format="ixt:num-dot-decimal" scale="6" id="f-7158">3,541</ix:nonFraction>)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Amortization bilateral loans of Colombia Telecomunicaciones, S.A. ESP BIC </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(*)</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></div></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2465" decimals="-6" name="tef:RepaymentsOfBorrowingsClassifiedAsFinancingActivitiesNetting" format="ixt:fixed-zero" scale="6" id="f-7159">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2466" decimals="-6" name="tef:RepaymentsOfBorrowingsClassifiedAsFinancingActivitiesNetting" format="ixt:fixed-zero" scale="6" id="f-7160">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-2467" decimals="-6" name="tef:RepaymentsOfBorrowingsClassifiedAsFinancingActivitiesNetting" scale="6" id="f-7161">117</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Syndicated amortization by Telxius Telecom, S.A. </span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2468" decimals="-6" name="tef:RepaymentsOfBorrowingsClassifiedAsFinancingActivitiesNetting" format="ixt:fixed-zero" scale="6" id="f-7162">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2469" decimals="-6" name="tef:RepaymentsOfBorrowingsClassifiedAsFinancingActivitiesNetting" format="ixt:fixed-zero" scale="6" id="f-7163">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-2470" decimals="-6" name="tef:RepaymentsOfBorrowingsClassifiedAsFinancingActivitiesNetting" scale="6" id="f-7164">70</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Settlement of nominal value of amortized debt hedging derivatives</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-2477" decimals="-6" name="tef:RepaymentsOfBorrowingsClassifiedAsFinancingActivitiesNetting" scale="6" id="f-7165">20</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2478" decimals="-6" sign="-" name="tef:RepaymentsOfBorrowingsClassifiedAsFinancingActivitiesNetting" scale="6" id="f-7166">33</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-2479" decimals="-6" name="tef:RepaymentsOfBorrowingsClassifiedAsFinancingActivitiesNetting" scale="6" id="f-7167">715</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Others</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-2483" decimals="-6" name="tef:RepaymentsOfBorrowingsClassifiedAsFinancingActivitiesNetting" format="ixt:num-dot-decimal" scale="6" id="f-7168">1,103</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-2484" decimals="-6" name="tef:RepaymentsOfBorrowingsClassifiedAsFinancingActivitiesNetting" format="ixt:num-dot-decimal" scale="6" id="f-7169">1,498</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-2485" decimals="-6" name="tef:RepaymentsOfBorrowingsClassifiedAsFinancingActivitiesNetting" format="ixt:num-dot-decimal" scale="6" id="f-7170">2,175</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Repayments of loans, borrowings and promissory notes</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1" decimals="-6" name="ifrs-full:RepaymentsOfBorrowingsClassifiedAsFinancingActivities" format="ixt:num-dot-decimal" scale="6" id="f-7171">1,123</ix:nonFraction>)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-14" decimals="-6" name="ifrs-full:RepaymentsOfBorrowingsClassifiedAsFinancingActivities" format="ixt:num-dot-decimal" scale="6" id="f-7172">1,465</ix:nonFraction>)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-15" decimals="-6" name="ifrs-full:RepaymentsOfBorrowingsClassifiedAsFinancingActivities" format="ixt:num-dot-decimal" scale="6" id="f-7173">3,077</ix:nonFraction>)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Lease principal payments (Note 20)</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1" decimals="-6" name="tef:PrincipalPaymentsofLeaseLiabilities" format="ixt:num-dot-decimal" scale="6" id="f-7174">2,143</ix:nonFraction>)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-14" decimals="-6" name="tef:PrincipalPaymentsofLeaseLiabilities" format="ixt:num-dot-decimal" scale="6" id="f-7175">2,114</ix:nonFraction>)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-15" decimals="-6" name="tef:PrincipalPaymentsofLeaseLiabilities" format="ixt:num-dot-decimal" scale="6" id="f-7176">1,996</ix:nonFraction>)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Financed spectrum licenses payments (Note 21)</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1" decimals="-6" name="tef:PaymentsOfSpectrumLicenses" scale="6" id="f-7177">90</ix:nonFraction>)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-14" decimals="-6" name="tef:PaymentsOfSpectrumLicenses" scale="6" id="f-7178">133</ix:nonFraction>)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-15" decimals="-6" name="tef:PaymentsOfSpectrumLicenses" scale="6" id="f-7179">549</ix:nonFraction>)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Payments for investments in spectrum use licenses financed without explicit interest<br/>(Notes 2 and 21)</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1" decimals="-6" name="tef:PaymentsforInvestmentsinSpectrumLicenses" scale="6" id="f-7180">120</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-14" decimals="-6" name="tef:PaymentsforInvestmentsinSpectrumLicenses" scale="6" id="f-7181">112</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-15" decimals="-6" name="tef:PaymentsforInvestmentsinSpectrumLicenses" scale="6" id="f-7182">108</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#222222;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Other financed operational payments (Note 18)</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1" decimals="-6" name="tef:TradeAndOtherPayablesDeferredPayments" scale="6" id="f-7183">12</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-14" decimals="-6" name="tef:TradeAndOtherPayablesDeferredPayments" format="ixt:fixed-zero" scale="6" id="f-7184">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-15" decimals="-6" name="tef:TradeAndOtherPayablesDeferredPayments" scale="6" id="f-7185">41</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Financed operating payments and investments in property, plant and equipment and intangible assets payments </span></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-1" decimals="-6" name="ifrs-full:PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities" scale="6" id="f-7186">222</ix:nonFraction>)</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-14" decimals="-6" name="ifrs-full:PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities" scale="6" id="f-7187">245</ix:nonFraction>)</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-15" decimals="-6" name="ifrs-full:PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities" scale="6" id="f-7188">698</ix:nonFraction>)</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr></table></ix:nonNumeric></div><ix:continuation id="f-7116-1"><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline">(*)</span><span style="color:#006476;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%"> </span><span style="color:#222222;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Data</span><span style="color:#006476;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%"> </span><span style="color:#222222;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">converted at the exchange rate at the end of each of the corresponding periods. The impact of the exchange rate with respect to the date of the transaction is included in the "Others" line within the same sub-heading.</span></div></ix:continuation></ix:continuation><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">F-144</span></div></div></div><div id="i63478826478c4e0dbabc502413383f6b_367"></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><div style="margin-top:9pt;text-align:center"><span style="color:#a6a6a6;font-family:'Arial',sans-serif;font-size:18pt;font-weight:400;line-height:120%">Note 29. <ix:nonNumeric contextRef="c-1" name="ifrs-full:DisclosureOfAdditionalInformationExplanatory" id="f-7189" continuedAt="f-7189-1" escape="true">Other information</ix:nonNumeric></span></div><ix:continuation id="f-7189-1" continuedAt="f-7189-2"><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">a) Litigation and arbitration</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Telef&#243;nica and its Group companies are party to several legal proceedings which are currently in progress in the courts of law and the arbitration bodies of the various countries in which we are present.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Based on the advice of our legal counsel it is reasonable to assume that these legal proceedings will not materially affect the financial condition or solvency of the Telef&#243;nica Group.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The contingencies arising from the litigation and commitments described below were evaluated (see Note 3.n) when the consolidated financial statements for the year ended December 31, 2024 were prepared. The provisions recorded in respect of the commitments taken as a whole are not material.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The following unresolved legal proceedings or those underway in 2024 are highlighted (see Note 25 for details of tax-related cases):</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Appeal against the Decision by Agencia Nacional de Telecomunica&#231;&#245;es (&#8220;ANATEL&#8221;) regarding the inclusion of interconnection and network usage revenues in the Fundo de Universaliza&#231;&#227;o de Servi&#231;os de Telecomunica&#231;&#245;es (&#8220;FUST&#8221;) </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Vivo Group operators (currently Telef&#244;nica Brasil, S.A.), together with other cellular operators, appealed ANATEL&#8217;s Decision of December 16, 2005, to include interconnection and network usage revenues and expenses in the calculation of the amounts payable into the FUST (Fundo de Universaliza&#231;&#227;o de Servi&#231;os de Telecomunica&#231;&#245;es) &#8211;a fund which pays for the obligations to provide Universal Service&#8211; with retroactive application from 2000. On March 13, 2006, Brasilia Federal Regional Court of the 1st Region granted a precautionary measure which stopped the application of ANATEL&#8217;s decision. On March 6, 2007, a ruling in favor of the wireless operators was issued, stating that it was not appropriate to include the revenues received by transfer from other operators in the taxable income for the FUST&#8217;s calculation and rejecting the retroactive application of ANATEL&#8217;s decision. On January 26, 2016, ANATEL filed an appeal to overturn this Decision with Brasilia Federal Regional Court of the 1st Region, which was also dismissed. On May 10, 2017 ANATEL appealed to the higher courts on the merits of the case. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">At the same time, Telef&#244;nica Brasil and Telef&#243;nica Empresas, S.A., together with other wireline operators through ABRAFIX (Associa&#231;&#227;o Brasileira de Concession&#225;rias de Servi&#231;o Telefonico Fixo Comutado) appealed ANATEL&#8217;s Decision of December 16, 2005, also obtaining the precautionary measures requested. On June 21, 2007, Brasilia Federal Regional Court of the 1st Region ruled that it was not appropriate to include the interconnection and network usage revenues in the FUST&#8217;s taxable income and rejected the retroactive application of ANATEL&#8217;s Decision. ANATEL filed an appeal to overturn this ruling on April 29, 2008, before Brasilia Federal Regional Court of the 1st Region, which was dismissed on May 10, 2016. ANATEL filed an appeal against this dismissal.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The fixed operators filed an appeal to clarify that revenues obtained through interconnection and dedicated line operation should not be included in the calculation of the amounts payable to the FUST. In addition, the court was also requested to rule on two grounds which had not been analyzed in the initial Decision: (i) that the FUST has become obsolete, among other reasons, by the advance of mobile telephony; and (ii) that amounts collected are not applied to the purpose for which the FUST was created, since only a very low percentage of the revenues collected by the FUST is used to finance fixed telephony. Although the petition for clarification was dismissed on August 23, 2016, the court noted that the FUST should not be funded with revenues from interconnection and dedicated line operation. ABRAFIX appealed to the higher courts on these two elements that had not been analyzed. ANATEL appealed all the holdings of the ruling to the higher courts. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The amount of the claim is quantified at <ix:nonFraction unitRef="number" contextRef="c-2486" decimals="2" name="tef:ProportionofInterconnectionRevenuesContingentLiabilities" scale="-2" id="f-7190">1</ix:nonFraction>% of the interconnection revenues. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Decision by the High Court regarding the acquisition by Telef&#243;nica of shares in &#268;esk&#253; Telecom by way of a tender offer </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Venten Management Limited ("Venten") and Lexburg Enterprises Limited ("Lexburg") were non-controlling shareholders of &#268;esk&#253; Telecom. In September 2005, both companies sold their shares to Telef&#243;nica in a mandatory tender offer. Subsequently, Venten and Lexburg, in 2006 and 2009, respectively, filed actions against Telef&#243;nica claiming a higher price than the price for which they sold their shares in the mandatory tender offer.</span></div></ix:continuation><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">F-145</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><ix:continuation id="f-7189-2" continuedAt="f-7189-3"><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On August 5, 2016, the hearing before the High Court in Prague took place in order to decide the appeal against the second decision of the Municipal Court, which had been favorable to Telef&#243;nica's position (as was also the case with the first decision of the Municipal Court). At the end of the hearing, the High Court announced the second appellate decision by which it reversed the second decision of the Municipal Court and ordered Telef&#243;nica to pay <ix:nonFraction unitRef="czk" contextRef="c-2487" decimals="-6" name="ifrs-full:EstimatedFinancialEffectOfContingentLiabilities" scale="6" id="f-7191">644</ix:nonFraction> million Czech korunas (approximately <ix:nonFraction unitRef="eur" contextRef="c-2487" decimals="-6" name="ifrs-full:EstimatedFinancialEffectOfContingentLiabilities" scale="6" id="f-7192">23</ix:nonFraction> million euros) to Venten and <ix:nonFraction unitRef="czk" contextRef="c-2488" decimals="-6" name="ifrs-full:EstimatedFinancialEffectOfContingentLiabilities" scale="6" id="f-7193">227</ix:nonFraction> million Czech korunas (approximately <ix:nonFraction unitRef="eur" contextRef="c-2488" decimals="-6" name="ifrs-full:EstimatedFinancialEffectOfContingentLiabilities" scale="6" id="f-7194">8</ix:nonFraction> million euros) to Lexburg, in each case plus interest.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On December 28, 2016, the decision was notified to Telef&#243;nica. Telef&#243;nica filed an extraordinary appeal, requesting the suspension of the effects of the decision.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In March 2017, Telef&#243;nica was notified of the decision of the Supreme Court, which ordered the suspension of the effects of the unfavorable decision to Telef&#243;nica issued by the High Court.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Venten and Lexburg filed with the Supreme Court a motion to partially abolish the suspension of enforceability of the Decision of the High Court in Prague. On January 17, 2018, Telef&#243;nica filed its response seeking dismissal of such motion for lack of legal basis. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On February 14, 2019,&#160;notification was given to Telef&#243;nica of the resolution of the Supreme Court which, based on the extraordinary appeal filed by Telef&#243;nica, abolished the decision of the High Court in Prague dated August 5, 2016 and remanded the case back to the High Court.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In December 2021, the High Court of Prague confirmed its appointment of an expert in order to produce a new expert report to assess the reliability of market-based price criteria used in the mandatory tender offer and further technical issues discussed in this litigation, including a new discounted cashflow valuation of the shares of &#268;esk&#253; Telecom in 2005.</span></div><div style="margin-top:9pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">After receiving the expert report, Telef&#243;nica challenged its findings on April 30, 2023. Hearings with respect to this challenge were held in the High Court of Prague in November and December 2023. </span></div><div style="margin-top:9pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On February 20, 2025 a hearing of closing arguments was held before the High Court of Prague. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Appeal against the resolution of ANATEL to sanction Telef&#244;nica Brasil for breaches of the Fixed Telephony Regulation</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In May 2018, Telef&#244;nica Brasil filed a judicial action for annulment against a resolution issued by ANATEL (the National Telecommunications Agency of Brazil) in March 2018 concluding the administrative process for determination of non-compliance with obligations (</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Processo Administrativo para Apura&#231;&#227;o de Descumprimento de Obriga&#231;&#245;es</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> or "PADO") investigating alleged infractions of the Fixed Telephony Regulation by Telef&#244;nica Brasil.     </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">This PADO investigation had been suspended during the negotiations of the conduct adjustment term (</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Termo de Ajustamento de Conduta</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> or "TAC") between Telef&#244;nica Brasil and ANATEL relating to this and certain other PADO investigations. Since the negotiations concluded without agreement, the suspended PADO sanctioning procedures were reactivated and finalized.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In its resolution of March 2018, ANATEL considered that Telef&#244;nica Brasil committed several infractions, specifically those related to the inadequate notice of suspension of services to defaulting users, the terms of reactivation of services after payment of outstanding amounts by defaulting users and the disagreement with the terms of refunds claimed by users of the services.</span></div><div style="margin-top:9pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The fine i</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">mposed by ANATEL and appealed by Telef&#244;nica Brasil is approximately <ix:nonFraction unitRef="brl" contextRef="c-2489" decimals="-6" name="ifrs-full:EstimatedFinancialEffectOfContingentLiabilities" scale="6" id="f-7195">211</ix:nonFraction> million Brazilian reals (approximately <ix:nonFraction unitRef="eur" contextRef="c-2489" decimals="-6" name="ifrs-full:EstimatedFinancialEffectOfContingentLiabilities" scale="6" id="f-7196">33</ix:nonFraction> million euros based on the exchange rate as of December 31, 2024), which amounted to approximately <ix:nonFraction unitRef="brl" contextRef="c-2490" decimals="-6" name="tef:EstimatedFinancialEffectOfContingentLiabilitiesAfterCurrencyValueUpdate" scale="6" id="f-7197">663</ix:nonFraction> million Brazilian reals after currency value updates and accrued interest as of December 31, 2024 (approximately <ix:nonFraction unitRef="eur" contextRef="c-2490" decimals="-6" name="tef:EstimatedFinancialEffectOfContingentLiabilitiesAfterCurrencyValueUpdate" scale="6" id="f-7198">103</ix:nonFraction> million e</span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">uros based on the exchange rate as of December 31, 2024).</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Telef&#244;nica Brasil appealed the fine imposed by ANATEL based, fundamentally, on the following arguments: (i) ANATEL should have considered a smaller universe of users to determine the fine and (ii) the calculation of the fine is disproportionate and based on insufficient grounds.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In December 2024, Telef&#244;nica Brasil, ANATEL, the Brazilian Federal Court of Accounts and the Brazilian Ministry of Communications signed an agreement on the terms and conditions for the adaptation of the switched fixed telephone service concession contracts to an authorization instrument (the Self-Composition Agreement). Once the </span></div></ix:continuation><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">F-146</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><ix:continuation id="f-7189-3" continuedAt="f-7189-4"><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Self-Composition Agreement is validated by the relevant court, the matter is expected to be closed without payment of a fine by Telef&#244;nica Brasil.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">ICSID Arbitration Telef&#243;nica, S.A. vs. Republic of Colombia</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In the local arbitration brought by Colombia against Colombia Telecomunicaciones, on July 25, 2017, the local arbitration tribunal ordered Colombia Telecomunicaciones to pay <ix:nonFraction unitRef="eur" contextRef="c-2491" decimals="-6" name="ifrs-full:EstimatedFinancialEffectOfContingentLiabilities" scale="6" id="f-7199">470</ix:nonFraction> million euros as economic compensation for the reversion of assets related to voice services in relation to the concession granted between 1994 and 2013. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On August 29, 2017, Colombia Telecomunicaciones&#8217;s share capital was increased in order to make the payment ordered by the local arbitral award; Telef&#243;nica, S.A. contributed and disbursed an amount equivalent to <ix:nonFraction unitRef="number" contextRef="c-2492" decimals="3" name="tef:ContingentLiabilitiesPercentPaid" scale="-2" id="f-7200">67.5</ix:nonFraction>% of the award&#8217;s amount (<ix:nonFraction unitRef="eur" contextRef="c-2492" decimals="-6" name="tef:ContingentLiabilitiesAmountPaid" scale="6" id="f-7201">317</ix:nonFraction> million euros) and the Colombian Government contributed an amount equivalent to the remaining <ix:nonFraction unitRef="number" contextRef="c-2493" decimals="3" name="tef:ContingentLiabilitiesPercentPaid" scale="-2" id="f-7202">32.5</ix:nonFraction>% (<ix:nonFraction unitRef="eur" contextRef="c-2493" decimals="-6" name="tef:ContingentLiabilitiesAmountPaid" scale="6" id="f-7203">153</ix:nonFraction> million euros).</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On February 1, 2018, Telef&#243;nica, S.A. filed a Request for Arbitration against Colombia at the International Centre for Settlement of Investment Disputes ("ICSID"), which was formally registered on February 20, 2018. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The ICSID tribunal was constituted on February 26, 2019.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Colombia filed Preliminary Objections on Jurisdiction on August 5, 2019. Telef&#243;nica, S.A. responded to Colombia&#8217;s objections in its Claimant&#8217;s Memorial on September 23, 2019, in which it also requested that Colombia pay compensation for damages caused to Telef&#243;nica, S.A.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On October 23, 2019, Colombia submitted its Complementary Objections on Jurisdiction as well as a request for Bifurcation, to which Telef&#243;nica, S.A. responded on November 29, 2019. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On January 24, 2020, the tribunal dismissed the request for Bifurcation presented by Colombia, ordering the continuation of the proceeding. A decision on the merits of Telef&#243;nica, S.A.&#8217;s claim is pending. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On July 3, 2020, Colombia filed its reply to the claim filed by Telef&#243;nica before the ICSID.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On November 2, 2020, Telef&#243;nica presented its response to Colombia's reply.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">After the hearing held in April 2021, on July 27, 2021 the hearing of closing arguments was held.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On November 12, 2024, the tribunal issued an arbitration award favorable to the interests of Telef&#243;nica, determining that Colombia failed to comply with its obligation to grant fair and equitable treatment to Telef&#243;nica's investments under the applicable investment treaty and ordering Colombia to pay the amount of <ix:nonFraction unitRef="usd" contextRef="c-133" decimals="-6" name="ifrs-full:OtherOperatingIncomeExpense" scale="6" id="f-7204">380</ix:nonFraction> million U.S. dollars (approximately <ix:nonFraction unitRef="eur" contextRef="c-133" decimals="-6" name="ifrs-full:OtherOperatingIncomeExpense" scale="6" id="f-7205">358</ix:nonFraction> million euros at the exchange rate of November 12, 2024) plus compound interest at a rate of <ix:nonFraction unitRef="number" contextRef="c-2494" decimals="2" name="tef:PercentageOfCompoundInterestRatePenaltyDueToDamagesPenalty" scale="-2" id="f-7206">5</ix:nonFraction>% per year as compensation for the damages caused (i.e., the entire principal amount and interest sought by Telef&#243;nica in the dispute). In addition, the tribunal ordered Colombia to pay Telef&#243;nica&#8217;s attorneys&#8217; fees with respect to the arbitration proceedings, together with the corresponding interest.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On November 27, 2024, the Republic of Colombia filed a request with the ICSID to annul and suspend the award. According to ICSID procedures, the request for a stay of enforcement in the annulment proceeding provisionally suspends the enforcement of the award until the new tribunal decides on the request within a maximum period of 30 days from its constitution. As of the date of preparation of this Annual Report, the new tribunal has not been constituted. The account receivable associated with this award, amounting to <ix:nonFraction unitRef="usd" contextRef="c-991" decimals="-6" name="ifrs-full:CurrentFinancialAssets" format="ixt:num-dot-decimal" scale="6" id="f-7207">544</ix:nonFraction>&#160;million U.S. dollars (<ix:nonFraction unitRef="eur" contextRef="c-991" decimals="-6" name="ifrs-full:CurrentFinancialAssets" format="ixt:num-dot-decimal" scale="6" id="f-7208">523</ix:nonFraction>&#160;million euros </span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">based on the exchange rate as of December 31, 2024</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">), is recorded under "Short-term credits".  (see note 15).</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Telef&#243;nica's lawsuit against Millicom International Cellular for default in the sale of Telef&#243;nica de Costa Rica</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Telef&#243;nica, S.A. (Telef&#243;nica) and Millicom International Cellular, S.A. (Millicom) reached an agreement on February 20, 2019 for the purchase and sale of the entire capital stock of Telef&#243;nica de Costa Rica TC, S.A.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In March 2020, Telef&#243;nica informed Millicom that, once the pertinent regulatory authorizations had been obtained and all the other conditions established in the aforementioned agreement for the execution of the sale had been completed, the execution of the contract and the closing of the transaction should be in April 2020.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Millicom expressed its refusal to proceed with the closing, arguing that the competent Costa Rican administrative authorities had not issued the appropriate authorization.</span></div></ix:continuation><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">F-147</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><ix:continuation id="f-7189-4" continuedAt="f-7189-5"><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On May 25, 2020, Telef&#243;nica filed a lawsuit against Millicom before the New York Supreme Court, considering that Millicom had breached the terms and conditions established in the sale contract, demanding compliance with the provisions of the aforementioned agreement, and compensation for all damages that this unjustified breach could cause to Telef&#243;nica.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On June 29, 2020, Millicom filed a Motion to Dismiss, to which Telef&#243;nica replied on July 8, 2020.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On August 3, 2020, Telef&#243;nica submitted an amendment to the lawsuit, removing the requirement to comply with the provisions of the sale and purchase contract and requesting only compensation for all damages that the unjustified breach of said agreement could cause to Telef&#243;nica.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On January 5, 2021, the Motion to Dismiss filed by Millicom in June 2020 was dismissed by the New York Supreme Court.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On February 24, 2023, both parties filed a "motion for summary judgment" once the discovery period had ended</span><span style="color:#2b3447;font-family:'Telefonica Sans',sans-serif;font-size:9.5pt;font-weight:400;line-height:120%">.</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:115%">On February 13, 2024, the New York Supreme Court issued a decision granting Telef&#243;nica&#8217;s motion for partial summary judgment, concluding that Telef&#243;nica is entitled to compensatory damages and prejudgment interest (approximately <ix:nonFraction unitRef="usd" contextRef="c-2495" decimals="-6" name="ifrs-full:EstimatedFinancialEffectOfContingentLiabilities" scale="6" id="f-7209">140</ix:nonFraction> million U.S. dollars) from Millicom.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:115%">On August 5, 2024, Millicom filed its appellate brief with the Appellate Division of the New York Supreme Court, and Telef&#243;nica filed its response on September 4, 2024. </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:115%">On December 17, 2024, the Appellate Division issued a decision and order upholding Telef&#243;nica&#8217;s entitlement to summary judgment, but decided that the Supreme Court had calculated the prejudgment interest incorrectly and reduced the amount to be awarded to Telef&#243;nica accordingly.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:115%">On January 21, 2025, Telef&#243;nica filed an appeal against the decision of the Appellate Division of the New York Supreme Court.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">ICSID Arbitration Telef&#243;nica, S.A. vs. Republic of Peru</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On February 5, 2021, Telef&#243;nica filed a request for arbitration against the Republic of Peru at the ICSID, which was formally registered on March 12, 2021.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Telef&#243;nica bases its claims on the Agreement for the Promotion and Reciprocal Protection of Investments between the Kingdom of Spain and the Republic of Peru ("APRPI") signed on November 17, 1994. Telef&#243;nica argues that the Peruvian tax administration (called Superintendencia Nacional de Aduanas y de Administraci&#243;n Tributaria, known as "SUNAT") and other state bodies have failed to comply with the obligations established in the APRPI, including by adopting arbitrary and discriminatory actions.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">It is requested that the defendant be ordered to fully compensate Telef&#243;nica for all damages suffered.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Once the Tribunal was constituted, on February 9, 2023, Telef&#243;nica filed a request for urgent injunctive relief together with a request for injunctive relief, requesting the suspension of the administrative litigation (</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">acci&#243;n contencioso-administrativa or ACA</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">) related to the income tax for the years 1998, 2000 and 2001, as well as the extension of the deadline for submission by Telef&#243;nica of the memorial or claim. Following response of Peru, on February 16, 2023, the Tribunal ruled to dismiss Telef&#243;nica's request for urgent injunctive relief, to establish the procedural calendar to process the request for injunctive relief and to grant Telef&#243;nica two additional weeks to file the memorial or claim.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On March 2, 2023, Telef&#243;nica filed a memorial on the merits. On that date, the Republic of Peru filed observations on the claimant's request for provisional measures submitted by Telef&#243;nica on February 9, 2023.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On March 24, 2023, the Tribunal held a hearing on the claimant's request for provisional measures.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On May 11, 2023, the Tribunal issued Procedural Order No. 5 concerning the defendant's request to address the objections to jurisdiction as a preliminary question. As a result, the objections to jurisdiction were joined to the merits of the dispute.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On September 18, 2023, the defendant filed a counter-memorial on the merits and a memorial on jurisdiction.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On December 22, 2023, the Tribunal issued Procedural Order No. 6 concerning production of documents.</span></div></ix:continuation><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">F-148</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><ix:continuation id="f-7189-5" continuedAt="f-7189-6"><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On March 29, 2024, Telef&#243;nica filed a reply on the merits, and on June 28, 2024, the Republic of Peru filed a rejoinder on the merits and a reply on jurisdiction.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On July 16, 2024, following the resignation of the arbitrator appointed by Peru, the Acting Secretary-General notified the parties of the vacancy on the Tribunal and the proceeding was temporarily suspended pursuant to ICSID Arbitration Rule 10 (2).</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On August 12, 2024, the proceedings resumed under ICSID Arbitration Rule 12, following the appointment of the new arbitrator by the Republic of Peru.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On August 20, 2024, the defendant filed a submission on quantum. </span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:112%">The final hearing was held in the last weeks of February 2025. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Appeal against the ANATEL resolution on the calculation of amounts for the renewal of radio frequencies in Brazil associated with the provision of the personal mobile services (filed in 2013) </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In 2013, Telef&#243;nica Brasil filed a lawsuit against the resolution of ANATEL which sets forth the calculation of the amount to be paid by Telef&#243;nica Brasil for the renewal of radio frequencies associated with the provision of personal mobile services, which has been granted to Telef&#243;nica Brasil for a period of <ix:nonNumeric contextRef="c-2496" name="tef:RenewalOfRadioFrequenciesAssociatedWithTheProvisionOfPersonalMobileServicesTerm" format="ixt-sec:durwordsen" id="f-7210">fifteen years</ix:nonNumeric>.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">According to ANATEL the renewals, which must be carried out every <ix:nonNumeric contextRef="c-2496" name="tef:PriceRenewalRenewalOfRadioFrequenciesAssociatedWithTheProvisionOfPersonalMobileServicesTerm" format="ixt-sec:durwordsen" id="f-7211">two years</ix:nonNumeric>, should be accompanied by a payment equivalent to <ix:nonFraction unitRef="number" contextRef="c-2496" decimals="2" name="tef:PriceRenewalRenewalOfRadioFrequenciesAssociatedWithTheProvisionOfPersonalMobileServicesPercentage" scale="-2" id="f-7212">2</ix:nonFraction>% of all income derived from the provision of personal mobile services, while Telef&#243;nica Brasil believes that the calculation must be made with respect to the income derived from voice services only, which would exclude data services and interconnection revenues.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In February 2020, Telef&#243;nica Brasil filed an appeal before the Regional Federal Court of Brasilia after obtaining an unfavorable ruling in the Court of First Instance, which considered that the criteria defended by ANATEL was the one to be followed.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">As of December 31, 2024, the amount under litigation was <ix:nonFraction unitRef="brl" contextRef="c-2497" decimals="-6" name="ifrs-full:EstimatedFinancialEffectOfContingentLiabilities" format="ixt:num-dot-decimal" scale="6" id="f-7213">896</ix:nonFraction>&#160;million Brazilian reais (<ix:nonFraction unitRef="eur" contextRef="c-2497" decimals="-6" name="ifrs-full:EstimatedFinancialEffectOfContingentLiabilities" scale="6" id="f-7214">139</ix:nonFraction> million euros based on the exchange rate of such date), resulting from the method of calculation of ANATEL that has been appealed.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Appeal against the ANATEL resolution on the calculation of amounts for the renewal of radio frequencies in Brazil associated with the provision of the personal mobile services (filed in 2015)</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In 2015, Telef&#243;nica Brasil filed a lawsuit against the resolution of ANATEL which sets forth the calculation of the amount to be paid by Telef&#243;nica Brasil for the renewal of radio frequencies associated with the provision of personal mobile services, which has been granted to Telef&#243;nica Brasil for a period of <ix:nonNumeric contextRef="c-2498" name="tef:RenewalOfRadioFrequenciesAssociatedWithTheProvisionOfPersonalMobileServicesTerm" format="ixt-sec:durwordsen" id="f-7215">fifteen years</ix:nonNumeric> .</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">According to ANATEL the renewals, which must be carried out every <ix:nonNumeric contextRef="c-2498" name="tef:PriceRenewalRenewalOfRadioFrequenciesAssociatedWithTheProvisionOfPersonalMobileServicesTerm" format="ixt-sec:durwordsen" id="f-7216">two years</ix:nonNumeric>, should be accompanied by a payment equivalent to <ix:nonFraction unitRef="number" contextRef="c-2498" decimals="2" name="tef:PriceRenewalRenewalOfRadioFrequenciesAssociatedWithTheProvisionOfPersonalMobileServicesPercentage" scale="-2" id="f-7217">2</ix:nonFraction>% of all income derived from the provision of personal mobile services, while Telef&#243;nica Brasil believes that the calculation must be made with respect to the income derived from voice services only, which would exclude data services and interconnection revenues.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In August 2016, Telef&#243;nica Brasil filed an appeal before the Regional Federal Court of Brasilia after obtaining an unfavorable ruling in the Court of First Instance, which considered that the criteria defended by ANATEL was the one to be followed. The parties are currently waiting for a judgment on the appeal.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">As of December 31, 2024, the amount under litigation was <ix:nonFraction unitRef="brl" contextRef="c-2499" decimals="-6" name="ifrs-full:EstimatedFinancialEffectOfContingentLiabilities" format="ixt:num-dot-decimal" scale="6" id="f-7218">229</ix:nonFraction>&#160;million Brazilian reais (<ix:nonFraction unitRef="eur" contextRef="c-2499" decimals="-6" name="ifrs-full:EstimatedFinancialEffectOfContingentLiabilities" format="ixt:num-dot-decimal" scale="6" id="f-7219">36</ix:nonFraction>&#160;million  euros based on the exchange rate of such date), resulting from the method of calculation of ANATEL that has been appealed.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">UK High Court claim by Phones 4 U Limited against various mobile network operators and other companies, among others, Telef&#243;nica, S.A., Telefonica O2 Holdings Limited and Telefonica UK Limited </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In late 2018, Phones 4U Limited (in administration) (&#8220;P4U&#8221;) commenced a claim in the English High Court in London against various mobile network operators: Everything Everywhere, Deutsche Telekom, Orange, Vodafone, Telef&#243;nica, S.A., Telefonica O2 Holdings Limited and Telefonica UK Limited (together the &#8220;Defendants&#8221;).  </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">P4U carried on a business of selling mobile phones and connections to the public, such connections being supplied by mobile network operators including the Defendants.  In 2013 and 2014, the Defendants declined to extend and / or terminated their contracts to supply connections to P4U. </span></div></ix:continuation><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">F-149</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><ix:continuation id="f-7189-6" continuedAt="f-7189-7"><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">P4U went into administration in September 2014. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">P4U alleges that the Defendants ceased to supply connections because they had colluded between themselves in contravention of the United Kingdom and the European Union competition laws and asserts that it has a basis to claim damages for breach of competition law by all the Defendants. The Defendants deny all P4U&#8217;s allegations.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The claim commenced on December 18, 2018 by P4U. The Defendants filed their initial defenses in the course of April and May 2019, with P4U filing replies on October 18, 2019. The first case management conference took place on March 2, 2020. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The trial was held between May and July 2022. On November 10, 2023 the court issued a judgment, concluding that none of the Defendants was in breach of either UK or EU competition law. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On April 10, 2024, P4U filed an appeal, and the Defendants filed a response on June 28, 2024.</span></div><div style="margin-top:9pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The oral argument for the appeal is scheduled for May 2025.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">b) Other proceeding</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In October 2024, Telef&#243;nica Venezolana, C.A., Telef&#243;nica, S.A. and the United States Department of Justice (&#8220;DOJ&#8221;) entered into a Deferred Prosecution Agreement (&#8220;DPA&#8221;) to resolve a single charge of conspiracy to violate the anti-bribery provisions of the FCPA. The charge, made against Telef&#243;nica Venezolana, C.A., concerns conduct in and around 2014 and 2015 related to a Venezuelan government-sponsored currency auction.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Telef&#243;nica, S.A., is not a defendant in the matter but as parent company of the Telef&#243;nica Group has agreed to certain terms and conditions under the DPA. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The terms of the DPA include, among other things, requirements concerning a corporate compliance program, annual reports concerning that program during the term of the DPA and a monetary penalty of <ix:nonFraction unitRef="veb" contextRef="c-2500" decimals="INF" name="tef:PenaltyPayableLitigationSettlement" format="ixt:num-dot-decimal" scale="0" id="f-7220">85,260,000</ix:nonFraction> U.S. dollars (approximately <ix:nonFraction unitRef="eur" contextRef="c-2500" decimals="-6" name="tef:PenaltyPayableLitigationSettlement" scale="6" id="f-7221">81</ix:nonFraction> million euros at payment date). The DOJ has agreed that if all the obligations under the DPA are fully complied with, then DOJ will seek dismissal with prejudice of the charge described above after the DPA concludes.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">c) Commitments</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Investment Framework Agreement between the shareholders of Colombia Telecomunicaciones, S.A. ESP BIC - Sale of shares</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Pursuant to the Framework Investment Agreement entered into between the shareholders of Colombia Telecomunicaciones, S.A. ESP BIC: (a) if Telef&#243;nica decides to dispose or transfer of all or part of its shareholding in Colombia Telecomunicaciones, S.A. ESP BIC to third parties, Telef&#243;nica commits that: (i) the acquirer or transferee will be obliged to adhere to the Framework Investment Agreement; and (ii) that the acquirer or transferee will be obliged to present an offer to purchase all of the shares in Colombia Telecomunicaciones, S.A. ESP BIC held by the Colombian Government (that amounts to <ix:nonFraction unitRef="number" contextRef="c-12" decimals="3" name="tef:InvestmentRepurchaseAgreementPaymentObligationTermsProportionOfMaximumCapitalInvestmentsExceedingRevenue" scale="-2" id="f-7222">32.5</ix:nonFraction>% of the share capital) at the same price and under the same terms and conditions negotiated with Telef&#243;nica and through the procedure established by Law 226 of 1995 for the disposal of shares held by public entities and, (b) if the Colombian Government transfers its shares in Colombia Telecomunicaciones, S.A. ESP BIC under certain circumstances, the Strategic Partner shall subscribe with the acquirer of the shares a new shareholders agreement which will have to be then negotiated by the parties and which, as the case may be, will include some of the rights currently held by the Colombian Government under the Framework Investment Agreement currently in force.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Agreement for the sale of the shares of Telef&#243;nica Gesti&#243;n de Servicios Compartidos Espa&#241;a, S.A.U., Telef&#243;nica Gesti&#243;n de Servicios Compartidos Argentina, S.A. and T-Gestiona Servicios Contables y Capital Humano, S.A.C.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On March 1, 2016, a share purchase agreement between, on one hand, Telef&#243;nica, S.A., Telef&#243;nica Servicios Globales, S.L.U. and Telef&#243;nica Gesti&#243;n de Servicios Compartidos Per&#250;, S.A.C. (as sellers), and, on the other hand, IBM Global Services Espa&#241;a, S.A., IBM del Per&#250;, S.A.C., IBM Canada Limited and IBM Americas Holding, LLC (as purchasers) for the sale of the companies Telef&#243;nica Gesti&#243;n de Servicios Compartidos Espa&#241;a, S.A.U., Telef&#243;nica Gesti&#243;n de Servicios Compartidos Argentina, S.A. and T-Gestiona Servicios Contables y Capital Humano, S.A.C., for a total price of approximately <ix:nonFraction unitRef="eur" contextRef="c-2501" decimals="-6" name="tef:SharePurchaseAgreementSettlementPaymentOrReceipt" scale="6" id="f-7223">22</ix:nonFraction> million euros, was ratified before Notary Public. This share purchase agreement was subscribed on December 31, 2015.</span></div></ix:continuation><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">F-150</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><ix:continuation id="f-7189-7" continuedAt="f-7189-8"><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Following the aforementioned share purchase agreement and in connection with the latter transaction, also, on December 31, 2015, Telef&#243;nica subscribed a master services agreement with IBM for the outsourcing of economic-financial and HR activities and functions to be provided to the Telef&#243;nica Group for an initial duration of <ix:nonNumeric contextRef="c-2502" name="tef:ServicesAgreementTerm" format="ixt-sec:durwordsen" id="f-7224">ten years</ix:nonNumeric> and a total amount of approximately <ix:nonFraction unitRef="eur" contextRef="c-2503" decimals="-6" name="tef:ServicesAgreementAmount" scale="6" id="f-7225">450</ix:nonFraction> million euros. Most of the Telef&#243;nica Group&#8217;s subsidiary companies adhered to that master services agreement.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The master service agreement has been amended on several occasions (on March 31, 2021, March 31, 2022, July 29, 2022 and August 31, 2023). The most relevant changes have affected the scope of services and extended the term of the agreement. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On June 28, 2024, an additional amendment to the master service agreement was signed. As a result of the various amendments, the term of the master service agreement may be extended up to 2031 for adhering companies in Latin America or up to 2034 for adhering companies in Spain. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Commitments derived from the agreements reached for the acquisition of football (soccer) related rights between Telef&#243;nica (through its affiliate Telef&#243;nica Audiovisual Digital, S.L.U.) and LaLiga, UEFA and RFEF </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On July 2, 2020 Telef&#243;nica signed an agreement for acquiring the exclusive media rights in Spain of UEFA Champions League and UEFA Europa League, as well as the UEFA Europa Conference League (a new competition to be separated from the UEFA Europa League) and UEFA Youth League, for the cycle comprising seasons 2021/2022, 2022/2023 and 2023/2024, (ending June 30, 2024). </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The agreement guaranteed Telef&#243;nica all media rights with respect to the main European football competitions for all its customers, both residential and non-residential (hotels, restaurants, cafes, etc.).</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The direct acquisition from UEFA of this "premium" content allowed Telef&#243;nica to continue designing and selling its own produced channels and content with the best European football that could be, likewise, accessible to other operators in the market interested in this content.  </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The total award price for all competitions amounted to <ix:nonFraction unitRef="eur" contextRef="c-2504" decimals="-6" name="tef:BroadcastingAwardPrice" scale="6" id="f-7226">975</ix:nonFraction> million euros (i.e. <ix:nonFraction unitRef="eur" contextRef="c-2504" decimals="-6" name="tef:BroadcastingAwardPricePerSeason" scale="6" id="f-7227">325</ix:nonFraction> million euros for each of the seasons 2021/2022, 2022/2023 and 2023/2024) which amount is less than the license fees paid for the previous cycle and without any year-to-year increase.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On December 13, 2021, Telef&#243;nica was provisionally awarded the exclusive broadcasting rights of <ix:nonFraction unitRef="matchday" contextRef="c-2505" decimals="INF" name="tef:NumberOfExclusiveRightsSpanishFirstDivisionFootballLeague" scale="0" id="f-7228">5</ix:nonFraction> matches per matchday of the Spanish First Division Football League National Championship (&#8220;LaLiga&#8221;), for pay television in the residential market, in Spain. Telef&#243;nica received the first pick on <ix:nonFraction unitRef="matchday" contextRef="c-2505" decimals="INF" name="tef:NumberOfMatchDayFirstPicksEachSeason" scale="0" id="f-7229">18</ix:nonFraction> matchdays of each season and second pick on <ix:nonFraction unitRef="matchday" contextRef="c-2505" decimals="INF" name="tef:NumberOfMatchDaySecondPickEachSeason" scale="0" id="f-7230">17</ix:nonFraction> matchdays, including the second match of the season between Real Madrid and Barcelona (Option D bis, Lot D.1 bis).</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Likewise, Telef&#243;nica was awarded the exclusive broadcasting rights of <ix:nonFraction unitRef="matchday" contextRef="c-2505" decimals="INF" name="tef:NumberOfExclusiveRightsRemainingSeason" format="ixt-sec:numwordsen" scale="0" id="f-7231">three</ix:nonFraction> matchdays, which contain <ix:nonFraction unitRef="match" contextRef="c-2505" decimals="INF" name="tef:NumberOfMatches" scale="0" id="f-7232">10</ix:nonFraction> matches each matchday, including matches of Real Madrid C.F., F.C. Barcelona and Club Atl&#233;tico de Madrid against the <ix:nonFraction unitRef="topteam" contextRef="c-2505" decimals="INF" name="tef:NumberOfSelectedTeamsAgainstTopThreeSpanishFootballClubs" format="ixt-sec:numwordsen" scale="0" id="f-7233">six</ix:nonFraction> first classified of the previous season; and Valencia C.F., Athletic Club de Bilbao or Real Betis Balompi&#233;, if they were not among the aforementioned first classified (Option D bis, Lot D.3 bis).</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The award initially included all seasons between the cycle 2022/2023 and 2026/2027 although the 2025/2026 and 2026/2027 seasons were subject to the CNMC lifting or modifying a resolution that limited the maximum duration of the contracts signed by Telef&#243;nica for the acquisition of sports rights (Expte. VC/0612/14).</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The award was made at a price of <ix:nonFraction unitRef="eur" contextRef="c-2505" decimals="-6" name="tef:BroadcastingAwardPricePerSeason" format="ixt:num-dot-decimal" scale="6" id="f-7234">520</ix:nonFraction>&#160;million euros for each of the seasons. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The award was subject to the execution of an agreement between Telef&#243;nica and LaLiga with the remaining terms and requirements established in the LaLiga tender, which agreement was signed on January 19, 2022. This agreement was modified to adjust its duration to the CNMC Competition Directorate&#8217;s interpretation of the maximum length of contracts for the acquisition of exclusive sports rights (<ix:nonNumeric contextRef="c-2506" name="tef:LaLigaAgreementTerm" format="ixt-sec:durwordsen" id="f-7235">three years</ix:nonNumeric> from signature) within the above referenced procedure (Expte. VC/0612/14). In this regard, LaLiga issued on December 29, 2023, a new tender regarding those same packages for seasons 2024/2025 (from January 20, 2025) and 2025/2026 and 2026/2027.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On January 19, 2024, Telef&#243;nica Audiovisual Digital, S.L.U. was awarded exclusive broadcasting rights for <ix:nonFraction unitRef="matchday" contextRef="c-2507" decimals="INF" name="tef:NumberOfExclusiveRightsSpanishFirstDivisionFootballLeague" format="ixt-sec:numwordsen" scale="0" id="f-7236">five</ix:nonFraction> matches per matchday of the Spanish First Division Football League National Championship for pay television in the residential market in Spain. Telef&#243;nica Audiovisual will have first pick on <ix:nonFraction unitRef="matchday" contextRef="c-2507" decimals="INF" name="tef:NumberOfMatchDayFirstPicksEachSeason" scale="0" id="f-7237">18</ix:nonFraction> matchdays and second pick on <ix:nonFraction unitRef="matchday" contextRef="c-2507" decimals="INF" name="tef:NumberOfMatchDaySecondPickEachSeason" scale="0" id="f-7238">17</ix:nonFraction> matchdays (or the applicable portion for the 2024/2025 season), including the second match of the season between Real Madrid and Barcelona. In addition, it has been awarded exclusive broadcasting rights of one matchday for the </span></div></ix:continuation><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">F-151</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><ix:continuation id="f-7189-8" continuedAt="f-7189-9"><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">2024/2025 season and <ix:nonFraction unitRef="matchday" contextRef="c-2507" decimals="INF" name="tef:NumberOfExclusiveRightsRemainingSeason" format="ixt-sec:numwordsen" scale="0" id="f-7239">three</ix:nonFraction> matchdays in the remaining seasons. The award covers the 2024/2025 season, beginning January 20, 2025, as well as the 2025/2026 and 2026/2027 seasons. The price has been set at <ix:nonFraction unitRef="eur" contextRef="c-2507" decimals="-6" name="tef:BroadcastingAwardPriceTwoThousandTwentyFourAndTwentyFiveSeason" scale="6" id="f-7240">250</ix:nonFraction> million euros for the 2024/2025 season and <ix:nonFraction unitRef="eur" contextRef="c-2507" decimals="-6" name="tef:BroadcastingAwardPricePerSeason" scale="6" id="f-7241">520</ix:nonFraction> million euros for each of the 2025/2026 and 2026/2027 seasons. The corresponding agreement between Telef&#243;nica Audiovisual Digital, S.L.U. and LaLiga was signed on June 2, 2024.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On March 28, 2022, Telef&#243;nica entered into an agreement with the company DAZN for the distribution of the so-called DAZN LaLiga Package. Such package includes the remaining <ix:nonFraction unitRef="match" contextRef="c-2508" decimals="INF" name="tef:NumberOfMatches" format="ixt-sec:numwordsen" scale="0" id="f-7242">five</ix:nonFraction> football matches per match-weekend of the Spanish First Division Football League National Championship, in <ix:nonFraction unitRef="match-weekend" contextRef="c-2508" decimals="INF" name="tef:NumberOfMatchWeekendsPerSeasonIncludedInContract" scale="0" id="f-7243">35</ix:nonFraction> out of <ix:nonFraction unitRef="match-weekend" contextRef="c-2508" decimals="INF" name="tef:NumberOfMatchWeekendsPerSeasonTotal" scale="0" id="f-7244">38</ix:nonFraction> match-weekends for exploitation on pay television for residential subscribers in Spain (Option D bis, Package D.2 bis).</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">This is a non-exclusive agreement for <ix:nonFraction unitRef="season" contextRef="c-2508" decimals="INF" name="tef:NumberOfSeason" format="ixt-sec:numwordsen" scale="0" id="f-7245">five</ix:nonFraction> seasons, from 2022/2023 to 2026/2027. The agreed value amounts to <ix:nonFraction unitRef="eur" contextRef="c-2508" decimals="-6" name="tef:BroadcastingAwardPricePerSeason" format="ixt:num-dot-decimal" scale="6" id="f-7246">280</ix:nonFraction>&#160;million euros for each of the seasons.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In addition, on July 29, 2022, Telef&#243;nica signed a new contract with LaLiga for the non-exclusive broadcasting of the channel that broadcasts matches of the Second Division of National Football Championship League for seasons 2022/2023, 2023/2024 and 2024/2025, with Telef&#243;nica&#8217;s unilateral option to extend for <ix:nonFraction unitRef="season" contextRef="c-2509" decimals="INF" name="tef:NumberOfSeason" format="ixt-sec:numwordsen" scale="0" id="f-7247">two</ix:nonFraction> additional seasons, with a variable cost that amounts to approximately <ix:nonFraction unitRef="eur" contextRef="c-2509" decimals="-6" name="tef:BroadcastingAwardPricePerSeason" format="ixt:num-dot-decimal" scale="6" id="f-7248">16</ix:nonFraction>&#160;million euros per season. On February 28, 2024, Telef&#243;nica exercised an option to extend, and the agreement was extended for seasons 2025/2026 and 2026/2027.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Similarly, on August 4, 2022, a contract was formalized with LaLiga for the non-exclusive broadcast of the LaLiga TV Bar Channel for non-residential subscribers for the 2022/2023 season with a minimum guarantee of <ix:nonFraction unitRef="eur" contextRef="c-2510" decimals="-6" name="tef:BroadcastingAwardPricePerSeason" scale="6" id="f-7249">29</ix:nonFraction> million euros, being the final price variable. Likewise, the contract for the 2023/2024 season was signed on July 30, 2023, with a minimum guaranteed consideration of approximately <ix:nonFraction unitRef="eur" contextRef="c-2511" decimals="-6" name="tef:BroadcastingAwardPricePerSeason" scale="6" id="f-7250">29</ix:nonFraction> million euros. The contract for the 2024/2025 season was signed on July 28, 2024, with a similar minimum guaranteed consideration of <ix:nonFraction unitRef="eur" contextRef="c-2512" decimals="-5" name="tef:BroadcastingAwardPricePerSeason" scale="6" id="f-7251">29.7</ix:nonFraction> million euros.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On November 2, 2022, Telef&#243;nica was also awarded by Real Federaci&#243;n Espa&#241;ola de f&#250;tbol (RFEF) exclusive pay television rights of Copa del Rey Competiton and Supercopa de Espa&#241;a for seasons 2022/2023, 2023/2024 and 2024/2025.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On June 13, 2023, Telef&#243;nica submitted its offer for the acquisition of the audiovisual rights of the UEFA Champions League and UEFA Europa League, as well as the UEFA Europa Conference League and the UEFA Youth League ("UEFA Competitions") for the 2024/2025, 2025/2026 and 2026/2027 seasons, upon expiration of the current contract. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">UEFA awarded Telef&#243;nica on August 1, 2023, with exclusive media rights in Spain of UEFA Competitions for residential subscribers during seasons 2024/2025, 2025/2026 and 2026/2027. The corresponding agreements were signed on November 3, 2023.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The total award price for all competitions covered by these agreements with UEFA amounted to <ix:nonFraction unitRef="eur" contextRef="c-1" decimals="-6" name="tef:BroadcastingAwardPrice" scale="6" id="f-7252">960</ix:nonFraction> million euros (i.e. <ix:nonFraction unitRef="eur" contextRef="c-1" decimals="-6" name="tef:BroadcastingAwardPricePerSeason" scale="6" id="f-7253">320</ix:nonFraction> million euros for each of the seasons 2024/2025, 2025/2026 and 2026/2027)</span><span style="color:#2b3447;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Wholesale Access Services Agreement with AT&amp;T Mexico</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On November 21, 2019, Pegaso PCS, S.A. de C.V. (&#8220;Telef&#243;nica M&#233;xico&#8221;) and AT&amp;T Comunicaciones Digitales, S. de R.L. de C.V. (&#8220;AT&amp;T Mexico&#8221;) entered into a Wholesale Access Services Agreement (&#8220;Wholesale Agreement&#8221;), under which AT&amp;T Mexico agreed to provide wholesale wireless access to Telef&#243;nica M&#233;xico on 3G, 4G and any other future technology available in Mexico.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Wholesale Agreement has a minimum duration of <ix:nonNumeric contextRef="c-2513" name="tef:WholesaleAccessServicesAgreementTerm" format="ixt-sec:durwordsen" id="f-7254">eight years</ix:nonNumeric>, renewable for additional consecutive periods of <ix:nonNumeric contextRef="c-2513" name="tef:WholesaleAccessServicesAgreementRenewalPeriodAfterTermEndTerm" format="ixt-sec:durwordsen" id="f-7255">three years</ix:nonNumeric>. Such Wholesale Agreement establishes a gradual migration of Telef&#243;nica M&#233;xico&#8217;s traffic to AT&amp;T Mexico's access network over the first three years of the agreement.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">As set forth in the Wholesale Agreement such migration was completed during the first half of 2022. As a result, Telef&#243;nica M&#233;xico&#8217;s wireless access infrastructure was turned off and Telef&#243;nica M&#233;xico no longer uses the licensed spectrum that it used in the past to operate its network.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On April 24, 2024, Telef&#243;nica M&#233;xico and AT&amp;T Mexico entered into an Amended and Restated Wholesale Access Services Agreement (&#8220;Amended Wholesale Agreement&#8221;). Under the Amended Wholesale Agreement, the term of the Wholesale Agreement was extended and AT&amp;T Mexico agreed to continue providing wholesale wireless access to Telef&#243;nica M&#233;xico with respect to  3G, 4G, 5G and any other future technology available in Mexico.</span></div></ix:continuation><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">F-152</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><ix:continuation id="f-7189-9" continuedAt="f-7189-10"><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Amended Wholesale Agreement has a minimum duration of <span style="-sec-ix-hidden:f-7256">three</span> years, expiring on  November 20, 2027, and may be renewed for additional consecutive periods of <span style="-sec-ix-hidden:f-7257">three</span> years. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Contracts for the provision of IT services with Nabiax </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In 2019 Telef&#243;nica, S.A. signed an agreement for the sale of a portfolio of <ix:nonFraction unitRef="center" contextRef="c-2515" decimals="INF" name="tef:NumberOfDataCentersSold" format="ixt-sec:numwordsen" scale="0" id="f-7258">eleven</ix:nonFraction> data center businesses to a company (hereinafter "Nabiax") controlled by Asterion Industrial Partners SGEIC, S.A. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">At the same time as this sale, agreements were entered into with Nabiax to provide housing services to the Telef&#243;nica Group, allowing Telef&#243;nica to continue providing housing services to its customers, in accordance with its previous commitments.&#160;Such service provision agreements have an initial term of <ix:nonNumeric contextRef="c-2516" name="tef:HousingServicesProvisionAgreementTerm" format="ixt-sec:durwordsen" id="f-7259">ten years</ix:nonNumeric> and include minimum consumption commitments in terms of capacity. These commitments are consistent with the Group's expected consumption volumes, while prices are subject to review mechanisms based on inflation and market reality. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On May 7, 2021, Asterion Industrial Partners SGEIC, S.A. ("Asterion") and Telef&#243;nica Infra (T. Infra), the infrastructure unit of the Telef&#243;nica Group, reached an agreement for the contribution to Nabiax of <ix:nonFraction unitRef="center" contextRef="c-2517" decimals="INF" name="tef:NumberOfDataCentersSold" format="ixt-sec:numwordsen" scale="0" id="f-7260">four</ix:nonFraction> additional data centers owned by the Telef&#243;nica Group (<ix:nonFraction unitRef="center" contextRef="c-2518" decimals="INF" name="tef:NumberOfDataCentersSold" format="ixt-sec:numwordsen" scale="0" id="f-7261">two</ix:nonFraction> of them located in Spain and <ix:nonFraction unitRef="center" contextRef="c-2519" decimals="INF" name="tef:NumberOfDataCentersSold" format="ixt-sec:numwordsen" scale="0" id="f-7262">two</ix:nonFraction> in Chile). In exchange for the contribution of these <ix:nonFraction unitRef="center" contextRef="c-2517" decimals="INF" name="tef:NumberOfDataCentersSold" format="ixt-sec:numwordsen" scale="0" id="f-7263">four</ix:nonFraction> data centers, T. Infra received a <ix:nonFraction unitRef="number" contextRef="c-2520" decimals="2" name="ifrs-full:ProportionOfVotingPowerHeldInAssociate" scale="-2" id="f-7264">20</ix:nonFraction>% equity stake in Nabiax. Once the relevant authorizations and other conditions precedent to the contribution of the <ix:nonFraction unitRef="center" contextRef="c-2521" decimals="INF" name="tef:NumberOfDataCentersSold" format="ixt-sec:numwordsen" scale="0" id="f-7265">two</ix:nonFraction> data centers located in Spain were obtained, the partial closing of the transaction took place as of July 21, 2021, whereby Telef&#243;nica Group contributed those data centers to Nabiax, with T. Infra receiving in exchange a <ix:nonFraction unitRef="number" contextRef="c-2522" decimals="4" name="ifrs-full:PercentageOfVotingEquityInterestsAcquired" scale="-2" id="f-7266">13.94</ix:nonFraction>% stake in Nabiax at this stage. The agreement was complemented by the signing of a contract for the provision to Telef&#243;nica of housing services from those <ix:nonFraction unitRef="center" contextRef="c-2521" decimals="INF" name="tef:NumberOfDataCentersSold" format="ixt-sec:numwordsen" scale="0" id="f-7267">two</ix:nonFraction> data centers under terms and conditions equivalent to those established in the transaction executed in 2019, for an initial period of <ix:nonNumeric contextRef="c-2523" name="tef:HousingServicesProvisionAgreementTerm" format="ixt-sec:durwordsen" id="f-7268">ten years</ix:nonNumeric>.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Once the conditions related to the contribution of the <ix:nonFraction unitRef="center" contextRef="c-2524" decimals="INF" name="tef:NumberOfDataCentersSold" format="ixt-sec:numwordsen" scale="0" id="f-7269">two</ix:nonFraction> data centers located in Chile were fulfilled, on May 24, 2022, the complete closing of the transaction took place, and T. Infra reached a <ix:nonFraction unitRef="number" contextRef="c-2525" decimals="2" name="ifrs-full:ProportionOfVotingPowerHeldInAssociate" scale="-2" id="f-7270">20</ix:nonFraction>% stake in Nabiax (see Note 10). The agreement was complemented by the signing of a contract for the provision to Telef&#243;nica of housing services from those <ix:nonFraction unitRef="center" contextRef="c-2524" decimals="INF" name="tef:NumberOfDataCentersSold" format="ixt-sec:numwordsen" scale="0" id="f-7271">two</ix:nonFraction> data centers under terms and conditions equivalent to those established in the transaction executed in 2019, for an initial period ending in 2031.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On June 13, 2023, the data centers owned by Nabiax located in the Americas were sold to the investment fund Actis. T. Infra owns a <ix:nonFraction unitRef="number" contextRef="c-2526" decimals="2" name="ifrs-full:ProportionOfVotingPowerHeldInAssociate" scale="-2" id="f-7272">20</ix:nonFraction>% stake in Nabiax. After this transaction, Nabiax only owns data centers in Spain.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The data centers sold to Actis continue to provide housing services to the Telef&#243;nica Group under the terms of the contracts signed in 2019, as Telef&#243;nica, S.A. waived its right to terminate the housing services contracts upon the sale of the data centers.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On June 10, 2024, Telef&#243;nica de Espa&#241;a, S.A.U. and Nabiax&#8217;s subsidiary Digital DHF Iberia S.L signed an addendum to the agreement for the provision of housing services in Spain to, among other things, extend the validity of the agreement until July 2034, but only with respect to a data center in Alcal&#225; de Henares.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In June 2024, Asterion began a process to sell its <ix:nonFraction unitRef="number" contextRef="c-2527" decimals="2" name="ifrs-full:ProportionOfVotingPowerHeldInAssociate" scale="-2" id="f-7273">80</ix:nonFraction>% stake in Nabiax. In accordance with the rights held by Asterion under the Nabiax Shareholders Agreement, Asterion negotiated the conditions of the sale and also exercised its drag-along right over the <ix:nonFraction unitRef="number" contextRef="c-2528" decimals="2" name="ifrs-full:ProportionOfVotingPowerHeldInAssociate" scale="-2" id="f-7274">20</ix:nonFraction>% stake in Nabiax owned by T. Infra. On November 7, 2024, a purchase and sale agreement for <ix:nonFraction unitRef="number" contextRef="c-2529" decimals="2" name="ifrs-full:ProportionOfVotingPowerHeldInAssociate" scale="-2" id="f-7275">100</ix:nonFraction>% of the share capital of Nabiax was signed with the investment fund Aermont Capital. The closing of the transaction is subject to obtaining regulatory approval and is expected to be completed in the first quarter of 2025, with Nabiax continuing to provide housing services to the Telef&#243;nica Group under the terms of the contracts signed in 2019.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">50:50 joint venture with Liberty Global for the combination of both groups' businesses in the United Kingdom</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On May 7, 2020, Telef&#243;nica agreed to enter into a joint venture with Liberty Global plc ("Liberty Global") pursuant to a contribution agreement (as amended from time to time, the "Contribution Agreement") between Telef&#243;nica, Telefonica O2 Holdings Limited, Liberty Global, Liberty Global Europe 2 Limited and a newly formed entity of which, after closing, each of Telef&#243;nica and Liberty Global would hold <ix:nonFraction unitRef="number" contextRef="c-2530" decimals="2" name="ifrs-full:ProportionOfOwnershipInterestInJointVenture" scale="-2" id="f-7276"><ix:nonFraction unitRef="number" contextRef="c-2531" decimals="2" name="ifrs-full:ProportionOfOwnershipInterestInJointVenture" scale="-2" id="f-7277">50</ix:nonFraction></ix:nonFraction>% of its share capital named VMED O2 UK Limited.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">After having obtained the clearance from the Competition and Market Authority (the antitrust authority in the UK) to complete this transaction and having fulfilled all the other pre-closing conditions included in the Contribution Agreement, the transaction was completed on June 1, 2021. From such date, Telef&#243;nica and Liberty Global each </span></div></ix:continuation><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">F-153</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><ix:continuation id="f-7189-10" continuedAt="f-7189-11"><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">hold an equal number of shares in VMED O2 UK Limited; after: (i) Telef&#243;nica having contributed to VMED O2 UK Limited its O2 mobile business in the United Kingdom and (ii) Liberty Global having contributed its Virgin Media business in the United Kingdom to VMED O2 UK Limited.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The corporate governance of VMED O2 UK Limited is regulated by a shareholders' agreement, which was entered into by the parties to the Contribution Agreement on June 1, 2021  and was amended on November 15, 2023 (as amended from time to time, (the "Shareholders' Agreement").</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On the date of closing of the transaction, Telef&#243;nica, Liberty Global, and certain companies belonging to each shareholder&#8217;s corporate group entered into certain services, reverse services, licensing and data protection agreements with VMED O2 UK Limited and certain entities belonging to the VMED O2 UK Limited group. In particular, Telef&#243;nica and Liberty Global agreed that each shareholder&#8217;s group would provide certain services, either on a transitional or ongoing basis, to VMED O2 UK Limited and its group. Finally, VMED O2 UK Limited and its group would also provide certain services to specific companies belonging to the corporate group of each of its shareholders.</span></div><div style="margin-top:9pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Pursuant to the terms of the above referred services agreements, the transitional services that are to be provided by the Telef&#243;nica Group to VMED O2 UK Limited would be provided for terms initially ranging from <ix:nonNumeric contextRef="c-2532" name="tef:JointVentureServiceAgreementTransitionalServicesTerm" format="ixt-sec:durmonth" id="f-7278">7</ix:nonNumeric> to <ix:nonNumeric contextRef="c-2533" name="tef:JointVentureServiceAgreementTransitionalServicesTerm" format="ixt-sec:durmonth" id="f-7279">24</ix:nonNumeric> months (subsequently extended in some cases to terms up to <ix:nonNumeric contextRef="c-2533" name="tef:JointVentureServiceAgreementTransitionalServicesExtensionTerm" format="ixt-sec:durmonth" id="f-7280">40</ix:nonNumeric> months) while the ongoing services that are to be provided by the Telef&#243;nica Group to VMED O2 UK Limited would be provided for periods of <span style="-sec-ix-hidden:f-7281">two</span> to <ix:nonNumeric contextRef="c-2533" name="tef:JointVentureServiceAgreementOngoingServicesTerm" format="ixt-sec:durwordsen" id="f-7282">six years</ix:nonNumeric>, depending on the service. The services provided by the Telef&#243;nica Group to VMED O2 UK Limited, under the agreements as amended, consist primarily of technology and telecommunication services that will be used by or will otherwise benefit VMED O2 UK Limited. In addition to providing VMED O2 UK Limited with such services, the mobile operators of the Telef&#243;nica Group and VMED O2 UK Limited will maintain their roaming commercial relationships in order to reciprocally provide roaming services for their respective customers. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Likewise, as of closing of the transaction Telef&#243;nica granted certain trademark license agreements to VMED O2 UK Limited (the &#8220;VMED O2 UK Limited Trademark Licenses&#8221;). Pursuant to the VMED O2 UK Limited Trademark Licenses, Telef&#243;nica Group licensed the use of Telef&#243;nica and O2 brand rights to VMED O2 UK Limited.   </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Investment Agreement with Allianz and Telef&#243;nica Germany</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On October 29, 2020, Telef&#243;nica Infra Germany GmbH (&#8220;TEF Infra Germany&#8221;, a subsidiary indirectly wholly-owned by Telef&#243;nica through Telef&#243;nica Infra, S.L.U.) entered into an investment agreement (and related contracts, including a partners&#8217; agreement which sets forth the principles of corporate governance of the joint venture) with several entities belonging to the Allianz Group ("Allianz") and Telef&#243;nica Germany 1. Beteiligungsgesellschaft mbH (a subsidiary wholly-owned by Telef&#243;nica Germany GmbH &amp; Co. OHG) (&#8220;TEF Germany&#8221;) for the creation of a joint venture to deploy Fiber-to-the-Home (FTTH) in Germany, pursuant to which TEF Infra Germany and TEF Germany conditionally agreed to invest up to <ix:nonFraction unitRef="eur" contextRef="c-2534" decimals="-6" name="tef:CommitmentToFundInvestment" scale="6" id="f-7283">500</ix:nonFraction> million euros equity in total (<ix:nonFraction unitRef="eur" contextRef="c-2535" decimals="-6" name="tef:CommitmentToFundInvestment" scale="6" id="f-7284">400</ix:nonFraction> million euros by TEF Infra Germany and <ix:nonFraction unitRef="eur" contextRef="c-2536" decimals="-6" name="tef:CommitmentToFundInvestment" scale="6" id="f-7285">100</ix:nonFraction> million euros by TEF Germany) and Allianz conditionally agreed to invest up to <ix:nonFraction unitRef="eur" contextRef="c-2537" decimals="-6" name="tef:CommitmentToFundInvestment" format="ixt:num-dot-decimal" scale="6" id="f-7286">1,000</ix:nonFraction> million euros through different sources of funding over a <ix:nonNumeric contextRef="c-2538" name="tef:CommitmentToFundInvestmentPeriod" format="ixt-sec:durwordsen" id="f-7287">six year</ix:nonNumeric> period.&#160;&#160;&#160;&#160;</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The closing of the transaction and the acquisition of the joint control took place on December 18, 2020. The registration of Allianz and TEF Germany as limited partners of the joint venture in the German commercial registry occurred on January 21, 2021. After the closing of the transaction, the Allianz Group and the Telef&#243;nica Group each holds <ix:nonFraction unitRef="number" contextRef="c-2539" decimals="2" name="ifrs-full:ProportionOfOwnershipInterestInJointVenture" scale="-2" id="f-7288"><ix:nonFraction unitRef="number" contextRef="c-2540" decimals="2" name="ifrs-full:ProportionOfOwnershipInterestInJointVenture" scale="-2" id="f-7289">50</ix:nonFraction></ix:nonFraction>% in the joint venture under a co-control governance model. Telef&#243;nica Group&#8217;s ownership is held through TEF Infra Germany holding <ix:nonFraction unitRef="number" contextRef="c-2541" decimals="2" name="ifrs-full:ProportionOfOwnershipInterestInJointVenture" scale="-2" id="f-7290">40</ix:nonFraction>% and TEF Germany holding a <ix:nonFraction unitRef="number" contextRef="c-2542" decimals="2" name="ifrs-full:ProportionOfOwnershipInterestInJointVenture" scale="-2" id="f-7291">10</ix:nonFraction>% stake.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">New long-term master services agreement in the United Kingdom</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On January 7, 2021, each of Telef&#243;nica U.K. and Vodafone U.K. entered into new Master Services Agreements with Cornerstone Telecommunications Infrastructure Limited (&#8220;CTIL&#8221;), their passive tower network infrastructure partnership which was initially <ix:nonFraction unitRef="number" contextRef="c-2543" decimals="2" name="ifrs-full:ProportionOfOwnershipInterestInJointVenture" scale="-2" id="f-7292">50</ix:nonFraction>:50 jointly owned and operated by the <ix:nonFraction unitRef="operator" contextRef="c-2543" decimals="2" name="tef:JointVentureNumberOfOperatorsWithControl" format="ixt-sec:numwordsen" scale="0" id="f-7293">two</ix:nonFraction> operators. The new agreements came into effect on January 1, 2021, with initial terms of <ix:nonNumeric contextRef="c-2543" name="tef:MasterServicesAgreementInitialTerm" format="ixt-sec:duryear" id="f-7294">8</ix:nonNumeric> years, with <ix:nonFraction unitRef="period" contextRef="c-2543" decimals="INF" name="tef:MasterServicesAgreementNumberOfAdditionalRenewalPeriods" format="ixt-sec:numwordsen" scale="0" id="f-7295">three</ix:nonFraction> additional <ix:nonNumeric contextRef="c-2543" name="tef:MasterServicesAgreementRenewalPeriodTerm" format="ixt-sec:durwordsen" id="f-7296">8-year</ix:nonNumeric> renewal periods.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">CTIL was formed in 2012 through the consolidation of both Telef&#243;nica U.K. and Vodafone U.K.&#8217;s existing basic network infrastructure, including towers and masts, which were transferred to the joint operation. CTIL currently operates <ix:nonFraction unitRef="macrosite" contextRef="c-2544" decimals="INF" name="tef:NumberOfMacroSitesUnderOperation" format="ixt:num-dot-decimal" scale="0" id="f-7297">14,200</ix:nonFraction> macro sites with a <ix:nonFraction unitRef="number" contextRef="c-2544" decimals="1" name="tef:TenancyRatioMacroSitesUnderOperation" scale="0" id="f-7298">2.0</ix:nonFraction>x tenancy ratio (including active sharing) and <ix:nonFraction unitRef="microsite" contextRef="c-2544" decimals="INF" name="tef:NumberOfMicroSitesUnderOperation" format="ixt:num-dot-decimal" scale="0" id="f-7299">1,400</ix:nonFraction> micro sites. CTIL also provides management services for the anchor tenants for a further <ix:nonFraction unitRef="thirdpartysite" contextRef="c-2544" decimals="INF" name="tef:NumberOfThirdPartySites" format="ixt:num-dot-decimal" scale="0" id="f-7300">5,100</ix:nonFraction> third party sites where their active equipment is deployed. Telef&#243;nica's stake in CTIL is currently held through VMED O2 UK Limited (see Note 10), the joint venture between Telef&#243;nica and Liberty Global plc in the United Kingdom, which on November 15, 2023 transferred an indirect <ix:nonFraction unitRef="number" contextRef="c-2545" decimals="4" name="tef:DisposalProportionOfIndirectOwnershipInterestInSubsidiary" scale="-2" id="f-7301">16.67</ix:nonFraction>% minority stake in CTIL to the UK-based infrastructure fund GLIL Infrastructure LLP, </span></div></ix:continuation><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">F-154</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><ix:continuation id="f-7189-11" continuedAt="f-7189-12"><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">and on November 27, 2024 further transferred an additional indirect <ix:nonFraction unitRef="number" contextRef="c-2546" decimals="4" name="tef:DisposalAdditionalIndirectOwnershipInterestInSubsidiary" scale="-2" id="f-7302">8.33</ix:nonFraction>% minority stake in CTIL to Equitix Investment Management Limited.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The new agreements do not materially impact existing network agreements and will continue to allow CTIL to primarily serve its shareholders as well as some third parties.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Transaction between Colombia Telecomunicaciones S.A. ESP BIC and Kohlberg Kravis Roberts (&#8220;KKR&#8221;)</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On July 16, 2021, Colombia Telecomunicaciones S.A. ESP BIC and KKR entered into an agreement to sign the following contracts:</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(i) An assets purchase agreement for the fiber optic assets owned by Colombia Telecomunicaciones S.A. ESP BIC with a Colombian company controlled by KKR (InfraCo, SpA), in consideration for an initial payment of <ix:nonFraction unitRef="usd" contextRef="c-2547" decimals="-6" name="ifrs-full:ProceedsFromSalesOfInvestmentProperty" format="ixt:num-dot-decimal" scale="6" id="f-7303">320</ix:nonFraction>&#160;million U.S. dollars, which may be subject to post-closing adjustments under usual conditions for this type of operation. As well as a subsequent payment, consisting of the possibility of receiving a higher consideration from its result in network deployment activities, for an amount of up to an additional <ix:nonFraction unitRef="usd" contextRef="c-2547" decimals="-6" name="tef:ProceedsFromSalesOfInvestmentPropertyExpectedAdditionalConsiderationToBeReceived" format="ixt:num-dot-decimal" scale="6" id="f-7304">100</ix:nonFraction>&#160;million U.S. dollars.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(ii) A contract through which Colombia Telecomunicaciones S.A. ESP BIC will acquire a <ix:nonFraction unitRef="number" contextRef="c-2548" decimals="2" name="ifrs-full:PercentageOfVotingEquityInterestsAcquired" scale="-2" id="f-7305">40</ix:nonFraction>% stake in a Spanish company controlled by KKR, which it holds the remaining <ix:nonFraction unitRef="number" contextRef="c-2549" decimals="2" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" scale="-2" id="f-7306">60</ix:nonFraction>%. The Colombia Telecomunicaciones S.A. ESP BIC&#180;s contribution would be a portion of the consideration received from assets purchase agreement for the fiber optic assets.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(iii) Several commercial contracts between Colombia Telecomunicaciones S.A. ESP BIC and InfraCo, SpA for the provision of wholesale connectivity services by InfraCo, SpA to Colombia Telecomunicaciones S.A. ESP BIC, deployment of fiber optic network and other related services.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The signing of the contracts of numerals (i) and (iii), as well as the execution of the aforementioned operations contracts, was subject to the respective contractual provisions and to the obtaining of the necessary regulatory authorizations.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On January 11, 2022, after obtaining the necessary regulatory authorizations and meeting certain agreed conditions, the transaction was executed. Therefore, Colombia Telecomunicaciones S.A. ESP BIC executed the sale of fiber optic assets to Onnet Fibra Colombia S.A.S. (&#8220;Onnet&#8221;), a company with which it also entered into a series of commercial contracts by virtue of which (i) Onnet will provide wholesale connectivity services to Colombia Telecomunicaciones S.A. ESP BIC, and (ii) Colombia Telecomunicaciones S.A. ESP BIC will provide to Onnet fiber optic network deployment services and other related services. Simultaneously, Colombia Telecomunicaciones S.A. ESP BIC acquired shares equivalent to a <ix:nonFraction unitRef="number" contextRef="c-2550" decimals="2" name="ifrs-full:PercentageOfVotingEquityInterestsAcquired" scale="-2" id="f-7307">40</ix:nonFraction>% in Alamo HoldCo S.L., a Spanish company that owns <ix:nonFraction unitRef="number" contextRef="c-2551" decimals="2" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" scale="-2" id="f-7308">100</ix:nonFraction>% of Onnet's shares (see Note 10).</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Agreement reached between Telef&#243;nica Espa&#241;a Filiales, S.A.U. (Telef&#243;nica Espa&#241;a Filiales), T. Infra, Vauban and Cr&#233;dit Agricole Assurances for the establishment of Bluevia Fibra</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On July 25, 2022, Telef&#243;nica Espa&#241;a Filiales S.A.U, Telef&#243;nica Infra S.L.U. (T. Infra) and the consortium formed by Vauban Infrastructure Partners ("Vauban") and Cr&#233;dit Agricole Assurances ("CAA") reached an agreement for the establishment of a company, Bluevia Fibra, S.L. ("Bluevia"), whose corporate purpose is the deployment and commercialization of a fiber-to-the-home (FTTH) network mainly in rural areas in Spain. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Once the relevant regulatory authorizations were obtained, the closing of the transaction took place on December 20, 2022. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">After closing, the Telef&#243;nica Group holds <ix:nonFraction unitRef="number" contextRef="c-2552" decimals="4" name="ifrs-full:ProportionOfVotingPowerHeldInSubsidiary" scale="-2" id="f-7309">55</ix:nonFraction>% of the capital of Bluevia (<ix:nonFraction unitRef="number" contextRef="c-2553" decimals="4" name="ifrs-full:ProportionOfVotingPowerHeldInSubsidiary" scale="-2" id="f-7310">30</ix:nonFraction>% through Telef&#243;nica Espa&#241;a Filiales and <ix:nonFraction unitRef="number" contextRef="c-2554" decimals="4" name="ifrs-full:ProportionOfVotingPowerHeldInSubsidiary" scale="-2" id="f-7311">25</ix:nonFraction>% through T. Infra), with Vauban/CAA holding the remaining <ix:nonFraction unitRef="number" contextRef="c-148" decimals="4" name="ifrs-full:ProportionOfVotingPowerHeldInSubsidiary" scale="-2" id="f-7312">45</ix:nonFraction>%.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> At closing, Bluevia purchased from Telef&#243;nica Espa&#241;a <ix:nonFraction unitRef="realestate" contextRef="c-2555" decimals="-5" name="tef:PurchaseOfRealEstateUnits" format="ixt:num-dot-decimal" scale="6" id="f-7313">3.9</ix:nonFraction>&#160;million already passed real estate units, and agreed to deploy <ix:nonFraction unitRef="realestate" contextRef="c-2555" decimals="-5" name="tef:NumberOfRealEstateUnitsToDeployInFuture" format="ixt:num-dot-decimal" scale="6" id="f-7314">1.1</ix:nonFraction>&#160;million additional units over the following <ix:nonNumeric contextRef="c-2555" name="tef:PeriodInWhichRealEstateUnitsWillBeDeployed" format="ixt-sec:durwordsen" id="f-7315">two years</ix:nonNumeric> after closing, reaching a total footprint of <ix:nonFraction unitRef="realestate" contextRef="c-2555" decimals="-6" name="tef:ExpectedOwnershipOfRealEstateUnit" format="ixt:num-dot-decimal" scale="6" id="f-7316">5</ix:nonFraction>&#160;million passed real estate units. The <ix:nonFraction unitRef="realestate" contextRef="c-2555" decimals="-5" name="tef:PurchaseOfRealEstateUnits" format="ixt:num-dot-decimal" scale="6" id="f-7317">3.9</ix:nonFraction>&#160;million already passed real estate units acquired by Bluevia at closing represented <ix:nonFraction unitRef="number" contextRef="c-2555" decimals="2" name="tef:PurchaseOfRealEstateUnitsToTotalNetworkPercentage" scale="-2" id="f-7318">14</ix:nonFraction>% of Telef&#243;nica's FTTH network in Spain, with Telef&#243;nica Espa&#241;a retaining ownership of the remainder of the network. In addition, as part of the transaction, the Telef&#243;nica Group entered into a series of service provision agreements with Bluevia which entail the mutual provision and receipt of services by/to Telef&#243;nica Group and Bluevia. As part of the transaction Telef&#243;nica Group contributed equity funds to Bluevia in the amount of approximately <ix:nonFraction unitRef="eur" contextRef="c-2554" decimals="-6" name="tef:EquityFundsContributed" format="ixt:num-dot-decimal" scale="6" id="f-7319">1,247</ix:nonFraction>&#160;million euros and the Vauban/CAA consortium acquired <ix:nonFraction unitRef="number" contextRef="c-148" decimals="4" name="ifrs-full:ProportionOfVotingPowerHeldInSubsidiary" scale="-2" id="f-7320">45</ix:nonFraction>% of Bluevia from Telef&#243;nica Espa&#241;a for <ix:nonFraction unitRef="eur" contextRef="c-2556" decimals="-6" name="ifrs-full:CashTransferred" format="ixt:num-dot-decimal" scale="6" id="f-7321">1,021</ix:nonFraction>&#160;million euros in cash (see Note 2). </span></div></ix:continuation><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">F-155</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><ix:continuation id="f-7189-12" continuedAt="f-7189-13"><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Agreement reached by T. Infra, Liberty Global and InfraVia for the establishment of a fiber-to-the-home (FTTH) joint venture in the United Kingdom</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On July 29, 2022, T. Infra, Liberty Global plc ("Liberty Global") and InfraVia Capital Partners ("InfraVia") reached an agreement for the establishment of a joint venture, "nexfibre", for the deployment of fiber-to-the-home (FTTH) to <ix:nonFraction unitRef="home" contextRef="c-2557" decimals="-6" name="tef:DeploymentOfFTTHInUKNumberOfHomes" format="ixt:num-dot-decimal" scale="6" id="f-7322">5</ix:nonFraction>&#160;million homes in the United Kingdom not reached by VMED O2 UK Limited's (VMO2) network, with potential for expansion to an additional <ix:nonFraction unitRef="home" contextRef="c-2557" decimals="-6" name="tef:DeploymentOfFTTHInUKNumberOfHomesExpansion" format="ixt:num-dot-decimal" scale="6" id="f-7323">2</ix:nonFraction>&#160;million homes. The fiber network will offer wholesale FTTH access to telecommunications service providers, with VMO2 acting as the lead customer, as well as providing a range of technical services.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Once the relevant regulatory authorizations were obtained and the other conditions were fulfilled, the closing of the transaction took place on December 15, 2022. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">After closing, Liberty Global and T. Infra participate by halves in a joint vehicle that holds a <ix:nonFraction unitRef="number" contextRef="c-2558" decimals="4" name="ifrs-full:ProportionOfVotingPowerHeldInSubsidiary" scale="-2" id="f-7324">50</ix:nonFraction>% interest in nexfibre, with InfraVia owning the remaining <ix:nonFraction unitRef="number" contextRef="c-2559" decimals="4" name="ifrs-full:ProportionOfVotingPowerHeldInSubsidiary" scale="-2" id="f-7325">50</ix:nonFraction>%. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The business plan for the initial rollout to <ix:nonFraction unitRef="home" contextRef="c-2560" decimals="-6" name="tef:DeploymentOfFTTHInUKNumberOfHomes" format="ixt:num-dot-decimal" scale="6" id="f-7326">5</ix:nonFraction>&#160;million homes envisages an investment of approximately <ix:nonFraction unitRef="gbp" contextRef="c-2561" decimals="-6" name="tef:InvestmentInTheDeploymentOfFTTHInUK" format="ixt:num-dot-decimal" scale="6" id="f-7327">4,500</ix:nonFraction>&#160;million pounds sterling (approximately <ix:nonFraction unitRef="eur" contextRef="c-2561" decimals="-6" name="tef:InvestmentInTheDeploymentOfFTTHInUK" format="ixt:num-dot-decimal" scale="6" id="f-7328">5,426</ix:nonFraction> million euros at the exchange rate at December 31, 2024). The three partners have funded their pro-rata share of equity funding for the construction, totaling up to <ix:nonFraction unitRef="gbp" contextRef="c-2561" decimals="-6" name="tef:InvestmentInTheDeploymentOfFTTHInUKPartnerFinancing" format="ixt:num-dot-decimal" scale="6" id="f-7329">1,400</ix:nonFraction>&#160;million pounds sterling (approximately <ix:nonFraction unitRef="eur" contextRef="c-2561" decimals="-6" name="tef:InvestmentInTheDeploymentOfFTTHInUKPartnerFinancing" format="ixt:num-dot-decimal" scale="6" id="f-7330">1,688</ix:nonFraction> million euros at the exchange rate at December 31, 2024). In addition, nexfibre has entered into a facilities agreement with a consortium of banks for an amount of up to <ix:nonFraction unitRef="gbp" contextRef="c-2560" decimals="-6" name="tef:InvestmentInTheDeploymentOfFTTHInUKFacilitiesAgreementWithBanks" format="ixt:num-dot-decimal" scale="6" id="f-7331">3,300</ix:nonFraction>&#160;million pounds sterling (approximately <ix:nonFraction unitRef="eur" contextRef="c-2560" decimals="-6" name="tef:InvestmentInTheDeploymentOfFTTHInUKFacilitiesAgreementWithBanks" format="ixt:num-dot-decimal" scale="6" id="f-7332">3,979</ix:nonFraction> million euros at the exchange rate at December 31, 2024). </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">As part of the transaction, InfraVia has made and will continue to make certain payments to Liberty Global and T. Infra, a portion of which will be linked to the progress of the construction of the network.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In support of its obligations to nexfibre, VMO2 continues to extend network build contracts with various providers.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Agreements between Telef&#243;nica de Espa&#241;a, S.A.U. ("TdE"), Telef&#243;nica M&#243;viles Espa&#241;a, S.A.U. ("TME") and Telef&#243;nica Soluciones de Inform&#225;tica y Comunicaciones de Espa&#241;a, S.A.U. ("TSOL" and jointly with TdE and TME the "Telef&#243;nica Espa&#241;a Companies") with Capgemini Espa&#241;a, S.L., Inetum Espa&#241;a, S.A., Indra Soluciones Tecnolog&#237;as de la Informaci&#243;n S.L.U. and UTE "Indra Soluciones Tecnolog&#237;as de la Informaci&#243;n S.L.U., Inetum Espa&#241;a S.A., Uni&#243;n Temporal de Empresas Ley 18/1982 de 26 de mayo".</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In March 2024, the Telef&#243;nica Espa&#241;a Companies entered into separate contracts with each of (i) Capgemini Espa&#241;a, S.L., (ii) Inetum Espa&#241;a, S.A., (iii) Indra Soluciones Tecnolog&#237;as de la Informaci&#243;n S.L.U. and (iv) UTE "Indra Soluciones Tecnolog&#237;as de la informaci&#243;n S.L.U., Inetum Espa&#241;a S.A., Uni&#243;n Temporal de Empresas Ley 18/1982 de 26 de mayo" for the provision to the Telef&#243;nica Espa&#241;a Companies of an IT transformation  service (development, maintenance and operation of applications, and infrastructure engineering services, maintenance, and IT operations infrastructure), for aggregate consideration of <ix:nonFraction unitRef="eur" contextRef="c-2562" decimals="-6" name="tef:ContractualCommitmentITTransformationServiceProject" scale="6" id="f-7333">582</ix:nonFraction> million euros. The counterparties&#8217; obligations to Telef&#243;nica consist of application and infrastructure development and maintenance, as well as application and infrastructure operation regarding the IT transformation service. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The agreements each have a duration of <span style="-sec-ix-hidden:f-7334">seven</span> years and will be automatically extended up to a maximum of <span style="-sec-ix-hidden:f-7335">two</span> additional years, absent prior notice by any of the parties).</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Agreement reached by Telef&#243;nica Espa&#241;a Filiales and Vodafone ONO to incorporate a joint company for the commercialization of a fiber-to-the-home (FTTH) network </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On November 7, 2024, Telef&#243;nica Espa&#241;a Filiales, S.A.U. (Telef&#243;nica Espa&#241;a Filiales) reached an agreement with Vodafone ONO, S.A.U. (Vodafone Espa&#241;a) to incorporate a joint company, whose main activity is the commercialization of a fiber to the home (FTTH) network for its shareholders, Telef&#243;nica Espa&#241;a Filiales and Vodafone Espa&#241;a, so that they can in turn provide retail and wholesale broadband access services. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The joint company is expected to cover approximately <ix:nonFraction unitRef="premise" contextRef="c-2563" decimals="-5" name="tef:NumberOfPremisesToCover" format="ixt:num-dot-decimal" scale="6" id="f-7336">3.6</ix:nonFraction> million premises, with assets that are currently part of Telef&#243;nica de Espa&#241;a&#8217;s FTTH network and that represent approximately <ix:nonFraction unitRef="number" contextRef="c-2564" decimals="2" name="tef:NationalNetworkCoveragePercentage" scale="-2" id="f-7337">12</ix:nonFraction>% of its national network. It is estimated that the joint company will initially have around <ix:nonFraction unitRef="model" contextRef="c-2565" decimals="INF" name="tef:NumberOfClientsFromJointAgreement" format="ixt:num-dot-decimal" scale="6" id="f-7338">1.4</ix:nonFraction> million clients, which implies a penetration level of approximately <ix:nonFraction unitRef="number" contextRef="c-2564" decimals="2" name="tef:ClientCoveragePercentage" scale="-2" id="f-7339">40</ix:nonFraction>%. As part of the transaction, the agreements required to be executed are the following: i) an investment agreement and transfer agreements, all of them already signed on November 7, 2024, and ii) a shareholders agreement, master service agreements, systems, monitoring and maintenance services agreement, and a corporate service agreement which regulates certain services of a diverse nature, all of which will be entered into on the closing date.</span></div></ix:continuation><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">F-156</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><ix:continuation id="f-7189-13" continuedAt="f-7189-14"><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">After the closing of the transaction, Telef&#243;nica Espa&#241;a Filiales will hold a <ix:nonFraction unitRef="number" contextRef="c-2566" decimals="2" name="ifrs-full:ProportionOfOwnershipInterestInJointVenture" scale="-2" id="f-7340">63</ix:nonFraction>% in the joint company and Vodafone Espa&#241;a the remaining <ix:nonFraction unitRef="number" contextRef="c-2567" decimals="2" name="ifrs-full:ProportionOfOwnershipInterestInJointVenture" scale="-2" id="f-7341">37</ix:nonFraction>%. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">d) Environmental and climate change matters</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Environmental management of the Group</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Commitment to protect the environment is part of the Company's general strategy and is the responsibility of the Board of Directors. The performance in this area is regularly supervised by the Sustainability and Regulation Committee as well as by the Global Sustainability (ESG) Office in coordination with the global areas responsible for executing this strategy alongside the business units.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Group has a Global Environment and Energy Policy, and externally certified environmental management systems in accordance with ISO 14001 in the Group operators. The environment is a cross-cutting issue throughout the Company, involving both operational and management areas as well as business and innovation areas.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Telef&#243;nica Group has contracted, both locally and globally, several insurance programs in order to mitigate the possible occurrence of an incident stemming from the risks of environmental liability and/or natural disasters.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Managing environmental impact and energy consumption is a strategic priority and carbon reduction targets are part of the variable remuneration of the Company employees, including the Executive Committee. In addition, Telef&#243;nica, S.A.'s long-term share-based incentive plans 2021-2025 and 2024-2028 (see Note 27) include CO2 Emission Neutralization targets.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Climate change and energy</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In managing climate change, Telef&#243;nica identifies adaptation and mitigation measures and new opportunities for growth and development. To analyze climate risks, the guidelines established in the Corporate Sustainability Reporting Directive (CSRD) are followed. In this way, the risks (physical and transition) and potentially material climate opportunities for the Company have been identified, considering various scenarios and time horizons.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Telef&#243;nica integrates the risks and opportunities identified in its business model through the Climate Action Plan, which defines the roadmap to achieve net zero emissions by 2040.</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:112%">For Telef&#243;nica, it is a priority to keep energy consumption stable despite the sharp increase in the digitalization of society and, therefore, in data traffic transmitted through the networks. The Group's Energy Efficiency Plan therefore includes initiatives such as network modernization, with investments in fiber optics (more efficient) that replace the copper network, or 5G.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company's decarbonization requires not only maximum efficiency in the use of energy, but also that it comes from renewable sources. Telef&#243;nica's Renewable Energy Plan contemplates different solutions such as self-generation, the purchase of renewable electricity with a guarantee of origin and long-term power purchase agreements (PPAs, see Note 26), and prioritizes renewable electricity sources, defines the strategy that allows us to reduce operating costs and reduces exposure to fluctuations in electricity prices. Currently, most of the electricity consumption in Telef&#243;nica&#8217;s facilities comes from renewable sources.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Financing linked to sustainability criteria</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Telef&#243;nica's Sustainable Financing Framework is aligned with the International Capital Markets Association (ICMA) Green, Social and Sustainable Bond Principles, as well as the Green Lending Principles and the Social Loans of the LMA (Loan Market Association), the APLMA (Asian Pacific Loan Market Association) and the LSTA (Loan Syndications and Trading Association), and it is linked to the United Nations Sustainable Development Goals.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In addition to senior </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">green</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> bonds and hybrid instruments, the Group uses other sustainable banking financing tools, such as loans and credits linked to sustainability objectives, such as emissions reduction or gender equality. The Group's main syndicated loan is also linked to the performance of sustainability indicators.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In 2024, the Company has maintained an active presence in the capital market with several issues, successfully raising a total of <ix:nonFraction unitRef="eur" contextRef="c-2568" decimals="-6" name="ifrs-full:NotesAndDebenturesIssued" format="ixt:num-dot-decimal" scale="6" id="f-7342">3,050</ix:nonFraction> million euros of debt in green format throughout the year (<ix:nonFraction unitRef="eur" contextRef="c-2569" decimals="-6" name="ifrs-full:NotesAndDebenturesIssued" format="ixt:num-dot-decimal" scale="6" id="f-7343">2,600</ix:nonFraction> million euros in 2023). In January 2024, Telef&#243;nica launched an issuance split into two tranches, for an aggregate amount of <ix:nonFraction unitRef="eur" contextRef="c-2570" decimals="-6" name="ifrs-full:NotesAndDebenturesIssued" format="ixt:num-dot-decimal" scale="6" id="f-7344">1,750</ix:nonFraction> million euros (see Appendix III). In March 2024, a green hybrid instrument was issued for an amount of <ix:nonFraction unitRef="eur" contextRef="c-2571" decimals="-6" name="ifrs-full:NotesAndDebenturesIssued" format="ixt:num-dot-decimal" scale="6" id="f-7345">1,100</ix:nonFraction> million euros (Note 17.c). In September 2024, a reopening of the <ix:nonFraction unitRef="eur" contextRef="c-2572" decimals="-6" name="ifrs-full:NotesAndDebenturesIssued" scale="6" id="f-7346">750</ix:nonFraction> million euros hybrid bond issued in September 2023 took place for an amount of <ix:nonFraction unitRef="eur" contextRef="c-2573" decimals="-6" name="ifrs-full:NotesAndDebenturesIssued" scale="6" id="f-7347">200</ix:nonFraction> million euros.</span></div></ix:continuation><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">F-157</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><ix:continuation id="f-7189-14" continuedAt="f-7189-15"><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In terms of bank financing, Telef&#243;nica has an undrawn syndicated loan linked to sustainability indicators, signed at the beginning of 2022, amounting to <ix:nonFraction unitRef="eur" contextRef="c-2574" decimals="-6" name="ifrs-full:NotionalAmount" format="ixt:num-dot-decimal" scale="6" id="f-7348">5,500</ix:nonFraction> million euros (see Note 18 and Annex V).</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In addition, the Group has committed lines and bilateral financing with numerous financial entities, reaching a total volume of <ix:nonFraction unitRef="eur" contextRef="c-2575" decimals="-6" name="ifrs-full:Borrowings" format="ixt:num-dot-decimal" scale="6" id="f-7349">4,343</ix:nonFraction> million euros at the end of 2024, the interest applied to which is also linked to the fulfillment of sustainability objectives. </span></div><ix:nonNumeric contextRef="c-1" name="tef:ScheduleOfSustainableFinancingTableTextBlock" id="f-7350" escape="true"><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Overall, as at December 31, 2024, the Group's sustainable financing amounts to <ix:nonFraction unitRef="eur" contextRef="c-2568" decimals="-6" name="ifrs-full:Borrowings" format="ixt:num-dot-decimal" scale="6" id="f-7351">21,447</ix:nonFraction> million euros (<ix:nonFraction unitRef="eur" contextRef="c-2576" decimals="-6" name="ifrs-full:Borrowings" format="ixt:num-dot-decimal" scale="6" id="f-7352">18,796</ix:nonFraction> million euros as at December 31, 2023), broken down as follows:</span></div><div style="margin-top:9pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"/><td style="width:61.326%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:36.474%"/><td style="width:0.1%"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Millions of euros</span></td><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Financial liabilities</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2568" decimals="-6" name="ifrs-full:FinancialLiabilities" format="ixt:num-dot-decimal" scale="6" id="f-7353">4,804</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Senior sustainable bond of Telef&#243;nica Emisiones 2022 (Appendix III)</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2577" decimals="-6" name="ifrs-full:FinancialLiabilities" format="ixt:num-dot-decimal" scale="6" id="f-7354">1,000</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Senior green bond of Telef&#243;nica Emisiones 2023 (Appendix III)</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2578" decimals="-6" name="ifrs-full:FinancialLiabilities" scale="6" id="f-7355">850</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Senior sustainable bond of Telef&#243;nica Emisiones 2024 (Appendix III)</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2579" decimals="-6" name="ifrs-full:FinancialLiabilities" format="ixt:num-dot-decimal" scale="6" id="f-7356">1,000</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Senior sustainable bond of Telef&#243;nica Emisiones 2024 (Appendix III)</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2580" decimals="-6" name="ifrs-full:FinancialLiabilities" scale="6" id="f-7357">750</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Sustainability linked bonds of Telef&#243;nica Brazil (Appendix III)</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2581" decimals="-6" name="ifrs-full:FinancialLiabilities" scale="6" id="f-7358">544</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Sustainability linked facilities of Colombia Telecomunicaciones</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2582" decimals="-6" name="ifrs-full:FinancialLiabilities" scale="6" id="f-7359">270</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Sustainability linked facilities of Telef&#243;nica, S.A.</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1485" decimals="-6" name="ifrs-full:FinancialLiabilities" scale="6" id="f-7360">390</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Undated deeply subordinated securities (hybrid instruments) (Note 17.c)</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2583" decimals="-6" name="ifrs-full:Borrowings" format="ixt:num-dot-decimal" scale="6" id="f-7361">6,050</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Undrawn facilities at December 31, 2024 (Note 18)</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1482" decimals="-6" name="ifrs-full:Borrowings" format="ixt:num-dot-decimal" scale="6" id="f-7362">10,593</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Sustainability linked facility of Telef&#243;nica, S.A.</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1485" decimals="-6" name="ifrs-full:Borrowings" format="ixt:num-dot-decimal" scale="6" id="f-7363">5,500</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Sustainability linked facility of Telefonica Germany</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1484" decimals="-6" name="ifrs-full:Borrowings" scale="6" id="f-7364">750</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Sustainability linked bilateral facilities</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1483" decimals="-6" name="ifrs-full:Borrowings" format="ixt:num-dot-decimal" scale="6" id="f-7365">4,343</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="border-bottom:1pt solid #86888c;border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total financing linked to sustainability criteria</span></td><td colspan="2" style="border-bottom:1pt solid #86888c;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2568" decimals="-6" name="ifrs-full:Borrowings" format="ixt:num-dot-decimal" scale="6" id="f-7366">21,447</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:1pt solid #86888c;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr></table></div></ix:nonNumeric><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">e) Auditors&#8217; fees</span></div><div style="margin-bottom:9pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The services entrusted to the auditors comply with the independence requirements established by the Spanish Audit Law 22/2015 of July 20, as well as with the rules of the Securities and Exchange Commission (SEC) and the Public Company Accounting Oversight Board (PCAOB), both of the United States of America.</span></div><div style="margin-bottom:9pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The expenses accrued by the Group, in respect of the fees for services rendered to the various member firms of the PwC network, of which PricewaterhouseCoopers Auditores, S.L. ("PwC Auditores, S.L."), the auditors of Telef&#243;nica, S.A., forms part, amounted to <ix:nonFraction unitRef="eur" contextRef="c-1" decimals="-4" name="ifrs-full:AuditorsRemuneration" scale="6" id="f-7367">22.11</ix:nonFraction> million euros and <ix:nonFraction unitRef="eur" contextRef="c-14" decimals="-4" name="ifrs-full:AuditorsRemuneration" scale="6" id="f-7368">20.02</ix:nonFraction> million euros in 2024 and 2023, respectively.  </span></div><ix:nonNumeric contextRef="c-1" name="ifrs-full:DisclosureOfAuditorsRemunerationExplanatory" id="f-7369" escape="true"><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The detail of these amounts is as follows: </span></div><div style="margin-top:9pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.853%"><tr><td style="width:1.0%"/><td style="width:35.942%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:9.295%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:9.588%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:9.295%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:9.295%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:9.588%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:9.297%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="border-top:0.25pt solid #414b61;padding:0 1pt"/><td colspan="9" style="border-top:0.25pt solid #414b61;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2024</span></td><td colspan="9" style="border-top:0.25pt solid #414b61;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2023</span></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Millions of euros</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">PwC Auditores, S.L.</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Other companies PwC  network</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">PwC Auditores, S.L.</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Other companies PwC network</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total</span></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Audit services</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2584" decimals="-4" name="ifrs-full:AuditorsRemunerationForAuditServices" scale="6" id="f-7370">8.47</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2585" decimals="-4" name="ifrs-full:AuditorsRemunerationForAuditServices" scale="6" id="f-7371">11.91</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1" decimals="-4" name="ifrs-full:AuditorsRemunerationForAuditServices" scale="6" id="f-7372">20.38</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2586" decimals="-4" name="ifrs-full:AuditorsRemunerationForAuditServices" scale="6" id="f-7373">8.13</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2587" decimals="-4" name="ifrs-full:AuditorsRemunerationForAuditServices" scale="6" id="f-7374">10.48</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-14" decimals="-4" name="ifrs-full:AuditorsRemunerationForAuditServices" scale="6" id="f-7375">18.61</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Audit-related services</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2584" decimals="-4" name="tef:AuditorsRemunerationForAuditRelatedServices" scale="6" id="f-7376">1.33</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2585" decimals="-4" name="tef:AuditorsRemunerationForAuditRelatedServices" scale="6" id="f-7377">0.40</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1" decimals="-4" name="tef:AuditorsRemunerationForAuditRelatedServices" scale="6" id="f-7378">1.73</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2586" decimals="-4" name="tef:AuditorsRemunerationForAuditRelatedServices" scale="6" id="f-7379">1.01</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2587" decimals="-4" name="tef:AuditorsRemunerationForAuditRelatedServices" scale="6" id="f-7380">0.40</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-14" decimals="-4" name="tef:AuditorsRemunerationForAuditRelatedServices" scale="6" id="f-7381">1.41</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total</span></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2584" decimals="-4" name="ifrs-full:AuditorsRemuneration" scale="6" id="f-7382">9.80</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2585" decimals="-4" name="ifrs-full:AuditorsRemuneration" scale="6" id="f-7383">12.31</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1" decimals="-4" name="ifrs-full:AuditorsRemuneration" scale="6" id="f-7384">22.11</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2586" decimals="-4" name="ifrs-full:AuditorsRemuneration" scale="6" id="f-7385">9.14</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2587" decimals="-4" name="ifrs-full:AuditorsRemuneration" scale="6" id="f-7386">10.88</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-14" decimals="-4" name="ifrs-full:AuditorsRemuneration" scale="6" id="f-7387">20.02</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr></table></div></ix:nonNumeric><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Audit services include audit fees with respect to the individual and consolidated financial statements of Telef&#243;nica, S.A. and its subsidiaries, as well as the review of interim financial statements. These Audit services also include the integrated audit of the financial statements for the annual report on Form 20-F filed with the US SEC for those entities currently required, including therefore, the audit of the internal control over financial reporting to comply with the requirements of the Sarbanes-Oxley Act of 2002 (Section 404). It also includes audit work related to legal and regulatory requirements that the auditor is required to perform as part of its role.</span></div><div style="margin-bottom:9pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The main items included in Audit-related services relate to the verification of the Consolidated Statement of Non-Financial Information and Sustainability information, the review of financial information required by regulators, the issuance of agreed-upon procedures reports on financial reporting, the issuance of comfort letters, the review of </span></div></ix:continuation><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">F-158</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><ix:continuation id="f-7189-15" continuedAt="f-7189-16"><div style="margin-bottom:9pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">allocation and impact reports of green finance instruments, the special European report on the Solvency and Financial Condition Review under the Solvency II regulatory framework and the reasonable assurance report on the system of Internal Control over Financial Reporting (ICFR).</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In 2024 and 2023, the Principal Auditor has performed services other than those mentioned above for a total amount of <ix:nonFraction unitRef="eur" contextRef="c-1" decimals="-3" name="ifrs-full:AuditorsRemunerationForOtherServices" scale="6" id="f-7388">0.004</ix:nonFraction> and <ix:nonFraction unitRef="eur" contextRef="c-14" decimals="-3" name="ifrs-full:AuditorsRemunerationForOtherServices" scale="6" id="f-7389">0.002</ix:nonFraction> million euros, respectively. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:112%">PwC Auditores, S.L., has provided the following services to the Group in 2024 and 2023: the individual and consolidated financial statements audit, the review of interim financial statements, the integrated audit of the financial statements for the annual report on Form 20-F filed with the US SEC, the audit of the internal control over financial reporting in order to comply with the requirements of the Sarbanes-Oxley Act of 2002 (Section 404), t</span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:112%">he verification of the Consolidated Statement of Non-Financial Information and Sustainability information,</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:112%"> the issuance of comfort letters, the issuance of agreed upon procedures reports on financial reporting, the review of allocation and impact reports of green finance instruments, the special European report on the Solvency and Financial Condition Review under the Solvency II regulatory framework and the reasonable assurance report on the system of Internal Control over Financial Reporting (ICFR).</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:112%">The expenses accrued to other audit firms, which are not part of the international PwC network and which have provided audit services to the companies included in the consolidation of the Group for the year 2024 have amounted to a total of <ix:nonFraction unitRef="eur" contextRef="c-2588" decimals="-4" name="ifrs-full:AuditorsRemuneration" scale="6" id="f-7390">1.61</ix:nonFraction> million euros (<ix:nonFraction unitRef="eur" contextRef="c-2589" decimals="-4" name="ifrs-full:AuditorsRemuneration" scale="6" id="f-7391">1.77</ix:nonFraction> million euros in 2023), the details of the audit services correspond to <ix:nonFraction unitRef="eur" contextRef="c-2588" decimals="-4" name="ifrs-full:AuditorsRemunerationForAuditServices" scale="6" id="f-7392">1.01</ix:nonFraction> million euros (<ix:nonFraction unitRef="eur" contextRef="c-2589" decimals="-4" name="ifrs-full:AuditorsRemunerationForAuditServices" scale="6" id="f-7393">0.94</ix:nonFraction> million euros in 2023).</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">f) Trade and other guarantees</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company is required to issue trade guarantees and deposits for concession and spectrum tender bids (see Note 19) and in the ordinary course of its business. No significant additional liabilities in the accompanying consolidated financial statements are expected to arise from guarantees and deposits issued.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">g) Directors&#8217; and Senior Executives&#8217; compensation and other benefits</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The compensation of the members of Telef&#243;nica&#8217;s Board of Directors is governed by article 35 of the Company&#8217;s By-Laws, which provides that the annual amount of the compensation to be paid thereby to all of the Directors in their capacity as such, i.e., as members of the Board of Directors and for the performance of the duty of supervision and collective decision-making inherent in such body, shall be fixed by the shareholders at the General Shareholders' Meeting. The Board of Directors shall determine the exact amount to be paid within such limit and the distribution thereof among the Directors, taking into account the duties and responsibilities assigned to each Director, their membership on Committees within the Board of Directors and other objective circumstances that it deems relevant. Furthermore, Executive Directors shall receive such compensation as the Board determines for the performance of executive duties delegated or entrusted to them by the Board of Directors. Such compensation shall conform to the Director compensation policy approved by the shareholders at the General Shareholders&#8217; Meeting. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In accordance with the foregoing, the shareholders, acting at the Ordinary General Shareholders&#8217; Meeting held on April 11, 2003, set at <ix:nonFraction unitRef="eur" contextRef="c-2590" decimals="-6" name="ifrs-full:DirectorsRemunerationExpense" format="ixt:num-dot-decimal" scale="6" id="f-7394">6</ix:nonFraction>&#160;million euros the maximum amount of annual gross compensation to be received by the Board of Directors as a fixed allotment and as attendance fees for attending the meetings of the Advisory or Control Committees of the Board of Directors. Thus, as regards fiscal year 2024, the total amount of compensation accrued by the Directors of Telef&#243;nica, in their capacity as such, </span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">was <ix:nonFraction unitRef="eur" contextRef="c-1" decimals="INF" name="ifrs-full:DirectorsRemunerationExpense" format="ixt:num-dot-decimal" scale="0" id="f-7395">2,732,667</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> euros for the fixed allocation and for attendance fees.  </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The compensation of the Directors of Telef&#243;nica in their capacity as members of the Board of Directors, of the Executive Commission and/or of the Advisory or Control Committees, consists of a fixed amount payable monthly, and of attendance fees for attending the meetings of the Advisory or Control Committees. </span></div><ix:nonNumeric contextRef="c-1" name="tef:DisclosureOfKeyManagementPersonnelCompensationTableTextBlock" id="f-7396" continuedAt="f-7396-1" escape="true"><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The amounts established in fiscal year 2024 as fixed amounts for belonging to the Board of Directors, the Executive Commission and the Advisory or Control Committees of Telef&#243;nica, and the attendance fees for attending meetings of the Advisory or Control Committees of the Board of Directors, are indicated below: </span></div></ix:nonNumeric></ix:continuation><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">F-159</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><ix:continuation id="f-7189-16" continuedAt="f-7189-17"><ix:continuation id="f-7396-1" continuedAt="f-7396-2"><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Compensation of the Board of Directors and of the Committees thereof</span></div><div style="margin-top:9pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.707%"><tr><td style="width:1.0%"/><td style="width:24.706%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:26.026%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:22.360%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:22.508%"/><td style="width:0.1%"/></tr><tr><td colspan="12" style="border-top:1pt solid #acacac;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Amounts in euros</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #acacac;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Position</span></td><td colspan="3" style="border-top:1pt solid #acacac;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Board of Directors</span></td><td colspan="3" style="border-top:1pt solid #acacac;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Executive Commission</span></td><td colspan="3" style="border-top:1pt solid #acacac;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Advisory or Control Committees </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:5.2pt;font-weight:700;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(*)</span></div></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Chairman</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2591" decimals="0" name="ifrs-full:KeyManagementPersonnelCompensation" format="ixt:num-dot-decimal" scale="0" id="f-7397">240,000</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2592" decimals="0" name="ifrs-full:KeyManagementPersonnelCompensation" format="ixt:num-dot-decimal" scale="0" id="f-7398">80,000</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2593" decimals="0" name="ifrs-full:KeyManagementPersonnelCompensation" format="ixt:num-dot-decimal" scale="0" id="f-7399">22,400</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #acacac;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Vice chairman</span></td><td colspan="2" style="border-top:1pt solid #acacac;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2594" decimals="0" name="ifrs-full:KeyManagementPersonnelCompensation" format="ixt:num-dot-decimal" scale="0" id="f-7400">200,000</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #acacac;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #acacac;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2595" decimals="0" name="ifrs-full:KeyManagementPersonnelCompensation" format="ixt:num-dot-decimal" scale="0" id="f-7401">80,000</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #acacac;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #acacac;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2596" decimals="0" name="ifrs-full:KeyManagementPersonnelCompensation" format="ixt:fixed-zero" scale="0" id="f-7402">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #acacac;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #acacac;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Executive Member</span></td><td colspan="2" style="border-top:1pt solid #acacac;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2597" decimals="0" name="ifrs-full:KeyManagementPersonnelCompensation" format="ixt:fixed-zero" scale="0" id="f-7403">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #acacac;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #acacac;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2598" decimals="0" name="ifrs-full:KeyManagementPersonnelCompensation" format="ixt:fixed-zero" scale="0" id="f-7404">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #acacac;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #acacac;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2599" decimals="0" name="ifrs-full:KeyManagementPersonnelCompensation" format="ixt:fixed-zero" scale="0" id="f-7405">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #acacac;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #acacac;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Proprietary Member</span></td><td colspan="2" style="border-top:1pt solid #acacac;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2600" decimals="0" name="ifrs-full:KeyManagementPersonnelCompensation" format="ixt:num-dot-decimal" scale="0" id="f-7406">120,000</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #acacac;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #acacac;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2601" decimals="0" name="ifrs-full:KeyManagementPersonnelCompensation" format="ixt:num-dot-decimal" scale="0" id="f-7407">80,000</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #acacac;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #acacac;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2602" decimals="0" name="ifrs-full:KeyManagementPersonnelCompensation" format="ixt:num-dot-decimal" scale="0" id="f-7408">11,200</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #acacac;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #acacac;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Independent Member</span></td><td colspan="2" style="border-top:1pt solid #acacac;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2603" decimals="0" name="ifrs-full:KeyManagementPersonnelCompensation" format="ixt:num-dot-decimal" scale="0" id="f-7409">120,000</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #acacac;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #acacac;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2604" decimals="0" name="ifrs-full:KeyManagementPersonnelCompensation" format="ixt:num-dot-decimal" scale="0" id="f-7410">80,000</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #acacac;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #acacac;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2605" decimals="0" name="ifrs-full:KeyManagementPersonnelCompensation" format="ixt:num-dot-decimal" scale="0" id="f-7411">11,200</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #acacac;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #acacac;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Other external</span></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #acacac;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2606" decimals="0" name="ifrs-full:KeyManagementPersonnelCompensation" format="ixt:num-dot-decimal" scale="0" id="f-7412">120,000</ix:nonFraction>&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #acacac;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #acacac;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2607" decimals="0" name="ifrs-full:KeyManagementPersonnelCompensation" format="ixt:num-dot-decimal" scale="0" id="f-7413">80,000</ix:nonFraction>&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #acacac;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #acacac;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2608" decimals="0" name="ifrs-full:KeyManagementPersonnelCompensation" format="ixt:num-dot-decimal" scale="0" id="f-7414">11,200</ix:nonFraction>&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #acacac;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr></table></div></ix:continuation><div style="margin-bottom:9pt;text-align:justify"><ix:continuation id="f-7396-2" continuedAt="f-7396-3"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:4.55pt;font-weight:400;line-height:120%;position:relative;top:-2.44pt;vertical-align:baseline">(*)</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:120%"> In addition, the amount of the attendance fee for each of the meetings of the Advisory or Control Committees is <ix:nonFraction unitRef="eur" contextRef="c-2608" decimals="0" name="tef:KeyManagementPersonnelCompensationAttendanceFees" format="ixt:num-dot-decimal" scale="0" id="f-7415">1,000</ix:nonFraction> euros.</span></ix:continuation><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In this regard, it is noted that Mr. Jos&#233; Mar&#237;a &#193;lvarez-Pallete L&#243;pez (Executive Chairman until January 18, 2025), waived the receipt of the above amounts (i.e., <ix:nonFraction unitRef="eur" contextRef="c-2591" decimals="0" name="ifrs-full:KeyManagementPersonnelCompensation" format="ixt:num-dot-decimal" scale="0" id="f-7416">240,000</ix:nonFraction> euros as Chairman of the Board of Directors and <ix:nonFraction unitRef="eur" contextRef="c-2592" decimals="0" name="ifrs-full:KeyManagementPersonnelCompensation" format="ixt:num-dot-decimal" scale="0" id="f-7417">80,000</ix:nonFraction> euros as Chairman of the Executive Commission). </span></div><div style="margin-top:9pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Likewise, the fixed remuneration of <ix:nonFraction unitRef="eur" contextRef="c-2609" decimals="INF" name="ifrs-full:KeyManagementPersonnelCompensation" format="ixt:num-dot-decimal" scale="0" id="f-7418"><ix:nonFraction unitRef="eur" contextRef="c-2610" decimals="INF" name="ifrs-full:KeyManagementPersonnelCompensation" format="ixt:num-dot-decimal" scale="0" id="f-7419"><ix:nonFraction unitRef="eur" contextRef="c-2611" decimals="INF" name="ifrs-full:KeyManagementPersonnelCompensation" format="ixt:num-dot-decimal" scale="0" id="f-7420"><ix:nonFraction unitRef="eur" contextRef="c-2612" decimals="INF" name="ifrs-full:KeyManagementPersonnelCompensation" format="ixt:num-dot-decimal" scale="0" id="f-7421"><ix:nonFraction unitRef="eur" contextRef="c-2613" decimals="INF" name="ifrs-full:KeyManagementPersonnelCompensation" format="ixt:num-dot-decimal" scale="0" id="f-7422"><ix:nonFraction unitRef="eur" contextRef="c-2614" decimals="INF" name="ifrs-full:KeyManagementPersonnelCompensation" format="ixt:num-dot-decimal" scale="0" id="f-7423"><ix:nonFraction unitRef="eur" contextRef="c-2615" decimals="INF" name="ifrs-full:KeyManagementPersonnelCompensation" format="ixt:num-dot-decimal" scale="0" id="f-7424"><ix:nonFraction unitRef="eur" contextRef="c-2616" decimals="INF" name="ifrs-full:KeyManagementPersonnelCompensation" format="ixt:num-dot-decimal" scale="0" id="f-7425">1,923,100</ix:nonFraction></ix:nonFraction></ix:nonFraction></ix:nonFraction></ix:nonFraction></ix:nonFraction></ix:nonFraction></ix:nonFraction> euros established for the 2024 financial year related to executive roles carried out by Mr. Jos&#233; Mar&#237;a &#193;lvarez-Pallete L&#243;pez was equal to that received in the previous eight years (i.e. 2023, 2022, 2021, 2020, 2019, 2018, 2017 and 2016), which was set in his capacity as Chief Operating Officer, remaining invariably after his appointment as Chairman in 2016. </span></div><div style="margin-top:9pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The fixed remuneration, for his executive roles, of <ix:nonFraction unitRef="eur" contextRef="c-2617" decimals="INF" name="ifrs-full:KeyManagementPersonnelCompensation" format="ixt:num-dot-decimal" scale="0" id="f-7426"><ix:nonFraction unitRef="eur" contextRef="c-2618" decimals="INF" name="ifrs-full:KeyManagementPersonnelCompensation" format="ixt:num-dot-decimal" scale="0" id="f-7427"><ix:nonFraction unitRef="eur" contextRef="c-2619" decimals="INF" name="ifrs-full:KeyManagementPersonnelCompensation" format="ixt:num-dot-decimal" scale="0" id="f-7428"><ix:nonFraction unitRef="eur" contextRef="c-2620" decimals="INF" name="ifrs-full:KeyManagementPersonnelCompensation" format="ixt:num-dot-decimal" scale="0" id="f-7429"><ix:nonFraction unitRef="eur" contextRef="c-2621" decimals="INF" name="ifrs-full:KeyManagementPersonnelCompensation" format="ixt:num-dot-decimal" scale="0" id="f-7430">1,600,000</ix:nonFraction></ix:nonFraction></ix:nonFraction></ix:nonFraction></ix:nonFraction> euros that the Chief Operating Officer (C.O.O.), Mr. &#193;ngel Vil&#225; Boix, has established for the 2024 financial year is equal to the one received in the years 2023, 2022, 2021, 2020 and 2019.  </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Individualized description</span></div></ix:continuation><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"><ix:continuation id="f-7189-17">Appendix II provides an individual breakdown by item of the compensation and benefits that the members of the Board of Directors of the Company have accrued and/or received from Telef&#243;nica, S.A., and from other companies of the Telef&#243;nica Group during fiscal year 2024. Likewise, the compensation and benefits accrued and/or received, during such year, by the members of the Company's Senior Management are broken down.</ix:continuation> </span></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">F-160</span></div></div></div><div id="i63478826478c4e0dbabc502413383f6b_370"></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><div style="margin-top:9pt;text-align:center"><span style="color:#a6a6a6;font-family:'Arial',sans-serif;font-size:18pt;font-weight:400;line-height:120%">Note 30. <ix:nonNumeric contextRef="c-1" name="ifrs-full:DisclosureOfNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory" id="f-7431" continuedAt="f-7431-1" escape="true">Operations classified as held for sale</ix:nonNumeric></span></div><ix:continuation id="f-7431-1"><ix:nonNumeric contextRef="c-1" name="tef:DisclosureOfDetailedInformationOnOperationsClassifiedAsHeldForSaleAndLiabilitiesAssociatedTableTextBlock" id="f-7432" escape="true"><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The breakdown of non-current assets and disposal groups held for sale and liabilities associated at December&#160;31, 2024 and December&#160;31, 2023 is as follows:</span></div><div style="margin-bottom:9pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"/><td style="width:52.993%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:21.853%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:21.854%"/><td style="width:0.1%"/></tr><tr style="height:3pt"><td colspan="9" style="padding:0 1pt"/></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Millions of euros</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">12/31/2024</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">12/31/2023</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Fiber optic assets in Peru </span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2622" decimals="-6" name="ifrs-full:NoncurrentAssets" scale="6" id="f-7433">77</ix:nonFraction></span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2623" decimals="-6" name="ifrs-full:NoncurrentAssets" scale="6" id="f-7434">273</ix:nonFraction></span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 13pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Goodwill (Note 7)</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2622" decimals="-6" name="ifrs-full:Goodwill" format="ixt:fixed-zero" scale="6" id="f-7435">&#8212;</ix:nonFraction></span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2623" decimals="-6" name="ifrs-full:Goodwill" scale="6" id="f-7436">34</ix:nonFraction></span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 13pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Property, plant and equipment (Note 8)</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2622" decimals="-6" name="ifrs-full:PropertyPlantAndEquipment" scale="6" id="f-7437">33</ix:nonFraction></span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2623" decimals="-6" name="ifrs-full:PropertyPlantAndEquipment" scale="6" id="f-7438">198</ix:nonFraction></span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 13pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Others</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2622" decimals="-6" name="ifrs-full:OtherNoncurrentAssets" scale="6" id="f-7439">44</ix:nonFraction></span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2623" decimals="-6" name="ifrs-full:OtherNoncurrentAssets" scale="6" id="f-7440">41</ix:nonFraction></span></td></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Investment in Nabiax</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2622" decimals="-6" name="ifrs-full:InvestmentsInAssociatesAccountedForUsingEquityMethod" scale="6" id="f-7441">58</ix:nonFraction></span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2623" decimals="-6" name="ifrs-full:InvestmentsInAssociatesAccountedForUsingEquityMethod" format="ixt:fixed-zero" scale="6" id="f-7442">&#8212;</ix:nonFraction></span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Other assets</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2624" decimals="-6" name="ifrs-full:OtherAssets" scale="6" id="f-7443">3</ix:nonFraction></span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2625" decimals="-6" name="ifrs-full:OtherAssets" format="ixt:fixed-zero" scale="6" id="f-7444">&#8212;</ix:nonFraction></span></td></tr><tr><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Non-current assets and disposal groups held for sale</span></td><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-12" decimals="-6" name="ifrs-full:NoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleOrAsHeldForDistributionToOwners" scale="6" id="f-7445">138</ix:nonFraction></span></td><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-13" decimals="-6" name="ifrs-full:NoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleOrAsHeldForDistributionToOwners" scale="6" id="f-7446">273</ix:nonFraction></span></td></tr></table></div><div style="margin-bottom:9pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"/><td style="width:52.993%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:21.853%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:21.854%"/><td style="width:0.1%"/></tr><tr style="height:3pt"><td colspan="9" style="padding:0 1pt"/></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Millions of euros</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">12/31/2024</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">12/31/2023</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Liabilities associated with Fiber optic assets in Peru</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2622" decimals="-6" name="ifrs-full:Liabilities" scale="6" id="f-7447">33</ix:nonFraction></span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2623" decimals="-6" name="ifrs-full:Liabilities" scale="6" id="f-7448">37</ix:nonFraction></span></td></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Liabilities associated with non-current assets <br/>and disposal groups held for sale</span></td><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-12" decimals="-6" name="ifrs-full:LiabilitiesIncludedInDisposalGroupsClassifiedAsHeldForSale" scale="6" id="f-7449">33</ix:nonFraction></span></td><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-13" decimals="-6" name="ifrs-full:LiabilitiesIncludedInDisposalGroupsClassifiedAsHeldForSale" scale="6" id="f-7450">37</ix:nonFraction></span></td></tr></table></div></ix:nonNumeric><div style="width:100.000%"><div style="display:inline-block;vertical-align:top;width:46.491%"><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Fiber optic business in Peru</span></div></div><div style="display:inline-block;max-width:7.017%;min-width:6.017%;vertical-align:top"></div><div style="display:inline-block;vertical-align:top;width:46.492%"></div></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On July 6, 2023, Telef&#243;nica Hispanoam&#233;rica, S.A.U. entered into share subscription agreements with a subsidiary of KKR and Entel Per&#250; for the entry of both companies, with <ix:nonFraction unitRef="number" contextRef="c-2626" decimals="2" name="ifrs-full:PercentageOfVotingEquityInterestsAcquired" scale="-2" id="f-7451">54</ix:nonFraction>% and <ix:nonFraction unitRef="number" contextRef="c-2627" decimals="2" name="ifrs-full:PercentageOfVotingEquityInterestsAcquired" scale="-2" id="f-7452">10</ix:nonFraction>% respectively, into the share capital of Pangea, the wholesale fiber optic company in Peru. After the admittance of the regulatory authorizations with conditions by the regulator in September 2024, the closing of the transaction is pending of the final agreement between the parties.</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Following the analysis of recoverability of Pangea's assets at the end of 2024, an impairment loss of tangible fixed assets amounting to <ix:nonFraction unitRef="eur" contextRef="c-170" decimals="-6" name="ifrs-full:ImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment" scale="6" id="f-7453">108</ix:nonFraction> million euros has been recorded (see Note 26), as well as a reversal of deferred tax assets amounting to <ix:nonFraction unitRef="eur" contextRef="c-170" decimals="-6" name="tef:ReversalOfDeferredTaxAssets" scale="6" id="f-7454">13</ix:nonFraction> million euros.</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Also in July 2023, Telef&#243;nica del Per&#250;, S.A.A. and Entel agreed to sell certain assets of their fiber-to-the-home infrastructure to Pangea. In 2024, the scope of this agreement was redefined, ruling out the contribution of fiber assets by Telef&#243;nica del Per&#250;, S.A.A., which resulted in the reclassification of <ix:nonFraction unitRef="eur" contextRef="c-588" decimals="-6" name="ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesPropertyPlantAndEquipment" scale="6" id="f-7455">118</ix:nonFraction> million euros to Property, plant and equipment (see Note 8).</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">As a result of the goodwill impairment test, an impairment of <ix:nonFraction unitRef="eur" contextRef="c-588" decimals="-6" name="ifrs-full:ImpairmentLossRecognisedInProfitOrLossGoodwill" scale="6" id="f-7456">34</ix:nonFraction> million euros was recorded in 2024 (see Note 26), corresponding to the goodwill allocated to the business subject to the previous agreement.</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:112%">Investment in Nabiax</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On November 8, 2024, Nabiax's majority shareholder, Asterion (<ix:nonFraction unitRef="number" contextRef="c-781" decimals="2" name="tef:PercentageofShareCapitalSold" scale="-2" id="f-7457">80</ix:nonFraction>% stake), reached an agreement with the Aermont Group to sell its shares in Nabiax. In compliance with the provisions of the original shareholders' agreement between Asterion and Telef&#243;nica Infra, S.L. (which owns the remaining <ix:nonFraction unitRef="number" contextRef="c-2628" decimals="2" name="ifrs-full:ProportionOfOwnershipInterestInAssociate" scale="-2" id="f-7458">20</ix:nonFraction>%), Asterion has notified this transaction to Telef&#243;nica Infra, S.L. and has required it to adhere to the aforementioned sale agreement (see Note 10).</span></div></ix:continuation><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">F-161</span></div></div></div><div id="i63478826478c4e0dbabc502413383f6b_373"></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><div style="margin-top:9pt;text-align:center"><span style="color:#a6a6a6;font-family:'Arial',sans-serif;font-size:18pt;font-weight:400;line-height:120%">Note 31. <ix:nonNumeric contextRef="c-1" name="ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory" id="f-7459" continuedAt="f-7459-1" escape="true">Events after the reporting period</ix:nonNumeric></span></div><ix:continuation id="f-7459-1" continuedAt="f-7459-2"><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The following events regarding the Telef&#243;nica Group took place between December&#160;31, 2024 and the date of authorization for issue of the accompanying consolidated financial statements: </span></div><div style="margin-bottom:9pt;margin-top:9pt;padding-left:18pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:112%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:112%;padding-left:28pt">On January 10, 2025, Telef&#243;nica Germany GmbH &amp; Co. OHG completed the early termination of its <ix:nonFraction unitRef="eur" contextRef="c-2629" decimals="-6" name="ifrs-full:RepaymentsOfBondsNotesAndDebentures" scale="6" id="f-7460">750</ix:nonFraction> million euros sustainability-linked syndicated credit facility signed on December 17, 2019 and originally scheduled to mature in 2026.</span></div><div style="margin-top:9pt;padding-left:18pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:112%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:112%;padding-left:28pt">On January 13, 2025, Telef&#243;nica, S.A. signed an extension with respect to its sustainability-linked syndicated credit facility for up to <ix:nonFraction unitRef="eur" contextRef="c-2630" decimals="-6" name="tef:BorrowingFacilitiesMaximumBorrowingCapacity" format="ixt:num-dot-decimal" scale="6" id="f-7461">5,500</ix:nonFraction> million euros for an additional year (extending the maturity date to January 13, 2030). Additionally, Telef&#243;nica signed <ix:nonFraction unitRef="extension" contextRef="c-2631" decimals="0" name="tef:BorrowingsNumberOfExtension" scale="0" id="f-7462">2</ix:nonFraction> extension options for <ix:nonNumeric contextRef="c-2631" name="tef:BorrowingsTermExtension" format="ixt-sec:duryear" id="f-7463">1</ix:nonNumeric> additional year each, permitting Telef&#243;nica, S.A.,to extend the maturity date of the credit facility to January 13, 2032.</span></div><div style="margin-top:9pt;padding-left:18pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:112%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:112%;padding-left:28pt">On January 15, 2025, Telef&#243;nica, S.A. signed a bilateral loan in the amount of <ix:nonFraction unitRef="eur" contextRef="c-2632" decimals="-6" name="ifrs-full:NotionalAmount" scale="6" id="f-7464">125</ix:nonFraction> million euros maturing on January 15, 2035. As of the date, there was <ix:nonFraction unitRef="eur" contextRef="c-2632" decimals="-6" name="ifrs-full:Borrowings" format="ixt:fixed-zero" scale="0" id="f-7465">no</ix:nonFraction> outstanding amount under this bilateral loan. </span></div><div style="margin-bottom:9pt;margin-top:9pt;padding-left:18pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:112%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:112%;padding-left:28pt">On January 16, 2025, Telef&#243;nica, S.A. through its wholly-owned subsidiary Telef&#243;nica Emisiones, S.A.U., launched in the Euro market under its EMTN Programme an issuance of Notes guaranteed by Telef&#243;nica, S.A. in a principal amount of <ix:nonFraction unitRef="eur" contextRef="c-2633" decimals="-6" name="ifrs-full:DebtSecurities" format="ixt:num-dot-decimal" scale="6" id="f-7466">1,000</ix:nonFraction> million euros. This issue, due on January 23, 2034, pays an annual coupon of <ix:nonFraction unitRef="number" contextRef="c-2634" decimals="5" name="ifrs-full:BorrowingsInterestRate" scale="-2" id="f-7467">3.724</ix:nonFraction>% and was issued at par. The settlement of the issuance took place on January 23, 2025.</span></div><div style="margin-bottom:9pt;margin-top:9pt;padding-left:18pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:112%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:112%;padding-left:28pt">On January 17, 2025, Telef&#243;nica Emisiones, S.A.U. redeemed <ix:nonFraction unitRef="eur" contextRef="c-2635" decimals="-6" name="ifrs-full:RepaymentsOfBondsNotesAndDebentures" format="ixt:num-dot-decimal" scale="6" id="f-7468">1,250</ix:nonFraction> million euros of its notes issued on January 17, 2017. These notes were guaranteed by Telef&#243;nica, S.A. </span></div><div style="margin-bottom:9pt;margin-top:9pt;padding-left:18pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:112%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:112%;padding-left:28pt">On January 18, 2025, Telef&#243;nica, S.A. in view of its new shareholding structure and that some of its relevant shareholders expressed the convenience of embarking on a new stage in the executive chairmanship, Telef&#243;nica&#8217;s Board of Directors, which met on the aforementioned date to assess the situation, under the chairmanship of Mr. Jos&#233; Mar&#237;a &#193;lvarez-Pallete, adopted, following a favorable report from the Nominating, Compensation and Corporate Governance Committee, the following resolutions:</span></div><div style="margin-bottom:9pt;margin-top:9pt;padding-left:54pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:112%">&#9702;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:112%;padding-left:27.96pt"> To agree on the orderly renewal of the Company's chairmanship, in order to adapt it to its new shareholding structure.</span></div><div style="margin-bottom:9pt;margin-top:9pt;padding-left:54pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:112%">&#9702;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:112%;padding-left:27.96pt">To approve the termination of the contract signed with Mr. Jos&#233; Mar&#237;a &#193;lvarez-Pallete as Executive Chairman of Telef&#243;nica&#8217;s Board of Directors, and to request from him, in accordance with the provisions of Article 12.2.a) of the Regulations of the Board of Directors, his resignation from his position as Director. Mr. &#193;lvarez-Pallete, in response to said request, tendered his resignation as a Director, which was accepted by the Board of Directors.</span></div><div style="margin-bottom:9pt;margin-top:9pt;padding-left:54pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:112%">&#9702;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:112%;padding-left:27.96pt">In order to guarantee an adequate replacement in the executive chairmanship of the Company, to approve the appointment by co-optation of Mr. Marc Thomas Murtra Millar, as Executive Director of the Company, also appointing him as Executive Chairman of the Board of Directors and delegating to him all the powers that may be delegated by the Board of Directors, to be exercised jointly and severally. Mr. Murtra accepted his appointment as Executive Chairman of Telef&#243;nica, on this same date. </span></div><div style="margin-bottom:9pt;margin-top:9pt;padding-left:18pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:112%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:112%;padding-left:28pt">On January 29, 2025, the Board of Directors of Telef&#243;nica, S.A., resolved with the abstention of the Executive Directors and upon proposal of the Nominating, Compensation and Corporate Governance Committee, to appoint Mr. Peter L&#246;scher as Lead Independent Director. On the same date, the Audit and Control Committee resolved  to appoint the Independent Director Ms. Mar&#237;a Luisa Garc&#237;a Blanco as Chairwoman of that Committee.</span></div><div style="margin-bottom:9pt;margin-top:9pt;padding-left:18pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:112%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:112%;padding-left:28pt">On February 14, 2025 the Board of Directors of Telef&#243;nica del Per&#250;, S.A.A. (&#8220;Telef&#243;nica del Per&#250;&#8221;), with the aim of achieving an orderly restructuring of the liabilities of said company, resolved to invoke the Ordinary Insolvency Procedure, established under the Peruvian law (</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:112%">Ley General del Sistema Concursal</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:112%">) with respect to Telef&#243;nica del Per&#250;. The invocation of said insolvency procedure is focused on the financial and operational restructuring within the framework of the applicable insolvency law. Thus, the protection of the insolvency framework, established by the</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:112%"> Ley General del Sistema Concursa</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:112%">l, will allow Telef&#243;nica del Per&#250; for an orderly restructuring of liabilities with the arrangement of its creditors. In order to facilitate the invocation of the Ordinary Insolvency Procedure, Telef&#243;nica Hispanoam&#233;rica has granted a credit facility of up to <ix:nonFraction unitRef="pen" contextRef="c-2636" decimals="-6" name="tef:BorrowingFacilitiesMaximumBorrowingCapacity" format="ixt:num-dot-decimal" scale="6" id="f-7469">1,549</ix:nonFraction>&#160;million Peruvian soles (approximately <ix:nonFraction unitRef="eur" contextRef="c-2636" decimals="-6" name="tef:BorrowingFacilitiesMaximumBorrowingCapacity" format="ixt:num-dot-decimal" scale="6" id="f-7470">394</ix:nonFraction>&#160;million euros at an estimated average rate of <ix:nonFraction unitRef="peruviannuevosolpereur" contextRef="c-2637" decimals="2" name="ifrs-full:AverageForeignExchangeRate" scale="0" id="f-7471">3.93</ix:nonFraction> Peruvian soles per euro), subject to strict conditionality and with a maturity of <ix:nonNumeric contextRef="c-2637" name="tef:BorrowingsMaturityTerm" format="ixt-sec:durmonth" id="f-7472">18</ix:nonNumeric> months, to meet exclusively operational </span></div></ix:continuation><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">F-162</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><ix:continuation id="f-7459-2"><div style="margin-bottom:9pt;margin-top:9pt;padding-left:18pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:112%">cash requirements of Telef&#243;nica del Per&#250;. The financial situation of Telef&#243;nica del Per&#250; has been very negatively affected by tax contingencies that are more than <ix:nonFraction unitRef="y" contextRef="c-2638" decimals="INF" name="tef:NumberOfYearsInProcessingLawsuitsTaxLitigation" format="ixt:num-dot-decimal" scale="0" id="f-7473">20</ix:nonFraction> years old (see Note 25), as well as by administrative decisions that have placed the company in a competitive disadvantage within a particularly challenging market environment. In relation to the abovementioned tax contingencies, Telef&#243;nica is currently in arbitration before the International Centre for Settlement of Investment Disputes (ICSID)(see Note 29.a). As previously informed to the market, Telef&#243;nica reiterated that Telef&#243;nica del Per&#250;&#8217;s liabilities are not guaranteed by any other company of the Telef&#243;nica Group. Telef&#243;nica will continue to explore strategic alternatives with regard to its investment in Telef&#243;nica del Per&#250;.</span></div><div style="margin-bottom:9pt;margin-top:9pt;padding-left:18pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:112%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:112%;padding-left:28pt">On February 24, 2025, Telef&#243;nica's subsidiary TLH Holdco, S.L.U., a company <ix:nonFraction unitRef="number" contextRef="c-2639" decimals="2" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" scale="-2" id="f-7474">100</ix:nonFraction>% owned by Telef&#243;nica, sold all the shares that it held in Telef&#243;nica M&#243;viles Argentina, S.A. representing  <ix:nonFraction unitRef="number" contextRef="c-2640" decimals="8" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" scale="-2" id="f-7475">99.999625</ix:nonFraction>% of its share capital and of the entire share capital of its operations in Argentina to Telecom Argentina S.A. The total price for <ix:nonFraction unitRef="number" contextRef="c-2641" decimals="2" name="tef:PercentageOfSharesTransferred" scale="-2" id="f-7476">100</ix:nonFraction>% of the shares transferred amounts to <ix:nonFraction unitRef="usd" contextRef="c-2641" decimals="-6" sign="-" name="ifrs-full:ConsiderationPaidReceived" format="ixt:num-dot-decimal" scale="6" id="f-7477">1,245</ix:nonFraction>&#160;million U.S. dollars (approximately <ix:nonFraction unitRef="eur" contextRef="c-2641" decimals="-6" sign="-" name="ifrs-full:ConsiderationPaidReceived" format="ixt:num-dot-decimal" scale="6" id="f-7478">1,189</ix:nonFraction>&#160;million euros at the date of the transaction). The signing and closing of the transaction took place simultaneously.</span></div><div style="margin-bottom:9pt;margin-top:9pt;padding-left:18pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:112%">The carrying amount of Telef&#243;nica M&#243;viles Argentina's net assets as of December 31, 2024 amounted to <ix:nonFraction unitRef="eur" contextRef="c-131" decimals="-6" name="tef:NetAssets" format="ixt:num-dot-decimal" scale="6" id="f-7479">1,175</ix:nonFraction> million euros (see Note 2). </span></div><div style="margin-bottom:9pt;margin-top:9pt;padding-left:18pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:112%">As a result of the transaction, the Group will reclassify to 2025 results the accumulated negative translation differences corresponding to Telef&#243;nica M&#243;viles Argentina, which as of December 31, 2024 amounted to <ix:nonFraction unitRef="eur" contextRef="c-1297" decimals="-6" name="ifrs-full:ReserveOfExchangeDifferencesOnTranslation" format="ixt:num-dot-decimal" scale="6" id="f-7480">1,107</ix:nonFraction> million euros (Note 17.f).</span></div></ix:continuation><div style="margin-bottom:9pt;margin-top:9pt;padding-left:18pt;text-align:justify"><span><br/></span></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">F-163</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><div style="margin-bottom:9pt;margin-top:9pt;padding-left:18pt;text-align:justify"><span><br/></span></div><div id="i63478826478c4e0dbabc502413383f6b_376"></div><ix:nonNumeric contextRef="c-1" name="ifrs-full:DisclosureOfBasisOfConsolidationExplanatory" id="f-7481" continuedAt="f-7481-1" escape="true"><div style="margin-top:9pt;text-align:center"><span style="color:#a6a6a6;font-family:'Arial',sans-serif;font-size:18pt;font-weight:400;line-height:120%">Appendix I: Scope of consolidation</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">The main companies of the Telef&#243;nica Group</span></div><ix:nonNumeric contextRef="c-1" name="ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory" id="f-7482" continuedAt="f-7482-1" escape="true"><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The table below lists the main companies comprising the Telef&#243;nica Group at December 31, 2024 and the main investments consolidated using the equity method.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Included for each company are the company name, corporate purpose, country, functional currency, share capital (in millions of functional currency units), the Telef&#243;nica Group&#8217;s effective shareholding and the company or companies through which the Group holds a stake.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Parent Company</span></div><div style="margin-bottom:18pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Telef&#243;nica,S.A.</span><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"/><td style="width:43.344%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:8.695%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:7.525%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:7.525%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:9.426%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:16.885%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="border-bottom:1pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Name and corporate purpose</span></td><td colspan="3" style="border-bottom:1pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Country</span></td><td colspan="3" style="border-bottom:1pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Currency</span></td><td colspan="3" style="border-bottom:1pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Capital</span></td><td colspan="3" style="border-bottom:1pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">%Telef&#243;nica Group</span></td><td colspan="3" style="border-bottom:1pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Holding Company</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Telef&#243;nica Spain</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"/><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"/><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"/><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"/><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"/></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica de Espa&#241;a, S.A.U. <br/>Telecommunications service provider</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Spain</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2642" decimals="-6" name="ifrs-full:Equity" format="ixt:num-dot-decimal" scale="6" id="f-7483">1,024</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-2643" decimals="2" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" scale="-2" id="f-7484">100</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica, S.A. </span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica M&#243;viles Espa&#241;a, S.A.U.<br/>Wireless communications services provider</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Spain</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2644" decimals="-6" name="ifrs-full:Equity" scale="6" id="f-7485">209</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-2645" decimals="2" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" scale="-2" id="f-7486">100</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica, S.A. </span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Teleinform&#225;tica y Comunicaciones, S.A.U. (Telyco)<br/>Promotion, marketing and distribution of telephone and telematic equipment and services</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Spain</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2646" decimals="-6" name="ifrs-full:Equity" scale="6" id="f-7487">8</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-2647" decimals="2" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" scale="-2" id="f-7488">100</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Espa&#241;a Filiales, S.A.U.</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Soluciones de Inform&#225;tica y Com. de Espa&#241;a S.A.U.<br/>Telecommunications systems, networks and infrastructure engineering</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Spain</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2648" decimals="-6" name="ifrs-full:Equity" scale="6" id="f-7489">2</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-2649" decimals="2" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" scale="-2" id="f-7490">100</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica de Espa&#241;a, S.A.U. </span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Soluciones de Outsourcing, S.A.U.<br/>Promotion and networks management</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Spain</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2650" decimals="-6" name="ifrs-full:Equity" scale="6" id="f-7491">1</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-2651" decimals="2" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" scale="-2" id="f-7492">100</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Espa&#241;a Filiales, S.A.U.</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Servicios Integrales de Distribuci&#243;n S.A.U.<br/>Logistic service provider</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Spain</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2652" decimals="-6" name="ifrs-full:Equity" scale="6" id="f-7493">2</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-2653" decimals="2" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" scale="-2" id="f-7494">100</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica de Espa&#241;a, S.A.U. </span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Espa&#241;a Filiales, S.A.U.<br/>Organization and operation of multimedia service-related business</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Spain</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2654" decimals="-6" name="ifrs-full:Equity" scale="6" id="f-7495">226</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-2655" decimals="2" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" scale="-2" id="f-7496">100</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica, S.A. </span></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Servicios Audiovisuales, S.A.U.<br/>Provision of all type of audiovisual telecommunications services</span></td><td colspan="3" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Spain</span></td><td colspan="3" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2656" decimals="-6" name="ifrs-full:Equity" scale="6" id="f-7497">6</ix:nonFraction>&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-2657" decimals="2" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" scale="-2" id="f-7498">100</ix:nonFraction>&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Espa&#241;a Filiales, S.A.U.</span></td></tr></table></div></ix:nonNumeric></ix:nonNumeric><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">F-164</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><ix:continuation id="f-7482-1" continuedAt="f-7482-2"><ix:continuation id="f-7481-1" continuedAt="f-7481-2"><div style="margin-bottom:18pt;margin-top:9pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"/><td style="width:43.344%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:8.695%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:7.525%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:7.525%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:9.426%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:16.885%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Name and corporate purpose</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Country</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Currency</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Capital</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">%Telef&#243;nica Group</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Holding Company</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Telef&#243;nica Spain (cont.)</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"/><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"/><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"/><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"/><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"/></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Broadcast Services, S.L.U.<br/>DSNG-based transmission and operation services</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Spain</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2658" decimals="-6" name="ifrs-full:Equity" format="ixt:fixed-zero" scale="6" id="f-7499">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-2659" decimals="2" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" scale="-2" id="f-7500">100</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Espa&#241;a Filiales, S.A.U.</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica  Audiovisual Digital, S.L.U. <br/>Provision of all type of audiovisual telecommunications services</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Spain</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2660" decimals="-6" name="ifrs-full:Equity" scale="6" id="f-7501">46</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-2661" decimals="2" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" scale="-2" id="f-7502">100</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Espa&#241;a Filiales, S.A.U.</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Global Technology, S.A.U.<br/>Global management and operation of IT systems</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Spain</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2662" decimals="-6" name="ifrs-full:Equity" scale="6" id="f-7503">16</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-2663" decimals="2" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" scale="-2" id="f-7504">100</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Espa&#241;a Filiales, S.A.U.</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Educaci&#243;n Digital, S.L.U.<br/>Vertical e-learning portal</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Spain</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2664" decimals="-6" name="ifrs-full:Equity" scale="6" id="f-7505">1</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-2665" decimals="2" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" scale="-2" id="f-7506">100</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Espa&#241;a Filiales, S.A.U.</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Bluevia Fibra, S.L.<br/>Operations and exploitation of FTTH network and other connectivity services.</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Spain</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2666" decimals="-6" name="ifrs-full:Equity" scale="6" id="f-7507">68</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-2667" decimals="2" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" scale="-2" id="f-7508">55</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Espa&#241;a Filiales, S.A.U. (<ix:nonFraction unitRef="number" contextRef="c-2668" decimals="2" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" scale="-2" id="f-7509">30</ix:nonFraction>%)</span></div><div style="text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Infra,  S.L.U. (<ix:nonFraction unitRef="number" contextRef="c-2669" decimals="2" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" scale="-2" id="f-7510">25</ix:nonFraction>%)</span></div></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Solar360 Soluciones de Instalacion y Mantenimiento S.L. <br/>Marketing and management in the installation, sale and maintenance of photovoltaic equipment</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Spain</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2670" decimals="-6" name="ifrs-full:Equity" format="ixt:fixed-zero" scale="6" id="f-7511">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-2671" decimals="2" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" scale="-2" id="f-7512">51</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica de Espa&#241;a, S.A.U.</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Ingenier&#237;a de Seguridad, S.A.U.<br/>Security services and systems</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Spain</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2672" decimals="-6" name="ifrs-full:Equity" scale="6" id="f-7513">5</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-2673" decimals="2" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" scale="-2" id="f-7514">100</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Espa&#241;a Filiales, S.A.U.</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Compa&#241;&#237;a Mayorista de Fibra S.L.<br/>Provision of telecommunications services through FTTH network operation</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Spain</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2674" decimals="-6" name="ifrs-full:Equity" format="ixt:fixed-zero" scale="6" id="f-7515">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-2675" decimals="2" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" scale="-2" id="f-7516">100</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Espa&#241;a Filiales, S.A.U.</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Telef&#243;nica Germany</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"/><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"/><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"/><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"/><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"/></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica 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0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-2677" decimals="4" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" scale="-2" id="f-7518">96.85</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Germany Holdings Limited (<ix:nonFraction unitRef="number" contextRef="c-2678" decimals="4" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" scale="-2" id="f-7519">69.22</ix:nonFraction>%)</span></div><div style="text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Local Services GmbH  (<ix:nonFraction unitRef="number" contextRef="c-2679" decimals="4" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" scale="-2" id="f-7520">27.63</ix:nonFraction>%)</span></div></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Germany GmbH &amp; Co. OHG<br/>Wireless communications services operator</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Germany</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2680" decimals="-6" name="ifrs-full:Equity" scale="6" id="f-7521">51</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-2681" decimals="4" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" scale="-2" id="f-7522">96.85</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Deutschland Holding A.G (<ix:nonFraction unitRef="number" contextRef="c-2682" decimals="4" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" scale="-2" id="f-7523">96.84</ix:nonFraction>%)</span></div><div style="text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">T. Germany Management, GmbH (<ix:nonFraction unitRef="number" contextRef="c-2683" decimals="4" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" scale="-2" id="f-7524">0.01</ix:nonFraction>%)    </span></div></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">E-Plus Service GmbH<br/>Wireless communications services operator</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Germany</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2684" decimals="-6" name="ifrs-full:Equity" format="ixt:fixed-zero" scale="6" id="f-7525">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-2685" decimals="4" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" scale="-2" id="f-7526">96.85</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Germany GmbH &amp; Co. OHG</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Germany Business Sales GmbH<br/>Technological and consulting services in Big Data provider</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Germany</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2686" decimals="-6" name="ifrs-full:Equity" format="ixt:fixed-zero" scale="6" id="f-7527">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-2687" decimals="4" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" scale="-2" id="f-7528">96.85</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Germany GmbH &amp; Co. OHG</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">O2 Telef&#243;nica Deutschland Finanzierungs GmbH<br/>Integrated cash management, consulting and financial support for Group companies</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Germany</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2688" decimals="-6" name="ifrs-full:Equity" format="ixt:fixed-zero" scale="6" id="f-7529">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-2689" decimals="4" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" scale="-2" id="f-7530">96.85</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Germany GmbH &amp; Co. OHG</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Germany 1. 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OHG</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Ortel Mobile GmbH<br/>Provision of international mobile communications services</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Germany</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2692" decimals="-6" name="ifrs-full:Equity" format="ixt:fixed-zero" scale="6" id="f-7533">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-2693" decimals="4" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" scale="-2" id="f-7534">96.85</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Germany GmbH &amp; Co. OHG</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Germany Retail GmbH <br/>Office machinery, computers, peripheral equipment and software</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Germany</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2694" decimals="-6" name="ifrs-full:Equity" format="ixt:fixed-zero" scale="6" id="f-7535">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-2695" decimals="4" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" scale="-2" id="f-7536">96.85</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Germany GmbH &amp; Co. OHG</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">AY YILDIZ Communications GmbH <br/>Telecommunications service provider</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Germany</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2696" decimals="-6" name="ifrs-full:Equity" format="ixt:fixed-zero" scale="6" id="f-7537">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-2697" decimals="4" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" scale="-2" id="f-7538">96.85</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Germany GmbH &amp; Co. OHG</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">TCHIBO Mobilfunk GmbH &amp; Co. <br/>Marketing and sales of mobile services</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Germany</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2698" decimals="-6" name="ifrs-full:Equity" scale="6" id="f-7539">7</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-2699" decimals="4" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" scale="-2" id="f-7540">48.42</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Germany GmbH &amp; Co. OHG</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Telef&#243;nica Brazil</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"/><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"/><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"/><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"/><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"/></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#244;nica Brasil, S.A.<br/>Wireline telephony operator </span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Brazil</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">BRL</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="brl" contextRef="c-1823" decimals="-6" name="ifrs-full:Equity" format="ixt:num-dot-decimal" scale="6" id="f-7541">62,071</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-2112" decimals="4" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" scale="-2" id="f-7542">76.49</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Latinoam&#233;rica Holding, S.L.U. (<ix:nonFraction unitRef="number" contextRef="c-2700" decimals="4" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" format="ixt:num-dot-decimal" scale="-2" id="f-7543">37.34</ix:nonFraction>%)</span></div><div style="text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica, S.A. (<ix:nonFraction unitRef="number" contextRef="c-2701" decimals="4" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" scale="-2" id="f-7544">38.90</ix:nonFraction>%)</span></div><div style="text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Chile, S.A. (<ix:nonFraction unitRef="number" contextRef="c-2702" decimals="4" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" scale="-2" id="f-7545">0.06</ix:nonFraction>%)</span></div></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Terra Networks Brasil, Ltda.<br/>ISP and portal</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Brazil</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">BRL</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="brl" contextRef="c-2703" decimals="-6" name="ifrs-full:Equity" scale="6" id="f-7546">317</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-2704" decimals="4" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" scale="-2" id="f-7547">76.49</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#244;nica Brasil, S.A.</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#244;nica Infraestructura e Seguran&#231;a Ltda.<br/>Security services and systems</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Brazil</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">BRL</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="brl" contextRef="c-2705" decimals="-6" name="ifrs-full:Equity" scale="6" id="f-7548">321</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-2706" decimals="4" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" scale="-2" id="f-7549">76.49</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Terra Networks Brasil, Ltda.</span></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Vivo ventures fundo de investimento em participacoes multiestrategia.<br/>Investment funds</span></td><td colspan="3" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Brazil</span></td><td colspan="3" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">BRL</span></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="brl" contextRef="c-2707" decimals="-6" name="ifrs-full:Equity" scale="6" id="f-7550">145</ix:nonFraction>&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-2708" decimals="4" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" scale="-2" id="f-7551">76.96</ix:nonFraction>&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#244;nica Brasil, S.A. (<ix:nonFraction unitRef="number" contextRef="c-2709" decimals="4" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" scale="-2" id="f-7552">74.96</ix:nonFraction>%)</span></div><div style="text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telefonica Open Innovation S.L.U. (<ix:nonFraction unitRef="number" contextRef="c-2710" decimals="4" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" scale="-2" id="f-7553">2.00</ix:nonFraction>%)</span></div></td></tr></table></div></ix:continuation></ix:continuation><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">F-165</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><ix:continuation id="f-7482-2" continuedAt="f-7482-3"><ix:continuation id="f-7481-2" continuedAt="f-7481-3"><div style="margin-bottom:18pt;margin-top:9pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"/><td style="width:43.344%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:8.695%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:7.525%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:7.525%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:9.426%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:16.885%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Name and corporate purpose</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Country</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Currency</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Capital</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">%Telef&#243;nica Group</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Holding Company</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Telef&#243;nica Brazil (cont.)</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"/><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"/><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"/><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"/><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"/></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Vale Sa&#250;de, Administradora de Cart&#245;es Ltda.<br/>Provision of health services</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Brazil</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">BRL</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="brl" contextRef="c-2711" decimals="-6" name="ifrs-full:Equity" scale="6" id="f-7554">7</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-2712" decimals="4" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" scale="-2" id="f-7555">76.49</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">POP Internet Ltda.</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#244;nica Cloud e Tecnologia do Brasil S.A.<br/>Cybersecurity, electronic information security and IT consultancy</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Brazil</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">BRL</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="brl" contextRef="c-2713" decimals="-6" name="ifrs-full:Equity" scale="6" id="f-7556">104</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-2714" decimals="4" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" scale="-2" id="f-7557">88.24</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#244;nica Brasil, S.A. (<ix:nonFraction unitRef="number" contextRef="c-2715" decimals="4" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" scale="-2" id="f-7558">44.13</ix:nonFraction>%)</span></div><div style="text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Cybersecurity &amp; Cloud Tech S.L.  (<ix:nonFraction unitRef="number" contextRef="c-2716" decimals="4" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" scale="-2" id="f-7559">44.11</ix:nonFraction>%)</span></div></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">IPNET Servi&#231;os em Nuvem e Desenvolvimento de Sistemas Ltda<br/>Software and systems resale, professional services and project management</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Brazil</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">BRL</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="brl" contextRef="c-2717" decimals="-6" name="ifrs-full:Equity" scale="6" id="f-7560">31</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-2718" decimals="4" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" scale="-2" id="f-7561">88.24</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#244;nica Cloud e Tecnologia do Brasil S.A.</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">IPNET USA, LLC <br/>Software and systems resale, professional services and project management</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">USA</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">USD</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-2719" decimals="-6" name="ifrs-full:Equity" scale="6" id="f-7562">1</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-2720" decimals="4" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" scale="-2" id="f-7563">88.24</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#244;nica Cloud e Tecnologia do Brasil S.A.</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Telef&#243;nica Hispam</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"/><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"/><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"/><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"/><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"/></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Hispanoam&#233;rica, S.A.U.<br/>Holding company</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Spain</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2721" decimals="-6" name="ifrs-full:Equity" scale="6" id="f-7564">108</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-2722" decimals="2" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" scale="-2" id="f-7565">100</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica, S.A.<br/></span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">TLH Holdco, S.L.U.<br/>Holding company</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Spain</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2723" decimals="-6" name="ifrs-full:Equity" scale="6" id="f-7566">87</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-2639" decimals="2" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" scale="-2" id="f-7567">100</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica, S.A.<br/></span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Venezolana, C.A.<br/>Wireless communications operator</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Venezuela</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">VED</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="vef" contextRef="c-2724" decimals="-6" name="ifrs-full:Equity" format="ixt:num-dot-decimal" scale="6" id="f-7568">1,905</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-2725" decimals="2" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" scale="-2" id="f-7569">100</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Hispanoam&#233;rica, S.A.U. (<ix:nonFraction unitRef="number" contextRef="c-2726" decimals="4" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" scale="-2" id="f-7570">97.13</ix:nonFraction>%)</span></div><div style="text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Comtel Comunicaciones Telef&#243;nicas, S.A. (<ix:nonFraction unitRef="number" contextRef="c-2727" decimals="4" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" scale="-2" id="f-7571">2.87</ix:nonFraction>%)</span></div></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Colombia Telecomunicaciones S.A. ESP BIC<br/>Communications services operator</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Colombia</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">COP</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="cop" contextRef="c-1821" decimals="-6" name="ifrs-full:Equity" format="ixt:num-dot-decimal" scale="6" id="f-7572">3,410</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-2728" decimals="3" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" scale="-2" id="f-7573">67.5</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Hispanoam&#233;rica, S.A.U.</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Operaciones Tecnol&#243;gicas y Comerciales S.A.S<br/>Communications services operator</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Colombia</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">COP</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="cop" contextRef="c-2729" decimals="-6" name="ifrs-full:Equity" format="ixt:num-dot-decimal" scale="6" id="f-7574">3,330</ix:nonFraction>&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-2730" decimals="3" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" scale="-2" id="f-7575">67.5</ix:nonFraction>&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Colombia Telecomunicaciones S.A. ESP BIC </span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Unired Colombia S.A.S <br/>Service provider related to telecommunications</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Colombia</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">COP</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="cop" contextRef="c-2731" decimals="-6" name="ifrs-full:InvestmentAccountedForUsingEquityMethod" format="ixt:num-dot-decimal" scale="6" id="f-7576">12,826</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-2732" decimals="4" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" scale="-2" id="f-7577">33.75</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Colombia Telecomunicaciones S.A. ESP BIC</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Pegaso Pcs S.A. de C.V. <br/>Communications services operator</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Mexico</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">MXN</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="mxn" contextRef="c-2733" decimals="-6" name="ifrs-full:Equity" format="ixt:num-dot-decimal" scale="6" id="f-7578">3,241</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-2734" decimals="2" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" scale="-2" id="f-7579">100</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Hispanoam&#233;rica, S.A.U. (<ix:nonFraction unitRef="number" contextRef="c-2735" decimals="4" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" scale="-2" id="f-7580">99.98</ix:nonFraction>%)</span></div><div style="text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Celular de Telefon&#237;a S.A. de CV. (<ix:nonFraction unitRef="number" contextRef="c-2736" decimals="4" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" scale="-2" id="f-7581">0.02</ix:nonFraction>%)</span></div></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Celular de Telefon&#237;a S.A. de CV. <br/>Consulting services</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Mexico</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">MXN</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="mxn" contextRef="c-2737" decimals="-6" name="ifrs-full:Equity" format="ixt:num-dot-decimal" scale="6" id="f-7582">2,650</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-2738" decimals="2" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" scale="-2" id="f-7583">100</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Pegaso Pcs S.A. de CV. (<ix:nonFraction unitRef="number" contextRef="c-2739" decimals="4" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" scale="-2" id="f-7584">67.65</ix:nonFraction>%)</span></div><div style="text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Hispanoam&#233;rica, S.A.(<ix:nonFraction unitRef="number" contextRef="c-2740" decimals="4" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" scale="-2" id="f-7585">32.35</ix:nonFraction>%)</span></div></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Terra Networks M&#233;xico, S.A. de C.V.<br/>ISP, portal and real-time financial information services</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Mexico</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">MXN</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="mxn" contextRef="c-2741" decimals="-6" name="ifrs-full:Equity" scale="6" id="f-7586">305</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-2742" decimals="2" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" scale="-2" id="f-7587">100</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Hispanoam&#233;rica, S.A.U. </span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Fisatel M&#233;xico, S.A. de C.V. SOFOM E.N.R.<br/>Integrated cash mangement, consulting and financial support for Group companies</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Mexico</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">MXN</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="mxn" contextRef="c-2743" decimals="-6" name="ifrs-full:Equity" format="ixt:num-dot-decimal" scale="6" id="f-7588">1,805</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-2744" decimals="2" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" scale="-2" id="f-7589">100</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Hispanoam&#233;rica, S.A.U. (<ix:nonFraction unitRef="number" contextRef="c-2745" decimals="4" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" scale="-2" id="f-7590">99.99</ix:nonFraction>%)</span></div><div style="text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Pegaso Pcs S.A. de CV. (<ix:nonFraction unitRef="number" contextRef="c-2746" decimals="4" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" scale="-2" id="f-7591">0.01</ix:nonFraction>%)</span></div></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Otecel, S.A.<br/>Wireless communications services provider</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Ecuador</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">USD</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-2747" decimals="-6" name="ifrs-full:Equity" scale="6" id="f-7592">183</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-2748" decimals="2" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" scale="-2" id="f-7593">100</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Hispanoam&#233;rica, S.A.U.</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica M&#243;viles Argentina, S.A.<br/>Telecommunications service provider</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Argentina</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">ARS</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="ars" contextRef="c-1297" decimals="-6" name="ifrs-full:Equity" format="ixt:num-dot-decimal" scale="6" id="f-7594">188,019</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-2749" decimals="2" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" scale="-2" id="f-7595">100</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">TLH Holdco, S.L.U.</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica M&#243;viles Chile, S.A.<br/>Wireless communications services operator</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Chile</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">CLP</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="clp" contextRef="c-2750" decimals="-6" name="ifrs-full:Equity" format="ixt:num-dot-decimal" scale="6" id="f-7596">1,631,069</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-2751" decimals="2" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" scale="-2" id="f-7597">100</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Inversiones Telef&#243;nica Internacional Holding SpA. (<ix:nonFraction unitRef="number" contextRef="c-2752" decimals="4" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" scale="-2" id="f-7598">99.14</ix:nonFraction>%)</span></div><div style="text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Hispanoam&#233;rica, S.A.U.  (<ix:nonFraction unitRef="number" contextRef="c-2753" decimals="4" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" scale="-2" id="f-7599">0.86</ix:nonFraction>%)</span></div></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Chile, S.A. <br/>Local and international long distance telephony services provider</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Chile</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">CLP</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="clp" contextRef="c-2754" decimals="-6" name="ifrs-full:Equity" format="ixt:num-dot-decimal" scale="6" id="f-7600">874,773</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-2755" decimals="4" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" scale="-2" id="f-7601">99.39</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica M&#243;viles Chile, S.A.</span></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Chile Holdings, S.L.U.<br/>Holding Company</span></td><td colspan="3" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Spain</span></td><td colspan="3" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2756" decimals="-6" name="ifrs-full:Equity" format="ixt:fixed-zero" scale="6" id="f-7602">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-2757" decimals="2" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" scale="-2" id="f-7603">100</ix:nonFraction>&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Hispanoam&#233;rica, S.A.U.</span></td></tr></table></div></ix:continuation></ix:continuation><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">F-166</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><ix:continuation id="f-7482-3" continuedAt="f-7482-4"><ix:continuation id="f-7481-3" continuedAt="f-7481-4"><div style="margin-bottom:18pt;margin-top:9pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"/><td style="width:43.344%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:8.695%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:7.525%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:7.525%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:9.426%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:16.885%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Name and corporate purpose</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Country</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Currency</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Capital</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">%Telef&#243;nica Group</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Holding Company</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Telef&#243;nica Hispam (cont.)</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"/><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"/><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"/><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"/><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"/></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Empresas Chile S.A.<br/>Provision of voice and data telephone communications services</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Chile</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">CLP</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="clp" contextRef="c-2758" decimals="-6" name="ifrs-full:Equity" format="ixt:num-dot-decimal" scale="6" id="f-7604">103,756</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-2759" decimals="4" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" scale="-2" id="f-7605">99.39</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Chile, S.A.</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Chile Servicios Corporativos Limitada<br/>HUB service provider</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Chile</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">CLP</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="clp" contextRef="c-2760" decimals="-6" name="ifrs-full:Equity" scale="6" id="f-7606">3</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-2761" decimals="4" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" scale="-2" id="f-7607">99.69</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Chile, S.A. (<ix:nonFraction unitRef="number" contextRef="c-2762" decimals="4" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" scale="-2" id="f-7608">49.54</ix:nonFraction>%)</span></div><div style="text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Empresas Chile S.A. (<ix:nonFraction unitRef="number" contextRef="c-2763" decimals="4" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" scale="-2" id="f-7609">1.30</ix:nonFraction>%)</span></div><div style="text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica M&#243;viles Chile, S.A. (<ix:nonFraction unitRef="number" contextRef="c-2764" decimals="4" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" scale="-2" id="f-7610">48.85</ix:nonFraction>%)</span></div><div style="text-align:right"><span><br/></span></div></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Inversiones Telef&#243;nica Internacional Holding, SpA.<br/>Holding Company</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Chile</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">CLP</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="clp" contextRef="c-2765" decimals="-6" name="ifrs-full:Equity" scale="6" id="f-7611">511</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-2766" decimals="2" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" scale="-2" id="f-7612">100</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Chile Holdings S.L.</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica del Per&#250;, S.A.A.<br/>Local, domestic and international long distance telephone service provider</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Peru</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">PEN</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="pen" contextRef="c-2767" decimals="-6" name="ifrs-full:Equity" scale="6" id="f-7613">831</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-2768" decimals="4" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" scale="-2" id="f-7614">99.32</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Hispanoam&#233;rica, S.A.</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Media Networks Latin America, S.A.C<br/>Telecommunications research activities and proyects</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Peru</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">PEN</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="pen" contextRef="c-2769" decimals="-6" name="ifrs-full:Equity" scale="6" id="f-7615">158</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-2770" decimals="2" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" scale="-2" id="f-7616">100</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Latinoam&#233;rica Holding, S.L.U.</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Pangeaco, S.A.C <br/>Fibre rollout and capacity service provision</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Peru</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">PEN</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="pen" contextRef="c-2771" decimals="-6" name="ifrs-full:Equity" scale="6" id="f-7617">4</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-2772" decimals="2" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" scale="-2" id="f-7618">100</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Hispanoam&#233;rica, S.A.U. (<ix:nonFraction unitRef="number" contextRef="c-2773" decimals="4" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" scale="-2" id="f-7619">99.99</ix:nonFraction>%)</span></div><div style="text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Latinoam&#233;rica Holding, S.L.U. (<ix:nonFraction unitRef="number" contextRef="c-2774" decimals="4" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" scale="-2" id="f-7620">0.01</ix:nonFraction>%)</span></div></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica M&#243;viles del Uruguay, S.A.<br/>Wireless communications and services operator</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Uruguay</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">UYU</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="uyu" contextRef="c-1838" decimals="-6" name="ifrs-full:Equity" format="ixt:num-dot-decimal" scale="6" id="f-7621">1,107</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-2775" decimals="2" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" scale="-2" id="f-7622">100</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Hispanoam&#233;rica, S.A.U.</span></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Other companies</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"/><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"/><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"/><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"/><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"/></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Infra,  S.L.U. <br/>Holding company</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Spain</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2776" decimals="-6" name="ifrs-full:Equity" scale="6" id="f-7623">12</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-2777" decimals="2" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" scale="-2" id="f-7624">100</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica , S.A. </span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Infra Germany GmbH<br/>Broadband telecommunications operator</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Germany</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2778" decimals="-6" name="ifrs-full:Equity" format="ixt:fixed-zero" scale="6" id="f-7625">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-2779" decimals="2" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" scale="-2" id="f-7626">100</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Infra,  S.L.U.  </span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica O2 Holdings Ltd.<br/>Holding company</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">United Kingdom</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">GBP</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="gbp" contextRef="c-2780" decimals="-6" name="ifrs-full:Equity" scale="6" id="f-7627">9</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-2781" decimals="2" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" scale="-2" id="f-7628">100</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica, S.A.  (<ix:nonFraction unitRef="number" contextRef="c-2782" decimals="4" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" scale="-2" id="f-7629">99.99</ix:nonFraction>%)</span></div><div style="text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Capital S.A.U. (<ix:nonFraction unitRef="number" contextRef="c-2783" decimals="4" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" scale="-2" id="f-7630">0.01</ix:nonFraction>%)</span></div></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">MmO2 Ltd.<br/>Holding company</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">United Kingdom</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">GBP</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="gbp" contextRef="c-2784" decimals="-6" name="ifrs-full:Equity" format="ixt:fixed-zero" scale="6" id="f-7631">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-2785" decimals="2" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" scale="-2" id="f-7632">100</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica O2 Holding Ltd.</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Germany Holdings Ltd.<br/>Holding company</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">United Kingdom</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2786" decimals="-6" name="ifrs-full:Equity" format="ixt:num-dot-decimal" scale="6" id="f-7633">3,463</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-2787" decimals="2" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" scale="-2" id="f-7634">100</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">O2 (Europe) Ltd.</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">O2 (Europe) Ltd.<br/>Holding company</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">United Kingdom</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2788" decimals="-6" name="ifrs-full:Equity" format="ixt:num-dot-decimal" scale="6" id="f-7635">6,895</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-2789" decimals="2" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" scale="-2" id="f-7636">100</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica, S.A. </span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica 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0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-2791" decimals="2" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" scale="-2" id="f-7638">100</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Latinoam&#233;rica Holding, S.L.</span></td></tr><tr><td colspan="3" style="border-top:1pt solid 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name="ifrs-full:Equity" scale="6" id="f-7639">291</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-2793" decimals="2" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" scale="-2" id="f-7640">100</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;&#160;&#160;&#160;&#160;&#160;Telef&#243;nica, S.A.</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Global Solutions, S.L.U. <br/>International service provider</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Spain</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2794" decimals="-6" name="ifrs-full:Equity" scale="6" id="f-7641">1</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-2795" decimals="2" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" scale="-2" id="f-7642">100</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica, S.A</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telefonica Global Solutions USA, Inc.<br/>Provision of telecommunications services</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">USA</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 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id="f-7644">100</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Global Solutions, S.L.U. </span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Global Solutions Germany GmbH. <br/>International service provider</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span 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style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-2799" decimals="2" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" scale="-2" id="f-7646">100</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Global Solutions, S.L.U. </span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Global Solutions M&#233;xico, S.A. de C.V.<br/>Carrying out research activities and projects in the field of telecommunications</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Mexico</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">MXN</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="mxn" contextRef="c-2800" decimals="-6" name="ifrs-full:Equity" scale="6" id="f-7647">67</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-2801" decimals="2" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" scale="-2" id="f-7648">100</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Global Solutions, S.L.U. </span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Innovaci&#243;n Digital, S.L.U.<br/>Carrying out research activities and services in the field of telecommunications. Holding company</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Spain</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2802" decimals="-6" name="ifrs-full:Equity" scale="6" id="f-7649">28</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-2803" decimals="2" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" scale="-2" id="f-7650">100</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica, S.A</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Digital Ltd.<br/>Developer Telco Services</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">United Kingdom</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">GBP</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="gbp" contextRef="c-2804" decimals="-6" name="ifrs-full:Equity" scale="6" id="f-7651">45</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-2805" decimals="2" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" scale="-2" id="f-7652">100</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Innovaci&#243;n Digital, S.L.U.</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telefonica Open Innovation S.L.U.<br/>Talent identification and development in ICT.</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Spain</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2806" decimals="-6" name="ifrs-full:Equity" scale="6" id="f-7653">2</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-2807" decimals="2" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" scale="-2" id="f-7654">100</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Innovaci&#243;n Digital, S.L.U.</span></td></tr><tr><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Wayra Chile Tecnolog&#237;a e Innovaci&#243;n SpA<br/>Technological innovation based business project development</span></td><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Chile</span></td><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">CLP</span></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="clp" contextRef="c-2808" decimals="-6" name="ifrs-full:Equity" format="ixt:num-dot-decimal" scale="6" id="f-7655">29,899</ix:nonFraction>&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-2809" decimals="2" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" scale="-2" id="f-7656">100</ix:nonFraction>&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telefonica Open Innovation S.L.U.</span></td></tr></table></div></ix:continuation></ix:continuation><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">F-167</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><ix:continuation id="f-7482-4" continuedAt="f-7482-5"><ix:continuation id="f-7481-4" continuedAt="f-7481-5"><div style="margin-bottom:18pt;margin-top:9pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"/><td style="width:43.344%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:8.695%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:7.525%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:7.525%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:9.426%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:16.885%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Name and corporate purpose</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Country</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Currency</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Capital</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">%Telef&#243;nica Group</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Holding Company</span></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Other companies (cont.)</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"/><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"/><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"/><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"/><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"/></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Wayra Brasil Desenvolvedora e Apoiadora de Projetos Ltda<br/>Technological innovation based business project development</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Brazil</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">BRL</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="brl" contextRef="c-2810" decimals="-6" name="ifrs-full:Equity" scale="6" id="f-7657">52</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-2811" decimals="2" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" scale="-2" id="f-7658">100</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telefonica Open Innovation S.L.U. (<ix:nonFraction unitRef="number" contextRef="c-2812" decimals="4" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" scale="-2" id="f-7659">99.99</ix:nonFraction>%)</span></div><div style="text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Innovaci&#243;n Digital, S.L.U. (<ix:nonFraction unitRef="number" contextRef="c-2813" decimals="4" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" scale="-2" id="f-7660">0.01</ix:nonFraction>%)</span></div></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">WY Telecom, S.A. de C.V.<br/>Talent identification and development in ICT</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Mexico</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">MXN</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="mxn" contextRef="c-2814" decimals="-6" name="ifrs-full:Equity" scale="6" id="f-7661">134</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-2815" decimals="2" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" scale="-2" id="f-7662">100</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telefonica Open Innovation S.L.U. (<ix:nonFraction unitRef="number" contextRef="c-2816" decimals="4" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" scale="-2" id="f-7663">99.99</ix:nonFraction>%)</span></div><div style="text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Innovaci&#243;n Digital, S.L.U. (<ix:nonFraction unitRef="number" contextRef="c-2817" decimals="4" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" scale="-2" id="f-7664">0.01</ix:nonFraction>%)</span></div></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Wayra Argentina, S.A.<br/>Talent identification and development in ICT</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Argentina</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">ARS</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="ars" contextRef="c-2818" decimals="-6" name="ifrs-full:Equity" format="ixt:num-dot-decimal" scale="6" id="f-7665">7,607</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-2819" decimals="2" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" scale="-2" id="f-7666">100</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telefonica Open Innovation S.L.U. (<ix:nonFraction unitRef="number" contextRef="c-2820" decimals="4" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" scale="-2" id="f-7667">95</ix:nonFraction>%)</span></div><div style="text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica, S.A. (<ix:nonFraction unitRef="number" contextRef="c-2821" decimals="4" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" scale="-2" id="f-7668">5</ix:nonFraction>%)</span></div></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Wayra Colombia, S.A.S.<br/>Technological innovation based business project development</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Colombia</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">COP</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="cop" contextRef="c-2822" decimals="-6" name="ifrs-full:Equity" format="ixt:num-dot-decimal" scale="6" id="f-7669">2,304</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-2823" decimals="2" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" scale="-2" id="f-7670">100</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telefonica Open Innovation S.L.U.</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Proyecto Wayra, C.A.<br/>Commercial, industrial and mercantile activities</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Venezuela</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 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id="f-7672">100</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Venezolana, C.A. </span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Wayra Per&#250; Aceleradora de Proyectos, S.A.C.<br/>Technological innovation based business project development</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Peru</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">PEN</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="pen" contextRef="c-2826" decimals="-6" name="ifrs-full:Equity" scale="6" id="f-7673">28</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-2827" decimals="2" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" scale="-2" id="f-7674">100</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telefonica Open Innovation S.L.U.</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Wayra UK Ltd.<br/>Technological innovation based business project development</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">United Kingdom</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">GBP</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="gbp" contextRef="c-2828" decimals="-6" name="ifrs-full:Equity" format="ixt:fixed-zero" scale="6" id="f-7675">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-2829" decimals="2" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" scale="-2" id="f-7676">100</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telefonica Open Innovation S.L.U.</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Terra Networks Argentina, S.A.<br/>ISP and portal</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Argentina</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">ARS</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="ars" contextRef="c-2830" decimals="-6" name="ifrs-full:Equity" scale="6" id="f-7677">287</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-2831" decimals="2" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" scale="-2" id="f-7678">100</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Latinoam&#233;rica Holding, S.L. (<ix:nonFraction unitRef="number" contextRef="c-2832" decimals="4" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" scale="-2" id="f-7679">99.99</ix:nonFraction>%)</span></div><div style="text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica International Holding, B.V. (<ix:nonFraction unitRef="number" contextRef="c-2833" decimals="4" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" scale="-2" id="f-7680">0.01</ix:nonFraction>%)</span></div></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telfisa Global, B.V.<br/>Integrated cash management, consulting and financial support for Group companies </span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Netherlands</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2834" decimals="-6" name="ifrs-full:Equity" format="ixt:fixed-zero" scale="6" id="f-7681">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-2835" decimals="2" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" scale="-2" id="f-7682">100</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica, S.A. </span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Global Activities Holding, B.V.<br/>Holding Company</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Netherlands</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2836" decimals="-6" name="ifrs-full:Equity" format="ixt:fixed-zero" scale="6" id="f-7683">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-2837" decimals="2" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" scale="-2" id="f-7684">100</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telfisa Global, B.V. </span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Global Services, GmbH<br/>Purchasing services</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Germany</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2838" decimals="-6" name="ifrs-full:Equity" format="ixt:fixed-zero" scale="6" id="f-7685">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-2839" decimals="2" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" scale="-2" id="f-7686">100</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Group 3G UMTS Holding, GmbH</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica 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0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-2841" decimals="2" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" scale="-2" id="f-7688">100</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Global Services, GmbH</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Group 3G UMTS Holding GmbH<br/>Holding Company</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Germany</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2111" decimals="-6" name="ifrs-full:Equity" scale="6" id="f-7689">250</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-2110" decimals="2" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" scale="-2" id="f-7690">100</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Global Activities Holdings, B.V</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">QUAM GmbH.<br/>IT facilities management activities<br/></span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Germany</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2842" decimals="-6" name="ifrs-full:Equity" scale="6" id="f-7691">250</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-2843" decimals="2" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" scale="-2" id="f-7692">100</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Group 3G UMTS Holding GmbH</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Compras Electr&#243;nicas, S.L.U.<br/>Development and provision of information Society services</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Spain</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2844" decimals="-6" name="ifrs-full:Equity" format="ixt:fixed-zero" scale="6" id="f-7693">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-2845" decimals="2" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" scale="-2" id="f-7694">100</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Global Services, GmbH </span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telefonica Iot &amp; Big Data Tech S.A.U.<br/>Provision of telemarketing services</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Spain</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2846" decimals="-6" name="ifrs-full:Equity" scale="6" id="f-7695">1</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-2847" decimals="2" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" scale="-2" id="f-7696">100</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Tech S.L.U. </span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Geprom Software Engineering S.L.U.<br/>Technical engineering services and other consultancy activities</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Spain</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2848" decimals="-6" name="ifrs-full:Equity" format="ixt:fixed-zero" scale="6" id="f-7697">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-2849" decimals="2" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" scale="-2" id="f-7698">100</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telefonica Iot &amp; Big Data Tech S.A.U. </span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Geprom Software Engineering  S.A. de C.V. <br/>Technical engineering services and other consultancy activities</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Mexico</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">MXN</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="mxn" contextRef="c-2850" decimals="-6" name="ifrs-full:Equity" format="ixt:fixed-zero" scale="6" id="f-7699">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-2851" decimals="2" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" scale="-2" id="f-7700">100</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Geprom Software Engineering S.L.U.</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">TIS Hispanoam&#233;rica, S.L.U.<br/>Security services and systems</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Spain</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2852" decimals="-6" name="ifrs-full:Equity" scale="6" id="f-7701">1</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-2853" decimals="2" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" scale="-2" id="f-7702">100</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica, S.A. </span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Capital, S.A.U.<br/>Finance company</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Spain</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2854" decimals="-6" name="ifrs-full:Equity" scale="6" id="f-7703">7</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-2855" decimals="2" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" scale="-2" id="f-7704">100</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica, S.A. </span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Lotca Servicios Integrales, S.L.U.<br/>Aircraft ownership and operation</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Spain</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2856" decimals="-6" name="ifrs-full:Equity" scale="6" id="f-7705">18</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-2857" decimals="2" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" scale="-2" id="f-7706">100</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica, S.A. </span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Fonditel Pensiones, Entidad Gestora de Fondos de Pensiones, S.A<br/>Administration of pension funds</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Spain</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2858" decimals="-6" name="ifrs-full:Equity" scale="6" id="f-7707">16</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-2859" decimals="2" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" scale="-2" id="f-7708">70</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Capital, S.A.U. </span></td></tr><tr><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Fonditel Gesti&#243;n, Soc. Gestora de Instituciones de Inversi&#243;n Colectiva, S.A.U.<br/>Administration and representation of collective investment schemes</span></td><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Spain</span></td><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2860" decimals="-6" name="ifrs-full:Equity" scale="6" id="f-7709">2</ix:nonFraction>&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-2861" decimals="2" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" scale="-2" id="f-7710">100</ix:nonFraction>&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Capital, S.A.U. </span></td></tr></table></div></ix:continuation></ix:continuation><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">F-168</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><ix:continuation id="f-7482-5" continuedAt="f-7482-6"><ix:continuation id="f-7481-5" continuedAt="f-7481-6"><div style="margin-bottom:18pt;margin-top:9pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"/><td style="width:43.344%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:8.695%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:7.525%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:7.525%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:9.426%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:16.885%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Name and corporate purpose</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Country</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Currency</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Capital</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">%Telef&#243;nica Group</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Holding Company</span></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Other companies (cont.)</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"/><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"/><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"/><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"/><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"/></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Luxembourg Holding, S.&#224;.r.L.<br/>Holding company</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Luxembourg</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2862" decimals="-6" name="ifrs-full:Equity" scale="6" id="f-7711">3</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-2863" decimals="2" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" scale="-2" id="f-7712">100</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica, S.A. </span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Nova Casiopea RE S.A.<br/>Reinsurance</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Luxembourg</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2864" decimals="-6" name="ifrs-full:Equity" scale="6" id="f-7713">15</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-2865" decimals="2" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" scale="-2" id="f-7714">100</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Luxembourg Holding, S.&#224;.r.L.</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Seguros y Reaseguros Compa&#241;&#237;a Aseguradora, S.A.U.<br/>Conducting direct insurance business</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Spain</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2866" decimals="-6" name="ifrs-full:Equity" scale="6" id="f-7715">24</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-2867" decimals="2" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" scale="-2" id="f-7716">100</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Luxembourg Holding, S.&#224;.r.L. </span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Finanzas, S.A.U.<br/>Integrated cash management, consulting and financial support for Group companies</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Spain</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2868" decimals="-6" name="ifrs-full:Equity" scale="6" id="f-7717">3</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-2869" decimals="2" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" scale="-2" id="f-7718">100</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica, S.A. </span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Corredur&#237;a de Seguros y Reaseguros Compa&#241;&#237;a de Mediaci&#243;n, S.A.<br/>Distribution, promotion or preparation of insurance contracts<br/></span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Spain</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2870" decimals="-6" name="ifrs-full:Equity" format="ixt:fixed-zero" scale="6" id="f-7719">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-2871" decimals="2" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" scale="-2" id="f-7720">100</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Finanzas, S.A.U. (TELFISA) (<ix:nonFraction unitRef="number" contextRef="c-2872" decimals="4" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" scale="-2" id="f-7721">83.33</ix:nonFraction>%)</span></div><div style="text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica, S.A. (<ix:nonFraction unitRef="number" contextRef="c-2873" decimals="4" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" scale="-2" id="f-7722">16.67</ix:nonFraction>%)</span></div></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Europe, B.V.<br/>Fund raising in capital markets</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Netherlands</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2874" decimals="-6" name="ifrs-full:Equity" format="ixt:fixed-zero" scale="6" id="f-7723">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-2875" decimals="2" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" scale="-2" id="f-7724">100</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica, S.A. </span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Participaciones, S.A.U.<br/>Financial debt instrument issuer</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Spain</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2876" decimals="-6" name="ifrs-full:Equity" format="ixt:fixed-zero" scale="6" id="f-7725">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-2877" decimals="2" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" scale="-2" id="f-7726">100</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica, S.A. </span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Emisiones, S.A.U.<br/>Financial debt instrument issuer</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Spain</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2878" decimals="-6" name="ifrs-full:Equity" format="ixt:fixed-zero" scale="6" id="f-7727">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-2879" decimals="2" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" scale="-2" id="f-7728">100</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica, S.A. </span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Alian&#231;a Atl&#226;ntica Holding B.V.<br/>Holding company</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Netherlands</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2880" decimals="-6" name="ifrs-full:Equity" scale="6" id="f-7729">40</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-2881" decimals="4" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" scale="-2" id="f-7730">88.24</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica, S.A. (<ix:nonFraction unitRef="number" contextRef="c-2882" decimals="2" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" scale="-2" id="f-7731">50</ix:nonFraction>%)</span></div><div style="text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#244;nica Brasil, S.A. (<ix:nonFraction unitRef="number" contextRef="c-2883" decimals="4" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" scale="-2" id="f-7732">38.24</ix:nonFraction>%)</span></div></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Servi&#231;os Empresariais do BRASIL, Ltda.<br/>Management and administrative services rendered</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Brazil</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">BRL</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="brl" contextRef="c-2884" decimals="-6" name="ifrs-full:Equity" scale="6" id="f-7733">63</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-2885" decimals="2" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" scale="-2" id="f-7734">100</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Servicios Globales, S.L.U.</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Gesti&#243;n Integral de Edificios y Servicios S.L.U. <br/>Management and administrative services rendered</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Spain</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2886" decimals="-6" name="ifrs-full:Equity" format="ixt:fixed-zero" scale="6" id="f-7735">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-2887" decimals="2" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" scale="-2" id="f-7736">100</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Servicios Globales, S.L.U.</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">O2 Worldwide Limited<br/>Wireless telecommunications activities</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">United Kingdom</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">GBP</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="gbp" contextRef="c-2888" decimals="-6" name="ifrs-full:Equity" format="ixt:fixed-zero" scale="6" id="f-7737">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-2889" decimals="2" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" scale="-2" id="f-7738">100</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica, S.A.</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Servicios Globales, S.L.U.<br/>Holding company</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Spain</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2890" decimals="-6" name="ifrs-full:Equity" scale="6" id="f-7739">1</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-2891" decimals="2" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" scale="-2" id="f-7740">100</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica, S.A.</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Holding Atticus, B.V.<br/>Holding company</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Netherlands</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2892" decimals="-6" name="ifrs-full:Equity" format="ixt:fixed-zero" scale="6" id="f-7741">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-2893" decimals="2" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" scale="-2" id="f-7742">100</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;Telef&#243;nica Latinoam&#233;rica Holding, S.L.U.</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Soluciones de Criptograf&#237;a, S.A.U. <br/>Engineering, research and development</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Spain</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2894" decimals="-6" name="ifrs-full:Equity" scale="6" id="f-7743">1</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-2895" decimals="2" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" scale="-2" id="f-7744">100</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica, S.A.</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Cryptography &amp; Security Systems S.L.U.<br/>Software programming activities</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Spain</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2896" decimals="-6" name="ifrs-full:Equity" format="ixt:fixed-zero" scale="6" id="f-7745">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-2897" decimals="2" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" scale="-2" id="f-7746">100</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Soluciones de Criptograf&#237;a, S.A.U. </span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Centroam&#233;rica Inversiones ,S.L. <br/>Communications services provider</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Spain</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2898" decimals="-6" name="ifrs-full:Equity" format="ixt:fixed-zero" scale="6" id="f-7747">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-2899" decimals="2" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" scale="-2" id="f-7748">60</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica, S.A. </span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Tech S.L.U. <br/>Holding company</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Spain</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2900" decimals="-6" name="ifrs-full:Equity" scale="6" id="f-7749">67</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-2901" decimals="2" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" scale="-2" id="f-7750">100</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica, S.A.</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Cybersecurity &amp; Cloud Tech S.L.U. <br/>Cybersecurity, electronic information security and IT consultancy</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Spain</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2902" decimals="-6" name="ifrs-full:Equity" scale="6" id="f-7751">34</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-2903" decimals="2" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" scale="-2" id="f-7752">100</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Tech S.L.U. </span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Cybersecurity &amp; Cloud Tech Chile SpA.<br/>Cybersecurity, electronic information security and IT consulting</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Chile</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">CLP</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="clp" contextRef="c-2904" decimals="-6" name="ifrs-full:Equity" format="ixt:num-dot-decimal" scale="6" id="f-7753">20,540</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-2905" decimals="2" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" scale="-2" id="f-7754">100</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Cybersecurity &amp; Cloud Tech S.L.U. </span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Tech Inc.<br/>Cybersecurity, electronic information security and IT consulting</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">USA</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">USD</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-2906" decimals="-6" name="ifrs-full:Equity" scale="6" id="f-7755">7</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-2907" decimals="2" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" scale="-2" id="f-7756">100</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Cybersecurity &amp; Cloud Tech S.L.U. </span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Audertis Audit Services S.L.U.<br/>Provision of audit services in the areas of security, privacy and data protection</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Spain</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2908" decimals="-6" name="ifrs-full:Equity" format="ixt:fixed-zero" scale="6" id="f-7757">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-2909" decimals="2" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" scale="-2" id="f-7758">100</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Cybersecurity &amp; Cloud Tech S.L.U. </span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Govertis Advisory Services S.L.U. <br/>Cybersecurity, electronic information security and IT consulting</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Spain</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2910" decimals="-6" name="ifrs-full:Equity" format="ixt:fixed-zero" scale="6" id="f-7759">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-2911" decimals="2" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" scale="-2" id="f-7760">100</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Cybersecurity &amp; Cloud Tech S.L.U. </span></td></tr><tr><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telefonica Tech Colombia, SAS<br/>Cybersecurity, electronic information security and IT consulting</span></td><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Colombia</span></td><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">COP</span></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="cop" contextRef="c-2912" decimals="-6" name="ifrs-full:Equity" scale="6" id="f-7761">406</ix:nonFraction>&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-2913" decimals="2" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" scale="-2" id="f-7762">100</ix:nonFraction>&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Cybersecurity &amp; Cloud Tech S.L.U. </span></td></tr></table></div></ix:continuation></ix:continuation><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">F-169</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><ix:continuation id="f-7482-6" continuedAt="f-7482-7"><ix:continuation id="f-7481-6" continuedAt="f-7481-7"><div style="margin-bottom:18pt;margin-top:9pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"/><td style="width:43.344%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:8.695%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:7.525%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:7.525%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:9.426%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:16.885%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Name and corporate purpose</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Country</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Currency</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Capital</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">%Telef&#243;nica Group</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Holding Company</span></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Other companies (cont.)</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"/><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"/><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"/><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"/><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"/></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telefonica Cybersecurity Tech Mexico, S.A de C.V.<br/>Cybersecurity, electronic information security and IT consulting</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Mexico</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">MXN</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="mxn" contextRef="c-2914" decimals="-6" name="ifrs-full:Equity" scale="6" id="f-7763">80</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-2915" decimals="2" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" scale="-2" id="f-7764">100</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Cybersecurity &amp; Cloud Tech S.L.U. (<ix:nonFraction unitRef="number" contextRef="c-2916" decimals="4" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" scale="-2" id="f-7765">60.47</ix:nonFraction>%)</span></div><div style="text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telefonica Iot &amp; Big Data Tech S.A. (<ix:nonFraction unitRef="number" contextRef="c-2917" decimals="4" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" scale="-2" id="f-7766">39.53</ix:nonFraction>%)</span></div><div style="text-align:right"><span><br/></span></div></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#244;nica Ciberseguran&#231;a e Tecnolog&#237;a do Brasil Ltda <br/>Cybersecurity, electronic information security and IT consulting</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Brazil</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">BRL</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="brl" contextRef="c-2918" decimals="-6" name="ifrs-full:Equity" scale="6" id="f-7767">26</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-2919" decimals="2" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" scale="-2" id="f-7768">100</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Cybersecurity &amp; Cloud Tech S.L.U. </span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Tech Per&#250; S.A.C.<br/>Cybersecurity, electronic information security and IT consulting</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Peru</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">PEN</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="pen" contextRef="c-2920" decimals="-6" name="ifrs-full:Equity" scale="6" id="f-7769">30</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-2921" decimals="2" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" scale="-2" id="f-7770">100</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Tech S.L.U. </span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Cybersecurity &amp; Cloud Tech Deutschland GmbH <br/>Cybersecurity, electronic information security and IT consulting</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Germany</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2922" decimals="-6" name="ifrs-full:Equity" format="ixt:fixed-zero" scale="6" id="f-7771">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-2923" decimals="2" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" scale="-2" id="f-7772">100</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Cybersecurity &amp; Cloud Tech S.L.U. </span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Acens Technologies, S.L.U.<br/>Holding housing and telecommunications solutions Service provider</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Spain</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2924" decimals="-6" name="ifrs-full:Equity" scale="6" id="f-7773">2</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-2925" decimals="2" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" scale="-2" id="f-7774">100</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Cybersecurity &amp; Cloud Tech S.L.U. </span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Altostratus Solutions, S.L.U. <br/>Provision of IT services</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Spain</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2926" decimals="-6" name="ifrs-full:Equity" format="ixt:fixed-zero" scale="6" id="f-7775">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-2927" decimals="2" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" scale="-2" id="f-7776">100</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Cybersecurity &amp; Cloud Tech S.L.U. </span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Tech UK &amp; Ireland, Limited<br/>Holding company</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">United Kingdom</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">GBP</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="gbp" contextRef="c-2928" decimals="-6" name="ifrs-full:Equity" scale="6" id="f-7777">14</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-2929" decimals="2" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" scale="-2" id="f-7778">100</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Cybersecurity &amp; Cloud Tech S.L.U. </span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Tech UK Holdings Limited <br/>Holding company</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">United Kingdom</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">GBP</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="gbp" contextRef="c-2930" decimals="-6" name="ifrs-full:Equity" format="ixt:fixed-zero" scale="6" id="f-7779">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-2931" decimals="2" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" scale="-2" id="f-7780">100</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Tech UK &amp; Ireland, Limited</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Tech UK TOG Limited  <br/>Headquarters activities</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">United Kingdom</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">GBP</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 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style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Tech UK Holdings Limited </span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Tech UK Managed Services Limited <br/>Information technology, management and IT services consultancy</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">United Kingdom</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">GBP</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="gbp" contextRef="c-2934" decimals="-6" name="ifrs-full:Equity" format="ixt:fixed-zero" scale="6" id="f-7783">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-2935" decimals="2" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" scale="-2" id="f-7784">100</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Tech UK TOG Limited </span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Tech UK Limited <br/>Information technology, management and IT services consultancy</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 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1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-2937" decimals="2" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" scale="-2" id="f-7786">100</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Tech UK TOG Limited </span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Tech Northern Ireland Holdings Limited <br/>Other computer service activities</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">United Kingdom</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">GBP</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="gbp" contextRef="c-2938" decimals="-6" name="ifrs-full:Equity" format="ixt:fixed-zero" scale="6" id="f-7787">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-2939" decimals="2" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" scale="-2" id="f-7788">100</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Tech UK &amp; Ireland, Limited</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Tech Communication &amp; Collaboration Limited<br/>Other computer service activities</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">United Kingdom</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">GBP</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="gbp" contextRef="c-2940" decimals="-6" name="ifrs-full:Equity" format="ixt:fixed-zero" scale="6" id="f-7789">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-2941" decimals="2" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" scale="-2" id="f-7790">100</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Tech Northern Ireland Holdings Limited </span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Tech Northern Ireland Limited<br/>Other computer service activities</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">United Kingdom</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">GBP</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="gbp" contextRef="c-2942" decimals="-6" name="ifrs-full:Equity" format="ixt:fixed-zero" scale="6" id="f-7791">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-2943" decimals="2" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" scale="-2" id="f-7792">100</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Tech Northern Ireland Holdings Limited  </span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Tech Ireland Limited<br/>Provision of IT services</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Ireland</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2944" decimals="-6" name="ifrs-full:Equity" format="ixt:fixed-zero" scale="6" id="f-7793">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-2945" decimals="2" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" scale="-2" id="f-7794">100</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Tech Northern Ireland Holdings Limited </span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Tech Ocean Limited<br/>Holding company</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">United Kingdom</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">GBP</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="gbp" contextRef="c-2946" decimals="-6" name="ifrs-full:Equity" format="ixt:fixed-zero" scale="6" id="f-7795">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-2947" decimals="2" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" scale="-2" id="f-7796">100</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Tech UK &amp; Ireland, Limited. </span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Perpetual Topco Limited<br/>Holding company</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">United Kingdom</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">GBP</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 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style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Tech UK &amp; Ireland Limited</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Perpetual Midco Limited<br/>Holding company</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">United Kingdom</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 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id="f-7800">100</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Perpetual Topco Limited</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Perpetual Bidco Limited<br/>Holding company</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">United Kingdom</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">GBP</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="gbp" contextRef="c-2952" decimals="-6" name="ifrs-full:Equity" scale="6" id="f-7801">3</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-2953" decimals="2" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" scale="-2" id="f-7802">100</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Perpetual Midco Limited</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Incremental Group Holdings Limited<br/>Holding company</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">United Kingdom</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">GBP</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="gbp" contextRef="c-2954" decimals="-6" name="ifrs-full:Equity" scale="6" id="f-7803">1</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-2955" decimals="2" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" scale="-2" id="f-7804">100</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Perpetual Bidco Limited</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Redspire Limited<br/>Software development and information technology consultancy activities</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">United Kingdom</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">GBP</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="gbp" contextRef="c-2956" decimals="-6" name="ifrs-full:Equity" format="ixt:fixed-zero" scale="6" id="f-7805">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-2957" decimals="2" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" scale="-2" id="f-7806">100</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Incremental Group Holdings Limited</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Tech UK Business Applications Limited <br/>Information technology consultancy activities and other services</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">United Kingdom</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">GBP</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="gbp" contextRef="c-2958" decimals="-6" name="ifrs-full:Equity" format="ixt:fixed-zero" scale="6" id="f-7807">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-2959" decimals="2" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" scale="-2" id="f-7808">100</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Incremental Group Holdings Limited</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Adatis Group Limited<br/>Holding company</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">United Kingdom</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">GBP</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="gbp" contextRef="c-2960" decimals="-6" name="ifrs-full:Equity" format="ixt:fixed-zero" scale="6" id="f-7809">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-2961" decimals="2" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" scale="-2" id="f-7810">100</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Incremental Group Holdings Limited</span></td></tr><tr><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Tech UK Data &amp; AI Limited<br/>Information technology consultancy activities</span></td><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">United Kingdom</span></td><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">GBP</span></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="gbp" contextRef="c-2962" decimals="-6" name="ifrs-full:Equity" format="ixt:fixed-zero" scale="6" id="f-7811">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-2963" decimals="2" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" scale="-2" id="f-7812">100</ix:nonFraction>&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Adatis Group Limited</span></td></tr></table></div></ix:continuation></ix:continuation><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">F-170</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><ix:continuation id="f-7482-7" continuedAt="f-7482-8"><ix:continuation id="f-7481-7" continuedAt="f-7481-8"><div style="margin-bottom:18pt;margin-top:9pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"/><td style="width:43.344%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:8.695%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:7.525%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:7.525%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:9.426%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:16.885%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Name and corporate purpose</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Country</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Currency</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Capital</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">%Telef&#243;nica Group</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Holding Company</span></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Other companies (cont.)</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"/><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"/><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"/><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"/><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"/></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Tech Bulgaria Limited<br/>Information technology consultancy activities</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Bulgaria</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">BGN</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="bgn" contextRef="c-2964" decimals="-6" name="ifrs-full:Equity" format="ixt:fixed-zero" scale="6" id="f-7813">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-2965" decimals="2" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" scale="-2" id="f-7814">100</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Tech UK Data &amp; AI Limited</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Tech India Private Limited <br/>Information technology consultancy activities</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">India</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">INR</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="inr" 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0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-2971" decimals="2" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" scale="-2" id="f-7820">100</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Adatis Group Limited</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 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style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2972" decimals="-6" name="ifrs-full:Equity" format="ixt:fixed-zero" scale="6" id="f-7821">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-2973" decimals="2" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" scale="-2" id="f-7822">100</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Cybersecurity &amp; Cloud Tech S.L.U. </span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">BE-terna&#160;Germany GmbH<br/>Holding company</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Germany</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 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name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" scale="-2" id="f-7824">100</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">BE-terna&#160;Enhancement GmbH</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">BE-terna AB (Sweden)<br/>Technology services</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span 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style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-2977" decimals="2" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" scale="-2" id="f-7826">100</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">BE-terna&#160;Enhancement GmbH</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">BE-terna 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format="ixt:fixed-zero" scale="6" id="f-7829">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-2981" decimals="2" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" scale="-2" id="f-7830">100</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">BE-terna&#160;Enhancement GmbH</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">BE-terna B.V. 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contextRef="c-2984" decimals="-6" name="ifrs-full:Equity" format="ixt:fixed-zero" scale="6" id="f-7833">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-2985" decimals="2" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" scale="-2" id="f-7834">100</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span 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style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2986" decimals="-6" name="ifrs-full:Equity" format="ixt:fixed-zero" scale="6" id="f-7835">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-2987" decimals="2" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" scale="-2" id="f-7836">100</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">BE-terna&#160;Enhancement GmbH</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">BE-terna&#160;GmbH (Innsbruck)<br/>Services in automatic data processing and information technology</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Austria</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 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name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" scale="-2" id="f-7838">100</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">BE-terna&#160;Austria GmbH</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Pipol A/S<br/>Conduct business with international implementation of business-oriented software solutions</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 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style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-2991" decimals="2" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" scale="-2" id="f-7840">100</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">BE-terna&#160;Enhancement GmbH</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span 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id="f-7841">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-2993" decimals="2" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" scale="-2" id="f-7842">100</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">BE-terna&#160;Enhancement GmbH</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">BE-terna&#160;Business Solutions GmbH<br/>Software development and consulting, distribution of corresponding products, systems and processes</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Germany</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-2994" decimals="-6" name="ifrs-full:Equity" format="ixt:fixed-zero" scale="6" id="f-7843">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-2995" decimals="2" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" scale="-2" id="f-7844">100</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">BE-terna&#160;GmbH (Innsbruck)</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">BE-terna&#160;Industry Solutions GmbH<br/>Sales, implementation and maintenance of international ERP products</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Germany</span></td><td colspan="3" style="border-top:1pt solid 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name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" scale="-2" id="f-7846">100</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">BE-terna&#160;GmbH (Innsbruck)</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">BE-terna&#160;AG (Switzerland)<br/>Service provision, analysis and optimisation of business processes, selection of business software and implementation of ERP solutions 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style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-2999" decimals="2" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" scale="-2" id="f-7848">100</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">BE-terna&#160;GmbH (Innsbruck)</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span 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id="f-7849">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-3001" decimals="2" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" scale="-2" id="f-7850">100</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">BE-terna&#160;GmbH (Innsbruck)</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">BE-terna&#160;Adriatic d.o.o<br/>Holding company</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Slovenia</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 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style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">BE-terna&#160;Austria GmbH</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">BE-terna d.o.o. (Serbia) <br/>Technology services</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Serbia</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">RSD</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="rsd" contextRef="c-3004" decimals="-6" name="ifrs-full:Equity" scale="6" id="f-7853">14</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-3005" decimals="2" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" scale="-2" id="f-7854">100</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">BE-terna&#160;Adriatic d.o.o</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">BE-terna&#160;d.o.o (Slovenia)<br/>Technology services</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Slovenia</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-3006" decimals="-6" name="ifrs-full:Equity" format="ixt:fixed-zero" scale="6" id="f-7855">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-3007" decimals="2" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" scale="-2" id="f-7856">100</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">BE-terna&#160;Adriatic d.o.o</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">BE-terna&#160;d.o.o (Croatia)<br/>Technology services</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Croatia</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-3008" decimals="-6" name="ifrs-full:Equity" scale="6" id="f-7857">2</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-3009" decimals="2" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" scale="-2" id="f-7858">100</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">BE-terna&#160;Adriatic d.o.o</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telxius Telecom, S.A.<br/>Telecommunications service provider</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Spain</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-3010" decimals="-6" name="ifrs-full:Equity" scale="6" id="f-7859">260</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-3011" decimals="2" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" scale="-2" id="f-7860">70</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica, S.A.</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telxius Cable Am&#233;rica, S.A.<br/>Provision of high bandwidth communications services</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Uruguay</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">USD</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-3012" decimals="-6" name="ifrs-full:Equity" scale="6" id="f-7861">291</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-3013" decimals="2" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" scale="-2" id="f-7862">70</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telxius Telecom, S.A.</span></td></tr><tr><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telxius Cable Espa&#241;a, S.L.U.<br/>Establishment and operation of any kind of communications infrastructure and/or network</span></td><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Spain</span></td><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-3014" decimals="-6" name="ifrs-full:Equity" scale="6" id="f-7863">5</ix:nonFraction>&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-3015" decimals="2" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" scale="-2" id="f-7864">70</ix:nonFraction>&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telxius Telecom, S.A.</span></td></tr></table></div></ix:continuation></ix:continuation><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">F-171</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><ix:continuation id="f-7482-8" continuedAt="f-7482-9"><ix:continuation id="f-7481-8" continuedAt="f-7481-9"><div style="margin-bottom:18pt;margin-top:9pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"/><td style="width:43.344%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:8.695%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:7.525%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:7.525%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:9.426%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:16.885%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Name and corporate purpose</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Country</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Currency</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Capital</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">%Telef&#243;nica Group</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Holding Company</span></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Other companies (cont.)</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"/><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"/><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"/><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"/><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"/></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telxius Cable Rep&#250;blica Dominicana, S.A.S.<br/>Telecommunications service provider</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Dominican Republic</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">USD</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-3016" decimals="-6" name="ifrs-full:Equity" scale="6" id="f-7865">6</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-3017" decimals="2" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" scale="-2" id="f-7866">70</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telxius Cable Am&#233;rica, S.A. (<ix:nonFraction unitRef="number" contextRef="c-3018" decimals="4" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" scale="-2" id="f-7867">69.30</ix:nonFraction>%)</span></div><div style="text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telxius Cable Espa&#241;a, S.L.U. (<ix:nonFraction unitRef="number" contextRef="c-3019" decimals="4" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" scale="-2" id="f-7868">0.70</ix:nonFraction>%)</span></div></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telxius Cable Argentina, S.A.<br/>Operation and deployment of telecommunications infraestructure</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Argentina</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">USD</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-3020" decimals="-6" name="ifrs-full:Equity" scale="6" id="f-7869">78</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-3021" decimals="2" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" scale="-2" id="f-7870">70</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telxius Cable Am&#233;rica, S.A. (<ix:nonFraction unitRef="number" contextRef="c-3022" decimals="4" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" scale="-2" id="f-7871">66.50</ix:nonFraction>%)</span></div><div style="text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telxius Cable Espa&#241;a, S.L.U. (<ix:nonFraction unitRef="number" contextRef="c-3023" decimals="4" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" scale="-2" id="f-7872">3.50</ix:nonFraction>%)</span></div></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telxius Cable Panam&#225;, S.A.<br/>Installation and operation of telecommunications networks for wholesalers</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Panama</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">USD</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-3024" decimals="-6" name="ifrs-full:Equity" scale="6" id="f-7873">10</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-3025" decimals="2" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" scale="-2" id="f-7874">70</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telxius Cable Am&#233;rica, S.A. </span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telxius Cable Puerto Rico, Inc.<br/>High capacity optical fibre network communications services</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Puerto Rico</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">USD</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-3026" decimals="-6" name="ifrs-full:Equity" scale="6" id="f-7875">14</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-3027" decimals="2" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" scale="-2" id="f-7876">70</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telxius Cable Am&#233;rica, S.A. </span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telxius Cable USA, Inc.<br/>High bandwidth communications services</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">USA</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">USD</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-3028" decimals="-6" name="ifrs-full:Equity" scale="6" id="f-7877">58</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-3029" decimals="2" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" scale="-2" id="f-7878">70</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telxius Telecom, S.A.</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telxius Cable Ecuador, S.A.<br/>Sale of usage of data transmission capacity via an underwater optical fibre network</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Ecuador</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">USD</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-3030" decimals="-6" name="ifrs-full:Equity" scale="6" id="f-7879">5</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-3031" decimals="2" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" scale="-2" id="f-7880">70</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telxius Cable Am&#233;rica, S.A.</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telxius Cable Chile, S.A.<br/>Involvement in businesses related to public or private telecommunications services</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Chile</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">USD</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-3032" decimals="-6" name="ifrs-full:Equity" scale="6" id="f-7881">26</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-3033" decimals="2" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" scale="-2" id="f-7882">70</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telxius Cable Am&#233;rica, S.A. </span></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Other companies (cont.)</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"/><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"/><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"/><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"/><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"/></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telxius Cable Guatemala, S.A.<br/>Installation and operation of telecommunications networks for wholesalers</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Guatemala</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">USD</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-3034" decimals="-6" name="ifrs-full:Equity" scale="6" id="f-7883">20</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-3035" decimals="2" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" scale="-2" id="f-7884">70</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telxius Cable Am&#233;rica, S.A. </span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telxius Cable Per&#250;, S.A.C.<br/>Involvement in the operation and deployment of international telecommunications services via underwater cables and others means</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Peru</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">USD</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-3036" decimals="-6" name="ifrs-full:Equity" scale="6" id="f-7885">20</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-3037" decimals="2" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" scale="-2" id="f-7886">70</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telxius Cable Am&#233;rica, S.A. </span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telxius Cable Colombia, S.A.<br/>Supply of data transmission capacity via underwater cable system</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Colombia</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">USD</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-3038" decimals="-6" name="ifrs-full:Equity" scale="6" id="f-7887">4</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-3039" decimals="2" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" scale="-2" id="f-7888">70</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telxius Cable Am&#233;rica, S.A. (<ix:nonFraction unitRef="number" contextRef="c-3040" decimals="4" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" scale="-2" id="f-7889">66.49</ix:nonFraction>%)</span></div><div style="text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telxius Cable Chile, S.A. (<ix:nonFraction unitRef="number" contextRef="c-3041" decimals="4" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" scale="-2" id="f-7890">1.17</ix:nonFraction>%)</span></div><div style="text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telxius Cable Per&#250;, S.A.C. (<ix:nonFraction unitRef="number" contextRef="c-3042" decimals="4" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" scale="-2" id="f-7891">1.17</ix:nonFraction>%)</span></div><div style="text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telxius Cable Guatemala, S.A. (<ix:nonFraction unitRef="number" contextRef="c-3043" decimals="4" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" scale="-2" id="f-7892">1.16</ix:nonFraction>%)</span></div><div style="text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telxius Cable Argentina, S.A. (<ix:nonFraction unitRef="number" contextRef="c-3044" decimals="4" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" scale="-2" id="f-7893">0.01</ix:nonFraction>%)</span></div></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telxius Cable Brasil Participa&#231;oes, Ltda.<br/>Holding company</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Brazil</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">USD</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-3045" decimals="-6" name="ifrs-full:Equity" scale="6" id="f-7894">62</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-3046" decimals="2" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" scale="-2" id="f-7895">70</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telxius Cable Am&#233;rica, S.A.</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telxius Cable Brasil, Ltda.<br/>Operation and deployment of telecommunications infrastructures</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Brazil</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">USD</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-3047" decimals="-6" name="ifrs-full:Equity" scale="6" id="f-7896">74</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-3048" decimals="2" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" scale="-2" id="f-7897">70</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telxius Cable Brasil Participa&#231;oes, Ltda.</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telxius Cable Bolivia, S.A.<br/>Establishment and operation of any kind of communications infrastructure and/or network</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Bolivia</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">USD</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-3049" decimals="-6" name="ifrs-full:Equity" scale="6" id="f-7898">2</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-3050" decimals="2" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" scale="-2" id="f-7899">70</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telxius Cable Am&#233;rica, S.A. (<ix:nonFraction unitRef="number" contextRef="c-3051" decimals="4" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" scale="-2" id="f-7900">68.9</ix:nonFraction>%)</span></div><div style="text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telxius Cable Espa&#241;a, S.L.U. (<ix:nonFraction unitRef="number" contextRef="c-3052" decimals="4" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" scale="-2" id="f-7901">0.55</ix:nonFraction>%)</span></div><div style="text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telxius Cable Argentina, S.A. (<ix:nonFraction unitRef="number" contextRef="c-3053" decimals="4" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" scale="-2" id="f-7902">0.55</ix:nonFraction>%)</span></div></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telxius M&#233;xico, S.R.L. DE C.V<br/>Establishment and operation of any kind of communications infrastructure and/or network</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Mexico</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">USD</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-3054" decimals="-6" name="ifrs-full:Equity" format="ixt:fixed-zero" scale="6" id="f-7903">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-3055" decimals="2" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" scale="-2" id="f-7904">70</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telxius Cable Am&#233;rica, S.A. (<ix:nonFraction unitRef="number" contextRef="c-3056" decimals="4" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" scale="-2" id="f-7905">69.98</ix:nonFraction>%)</span></div><div style="text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telxius Cable Espa&#241;a, S.L.U. (<ix:nonFraction unitRef="number" contextRef="c-3057" decimals="4" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" scale="-2" id="f-7906">0.02</ix:nonFraction>%)</span></div></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Local Services GmbH<br/>Holding company</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Germany</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-3058" decimals="-6" name="ifrs-full:Equity" format="ixt:fixed-zero" scale="6" id="f-7907">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-3059" decimals="2" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" scale="-2" id="f-7908">100</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #969696;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica, S.A. </span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Companies accounted for using the equity method</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"/><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"/><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"/><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"/><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"/></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">VMED O2 UK Limited <br/>Integrated provider of fixed and mobile services</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">United Kingdom</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">GBP</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="gbp" contextRef="c-3060" decimals="-6" name="ifrs-full:InvestmentAccountedForUsingEquityMethod" format="ixt:fixed-zero" scale="6" id="f-7909">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-776" decimals="2" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" scale="-2" id="f-7910">50</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica O2 Holdings  Limited</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">FiBrasil Infraestrutura e Fibra &#211;tica S.A.<br/>Fibre wholesale supplier</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Brazil</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">BRL</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="brl" contextRef="c-3061" decimals="-6" name="ifrs-full:InvestmentAccountedForUsingEquityMethod" scale="6" id="f-7911">189</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-3062" decimals="4" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" scale="-2" id="f-7912">44.12</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#244;nica Brasil, S.A. (<ix:nonFraction unitRef="number" contextRef="c-3063" decimals="4" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" scale="-2" id="f-7913">19.12</ix:nonFraction>%)</span></div><div style="text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Infra S.L.U. (<ix:nonFraction unitRef="number" contextRef="c-3064" decimals="2" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" scale="-2" id="f-7914">25</ix:nonFraction>%)</span></div></td></tr><tr><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">VivaE Educa&#231;&#227;o Digital S.A. <br/>Training for professional and management development</span></td><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Brazil</span></td><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">BRL</span></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="brl" contextRef="c-3065" decimals="-6" name="ifrs-full:InvestmentAccountedForUsingEquityMethod" scale="6" id="f-7915">33</ix:nonFraction>&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-3066" decimals="4" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" scale="-2" id="f-7916">38.24</ix:nonFraction>&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#244;nica Brasil, S.A.</span></td></tr></table></div></ix:continuation></ix:continuation><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">F-172</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><ix:continuation id="f-7482-9" continuedAt="f-7482-10"><ix:continuation id="f-7481-9" continuedAt="f-7481-10"><div style="margin-bottom:18pt;margin-top:9pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"/><td style="width:43.344%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:8.695%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:7.525%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:7.525%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:9.426%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:16.885%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Name and corporate purpose</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Country</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Currency</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Capital</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">%Telef&#243;nica Group</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Holding Company</span></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Companies accounted for using the equity method (cont.)</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"/><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"/><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"/><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"/><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"/></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Gud Comercializadora de Energia S.A.<br/>Energy trading company</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Brazil</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">BRL</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="brl" contextRef="c-3067" decimals="-6" name="ifrs-full:InvestmentAccountedForUsingEquityMethod" scale="6" id="f-7917">21</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-3068" decimals="4" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" scale="-2" id="f-7918">38.24</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#244;nica Brasil, S.A.</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">HoldCo InfraCo SpA <br/>Investment in money and/or securities</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Chile</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">CLP</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="clp" contextRef="c-3069" decimals="-6" name="ifrs-full:InvestmentAccountedForUsingEquityMethod" format="ixt:num-dot-decimal" scale="6" id="f-7919">135,534</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-3070" decimals="4" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" scale="-2" id="f-7920">39.76</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Chile, S.A.</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Infraco SpA.<br/>Operation of physical fibre optic infrastructure</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Chile</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">CLP</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="clp" contextRef="c-3071" decimals="-6" name="ifrs-full:InvestmentAccountedForUsingEquityMethod" format="ixt:num-dot-decimal" scale="6" id="f-7921">246,002</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-3072" decimals="4" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" scale="-2" id="f-7922">39.76</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">HoldCo InfraCo SpA </span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Factoring Espa&#241;a, S.A.<br/>Factoring services provider</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Spain</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-3073" decimals="-6" name="ifrs-full:InvestmentAccountedForUsingEquityMethod" scale="6" id="f-7923">5</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-882" decimals="2" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" scale="-2" id="f-7924">50</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica, S.A. </span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Factoring Do Brasil, Ltda.<br/>Factoring services provider</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Brazil</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">BRL</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="brl" contextRef="c-3074" decimals="-6" name="ifrs-full:InvestmentAccountedForUsingEquityMethod" scale="6" id="f-7925">5</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-3075" decimals="2" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" scale="-2" id="f-7926">50</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica, S.A. (<ix:nonFraction unitRef="number" contextRef="c-3076" decimals="4" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" scale="-2" id="f-7927">40</ix:nonFraction>%)</span></div><div style="text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Factoring Espa&#241;a, S.A. (<ix:nonFraction unitRef="number" contextRef="c-3077" decimals="4" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" scale="-2" id="f-7928">10</ix:nonFraction>%)</span></div></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Factoring Mexico, S.A. de C.V. SOFOM ENR<br/>Factoring services provider</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Mexico</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">MXN</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="mxn" contextRef="c-3078" decimals="-6" name="ifrs-full:InvestmentAccountedForUsingEquityMethod" format="ixt:fixed-zero" scale="6" id="f-7929">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-3079" decimals="2" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" scale="-2" id="f-7930">50</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica, S.A. (<ix:nonFraction unitRef="number" contextRef="c-3080" decimals="4" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" scale="-2" id="f-7931">40.50</ix:nonFraction>%)</span></div><div style="text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Factoring Espa&#241;a, S.A. (<ix:nonFraction unitRef="number" contextRef="c-3081" decimals="4" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" scale="-2" id="f-7932">9.50</ix:nonFraction>%)</span></div></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Factoring Per&#250;, S.A.C.<br/>Factoring services provider</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Peru</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">PEN</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="pen" contextRef="c-3082" decimals="-6" name="ifrs-full:InvestmentAccountedForUsingEquityMethod" scale="6" id="f-7933">6</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-3083" decimals="2" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" scale="-2" id="f-7934">50</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica, S.A. (<ix:nonFraction unitRef="number" contextRef="c-3084" decimals="4" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" scale="-2" id="f-7935">40.50</ix:nonFraction>%)</span></div><div style="text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Factoring Espa&#241;a, S.A. (<ix:nonFraction unitRef="number" contextRef="c-3085" decimals="4" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" scale="-2" id="f-7936">9.50</ix:nonFraction>%)</span></div></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Factoring Colombia, S.A.<br/>Factoring services provider</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Colombia</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">COP</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="cop" contextRef="c-3086" decimals="-6" name="ifrs-full:InvestmentAccountedForUsingEquityMethod" format="ixt:num-dot-decimal" scale="6" id="f-7937">4,000</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-3087" decimals="2" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" scale="-2" id="f-7938">50</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica, S.A. (<ix:nonFraction unitRef="number" contextRef="c-3088" decimals="4" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" scale="-2" id="f-7939">40.50</ix:nonFraction>%)</span></div><div style="text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Factoring Espa&#241;a, S.A. (<ix:nonFraction unitRef="number" contextRef="c-3089" decimals="4" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" scale="-2" id="f-7940">9.50</ix:nonFraction>%)</span></div></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Factoring Chile, SpA. <br/>Factoring services provider</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Chile</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">CLP</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-3090" decimals="-6" name="ifrs-full:InvestmentAccountedForUsingEquityMethod" scale="6" id="f-7941">547</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-3091" decimals="2" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" scale="-2" id="f-7942">50</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Factoring Espa&#241;a, S.A.</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Consumer Finance, Establecimiento Financiero de Cr&#233;dito, S.A.<br/>Specialised credit institution</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Spain</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-3092" decimals="-6" name="ifrs-full:InvestmentAccountedForUsingEquityMethod" scale="6" id="f-7943">5</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-3093" decimals="2" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" scale="-2" id="f-7944">50</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica, S.A.</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Movistar Consumer Finance Colombia SAS. <br/>Specialised credit institution</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Colombia</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">COP</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="cop" contextRef="c-3094" decimals="-6" name="ifrs-full:InvestmentAccountedForUsingEquityMethod" format="ixt:num-dot-decimal" scale="6" id="f-7945">6,000</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-3095" decimals="2" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" scale="-2" id="f-7946">50</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Innovaci&#243;n Digital, S.L.U.</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Alamo Holdco S.L. <br/>Holding company</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Spain</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-3096" decimals="-6" name="ifrs-full:InvestmentAccountedForUsingEquityMethod" format="ixt:fixed-zero" scale="6" id="f-7947">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-3097" decimals="2" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" scale="-2" id="f-7948">27</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Colombia Telecomunicaciones S.A. ESP BIC  </span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">ONNET Fibra Colombia S.A.S.<br/>Fibre wholesale supplier</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Colombia</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">COP</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="cop" contextRef="c-3098" decimals="-6" name="ifrs-full:InvestmentAccountedForUsingEquityMethod" format="ixt:num-dot-decimal" scale="6" id="f-7949">56,307</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-3099" decimals="2" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" scale="-2" id="f-7950">27</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Alamo Holdco S.L.</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Internet para todos S.A.C<br/>Telecommunications service provider</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Peru</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">PEN</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="pen" contextRef="c-3100" decimals="-6" name="ifrs-full:InvestmentAccountedForUsingEquityMethod" scale="6" id="f-7951">364</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-3101" decimals="4" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" scale="-2" id="f-7952">54.30</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica del Per&#250;, S.A.A.</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Movistar Prosegur Alarmas, S.L.<br/>Private security services</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Spain</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-3102" decimals="-6" name="ifrs-full:InvestmentAccountedForUsingEquityMethod" format="ixt:fixed-zero" scale="6" id="f-7953">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-3103" decimals="2" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" scale="-2" id="f-7954">50</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Espa&#241;a Filiales, S.A.U.</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Prosegur Soluciones S.A.U.<br/>Private security services</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Spain</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-3104" decimals="-6" name="ifrs-full:InvestmentAccountedForUsingEquityMethod" format="ixt:fixed-zero" scale="6" id="f-7955">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-3105" decimals="2" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" scale="-2" id="f-7956">50</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Movistar Prosegur Alarmas, S.L.</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Buend&#237;a Estudios, S.L. <br/>Service provision related to film and video production activities</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Spain</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-3106" decimals="-6" name="ifrs-full:InvestmentAccountedForUsingEquityMethod" format="ixt:fixed-zero" scale="6" id="f-7957">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-3107" decimals="2" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" scale="-2" id="f-7958">50</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica  Audiovisual Digital, S.L.U. </span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Buend&#237;a Estudios Uno, S.L.U.<br/>Service provision related to film and video production activities</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Spain</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-3108" decimals="-6" name="ifrs-full:InvestmentAccountedForUsingEquityMethod" format="ixt:fixed-zero" scale="6" id="f-7959">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-3109" decimals="2" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" scale="-2" id="f-7960">50</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Buend&#237;a Estudios, S.L. </span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Buend&#237;a Estudios Dos, S.L.U.<br/>Service provision related to film and video production activities</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Spain</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-3110" decimals="-6" name="ifrs-full:InvestmentAccountedForUsingEquityMethod" format="ixt:fixed-zero" scale="6" id="f-7961">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-3111" decimals="2" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" scale="-2" id="f-7962">50</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Buend&#237;a Estudios, S.L. </span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Buend&#237;a Estudios Canarias, S.L.U <br/>Service provision related to film and video production activities</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Spain</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-3112" decimals="-6" name="ifrs-full:InvestmentAccountedForUsingEquityMethod" format="ixt:fixed-zero" scale="6" id="f-7963">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-3113" decimals="2" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" scale="-2" id="f-7964">50</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Buend&#237;a Estudios, S.L. </span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Buend&#237;a Estudios Bizkaia, S.L.U.<br/>Service provision related to film and video production activities</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Spain</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-3114" decimals="-6" name="ifrs-full:InvestmentAccountedForUsingEquityMethod" format="ixt:fixed-zero" scale="6" id="f-7965">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-3115" decimals="2" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" scale="-2" id="f-7966">50</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Buend&#237;a Estudios, S.L. </span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Solar360 de Repsol y Movistar S.L. <br/>Development and marketing of photovoltaic self-consumption products and/or services</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Spain</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-3116" decimals="-6" name="ifrs-full:InvestmentAccountedForUsingEquityMethod" format="ixt:fixed-zero" scale="6" id="f-7967">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-3117" decimals="2" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" scale="-2" id="f-7968">50</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica de Espa&#241;a, S.A.U.</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">UGG TopCo/HoldCo General Partner GmbH. <br/>Holding company</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 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1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-3119" decimals="4" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" scale="-2" id="f-7970">49.68</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Infra Germany GmbH. (<ix:nonFraction unitRef="number" contextRef="c-3120" decimals="2" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" scale="-2" id="f-7971">40</ix:nonFraction>%)</span></div><div style="text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Germany 1. Beteiligungsgesellschaft mbH. (<ix:nonFraction unitRef="number" contextRef="c-3121" decimals="4" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" scale="-2" id="f-7972">9.68</ix:nonFraction>%)</span></div></td></tr><tr><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">UGG TopCo GmbH &amp; Co KG <br/>Holding company</span></td><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Germany</span></td><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-3122" decimals="-6" name="ifrs-full:InvestmentAccountedForUsingEquityMethod" format="ixt:fixed-zero" scale="6" id="f-7973">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-3123" decimals="4" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" scale="-2" id="f-7974">49.68</ix:nonFraction>&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Infra Germany GmbH. (<ix:nonFraction unitRef="number" contextRef="c-3124" decimals="2" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" scale="-2" id="f-7975">40</ix:nonFraction>%)</span></div><div style="text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Germany 1. Beteiligungsgesellschaft mbH. (<ix:nonFraction unitRef="number" contextRef="c-3125" decimals="4" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" scale="-2" id="f-7976">9.68</ix:nonFraction>%)</span></div></td></tr></table></div></ix:continuation></ix:continuation><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">F-173</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><ix:continuation id="f-7482-10" continuedAt="f-7482-11"><ix:continuation id="f-7481-10" continuedAt="f-7481-11"><div style="margin-bottom:18pt;margin-top:9pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"/><td style="width:43.344%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:8.695%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:7.525%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:7.525%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:9.426%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:16.885%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Name and corporate purpose</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Country</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Currency</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Capital</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">%Telef&#243;nica Group</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Holding Company</span></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Companies accounted for using the equity method (cont.)</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"/><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"/><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"/><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"/><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"/></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">UGG HoldCo GmbH&amp; Co KG <br/>Holding company</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Germany</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-3126" decimals="-6" name="ifrs-full:InvestmentAccountedForUsingEquityMethod" format="ixt:fixed-zero" scale="6" id="f-7977">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-3127" decimals="4" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" scale="-2" id="f-7978">49.68</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">UGG TopCo GmbH &amp; Co KG </span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">UGG General Partner GmbH <br/>Holding company</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Germany</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-3128" decimals="-6" name="ifrs-full:InvestmentAccountedForUsingEquityMethod" format="ixt:fixed-zero" scale="6" id="f-7979">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-3129" decimals="4" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" scale="-2" id="f-7980">49.68</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">UGG HoldCo GmbH&amp; Co KG </span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Unsere Gr&#252;ne Glasfaser GmbH &amp; Co KG <br/>Broadband telecommunications operator</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Germany</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-3130" decimals="-6" name="ifrs-full:InvestmentAccountedForUsingEquityMethod" format="ixt:fixed-zero" scale="6" id="f-7981">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-770" decimals="4" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" scale="-2" id="f-7982">49.68</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">UGG HoldCo GmbH&amp; Co KG </span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Infrafibre Germany GmbH<br/>B2B technology industry</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Germany</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-3131" decimals="-6" name="ifrs-full:InvestmentAccountedForUsingEquityMethod" scale="6" id="f-7983">2</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-3132" decimals="4" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" scale="-2" id="f-7984">49.68</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Unsere Gr&#252;ne Glasfaser GmbH &amp; Co KG </span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Daytona Midco S.L.<br/>Securities transactions</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Spain</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-3133" decimals="-6" name="ifrs-full:InvestmentAccountedForUsingEquityMethod" format="ixt:fixed-zero" scale="6" id="f-7985">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-3134" decimals="2" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" scale="-2" id="f-7986">20</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Infra,  S.L.U.  </span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Digital Data Centre BidCo, SLU.<br/>Management and administration of equity securities</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Spain</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-3135" decimals="-6" name="ifrs-full:InvestmentAccountedForUsingEquityMethod" scale="6" id="f-7987">4</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-3136" decimals="2" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" scale="-2" id="f-7988">20</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Daytona Midco S.L.</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Renting, S.A.<br/>Purchase, sale and leasing of all kinds of movable property and provision of services ancillary to the leasing thereof</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Spain</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-3137" decimals="-6" name="ifrs-full:InvestmentAccountedForUsingEquityMethod" scale="6" id="f-7989">1</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-3138" decimals="2" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" scale="-2" id="f-7990">50</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica, S.A. </span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Opal Holdco Limited<br/>Holding company</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">United Kingdom</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">GBP</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="gbp" contextRef="c-3139" decimals="-6" name="ifrs-full:InvestmentAccountedForUsingEquityMethod" scale="6" id="f-7991">2</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-3140" decimals="2" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" scale="-2" id="f-7992">50</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Infra, S.L.U.</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Opal Jvco Limited <br/>Holding company</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">United Kingdom</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">GBP</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="gbp" contextRef="c-3141" decimals="-6" name="ifrs-full:InvestmentAccountedForUsingEquityMethod" scale="6" id="f-7993">4</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-3142" decimals="2" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" scale="-2" id="f-7994">25</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Opal Holdco Limited</span></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Utiq, S.A.<br/>Technology solutions for digital advertising</span></td><td colspan="3" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Belgium</span></td><td colspan="3" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-3143" decimals="-6" name="ifrs-full:InvestmentAccountedForUsingEquityMethod" scale="6" id="f-7995">22</ix:nonFraction>&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-3144" decimals="2" name="ifrs-full:ProportionOfOwnershipInterestInSubsidiary" scale="-2" id="f-7996">25</ix:nonFraction>&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Innovaci&#243;n Digital, S.L.U.</span></td></tr></table></div><div><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">Main changes in the scope of consolidation for the year 2024</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">Acquisition of new companies</span></div><div style="margin-bottom:9pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:96.491%"><tr><td style="width:1.0%"/><td style="width:62.536%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:11.021%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:11.021%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:11.022%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Companies/Segment/Subsidiaries</span></td><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Country</span></td><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Date of inclusion</span></td><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">% Acquisition</span></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Telef&#243;nica Brazil</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"/><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"/><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"/></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">IPNET Servi&#231;os em Nuvem e Desenvolvimento de Sistemas Ltda<br/>Software and systems resale, professional services and project management</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Brazil</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">06/30/2024</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-2717" decimals="4" name="ifrs-full:PercentageOfVotingEquityInterestsAcquired" scale="-2" id="f-7997">88.24</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">IPNET USA, LLC <br/>Software and systems resale, professional services and project management</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">USA</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">06/30/2024</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-2719" decimals="4" name="ifrs-full:PercentageOfVotingEquityInterestsAcquired" scale="-2" id="f-7998">88.24</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Companies accounted for using the equity method</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"/><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"/><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"/></tr><tr><td colspan="3" style="border-bottom:1pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Infrafibre Germany GmbH<br/>B2B technology industry</span></td><td colspan="3" style="border-bottom:1pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Germany</span></td><td colspan="3" style="border-bottom:1pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">12/31/2024</span></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-3131" decimals="4" name="ifrs-full:PercentageOfVotingEquityInterestsAcquired" scale="-2" id="f-7999">49.68</ix:nonFraction>&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td></tr></table></div><div style="margin-bottom:9pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">Incorporation of companies&#160;&#160;&#160;&#160;</span></div><div style="margin-bottom:9pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:96.491%"><tr><td style="width:1.0%"/><td style="width:62.536%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:10.415%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:11.021%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:11.628%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Companies/Segment/Subsidiaries</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Country</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Date of incorporation</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">% Acquisition</span></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Telef&#243;nica Spain</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"/><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"/><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"/></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Compa&#241;&#237;a Mayorista de Fibra S.L.<br/>Provision of telecommunications services through FTTH network operation</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Spain</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">10/31/2024</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-2674" decimals="2" name="tef:PercentageOfVotingEquityInterestsHeldInNewlyIncorporatedCompanies" scale="-2" id="f-8000">100</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Telef&#243;nica Hispam</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"/><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"/><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"/></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Unired Colombia S.A.S <br/>Service provider related to telecommunications</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Colombia</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">08/31/2024</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-2731" decimals="4" name="tef:PercentageOfVotingEquityInterestsHeldInNewlyIncorporatedCompanies" scale="-2" id="f-8001">33.75</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Companies accounted for using the equity method</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"/><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"/><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"/></tr><tr><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Gud Comercializadora de Energia S.A.<br/>Energy trading company</span></td><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Brazil</span></td><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">02/29/2024</span></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-3067" decimals="4" name="tef:PercentageOfVotingEquityInterestsHeldInNewlyIncorporatedCompanies" scale="-2" id="f-8002">38.24</ix:nonFraction>&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td></tr></table></div></ix:continuation></ix:continuation><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">F-174</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><ix:continuation id="f-7482-11" continuedAt="f-7482-12"><ix:continuation id="f-7481-11" continuedAt="f-7481-12"><div style="margin-bottom:9pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">Merged companies</span></div><div style="margin-bottom:9pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:96.491%"><tr><td style="width:1.0%"/><td style="width:62.536%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:11.021%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:11.021%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:11.022%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Companies/Segment/Subsidiaries</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Country</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Date</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Surviving company</span></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Telef&#243;nica Hispam</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"/><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"/><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"/></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica de Argentina, S.A.<br/>Telecommunications service provider</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Argentina</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">03/31/2024</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica M&#243;viles Argentina, S.A.</span></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Other companies</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"/><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"/><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"/></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">BE-terna Acceleration GmbH<br/>Holding company</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Germany</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">08/31/2024</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">BE-terna Enhancement GmbH (before BE-terna Acceleration Holding GmbH)</span></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">BE-terna&#160;Enhancement GmbH<br/>Holding company</span></td><td colspan="3" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Germany</span></td><td colspan="3" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">08/31/2024</span></td><td colspan="3" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">BE-terna Enhancement GmbH (before BE-terna Acceleration Holding GmbH)</span></td></tr></table></div><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">Liquidated companies</span></div><div style="margin-bottom:9pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:95.760%"><tr><td style="width:1.0%"/><td style="width:58.136%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:9.129%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:17.220%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:11.115%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Companies/Segment/Subsidiaries</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Country</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Deconsolidation date</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">% Shareholding</span></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Telef&#243;nica Spain</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"/><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"/><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"/></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">TBSC Barcelona Producciones, S.L.U. <br/>Provision of audiovisual telecommunications services</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Spain</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">12/31/2024</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-3145" decimals="2" name="tef:PercentageofShareCapitalSold" scale="-2" id="f-8003">100</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Other companies</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"/><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"/><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"/></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">O2 International Holdings Ltd.<br/>Holding company</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">United Kingdom</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">07/31/2024</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-3146" decimals="2" name="tef:PercentageofShareCapitalSold" scale="-2" id="f-8004">100</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Terra Networks Per&#250;, S.A.<br/>ISP and portal</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Peru</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">10/31/2024</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-3147" decimals="2" name="tef:PercentageofShareCapitalSold" scale="-2" id="f-8005">100</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Companies accounted for using the equity method</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"/><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"/><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"/></tr><tr><td colspan="3" style="border-bottom:1pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Mobile Financial Services Holding SPRL<br/>Financial services</span></td><td colspan="3" style="border-bottom:1pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Belgium</span></td><td colspan="3" style="border-bottom:1pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">06/30/2024</span></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-3148" decimals="2" name="tef:PercentageofShareCapitalSold" scale="-2" id="f-8006">50</ix:nonFraction>&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td></tr></table></div><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">Divestment companies</span></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:95.760%"><tr><td style="width:1.0%"/><td style="width:58.136%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:9.129%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:17.220%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:11.115%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Companies/Segment/Subsidiaries</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Country</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Deconsolidation date</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">% Sold</span></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Companies accounted for using the equity method</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"/><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"/><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"/></tr><tr><td colspan="3" style="border-bottom:1pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Cornerstone Telecommunications Infrastructure Limited<br/>Mobile phone towers</span></td><td colspan="3" style="border-bottom:1pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">United Kingdom</span></td><td colspan="3" style="border-bottom:1pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">12/31/2024</span></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-3149" decimals="4" name="tef:PercentageofShareCapitalSold" scale="-2" id="f-8007">4.17</ix:nonFraction>&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td></tr></table></div><div><span><br/></span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">Main changes in the scope of consolidation for the year 2023</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">Acquisition of new companies</span></div><div style="margin-bottom:9pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:96.491%"><tr><td style="width:1.0%"/><td style="width:62.536%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:11.021%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:11.021%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:11.022%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Companies/Segment/Subsidiaries</span></td><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Country</span></td><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Date of inclusion</span></td><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">% Acquisition</span></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Telef&#243;nica Brazil</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"/><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"/><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"/></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Vale Sa&#250;de, Administradora de Cart&#245;es Ltda.<br/>Provision of health services</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Brazil</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">03/31/2023</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-3150" decimals="4" name="ifrs-full:PercentageOfVotingEquityInterestsAcquired" scale="-2" id="f-8008">75.29</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Other companies</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"/><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"/><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telxius Telecom, S.A.<br/>Telecommunications service provider</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Spain</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">01/31/2023</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-3151" decimals="2" name="ifrs-full:PercentageOfVotingEquityInterestsAcquired" scale="-2" id="f-8009">40</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Cryptography &amp; Security Systems S.L.U. <br/>Software programming activities</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Spain</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">01/31/2023</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-3152" decimals="2" name="ifrs-full:PercentageOfVotingEquityInterestsAcquired" scale="-2" id="f-8010">100</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Local Services GmbH<br/>Holding company</span></td><td colspan="3" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Germany</span></td><td colspan="3" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">10/31/2023</span></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-3153" decimals="2" name="ifrs-full:PercentageOfVotingEquityInterestsAcquired" scale="-2" id="f-8011">100</ix:nonFraction>&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td></tr></table></div></ix:continuation></ix:continuation><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">F-175</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><ix:continuation id="f-7482-12" continuedAt="f-7482-13"><ix:continuation id="f-7481-12" continuedAt="f-7481-13"><div style="margin-bottom:9pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">Incorporation of companies&#160;&#160;&#160;&#160;</span></div><div style="margin-bottom:9pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:96.491%"><tr><td style="width:1.0%"/><td style="width:62.536%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:10.415%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:11.021%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:11.628%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Companies/Segment/Subsidiaries</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Country</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Date of incorporation</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">% Acquisition</span></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Other companies</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"/><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"/><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"/></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">BE-terna&#160;SRL<br/>Services in automatic data processing and information technology</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Italy</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">04/30/2023</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-3154" decimals="2" name="tef:PercentageOfVotingEquityInterestsHeldInNewlyIncorporatedCompanies" scale="-2" id="f-8012">100</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telxius M&#233;xico, S.R.L. DE C.V<br/>Establishment and operation of any kind of communications infrastructure and/or network</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Mexico</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">11/30/2023</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-3155" decimals="2" name="tef:PercentageOfVotingEquityInterestsHeldInNewlyIncorporatedCompanies" scale="-2" id="f-8013">70</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Companies accounted for using the equity method</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"/><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"/><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"/></tr><tr><td colspan="3" style="border-bottom:1pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Utiq, S.A.<br/>Technology solutions for digital advertising</span></td><td colspan="3" style="border-bottom:1pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Belgium</span></td><td colspan="3" style="border-bottom:1pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">03/31/2023</span></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-3156" decimals="2" name="tef:PercentageOfVotingEquityInterestsHeldInNewlyIncorporatedCompanies" scale="-2" id="f-8014">25</ix:nonFraction>&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td></tr></table></div><div style="margin-bottom:9pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">Merged companies</span></div><div style="margin-bottom:9pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:96.491%"><tr><td style="width:1.0%"/><td style="width:62.536%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:11.021%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:11.021%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:11.022%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Companies/Segment/Subsidiaries</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Country</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Date</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Surviving company</span></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Telef&#243;nica Brazil</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"/><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"/><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"/></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Garliava RJ Infraestrutura e Redes de Telecomunicacoes S.A.<br/>Wireline telephony operator </span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Brazil</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">02/28/2023</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#244;nica Brasil, S.A.</span></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Vita IT Com&#233;rcio e Servi&#231;os de Solu&#231;&#245;es em TI Ltda.<br/>Technical support, maintenance and other IT services</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Brazil</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">11/30/2023</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#244;nica Infraestructura e Seguran&#231;a Ltda.</span></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Other companies</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"/><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"/><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"/></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Pontel Participaciones, S.L.<br/>Holding company</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Spain</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">03/31/2023</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telxius Telecom, S.A. </span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Tempotel, Empresa de Trabajo Temporal, S.A.U.<br/>Temporary employment agency</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Spain</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">10/31/2023</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Gesti&#243;n Integral de Edificios y Servicios S.L.U.</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Investigaci&#243;n y Desarrollo, S.A.U.<br/>Telecommunications research activities and projects</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Spain</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">10/31/2023</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Innovaci&#243;n Digital, S.L.U.</span></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Companies accounted for using the equity method</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"/><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"/><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"/></tr><tr><td colspan="3" style="border-bottom:1pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Buend&#237;a Producci&#243;n, S.L. <br/>Service provision related to film and video production activities</span></td><td colspan="3" style="border-bottom:1pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Spain</span></td><td colspan="3" style="border-bottom:1pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">10/31/2023</span></td><td colspan="3" style="border-bottom:1pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Buend&#237;a Estudios, S.L. </span></td></tr></table></div><div style="margin-bottom:9pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">Divestment companies</span></div><div style="margin-bottom:9pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:95.760%"><tr><td style="width:1.0%"/><td style="width:58.136%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:9.129%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:17.220%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:11.115%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Companies/Segment/Subsidiaries</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Country</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Deconsolidation date</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">% Sold</span></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Other companies</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"/><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"/><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"/></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Pontel Participaciones, S.L.<br/>Holding company</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Spain</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">01/31/2023</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-3157" decimals="4" name="tef:PercentageofShareCapitalSold" scale="-2" id="f-8015">13.35</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Companies accounted for using the equity method</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"/><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"/><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"/></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">The Smart Steps Data Technology Company<br/>Big data services in China</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">China</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">05/31/2023</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-3158" decimals="4" name="tef:PercentageofShareCapitalSold" scale="-2" id="f-8016">33.75</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td></tr><tr><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Cornerstone Telecommunications Infrastructure Limited<br/>Mobile phone towers</span></td><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">United Kingdom</span></td><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">11/30/2023</span></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-3159" decimals="4" name="tef:PercentageofShareCapitalSold" scale="-2" id="f-8017">8.33</ix:nonFraction>&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td></tr></table></div></ix:continuation></ix:continuation><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">F-176</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><ix:continuation id="f-7482-13"><ix:continuation id="f-7481-13"><div style="margin-bottom:9pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">Liquidated companies</span></div><div style="margin-bottom:9pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:95.760%"><tr><td style="width:1.0%"/><td style="width:58.136%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:9.129%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:17.220%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:11.115%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Companies/Segment/Subsidiaries</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Country</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Deconsolidation date</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">% Shareholding</span></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Other companies</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"/><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"/><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"/></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Kumo Analytics Limited <br/>Information technology consultancy activities</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">United Kingdom</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">01/31/2023</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-3160" decimals="2" name="tef:PercentageofShareCapitalSold" scale="-2" id="f-8018">100</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">iHackLabs Ltd.<br/>Cybersecurity, electronic information security and IT consulting</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">United Kingdom</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">09/30/2023</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-3161" decimals="2" name="tef:PercentageofShareCapitalSold" scale="-2" id="f-8019">100</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">O2 (Netherlands ) Holdings BV.<br/>Holding company</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Netherlands</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">11/30/2023</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-3162" decimals="2" name="tef:PercentageofShareCapitalSold" scale="-2" id="f-8020">100</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telfin Ireland DAC.<br/>Intragroup financing</span></td><td colspan="3" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Ireland</span></td><td colspan="3" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">11/30/2023</span></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-3163" decimals="2" name="tef:PercentageofShareCapitalSold" scale="-2" id="f-8021">100</ix:nonFraction>&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td></tr></table></div></ix:continuation></ix:continuation><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">F-177</span></div></div></div><div id="i63478826478c4e0dbabc502413383f6b_379"></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><div style="margin-top:9pt;text-align:center"><span style="color:#a6a6a6;font-family:'Arial',sans-serif;font-size:18pt;font-weight:400;line-height:120%"> <ix:nonNumeric contextRef="c-1" name="tef:DisclosureOfBoardAndSeniorManagementCompensationTextBlock" id="f-8022" continuedAt="f-8022-1" escape="true">Appendix II: Board and Senior Management Compensation</ix:nonNumeric></span></div><ix:continuation id="f-8022-1" continuedAt="f-8022-2"><ix:continuation id="f-7396-3" continuedAt="f-7396-4"><div style="margin-top:9pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">TELEF&#211;NICA, S.A.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">(Amounts in euros)</span></div><div style="margin-top:9pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:97.435%"><tr><td style="width:1.0%"/><td style="width:25.508%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:8.841%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:7.818%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:8.987%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:10.595%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:11.765%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:9.426%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:8.260%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="border-top:0.5pt solid #929292;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Directors</span></td><td colspan="3" style="border-top:0.5pt solid #929292;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Salary</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:5.2pt;font-weight:700;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">1</span></div></td><td colspan="3" style="border-top:0.5pt solid #929292;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Fixed remunera-tion</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:5.2pt;font-weight:700;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">2</span></div></td><td colspan="3" style="border-top:0.5pt solid #929292;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;Allowances</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:5.2pt;font-weight:700;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">3</span></div></td><td colspan="3" style="border-top:0.5pt solid #929292;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Short-term variable remuneration</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:5.2pt;font-weight:700;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">4</span></div></td><td colspan="3" style="border-top:0.5pt solid #929292;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Remuneration for belonging to the Board Committees</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:5.2pt;font-weight:700;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">5</span></div></td><td colspan="3" style="border-top:0.5pt solid #929292;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Other items</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:5.2pt;font-weight:700;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">6</span></div></td><td colspan="3" style="border-top:0.5pt solid #929292;padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total<br/>&#160;</span></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #929292;padding:2px 1pt;text-align:left;vertical-align:middle"><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Mr. Jos&#233; Mar&#237;a &#193;lvarez-Pallete L&#243;pez </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">7</span></div></td><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-3164" decimals="0" name="tef:KeyManagementPersonnelCompensationSalary" format="ixt:num-dot-decimal" scale="0" id="f-8023">1,923,100</ix:nonFraction>&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 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format="ixt:fixed-zero" scale="0" id="f-8027">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-3164" decimals="0" name="ifrs-full:KeyManagementPersonnelCompensationOtherLongtermBenefits" format="ixt:num-dot-decimal" scale="0" id="f-8028">6,207</ix:nonFraction>&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" 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scale="0" id="f-8032">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-3165" decimals="0" name="ifrs-full:KeyManagementPersonnelCompensationShorttermEmployeeBenefits" format="ixt:fixed-zero" scale="0" id="f-8033">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-3165" 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name="tef:KeyManagementPersonnelCompensationSalary" format="ixt:fixed-zero" scale="0" id="f-8037">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-3166" decimals="0" name="tef:KeyManagementPersonnelCompensationFixedCompensation" format="ixt:num-dot-decimal" scale="0" id="f-8038">200,000</ix:nonFraction>&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span 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style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-3166" decimals="0" name="tef:KeyManagementPersonnelCompensationCompensationforMembershipToCommitteesOfTheBoard" format="ixt:num-dot-decimal" scale="0" id="f-8041">91,200</ix:nonFraction>&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-3166" decimals="0" name="ifrs-full:KeyManagementPersonnelCompensationOtherLongtermBenefits" format="ixt:fixed-zero" scale="0" id="f-8042">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-3166" decimals="0" name="ifrs-full:KeyManagementPersonnelCompensation" format="ixt:num-dot-decimal" scale="0" id="f-8043">301,200</ix:nonFraction>&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/></tr><tr><td colspan="3" style="border-top:0.5pt solid #929292;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Mr. &#193;ngel Vil&#225; Boix</span></td><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-3167" decimals="0" name="tef:KeyManagementPersonnelCompensationSalary" format="ixt:num-dot-decimal" scale="0" id="f-8044">1,600,000</ix:nonFraction>&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-3167" decimals="0" name="tef:KeyManagementPersonnelCompensationFixedCompensation" format="ixt:fixed-zero" scale="0" id="f-8045">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-3167" decimals="0" name="tef:KeyManagementPersonnelCompensationAttendanceFees" format="ixt:fixed-zero" scale="0" id="f-8046">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-3167" decimals="0" name="ifrs-full:KeyManagementPersonnelCompensationShorttermEmployeeBenefits" format="ixt:num-dot-decimal" scale="0" id="f-8047">2,436,000</ix:nonFraction>&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-3167" decimals="0" name="tef:KeyManagementPersonnelCompensationCompensationforMembershipToCommitteesOfTheBoard" format="ixt:fixed-zero" scale="0" id="f-8048">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-3167" decimals="0" name="ifrs-full:KeyManagementPersonnelCompensationOtherLongtermBenefits" format="ixt:num-dot-decimal" scale="0" id="f-8049">27,383</ix:nonFraction>&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-3167" decimals="0" name="ifrs-full:KeyManagementPersonnelCompensation" format="ixt:num-dot-decimal" scale="0" id="f-8050">4,063,383</ix:nonFraction>&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/></tr><tr><td colspan="3" style="border-top:0.5pt solid #929292;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Ms. Mar&#237;a Luisa Garc&#237;a Blanco</span></td><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-3168" decimals="0" name="tef:KeyManagementPersonnelCompensationSalary" format="ixt:fixed-zero" scale="0" id="f-8051">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-3168" decimals="0" name="tef:KeyManagementPersonnelCompensationFixedCompensation" format="ixt:num-dot-decimal" scale="0" id="f-8052">120,000</ix:nonFraction>&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-3168" decimals="0" name="tef:KeyManagementPersonnelCompensationAttendanceFees" format="ixt:num-dot-decimal" scale="0" id="f-8053">38,000</ix:nonFraction>&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/><td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-3168" decimals="0" name="ifrs-full:KeyManagementPersonnelCompensationShorttermEmployeeBenefits" format="ixt:fixed-zero" scale="0" id="f-8054">&#8212;</ix:nonFraction>&#160;</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/><td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-3168" decimals="0" name="tef:KeyManagementPersonnelCompensationCompensationforMembershipToCommitteesOfTheBoard" format="ixt:num-dot-decimal" scale="0" id="f-8055">33,600</ix:nonFraction>&#160;</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/><td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-3168" decimals="0" name="ifrs-full:KeyManagementPersonnelCompensationOtherLongtermBenefits" format="ixt:fixed-zero" scale="0" id="f-8056">&#8212;</ix:nonFraction>&#160;</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/><td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-3168" decimals="0" name="ifrs-full:KeyManagementPersonnelCompensation" format="ixt:num-dot-decimal" scale="0" id="f-8057">191,600</ix:nonFraction>&#160;</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/></tr><tr><td colspan="3" style="border-top:0.5pt solid #929292;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Mr. Peter L&#246;scher</span></td><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-3169" decimals="0" name="tef:KeyManagementPersonnelCompensationSalary" format="ixt:fixed-zero" scale="0" id="f-8058">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-3169" decimals="0" name="tef:KeyManagementPersonnelCompensationFixedCompensation" format="ixt:num-dot-decimal" scale="0" id="f-8059">120,000</ix:nonFraction>&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-3169" decimals="0" name="tef:KeyManagementPersonnelCompensationAttendanceFees" format="ixt:num-dot-decimal" scale="0" id="f-8060">26,000</ix:nonFraction>&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-3169" decimals="0" name="ifrs-full:KeyManagementPersonnelCompensationShorttermEmployeeBenefits" format="ixt:fixed-zero" scale="0" id="f-8061">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-3169" decimals="0" name="tef:KeyManagementPersonnelCompensationCompensationforMembershipToCommitteesOfTheBoard" format="ixt:num-dot-decimal" scale="0" id="f-8062">113,600</ix:nonFraction>&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-3169" decimals="0" name="ifrs-full:KeyManagementPersonnelCompensationOtherLongtermBenefits" format="ixt:fixed-zero" scale="0" id="f-8063">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-3169" decimals="0" name="ifrs-full:KeyManagementPersonnelCompensation" format="ixt:num-dot-decimal" scale="0" id="f-8064">259,600</ix:nonFraction>&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/></tr><tr><td colspan="3" style="border-top:0.5pt solid #929292;padding:2px 1pt;text-align:left;vertical-align:middle"><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Mr. Carlos Oca&#241;a Orbis </span><span 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name="tef:KeyManagementPersonnelCompensationFixedCompensation" format="ixt:num-dot-decimal" scale="0" id="f-8066">80,000</ix:nonFraction>&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-3170" decimals="0" name="tef:KeyManagementPersonnelCompensationAttendanceFees" format="ixt:num-dot-decimal" scale="0" id="f-8067">8,000</ix:nonFraction>&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-3170" decimals="0" name="ifrs-full:KeyManagementPersonnelCompensationShorttermEmployeeBenefits" format="ixt:fixed-zero" scale="0" id="f-8068">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-3170" decimals="0" name="tef:KeyManagementPersonnelCompensationCompensationforMembershipToCommitteesOfTheBoard" format="ixt:num-dot-decimal" scale="0" id="f-8069">60,800</ix:nonFraction>&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-3170" decimals="0" name="ifrs-full:KeyManagementPersonnelCompensationOtherLongtermBenefits" format="ixt:fixed-zero" scale="0" id="f-8070">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-3170" decimals="0" name="ifrs-full:KeyManagementPersonnelCompensation" format="ixt:num-dot-decimal" scale="0" id="f-8071">148,800</ix:nonFraction>&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/></tr><tr><td colspan="3" style="border-top:0.5pt solid #929292;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Ms. Ver&#243;nica Pascual Bo&#233;</span></td><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-3171" decimals="0" name="tef:KeyManagementPersonnelCompensationSalary" format="ixt:fixed-zero" scale="0" id="f-8072">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/><td colspan="2" style="border-top:0.5pt 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2px 0;text-align:right;vertical-align:middle"/><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-3171" decimals="0" name="ifrs-full:KeyManagementPersonnelCompensationShorttermEmployeeBenefits" format="ixt:fixed-zero" scale="0" id="f-8075">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-3171" decimals="0" name="tef:KeyManagementPersonnelCompensationCompensationforMembershipToCommitteesOfTheBoard" format="ixt:num-dot-decimal" scale="0" id="f-8076">11,200</ix:nonFraction>&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-3171" decimals="0" name="ifrs-full:KeyManagementPersonnelCompensationOtherLongtermBenefits" format="ixt:fixed-zero" scale="0" id="f-8077">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-3171" decimals="0" name="ifrs-full:KeyManagementPersonnelCompensation" format="ixt:num-dot-decimal" scale="0" id="f-8078">143,200</ix:nonFraction>&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/></tr><tr><td colspan="3" style="border-top:0.5pt solid #929292;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Mr. Francisco Javier de Paz Mancho</span></td><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-3172" decimals="0" name="tef:KeyManagementPersonnelCompensationSalary" format="ixt:fixed-zero" scale="0" id="f-8079">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-3172" decimals="0" name="tef:KeyManagementPersonnelCompensationFixedCompensation" format="ixt:num-dot-decimal" scale="0" id="f-8080">120,000</ix:nonFraction>&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-3172" decimals="0" name="tef:KeyManagementPersonnelCompensationAttendanceFees" format="ixt:num-dot-decimal" scale="0" id="f-8081">25,000</ix:nonFraction>&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-3172" decimals="0" name="ifrs-full:KeyManagementPersonnelCompensationShorttermEmployeeBenefits" format="ixt:fixed-zero" scale="0" id="f-8082">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-3172" decimals="0" name="tef:KeyManagementPersonnelCompensationCompensationforMembershipToCommitteesOfTheBoard" format="ixt:num-dot-decimal" scale="0" id="f-8083">113,600</ix:nonFraction>&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-3172" decimals="0" name="ifrs-full:KeyManagementPersonnelCompensationOtherLongtermBenefits" format="ixt:fixed-zero" scale="0" id="f-8084">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 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decimals="0" name="tef:KeyManagementPersonnelCompensationSalary" format="ixt:fixed-zero" scale="0" id="f-8086">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-3173" decimals="0" name="tef:KeyManagementPersonnelCompensationFixedCompensation" format="ixt:num-dot-decimal" scale="0" id="f-8087">120,000</ix:nonFraction>&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-3173" decimals="0" name="tef:KeyManagementPersonnelCompensationAttendanceFees" format="ixt:fixed-zero" scale="0" id="f-8088">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-3173" decimals="0" name="ifrs-full:KeyManagementPersonnelCompensationShorttermEmployeeBenefits" format="ixt:fixed-zero" scale="0" id="f-8089">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-3173" decimals="0" name="tef:KeyManagementPersonnelCompensationCompensationforMembershipToCommitteesOfTheBoard" format="ixt:fixed-zero" scale="0" id="f-8090">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-3173" decimals="0" name="ifrs-full:KeyManagementPersonnelCompensationOtherLongtermBenefits" format="ixt:fixed-zero" scale="0" id="f-8091">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-3173" decimals="0" name="ifrs-full:KeyManagementPersonnelCompensation" format="ixt:num-dot-decimal" scale="0" id="f-8092">120,000</ix:nonFraction>&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/></tr><tr><td colspan="3" style="border-top:0.5pt solid #929292;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Mr. Francisco Jos&#233; Riberas Mera</span></td><td colspan="2" 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scale="0" id="f-8096">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-3174" decimals="0" name="tef:KeyManagementPersonnelCompensationCompensationforMembershipToCommitteesOfTheBoard" format="ixt:fixed-zero" scale="0" id="f-8097">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-3174" decimals="0" name="ifrs-full:KeyManagementPersonnelCompensationOtherLongtermBenefits" format="ixt:fixed-zero" scale="0" id="f-8098">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-3174" decimals="0" name="ifrs-full:KeyManagementPersonnelCompensation" format="ixt:num-dot-decimal" scale="0" id="f-8099">120,000</ix:nonFraction>&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/></tr><tr><td colspan="3" style="border-top:0.5pt solid #929292;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Ms. Mar&#237;a Rotondo Urcola</span></td><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-3175" decimals="0" name="tef:KeyManagementPersonnelCompensationSalary" format="ixt:fixed-zero" scale="0" id="f-8100">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-3175" decimals="0" name="tef:KeyManagementPersonnelCompensationFixedCompensation" format="ixt:num-dot-decimal" scale="0" id="f-8101">120,000</ix:nonFraction>&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-3175" decimals="0" name="tef:KeyManagementPersonnelCompensationAttendanceFees" format="ixt:num-dot-decimal" scale="0" id="f-8102">25,000</ix:nonFraction>&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-3175" decimals="0" name="ifrs-full:KeyManagementPersonnelCompensationShorttermEmployeeBenefits" format="ixt:fixed-zero" scale="0" id="f-8103">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-3175" decimals="0" name="tef:KeyManagementPersonnelCompensationCompensationforMembershipToCommitteesOfTheBoard" format="ixt:num-dot-decimal" scale="0" id="f-8104">22,400</ix:nonFraction>&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-3175" decimals="0" name="ifrs-full:KeyManagementPersonnelCompensationOtherLongtermBenefits" format="ixt:fixed-zero" scale="0" id="f-8105">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-3175" decimals="0" name="ifrs-full:KeyManagementPersonnelCompensation" format="ixt:num-dot-decimal" scale="0" id="f-8106">167,400</ix:nonFraction>&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/></tr><tr><td colspan="3" style="border-top:0.5pt solid #929292;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Ms. Claudia Sender Ram&#237;rez</span></td><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-3176" decimals="0" name="tef:KeyManagementPersonnelCompensationSalary" format="ixt:fixed-zero" scale="0" id="f-8107">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-3176" decimals="0" name="tef:KeyManagementPersonnelCompensationFixedCompensation" format="ixt:num-dot-decimal" scale="0" id="f-8108">120,000</ix:nonFraction>&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-3176" decimals="0" name="tef:KeyManagementPersonnelCompensationAttendanceFees" format="ixt:num-dot-decimal" scale="0" id="f-8109">1,000</ix:nonFraction>&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-3176" decimals="0" name="ifrs-full:KeyManagementPersonnelCompensationShorttermEmployeeBenefits" format="ixt:fixed-zero" scale="0" id="f-8110">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-3176" decimals="0" name="tef:KeyManagementPersonnelCompensationCompensationforMembershipToCommitteesOfTheBoard" format="ixt:num-dot-decimal" scale="0" id="f-8111">80,000</ix:nonFraction>&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-3176" decimals="0" name="ifrs-full:KeyManagementPersonnelCompensationOtherLongtermBenefits" format="ixt:fixed-zero" scale="0" id="f-8112">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-3176" decimals="0" name="ifrs-full:KeyManagementPersonnelCompensation" format="ixt:num-dot-decimal" scale="0" id="f-8113">201,000</ix:nonFraction>&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/></tr><tr><td colspan="3" style="border-bottom:0.5pt solid #929292;border-top:0.5pt solid #929292;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Ms. Solange Sobral Targa</span></td><td colspan="2" style="border-bottom:0.5pt solid #929292;border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-3177" decimals="0" name="tef:KeyManagementPersonnelCompensationSalary" format="ixt:fixed-zero" scale="0" id="f-8114">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-bottom:0.5pt solid #929292;border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/><td colspan="2" style="border-bottom:0.5pt solid #929292;border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-3177" decimals="0" name="tef:KeyManagementPersonnelCompensationFixedCompensation" format="ixt:num-dot-decimal" scale="0" id="f-8115">120,000</ix:nonFraction>&#160;</span></td><td style="border-bottom:0.5pt solid #929292;border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/><td colspan="2" style="border-bottom:0.5pt solid #929292;border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-3177" decimals="0" name="tef:KeyManagementPersonnelCompensationAttendanceFees" format="ixt:num-dot-decimal" scale="0" id="f-8116">10,000</ix:nonFraction>&#160;</span></td><td style="border-bottom:0.5pt solid #929292;border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/><td colspan="2" style="border-bottom:0.5pt solid #929292;border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-3177" decimals="0" name="ifrs-full:KeyManagementPersonnelCompensationShorttermEmployeeBenefits" format="ixt:fixed-zero" scale="0" id="f-8117">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-bottom:0.5pt solid #929292;border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/><td colspan="2" style="border-bottom:0.5pt solid #929292;border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-3177" decimals="0" name="tef:KeyManagementPersonnelCompensationCompensationforMembershipToCommitteesOfTheBoard" format="ixt:num-dot-decimal" scale="0" id="f-8118">11,200</ix:nonFraction>&#160;</span></td><td style="border-bottom:0.5pt solid #929292;border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/><td colspan="2" style="border-bottom:0.5pt solid #929292;border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-3177" decimals="0" name="ifrs-full:KeyManagementPersonnelCompensationOtherLongtermBenefits" format="ixt:fixed-zero" scale="0" id="f-8119">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-bottom:0.5pt solid #929292;border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/><td colspan="2" style="border-bottom:0.5pt solid #929292;border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-3177" decimals="0" name="ifrs-full:KeyManagementPersonnelCompensation" format="ixt:num-dot-decimal" scale="0" id="f-8120">141,200</ix:nonFraction>&#160;</span></td><td style="border-bottom:0.5pt solid #929292;border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/></tr></table></div><div style="text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:4.55pt;font-weight:400;line-height:120%;position:relative;top:-2.44pt;vertical-align:baseline">1</span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:120%">Salary: Regarding Mr Jos&#233; Mar&#237;a &#193;lvarez-Pallete L&#243;pez and Mr &#193;ngel Vil&#225; Boix, the amount includes the non-variable remuneration earned from their executive functions.</span></div><div style="text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:4.55pt;font-weight:400;line-height:120%;position:relative;top:-2.44pt;vertical-align:baseline">2</span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:120%">Fixed remuneration: Amount of the compensation in cash, with a pre-established payment periodicity, whether or not it can be consolidated over time, earned by the member for his/her position on the Board, regardless of the effective attendance of the member to board meetings.</span></div><div style="text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:4.55pt;font-weight:400;line-height:120%;position:relative;top:-2.44pt;vertical-align:baseline">3</span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:120%"> Allowances: Total amount of allowances for attending Advisory or Steering Committee meetings.</span></div><div style="text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:4.55pt;font-weight:400;line-height:120%;position:relative;top:-2.44pt;vertical-align:baseline">4</span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:120%">Short-term variable remuneration (bonuses): Variable amount linked to the performance or achievement of a series of individual or group objectives (quantitative or qualitative) within a period of time equal to or less than a year, corresponding to the year 2024 and to be paid in the year 2025. In reference to the bonus corresponding to 2023, which was paid in 2024, Executive Board Member Mr Jos&#233; Mar&#237;a &#193;lvarez-Pallete L&#243;pez received <ix:nonFraction unitRef="eur" contextRef="c-3178" decimals="0" name="ifrs-full:KeyManagementPersonnelCompensationShorttermEmployeeBenefits" format="ixt:num-dot-decimal" scale="0" id="f-8121">3,717,737</ix:nonFraction> euros and Executive Board Member Mr &#193;ngel Vil&#225; Boix received <ix:nonFraction unitRef="eur" contextRef="c-3179" decimals="0" name="ifrs-full:KeyManagementPersonnelCompensationShorttermEmployeeBenefits" format="ixt:num-dot-decimal" scale="0" id="f-8122">2,577,600</ix:nonFraction> euros. </span></div><div style="text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:4.55pt;font-weight:400;line-height:120%;position:relative;top:-2.44pt;vertical-align:baseline">5</span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:120%">Remuneration for belonging to the Board Committees: Amount of items other than allowances, which the directors are beneficiaries through their position on the Executive Commission and the Advisory or Steering Committees, regardless of the effective attendance of the board member such Committee meetings. </span></div><div style="text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:4.55pt;font-weight:400;line-height:120%;position:relative;top:-2.44pt;vertical-align:baseline">6</span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:120%">Other concepts: This includes, among others, the amounts received as remuneration in kind (general medical and dental coverage and vehicle insurance), paid by Telef&#243;nica, S.A.                                                                                                                                    </span></div><div style="text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:4.55pt;font-weight:400;line-height:120%;position:relative;top:-2.44pt;vertical-align:baseline">7</span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:120%"> Mr.Jos&#233; Mar&#237;a &#193;lvarez-Pallete L&#243;pez ceased as Executive Chairman and Director of the Company on January 18, 2025. Likewise, on the same date, it was agreed to co-opt Mr. Marc Thomas Murtra Millar as the new Executive Chairman of the Board of Directors of Telef&#243;nica, S.A. </span></div><div style="margin-bottom:9pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:4.55pt;font-weight:400;line-height:120%;position:relative;top:-2.44pt;vertical-align:baseline">8</span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:120%"> Mr. Carlos Oca&#241;a Orbis was appointed Director of the Company on May 8, 2024.  </span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:4.55pt;font-weight:400;line-height:120%;position:relative;top:-2.44pt;vertical-align:baseline"> </span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:120%"> </span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Ms. Carmen Garc&#237;a de Andr&#233;s stood down as Board Member on May 7, 2024. Mr. Jos&#233; Javier Echenique Landir&#237;bar passed away on December 15, 2024.  Payment received and/or accrued by them in 2024 is detailed below: </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">(Amounts in euros)</span></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:97.435%"><tr><td style="width:1.0%"/><td style="width:25.508%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:8.841%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:7.818%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:8.987%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:10.595%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:11.765%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:9.426%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:8.260%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="border-top:0.5pt solid #929292;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Directors</span></td><td colspan="3" style="border-top:0.5pt solid #929292;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Salary</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:5.2pt;font-weight:700;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">1</span></div></td><td colspan="3" style="border-top:0.5pt solid #929292;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Fixed remunera-tion</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:5.2pt;font-weight:700;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">2</span></div></td><td colspan="3" style="border-top:0.5pt solid #929292;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;Allowances</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:5.2pt;font-weight:700;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">3</span></div></td><td colspan="3" style="border-top:0.5pt solid #929292;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Short-term variable remuneration</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:5.2pt;font-weight:700;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">4</span></div></td><td colspan="3" style="border-top:0.5pt solid #929292;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Remuneration for belonging to the Board Committees</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:5.2pt;font-weight:700;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">5</span></div></td><td colspan="3" style="border-top:0.5pt solid #929292;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Other items</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:5.2pt;font-weight:700;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">6</span></div></td><td colspan="3" style="border-top:0.5pt solid #929292;padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total<br/>&#160;</span></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #929292;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Mr. Jos&#233; Javier Echenique Landir&#237;bar</span></td><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-3180" decimals="0" name="tef:KeyManagementPersonnelCompensationSalary" format="ixt:fixed-zero" scale="0" id="f-8123">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-3180" decimals="0" name="tef:KeyManagementPersonnelCompensationFixedCompensation" format="ixt:num-dot-decimal" scale="0" id="f-8124">200,000</ix:nonFraction>&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-3180" decimals="0" name="tef:KeyManagementPersonnelCompensationAttendanceFees" format="ixt:num-dot-decimal" scale="0" id="f-8125">27,000</ix:nonFraction>&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-3180" decimals="0" name="ifrs-full:KeyManagementPersonnelCompensationShorttermEmployeeBenefits" format="ixt:fixed-zero" scale="0" id="f-8126">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-3180" decimals="0" name="tef:KeyManagementPersonnelCompensationCompensationforMembershipToCommitteesOfTheBoard" format="ixt:num-dot-decimal" scale="0" id="f-8127">113,600</ix:nonFraction>&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-3180" decimals="0" name="ifrs-full:KeyManagementPersonnelCompensationOtherLongtermBenefits" format="ixt:fixed-zero" scale="0" id="f-8128">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-3180" decimals="0" name="ifrs-full:KeyManagementPersonnelCompensation" format="ixt:num-dot-decimal" scale="0" id="f-8129">340,600</ix:nonFraction>&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/></tr><tr><td colspan="3" style="border-bottom:0.5pt solid #929292;border-top:0.5pt solid #929292;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Ms. Carmen Garc&#237;a de Andr&#233;s</span></td><td colspan="2" style="border-bottom:0.5pt solid #929292;border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-3181" decimals="0" name="tef:KeyManagementPersonnelCompensationSalary" format="ixt:fixed-zero" scale="0" id="f-8130">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-bottom:0.5pt solid #929292;border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/><td colspan="2" style="border-bottom:0.5pt solid #929292;border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-3181" decimals="0" name="tef:KeyManagementPersonnelCompensationFixedCompensation" format="ixt:num-dot-decimal" scale="0" id="f-8131">40,000</ix:nonFraction>&#160;</span></td><td style="border-bottom:0.5pt solid #929292;border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/><td colspan="2" style="border-bottom:0.5pt solid #929292;border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-3181" decimals="0" name="tef:KeyManagementPersonnelCompensationAttendanceFees" format="ixt:num-dot-decimal" scale="0" id="f-8132">12,000</ix:nonFraction>&#160;</span></td><td style="border-bottom:0.5pt solid #929292;border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/><td colspan="2" style="border-bottom:0.5pt solid #929292;border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-3181" decimals="0" name="ifrs-full:KeyManagementPersonnelCompensationShorttermEmployeeBenefits" format="ixt:fixed-zero" scale="0" id="f-8133">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-bottom:0.5pt solid #929292;border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/><td colspan="2" style="border-bottom:0.5pt solid #929292;border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-3181" decimals="0" name="tef:KeyManagementPersonnelCompensationCompensationforMembershipToCommitteesOfTheBoard" format="ixt:num-dot-decimal" scale="0" id="f-8134">7,467</ix:nonFraction>&#160;</span></td><td style="border-bottom:0.5pt solid #929292;border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/><td colspan="2" style="border-bottom:0.5pt solid #929292;border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-3181" decimals="0" name="ifrs-full:KeyManagementPersonnelCompensationOtherLongtermBenefits" format="ixt:fixed-zero" scale="0" id="f-8135">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-bottom:0.5pt solid #929292;border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/><td colspan="2" style="border-bottom:0.5pt solid #929292;border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-3181" decimals="0" name="ifrs-full:KeyManagementPersonnelCompensation" format="ixt:num-dot-decimal" scale="0" id="f-8136">59,467</ix:nonFraction>&#160;</span></td><td style="border-bottom:0.5pt solid #929292;border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/></tr></table></div><div style="margin-bottom:9pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:120%">1 to 6: Definitions of these concepts are those included in the previous table.</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The following table breaks down the amounts accrued and/or received from other companies of the Telef&#243;nica Group other than Telef&#243;nica, S.A. individually, by the Board Members of the Company, by the performance of executive functions or by their membership to the Board of Directors of such companies: </span></div></ix:continuation></ix:continuation><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">F-178</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><ix:continuation id="f-8022-2" continuedAt="f-8022-3"><ix:continuation id="f-7396-4" continuedAt="f-7396-5"><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">OTHER COMPANIES OF THE TELEF&#211;NICA GROUP</span></div><div style="margin-bottom:9pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">(Amounts in euros) </span><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:97.435%"><tr><td style="width:1.0%"/><td style="width:29.309%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:6.063%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:7.818%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:9.280%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:11.034%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:12.935%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:7.233%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:7.528%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="border-top:0.5pt solid #929292;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Directors</span></td><td colspan="3" style="border-top:0.5pt solid #929292;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Salary</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:5.2pt;font-weight:700;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">1</span></div></td><td colspan="3" style="border-top:0.5pt solid #929292;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Fixed remunera-tion</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:5.2pt;font-weight:700;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">2</span></div></td><td colspan="3" style="border-top:0.5pt solid #929292;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Allowances</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:5.2pt;font-weight:700;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">3</span></div></td><td colspan="3" style="border-top:0.5pt solid #929292;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Short-term variable remuneration</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:5.2pt;font-weight:700;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">4</span></div></td><td colspan="3" style="border-top:0.5pt solid #929292;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Remuneration for belonging to the Board Committees</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:5.2pt;font-weight:700;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">5</span></div></td><td colspan="3" style="border-top:0.5pt solid #929292;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Other items</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:5.2pt;font-weight:700;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">6</span></div></td><td colspan="3" style="border-top:0.5pt solid #929292;padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total</span></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #929292;padding:2px 1pt;text-align:left;vertical-align:middle"><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Mr. Jos&#233; Mar&#237;a &#193;lvarez-Pallete L&#243;pez</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline"> 7</span></div></td><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-3182" decimals="0" name="tef:KeyManagementPersonnelCompensationSalary" format="ixt:fixed-zero" scale="0" id="f-8137">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-3182" decimals="0" name="tef:KeyManagementPersonnelCompensationFixedCompensation" format="ixt:fixed-zero" scale="0" id="f-8138">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-3182" decimals="0" name="tef:KeyManagementPersonnelCompensationAttendanceFees" format="ixt:fixed-zero" scale="0" id="f-8139">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/><td colspan="2" style="border-top:0.5pt 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name="tef:KeyManagementPersonnelCompensationCompensationforMembershipToCommitteesOfTheBoard" format="ixt:fixed-zero" scale="0" id="f-8148">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-3183" decimals="0" name="ifrs-full:KeyManagementPersonnelCompensationOtherLongtermBenefits" format="ixt:fixed-zero" scale="0" id="f-8149">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-3183" decimals="0" name="ifrs-full:KeyManagementPersonnelCompensation" format="ixt:fixed-zero" scale="0" id="f-8150">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/></tr><tr><td colspan="3" style="border-top:0.5pt solid #929292;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Mr. Jos&#233; Mar&#237;a Abril P&#233;rez</span></td><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-3184" decimals="0" name="tef:KeyManagementPersonnelCompensationSalary" format="ixt:fixed-zero" scale="0" id="f-8151">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-3184" decimals="0" name="tef:KeyManagementPersonnelCompensationFixedCompensation" format="ixt:fixed-zero" scale="0" id="f-8152">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-3184" decimals="0" name="tef:KeyManagementPersonnelCompensationAttendanceFees" format="ixt:fixed-zero" scale="0" id="f-8153">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-3184" decimals="0" name="ifrs-full:KeyManagementPersonnelCompensationShorttermEmployeeBenefits" format="ixt:fixed-zero" scale="0" id="f-8154">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-3184" decimals="0" name="tef:KeyManagementPersonnelCompensationCompensationforMembershipToCommitteesOfTheBoard" format="ixt:fixed-zero" scale="0" id="f-8155">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-3184" decimals="0" name="ifrs-full:KeyManagementPersonnelCompensationOtherLongtermBenefits" format="ixt:fixed-zero" scale="0" id="f-8156">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-3184" decimals="0" name="ifrs-full:KeyManagementPersonnelCompensation" format="ixt:fixed-zero" scale="0" id="f-8157">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/></tr><tr><td colspan="3" style="border-top:0.5pt solid #929292;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Mr. &#193;ngel Vil&#225; Boix</span></td><td colspan="2" style="border-top:0.5pt solid 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0;text-align:right;vertical-align:middle"/><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-3185" decimals="0" name="tef:KeyManagementPersonnelCompensationAttendanceFees" format="ixt:fixed-zero" scale="0" id="f-8160">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-3185" decimals="0" name="ifrs-full:KeyManagementPersonnelCompensationShorttermEmployeeBenefits" format="ixt:fixed-zero" scale="0" id="f-8161">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-3185" decimals="0" name="tef:KeyManagementPersonnelCompensationCompensationforMembershipToCommitteesOfTheBoard" format="ixt:fixed-zero" scale="0" id="f-8162">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-3185" decimals="0" name="ifrs-full:KeyManagementPersonnelCompensationOtherLongtermBenefits" format="ixt:fixed-zero" scale="0" id="f-8163">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-3185" decimals="0" name="ifrs-full:KeyManagementPersonnelCompensation" format="ixt:fixed-zero" scale="0" id="f-8164">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/></tr><tr><td colspan="3" style="border-top:0.5pt solid #929292;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Ms. Mar&#237;a Luisa Garc&#237;a Blanco</span></td><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-3186" decimals="0" name="tef:KeyManagementPersonnelCompensationSalary" format="ixt:fixed-zero" scale="0" id="f-8165">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-3186" decimals="0" name="tef:KeyManagementPersonnelCompensationFixedCompensation" format="ixt:fixed-zero" scale="0" id="f-8166">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-3186" decimals="0" name="tef:KeyManagementPersonnelCompensationAttendanceFees" format="ixt:fixed-zero" scale="0" id="f-8167">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-3186" decimals="0" name="ifrs-full:KeyManagementPersonnelCompensationShorttermEmployeeBenefits" format="ixt:fixed-zero" scale="0" id="f-8168">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-3186" decimals="0" name="tef:KeyManagementPersonnelCompensationCompensationforMembershipToCommitteesOfTheBoard" format="ixt:fixed-zero" scale="0" id="f-8169">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-3186" decimals="0" name="ifrs-full:KeyManagementPersonnelCompensationOtherLongtermBenefits" format="ixt:num-dot-decimal" scale="0" id="f-8170">87,500</ix:nonFraction>&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-3186" decimals="0" name="ifrs-full:KeyManagementPersonnelCompensation" format="ixt:num-dot-decimal" scale="0" id="f-8171">87,500</ix:nonFraction>&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/></tr><tr><td colspan="3" style="border-top:0.5pt solid #929292;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Mr. Peter L&#246;scher</span></td><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-3187" decimals="0" name="tef:KeyManagementPersonnelCompensationSalary" format="ixt:fixed-zero" scale="0" id="f-8172">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-3187" decimals="0" name="tef:KeyManagementPersonnelCompensationFixedCompensation" format="ixt:num-dot-decimal" scale="0" id="f-8173">125,997</ix:nonFraction>&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-3187" decimals="0" name="tef:KeyManagementPersonnelCompensationAttendanceFees" format="ixt:fixed-zero" scale="0" id="f-8174">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-3187" decimals="0" name="ifrs-full:KeyManagementPersonnelCompensationShorttermEmployeeBenefits" format="ixt:fixed-zero" scale="0" id="f-8175">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-3187" decimals="0" name="tef:KeyManagementPersonnelCompensationCompensationforMembershipToCommitteesOfTheBoard" format="ixt:fixed-zero" scale="0" id="f-8176">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-3187" decimals="0" name="ifrs-full:KeyManagementPersonnelCompensationOtherLongtermBenefits" format="ixt:fixed-zero" scale="0" id="f-8177">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-3187" decimals="0" name="ifrs-full:KeyManagementPersonnelCompensation" format="ixt:num-dot-decimal" scale="0" id="f-8178">125,997</ix:nonFraction>&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/></tr><tr><td colspan="3" style="border-top:0.5pt solid #929292;padding:2px 1pt;text-align:left;vertical-align:middle"><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Mr. Carlos Oca&#241;a Orbis </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">8</span></div></td><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-3188" decimals="0" name="tef:KeyManagementPersonnelCompensationSalary" format="ixt:fixed-zero" scale="0" id="f-8179">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-3188" decimals="0" name="tef:KeyManagementPersonnelCompensationFixedCompensation" format="ixt:fixed-zero" scale="0" id="f-8180">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span 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style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-3188" decimals="0" name="tef:KeyManagementPersonnelCompensationCompensationforMembershipToCommitteesOfTheBoard" format="ixt:fixed-zero" scale="0" id="f-8183">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-3188" decimals="0" name="ifrs-full:KeyManagementPersonnelCompensationOtherLongtermBenefits" format="ixt:fixed-zero" scale="0" id="f-8184">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-3188" decimals="0" name="ifrs-full:KeyManagementPersonnelCompensation" format="ixt:fixed-zero" scale="0" id="f-8185">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/></tr><tr><td colspan="3" style="border-top:0.5pt solid #929292;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Ms. Ver&#243;nica Pascual Bo&#233;</span></td><td colspan="2" style="border-top:0.5pt 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0;text-align:right;vertical-align:middle"/><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-3189" decimals="0" name="tef:KeyManagementPersonnelCompensationAttendanceFees" format="ixt:fixed-zero" scale="0" id="f-8188">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-3189" decimals="0" name="ifrs-full:KeyManagementPersonnelCompensationShorttermEmployeeBenefits" format="ixt:fixed-zero" scale="0" id="f-8189">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-3189" decimals="0" name="tef:KeyManagementPersonnelCompensationCompensationforMembershipToCommitteesOfTheBoard" format="ixt:fixed-zero" scale="0" id="f-8190">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-3189" decimals="0" name="ifrs-full:KeyManagementPersonnelCompensationOtherLongtermBenefits" format="ixt:num-dot-decimal" scale="0" id="f-8191">65,000</ix:nonFraction>&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-3189" decimals="0" name="ifrs-full:KeyManagementPersonnelCompensation" format="ixt:num-dot-decimal" scale="0" id="f-8192">155,000</ix:nonFraction>&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/></tr><tr><td colspan="3" style="border-top:0.5pt solid #929292;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Mr. Francisco Javier de Paz Mancho</span></td><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-3190" decimals="0" name="tef:KeyManagementPersonnelCompensationSalary" format="ixt:fixed-zero" scale="0" id="f-8193">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-3190" decimals="0" name="tef:KeyManagementPersonnelCompensationFixedCompensation" format="ixt:num-dot-decimal" scale="0" id="f-8194">173,159</ix:nonFraction>&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-3190" decimals="0" name="tef:KeyManagementPersonnelCompensationAttendanceFees" format="ixt:fixed-zero" scale="0" id="f-8195">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-3190" decimals="0" name="ifrs-full:KeyManagementPersonnelCompensationShorttermEmployeeBenefits" format="ixt:fixed-zero" scale="0" id="f-8196">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-3190" decimals="0" name="tef:KeyManagementPersonnelCompensationCompensationforMembershipToCommitteesOfTheBoard" format="ixt:fixed-zero" scale="0" id="f-8197">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-3190" decimals="0" name="ifrs-full:KeyManagementPersonnelCompensationOtherLongtermBenefits" format="ixt:num-dot-decimal" scale="0" id="f-8198">155,000</ix:nonFraction>&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-3190" decimals="0" name="ifrs-full:KeyManagementPersonnelCompensation" format="ixt:num-dot-decimal" scale="0" id="f-8199">328,159</ix:nonFraction>&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/></tr><tr><td colspan="3" style="border-top:0.5pt solid #929292;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Mr. Alejandro Reynal Ample</span></td><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-3191" decimals="0" name="tef:KeyManagementPersonnelCompensationSalary" format="ixt:fixed-zero" scale="0" id="f-8200">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/><td colspan="2" style="border-top:0.5pt solid 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0;text-align:right;vertical-align:middle"/><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-3191" decimals="0" name="ifrs-full:KeyManagementPersonnelCompensationShorttermEmployeeBenefits" format="ixt:fixed-zero" scale="0" id="f-8203">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-3191" decimals="0" name="tef:KeyManagementPersonnelCompensationCompensationforMembershipToCommitteesOfTheBoard" format="ixt:fixed-zero" scale="0" id="f-8204">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-3191" decimals="0" name="ifrs-full:KeyManagementPersonnelCompensationOtherLongtermBenefits" format="ixt:fixed-zero" scale="0" id="f-8205">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-3191" decimals="0" name="ifrs-full:KeyManagementPersonnelCompensation" format="ixt:fixed-zero" scale="0" id="f-8206">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/></tr><tr><td colspan="3" style="border-top:0.5pt solid #929292;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Mr. Francisco Jos&#233; Riberas Mera</span></td><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-3192" decimals="0" name="tef:KeyManagementPersonnelCompensationSalary" format="ixt:fixed-zero" scale="0" id="f-8207">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:0.5pt solid 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id="f-8209">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-3192" decimals="0" name="ifrs-full:KeyManagementPersonnelCompensationShorttermEmployeeBenefits" format="ixt:fixed-zero" scale="0" id="f-8210">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-3192" decimals="0" name="tef:KeyManagementPersonnelCompensationCompensationforMembershipToCommitteesOfTheBoard" format="ixt:fixed-zero" scale="0" id="f-8211">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-3192" decimals="0" name="ifrs-full:KeyManagementPersonnelCompensationOtherLongtermBenefits" format="ixt:fixed-zero" scale="0" id="f-8212">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span 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#929292;border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-3195" decimals="0" name="ifrs-full:KeyManagementPersonnelCompensation" format="ixt:num-dot-decimal" scale="0" id="f-8234">85,659</ix:nonFraction>&#160;</span></td><td style="border-bottom:0.5pt solid #929292;border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/></tr></table></div><div style="text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:4.55pt;font-weight:400;line-height:120%;position:relative;top:-2.44pt;vertical-align:baseline">1.</span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:120%"> Salary: Amount of non-variable remuneration earned by the Director from other companies of the Telef&#243;nica Group for his/her executive functions.  </span></div><div style="text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:4.55pt;font-weight:400;line-height:120%;position:relative;top:-2.44pt;vertical-align:baseline">2.</span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:120%"> Fixed remuneration: Amount of the compensation in cash, with a pre-established payment periodicity, subject to consolidation over time or not, earned by the member for his/her position on the boards of other companies of the Telef&#243;nica Group. </span></div><div style="text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:4.55pt;font-weight:400;line-height:120%;position:relative;top:-2.44pt;vertical-align:baseline">3.</span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:120%"> Allowances: Total amount of the allowances for attending the board meetings of other companies of the Telef&#243;nica Group.</span></div><div style="text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:4.55pt;font-weight:400;line-height:120%;position:relative;top:-2.44pt;vertical-align:baseline">4.</span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:120%"> Variable short-term remuneration (bonuses): Variable amount linked to the performance or achievement of a series of individual or group objectives (quantitative or qualitative) within a period of time equal to or less than a year, corresponding to the year 2024 and to be paid in the year 2025 by other companies of the Telef&#243;nica Group.</span></div><div style="text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:4.55pt;font-weight:400;line-height:120%;position:relative;top:-2.44pt;vertical-align:baseline">5.</span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:120%"> Remuneration for belonging to the Board Committees of other companies of the Telef&#243;nica Group: Amount of items other than allowances, which the directors are beneficiaries through their position on the Advisory or Steering Committees of other companies of the Telef&#243;nica Group, regardless of the effective attendance of the board member such Committee meetings. </span></div><div style="text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:4.55pt;font-weight:400;line-height:120%;position:relative;top:-2.44pt;vertical-align:baseline">6.</span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:120%"> Other concepts: This includes, among others, the amounts received as remuneration in kind (general medical and dental coverage and vehicle insurance), paid by other companies of the Telef&#243;nica Group. Also included are the amounts received for membership of the Advisory Boards of Telef&#243;nica Espa&#241;a, Telef&#243;nica Hispanoam&#233;rica, Telef&#243;nica Tech and Telef&#243;nica Ingenier&#237;a de Seguridad.</span></div><div style="text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:4.55pt;font-weight:400;line-height:120%;position:relative;top:-2.44pt;vertical-align:baseline">7 </span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:120%">Mr.Jos&#233; Mar&#237;a &#193;lvarez-Pallete L&#243;pez ceased as Executive Chairman and Director of the Company on January 18, 2025. Likewise, on the same date, it was agreed to co-opt Mr. Marc Thomas Murtra Millar as the new Executive Chairman of the Board of Directors of Telef&#243;nica, S.A. </span></div><div style="margin-bottom:9pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:4.55pt;font-weight:400;line-height:120%;position:relative;top:-2.44pt;vertical-align:baseline">8  </span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:120%">Mr. Carlos Oca&#241;a Orbis was appointed Director of the Company on May 8, 2024. </span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> Ms. Carmen Garc&#237;a de Andr&#233;s stood down as Board Member on May 7, 2024. Mr. Jos&#233; Javier Echenique Landir&#237;bar passed away on December 15, 2024. Payment received and/or accrued by them with respect to the other companies of the Telef&#243;nica Group in 2024 is detailed below:</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">(Amounts in euros)</span></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:97.435%"><tr><td style="width:1.0%"/><td style="width:25.508%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:8.841%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:7.818%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:8.987%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:10.595%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:11.765%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:9.426%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:8.260%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="border-top:0.5pt solid #929292;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Directors</span></td><td colspan="3" style="border-top:0.5pt solid #929292;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Salary</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:5.2pt;font-weight:700;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">1</span></div></td><td colspan="3" style="border-top:0.5pt solid #929292;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Fixed remunera-tion</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:5.2pt;font-weight:700;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">2</span></div></td><td colspan="3" style="border-top:0.5pt solid #929292;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;Allowances</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:5.2pt;font-weight:700;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">3</span></div></td><td colspan="3" style="border-top:0.5pt solid #929292;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Short-term variable remuneration</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:5.2pt;font-weight:700;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">4</span></div></td><td colspan="3" style="border-top:0.5pt solid #929292;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Remuneration for belonging to the Board Committees</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:5.2pt;font-weight:700;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">5</span></div></td><td colspan="3" style="border-top:0.5pt solid #929292;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Other items</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:5.2pt;font-weight:700;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">6</span></div></td><td colspan="3" style="border-top:0.5pt solid #929292;padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total<br/>&#160;</span></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #929292;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Mr. Jos&#233; Javier Echenique Landir&#237;bar</span></td><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span 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Garc&#237;a de Andr&#233;s</span></td><td colspan="2" style="border-bottom:0.5pt solid #929292;border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-3197" decimals="0" name="tef:KeyManagementPersonnelCompensationSalary" format="ixt:fixed-zero" scale="0" id="f-8242">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-bottom:0.5pt solid #929292;border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/><td colspan="2" style="border-bottom:0.5pt solid #929292;border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-3197" decimals="0" name="tef:KeyManagementPersonnelCompensationFixedCompensation" format="ixt:fixed-zero" scale="0" id="f-8243">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-bottom:0.5pt solid #929292;border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/><td colspan="2" style="border-bottom:0.5pt solid #929292;border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-3197" decimals="0" name="tef:KeyManagementPersonnelCompensationAttendanceFees" format="ixt:fixed-zero" scale="0" id="f-8244">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-bottom:0.5pt solid #929292;border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/><td colspan="2" style="border-bottom:0.5pt solid #929292;border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-3197" decimals="0" name="ifrs-full:KeyManagementPersonnelCompensationShorttermEmployeeBenefits" format="ixt:fixed-zero" scale="0" id="f-8245">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-bottom:0.5pt solid #929292;border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/><td colspan="2" style="border-bottom:0.5pt solid #929292;border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-3197" decimals="0" name="tef:KeyManagementPersonnelCompensationCompensationforMembershipToCommitteesOfTheBoard" format="ixt:fixed-zero" scale="0" id="f-8246">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-bottom:0.5pt solid #929292;border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/><td colspan="2" style="border-bottom:0.5pt solid #929292;border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-3197" decimals="0" name="ifrs-full:KeyManagementPersonnelCompensationOtherLongtermBenefits" format="ixt:fixed-zero" scale="0" id="f-8247">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-bottom:0.5pt solid #929292;border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/><td colspan="2" style="border-bottom:0.5pt solid #929292;border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-3197" decimals="0" name="ifrs-full:KeyManagementPersonnelCompensation" format="ixt:fixed-zero" scale="0" id="f-8248">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-bottom:0.5pt solid #929292;border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/></tr></table></div></ix:continuation><div style="margin-bottom:9pt;text-align:justify"><ix:continuation id="f-7396-5"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:120%">1 to 6: Definitions of these concepts are those included in the previous table.</span></ix:continuation><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span></div></ix:continuation><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">F-179</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><ix:continuation id="f-8022-3" continuedAt="f-8022-4"><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Additionally, the Executive Board Members have a series of Assistance Services. Below, the contributions made during 2024 are detailed for the Company to long-term savings systems (Pension Plans and Social Welfare Plan): </span></div><ix:nonNumeric contextRef="c-1" name="tef:DisclosureOfLongTermSavingsSystemsOfKeyManagementPersonnelCompensationTableTextBlock" id="f-8249" continuedAt="f-8249-1" escape="true"><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">LONG-TERM SAVINGS SYSTEMS </span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">(Amounts in euros)</span></div><div style="margin-bottom:9pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:97.435%"><tr><td style="width:1.0%"/><td style="width:59.864%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:37.936%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Directors</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Contributions for fiscal year 2024</span></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Mr. Jos&#233; Mar&#237;a &#193;lvarez-Pallete L&#243;pez</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%;position:relative;top:-3.5pt;vertical-align:baseline">1</span></div></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-3178" decimals="0" name="ifrs-full:ParticipationInDefinedBenefitPlanThatSharesRisksBetweenGroupEntitiesRelatedPartyTransactions" format="ixt:num-dot-decimal" scale="0" id="f-8250">673,085</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Mr. &#193;ngel Vil&#225; Boix </span></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-3179" decimals="0" name="ifrs-full:ParticipationInDefinedBenefitPlanThatSharesRisksBetweenGroupEntitiesRelatedPartyTransactions" format="ixt:num-dot-decimal" scale="0" id="f-8251">560,000</ix:nonFraction>&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr></table></div><div style="margin-bottom:9pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:4.55pt;font-weight:400;line-height:120%;position:relative;top:-2.44pt;vertical-align:baseline">1</span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:120%"> Mr.Jos&#233; Mar&#237;a &#193;lvarez-Pallete L&#243;pez ceased as Executive Chairman and Director of the Company on January 18, 2025. Likewise, on the same date, it was agreed to co-opt Mr. Marc Thomas Murtra Millar as the new Executive Chairman of the Board of Directors of Telef&#243;nica, S.A. </span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The breakdown of the long-term saving systems includes contributions to Pension Plans, to the Benefit Plan and to the Unit link-type Insurance, as set out below: </span></div><div style="margin-bottom:9pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">(Amounts in euros) </span><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:97.435%"><tr><td style="width:1.0%"/><td style="width:44.806%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:15.274%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:17.467%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:18.053%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Directors</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Contribution to Pension Plans</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Contribution to Executive Social Welfare Plan</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:5.2pt;font-weight:700;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">1</span></div></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Contributions to Unit link-type Insurance/Pension Plan Surplus</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%;position:relative;top:-3.5pt;vertical-align:baseline">2</span></div></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:top"><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Mr. Jos&#233; Mar&#237;a &#193;lvarez-Pallete L&#243;pez</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%;position:relative;top:-3.5pt;vertical-align:baseline">3</span></div></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-3198" decimals="0" name="ifrs-full:ParticipationInDefinedBenefitPlanThatSharesRisksBetweenGroupEntitiesRelatedPartyTransactions" format="ixt:num-dot-decimal" scale="0" id="f-8252">7,574</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-3199" decimals="0" name="ifrs-full:ParticipationInDefinedBenefitPlanThatSharesRisksBetweenGroupEntitiesRelatedPartyTransactions" format="ixt:num-dot-decimal" scale="0" id="f-8253">540,968</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-3200" decimals="0" name="ifrs-full:ParticipationInDefinedBenefitPlanThatSharesRisksBetweenGroupEntitiesRelatedPartyTransactions" format="ixt:num-dot-decimal" scale="0" id="f-8254">124,543</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Mr. &#193;ngel Vil&#225; Boix </span></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-3201" decimals="0" name="ifrs-full:ParticipationInDefinedBenefitPlanThatSharesRisksBetweenGroupEntitiesRelatedPartyTransactions" format="ixt:num-dot-decimal" scale="0" id="f-8255">6,721</ix:nonFraction>&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-3202" decimals="0" name="ifrs-full:ParticipationInDefinedBenefitPlanThatSharesRisksBetweenGroupEntitiesRelatedPartyTransactions" format="ixt:num-dot-decimal" scale="0" id="f-8256">487,840</ix:nonFraction>&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-3203" decimals="0" name="ifrs-full:ParticipationInDefinedBenefitPlanThatSharesRisksBetweenGroupEntitiesRelatedPartyTransactions" format="ixt:num-dot-decimal" scale="0" id="f-8257">65,439</ix:nonFraction>&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr></table></div><div style="text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:4.55pt;font-weight:400;line-height:120%;position:relative;top:-2.44pt;vertical-align:baseline">1.</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:120%"> Contributions to the Executive Social Welfare Plan established in 2006, financed exclusively by the Company, to complement the current Pension Plan, which involves defined contributions equivalent to a certain percentage of the fixed remuneration of the Director, depending on the professional levels in the organization of the Telef&#243;nica Group. </span></div><div style="text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:4.55pt;font-weight:400;line-height:120%;position:relative;top:-2.44pt;vertical-align:baseline">2.</span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:120%"> Contributions to Unit link-type Insurance/Pension Plan Surplus: In 2015 and 2021, applicable law reduced the financial and tax limits of the contributions to Pension Plans; for this reason, in order to compensate for the difference in favor of the Beneficiaries, a Unit-link type group insurance policy was arranged to channel such differences that occur during each fiscal year.  </span></div><div style="text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:120%">This Unit-link type insurance is arranged with the entity Occident GCO, S.A.U. de Seguros y Reaseguros, and covers the same contingencies as those of the &#8220;Pension Plan&#8221; and the same exceptional liquidity events in case of serious illness or long-term unemploymen</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:120%">t. </span></div></ix:nonNumeric><div style="margin-bottom:18pt;text-align:justify"><ix:continuation id="f-8249-1" continuedAt="f-8249-2"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:4.55pt;font-weight:400;line-height:120%;position:relative;top:-2.44pt;vertical-align:baseline">3</span></ix:continuation><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:120%"><ix:continuation id="f-8249-2"> Mr.Jos&#233; Mar&#237;a &#193;lvarez-Pallete L&#243;pez ceased as Executive Chairman and Director of the Company on January 18, 2025. Likewise, on the same date, it was agreed to co-opt Mr. Marc Thomas Murtra Millar as the new Executive Chairman of the Board of Directors of Telef&#243;nica, S.A.</ix:continuation> </span></div><ix:nonNumeric contextRef="c-1" name="tef:DisclosureOfLifeInsurancePremiumsOfKeyManagementPersonnelCompensationTableTextBlock" id="f-8258" escape="true"><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">LIFE INSURANCE PREMIUMS </span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The 2024 amounts for life insurance premiums were as follows: </span></div><div style="margin-bottom:9pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">(Amounts in euros)</span></div><div style="margin-bottom:9pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%"> </span><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:97.435%"><tr><td style="width:1.0%"/><td style="width:70.976%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:26.824%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Directors</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Life insurance premiums</span></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:top"><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Mr. Jos&#233; Mar&#237;a &#193;lvarez-Pallete L&#243;pez</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%;position:relative;top:-3.5pt;vertical-align:baseline">1</span></div></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-3178" decimals="0" name="ifrs-full:InsuranceExpense" format="ixt:num-dot-decimal" scale="0" id="f-8259">41,708</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Mr. &#193;ngel Vil&#225; Boix</span></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-3179" decimals="0" name="ifrs-full:InsuranceExpense" format="ixt:num-dot-decimal" scale="0" id="f-8260">33,328</ix:nonFraction>&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr></table></div></ix:nonNumeric><div style="margin-bottom:9pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:4.55pt;font-weight:400;line-height:120%;position:relative;top:-2.44pt;vertical-align:baseline">1</span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:120%"> Mr.Jos&#233; Mar&#237;a &#193;lvarez-Pallete L&#243;pez ceased as Executive Chairman and Director of the Company on January 18, 2025. Likewise, on the same date, it was agreed to co-opt Mr. Marc Thomas Murtra Millar as the new Executive Chairman of the Board of Directors of Telef&#243;nica, S.A. </span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">REMUNERATION PLANS BASED ON SHARES</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">As regards to remuneration plans based on shares (involving Executive Directors Mr. Jos&#233; Mar&#237;a &#193;lvarez Pallete-L&#243;pez and Mr. &#193;ngel Vil&#225; Boix), the following long-term variable remuneration plans were in existence during the year 2024:</span></div><div style="text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:115%">The so-called Performance Share Plan ("PSP"), made up of: the Long-Term Incentive Plan 2021-2025 (with Second cycle (2022-2024) and Third cycle (2023-2025) active) approved by the General Shareholders' Meeting held on April 23, 2021, and the Long-Term Incentive Plan 2024-2028 (with First cycle (2024-2026) active), approved by the General Shareholders' Meeting held on April 12, 2024.</span></div><div><span><br/></span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Second cycle (2022-2024) of the Long-Term Incentive Plan 2021-2025 started on January 1, 2022 and ended on December 31, 2024. </span></div></ix:continuation><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">F-180</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><ix:continuation id="f-8022-4" continuedAt="f-8022-5"><div style="margin-bottom:9pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In this cycle, a maximum of <ix:nonFraction unitRef="shares" contextRef="c-3204" decimals="4" name="ifrs-full:NumberOfInstrumentsOtherEquityInstrumentsGranted" format="ixt:num-dot-decimal" scale="0" id="f-8261">1,740,000</ix:nonFraction> shares were allocated to the Executive Directors on January 1, 2022, with a unit fair value of <ix:nonFraction unitRef="eurPerShare" contextRef="c-3205" decimals="4" name="tef:Weightedaverageexercisepriceofotherequityinstrumentsgrantedinsharebasedpaymentarrangements" scale="0" id="f-8262">2.9515</ix:nonFraction> euros per share for FCF ("Free Cash Flow"), <ix:nonFraction unitRef="eurPerShare" contextRef="c-3206" decimals="4" name="tef:Weightedaverageexercisepriceofotherequityinstrumentsgrantedinsharebasedpaymentarrangements" scale="0" id="f-8263">2.4316</ix:nonFraction> euros for TSR ("Total Shareholder Return") and <ix:nonFraction unitRef="eurPerShare" contextRef="c-3207" decimals="4" name="tef:Weightedaverageexercisepriceofotherequityinstrumentsgrantedinsharebasedpaymentarrangements" scale="0" id="f-8264">2.9515</ix:nonFraction> euros for the CO2 Emission Neutralization and Reduction target</span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:12pt;font-weight:400;line-height:120%">.</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">At the end of the cycle, Kepler provided the Nominating, Compensation and Corporate Governance Committee with the calculation of Telef&#243;nica's Total Shareholder Return, which was</span><span style="background-color:#ffffff;color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:120%"> </span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"><ix:nonFraction unitRef="number" contextRef="c-3208" decimals="3" name="tef:SharebasedCompensationArrangementbySharebasedPaymentAwardPercentageofFulfillmentofTotalShareholderReturnObjective" scale="-2" id="f-8265">33.6</ix:nonFraction>% at the end of the period, ranking fourth in the comparison group, i.e. above the 75th percentile according to the established scale of achievement, and generating a weighted payout ratio of <ix:nonFraction unitRef="number" contextRef="c-3208" decimals="2" name="tef:ShareBasedCompensationArrangementByShareBasedPaymentAwardWeightedPayoutRatioLinkedToTotalShareholderReturn" scale="-2" id="f-8266">50</ix:nonFraction>% linked to relative TSR.</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">With regard to the Free Cash Flow, after taking into account the partial annual payments for 2022, 2023 and 2024, previously audited and approved by the Telef&#243;nica's Board of Directors at the proposal of the Nominating, Compensation and Corporate Governance Committee, the weighted payout ratio is <ix:nonFraction unitRef="number" contextRef="c-3208" decimals="2" name="tef:ShareBasedCompensationArrangementByShareBasedPaymentAwardPercentageOfFreeCashFlowGenerationMinimumComplianceMinimumThresholdPercent" scale="-2" id="f-8267">40</ix:nonFraction>%. The assessment of the level of compliance was based on the results of the audit by the Company&#8217;s external and internal auditors, which were first analyzed by the Audit and Control Committee before being validated by the Nominating, Compensation and Corporate Governance Committee and approved by the Board of Directors. </span></div><div style="margin-bottom:9pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Finally, in relation to the CO2 Emission Neutralization and Reduction target, the Nominating, Compensation and Corporate Governance Committee has regularly monitored the level of CO2 Emissions Neutralization and, after analyzing the report from the Corporate Affairs and Sustainability Department, has determined the level of achievement. The Nominating, Compensation and Corporate Governance Committee was supported in this evaluation function by the Sustainability and Regulation Committee and the Audit and Control Committee. In this respect, the minimum CO2 emission reduction threshold that triggers the possibility of assessing the degree of compliance with the CO2 Neutralization target has been met and therefore the weighted payout ratio linked to CO2 Neutralization was <ix:nonFraction unitRef="number" contextRef="c-3208" decimals="2" name="tef:ShareBasedCompensationArrangementByShareBasedPaymentAwardPercentageOfCarbonDioxideEmissionNeutralization" scale="-2" id="f-8268">10</ix:nonFraction>%.   </span></div><div style="margin-bottom:9pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Taking into account the Relative TSR, Free Cash Flow and CO2 Neutralization results, the weighted payout ratio increased to <ix:nonFraction unitRef="number" contextRef="c-3209" decimals="4" name="tef:WeightedAveragePaymentCoefficientPercent" scale="-2" id="f-8269">100</ix:nonFraction>%. Thus, at the end of the Plan's cycle, the Chief Operating Officer (COO) Mr. &#193;ngel Vil&#225; Boix is entitled to receive <ix:nonFraction unitRef="shares" contextRef="c-3210" decimals="INF" name="ifrs-full:NumberOfInstrumentsGrantedInSharebasedPaymentArrangement" format="ixt:num-dot-decimal" scale="0" id="f-8270">745,000</ix:nonFraction> gross shares.</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In the case of Mr. Jos&#233; Mar&#237;a &#193;lvarez-Pallete L&#243;pez, due to his termination as Executive Chairman, he will not receive the delivery of shares corresponding to this cycle (<ix:nonFraction unitRef="shares" contextRef="c-3211" decimals="INF" name="ifrs-full:NumberOfInstrumentsGrantedInSharebasedPaymentArrangement" format="ixt:num-dot-decimal" scale="0" id="f-8271">995,000</ix:nonFraction> gross shares) but will receive an equivalent settlement in cash.</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Similarly, during the 2024 financial year, the Third cycle (2023-2025) of the Long</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">-</span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Term Incentive Plan 2021-2025 and First cycle (2024-2026) of the Long</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">-</span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Term Incentive Plan 2024-2028 were in force, starting on January 1, 2023 and January 1, 2024 respectively and ending on December 31, 2025 and December 31, 2026 respectively.</span></div><div style="text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:112%">In relation to the Third cycle (2023-2025) of the Long</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:112%">-</span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Term Incentive Plan 2021-2025, the number of Telef&#243;nica, S.A. shares that could be delivered to the participants, within the established maximum, is conditioned and determined by the compliance with the established objectives: <ix:nonFraction unitRef="number" contextRef="c-3212" decimals="2" name="tef:SharebasedCompensationArrangementbySharebasedPaymentAwardPercentageofFulfillmentofTotalShareholderReturnObjective" scale="-2" id="f-8272">50</ix:nonFraction>% on the compliance with the Total Shareholder Return (TSR) objective of Telef&#243;nica, S.A. shares, <ix:nonFraction unitRef="number" contextRef="c-3212" decimals="2" name="tef:SharebasedCompensationArrangementbySharebasedPaymentAwardPercentageofFreeCashFlowGeneration" scale="-2" id="f-8273">40</ix:nonFraction>% on the Telef&#243;nica Group's Free Cash Flow (FCF) and <ix:nonFraction unitRef="number" contextRef="c-3212" decimals="2" name="tef:ShareBasedCompensationArrangementByShareBasedPaymentAwardPercentageOfCarbonDioxideEmissionNeutralization" scale="-2" id="f-8274">10</ix:nonFraction>% on the Neutralization and Reduction of CO2 Emissions.</span><span style="background-color:#ffffff;color:#434b61;font-family:'Telefonica Sans',sans-serif;font-size:9.5pt;font-weight:400;line-height:112%"> </span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:112%">On the other hand, in the First Cycle (2024-2026) of the Long-Term Incentive Plan 2024-2028, the weight of CO2 Neutralization and Emission Reduction has been reduced by half, giving room to the target for the number of Women in Executive Positions with a weight of <ix:nonFraction unitRef="number" contextRef="c-3212" decimals="2" name="tef:ShareBasedCompensationArrangementByShareBasedPaymentAwardPercentageOfWomenInExecutivePositions" scale="-2" id="f-8275">5</ix:nonFraction>%.</span></div><div style="text-align:justify"><span><br/></span></div><div style="margin-bottom:9pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">To determine compliance with the TSR target and calculate the specific number of shares to be delivered for this concept, the performance of the TSR on Telef&#243;nica, S.A.'s shares will be measured during the measurement period of each three-year cycle, in relation to the TSRs experienced by certain companies in the telecommunications sector, weighted according to their relevance to Telef&#243;nica, S.A., which for purposes of the Plan will constitute a comparison group (hereinafter the "Comparison Group"). The companies included in the Comparison Group are listed below: Am&#233;rica M&#243;vil, BT Group, Deutsche Telekom, Orange, Telecom Italia, Vodafone Group, Proximus, Koninklijke KPN, Millicom, Swisscom, Telenor, TeliaSonera, TIM Brasil, and Liberty Global. </span></div><div style="margin-bottom:9pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">With regard to complying with the TSR objective, the number of shares to be delivered associated with meeting this objective will range from <ix:nonFraction unitRef="number" contextRef="c-3212" decimals="2" name="tef:SharebasedCompensationArrangementbySharebasedPaymentAwardAwardVestingRightsPercentagePerformanceWithinMeanofPerformance" scale="-2" id="f-8276">15</ix:nonFraction>% of the number of theoretical shares assigned, assuming that the TSR performance of Telef&#243;nica, S.A. shares is at least the median of the comparison group, to <ix:nonFraction unitRef="number" contextRef="c-3212" decimals="2" name="tef:SharebasedCompensationArrangementbySharebasedPaymentAwardAwardVestingRightsPercentagePerformanceWithinThirdQuartileofPerformance" scale="-2" id="f-8277">50</ix:nonFraction>% if the performance is in the third quartile or above in the comparison group, with the percentage calculated by linear interpolation for cases falling between the median and third quartile.   </span></div><div style="margin-bottom:9pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In order to determine the compliance with the FCF objective and calculate the specific number of shares to be delivered for this concept, the FCF level generated by the Telef&#243;nica Group during each year will be measured and compared to the value set in the budgets approved by the Board of Directors for each financial year.   </span></div></ix:continuation><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">F-181</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><ix:continuation id="f-8022-5" continuedAt="f-8022-6"><div style="text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:112%">With regard to the FCF, for each of the cycles in force during the financial year 2024, the Board of Directors, at the proposal of the Nominating, Compensation and Corporate Governance Committee, determined a scale of achievement that includes a minimum threshold of <ix:nonFraction unitRef="number" contextRef="c-3213" decimals="2" name="tef:ShareBasedCompensationArrangementByShareBasedPaymentAwardPercentageOfFreeCashFlowGenerationMinimumComplianceMinimumThresholdPercent" scale="-2" id="f-8278">90</ix:nonFraction>% compliance, below which no incentive is paid and compliance with which will entail the delivery of <ix:nonFraction unitRef="number" contextRef="c-3213" decimals="2" name="tef:SharebasedCompensationArrangementbySharebasedPaymentAwardPercentageofFreeCashFlowGenerationMinimumCompliance" scale="-2" id="f-8279">20</ix:nonFraction>% of the theoretical shares assigned, and a maximum level of <ix:nonFraction unitRef="number" contextRef="c-3213" decimals="2" name="tef:ShareBasedCompensationArrangementByShareBasedPaymentAwardPercentageOfFreeCashFlowGenerationMinimumComplianceMaximumThresholdPercent" scale="-2" id="f-8280">100</ix:nonFraction>% compliance, which will entail the delivery of <ix:nonFraction unitRef="number" contextRef="c-3213" decimals="2" name="tef:SharebasedCompensationArrangementbySharebasedPaymentAwardPercentageofFreeCashFlowGeneration" scale="-2" id="f-8281">40</ix:nonFraction>% of the theoretical shares assigned. In the case of the First cycle (2024-2026) of the 2024-2028 Long-Term Incentive Plan, includes a potential upside in case of over achievement that may end in a payout of <ix:nonFraction unitRef="number" contextRef="c-3214" decimals="2" name="tef:ShareBasedCompensationArrangementByShareBasedPaymentAwardPayoutPercentageInTheEventOfOverAchievement" scale="-2" id="f-8282">60</ix:nonFraction>% at the end of the cycle</span><span style="background-color:#ffffff;color:#434b61;font-family:'Telefonica Sans',sans-serif;font-size:9.5pt;font-weight:400;line-height:112%">. </span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:112%">  </span></div><div><span><br/></span></div><div style="text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In order to determine compliance with the CO2 Emission Neutralization and Reduction target and to calculate the specific number of shares to be delivered for this item, the level of CO2 Emissions Neutralization achieved at the end of the cycle will be measured, with the incentive being paid upon reaching a certain level of scope 1 + 2.</span></div><div style="text-align:justify"><span><br/></span></div><div style="margin-bottom:9pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The level of direct and indirect CO2 emissions from our daily activity shall be calculated according to the following:</span></div><div style="text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">CO2 Emission = Activity Data  x Emission Factor, where:</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">-  Activity: Amount of energy, fuel, gas, etc. consumed by the Company.</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">-  Emission Factor: Amount of CO2 emitted to the atmosphere by the consumption of each unit of activity.</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The emission factor provided by official sources (European Union, Ministries, CNMC, International Energy Agenc</span><span style="background-color:#ffffff;color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:120%">y,</span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> etc.) is used for electricity and the GHG Protocol emission factors are used for fuels.</span></div><div style="text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">At the beginning of the Third Cycle (2023-2025) of the Long-Term Incentive Plan 2021-2025 and the First Cycle (2024-2026) of the Long-Term Incentive Plan 2024-2028, the Board of Directors of Telef&#243;nica, S.A., at the proposal of the Nominating, Compensation and Corporate Governance Committee, determined a scale of achievement that includes a minimum threshold of <ix:nonFraction unitRef="number" contextRef="c-3213" decimals="2" name="tef:ShareBasedCompensationArrangementByShareBasedPaymentAwardPercentageOfCarbonDioxideEmissionNeutralizationMinimumComplianceMinimumThresholdPercent" scale="-2" id="f-8283">90</ix:nonFraction>% compliance, below which no incentive is paid and compliance with which will entail the delivery of <ix:nonFraction unitRef="number" contextRef="c-3213" decimals="2" name="tef:ShareBasedCompensationArrangementByShareBasedPaymentAwardPercentageOfCarbonDioxideEmissionNeutralizationMinimumCompliance" scale="-2" id="f-8284">5</ix:nonFraction>% of the theoretical shares assigned, and a maximum level of <ix:nonFraction unitRef="number" contextRef="c-3213" decimals="2" name="tef:ShareBasedCompensationArrangementByShareBasedPaymentAwardPercentageOfCarbonDioxideEmissionNeutralizationMinimumComplianceMaximumThresholdPercent" scale="-2" id="f-8285">100</ix:nonFraction>% compliance, which will entail the delivery of <ix:nonFraction unitRef="number" contextRef="c-3213" decimals="2" name="tef:ShareBasedCompensationArrangementByShareBasedPaymentAwardPercentageOfCarbonDioxideEmissionNeutralization" scale="-2" id="f-8286">10</ix:nonFraction>% of the theoretical shares assigned. In addition, a minimum level of emission reductions of Scope 1 + 2 will need to be achieved for the incentive to be paid.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In the case of Women in Executive Positions target for the Long-Term Incentive Plan 2024-2028, the proportion of Women Executives over the total executives population will be measured at December 31, 2026.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In any case, <ix:nonFraction unitRef="number" contextRef="c-3213" decimals="2" name="tef:ShareBasedCompensationArrangementByShareBasedPaymentAwardCarbonDioxideEmissionNeutralizationComplianceAmountOfSharesDeliveredPercent" scale="-2" id="f-8287">100</ix:nonFraction>% of the shares delivered under the Plan to the Executive Directors and other Participants as determined by the Board of Directors shall be subject to a <ix:nonNumeric contextRef="c-3213" name="tef:ShareBasedCompensationArrangementByShareBasedPaymentAwardCarbonDioxideEmissionNeutralizationRequiredHoldingPeriod" format="ixt-sec:durwordsen" id="f-8288">two-year</ix:nonNumeric> holding period.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In addition, in accordance with the provisions of the Remuneration Policy for Directors of Telef&#243;nica, SA, the Executive Directors must maintain (directly or indirectly) a number of shares (including those delivered as remuneration) equivalent to <ix:nonFraction unitRef="y" contextRef="c-3213" decimals="INF" name="tef:ShareBasedCompensationArrangementByShareBasedPaymentAwardCarbonDioxideEmissionNeutralizationValueOfSharesToBeMaintainedByDirectorsNumberOfYearsOfGrossFixedRemuneration" format="ixt-sec:numwordsen" scale="0" id="f-8289">two</ix:nonFraction> years of their Gross Fixed Remuneration, as long as they continue to belong to the Board of Directors and perform executive functions. Until such time as this requirement is met, the holding period for any shares delivered under the Plan to Executive Directors will be <ix:nonNumeric contextRef="c-3213" name="tef:ShareBasedCompensationArrangementByShareBasedPaymentAwardCarbonDioxideEmissionNeutralizationRequiredHoldingPeriodExecutiveDirectors" format="ixt-sec:durwordsen" id="f-8290">three years</ix:nonNumeric>.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The maximum number of allocated shares to be delivered in the event of maximum compliance with the TSR (Total Shareholder Return), FCF (Free Cash Flow), CO2 Emission Neutralization Reduction and Women in Executive Positions targets of the active plans, as applicable, is shown below.</span></div><div style="margin-bottom:6pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">PSP 2021-2025 - Third cycle / 2023-2025</span></div><ix:nonNumeric contextRef="c-1" name="tef:DisclosureOfPerformanceAndInvestmentPlanKeyManagementPersonnelCompensationTableTextBlock" id="f-8291" continuedAt="f-8291-1" escape="true"><div style="text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:97.435%"><tr><td style="width:1.0%"/><td style="width:67.321%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:30.479%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Directors</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Maximum number of shares </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%;position:relative;top:-3.5pt;vertical-align:baseline">(*)</span></div></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Mr. Jos&#233; Mar&#237;a &#193;lvarez-Pallete L&#243;pez</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="shares" contextRef="c-3215" decimals="INF" name="ifrs-full:NumberOfInstrumentsGrantedInSharebasedPaymentArrangement" format="ixt:num-dot-decimal" scale="0" id="f-8292">1,110,000</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"/></tr><tr><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Mr. &#193;ngel Vil&#225; Boix </span></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="shares" contextRef="c-3216" decimals="INF" name="ifrs-full:NumberOfInstrumentsGrantedInSharebasedPaymentArrangement" format="ixt:num-dot-decimal" scale="0" id="f-8293">831,000</ix:nonFraction>&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr></table></div><div style="margin-bottom:9pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:3.9pt;font-weight:400;line-height:120%;position:relative;top:-2.1pt;vertical-align:baseline">(*)</span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:6pt;font-weight:400;line-height:120%"> Maximum possible number of shares to be received in case of maximum completion of TSR, FCF and Neutralization of CO2 Emissions  target. </span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:120%"> </span></div></ix:nonNumeric><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In any case, it is noted that no shares have been delivered to </span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">the Chief Operating Officer (COO) Mr. &#193;ngel Vil&#225; Boix</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> under the Third cycle (2023-2025) of the </span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Long-Term Incentive Plan 2021-2025</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> and that the above table only reflects the number of potentially deliverable shares, without in any way implying that all or part of the shares will actually be delivered.</span></div></ix:continuation><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">F-182</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><ix:continuation id="f-8022-6" continuedAt="f-8022-7"><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In the case of Mr. Jos&#233; Mar&#237;a &#193;lvarez-Pallete L&#243;pez, due to his resignation as Executive Chairman, he will not receive the delivery of shares corresponding to this position but he will receive the equivalent part in cash based on the time he has been with the Company.</span></div><div style="margin-bottom:6pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">PSP 2024-2028 - First cycle / 2024-2026 </span></div><ix:continuation id="f-8291-1" continuedAt="f-8291-2"><div style="margin-bottom:9pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:97.435%"><tr><td style="width:1.0%"/><td style="width:67.321%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:30.479%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Directors</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Maximum number of shares </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%;position:relative;top:-3.5pt;vertical-align:baseline">(*)</span></div></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Mr. Jos&#233; Mar&#237;a &#193;lvarez-Pallete L&#243;pez</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="shares" contextRef="c-3217" decimals="INF" name="ifrs-full:NumberOfInstrumentsGrantedInSharebasedPaymentArrangement" format="ixt:num-dot-decimal" scale="0" id="f-8294">1,015,000</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"/></tr><tr><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Mr. &#193;ngel Vil&#225; Boix </span></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="shares" contextRef="c-3218" decimals="INF" name="ifrs-full:NumberOfInstrumentsGrantedInSharebasedPaymentArrangement" format="ixt:num-dot-decimal" scale="0" id="f-8295">760,000</ix:nonFraction>&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr></table></div></ix:continuation><div style="margin-bottom:9pt;text-align:justify"><ix:continuation id="f-8291-2"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:3.9pt;font-weight:400;line-height:120%;position:relative;top:-2.1pt;vertical-align:baseline">(*)</span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:6pt;font-weight:400;line-height:120%"> Maximum possible number of shares to be received in case of maximum completion of TSR, FCF and Neutralization of CO2 Emissions target.</span></ix:continuation><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:120%">  </span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In any case, it is noted that no shares have been delivered to </span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">the Chief Operating Officer (COO) Mr. &#193;ngel Vil&#225; Boix</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> under the First cycle (2024-2026) of the </span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Long-Term Incentive Plan 2024-2028</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> and that the above table only reflects the number of potentially deliverable shares, without in any way implying that all or part of the shares will actually be delivered.</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In the case of Mr. Jos&#233; Mar&#237;a &#193;lvarez-Pallete L&#243;pez, due to his resignation as Executive Chairman, he will not receive the delivery in shares corresponding to this position but he will receive the equivalent part in cash based on the time he has been with the Company.</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In addition, it should be noted that the external Directors of the Company do not receive and did not receive remuneration during the year 2024 in concept of pensions or life insurance, nor do they participate in compensation plans referenced to the value of the share price.   </span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Furthermore, the Company does not grant nor has granted during the year 2024, an advance, loan or credit in favor of its Board Members or its Senior Management, complying with the requirements of the Sarbanes-Oxley Act published in the United States, which is applicable to Telef&#243;nica as a listed company in this market.   </span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:700;line-height:120%">Remuneration of the Company&#8217;s Senior Management </span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">As for the Directors who made up the Senior Management</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:6.5pt;font-weight:400;line-height:120%;position:relative;top:-3.5pt;vertical-align:baseline">1</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> of the company in the year 2024, excluding those who form an integral part of the Board of Directors, have accrued a total amount o</span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">f </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"><ix:nonFraction unitRef="eur" contextRef="c-3219" decimals="0" name="tef:KeyManagementPersonnelCompensationAccruedFixedCompensation" format="ixt:num-dot-decimal" scale="0" id="f-8296">8,528,820</ix:nonFraction></span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> e</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">uros during the 2024 fiscal year. </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In addition, and in terms of long-term savings systems, the contributions made by the Telef&#243;nica Group during the year 2024 to the Social Security Plan described in the "Income and expenditure" note with regard to these Directors increased to <ix:nonFraction unitRef="eur" contextRef="c-3220" decimals="0" name="ifrs-full:KeyManagementPersonnelCompensation" format="ixt:num-dot-decimal" scale="0" id="f-8297">947,676</ix:nonFraction> euros; the contributions corresponding to the Pension Plan increased to <ix:nonFraction unitRef="eur" contextRef="c-3221" decimals="0" name="ifrs-full:ParticipationInDefinedBenefitPlanThatSharesRisksBetweenGroupEntitiesRelatedPartyTransactions" format="ixt:num-dot-decimal" scale="0" id="f-8298">212,885</ix:nonFraction> euros; the contributions to the Seguro Unit link-Excess Pension Fund increased to <ix:nonFraction unitRef="eur" contextRef="c-3222" decimals="0" name="ifrs-full:ParticipationInDefinedBenefitPlanThatSharesRisksBetweenGroupEntitiesRelatedPartyTransactions" format="ixt:num-dot-decimal" scale="0" id="f-8299">113,293</ix:nonFraction> euros.  </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Furthermore, the amount related to the remuneration in kind (which includes the fees for life insurance and other insurance, such as the general medical and dental coverage, and vehicle insurance) was <ix:nonFraction unitRef="eur" contextRef="c-3219" decimals="0" name="tef:KeyManagementPersonnelCompensationInkindCompensation" format="ixt:num-dot-decimal" scale="0" id="f-8300">144,788</ix:nonFraction> euros. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On the other hand, regarding share-based remuneration plans, during the year 2024, there were in force the following long-term variable remuneration plans:   </span></div><div style="margin-top:9pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The so-called "Performance Share Plan" ("PSP"), made up of: the Long-Term Incentive Plan 2021-2025 (with Second cycle (2022-2024) and Third cycle (2023-2025) active) approved by the General Shareholders' Meeting held on April 23, 2021, and the Long-Term Incentive Plan 2024-2028 (with First cycle (2024-2026) active), approved by the General Shareholders' Meeting held on April 12, 2024.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The target measurement period of the Second cycle (2022-2024) of the Long-Term Incentive Plan 2021-2025 started on January 1, 2022 and ended on December 31, 2024. The maximum number of shares allocated to be delivered in the event of maximum compliance with the TSR ("Total Shareholder Return"), FCF ("Free Cash Flow") and CO2 Emission </span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Neutralization</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> and Reduction targets set for the this cycle for all the Company's Senior Executives was <ix:nonFraction unitRef="shares" contextRef="c-3223" decimals="INF" name="ifrs-full:NumberOfInstrumentsGrantedInSharebasedPaymentArrangement" format="ixt:num-dot-decimal" scale="0" id="f-8301">1,241,015</ix:nonFraction>.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">At the end of the this cycle, Kepler provided </span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">the Nominating, Compensation and Corporate Governance Committee with the calculation of Telef&#243;nica's Total </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Shareholder</span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> Return, which was <ix:nonFraction unitRef="number" contextRef="c-3208" decimals="3" name="tef:SharebasedCompensationArrangementbySharebasedPaymentAwardPercentageofFulfillmentofTotalShareholderReturnObjective" scale="-2" id="f-8302">33.6</ix:nonFraction>% at the end of the period, ranking fourth </span></div></ix:continuation><div style="border-bottom:1pt solid #000000;margin-bottom:5pt;margin-top:10pt;opacity:1;width:150pt"></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:6.5pt;font-weight:400;line-height:120%;position:relative;top:-3.5pt;vertical-align:baseline">1</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:120%">For these purposes, Senior Management is understood to be those persons who perform, de jure or de facto, senior management functions reporting directly to the Board of Directors or Executive Committees or Managing Directors of the Company, including, in all cases, the person responsible for Internal Audit. </span></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">F-183</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><ix:continuation id="f-8022-7"><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">in the comparison group, i.e. above the 75th percentile according to the established scale of achievement, and generating a weighted payout ratio of <ix:nonFraction unitRef="number" contextRef="c-3208" decimals="4" name="tef:ShareBasedCompensationArrangementByShareBasedPaymentAwardWeightedPayoutRatioLinkedToTotalShareholderReturn" scale="-2" id="f-8303">50</ix:nonFraction>% linked to relative TSR.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In terms of Free Cash Flow, after taking into account the partial annual payments for 2022, 2023 and 2024, the weighted payout ratio is <ix:nonFraction unitRef="number" contextRef="c-3224" decimals="2" name="tef:WeightedAveragePaymentCoefficientPercent" scale="-2" id="f-8304"><ix:nonFraction unitRef="number" contextRef="c-3225" decimals="2" name="tef:WeightedAveragePaymentCoefficientPercent" scale="-2" id="f-8305"><ix:nonFraction unitRef="number" contextRef="c-3226" decimals="2" name="tef:WeightedAveragePaymentCoefficientPercent" scale="-2" id="f-8306">40</ix:nonFraction></ix:nonFraction></ix:nonFraction>%. The assessment of the level of compliance was based on the results of the audit by the Company&#8217;s external and internal auditors, which were first analyzed by the Audit and Control Committee before being validated by the Nominating, Compensation and Corporate Governance Committee and approved by the Board of Directors.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Finally, in relation to the CO2 Emission Neutralization and Reduction target, the Nominating, Compensation and Corporate Governance Committee has regularly monitored the level of CO2 Emission Neutralization and, after analyzing the report from the Corporate Affairs and Sustainability Department, has determined the level of achievement. The Nominating, Compensation and Corporate Governance Committee was supported in this evaluation function by the Sustainability and Regulation Committee and the Audit and Control Com</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">mittee. In this respect, the minimum CO2 emission reduction threshold that triggers the possibility of assessing the degree of compliance with the CO2 </span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Neutralization</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> target has been met and therefore the weighted payout ratio linked to CO2 </span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Neutralization</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> was <ix:nonFraction unitRef="number" contextRef="c-3208" decimals="2" name="tef:ShareBasedCompensationArrangementByShareBasedPaymentAwardPercentageOfCarbonDioxideEmissionNeutralization" scale="-2" id="f-8307">10</ix:nonFraction>%.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Taking into account the Relative TSR, Free Cash Flow and CO2 Neutralization results, the weighted payout ratio increased to <ix:nonFraction unitRef="number" contextRef="c-3227" decimals="4" name="tef:WeightedAveragePaymentCoefficientPercent" scale="-2" id="f-8308">100</ix:nonFraction>%. Thus, at the end of the first cycle of the Plan, the Company's Senior Executives are entitled to receive <ix:nonFraction unitRef="shares" contextRef="c-3223" decimals="INF" name="ifrs-full:NumberOfInstrumentsGrantedInSharebasedPaymentArrangement" format="ixt:num-dot-decimal" scale="0" id="f-8309">1,241,015</ix:nonFraction> gross shares.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The target measurement period for </span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">the Third cycle (2023-2025) of the Long-Term Incentive Plan 2021-2025 and First cycle (2024-2026) of the Long-Term Incentive Plan</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">2024-2028 </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">started on January 1, 2023 and January 1, 2024 respectively, and will end on December 31, 2025 and December 31, 2026 respectively. The maximum number of shares allocated to be delivered in the event of maximum compliance with the TSR (Total Shareholder Return), FCF (Free Cash Flow), CO2 Emission Neutralization and Reduction and Women in Executive Positions targets set for both cycles, as applicable, for all the Company's Senior Executives is <ix:nonFraction unitRef="shares" contextRef="c-3228" decimals="INF" name="ifrs-full:NumberOfInstrumentsGrantedInSharebasedPaymentArrangement" format="ixt:num-dot-decimal" scale="0" id="f-8310">1,378,418</ix:nonFraction> in the Third cycle (2023-2025) of the Long-Term Incentive Plan 2021-2025 and <ix:nonFraction unitRef="shares" contextRef="c-3229" decimals="INF" name="ifrs-full:NumberOfInstrumentsGrantedInSharebasedPaymentArrangement" format="ixt:num-dot-decimal" scale="0" id="f-8311">1,250,041</ix:nonFraction> in the First cycle (2024-2026) of the Long-Term Incentive Plan 2024-2028.</span></div></ix:continuation><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span><br/></span></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">F-184</span></div></div></div><div id="i63478826478c4e0dbabc502413383f6b_382"></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><ix:nonNumeric contextRef="c-1" name="ifrs-full:DisclosureOfDebtSecuritiesExplanatory" id="f-8312" continuedAt="f-8312-1" escape="true"><div style="margin-top:9pt;text-align:center"><span style="color:#a6a6a6;font-family:'Arial',sans-serif;font-size:18pt;font-weight:400;line-height:120%">Appendix III: Debentures and bonds</span></div><ix:continuation id="f-4053-1" continuedAt="f-4053-2"><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The detail and key features of outstanding debentures and bonds at December 31, 2024 are as follows (in millions of euros):</span></div><div style="margin-top:9pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.855%"><tr><td style="width:1.0%"/><td style="width:30.249%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:7.753%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:13.994%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:5.286%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:5.286%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:5.286%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:5.286%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:5.286%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:5.286%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:5.288%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="21" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Maturity (nominal)</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Debentures and bonds</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Currency</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">% Interest rate</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2025</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2026</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2027</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2028</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2029</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Subsequent years</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">T. 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EMISIONES JANUARY 2018</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-3285" decimals="INF" name="ifrs-full:BorrowingsInterestRate" scale="-2" id="f-8368">1.447</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-3286" decimals="-6" name="ifrs-full:NotesAndDebenturesIssued" format="ixt:fixed-zero" scale="6" id="f-8369">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-3287" decimals="-6" name="ifrs-full:NotesAndDebenturesIssued" format="ixt:fixed-zero" scale="6" id="f-8370">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-3288" decimals="-6" name="ifrs-full:NotesAndDebenturesIssued" format="ixt:num-dot-decimal" scale="6" id="f-8371">1,000</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-3289" decimals="-6" name="ifrs-full:NotesAndDebenturesIssued" format="ixt:fixed-zero" scale="6" id="f-8372">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-3290" decimals="-6" name="ifrs-full:NotesAndDebenturesIssued" format="ixt:fixed-zero" scale="6" id="f-8373">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-3291" decimals="-6" name="ifrs-full:NotesAndDebenturesIssued" format="ixt:fixed-zero" scale="6" id="f-8374">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-3292" decimals="-6" name="ifrs-full:NotesAndDebenturesIssued" format="ixt:num-dot-decimal" scale="6" id="f-8375">1,000</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">TELEF. 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EMISIONES JANUARY 2017</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-3309" decimals="INF" name="ifrs-full:BorrowingsInterestRate" scale="-2" id="f-8392">2.318</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-3310" decimals="-6" name="ifrs-full:NotesAndDebenturesIssued" format="ixt:fixed-zero" scale="6" id="f-8393">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-3311" decimals="-6" name="ifrs-full:NotesAndDebenturesIssued" format="ixt:fixed-zero" scale="6" id="f-8394">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-3312" decimals="-6" name="ifrs-full:NotesAndDebenturesIssued" format="ixt:fixed-zero" scale="6" id="f-8395">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-3313" decimals="-6" name="ifrs-full:NotesAndDebenturesIssued" scale="6" id="f-8396">500</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-3314" decimals="-6" name="ifrs-full:NotesAndDebenturesIssued" format="ixt:fixed-zero" scale="6" id="f-8397">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-3315" decimals="-6" name="ifrs-full:NotesAndDebenturesIssued" format="ixt:fixed-zero" scale="6" id="f-8398">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-3316" decimals="-6" name="ifrs-full:NotesAndDebenturesIssued" scale="6" id="f-8399">500</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">TELEF. EMISIONES SEPTEMBER 2017</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-3317" decimals="INF" name="ifrs-full:BorrowingsInterestRate" scale="-2" id="f-8400">1.715</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-3318" decimals="-6" name="ifrs-full:NotesAndDebenturesIssued" format="ixt:fixed-zero" scale="6" id="f-8401">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-3319" decimals="-6" name="ifrs-full:NotesAndDebenturesIssued" format="ixt:fixed-zero" scale="6" id="f-8402">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-3320" decimals="-6" name="ifrs-full:NotesAndDebenturesIssued" format="ixt:fixed-zero" scale="6" id="f-8403">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-3321" decimals="-6" name="ifrs-full:NotesAndDebenturesIssued" format="ixt:num-dot-decimal" scale="6" id="f-8404">1,250</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-3322" decimals="-6" name="ifrs-full:NotesAndDebenturesIssued" format="ixt:fixed-zero" scale="6" id="f-8405">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-3323" decimals="-6" name="ifrs-full:NotesAndDebenturesIssued" format="ixt:fixed-zero" scale="6" id="f-8406">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-3324" decimals="-6" name="ifrs-full:NotesAndDebenturesIssued" format="ixt:num-dot-decimal" scale="6" id="f-8407">1,250</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">TELEF. EMISIONES MARCH 2017</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-3325" decimals="INF" name="ifrs-full:BorrowingsInterestRate" scale="-2" id="f-8408">2.318</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-3326" decimals="-6" name="ifrs-full:NotesAndDebenturesIssued" format="ixt:fixed-zero" scale="6" id="f-8409">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-3327" decimals="-6" name="ifrs-full:NotesAndDebenturesIssued" format="ixt:fixed-zero" scale="6" id="f-8410">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-3328" decimals="-6" name="ifrs-full:NotesAndDebenturesIssued" format="ixt:fixed-zero" scale="6" id="f-8411">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-3329" decimals="-6" name="ifrs-full:NotesAndDebenturesIssued" scale="6" id="f-8412">200</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-3330" decimals="-6" name="ifrs-full:NotesAndDebenturesIssued" format="ixt:fixed-zero" scale="6" id="f-8413">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-3331" decimals="-6" name="ifrs-full:NotesAndDebenturesIssued" format="ixt:fixed-zero" scale="6" id="f-8414">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-3332" decimals="-6" name="ifrs-full:NotesAndDebenturesIssued" scale="6" id="f-8415">200</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">TELEF. 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style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="gbp" contextRef="c-3334" decimals="-6" name="ifrs-full:NotesAndDebenturesIssued" format="ixt:fixed-zero" scale="6" id="f-8417">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="gbp" contextRef="c-3335" decimals="-6" name="ifrs-full:NotesAndDebenturesIssued" format="ixt:fixed-zero" scale="6" id="f-8418">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 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style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">GBP</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-3341" decimals="INF" name="ifrs-full:BorrowingsInterestRate" scale="-2" id="f-8424">5.445</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-3342" 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unitRef="eur" contextRef="c-3344" decimals="-6" name="ifrs-full:NotesAndDebenturesIssued" format="ixt:fixed-zero" scale="6" id="f-8427">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-3345" decimals="-6" name="ifrs-full:NotesAndDebenturesIssued" format="ixt:fixed-zero" scale="6" id="f-8428">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-3346" decimals="-6" name="ifrs-full:NotesAndDebenturesIssued" scale="6" id="f-8429">482</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-3347" decimals="-6" name="ifrs-full:NotesAndDebenturesIssued" format="ixt:fixed-zero" scale="6" id="f-8430">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-3348" decimals="-6" name="ifrs-full:NotesAndDebenturesIssued" scale="6" id="f-8431">482</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/></tr><tr><td colspan="3" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">TELEF. EMISIONES OCTOBER 2014</span></td><td colspan="3" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-3349" decimals="INF" name="ifrs-full:BorrowingsInterestRate" scale="-2" id="f-8432">2.932</ix:nonFraction>&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-3350" decimals="-6" name="ifrs-full:NotesAndDebenturesIssued" format="ixt:fixed-zero" scale="6" id="f-8433">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-3351" decimals="-6" name="ifrs-full:NotesAndDebenturesIssued" format="ixt:fixed-zero" scale="6" id="f-8434">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-3352" decimals="-6" name="ifrs-full:NotesAndDebenturesIssued" format="ixt:fixed-zero" scale="6" id="f-8435">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-3353" decimals="-6" name="ifrs-full:NotesAndDebenturesIssued" format="ixt:fixed-zero" scale="6" id="f-8436">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-3354" decimals="-6" name="ifrs-full:NotesAndDebenturesIssued" scale="6" id="f-8437">800</ix:nonFraction>&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-3355" decimals="-6" name="ifrs-full:NotesAndDebenturesIssued" format="ixt:fixed-zero" scale="6" id="f-8438">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-3356" decimals="-6" name="ifrs-full:NotesAndDebenturesIssued" scale="6" id="f-8439">800</ix:nonFraction>&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/></tr></table></div></ix:continuation></ix:nonNumeric><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">F-185</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><ix:continuation id="f-8312-1" continuedAt="f-8312-2"><ix:continuation id="f-4053-2" continuedAt="f-4053-3"><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.855%"><tr><td style="width:1.0%"/><td style="width:34.894%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:7.753%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:9.349%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:5.286%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:5.286%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:5.286%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:5.286%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:5.286%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:5.286%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:5.288%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="21" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Maturity (nominal)</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Debentures and bonds</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Currency</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">% Interest rate</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2025</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2026</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2027</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2028</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2029</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Subsequent years</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">TELEF. EMISIONES FEBRUARY 2020</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-3357" decimals="INF" name="ifrs-full:BorrowingsInterestRate" scale="-2" id="f-8440">0.664</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-3358" decimals="-6" name="ifrs-full:NotesAndDebenturesIssued" format="ixt:fixed-zero" scale="6" id="f-8441">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-3359" decimals="-6" name="ifrs-full:NotesAndDebenturesIssued" format="ixt:fixed-zero" scale="6" id="f-8442">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-3360" decimals="-6" name="ifrs-full:NotesAndDebenturesIssued" format="ixt:fixed-zero" scale="6" id="f-8443">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-3361" decimals="-6" name="ifrs-full:NotesAndDebenturesIssued" format="ixt:fixed-zero" scale="6" id="f-8444">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-3362" decimals="-6" name="ifrs-full:NotesAndDebenturesIssued" format="ixt:fixed-zero" scale="6" id="f-8445">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-3363" decimals="-6" name="ifrs-full:NotesAndDebenturesIssued" format="ixt:num-dot-decimal" scale="6" id="f-8446">1,000</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-3364" decimals="-6" name="ifrs-full:NotesAndDebenturesIssued" format="ixt:num-dot-decimal" scale="6" id="f-8447">1,000</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">TELEF. EMISIONES MAY 2022 (2)</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-3365" decimals="INF" name="ifrs-full:BorrowingsInterestRate" scale="-2" id="f-8448">2.592</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-3366" decimals="-6" name="ifrs-full:NotesAndDebenturesIssued" format="ixt:fixed-zero" scale="6" id="f-8449">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-3367" decimals="-6" name="ifrs-full:NotesAndDebenturesIssued" format="ixt:fixed-zero" scale="6" id="f-8450">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-3368" decimals="-6" name="ifrs-full:NotesAndDebenturesIssued" format="ixt:fixed-zero" scale="6" id="f-8451">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-3369" decimals="-6" name="ifrs-full:NotesAndDebenturesIssued" format="ixt:fixed-zero" scale="6" id="f-8452">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-3370" decimals="-6" name="ifrs-full:NotesAndDebenturesIssued" format="ixt:fixed-zero" scale="6" id="f-8453">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-3371" decimals="-6" name="ifrs-full:NotesAndDebenturesIssued" format="ixt:num-dot-decimal" scale="6" id="f-8454">1,000</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-3372" decimals="-6" name="ifrs-full:NotesAndDebenturesIssued" format="ixt:num-dot-decimal" scale="6" id="f-8455">1,000</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">TELEF. EMISIONES OCTOBER 2016</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-3373" decimals="INF" name="ifrs-full:BorrowingsInterestRate" scale="-2" id="f-8456">1.930</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-3374" decimals="-6" name="ifrs-full:NotesAndDebenturesIssued" format="ixt:fixed-zero" scale="6" id="f-8457">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-3375" decimals="-6" name="ifrs-full:NotesAndDebenturesIssued" format="ixt:fixed-zero" scale="6" id="f-8458">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-3376" decimals="-6" name="ifrs-full:NotesAndDebenturesIssued" format="ixt:fixed-zero" scale="6" id="f-8459">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-3377" decimals="-6" name="ifrs-full:NotesAndDebenturesIssued" format="ixt:fixed-zero" scale="6" id="f-8460">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-3378" decimals="-6" name="ifrs-full:NotesAndDebenturesIssued" format="ixt:fixed-zero" scale="6" id="f-8461">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-3379" decimals="-6" name="ifrs-full:NotesAndDebenturesIssued" scale="6" id="f-8462">750</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-3380" decimals="-6" name="ifrs-full:NotesAndDebenturesIssued" scale="6" id="f-8463">750</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">TELEF. EMISIONES MAY 2020</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-3381" decimals="INF" name="ifrs-full:BorrowingsInterestRate" scale="-2" id="f-8464">1.807</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-3382" decimals="-6" name="ifrs-full:NotesAndDebenturesIssued" format="ixt:fixed-zero" scale="6" id="f-8465">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-3383" decimals="-6" name="ifrs-full:NotesAndDebenturesIssued" format="ixt:fixed-zero" scale="6" id="f-8466">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-3384" decimals="-6" name="ifrs-full:NotesAndDebenturesIssued" format="ixt:fixed-zero" scale="6" id="f-8467">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-3385" decimals="-6" name="ifrs-full:NotesAndDebenturesIssued" format="ixt:fixed-zero" scale="6" id="f-8468">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-3386" decimals="-6" name="ifrs-full:NotesAndDebenturesIssued" format="ixt:fixed-zero" scale="6" id="f-8469">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-3387" decimals="-6" name="ifrs-full:NotesAndDebenturesIssued" scale="6" id="f-8470">750</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-3388" decimals="-6" name="ifrs-full:NotesAndDebenturesIssued" scale="6" id="f-8471">750</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">TELEF. EMISIONES JUNE 06 TRANCHE D</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">USD</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-3389" decimals="INF" name="ifrs-full:BorrowingsInterestRate" scale="-2" id="f-8472">7.045</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-3390" decimals="-6" name="ifrs-full:NotesAndDebenturesIssued" format="ixt:fixed-zero" scale="6" id="f-8473">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-3391" decimals="-6" name="ifrs-full:NotesAndDebenturesIssued" format="ixt:fixed-zero" scale="6" id="f-8474">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-3392" decimals="-6" name="ifrs-full:NotesAndDebenturesIssued" format="ixt:fixed-zero" scale="6" id="f-8475">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-3393" decimals="-6" name="ifrs-full:NotesAndDebenturesIssued" format="ixt:fixed-zero" scale="6" id="f-8476">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-3394" decimals="-6" name="ifrs-full:NotesAndDebenturesIssued" format="ixt:fixed-zero" scale="6" id="f-8477">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-3395" decimals="-6" name="ifrs-full:NotesAndDebenturesIssued" format="ixt:num-dot-decimal" scale="6" id="f-8478">1,924</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-3396" decimals="-6" name="ifrs-full:NotesAndDebenturesIssued" format="ixt:num-dot-decimal" scale="6" id="f-8479">1,924</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">TELEF. 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style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-3494" decimals="-6" name="ifrs-full:NotesAndDebenturesIssued" format="ixt:fixed-zero" scale="6" id="f-8577">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-3495" decimals="-6" name="ifrs-full:NotesAndDebenturesIssued" format="ixt:fixed-zero" scale="6" id="f-8578">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 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style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-3503" decimals="-6" name="ifrs-full:NotesAndDebenturesIssued" format="ixt:num-dot-decimal" scale="6" id="f-8586">3,452</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-3504" decimals="-6" name="ifrs-full:NotesAndDebenturesIssued" format="ixt:num-dot-decimal" scale="6" id="f-8587">1,950</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-3505" decimals="-6" name="ifrs-full:NotesAndDebenturesIssued" format="ixt:num-dot-decimal" scale="6" id="f-8588">2,282</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-3506" decimals="-6" name="ifrs-full:NotesAndDebenturesIssued" format="ixt:num-dot-decimal" scale="6" id="f-8589">14,758</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-3507" decimals="-6" name="ifrs-full:NotesAndDebenturesIssued" format="ixt:num-dot-decimal" scale="6" id="f-8590">26,343</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr style="height:21pt"><td colspan="30" style="border-top:2pt solid #bfbfbf;padding:0 1pt"/></tr></table></div></ix:continuation></ix:continuation><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">F-186</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><ix:continuation id="f-8312-2" continuedAt="f-8312-3"><ix:continuation id="f-4053-3"><div style="margin-top:9pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"/><td style="width:30.204%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:7.450%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:10.928%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:5.276%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:5.276%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:5.276%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:5.276%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:5.276%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:8.755%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:5.283%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="18" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Maturity</span></td><td colspan="3" style="padding:0 1pt"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Debentures and bonds</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Currency</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">% Interest rate</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2025</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2026</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2027</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2028</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2029</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Subsequent years</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total</span></td></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Bond O</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 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style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-3509" decimals="-6" name="ifrs-full:NotesAndDebenturesIssued" scale="6" id="f-8592">68</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-3510" decimals="-6" name="ifrs-full:NotesAndDebenturesIssued" format="ixt:fixed-zero" scale="6" id="f-8593">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 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style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-3513" decimals="-6" name="ifrs-full:NotesAndDebenturesIssued" format="ixt:fixed-zero" scale="6" id="f-8596">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-3514" decimals="-6" name="ifrs-full:NotesAndDebenturesIssued" format="ixt:fixed-zero" scale="6" id="f-8597">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 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contextRef="c-3519" decimals="-6" name="ifrs-full:NotesAndDebenturesIssued" format="ixt:fixed-zero" scale="6" id="f-8602">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="clp" contextRef="c-3520" decimals="-6" name="ifrs-full:NotesAndDebenturesIssued" format="ixt:fixed-zero" scale="6" id="f-8603">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="clp" contextRef="c-3521" decimals="-6" name="ifrs-full:NotesAndDebenturesIssued" format="ixt:fixed-zero" scale="6" id="f-8604">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="clp" contextRef="c-3522" decimals="-6" name="ifrs-full:NotesAndDebenturesIssued" format="ixt:fixed-zero" scale="6" id="f-8605">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 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style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-3554" decimals="-6" name="ifrs-full:NotesAndDebenturesIssued" scale="6" id="f-8637">693</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Bond T. Peru 4th Program (19th Serie A)</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">N. SOL</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">VAC + <ix:nonFraction unitRef="number" contextRef="c-3555" decimals="INF" name="ifrs-full:BorrowingsInterestRate" scale="-2" id="f-8638">3.6250</ix:nonFraction>%</span></div></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="pen" contextRef="c-3556" decimals="-6" name="ifrs-full:NotesAndDebenturesIssued" format="ixt:fixed-zero" scale="6" id="f-8639">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="pen" contextRef="c-3557" decimals="-6" name="ifrs-full:NotesAndDebenturesIssued" format="ixt:fixed-zero" scale="6" id="f-8640">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="pen" contextRef="c-3558" decimals="-6" name="ifrs-full:NotesAndDebenturesIssued" scale="6" id="f-8641">28</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="pen" contextRef="c-3559" decimals="-6" name="ifrs-full:NotesAndDebenturesIssued" format="ixt:fixed-zero" scale="6" id="f-8642">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="pen" contextRef="c-3560" decimals="-6" name="ifrs-full:NotesAndDebenturesIssued" format="ixt:fixed-zero" scale="6" id="f-8643">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="pen" contextRef="c-3561" decimals="-6" name="ifrs-full:NotesAndDebenturesIssued" format="ixt:fixed-zero" scale="6" id="f-8644">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="pen" contextRef="c-3562" decimals="-6" name="ifrs-full:NotesAndDebenturesIssued" scale="6" id="f-8645">28</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Bond T. Peru 4th Program (19th Serie B)</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">N. SOL</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">VAC + <ix:nonFraction unitRef="number" contextRef="c-3563" decimals="INF" name="ifrs-full:BorrowingsInterestRate" scale="-2" id="f-8646">2.8750</ix:nonFraction>%</span></div></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="pen" contextRef="c-3564" decimals="-6" name="ifrs-full:NotesAndDebenturesIssued" format="ixt:fixed-zero" scale="6" id="f-8647">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="pen" contextRef="c-3565" decimals="-6" name="ifrs-full:NotesAndDebenturesIssued" format="ixt:fixed-zero" scale="6" id="f-8648">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="pen" contextRef="c-3566" decimals="-6" name="ifrs-full:NotesAndDebenturesIssued" format="ixt:fixed-zero" scale="6" id="f-8649">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="pen" contextRef="c-3567" decimals="-6" name="ifrs-full:NotesAndDebenturesIssued" scale="6" id="f-8650">22</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="pen" contextRef="c-3568" decimals="-6" name="ifrs-full:NotesAndDebenturesIssued" format="ixt:fixed-zero" scale="6" id="f-8651">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="pen" contextRef="c-3569" decimals="-6" name="ifrs-full:NotesAndDebenturesIssued" format="ixt:fixed-zero" scale="6" id="f-8652">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="pen" contextRef="c-3570" decimals="-6" name="ifrs-full:NotesAndDebenturesIssued" scale="6" id="f-8653">22</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Bond T. Peru 4th Program (37th Serie A)</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">N. SOL</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">VAC + <ix:nonFraction unitRef="number" contextRef="c-3571" decimals="INF" name="ifrs-full:BorrowingsInterestRate" scale="-2" id="f-8654">3.1250</ix:nonFraction>%</span></div></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="pen" contextRef="c-3572" decimals="-6" name="ifrs-full:NotesAndDebenturesIssued" format="ixt:fixed-zero" scale="6" id="f-8655">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="pen" contextRef="c-3573" decimals="-6" name="ifrs-full:NotesAndDebenturesIssued" format="ixt:fixed-zero" scale="6" id="f-8656">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="pen" contextRef="c-3574" decimals="-6" name="ifrs-full:NotesAndDebenturesIssued" format="ixt:fixed-zero" scale="6" id="f-8657">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="pen" contextRef="c-3575" decimals="-6" name="ifrs-full:NotesAndDebenturesIssued" scale="6" id="f-8658">21</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="pen" contextRef="c-3576" decimals="-6" name="ifrs-full:NotesAndDebenturesIssued" format="ixt:fixed-zero" scale="6" id="f-8659">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="pen" contextRef="c-3577" decimals="-6" name="ifrs-full:NotesAndDebenturesIssued" format="ixt:fixed-zero" scale="6" id="f-8660">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="pen" contextRef="c-3578" decimals="-6" name="ifrs-full:NotesAndDebenturesIssued" scale="6" id="f-8661">21</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Bond T. Peru 4th Program (19th Serie C)</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">N. SOL</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">VAC + <ix:nonFraction unitRef="number" contextRef="c-3579" decimals="INF" name="ifrs-full:BorrowingsInterestRate" scale="-2" id="f-8662">3.1875</ix:nonFraction>%</span></div></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="pen" contextRef="c-3580" decimals="-6" name="ifrs-full:NotesAndDebenturesIssued" format="ixt:fixed-zero" scale="6" id="f-8663">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="pen" contextRef="c-3581" decimals="-6" name="ifrs-full:NotesAndDebenturesIssued" format="ixt:fixed-zero" scale="6" id="f-8664">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="pen" contextRef="c-3582" decimals="-6" name="ifrs-full:NotesAndDebenturesIssued" format="ixt:fixed-zero" scale="6" id="f-8665">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="pen" contextRef="c-3583" decimals="-6" name="ifrs-full:NotesAndDebenturesIssued" scale="6" id="f-8666">9</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="pen" contextRef="c-3584" decimals="-6" name="ifrs-full:NotesAndDebenturesIssued" format="ixt:fixed-zero" scale="6" id="f-8667">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="pen" contextRef="c-3585" decimals="-6" name="ifrs-full:NotesAndDebenturesIssued" format="ixt:fixed-zero" scale="6" id="f-8668">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="pen" contextRef="c-3586" decimals="-6" name="ifrs-full:NotesAndDebenturesIssued" scale="6" id="f-8669">9</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Bond T. Peru 6th Program (17th Serie A)</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">N. SOL</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">VAC + <ix:nonFraction unitRef="number" contextRef="c-3587" decimals="INF" name="ifrs-full:BorrowingsInterestRate" scale="-2" id="f-8670">3.0938</ix:nonFraction>%</span></div></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="pen" contextRef="c-3588" decimals="-6" name="ifrs-full:NotesAndDebenturesIssued" format="ixt:fixed-zero" scale="6" id="f-8671">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="pen" contextRef="c-3589" decimals="-6" name="ifrs-full:NotesAndDebenturesIssued" format="ixt:fixed-zero" scale="6" id="f-8672">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="pen" contextRef="c-3590" decimals="-6" name="ifrs-full:NotesAndDebenturesIssued" format="ixt:fixed-zero" scale="6" id="f-8673">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="pen" contextRef="c-3591" decimals="-6" name="ifrs-full:NotesAndDebenturesIssued" format="ixt:fixed-zero" scale="6" id="f-8674">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="pen" contextRef="c-3592" decimals="-6" name="ifrs-full:NotesAndDebenturesIssued" format="ixt:fixed-zero" scale="6" id="f-8675">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="pen" contextRef="c-3593" decimals="-6" name="ifrs-full:NotesAndDebenturesIssued" scale="6" id="f-8676">20</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="pen" contextRef="c-3594" decimals="-6" name="ifrs-full:NotesAndDebenturesIssued" scale="6" id="f-8677">20</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Bond T. Peru 6th Program (16th Serie A)</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">N. SOL</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-3595" decimals="INF" name="ifrs-full:BorrowingsInterestRate" scale="-2" id="f-8678">5.500</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="pen" contextRef="c-3596" decimals="-6" name="ifrs-full:NotesAndDebenturesIssued" scale="6" id="f-8679">27</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="pen" contextRef="c-3597" decimals="-6" name="ifrs-full:NotesAndDebenturesIssued" format="ixt:fixed-zero" scale="6" id="f-8680">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="pen" contextRef="c-3598" decimals="-6" name="ifrs-full:NotesAndDebenturesIssued" format="ixt:fixed-zero" scale="6" id="f-8681">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="pen" contextRef="c-3599" decimals="-6" name="ifrs-full:NotesAndDebenturesIssued" format="ixt:fixed-zero" scale="6" id="f-8682">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="pen" contextRef="c-3600" decimals="-6" name="ifrs-full:NotesAndDebenturesIssued" format="ixt:fixed-zero" scale="6" id="f-8683">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="pen" contextRef="c-3601" decimals="-6" name="ifrs-full:NotesAndDebenturesIssued" format="ixt:fixed-zero" scale="6" id="f-8684">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="pen" contextRef="c-3602" decimals="-6" name="ifrs-full:NotesAndDebenturesIssued" scale="6" id="f-8685">27</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Bond T. Peru 1st Private Program (1st Serie A)</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">N. SOL</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-3603" decimals="INF" name="ifrs-full:BorrowingsInterestRate" scale="-2" id="f-8686">7.281</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="pen" contextRef="c-3604" decimals="-6" name="ifrs-full:NotesAndDebenturesIssued" format="ixt:fixed-zero" scale="6" id="f-8687">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="pen" contextRef="c-3605" decimals="-6" name="ifrs-full:NotesAndDebenturesIssued" scale="6" id="f-8688">20</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="pen" contextRef="c-3606" decimals="-6" name="ifrs-full:NotesAndDebenturesIssued" format="ixt:fixed-zero" scale="6" id="f-8689">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="pen" contextRef="c-3607" decimals="-6" name="ifrs-full:NotesAndDebenturesIssued" format="ixt:fixed-zero" scale="6" id="f-8690">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="pen" contextRef="c-3608" decimals="-6" name="ifrs-full:NotesAndDebenturesIssued" format="ixt:fixed-zero" scale="6" id="f-8691">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="pen" contextRef="c-3609" decimals="-6" name="ifrs-full:NotesAndDebenturesIssued" format="ixt:fixed-zero" scale="6" id="f-8692">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="pen" contextRef="c-3610" decimals="-6" name="ifrs-full:NotesAndDebenturesIssued" scale="6" id="f-8693">20</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Bond T. Peru 1st Program International Issue (1sr Serie A)</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">N. 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style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="brl" contextRef="c-3648" decimals="-6" name="ifrs-full:NotesAndDebenturesIssued" scale="6" id="f-8731">544</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span 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solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-3654" decimals="-6" name="ifrs-full:NotesAndDebenturesIssued" format="ixt:fixed-zero" scale="6" id="f-8737">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-3655" decimals="-6" name="ifrs-full:NotesAndDebenturesIssued" scale="6" id="f-8738">481</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-3656" decimals="-6" name="ifrs-full:NotesAndDebenturesIssued" scale="6" id="f-8739">481</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Bond C10</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span 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contextRef="c-3665" decimals="-6" name="ifrs-full:NotesAndDebenturesIssued" format="ixt:fixed-zero" scale="6" id="f-8748">&#8212;</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-3666" decimals="-6" name="ifrs-full:NotesAndDebenturesIssued" format="ixt:fixed-zero" scale="6" id="f-8749">&#8212;</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 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format="ixt:fixed-zero" scale="6" id="f-8751">&#8212;</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-3669" decimals="-6" name="ifrs-full:NotesAndDebenturesIssued" scale="6" id="f-8752">33</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 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style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Bond</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-3672" decimals="INF" 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style="color:#000000;font-family:'Arial',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline">(2)</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%"> Debentures and sustainable bonds (See Note 29.d)</span></div></ix:continuation><ix:continuation id="f-4246-1" continuedAt="f-4246-2"><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The main debentures and bonds issued by the Group in 2024 are as follows:</span></div><div style="margin-top:9pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"/><td style="width:27.595%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:9.479%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:9.769%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:9.769%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:9.479%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:9.769%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:16.440%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="border-left:1pt solid #ffffff;border-top:1pt solid #acacac;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="border-left:1pt solid #ffffff;border-top:1pt solid #acacac;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="border-left:1pt solid #ffffff;border-top:1pt solid #acacac;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="9" style="border-left:1pt solid #ffffff;border-top:1pt solid #acacac;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Nominal (millions)</span></td><td colspan="3" style="border-left:1pt solid #ffffff;border-right:1pt solid #ffffff;border-top:1pt solid #acacac;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td></tr><tr><td colspan="3" style="border-left:1pt solid #ffffff;border-top:1pt solid #acacac;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Item</span></td><td colspan="3" style="border-left:1pt solid #ffffff;border-top:1pt solid #acacac;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Date</span></td><td colspan="3" style="border-left:1pt solid #ffffff;border-top:1pt solid #acacac;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Maturity Date</span></td><td colspan="3" style="border-left:1pt solid #ffffff;border-top:1pt solid #acacac;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Currency</span></td><td colspan="3" style="border-left:1pt solid #ffffff;border-top:1pt solid 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colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr></table></div><div style="text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline">(1)</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%"> Sustainable bonds (See Note 29. d)</span></div></ix:continuation></ix:continuation><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">F-187</span></div></div></div><div id="i63478826478c4e0dbabc502413383f6b_388"></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><ix:continuation id="f-3325-3" continuedAt="f-3325-4"><div style="margin-top:9pt;text-align:center"><span style="color:#a6a6a6;font-family:'Arial',sans-serif;font-size:18pt;font-weight:400;line-height:120%">Appendix IV: Financial instruments</span></div><ix:nonNumeric contextRef="c-1" name="ifrs-full:DisclosureOfDetailedInformationAboutFinancialInstrumentsExplanatory" id="f-8783" continuedAt="f-8783-1" escape="true"><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The detail of the net financial debt arranged by the Group (notional amount) by currency and interest rates at December 31, 2024 is as follows:</span></div><div style="margin-top:9pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"/><td style="width:14.689%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:6.648%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:7.087%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:8.256%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:7.087%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:6.648%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:8.841%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:6.648%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:8.256%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:8.402%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:5.338%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 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style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2026</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2027</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2028</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2029</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Subsequent years</span></td><td colspan="3" style="padding:2px 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id="f-8797">340</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-3703" decimals="-6" name="ifrs-full:Borrowings" scale="6" id="f-8798">563</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-3704" decimals="-6" name="ifrs-full:Borrowings" format="ixt:num-dot-decimal" scale="6" id="f-8799">3,592</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-3705" decimals="-6" name="ifrs-full:Borrowings" format="ixt:num-dot-decimal" scale="6" id="f-8800">7,722</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-3706" decimals="-6" name="tef:FinancialInstrumentsNotDesignatedasHedgingInstrumentsFairValue" format="ixt:num-dot-decimal" scale="6" id="f-8801">1,970</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-3707" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" format="ixt:num-dot-decimal" scale="6" id="f-8802">9,409</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-3708" decimals="-6" name="tef:FinancialInstrumentsFairValue" format="ixt:num-dot-decimal" scale="6" id="f-8803">11,379</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Spread (%)</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-3689" decimals="4" name="tef:SensitivityAnalysisBasisSpreadOnVariableRate" scale="-2" id="f-8804">0.60</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="number" contextRef="c-3690" decimals="4" sign="-" name="tef:SensitivityAnalysisBasisSpreadOnVariableRate" scale="-2" id="f-8805">0.13</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-3691" decimals="4" name="tef:SensitivityAnalysisBasisSpreadOnVariableRate" scale="-2" id="f-8806">0.71</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-3692" decimals="4" name="tef:SensitivityAnalysisBasisSpreadOnVariableRate" scale="-2" id="f-8807">0.32</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-3693" decimals="4" name="tef:SensitivityAnalysisBasisSpreadOnVariableRate" scale="-2" id="f-8808">0.04</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-3694" decimals="4" name="tef:SensitivityAnalysisBasisSpreadOnVariableRate" scale="-2" id="f-8809">0.11</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-3695" decimals="4" name="tef:SensitivityAnalysisBasisSpreadOnVariableRate" scale="-2" id="f-8810">0.18</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-3696" decimals="INF" name="tef:SensitivityAnalysisBasisSpreadOnVariableRate" format="ixt:fixed-zero" scale="0" id="f-8811">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-3697" decimals="INF" name="tef:SensitivityAnalysisBasisSpreadOnVariableRate" format="ixt:fixed-zero" scale="0" id="f-8812">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-3698" decimals="INF" name="tef:SensitivityAnalysisBasisSpreadOnVariableRate" format="ixt:fixed-zero" scale="0" id="f-8813">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt 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name="ifrs-full:Borrowings" format="ixt:num-dot-decimal" scale="6" id="f-8815">1,514</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-3711" decimals="-6" name="ifrs-full:Borrowings" format="ixt:num-dot-decimal" scale="6" id="f-8816">3,601</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-3712" decimals="-6" name="ifrs-full:Borrowings" format="ixt:num-dot-decimal" scale="6" id="f-8817">1,876</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-3713" decimals="-6" name="ifrs-full:Borrowings" format="ixt:num-dot-decimal" scale="6" id="f-8818">1,892</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-3714" decimals="-6" name="ifrs-full:Borrowings" format="ixt:num-dot-decimal" scale="6" id="f-8819">12,033</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-3715" decimals="-6" name="ifrs-full:Borrowings" format="ixt:num-dot-decimal" scale="6" id="f-8820">14,245</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-3716" decimals="-6" name="tef:FinancialInstrumentsNotDesignatedasHedgingInstrumentsFairValue" format="ixt:num-dot-decimal" scale="6" id="f-8821">13,459</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-3717" decimals="-6" sign="-" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" format="ixt:num-dot-decimal" scale="6" id="f-8822">1,795</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span 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id="f-8824">2.70</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-3690" decimals="4" name="ifrs-full:BorrowingsInterestRate" scale="-2" id="f-8825">1.42</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-3691" decimals="4" name="ifrs-full:BorrowingsInterestRate" scale="-2" id="f-8826">1.16</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-3692" decimals="4" name="ifrs-full:BorrowingsInterestRate" scale="-2" id="f-8827">1.78</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-3693" decimals="4" name="ifrs-full:BorrowingsInterestRate" scale="-2" id="f-8828">2.22</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-3694" decimals="4" name="ifrs-full:BorrowingsInterestRate" scale="-2" id="f-8829">1.95</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-3695" decimals="4" name="ifrs-full:BorrowingsInterestRate" scale="-2" id="f-8830">2.00</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-3696" decimals="INF" name="ifrs-full:BorrowingsInterestRate" format="ixt:fixed-zero" scale="0" id="f-8831">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-3697" decimals="INF" name="ifrs-full:BorrowingsInterestRate" format="ixt:fixed-zero" scale="0" id="f-8832">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-3698" decimals="INF" name="ifrs-full:BorrowingsInterestRate" format="ixt:fixed-zero" scale="0" id="f-8833">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Rate cap</span></td><td colspan="2" style="border-top:1pt solid 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style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-3735" decimals="-6" sign="-" name="ifrs-full:Borrowings" scale="6" id="f-8850">93</ix:nonFraction>)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-3736" decimals="-6" 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format="ixt:fixed-zero" scale="6" id="f-8854">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-3740" decimals="-6" name="ifrs-full:Borrowings" format="ixt:fixed-zero" scale="6" id="f-8855">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-3741" decimals="-6" 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unitRef="number" contextRef="c-3761" decimals="INF" name="ifrs-full:BorrowingsInterestRate" format="ixt:fixed-zero" scale="0" id="f-8887">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-3762" decimals="INF" name="ifrs-full:BorrowingsInterestRate" format="ixt:fixed-zero" scale="0" id="f-8888">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span 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style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-3777" decimals="-6" sign="-" name="ifrs-full:Borrowings" scale="6" id="f-8907">4</ix:nonFraction>)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-3778" decimals="-6" name="ifrs-full:Borrowings" format="ixt:fixed-zero" scale="6" id="f-8908">&#8212;</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" 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id="f-8930">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-3781" decimals="INF" name="tef:SensitivityAnalysisBasisSpreadOnVariableRate" format="ixt:fixed-zero" scale="0" id="f-8931">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-3782" decimals="INF" name="tef:SensitivityAnalysisBasisSpreadOnVariableRate" format="ixt:fixed-zero" scale="0" id="f-8932">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-3783" decimals="INF" name="tef:SensitivityAnalysisBasisSpreadOnVariableRate" format="ixt:fixed-zero" scale="0" id="f-8933">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span 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solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Interest rate %</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-3774" decimals="4" name="ifrs-full:BorrowingsInterestRate" scale="-2" id="f-8944">4.64</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span 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unitRef="eur" contextRef="c-3810" decimals="-6" name="ifrs-full:Borrowings" format="ixt:fixed-zero" scale="6" id="f-8954">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-3811" decimals="-6" name="ifrs-full:Borrowings" format="ixt:fixed-zero" scale="6" id="f-8955">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-3812" decimals="-6" name="ifrs-full:Borrowings" format="ixt:fixed-zero" scale="6" id="f-8956">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-3813" decimals="-6" name="ifrs-full:Borrowings" format="ixt:fixed-zero" scale="6" id="f-8957">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 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colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-3818" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" format="ixt:fixed-zero" scale="6" id="f-8962">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-3819" decimals="-6" name="tef:FinancialInstrumentsFairValue" format="ixt:fixed-zero" scale="6" id="f-8963">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Instruments in CHF</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-3820" decimals="-6" sign="-" name="ifrs-full:Borrowings" scale="6" id="f-8964">5</ix:nonFraction>)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-3821" decimals="-6" name="ifrs-full:Borrowings" format="ixt:fixed-zero" scale="6" id="f-8965">&#8212;</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-3822" decimals="-6" name="ifrs-full:Borrowings" format="ixt:fixed-zero" scale="6" id="f-8966">&#8212;</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-3823" decimals="-6" name="ifrs-full:Borrowings" format="ixt:fixed-zero" scale="6" id="f-8967">&#8212;</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-3824" decimals="-6" name="ifrs-full:Borrowings" format="ixt:fixed-zero" scale="6" id="f-8968">&#8212;</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-3825" decimals="-6" name="ifrs-full:Borrowings" format="ixt:fixed-zero" scale="6" id="f-8969">&#8212;</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-3826" decimals="-6" sign="-" name="ifrs-full:Borrowings" scale="6" id="f-8970">5</ix:nonFraction>)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-3827" decimals="-6" sign="-" name="tef:FinancialInstrumentsNotDesignatedasHedgingInstrumentsFairValue" scale="6" id="f-8971">14</ix:nonFraction>)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-3828" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" format="ixt:fixed-zero" scale="6" id="f-8972">&#8212;</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-3829" decimals="-6" sign="-" name="tef:FinancialInstrumentsFairValue" scale="6" id="f-8973">14</ix:nonFraction>)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Floating rate</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-3830" decimals="-6" name="ifrs-full:Borrowings" format="ixt:fixed-zero" scale="6" 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name="tef:SensitivityAnalysisBasisSpreadOnVariableRate" format="ixt:fixed-zero" scale="0" id="f-8985">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-3842" decimals="INF" name="tef:SensitivityAnalysisBasisSpreadOnVariableRate" format="ixt:fixed-zero" scale="0" id="f-8986">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-3843" decimals="INF" name="tef:SensitivityAnalysisBasisSpreadOnVariableRate" format="ixt:fixed-zero" scale="0" id="f-8987">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-3844" decimals="INF" name="tef:SensitivityAnalysisBasisSpreadOnVariableRate" format="ixt:fixed-zero" scale="0" id="f-8988">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid 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0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-3827" decimals="INF" name="tef:SensitivityAnalysisBasisSpreadOnVariableRate" format="ixt:fixed-zero" scale="0" id="f-8991">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-3828" decimals="INF" name="tef:SensitivityAnalysisBasisSpreadOnVariableRate" format="ixt:fixed-zero" scale="0" id="f-8992">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-3829" decimals="INF" name="tef:SensitivityAnalysisBasisSpreadOnVariableRate" format="ixt:fixed-zero" scale="0" id="f-8993">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Fixed rate</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 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name="tef:SensitivityAnalysisBasisSpreadOnVariableRate" format="ixt:fixed-zero" scale="0" id="f-9052">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-3876" decimals="INF" name="tef:SensitivityAnalysisBasisSpreadOnVariableRate" format="ixt:fixed-zero" scale="0" id="f-9053">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span 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style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-3913" decimals="-6" name="ifrs-full:Borrowings" format="ixt:fixed-zero" scale="6" id="f-9087">&#8212;</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-3914" decimals="-6" name="ifrs-full:Borrowings" format="ixt:fixed-zero" scale="6" id="f-9088">&#8212;</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-3915" decimals="-6" name="ifrs-full:Borrowings" format="ixt:fixed-zero" scale="6" id="f-9089">&#8212;</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-3916" decimals="-6" name="ifrs-full:Borrowings" scale="6" id="f-9090">63</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span 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id="f-9097">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-3924" decimals="-6" name="ifrs-full:Borrowings" format="ixt:fixed-zero" scale="6" id="f-9098">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-3925" decimals="-6" name="ifrs-full:Borrowings" format="ixt:fixed-zero" 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unitRef="number" contextRef="c-3918" decimals="INF" name="tef:SensitivityAnalysisBasisSpreadOnVariableRate" format="ixt:fixed-zero" scale="0" id="f-9112">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-3919" decimals="INF" name="tef:SensitivityAnalysisBasisSpreadOnVariableRate" format="ixt:fixed-zero" scale="0" id="f-9113">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span 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solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-3939" decimals="-6" name="ifrs-full:Borrowings" format="ixt:fixed-zero" scale="6" id="f-9118">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-3940" decimals="-6" name="ifrs-full:Borrowings" format="ixt:fixed-zero" scale="6" id="f-9119">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-3941" decimals="-6" name="ifrs-full:Borrowings" scale="6" id="f-9120">28</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-3942" decimals="-6" name="tef:FinancialInstrumentsNotDesignatedasHedgingInstrumentsFairValue" scale="6" id="f-9121">23</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-3943" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" scale="6" id="f-9122">7</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-3944" decimals="-6" name="tef:FinancialInstrumentsFairValue" scale="6" id="f-9123">30</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Interest rate %</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-3910" decimals="4" name="ifrs-full:BorrowingsInterestRate" scale="-2" id="f-9124">0.31</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-3911" decimals="4" name="ifrs-full:BorrowingsInterestRate" scale="-2" id="f-9125">8.90</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-3945" decimals="INF" name="ifrs-full:BorrowingsInterestRate" format="ixt:fixed-zero" scale="0" id="f-9126">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-3932" decimals="INF" name="ifrs-full:BorrowingsInterestRate" format="ixt:fixed-zero" scale="0" id="f-9127">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-3933" decimals="INF" name="ifrs-full:BorrowingsInterestRate" format="ixt:fixed-zero" scale="0" id="f-9128">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-3934" decimals="INF" name="ifrs-full:BorrowingsInterestRate" format="ixt:fixed-zero" scale="0" id="f-9129">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-3916" decimals="4" name="ifrs-full:BorrowingsInterestRate" scale="-2" id="f-9130">8.55</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td 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style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-3946" decimals="-6" name="ifrs-full:Borrowings" format="ixt:fixed-zero" scale="6" id="f-9134">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-3947" decimals="-6" name="ifrs-full:Borrowings" format="ixt:fixed-zero" scale="6" id="f-9135">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-3948" decimals="-6" name="ifrs-full:Borrowings" format="ixt:fixed-zero" scale="6" id="f-9136">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-3949" decimals="-6" name="ifrs-full:Borrowings" format="ixt:fixed-zero" scale="6" id="f-9137">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-3950" decimals="-6" name="ifrs-full:Borrowings" format="ixt:fixed-zero" scale="6" id="f-9138">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-3951" decimals="-6" name="ifrs-full:Borrowings" format="ixt:fixed-zero" scale="6" id="f-9139">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-3952" decimals="-6" name="ifrs-full:Borrowings" format="ixt:fixed-zero" scale="6" id="f-9140">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-3953" decimals="-6" name="tef:FinancialInstrumentsNotDesignatedasHedgingInstrumentsFairValue" format="ixt:fixed-zero" scale="6" id="f-9141">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-3954" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" format="ixt:fixed-zero" scale="6" id="f-9142">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-3955" decimals="-6" name="tef:FinancialInstrumentsFairValue" format="ixt:fixed-zero" scale="6" id="f-9143">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr></table></div></ix:nonNumeric></ix:continuation><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">F-188</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><ix:continuation id="f-8783-1" continuedAt="f-8783-2"><ix:continuation id="f-3325-4" continuedAt="f-3325-5"><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.853%"><tr><td style="width:1.0%"/><td style="width:15.737%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:6.952%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:6.659%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:6.513%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:6.367%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:5.927%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:9.002%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:6.513%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:8.270%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:9.002%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:6.958%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="9" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Fair value</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Millions of euros</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2025</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2026</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2027</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2028</span></td><td colspan="3" style="padding:2px 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style="color:#000000;font-family:'Arial',sans-serif;font-size:5.2pt;font-weight:700;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(*)</span></div></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Associated derivatives</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">TOTAL</span></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Instruments in ARS</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 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unitRef="number" contextRef="c-3980" decimals="INF" name="ifrs-full:BorrowingsInterestRate" format="ixt:fixed-zero" scale="0" id="f-9188">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-3981" decimals="INF" name="ifrs-full:BorrowingsInterestRate" format="ixt:fixed-zero" scale="0" id="f-9189">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span 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contextRef="c-3995" decimals="-6" name="ifrs-full:Borrowings" format="ixt:fixed-zero" scale="6" id="f-9197">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-3996" decimals="-6" name="ifrs-full:Borrowings" format="ixt:fixed-zero" scale="6" id="f-9198">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-3997" decimals="-6" name="ifrs-full:Borrowings" format="ixt:fixed-zero" scale="6" id="f-9199">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-3998" decimals="-6" name="ifrs-full:Borrowings" format="ixt:fixed-zero" scale="6" id="f-9200">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-3999" decimals="-6" name="tef:FinancialInstrumentsNotDesignatedasHedgingInstrumentsFairValue" format="ixt:fixed-zero" scale="6" id="f-9201">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4000" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" format="ixt:fixed-zero" scale="6" id="f-9202">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt 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style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4006" decimals="-6" name="ifrs-full:Borrowings" scale="6" id="f-9208">44</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span 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contextRef="c-4033" decimals="-6" name="ifrs-full:Borrowings" format="ixt:fixed-zero" scale="6" id="f-9239">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4034" decimals="-6" name="ifrs-full:Borrowings" format="ixt:num-dot-decimal" scale="6" id="f-9240">2,785</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction 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style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4064" decimals="-6" name="ifrs-full:Borrowings" scale="6" id="f-9280">667</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4065" decimals="-6" name="tef:FinancialInstrumentsNotDesignatedasHedgingInstrumentsFairValue" scale="6" id="f-9281">110</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4066" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" scale="6" id="f-9282">578</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4067" decimals="-6" name="tef:FinancialInstrumentsFairValue" scale="6" id="f-9283">688</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span 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scale="-2" id="f-9285">1.46</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-4070" decimals="4" name="tef:SensitivityAnalysisBasisSpreadOnVariableRate" scale="-2" id="f-9286">1.99</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-4071" decimals="4" 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contextRef="c-4053" decimals="4" sign="-" name="tef:SensitivityAnalysisBasisSpreadOnVariableRate" scale="-2" id="f-9289">0.52</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-1496" decimals="4" name="tef:SensitivityAnalysisBasisSpreadOnVariableRate" scale="-2" id="f-9290">0.81</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-4055" decimals="INF" name="tef:SensitivityAnalysisBasisSpreadOnVariableRate" format="ixt:fixed-zero" scale="0" id="f-9291">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-4056" decimals="INF" name="tef:SensitivityAnalysisBasisSpreadOnVariableRate" format="ixt:fixed-zero" scale="0" id="f-9292">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-4057" decimals="INF" name="tef:SensitivityAnalysisBasisSpreadOnVariableRate" format="ixt:fixed-zero" scale="0" id="f-9293">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Fixed rate</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-4073" decimals="-6" sign="-" name="ifrs-full:Borrowings" scale="6" id="f-9294">289</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4074" decimals="-6" name="ifrs-full:Borrowings" scale="6" id="f-9295">87</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4075" decimals="-6" name="ifrs-full:Borrowings" scale="6" id="f-9296">48</ix:nonFraction>&#160;</span></td><td 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id="f-9298">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4078" decimals="-6" name="ifrs-full:Borrowings" scale="6" id="f-9299">150</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-4079" decimals="-6" sign="-" name="ifrs-full:Borrowings" scale="6" 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contextRef="c-4185" decimals="-6" name="tef:FinancialInstrumentsNotDesignatedasHedgingInstrumentsFairValue" format="ixt:fixed-zero" scale="6" id="f-9441">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4186" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" format="ixt:fixed-zero" scale="6" id="f-9442">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span 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style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4192" decimals="-6" name="ifrs-full:Borrowings" format="ixt:fixed-zero" scale="6" id="f-9448">&#8212;</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span 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name="ifrs-full:Borrowings" scale="6" id="f-9457">51</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4202" decimals="-6" name="ifrs-full:Borrowings" format="ixt:fixed-zero" scale="6" id="f-9458">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4203" decimals="-6" name="ifrs-full:Borrowings" scale="6" id="f-9459">20</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4204" decimals="-6" name="ifrs-full:Borrowings" scale="6" id="f-9460">99</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4205" decimals="-6" name="tef:FinancialInstrumentsNotDesignatedasHedgingInstrumentsFairValue" scale="6" id="f-9461">100</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4206" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" format="ixt:fixed-zero" scale="6" id="f-9462">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4207" decimals="-6" name="tef:FinancialInstrumentsFairValue" scale="6" id="f-9463">100</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Spread %</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-4208" decimals="INF" name="tef:SensitivityAnalysisBasisSpreadOnVariableRate" format="ixt:fixed-zero" scale="0" 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style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4216" decimals="-6" name="ifrs-full:Borrowings" format="ixt:fixed-zero" scale="6" id="f-9475">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4217" decimals="-6" name="ifrs-full:Borrowings" format="ixt:fixed-zero" scale="6" id="f-9476">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 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contextRef="c-4243" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" scale="6" id="f-9512">710</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4244" decimals="-6" name="tef:FinancialInstrumentsFairValue" format="ixt:num-dot-decimal" scale="6" id="f-9513">1,067</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 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contextRef="c-4259" decimals="4" name="tef:SensitivityAnalysisBasisSpreadOnVariableRate" scale="-2" id="f-9528">3.44</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-4260" decimals="4" name="tef:SensitivityAnalysisBasisSpreadOnVariableRate" scale="-2" id="f-9529">0.28</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-1490" decimals="4" name="tef:SensitivityAnalysisBasisSpreadOnVariableRate" scale="-2" id="f-9530">1.14</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-4242" decimals="INF" name="tef:SensitivityAnalysisBasisSpreadOnVariableRate" format="ixt:fixed-zero" scale="0" id="f-9531">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-4243" decimals="INF" name="tef:SensitivityAnalysisBasisSpreadOnVariableRate" format="ixt:fixed-zero" scale="0" id="f-9532">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-4244" decimals="INF" name="tef:SensitivityAnalysisBasisSpreadOnVariableRate" format="ixt:fixed-zero" scale="0" id="f-9533">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt 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scale="6" id="f-9537">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4265" decimals="-6" name="ifrs-full:Borrowings" scale="6" id="f-9538">33</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4266" decimals="-6" name="ifrs-full:Borrowings" format="ixt:fixed-zero" scale="6" id="f-9539">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4267" decimals="-6" name="ifrs-full:Borrowings" scale="6" id="f-9540">591</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-4268" decimals="-6" sign="-" name="tef:FinancialInstrumentsNotDesignatedasHedgingInstrumentsFairValue" 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unitRef="number" contextRef="c-4304" decimals="INF" name="ifrs-full:BorrowingsInterestRate" format="ixt:fixed-zero" scale="0" id="f-9607">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-4305" decimals="INF" name="ifrs-full:BorrowingsInterestRate" format="ixt:fixed-zero" scale="0" id="f-9608">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span 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contextRef="c-4317" decimals="-6" name="ifrs-full:Borrowings" format="ixt:fixed-zero" scale="6" id="f-9614">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4318" decimals="-6" name="ifrs-full:Borrowings" format="ixt:fixed-zero" scale="6" id="f-9615">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4319" decimals="-6" name="ifrs-full:Borrowings" format="ixt:fixed-zero" scale="6" id="f-9616">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4320" decimals="-6" name="ifrs-full:Borrowings" format="ixt:fixed-zero" scale="6" id="f-9617">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4321" decimals="-6" name="ifrs-full:Borrowings" format="ixt:fixed-zero" scale="6" id="f-9618">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4322" decimals="-6" name="ifrs-full:Borrowings" format="ixt:fixed-zero" scale="6" id="f-9619">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4323" decimals="-6" name="ifrs-full:Borrowings" format="ixt:fixed-zero" scale="6" id="f-9620">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4324" decimals="-6" name="tef:FinancialInstrumentsNotDesignatedasHedgingInstrumentsFairValue" format="ixt:fixed-zero" scale="6" id="f-9621">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4325" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" format="ixt:fixed-zero" scale="6" id="f-9622">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4326" decimals="-6" name="tef:FinancialInstrumentsFairValue" format="ixt:fixed-zero" scale="6" id="f-9623">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr style="height:15pt"><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"/><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"/><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"/><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"/><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"/><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"/><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"/><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"/><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"/><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"/><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"/></tr></table></div></ix:continuation></ix:continuation><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">F-189</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><ix:continuation id="f-8783-2" continuedAt="f-8783-3"><ix:continuation id="f-3325-5" continuedAt="f-3325-6"><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"/><td style="width:21.853%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:6.502%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:5.771%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:5.332%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:4.601%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:4.747%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:8.987%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:7.087%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:8.841%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:8.695%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:5.484%"/><td style="width:0.1%"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="9" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Fair value</span></td><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Millions of euros</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2025</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2026</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2027</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2028</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2029</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Subsequent years</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Notional</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Underlying debt</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:5.2pt;font-weight:700;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(*)</span></div></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Associated derivatives</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">TOTAL</span></td><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Instruments in MXN</span></td><td colspan="2" style="border-top:2pt solid 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id="f-9641">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4345" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" format="ixt:fixed-zero" scale="0" id="f-9642">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4346" decimals="-6" 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style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4356" decimals="-6" name="ifrs-full:Borrowings" format="ixt:fixed-zero" scale="6" id="f-9657">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4357" decimals="-6" name="ifrs-full:Borrowings" format="ixt:fixed-zero" scale="6" id="f-9658">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4358" decimals="-6" name="ifrs-full:Borrowings" format="ixt:fixed-zero" scale="6" id="f-9659">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-4359" decimals="-6" sign="-" name="ifrs-full:Borrowings" scale="6" id="f-9660">177</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 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contextRef="c-4349" decimals="INF" name="ifrs-full:BorrowingsInterestRate" format="ixt:fixed-zero" scale="0" id="f-9666">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-4350" decimals="INF" name="ifrs-full:BorrowingsInterestRate" format="ixt:fixed-zero" scale="0" id="f-9667">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-4351" decimals="INF" name="ifrs-full:BorrowingsInterestRate" format="ixt:fixed-zero" scale="0" id="f-9668">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-4352" decimals="INF" name="ifrs-full:BorrowingsInterestRate" format="ixt:fixed-zero" scale="0" id="f-9669">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 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#bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-4335" decimals="INF" name="ifrs-full:BorrowingsInterestRate" format="ixt:fixed-zero" scale="0" id="f-9672">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-4336" decimals="INF" name="ifrs-full:BorrowingsInterestRate" format="ixt:fixed-zero" scale="0" id="f-9673">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td 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style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4364" decimals="-6" name="ifrs-full:Borrowings" format="ixt:fixed-zero" scale="0" id="f-9675">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4365" decimals="-6" name="ifrs-full:Borrowings" format="ixt:fixed-zero" scale="0" id="f-9676">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4366" decimals="-6" name="ifrs-full:Borrowings" format="ixt:fixed-zero" scale="0" id="f-9677">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4367" decimals="-6" name="ifrs-full:Borrowings" format="ixt:fixed-zero" scale="0" id="f-9678">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4368" decimals="-6" name="ifrs-full:Borrowings" format="ixt:fixed-zero" scale="0" id="f-9679">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4369" decimals="-6" name="ifrs-full:Borrowings" format="ixt:fixed-zero" scale="0" id="f-9680">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4370" decimals="-6" name="tef:FinancialInstrumentsNotDesignatedasHedgingInstrumentsFairValue" format="ixt:fixed-zero" scale="0" id="f-9681">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4371" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" format="ixt:fixed-zero" scale="0" id="f-9682">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4372" decimals="-6" name="tef:FinancialInstrumentsFairValue" format="ixt:fixed-zero" scale="0" id="f-9683">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">TOTAL</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"/><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"/><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"/><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"/><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"/><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4373" decimals="-6" name="ifrs-full:Borrowings" format="ixt:num-dot-decimal" scale="6" id="f-9684">26,508</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4374" decimals="-6" name="tef:FinancialInstrumentsNotDesignatedasHedgingInstrumentsFairValue" format="ixt:num-dot-decimal" scale="6" id="f-9685">28,163</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-4375" decimals="-6" sign="-" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" format="ixt:num-dot-decimal" scale="6" id="f-9686">1,002</ix:nonFraction>)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4376" decimals="-6" name="tef:FinancialInstrumentsFairValue" format="ixt:num-dot-decimal" scale="6" id="f-9687">27,161</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Floating rate</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"/><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"/><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"/><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"/><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"/><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4377" decimals="-6" name="ifrs-full:Borrowings" format="ixt:num-dot-decimal" scale="6" id="f-9688">9,720</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4378" decimals="-6" name="tef:FinancialInstrumentsNotDesignatedasHedgingInstrumentsFairValue" format="ixt:num-dot-decimal" scale="6" id="f-9689">3,496</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4379" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" format="ixt:num-dot-decimal" scale="6" id="f-9690">9,939</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4380" decimals="-6" name="tef:FinancialInstrumentsFairValue" format="ixt:num-dot-decimal" scale="6" id="f-9691">13,435</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Fixed rate</span></td><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:0 1pt"/><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:0 1pt"/><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:0 1pt"/><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:0 1pt"/><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:0 1pt"/><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:0 1pt"/><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4381" decimals="-6" name="ifrs-full:Borrowings" format="ixt:num-dot-decimal" scale="6" id="f-9692">16,788</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4382" decimals="-6" name="tef:FinancialInstrumentsNotDesignatedasHedgingInstrumentsFairValue" format="ixt:num-dot-decimal" scale="6" id="f-9693">24,667</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-4383" decimals="-6" sign="-" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" format="ixt:num-dot-decimal" scale="6" id="f-9694">10,941</ix:nonFraction>)</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4384" decimals="-6" name="tef:FinancialInstrumentsFairValue" format="ixt:num-dot-decimal" scale="6" id="f-9695">13,726</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr></table></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:4.55pt;font-weight:400;line-height:120%;position:relative;top:-2.44pt;vertical-align:baseline">(*) </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:120%">Includes all net financial debt adjustments</span></div></ix:continuation></ix:continuation><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">F-190</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><ix:continuation id="f-8783-3" continuedAt="f-8783-4"><ix:continuation id="f-3325-6" continuedAt="f-3325-7"><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The table below shows the sensitivity to interest rates originated by our position on interest rate swaps categorized into instruments entered into for trading purposes and instruments entered into for purposes other than trading at December 31, 2024:</span></div><div style="margin-bottom:9pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"/><td style="width:29.016%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:6.940%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:7.671%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:7.671%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:6.648%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:8.402%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:9.280%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:6.648%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:7.824%"/><td style="width:0.1%"/><td colspan="3" style="display:none"/></tr><tr><td colspan="27" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Interest rate swaps</span></td><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Millions of euros</span></td><td colspan="21" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Maturity</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Non trading accountant purposes</span></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2025</span></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2026</span></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2027</span></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2028</span></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2029</span></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Subsequent years</span></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Fair value</span></td><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">EUR</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"/><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"/><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"/><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"/><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"/><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"/><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4385" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForTrading" scale="6" id="f-9696">167</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Fixed to floating</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4386" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForTrading" format="ixt:fixed-zero" scale="6" id="f-9697">&#8212;</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4387" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForTrading" format="ixt:fixed-zero" scale="6" id="f-9698">&#8212;</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4388" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForTrading" format="ixt:fixed-zero" scale="6" id="f-9699">&#8212;</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4389" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForTrading" format="ixt:fixed-zero" scale="6" id="f-9700">&#8212;</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4390" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForTrading" format="ixt:fixed-zero" scale="6" id="f-9701">&#8212;</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4391" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForTrading" format="ixt:fixed-zero" scale="6" id="f-9702">&#8212;</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4392" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForTrading" format="ixt:fixed-zero" scale="6" id="f-9703">&#8212;</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4393" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForTrading" scale="6" id="f-9704">206</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Receiving leg</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4394" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForTrading" format="ixt:fixed-zero" scale="6" id="f-9705">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4395" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForTrading" format="ixt:fixed-zero" scale="6" id="f-9706">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4396" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForTrading" format="ixt:fixed-zero" scale="6" id="f-9707">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4397" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForTrading" format="ixt:fixed-zero" scale="6" id="f-9708">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4398" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForTrading" format="ixt:fixed-zero" scale="6" id="f-9709">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-4399" decimals="-6" sign="-" name="ifrs-full:DerivativeFinancialAssetsHeldForTrading" format="ixt:num-dot-decimal" scale="6" id="f-9710">2,583</ix:nonFraction>)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-4400" decimals="-6" sign="-" name="ifrs-full:DerivativeFinancialAssetsHeldForTrading" format="ixt:num-dot-decimal" scale="6" id="f-9711">2,583</ix:nonFraction>)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-4401" decimals="-6" sign="-" name="ifrs-full:DerivativeFinancialAssetsHeldForTrading" format="ixt:num-dot-decimal" scale="6" id="f-9712">7,143</ix:nonFraction>)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Average Interest Rate %</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-4386" decimals="INF" name="ifrs-full:AverageRateOfHedgingInstrument" format="ixt:fixed-zero" scale="6" id="f-9713">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-4387" decimals="INF" name="ifrs-full:AverageRateOfHedgingInstrument" format="ixt:fixed-zero" scale="6" id="f-9714">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-4388" decimals="INF" name="ifrs-full:AverageRateOfHedgingInstrument" format="ixt:fixed-zero" scale="6" id="f-9715">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-4389" decimals="INF" name="ifrs-full:AverageRateOfHedgingInstrument" format="ixt:fixed-zero" scale="6" id="f-9716">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-4390" decimals="INF" name="ifrs-full:AverageRateOfHedgingInstrument" format="ixt:fixed-zero" scale="6" id="f-9717">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-4391" decimals="INF" name="ifrs-full:AverageRateOfHedgingInstrument" scale="-2" id="f-9718">1.74</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-4392" decimals="INF" name="ifrs-full:AverageRateOfHedgingInstrument" scale="-2" id="f-9719">1.74</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Paying leg</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4402" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForTrading" format="ixt:fixed-zero" scale="6" 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name="ifrs-full:DerivativeFinancialAssetsHeldForTrading" format="ixt:fixed-zero" scale="6" id="f-9722">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4405" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForTrading" format="ixt:fixed-zero" scale="6" id="f-9723">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4406" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForTrading" format="ixt:fixed-zero" scale="6" id="f-9724">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4407" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForTrading" format="ixt:num-dot-decimal" scale="6" id="f-9725">2,583</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid 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id="f-9734">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Floating to fixed</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4410" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForTrading" format="ixt:fixed-zero" scale="6" id="f-9735">&#8212;</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4411" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForTrading" format="ixt:fixed-zero" scale="6" id="f-9736">&#8212;</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4412" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForTrading" format="ixt:fixed-zero" scale="6" id="f-9737">&#8212;</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4413" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForTrading" format="ixt:fixed-zero" scale="6" id="f-9738">&#8212;</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4414" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForTrading" format="ixt:fixed-zero" scale="6" id="f-9739">&#8212;</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4415" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForTrading" format="ixt:fixed-zero" scale="6" id="f-9740">&#8212;</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4416" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForTrading" format="ixt:fixed-zero" scale="6" id="f-9741">&#8212;</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4417" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForTrading" scale="6" id="f-9742">19</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Receiving leg</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4418" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForTrading" format="ixt:fixed-zero" scale="6" id="f-9743">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4419" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForTrading" format="ixt:fixed-zero" scale="6" id="f-9744">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4420" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForTrading" format="ixt:fixed-zero" scale="6" id="f-9745">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4421" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForTrading" format="ixt:fixed-zero" scale="6" id="f-9746">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4422" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForTrading" format="ixt:fixed-zero" scale="6" id="f-9747">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-4423" decimals="-6" sign="-" name="ifrs-full:DerivativeFinancialAssetsHeldForTrading" format="ixt:num-dot-decimal" scale="6" id="f-9748">1,133</ix:nonFraction>)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-4424" decimals="-6" sign="-" name="ifrs-full:DerivativeFinancialAssetsHeldForTrading" format="ixt:num-dot-decimal" scale="6" id="f-9749">1,133</ix:nonFraction>)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt 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id="f-9787">9,498</ix:nonFraction>)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-4449" decimals="-6" sign="-" name="ifrs-full:DerivativeFinancialAssetsHeldForTrading" format="ixt:num-dot-decimal" scale="6" id="f-9788">9,565</ix:nonFraction>)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Average Spread %</span></td><td colspan="2" 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0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-4436" decimals="INF" name="ifrs-full:AverageRateOfHedgingInstrument" format="ixt:fixed-zero" scale="6" id="f-9791">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-4437" decimals="INF" name="ifrs-full:AverageRateOfHedgingInstrument" format="ixt:fixed-zero" scale="6" id="f-9792">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-4438" decimals="INF" name="ifrs-full:AverageRateOfHedgingInstrument" format="ixt:fixed-zero" scale="6" id="f-9793">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-4439" decimals="INF" name="ifrs-full:AverageRateOfHedgingInstrument" format="ixt:fixed-zero" scale="6" id="f-9794">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-4440" decimals="INF" name="ifrs-full:AverageRateOfHedgingInstrument" format="ixt:fixed-zero" scale="6" id="f-9795">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Paying leg</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4450" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForTrading" format="ixt:num-dot-decimal" scale="6" id="f-9796">9,498</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4451" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForTrading" format="ixt:fixed-zero" scale="6" id="f-9797">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4452" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForTrading" format="ixt:fixed-zero" scale="6" id="f-9798">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4453" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForTrading" format="ixt:fixed-zero" scale="6" id="f-9799">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4454" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForTrading" format="ixt:fixed-zero" scale="6" id="f-9800">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4455" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForTrading" format="ixt:fixed-zero" scale="6" id="f-9801">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4456" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForTrading" format="ixt:num-dot-decimal" scale="6" id="f-9802">9,498</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4457" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForTrading" format="ixt:num-dot-decimal" scale="6" id="f-9803">9,507</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Average Spread %</span></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-4434" decimals="INF" name="tef:SensitivityAnalysisAverageBasisSpreadOnVariableRate" scale="-2" id="f-9804">0.12</ix:nonFraction>&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-4435" decimals="INF" name="tef:SensitivityAnalysisAverageBasisSpreadOnVariableRate" format="ixt:fixed-zero" scale="6" id="f-9805">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-4436" decimals="INF" name="tef:SensitivityAnalysisAverageBasisSpreadOnVariableRate" format="ixt:fixed-zero" scale="6" id="f-9806">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-4437" decimals="INF" name="tef:SensitivityAnalysisAverageBasisSpreadOnVariableRate" format="ixt:fixed-zero" scale="6" id="f-9807">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-4438" decimals="INF" name="tef:SensitivityAnalysisAverageBasisSpreadOnVariableRate" format="ixt:fixed-zero" scale="6" id="f-9808">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-4439" decimals="INF" name="tef:SensitivityAnalysisAverageBasisSpreadOnVariableRate" format="ixt:fixed-zero" scale="6" id="f-9809">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-4440" decimals="INF" name="tef:SensitivityAnalysisAverageBasisSpreadOnVariableRate" scale="-2" id="f-9810">0.12</ix:nonFraction>&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:0 1pt"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr></table></div><div style="margin-bottom:9pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"/><td style="width:29.016%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:6.940%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:7.671%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:7.671%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:6.648%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:8.402%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:9.280%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:6.648%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:7.824%"/><td style="width:0.1%"/><td colspan="3" style="display:none"/></tr><tr><td colspan="27" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Interest rate swaps</span></td><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Millions of euros</span></td><td colspan="21" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Maturity</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Trading accountant purposes</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2025</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2026</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2027</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2028</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2029</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Subsequent years</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Fair value</span></td><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">EUR</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"/><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"/><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"/><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"/><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"/><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"/><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-4458" decimals="-6" sign="-" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" scale="6" id="f-9811">933</ix:nonFraction>)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Fixed to floating</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4459" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" format="ixt:fixed-zero" scale="0" id="f-9812">&#8212;</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4460" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" format="ixt:fixed-zero" scale="0" id="f-9813">&#8212;</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4461" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" format="ixt:fixed-zero" scale="0" id="f-9814">&#8212;</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4462" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" format="ixt:fixed-zero" scale="0" id="f-9815">&#8212;</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4463" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" format="ixt:fixed-zero" scale="0" id="f-9816">&#8212;</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4464" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" format="ixt:fixed-zero" scale="0" id="f-9817">&#8212;</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4465" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" format="ixt:fixed-zero" scale="0" id="f-9818">&#8212;</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-4466" decimals="-6" sign="-" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" scale="6" id="f-9819">163</ix:nonFraction>)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Receiving leg</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-4467" decimals="-6" sign="-" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" scale="6" id="f-9820">775</ix:nonFraction>)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4468" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" format="ixt:fixed-zero" scale="6" id="f-9821">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-4469" decimals="-6" sign="-" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" scale="6" id="f-9822">100</ix:nonFraction>)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-4470" decimals="-6" sign="-" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" scale="6" id="f-9823">175</ix:nonFraction>)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4471" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" format="ixt:fixed-zero" scale="6" id="f-9824">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-4472" decimals="-6" sign="-" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" format="ixt:num-dot-decimal" scale="6" id="f-9825">4,938</ix:nonFraction>)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-4473" decimals="-6" sign="-" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" format="ixt:num-dot-decimal" scale="6" id="f-9826">5,988</ix:nonFraction>)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-4474" decimals="-6" sign="-" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" format="ixt:num-dot-decimal" scale="6" id="f-9827">4,882</ix:nonFraction>)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Average Interest Rate %</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-4459" decimals="INF" name="ifrs-full:AverageRateOfHedgingInstrument" scale="-2" id="f-9828">0.05</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-4460" decimals="INF" name="ifrs-full:AverageRateOfHedgingInstrument" format="ixt:fixed-zero" scale="6" id="f-9829">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-4461" decimals="INF" name="ifrs-full:AverageRateOfHedgingInstrument" scale="-2" id="f-9830">0.76</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-4462" decimals="INF" name="ifrs-full:AverageRateOfHedgingInstrument" scale="-2" id="f-9831">0.69</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-4463" decimals="INF" name="ifrs-full:AverageRateOfHedgingInstrument" format="ixt:fixed-zero" scale="6" id="f-9832">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-4464" decimals="INF" name="ifrs-full:AverageRateOfHedgingInstrument" scale="-2" id="f-9833">2.58</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-4465" decimals="INF" name="ifrs-full:AverageRateOfHedgingInstrument" scale="-2" id="f-9834">2.17</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"><ix:nonFraction unitRef="number" contextRef="c-4466" xsi:nil="true" name="ifrs-full:AverageRateOfHedgingInstrument" id="f-9835"></ix:nonFraction></td><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Paying leg</span></td><td colspan="2" style="border-top:1pt 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0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4477" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" scale="6" id="f-9838">100</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4478" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" scale="6" id="f-9839">175</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4479" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" format="ixt:fixed-zero" scale="6" id="f-9840">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4480" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" format="ixt:num-dot-decimal" scale="6" id="f-9841">4,938</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4481" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" format="ixt:num-dot-decimal" scale="6" id="f-9842">5,988</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4482" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" format="ixt:num-dot-decimal" scale="6" id="f-9843">4,719</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Average Spread %</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-4459" decimals="INF" name="tef:SensitivityAnalysisAverageBasisSpreadOnVariableRate" scale="-2" id="f-9844">2.95</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid 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id="f-9846">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-4462" decimals="INF" name="tef:SensitivityAnalysisAverageBasisSpreadOnVariableRate" format="ixt:fixed-zero" scale="6" id="f-9847">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-4463" decimals="INF" name="tef:SensitivityAnalysisAverageBasisSpreadOnVariableRate" format="ixt:fixed-zero" scale="6" id="f-9848">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-4464" decimals="INF" name="tef:SensitivityAnalysisAverageBasisSpreadOnVariableRate" format="ixt:fixed-zero" scale="6" id="f-9849">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-4465" decimals="INF" name="tef:SensitivityAnalysisAverageBasisSpreadOnVariableRate" scale="-2" id="f-9850">0.38</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"><ix:nonFraction unitRef="number" contextRef="c-4466" xsi:nil="true" name="tef:SensitivityAnalysisAverageBasisSpreadOnVariableRate" id="f-9851"></ix:nonFraction></td><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Floating to fixed</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 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style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4485" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" format="ixt:fixed-zero" scale="0" id="f-9854">&#8212;</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4486" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" format="ixt:fixed-zero" scale="0" id="f-9855">&#8212;</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4487" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" format="ixt:fixed-zero" scale="0" id="f-9856">&#8212;</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4488" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" format="ixt:fixed-zero" scale="0" id="f-9857">&#8212;</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4489" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" format="ixt:fixed-zero" scale="0" id="f-9858">&#8212;</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-4490" decimals="-6" sign="-" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" scale="6" id="f-9859">770</ix:nonFraction>)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Receiving leg</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-4491" decimals="-6" sign="-" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" format="ixt:num-dot-decimal" scale="6" id="f-9860">2,504</ix:nonFraction>)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4492" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" format="ixt:fixed-zero" scale="6" id="f-9861">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-4493" decimals="-6" sign="-" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" format="ixt:num-dot-decimal" scale="6" id="f-9862">1,366</ix:nonFraction>)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4494" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" format="ixt:fixed-zero" scale="6" id="f-9863">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4495" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" format="ixt:fixed-zero" scale="6" id="f-9864">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-4496" decimals="-6" sign="-" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" format="ixt:num-dot-decimal" scale="6" id="f-9865">10,404</ix:nonFraction>)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-4497" decimals="-6" sign="-" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" format="ixt:num-dot-decimal" scale="6" id="f-9866">14,274</ix:nonFraction>)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-4498" decimals="-6" sign="-" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" format="ixt:num-dot-decimal" scale="6" id="f-9867">9,737</ix:nonFraction>)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Average Spread %</span></td><td colspan="2" 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id="f-9871">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-4487" decimals="INF" name="tef:SensitivityAnalysisAverageBasisSpreadOnVariableRate" format="ixt:fixed-zero" scale="6" id="f-9872">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-4488" decimals="INF" name="tef:SensitivityAnalysisAverageBasisSpreadOnVariableRate" scale="-2" id="f-9873">0.02</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-4489" decimals="INF" name="tef:SensitivityAnalysisAverageBasisSpreadOnVariableRate" scale="-2" id="f-9874">0.38</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"><ix:nonFraction unitRef="number" contextRef="c-4490" xsi:nil="true" name="tef:SensitivityAnalysisAverageBasisSpreadOnVariableRate" id="f-9875"></ix:nonFraction></td><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Paying leg</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4499" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" format="ixt:num-dot-decimal" scale="6" id="f-9876">2,504</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4500" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" format="ixt:fixed-zero" scale="6" id="f-9877">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4501" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" format="ixt:num-dot-decimal" scale="6" id="f-9878">1,366</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid 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0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4504" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" format="ixt:num-dot-decimal" scale="6" id="f-9881">10,404</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4505" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" format="ixt:num-dot-decimal" scale="6" 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style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4509" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" format="ixt:fixed-zero" scale="0" id="f-9894">&#8212;</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span 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style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4512" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" format="ixt:fixed-zero" scale="0" id="f-9897">&#8212;</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4513" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" format="ixt:fixed-zero" scale="0" id="f-9898">&#8212;</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4514" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" format="ixt:fixed-zero" scale="0" id="f-9899">&#8212;</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4515" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" format="ixt:num-dot-decimal" scale="6" id="f-9900">1,224</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Receiving leg</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-4516" decimals="-6" sign="-" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" scale="6" id="f-9901">434</ix:nonFraction>)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-4517" decimals="-6" sign="-" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" format="ixt:num-dot-decimal" scale="6" id="f-9902">3,858</ix:nonFraction>)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-4518" decimals="-6" sign="-" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" format="ixt:num-dot-decimal" scale="6" id="f-9903">4,473</ix:nonFraction>)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4519" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" format="ixt:fixed-zero" scale="6" id="f-9904">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4520" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" format="ixt:fixed-zero" scale="6" id="f-9905">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-4521" decimals="-6" sign="-" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" format="ixt:num-dot-decimal" scale="6" id="f-9906">9,550</ix:nonFraction>)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-4522" decimals="-6" sign="-" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" format="ixt:num-dot-decimal" scale="6" id="f-9907">18,316</ix:nonFraction>)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-4523" decimals="-6" sign="-" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" format="ixt:num-dot-decimal" scale="6" id="f-9908">9,972</ix:nonFraction>)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Average Interest Rate %</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-4508" decimals="INF" name="ifrs-full:AverageRateOfHedgingInstrument" scale="-2" id="f-9909">1.30</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-4509" decimals="INF" name="ifrs-full:AverageRateOfHedgingInstrument" scale="-2" id="f-9910">2.79</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-4510" decimals="INF" name="ifrs-full:AverageRateOfHedgingInstrument" scale="-2" id="f-9911">1.59</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-4511" decimals="INF" name="ifrs-full:AverageRateOfHedgingInstrument" format="ixt:fixed-zero" scale="6" id="f-9912">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-4512" decimals="INF" name="ifrs-full:AverageRateOfHedgingInstrument" format="ixt:fixed-zero" scale="6" id="f-9913">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-4513" decimals="INF" name="ifrs-full:AverageRateOfHedgingInstrument" scale="-2" id="f-9914">3.16</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-4514" decimals="INF" name="ifrs-full:AverageRateOfHedgingInstrument" scale="-2" id="f-9915">2.65</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"><ix:nonFraction unitRef="number" contextRef="c-4515" xsi:nil="true" name="ifrs-full:AverageRateOfHedgingInstrument" id="f-9916"></ix:nonFraction></td><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Paying leg</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4524" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" scale="6" id="f-9917">434</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4525" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" format="ixt:num-dot-decimal" scale="6" id="f-9918">3,858</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4526" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" format="ixt:num-dot-decimal" scale="6" id="f-9919">4,473</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4527" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" format="ixt:fixed-zero" scale="6" id="f-9920">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4528" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" format="ixt:fixed-zero" scale="6" id="f-9921">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4529" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" format="ixt:num-dot-decimal" scale="6" id="f-9922">9,550</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4530" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" format="ixt:num-dot-decimal" scale="6" id="f-9923">18,316</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4531" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" format="ixt:num-dot-decimal" scale="6" id="f-9924">11,196</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Average Spread %</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-4508" decimals="INF" name="tef:SensitivityAnalysisAverageBasisSpreadOnVariableRate" scale="-2" id="f-9925">1.03</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-4509" decimals="INF" name="tef:SensitivityAnalysisAverageBasisSpreadOnVariableRate" scale="-2" id="f-9926">2.78</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-4510" decimals="INF" name="tef:SensitivityAnalysisAverageBasisSpreadOnVariableRate" scale="-2" id="f-9927">0.97</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-4511" decimals="INF" name="tef:SensitivityAnalysisAverageBasisSpreadOnVariableRate" format="ixt:fixed-zero" scale="6" id="f-9928">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-4512" decimals="INF" name="tef:SensitivityAnalysisAverageBasisSpreadOnVariableRate" format="ixt:fixed-zero" scale="6" id="f-9929">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-4513" decimals="INF" name="tef:SensitivityAnalysisAverageBasisSpreadOnVariableRate" format="ixt:fixed-zero" scale="6" id="f-9930">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-4514" decimals="INF" name="tef:SensitivityAnalysisAverageBasisSpreadOnVariableRate" scale="-2" id="f-9931">0.85</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"><ix:nonFraction unitRef="number" contextRef="c-4515" xsi:nil="true" name="tef:SensitivityAnalysisAverageBasisSpreadOnVariableRate" id="f-9932"></ix:nonFraction></td><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">GBP</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"/><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"/><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"/><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"/><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"/><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"/><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4532" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" scale="6" id="f-9933">17</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Fixed to floating</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4533" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" format="ixt:fixed-zero" scale="0" id="f-9934">&#8212;</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4534" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" format="ixt:fixed-zero" scale="0" id="f-9935">&#8212;</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4535" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" format="ixt:fixed-zero" scale="0" id="f-9936">&#8212;</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4536" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" format="ixt:fixed-zero" scale="0" id="f-9937">&#8212;</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4537" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" format="ixt:fixed-zero" scale="0" id="f-9938">&#8212;</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4538" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" format="ixt:fixed-zero" scale="0" id="f-9939">&#8212;</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4539" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" format="ixt:fixed-zero" scale="0" id="f-9940">&#8212;</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4540" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" scale="6" id="f-9941">17</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Receiving leg</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4541" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" format="ixt:fixed-zero" scale="6" id="f-9942">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4542" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" format="ixt:fixed-zero" scale="6" id="f-9943">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4543" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" format="ixt:fixed-zero" scale="6" id="f-9944">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4544" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" format="ixt:fixed-zero" scale="6" id="f-9945">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-4545" decimals="-6" sign="-" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" scale="6" id="f-9946">482</ix:nonFraction>)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4546" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" format="ixt:fixed-zero" scale="6" id="f-9947">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-4547" decimals="-6" sign="-" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" scale="6" id="f-9948">482</ix:nonFraction>)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-4548" decimals="-6" sign="-" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" scale="6" id="f-9949">468</ix:nonFraction>)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span 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decimals="INF" name="ifrs-full:AverageRateOfHedgingInstrument" format="ixt:fixed-zero" scale="6" id="f-9953">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-4537" decimals="INF" name="ifrs-full:AverageRateOfHedgingInstrument" scale="-2" id="f-9954">3.42</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-4538" decimals="INF" name="ifrs-full:AverageRateOfHedgingInstrument" format="ixt:fixed-zero" scale="6" id="f-9955">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-4539" decimals="INF" name="ifrs-full:AverageRateOfHedgingInstrument" scale="-2" id="f-9956">3.42</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"><ix:nonFraction unitRef="number" contextRef="c-4540" xsi:nil="true" name="ifrs-full:AverageRateOfHedgingInstrument" id="f-9957"></ix:nonFraction></td><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Paying leg</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4549" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" format="ixt:fixed-zero" scale="6" id="f-9958">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4550" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" format="ixt:fixed-zero" scale="6" id="f-9959">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4551" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" format="ixt:fixed-zero" scale="6" id="f-9960">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4552" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" format="ixt:fixed-zero" scale="6" id="f-9961">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4553" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" scale="6" id="f-9962">482</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4554" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" format="ixt:fixed-zero" scale="6" id="f-9963">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4555" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" scale="6" id="f-9964">482</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4556" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" scale="6" id="f-9965">485</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Average Spread %</span></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-4533" decimals="INF" name="tef:SensitivityAnalysisAverageBasisSpreadOnVariableRate" format="ixt:fixed-zero" scale="6" id="f-9966">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-4534" decimals="INF" name="tef:SensitivityAnalysisAverageBasisSpreadOnVariableRate" format="ixt:fixed-zero" scale="6" id="f-9967">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-4535" decimals="INF" name="tef:SensitivityAnalysisAverageBasisSpreadOnVariableRate" format="ixt:fixed-zero" scale="6" id="f-9968">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-4536" decimals="INF" name="tef:SensitivityAnalysisAverageBasisSpreadOnVariableRate" format="ixt:fixed-zero" scale="6" id="f-9969">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-4537" decimals="INF" name="tef:SensitivityAnalysisAverageBasisSpreadOnVariableRate" format="ixt:fixed-zero" scale="6" id="f-9970">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-4538" decimals="INF" name="tef:SensitivityAnalysisAverageBasisSpreadOnVariableRate" format="ixt:fixed-zero" scale="6" id="f-9971">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-4539" decimals="INF" name="tef:SensitivityAnalysisAverageBasisSpreadOnVariableRate" format="ixt:fixed-zero" scale="6" id="f-9972">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:0 1pt"><ix:nonFraction unitRef="number" contextRef="c-4540" xsi:nil="true" name="tef:SensitivityAnalysisAverageBasisSpreadOnVariableRate" id="f-9973"></ix:nonFraction></td><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr></table></div></ix:continuation></ix:continuation><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">F-191</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><ix:continuation id="f-3325-7" continuedAt="f-3325-8"><ix:continuation id="f-8783-4"><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"/><td style="width:29.016%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:6.940%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:7.671%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:7.671%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:6.648%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:8.402%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:9.280%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:6.648%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:7.824%"/><td style="width:0.1%"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Millions of euros</span></td><td colspan="21" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Maturity</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Trading accountant purposes</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2025</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2026</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2027</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2028</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2029</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Subsequent years</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Fair value</span></td><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">CLP</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"/><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"/><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"/><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"/><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"/><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"/><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-4557" decimals="-6" sign="-" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" scale="6" id="f-9974">12</ix:nonFraction>)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Floating to fixed</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4558" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" format="ixt:fixed-zero" scale="0" id="f-9975">&#8212;</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4559" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" format="ixt:fixed-zero" scale="0" id="f-9976">&#8212;</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4560" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" format="ixt:fixed-zero" scale="0" id="f-9977">&#8212;</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4561" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" format="ixt:fixed-zero" scale="-2" id="f-9978">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4562" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" format="ixt:fixed-zero" scale="0" id="f-9979">&#8212;</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid 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name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" format="ixt:fixed-zero" scale="0" id="f-9981">&#8212;</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-4565" decimals="-6" sign="-" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" scale="6" id="f-9982">13</ix:nonFraction>)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 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name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" format="ixt:fixed-zero" scale="6" id="f-9984">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4568" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" format="ixt:fixed-zero" scale="6" id="f-9985">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4569" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" format="ixt:fixed-zero" scale="6" id="f-9986">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4570" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" format="ixt:fixed-zero" scale="6" id="f-9987">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-4571" decimals="-6" sign="-" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" scale="6" id="f-9988">150</ix:nonFraction>)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-4572" decimals="-6" sign="-" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" scale="6" id="f-9989">150</ix:nonFraction>)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-4573" decimals="-6" sign="-" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" scale="6" id="f-9990">147</ix:nonFraction>)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Average Spread %</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span 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style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-4560" decimals="INF" name="tef:SensitivityAnalysisAverageBasisSpreadOnVariableRate" format="ixt:fixed-zero" scale="6" id="f-9993">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-4561" decimals="INF" name="tef:SensitivityAnalysisAverageBasisSpreadOnVariableRate" format="ixt:fixed-zero" scale="6" id="f-9994">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid 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format="ixt:fixed-zero" scale="6" id="f-9999">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4576" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" format="ixt:fixed-zero" scale="6" id="f-10000">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4577" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" format="ixt:fixed-zero" scale="6" id="f-10001">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4578" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" format="ixt:fixed-zero" scale="6" id="f-10002">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4579" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" scale="6" id="f-10003">150</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4580" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" scale="6" id="f-10004">150</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4581" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" scale="6" id="f-10005">134</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Average Interest Rate %</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-4558" decimals="INF" name="ifrs-full:AverageRateOfHedgingInstrument" format="ixt:fixed-zero" scale="6" id="f-10006">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-4559" decimals="INF" name="ifrs-full:AverageRateOfHedgingInstrument" format="ixt:fixed-zero" scale="6" id="f-10007">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-4560" decimals="INF" name="ifrs-full:AverageRateOfHedgingInstrument" format="ixt:fixed-zero" scale="6" id="f-10008">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-4561" decimals="INF" name="ifrs-full:AverageRateOfHedgingInstrument" format="ixt:fixed-zero" scale="6" id="f-10009">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-4562" decimals="INF" name="ifrs-full:AverageRateOfHedgingInstrument" format="ixt:fixed-zero" scale="6" id="f-10010">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-4563" decimals="INF" name="ifrs-full:AverageRateOfHedgingInstrument" scale="-2" id="f-10011">4.13</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-4564" decimals="INF" name="ifrs-full:AverageRateOfHedgingInstrument" scale="-2" id="f-10012">4.13</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">COP</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"/><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"/><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"/><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"/><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"/><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"/><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-4582" decimals="-6" sign="-" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" scale="6" id="f-10013">25</ix:nonFraction>)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Fixed to floating</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4583" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" format="ixt:fixed-zero" scale="0" id="f-10014">&#8212;</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4584" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" format="ixt:fixed-zero" scale="0" id="f-10015">&#8212;</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4585" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" format="ixt:fixed-zero" scale="0" id="f-10016">&#8212;</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4586" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" format="ixt:fixed-zero" scale="0" id="f-10017">&#8212;</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4587" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" format="ixt:fixed-zero" scale="0" id="f-10018">&#8212;</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4588" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" format="ixt:fixed-zero" scale="0" id="f-10019">&#8212;</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4589" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" format="ixt:fixed-zero" scale="0" id="f-10020">&#8212;</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4590" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" scale="6" id="f-10021">2</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Receiving leg</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-4591" decimals="-6" sign="-" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" scale="6" id="f-10022">58</ix:nonFraction>)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4592" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" format="ixt:fixed-zero" scale="6" id="f-10023">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4593" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" format="ixt:fixed-zero" scale="6" id="f-10024">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4594" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" format="ixt:fixed-zero" scale="6" id="f-10025">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4595" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" format="ixt:fixed-zero" scale="6" id="f-10026">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4596" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" format="ixt:fixed-zero" scale="6" id="f-10027">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-4597" decimals="-6" sign="-" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" scale="6" id="f-10028">58</ix:nonFraction>)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-4598" decimals="-6" sign="-" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" scale="6" id="f-10029">58</ix:nonFraction>)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Average Interest Rate %</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-4583" decimals="INF" name="ifrs-full:AverageRateOfHedgingInstrument" scale="-2" id="f-10030">5.77</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-4584" decimals="INF" name="ifrs-full:AverageRateOfHedgingInstrument" format="ixt:fixed-zero" scale="6" id="f-10031">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-4585" decimals="INF" name="ifrs-full:AverageRateOfHedgingInstrument" format="ixt:fixed-zero" scale="6" id="f-10032">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span 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0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-4588" decimals="INF" name="ifrs-full:AverageRateOfHedgingInstrument" format="ixt:fixed-zero" scale="6" id="f-10035">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-4589" decimals="INF" name="ifrs-full:AverageRateOfHedgingInstrument" scale="-2" id="f-10036">5.77</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" 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unitRef="eur" contextRef="c-4611" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" format="ixt:fixed-zero" scale="0" id="f-10056">&#8212;</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4612" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" format="ixt:fixed-zero" scale="0" id="f-10057">&#8212;</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid 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contextRef="c-4621" decimals="-6" sign="-" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" scale="6" id="f-10066">549</ix:nonFraction>)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-4622" decimals="-6" sign="-" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" scale="6" id="f-10067">561</ix:nonFraction>)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span 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name="tef:SensitivityAnalysisAverageBasisSpreadOnVariableRate" format="ixt:fixed-zero" scale="6" id="f-10069">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-4609" decimals="INF" name="tef:SensitivityAnalysisAverageBasisSpreadOnVariableRate" format="ixt:fixed-zero" scale="6" id="f-10070">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-4610" decimals="INF" name="tef:SensitivityAnalysisAverageBasisSpreadOnVariableRate" format="ixt:fixed-zero" scale="6" id="f-10071">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-4611" decimals="INF" name="tef:SensitivityAnalysisAverageBasisSpreadOnVariableRate" scale="-2" id="f-10072">3.39</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-4612" decimals="INF" name="tef:SensitivityAnalysisAverageBasisSpreadOnVariableRate" format="ixt:fixed-zero" scale="-2" id="f-10073">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-4613" decimals="INF" name="tef:SensitivityAnalysisAverageBasisSpreadOnVariableRate" scale="-2" id="f-10074">0.21</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Paying leg</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4623" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" scale="6" id="f-10075">516</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4624" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" format="ixt:fixed-zero" scale="6" id="f-10076">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4625" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" format="ixt:fixed-zero" scale="6" id="f-10077">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4626" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" format="ixt:fixed-zero" scale="6" id="f-10078">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4627" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" scale="6" id="f-10079">33</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4628" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" format="ixt:fixed-zero" scale="6" id="f-10080">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4629" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" scale="6" id="f-10081">549</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4630" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" scale="6" id="f-10082">534</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Average Interest Rate %</span></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-4607" decimals="INF" name="ifrs-full:AverageRateOfHedgingInstrument" scale="-2" id="f-10083">3.18</ix:nonFraction>&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-4608" decimals="INF" name="ifrs-full:AverageRateOfHedgingInstrument" format="ixt:fixed-zero" scale="-2" id="f-10084">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-4609" decimals="INF" name="ifrs-full:AverageRateOfHedgingInstrument" format="ixt:fixed-zero" scale="-2" id="f-10085">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-4610" decimals="INF" name="ifrs-full:AverageRateOfHedgingInstrument" format="ixt:fixed-zero" scale="-2" id="f-10086">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-4611" decimals="INF" name="ifrs-full:AverageRateOfHedgingInstrument" scale="-2" id="f-10087">8.09</ix:nonFraction>&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-4612" decimals="INF" name="ifrs-full:AverageRateOfHedgingInstrument" format="ixt:fixed-zero" scale="-2" id="f-10088">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="number" contextRef="c-4613" decimals="INF" name="ifrs-full:AverageRateOfHedgingInstrument" scale="-2" id="f-10089">3.48</ix:nonFraction>&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:0 1pt"/><td colspan="3" style="display:none"/></tr></table></div></ix:continuation><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"/><td style="width:33.549%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:9.426%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:9.426%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:9.426%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:9.426%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:9.426%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:11.621%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr style="height:12pt"><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:0 1pt"/></tr></table></div><ix:nonNumeric contextRef="c-1" name="ifrs-full:MaturityAnalysisForDerivativeFinancialLiabilities" id="f-10090" continuedAt="f-10090-1" escape="true"><div style="margin-bottom:9pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.853%"><tr><td style="width:1.0%"/><td style="width:33.599%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:9.588%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:9.880%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:9.880%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:9.588%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:9.880%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:9.885%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr style="height:12pt"><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:0 1pt"/></tr></table><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Cash flows receivable or payable on derivative financial instruments to be settled via the swap of nominals, categorized by currency of collection/payment, along with contractual maturities are as follows:</span><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"/><td style="width:17.613%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:17.613%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:7.525%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:7.671%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:6.648%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:8.402%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:7.525%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:9.280%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:7.823%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Millions of euros</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2025</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2026</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2027</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2028</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2029</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Subsequent years</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total</span></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Currency swaps</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Receive</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">BRL</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4631" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" scale="6" id="f-10091">33</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4632" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" format="ixt:fixed-zero" scale="6" id="f-10092">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4633" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" format="ixt:fixed-zero" scale="6" id="f-10093">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4634" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" format="ixt:fixed-zero" scale="6" id="f-10094">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4635" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" format="ixt:fixed-zero" scale="6" id="f-10095">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4636" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" format="ixt:fixed-zero" scale="6" id="f-10096">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4637" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" scale="6" id="f-10097">33</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Pay</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">BRL</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-4638" decimals="-6" sign="-" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" scale="6" id="f-10098">105</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4639" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" format="ixt:fixed-zero" scale="6" id="f-10099">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-4640" decimals="-6" sign="-" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" scale="6" id="f-10100">7</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4641" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" format="ixt:fixed-zero" scale="6" id="f-10101">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4642" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" format="ixt:fixed-zero" scale="6" id="f-10102">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4643" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" format="ixt:fixed-zero" scale="6" id="f-10103">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-4644" decimals="-6" sign="-" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" scale="6" id="f-10104">112</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Receive</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">CLP</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4645" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" format="ixt:fixed-zero" scale="6" id="f-10105">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4646" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" format="ixt:fixed-zero" scale="6" id="f-10106">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4647" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" format="ixt:fixed-zero" scale="6" id="f-10107">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4648" 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style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4650" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" format="ixt:fixed-zero" scale="6" id="f-10110">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4651" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" format="ixt:fixed-zero" scale="6" id="f-10111">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid 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#bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-4653" decimals="-6" sign="-" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" scale="6" id="f-10113">106</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4654" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" format="ixt:fixed-zero" scale="6" id="f-10114">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-4655" decimals="-6" sign="-" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" scale="6" id="f-10115">104</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-4656" decimals="-6" sign="-" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" scale="6" id="f-10116">37</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-4657" decimals="-6" sign="-" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" scale="6" id="f-10117">405</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-4658" decimals="-6" sign="-" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" scale="6" id="f-10118">652</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Receive</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">COP</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4659" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" scale="6" id="f-10119">411</ix:nonFraction>&#160;</span></td><td style="border-top:1pt 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id="f-10121">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4662" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" format="ixt:fixed-zero" scale="6" id="f-10122">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4663" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" format="ixt:fixed-zero" scale="6" id="f-10123">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4664" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" format="ixt:fixed-zero" scale="6" id="f-10124">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4665" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" scale="6" id="f-10125">411</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Pay</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">COP</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-4666" decimals="-6" sign="-" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" scale="6" id="f-10126">411</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-4667" decimals="-6" sign="-" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" scale="6" id="f-10127">62</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4668" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" format="ixt:fixed-zero" scale="6" id="f-10128">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4669" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" format="ixt:fixed-zero" scale="6" id="f-10129">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4670" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" format="ixt:fixed-zero" scale="6" id="f-10130">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-4671" decimals="-6" sign="-" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" scale="6" id="f-10131">411</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 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unitRef="eur" contextRef="c-4675" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" format="ixt:num-dot-decimal" scale="6" id="f-10135">2,549</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4676" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" format="ixt:fixed-zero" scale="6" id="f-10136">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4677" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" format="ixt:fixed-zero" scale="6" id="f-10137">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4678" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" format="ixt:fixed-zero" scale="6" id="f-10138">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4679" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" format="ixt:num-dot-decimal" scale="6" id="f-10139">2,821</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Pay</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-top:1pt 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name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" format="ixt:num-dot-decimal" scale="6" id="f-10145">6,255</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-4686" decimals="-6" sign="-" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" format="ixt:num-dot-decimal" scale="6" id="f-10146">12,829</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span 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style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4688" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" scale="6" id="f-10148">603</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4689" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" format="ixt:fixed-zero" scale="6" id="f-10149">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4690" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" format="ixt:fixed-zero" scale="6" id="f-10150">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4691" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" scale="6" id="f-10151">482</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4692" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" format="ixt:fixed-zero" scale="6" id="f-10152">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4693" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" format="ixt:num-dot-decimal" scale="6" id="f-10153">1,085</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Pay</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">GBP</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4694" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" format="ixt:fixed-zero" scale="6" id="f-10154">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4695" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" format="ixt:fixed-zero" scale="6" id="f-10155">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4696" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" format="ixt:fixed-zero" scale="6" id="f-10156">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4697" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" format="ixt:fixed-zero" scale="6" id="f-10157">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4698" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" format="ixt:fixed-zero" scale="6" id="f-10158">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4699" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" format="ixt:fixed-zero" scale="6" id="f-10159">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4700" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" format="ixt:fixed-zero" scale="6" id="f-10160">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Receive</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">JPY</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4701" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" format="ixt:fixed-zero" scale="6" id="f-10161">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4702" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" format="ixt:fixed-zero" scale="6" id="f-10162">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4703" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" format="ixt:fixed-zero" scale="6" id="f-10163">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4704" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" format="ixt:fixed-zero" scale="6" id="f-10164">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4705" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" format="ixt:fixed-zero" scale="6" id="f-10165">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4706" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" scale="6" id="f-10166">92</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4707" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" scale="6" id="f-10167">92</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Pay</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">JPY</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4708" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" format="ixt:fixed-zero" scale="6" id="f-10168">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4709" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" format="ixt:fixed-zero" scale="6" id="f-10169">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4710" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" format="ixt:fixed-zero" scale="6" id="f-10170">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4711" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" format="ixt:fixed-zero" scale="6" id="f-10171">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4712" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" format="ixt:fixed-zero" scale="6" id="f-10172">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4713" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" format="ixt:fixed-zero" scale="6" id="f-10173">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4714" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" format="ixt:fixed-zero" scale="6" id="f-10174">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Receive</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">UFC</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4715" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" format="ixt:fixed-zero" scale="6" id="f-10175">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4716" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" format="ixt:fixed-zero" scale="6" id="f-10176">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4717" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" format="ixt:fixed-zero" scale="6" id="f-10177">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4718" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" scale="6" id="f-10178">111</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4719" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" scale="6" id="f-10179">37</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4720" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" format="ixt:fixed-zero" scale="6" id="f-10180">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4721" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" scale="6" id="f-10181">148</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Pay</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">UFC</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4722" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" format="ixt:fixed-zero" scale="6" id="f-10182">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4723" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" format="ixt:fixed-zero" scale="6" id="f-10183">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4724" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" format="ixt:fixed-zero" scale="6" id="f-10184">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4725" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" format="ixt:fixed-zero" scale="6" id="f-10185">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4726" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" format="ixt:fixed-zero" scale="6" id="f-10186">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4727" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" format="ixt:fixed-zero" scale="6" id="f-10187">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4728" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" format="ixt:fixed-zero" scale="6" id="f-10188">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Receive</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">USD</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4729" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" scale="6" id="f-10189">621</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4730" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" format="ixt:num-dot-decimal" scale="6" id="f-10190">2,125</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4731" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" format="ixt:num-dot-decimal" scale="6" id="f-10191">3,800</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4732" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" format="ixt:fixed-zero" scale="6" id="f-10192">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4733" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" format="ixt:fixed-zero" scale="6" id="f-10193">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4734" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" format="ixt:num-dot-decimal" scale="6" id="f-10194">7,626</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4735" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" format="ixt:num-dot-decimal" scale="6" id="f-10195">14,172</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Pay</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">USD</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-4736" decimals="-6" sign="-" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" scale="6" id="f-10196">514</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-4737" decimals="-6" sign="-" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" scale="6" id="f-10197">260</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-4738" decimals="-6" sign="-" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" format="ixt:num-dot-decimal" scale="6" id="f-10198">2,598</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4739" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" format="ixt:fixed-zero" scale="6" id="f-10199">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4740" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" format="ixt:fixed-zero" scale="6" id="f-10200">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4741" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" format="ixt:fixed-zero" scale="6" id="f-10201">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-4742" decimals="-6" sign="-" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" format="ixt:num-dot-decimal" scale="6" id="f-10202">3,372</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">TOTAL</span></td><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4743" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" scale="6" id="f-10203">5</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4744" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" scale="6" id="f-10204">204</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4745" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" scale="6" id="f-10205">16</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4746" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" scale="6" id="f-10206">7</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4747" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" scale="6" id="f-10207">34</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4748" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" scale="6" id="f-10208">647</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-949" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" scale="6" id="f-10209">913</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr></table></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">The largest volume of cash flows collected in this table falls into the following currency pairs. The average exchange rates to which the settlements have been closed are: EUR/GBP (<ix:nonFraction unitRef="gbpPerEUR" contextRef="c-4749" decimals="2" name="ifrs-full:AverageForeignExchangeRate" scale="0" id="f-10210">0.83</ix:nonFraction>), EUR/USD (<ix:nonFraction unitRef="usdPerEUR" contextRef="c-4749" decimals="2" name="ifrs-full:AverageForeignExchangeRate" scale="0" id="f-10211">1.12</ix:nonFraction>) and USD/COP (<ix:nonFraction unitRef="copPerUSD" contextRef="c-4749" decimals="2" name="ifrs-full:AverageForeignExchangeRate" format="ixt:num-dot-decimal" scale="0" id="f-10212">3,755.96</ix:nonFraction>).</span></div></ix:nonNumeric></ix:continuation><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">F-192</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><ix:continuation id="f-10090-1"><ix:continuation id="f-3325-8"><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"/><td style="width:17.467%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:17.759%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:7.525%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:7.671%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:6.648%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:8.402%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:7.525%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:9.280%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:7.823%"/><td style="width:0.1%"/></tr><tr><td colspan="6" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Millions of euros</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2025</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2026</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2027</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2028</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2029</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Subsequent years</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total</span></td></tr><tr><td colspan="6" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Forwards</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Receive</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">BRL</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4750" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" scale="6" id="f-10213">23</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4751" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" format="ixt:fixed-zero" scale="6" id="f-10214">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4752" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" format="ixt:fixed-zero" scale="6" id="f-10215">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4753" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" format="ixt:fixed-zero" scale="6" id="f-10216">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4754" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" format="ixt:fixed-zero" scale="6" id="f-10217">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4755" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" format="ixt:fixed-zero" scale="6" id="f-10218">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4756" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" scale="6" id="f-10219">23</ix:nonFraction>&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Pay</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">BRL</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-4757" decimals="-6" sign="-" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" format="ixt:num-dot-decimal" scale="6" id="f-10220">2,824</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4758" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" format="ixt:fixed-zero" scale="6" id="f-10221">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4759" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" format="ixt:fixed-zero" scale="6" id="f-10222">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4760" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" format="ixt:fixed-zero" scale="6" id="f-10223">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4761" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" format="ixt:fixed-zero" scale="6" id="f-10224">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4762" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" format="ixt:fixed-zero" scale="6" id="f-10225">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-4763" decimals="-6" sign="-" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" format="ixt:num-dot-decimal" scale="6" id="f-10226">2,824</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Receive</span></td><td colspan="3" style="border-top:1pt solid 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name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" format="ixt:fixed-zero" scale="6" id="f-10228">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4766" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" format="ixt:fixed-zero" scale="6" id="f-10229">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4767" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" format="ixt:fixed-zero" scale="6" id="f-10230">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4768" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" format="ixt:fixed-zero" scale="6" id="f-10231">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4769" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" format="ixt:fixed-zero" scale="6" id="f-10232">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4770" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" scale="6" id="f-10233">1</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Pay</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">CLP</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-4771" decimals="-6" sign="-" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" scale="6" id="f-10234">75</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4772" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" format="ixt:fixed-zero" scale="6" id="f-10235">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4773" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" format="ixt:fixed-zero" scale="6" id="f-10236">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4774" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" format="ixt:fixed-zero" scale="6" id="f-10237">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4775" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" format="ixt:fixed-zero" scale="6" id="f-10238">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4776" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" format="ixt:fixed-zero" scale="6" id="f-10239">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-4777" decimals="-6" sign="-" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" scale="6" id="f-10240">75</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Receive</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">COP</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4778" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" scale="6" id="f-10241">49</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4779" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" scale="6" id="f-10242">13</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 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colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4782" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" format="ixt:fixed-zero" scale="6" id="f-10245">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4783" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" format="ixt:fixed-zero" scale="6" id="f-10246">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid 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id="f-10249">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4787" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" format="ixt:fixed-zero" scale="6" id="f-10250">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4788" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" format="ixt:fixed-zero" scale="6" id="f-10251">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4789" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" format="ixt:fixed-zero" scale="6" id="f-10252">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4790" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" format="ixt:fixed-zero" scale="6" id="f-10253">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-4791" decimals="-6" sign="-" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" scale="6" id="f-10254">199</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 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1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4793" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" format="ixt:fixed-zero" scale="6" id="f-10256">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4794" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" format="ixt:fixed-zero" scale="6" id="f-10257">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4795" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" format="ixt:fixed-zero" scale="6" id="f-10258">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4796" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" format="ixt:fixed-zero" scale="6" id="f-10259">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4797" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" format="ixt:fixed-zero" scale="6" id="f-10260">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4798" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" scale="6" id="f-10261">93</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Pay</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">CZK</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4799" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" format="ixt:fixed-zero" scale="6" id="f-10262">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4800" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" format="ixt:fixed-zero" scale="6" id="f-10263">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4801" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" format="ixt:fixed-zero" scale="6" id="f-10264">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4802" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" format="ixt:fixed-zero" scale="6" id="f-10265">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4803" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" format="ixt:fixed-zero" scale="6" id="f-10266">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4804" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" format="ixt:fixed-zero" scale="6" id="f-10267">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4805" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" format="ixt:fixed-zero" scale="6" id="f-10268">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Receive</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4806" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" format="ixt:num-dot-decimal" scale="6" id="f-10269">4,350</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4807" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" scale="6" id="f-10270">266</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4808" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" format="ixt:fixed-zero" scale="6" id="f-10271">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4809" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" format="ixt:fixed-zero" scale="6" id="f-10272">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4810" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" format="ixt:fixed-zero" scale="6" id="f-10273">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4811" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" format="ixt:fixed-zero" scale="6" id="f-10274">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4812" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" format="ixt:num-dot-decimal" scale="6" id="f-10275">4,616</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Pay</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-4813" decimals="-6" sign="-" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" scale="6" id="f-10276">841</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4814" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" format="ixt:fixed-zero" scale="6" id="f-10277">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4815" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" format="ixt:fixed-zero" scale="6" id="f-10278">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4816" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" format="ixt:fixed-zero" scale="6" id="f-10279">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4817" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" format="ixt:fixed-zero" scale="6" id="f-10280">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4818" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" format="ixt:fixed-zero" scale="6" id="f-10281">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-4819" decimals="-6" sign="-" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" scale="6" id="f-10282">841</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Receive</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">GBP</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4820" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" scale="6" id="f-10283">23</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4821" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" format="ixt:fixed-zero" scale="6" id="f-10284">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4822" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" format="ixt:fixed-zero" scale="6" id="f-10285">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4823" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" format="ixt:fixed-zero" scale="6" id="f-10286">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4824" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" format="ixt:fixed-zero" scale="6" id="f-10287">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4825" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" format="ixt:fixed-zero" scale="6" id="f-10288">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4826" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" scale="6" id="f-10289">23</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Pay</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">GBP</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-4827" decimals="-6" sign="-" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" scale="6" id="f-10290">221</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4828" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" format="ixt:fixed-zero" scale="6" id="f-10291">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4829" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" format="ixt:fixed-zero" scale="6" id="f-10292">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4830" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" format="ixt:fixed-zero" scale="6" id="f-10293">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4831" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" format="ixt:fixed-zero" scale="6" id="f-10294">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4832" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" format="ixt:fixed-zero" scale="6" id="f-10295">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-4833" decimals="-6" sign="-" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" scale="6" id="f-10296">221</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Receive</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">MXN</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4834" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" scale="6" id="f-10297">13</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4835" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" format="ixt:fixed-zero" scale="6" id="f-10298">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4836" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" format="ixt:fixed-zero" scale="6" id="f-10299">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4837" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" format="ixt:fixed-zero" scale="6" id="f-10300">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4838" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" format="ixt:fixed-zero" scale="6" id="f-10301">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4839" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" format="ixt:fixed-zero" scale="6" id="f-10302">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4840" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" scale="6" id="f-10303">13</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Pay</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">MXN</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-4841" decimals="-6" sign="-" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" scale="6" id="f-10304">234</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4842" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" format="ixt:fixed-zero" scale="6" id="f-10305">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4843" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" format="ixt:fixed-zero" scale="6" id="f-10306">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4844" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" format="ixt:fixed-zero" scale="6" id="f-10307">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4845" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" format="ixt:fixed-zero" scale="6" id="f-10308">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4846" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" format="ixt:fixed-zero" scale="6" id="f-10309">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-4847" decimals="-6" sign="-" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" scale="6" id="f-10310">234</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 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#bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4853" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" format="ixt:fixed-zero" scale="6" id="f-10316">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4854" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" scale="6" id="f-10317">25</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Pay</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">PEN</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-4855" decimals="-6" sign="-" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" scale="6" 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format="ixt:fixed-zero" scale="6" id="f-10320">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4858" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" format="ixt:fixed-zero" scale="6" id="f-10321">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4859" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" format="ixt:fixed-zero" scale="6" id="f-10322">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4860" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" format="ixt:fixed-zero" scale="6" id="f-10323">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-4861" decimals="-6" sign="-" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" scale="6" id="f-10324">462</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Receive</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">USD</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4862" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" format="ixt:num-dot-decimal" scale="6" id="f-10325">1,533</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4863" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" scale="6" id="f-10326">1</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4864" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" format="ixt:fixed-zero" scale="6" id="f-10327">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4865" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" format="ixt:fixed-zero" scale="6" id="f-10328">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4866" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" format="ixt:fixed-zero" scale="6" id="f-10329">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4867" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" format="ixt:fixed-zero" scale="6" id="f-10330">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4868" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" format="ixt:num-dot-decimal" scale="6" id="f-10331">1,534</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Pay</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">USD</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-4869" decimals="-6" sign="-" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" format="ixt:num-dot-decimal" scale="6" id="f-10332">1,236</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-4870" decimals="-6" sign="-" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" scale="6" id="f-10333">292</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4871" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" format="ixt:fixed-zero" scale="6" id="f-10334">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4872" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" format="ixt:fixed-zero" scale="6" id="f-10335">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4873" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" format="ixt:fixed-zero" scale="6" id="f-10336">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4874" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" format="ixt:fixed-zero" scale="6" id="f-10337">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-4875" decimals="-6" sign="-" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" format="ixt:num-dot-decimal" scale="6" id="f-10338">1,528</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Receive</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">UYU</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4876" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" scale="6" id="f-10339">28</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4877" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" format="ixt:fixed-zero" scale="6" id="f-10340">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4878" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" format="ixt:fixed-zero" scale="6" id="f-10341">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4879" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" format="ixt:fixed-zero" scale="6" id="f-10342">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4880" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" format="ixt:fixed-zero" scale="6" id="f-10343">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4881" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" format="ixt:fixed-zero" scale="6" id="f-10344">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4882" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" scale="6" id="f-10345">28</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Pay</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">UYU</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-4883" decimals="-6" sign="-" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" scale="6" id="f-10346">35</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4884" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" format="ixt:fixed-zero" scale="6" id="f-10347">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4885" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" format="ixt:fixed-zero" scale="6" id="f-10348">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4886" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" format="ixt:fixed-zero" scale="6" id="f-10349">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4887" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" format="ixt:fixed-zero" scale="6" id="f-10350">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4888" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" format="ixt:fixed-zero" scale="6" id="f-10351">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-4889" decimals="-6" sign="-" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" scale="6" id="f-10352">35</ix:nonFraction>)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">TOTAL</span></td><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4890" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" scale="6" id="f-10353">12</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-4891" decimals="-6" sign="-" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" scale="6" id="f-10354">13</ix:nonFraction>)</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4892" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" format="ixt:fixed-zero" scale="6" id="f-10355">&#8212;</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4893" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" format="ixt:fixed-zero" scale="6" id="f-10356">&#8212;</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4894" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" format="ixt:fixed-zero" scale="6" id="f-10357">&#8212;</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4895" decimals="-6" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" format="ixt:fixed-zero" scale="6" id="f-10358">&#8212;</ix:nonFraction></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(<ix:nonFraction unitRef="eur" contextRef="c-4896" decimals="-6" sign="-" name="ifrs-full:DerivativeFinancialAssetsHeldForHedging" scale="6" id="f-10359">1</ix:nonFraction>)</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr></table></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">The largest volume of cash flows collected in this table falls into the following currency pairs. The average exchange rates to which the settlements have been closed are: EUR/GBP (<ix:nonFraction unitRef="gbpPerEUR" contextRef="c-4897" decimals="2" name="ifrs-full:AverageForeignExchangeRate" scale="0" id="f-10360">0.83</ix:nonFraction>), EUR/USD (<ix:nonFraction unitRef="usdPerEUR" contextRef="c-4897" decimals="2" name="ifrs-full:AverageForeignExchangeRate" scale="0" id="f-10361">1.08</ix:nonFraction>), USD/COP (<ix:nonFraction unitRef="copPerUSD" contextRef="c-4897" decimals="2" name="ifrs-full:AverageForeignExchangeRate" format="ixt:num-dot-decimal" scale="0" id="f-10362">4,457.11</ix:nonFraction>) and EUR/BRL (<ix:nonFraction unitRef="brlPerEUR" contextRef="c-4897" decimals="2" name="ifrs-full:AverageForeignExchangeRate" scale="0" id="f-10363">6.35</ix:nonFraction>).</span></div></ix:continuation></ix:continuation><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">F-193</span></div></div></div><div id="i63478826478c4e0dbabc502413383f6b_391"></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><ix:continuation id="f-8312-3" continuedAt="f-8312-4"><div style="margin-top:9pt;text-align:center"><span style="color:#a6a6a6;font-family:'Arial',sans-serif;font-size:18pt;font-weight:400;line-height:120%">Appendix V: Interest-bearing debt</span></div><ix:continuation id="f-4246-2" continuedAt="f-4246-3"><div style="margin-bottom:9pt;margin-top:9pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The main financing transactions at December 31, 2024 and 2023 and their nominal amounts are as follows:</span><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.707%"><tr><td style="width:1.0%"/><td style="width:30.131%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:12.389%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:8.870%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:9.017%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:9.603%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:10.630%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:11.660%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="6" style="border-bottom:1pt solid #acacac;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Outstanding principal balance</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">&#160;</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #acacac;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:1pt solid #acacac;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:1pt solid #acacac;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="6" style="border-top:1pt solid #acacac;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(millions of euros)</span></td><td colspan="3" style="border-top:1pt solid #acacac;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:1pt solid #acacac;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">&#160;</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Descriptive name summary</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Current limit (millions)</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Currency</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">12/31/2024</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">12/31/2023</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Arrangement date</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Maturity date</span></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Telef&#243;nica, S.A</span></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:0 1pt"/><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:0 1pt"/><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:0 1pt"/><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:0 1pt"/><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:0 1pt"/><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:0 1pt"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Structured Financing (*)</span></td><td colspan="2" style="border-top:0.5pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-4898" decimals="-6" name="tef:BorrowingFacilitiesMaximumBorrowingCapacity" scale="6" id="f-10364">62</ix:nonFraction>&#160;</span></td><td style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">USD</span></td><td colspan="2" style="border-top:0.5pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-4898" decimals="-6" name="ifrs-full:Borrowings" scale="6" id="f-10365">59</ix:nonFraction>&#160;</span></td><td 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name="ifrs-full:Borrowings" format="ixt:fixed-zero" scale="6" id="f-10371">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:0.5pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4902" decimals="-6" name="ifrs-full:Borrowings" format="ixt:fixed-zero" scale="6" id="f-10372">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">03/15/2018</span></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">01/13/2029</span></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Bilateral loan</span></td><td colspan="2" style="border-top:0.5pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4903" decimals="-6" name="tef:BorrowingFacilitiesMaximumBorrowingCapacity" format="ixt:fixed-zero" scale="6" id="f-10373">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-top:0.5pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4903" decimals="-6" name="ifrs-full:Borrowings" scale="6" id="f-10374">150</ix:nonFraction>&#160;</span></td><td style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:0.5pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction 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style="border-top:0.5pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4905" decimals="-6" name="tef:BorrowingFacilitiesMaximumBorrowingCapacity" format="ixt:fixed-zero" scale="6" id="f-10376">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-top:0.5pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4905" decimals="-6" name="ifrs-full:Borrowings" scale="6" id="f-10377">125</ix:nonFraction>&#160;</span></td><td style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:0.5pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4906" decimals="-6" name="ifrs-full:Borrowings" scale="6" id="f-10378">125</ix:nonFraction>&#160;</span></td><td style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">12/23/2022</span></td><td colspan="3" style="border-top:0.5pt 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style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-top:0.5pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4907" decimals="-6" name="ifrs-full:Borrowings" scale="6" id="f-10380">150</ix:nonFraction>&#160;</span></td><td style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:0.5pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4908" decimals="-6" name="ifrs-full:Borrowings" scale="6" id="f-10381">150</ix:nonFraction>&#160;</span></td><td style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">02/14/2023</span></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">09/29/2033</span></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Bilateral loan</span></td><td colspan="2" style="border-top:0.5pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4909" decimals="-6" name="tef:BorrowingFacilitiesMaximumBorrowingCapacity" format="ixt:fixed-zero" scale="6" id="f-10382">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-top:0.5pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4909" decimals="-6" name="ifrs-full:Borrowings" scale="6" id="f-10383">150</ix:nonFraction>&#160;</span></td><td style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:0.5pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4910" decimals="-6" name="ifrs-full:Borrowings" format="ixt:fixed-zero" scale="6" id="f-10384">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">03/27/2024</span></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">07/31/2034</span></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Bilateral loan</span></td><td colspan="2" style="border-top:0.5pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4911" decimals="-6" name="tef:BorrowingFacilitiesMaximumBorrowingCapacity" format="ixt:fixed-zero" scale="6" id="f-10385">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-top:0.5pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4911" decimals="-6" name="ifrs-full:Borrowings" scale="6" id="f-10386">140</ix:nonFraction>&#160;</span></td><td style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:0.5pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4912" decimals="-6" name="ifrs-full:Borrowings" format="ixt:fixed-zero" scale="6" id="f-10387">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">10/09/2024</span></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">10/31/2031</span></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Bilateral loan</span></td><td colspan="2" style="border-top:0.5pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4913" decimals="-6" name="tef:BorrowingFacilitiesMaximumBorrowingCapacity" format="ixt:fixed-zero" scale="6" id="f-10388">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-top:0.5pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4913" decimals="-6" name="ifrs-full:Borrowings" scale="6" id="f-10389">100</ix:nonFraction>&#160;</span></td><td style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:0.5pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4914" decimals="-6" name="ifrs-full:Borrowings" format="ixt:fixed-zero" scale="6" id="f-10390">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">11/21/2024</span></td><td colspan="3" style="border-top:0.5pt solid 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OHG</span></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:0 1pt"/><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:0 1pt"/><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:0 1pt"/><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:0 1pt"/><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:0 1pt"/><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:0 1pt"/></tr><tr><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EIB Financing</span></td><td colspan="2" style="border-top:0.5pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4915" decimals="-6" 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1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4917" decimals="-6" name="ifrs-full:Borrowings" format="ixt:fixed-zero" scale="6" id="f-10395">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:0.5pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4918" decimals="-6" name="ifrs-full:Borrowings" format="ixt:fixed-zero" scale="6" id="f-10396">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="border-top:0.5pt solid 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name="tef:BorrowingFacilitiesMaximumBorrowingCapacity" format="ixt:fixed-zero" scale="6" id="f-10397">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-top:0.5pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4919" decimals="-6" name="ifrs-full:Borrowings" scale="6" id="f-10398">250</ix:nonFraction>&#160;</span></td><td style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:0.5pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4920" decimals="-6" name="ifrs-full:Borrowings" scale="6" id="f-10399">300</ix:nonFraction>&#160;</span></td><td style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">12/18/2019</span></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">06/18/2029</span></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 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#bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4921" decimals="-6" name="ifrs-full:Borrowings" scale="6" id="f-10401">125</ix:nonFraction>&#160;</span></td><td style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:0.5pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4922" decimals="-6" name="ifrs-full:Borrowings" scale="6" id="f-10402">150</ix:nonFraction>&#160;</span></td><td style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 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E.S.P.</span></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:0 1pt"/><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:0 1pt"/><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:0 1pt"/><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:0 1pt"/><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:0 1pt"/><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:0 1pt"/></tr><tr><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Bilateral loan</span></td><td colspan="2" style="border-top:0.5pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="cop" contextRef="c-4923" decimals="-6" name="tef:BorrowingFacilitiesMaximumBorrowingCapacity" format="ixt:fixed-zero" scale="6" id="f-10403">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">COP</span></td><td colspan="2" style="border-top:0.5pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="cop" contextRef="c-4923" decimals="-6" name="ifrs-full:Borrowings" scale="6" id="f-10404">109</ix:nonFraction>&#160;</span></td><td style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:0.5pt 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style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1477" decimals="-6" name="ifrs-full:Borrowings" scale="6" id="f-10407">325</ix:nonFraction>&#160;</span></td><td style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:0.5pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4925" decimals="-6" name="ifrs-full:Borrowings" scale="6" id="f-10408">250</ix:nonFraction>&#160;</span></td><td style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span 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style="border-top:0.5pt solid #bfbfbf;padding:0 1pt"/></tr><tr><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Syndicated (3)</span></td><td colspan="2" style="border-top:0.5pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1479" decimals="-6" name="tef:BorrowingFacilitiesMaximumBorrowingCapacity" scale="6" id="f-10409">145</ix:nonFraction>&#160;</span></td><td style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-top:0.5pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-1479" decimals="-6" name="ifrs-full:Borrowings" scale="6" id="f-10410">100</ix:nonFraction>&#160;</span></td><td style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-top:0.5pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="eur" contextRef="c-4926" decimals="-6" name="ifrs-full:Borrowings" scale="6" id="f-10411">100</ix:nonFraction>&#160;</span></td><td style="border-top:0.5pt 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style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-4927" decimals="-6" name="tef:BorrowingFacilitiesMaximumBorrowingCapacity" format="ixt:fixed-zero" scale="6" id="f-10412">&#8212;</ix:nonFraction>&#160;</span></td><td style="border-bottom:0.5pt solid #bfbfbf;border-top:0.5pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="border-bottom:0.5pt solid #bfbfbf;border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">USD</span></td><td colspan="2" style="border-bottom:0.5pt solid #bfbfbf;border-top:0.5pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-4927" decimals="-6" name="ifrs-full:Borrowings" scale="6" id="f-10413">125</ix:nonFraction>&#160;</span></td><td style="border-bottom:0.5pt solid #bfbfbf;border-top:0.5pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="2" style="border-bottom:0.5pt solid #bfbfbf;border-top:0.5pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="usd" contextRef="c-4928" decimals="-6" name="ifrs-full:Borrowings" scale="6" id="f-10414">116</ix:nonFraction>&#160;</span></td><td style="border-bottom:0.5pt solid #bfbfbf;border-top:0.5pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="border-bottom:0.5pt solid #bfbfbf;border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">08/22/2023</span></td><td colspan="3" style="border-bottom:0.5pt solid #bfbfbf;border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">08/22/2026</span></td></tr></table></div><div style="text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">(</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:120%">1) The second one-year extension option for the Telef&#243;nica, S.A. sustainability-linked syndicated credit facility for up to <ix:nonFraction unitRef="eur" contextRef="c-1481" decimals="-6" name="tef:BorrowingFacilitiesMaximumBorrowingCapacity" format="ixt:num-dot-decimal" scale="6" id="f-10415">5,500</ix:nonFraction> million euros, was executed on January 13, 2024, extending the maturity date to January 13, 2029.</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:120%">(2) The second one-year extension option of the Bluev&#237;a Fibra S.L.U syndicated facility, for <ix:nonFraction unitRef="eur" contextRef="c-1477" decimals="-6" name="tef:BorrowingFacilitiesMaximumBorrowingCapacity" scale="6" id="f-10416">360</ix:nonFraction> million euros, was executed on December 20, 2024, with a maturity extending the maturity date to December 20, 2029.</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%"> </span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:120%">(3) On December 4, 2024, the first one-year extension option of the Telxius Telecom, S.A, syndicated facility, for <ix:nonFraction unitRef="eur" contextRef="c-1479" decimals="-6" name="tef:BorrowingFacilitiesMaximumBorrowingCapacity" scale="6" id="f-10417">145</ix:nonFraction> million euros, was executed extending the maturity date to December 4, 2029. The facility has two annual extension options at Telxius Telecom, S.A. request with a maturity maximum up to 2030.</span></div></ix:continuation></ix:continuation><div style="margin-bottom:9pt;text-align:justify"><ix:continuation id="f-8312-4" continuedAt="f-8312-5"><ix:continuation id="f-4246-3" continuedAt="f-4246-4"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline">(*)</span></ix:continuation></ix:continuation><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%"><ix:continuation id="f-8312-5"><ix:continuation id="f-4246-4"> Facility with amortization schedule, showing in the column "Current limit" the undrawn amount.</ix:continuation></ix:continuation> </span></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">F-194</span></div></div></div><div id="i63478826478c4e0dbabc502413383f6b_394"></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><ix:nonNumeric contextRef="c-1" name="ifrs-full:DisclosureOfServiceConcessionArrangementsExplanatory" id="f-10418" continuedAt="f-10418-1" escape="true"><div style="margin-top:9pt;text-align:center"><span style="color:#a6a6a6;font-family:'Arial',sans-serif;font-size:18pt;font-weight:400;line-height:120%">Appendix VI: Key regulatory issues and concessions and licenses held by the Telef&#243;nica Group </span></div><div style="margin-top:9pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Regulations </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">As a digital telecommunications operator, the Telef&#243;nica Group is subject to sector-specific telecommunications regulations, general competition law and a variety of other regulations, including privacy and security, which can have a direct and material effect on the Group&#8217;s business areas. The extent to which telecommunications regulations apply to the Telef&#243;nica Group depends largely on the nature of its activities in a particular country, with traditional fixed telephony services and fixed broadband usually subject to stricter regulations. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In order to provide services and operate its networks and to use spectrum, the Telef&#243;nica Group must obtain general authorizations, concessions and/or licenses from the pertinent authorities in each country in which the Group operates (hereinafter referred to as national regulatory authorities or NRAs). The Group is also required to obtain radio frequency licenses for its mobile operations. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">This section describes the legislative framework and the recent legislative key developments in the most relevant countries and regions in which the Group has significant interests. Many of the legislative changes and the adoption of regulatory measures by sector-specific regulators which are described in this section are in the process of being adopted and, therefore, have not yet concluded. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Electronic Communication Regulation in the European Union </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">By Directive (EU) 2018/1972, of December 11, 2018, the European Code of Electronic Communications (EECC in its acronym in English) was approved by the European Parliament and the Council. </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Code includes measures to stimulate investment on very high capacity network (VHCN), modernization of the provisions of the Universal Service and certain changes in the regulation of services with the aim of balancing the supply conditions (Level Playing Field) between telecom operators and OTTs. In addition, some improvements are included for the coordination of spectrum management processes throughout the EU as well as a harmonization of licenses duration up to at least <ix:nonNumeric contextRef="c-4929" name="tef:ElectronicCommunicationRegulationHarmonizationOfLicensesPeriod" format="ixt-sec:duryear" id="f-10419">20</ix:nonNumeric> years. </span></div><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:112%">The Commission will review the operation of this Directive and send a report to the European Parliament and the Council by December 21, 2025. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In accordance with the provisions of the EECC, the Relevant Market Recommendation (RMR) adopted in December 2020, identifies the relevant markets within the electronic communication sector that are susceptible of ex ante regulation by the NRAs. The NRAs should assess the competitive conditions of these markets and where appropriate, designate operators as having significant market power (SMP) and impose obligations. The markets susceptible to ex ante regulation were reduced from <ix:nonFraction unitRef="market" contextRef="c-4930" decimals="INF" name="tef:RelevantMarketRecommendationMarketsSusceptibleToExAnteRegulation" scale="0" id="f-10420">4</ix:nonFraction> to <ix:nonFraction unitRef="market" contextRef="c-4931" decimals="INF" name="tef:RelevantMarketRecommendationMarketsSusceptibleToExAnteRegulation" scale="0" id="f-10421">2</ix:nonFraction>: wholesale local access provided at a fixed location market (m1) and wholesale dedicated capacity market (m2). Nevertheless, NRAs are still able to analyze any other market that according to national circumstances might deemed to be uncompetitive. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In relation to the maximum cap at European level for both fixed and mobile termination rates (FTRs/MTRs), since the adoption of a Delegated Act, by the EC, on December 18, 2020, the maximum rates applicable are those included in the correspondent glide paths per country, with the aim of converging to <ix:nonFraction unitRef="eur" contextRef="c-4932" decimals="2" name="tef:EuropeanCommissionDelegatedActMaximumMobileTerminationRate" scale="0" id="f-10422">0.2</ix:nonFraction> euro cents per minute for mobile termination and to <ix:nonFraction unitRef="eur" contextRef="c-4932" decimals="2" name="tef:EuropeanCommissionDelegatedActMaximumFixedTerminationRate" scale="0" id="f-10423">0.07</ix:nonFraction> euro cents per minute in the case of fixed rates as of January 1, 2024.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Commission, in consultation with BEREC, will review the Delegated Act by December 2025 and review whether EU &#8211; wide tariffs are still necessary. If EU &#8211; wide tariffs are no longer necessary, NRAs will be able to carry out their own market analysis. </span></div><div style="margin-bottom:55pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Additionally, the European Council has approved the Recovery and Resilience Mechanism (RRM), with European funds of <ix:nonFraction unitRef="eur" contextRef="c-1" decimals="-9" name="tef:EuropeanCouncilRecoveryAndResilienceMechanism" scale="9" id="f-10424">750</ix:nonFraction> billion euros until 2025 as a central pillar of the European Digital Transformation (at least <ix:nonFraction unitRef="number" contextRef="c-1" decimals="2" name="tef:EuropeanCouncilRecoveryAndResilienceMechanismPercentageDevotedToDigitalization" scale="-2" id="f-10425">20</ix:nonFraction>% of funds devoted to digitalization) initiatives which can receive support to advance connectivity and the digitalization of society.</span></div></ix:nonNumeric><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">F-195</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><ix:continuation id="f-10418-1" continuedAt="f-10418-2"><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Telecom Single Market   </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">EU Regulation 2015/2120 of the EP and of the Council of November 25, 2015, lays down measures basically concerning open Internet access (Net Neutrality) and roaming on public mobile communications networks within the Union.  </span></div><div style="padding-left:36pt;text-indent:22.5pt"><span style="color:#000000;font-family:'Telefonica Sans',sans-serif;font-size:9.5pt;font-weight:400;line-height:112%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:112%;padding-left:9.32pt">Roaming</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:112%">: On April 13, 2022, the new Regulation on international roaming in the European Union was published in the Official Journal of the EU and being directly binding for Member States as it entered into force on July 1, 2022. From this date the new regulation maintains &#8220;Roaming like at Home&#8221; and includes a price cap glide path for maximum wholesale rates for voice, data and SMS. This reviewed regulation also includes new provisions on transparency and Quality of services. This regulation is set to expire in 2032, though it is foreseen review in 2025 to assess market evolution. For this 2025 review, the EC started a process to analyze wholesale roaming costs together with the Euro rate for mobile termination (MTRs). By June 30, 2025, the Commission shall, after consulting the Body of European Regulators for Electronic Communications  (BEREC), submit a report to the European Parliament and the Council, followed, if appropriate, by a legislative proposal to amend the Regulation.</span></div><div style="margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:10pt">Net Neutrality</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">: Under the principle of network neutrality applicable to Internet access services area, network operators are not permitted to establish technical or commercial restrictions regarding the devices that can be connected or the services, or applications and contents that can be accessed or distributed through the Internet by the end user. It also refers to the non-discriminatory behavior (e.g. non-anticompetitive) to be adopted by operators regarding the different types of Internet traffic circulating through their networks.  </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%"> </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">BEREC</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> has updated the Guidelines on the Implementation of the Open Internet Regulation. Reviewed guidelines prohibit non application agnostic price differentiation, resulting in near prohibition of zero rating and sponsored data commercial practices. Telefonica does not expect a commercial impact in current portfolio of services.  </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On April 30, 2023, the EC submitted a report assessing the regulatory implementation of the OIR to the European Parliament and to the Council thereon. The EC concluded the principle based Open Internet Regulation remains relevant and fit for purpose, proposing to keep OIR unchanged. The EC shall deliver a new assessment report in four years&#8217; time, by April 30, 2027, including, needed be, appropriate proposals to amend the Regulation. </span><span style="color:#2b3447;font-family:'Telefonica Sans',sans-serif;font-size:9.5pt;font-weight:400;line-height:120%"> </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Digital Single Market    </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Among the most relevant regulatory initiatives we can find the following:    </span></div><div style="margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Content Package:   </span></div><div style="padding-left:72pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Telefonica Sans',sans-serif;font-size:9.5pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:9.32pt">On November 28, 2018, the </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">audiovisual Directive (AVMS) </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">was published in the Official Journal of the European Union. The text came into force on December 19, and had to be transposed into national law in the EU member States by September 19, 2020. Among the main novelties of the regulation, it includes greater protection of children, limits on advertising and boost to European production. Rules will apply to television channel and also to video-on-demand platforms and distribution of videos, as well as to live broadcasts on these platforms. In particular video sharing platforms will be obliged to reserve at least 30% of European production in their video catalogs on demand. In addition, Member States may impose financing obligations to providers of VOD services established in another Member State but offering services in their countries.  </span></div><div style="margin-top:9pt;padding-left:72pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Telefonica Sans',sans-serif;font-size:9.5pt;font-weight:400;line-height:120%">&#9642;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:10.72pt">The </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Geo-Blocking Regulation</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> forbids any unjustified geographically-based restrictions which undermine online shopping and cross-border sales. Audiovisual  services are excluded from the scope of the Regulation and territorial licenses and legitimate geo-blocking practices are considered justified protection tools for the European audiovisual industry. On December 13, 2023, European Parliament adopted a Resolution on the implementation of the 2018 Geo-blocking Regulation in the Digital Single Market, maintaining that the eventual inclusion of audiovisual services in the scope of the Geo-blocking Regulation would result in a significant loss of revenue, putting investment in new content at risk, while eroding contractual freedom and reducing cultural diversity in content production, distribution, promotion and exhibition. European Commission will present its Second Implementation Report on the application of the Regulation and its overall impact on the Internal Market in 2025.  </span></div><div style="margin-top:9pt;padding-left:72pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#9642;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:9.96pt">European Commission issued a </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Recommendation on combating online piracy of live content on May 4, 2023</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">. The Recommendation acknowledges that sports and other live events such as concerts contribute to a diverse European cultural scene and to economic growth and job </span></div></ix:continuation><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">F-196</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><ix:continuation id="f-10418-2" continuedAt="f-10418-3"><div style="margin-top:9pt;padding-left:72pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">creation in the EU. The Recommendation proposes some measures (1) to ensure prompt treatment of notices related to unauthorized retransmissions of live sports events during the transmission in order to minimize the harms caused by the illegal streaming, (2)  to encourage the use of dynamic blocking injunctions tailored to live events based on successful experiences in some Member States and (3) to enhance cooperation amongst competent authorities in the fight against piracy, including cross-border cooperation. The Recommendation also sets up a monitoring system by which European Commission and European Observatory on Infringements of Intellectual Property Rights (EUIPO Observatory) will assess the impact of the recommended measures by November 17, 2025 and decide whether additional legislative measures are necessary in view of technological developments.</span></div><div style="margin-bottom:9pt;margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Regulations on the Digital Services and the Digital Markets: </span></div><div style="margin-bottom:9pt;margin-top:9pt;padding-left:36pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Digital Services Act 2022/2065 of October 19, 2022 and the Digital Markets Act 2022/1925 of September 14, 2022 were adopted and published in the Official Journal of the EU.</span></div><div style="margin-bottom:9pt;margin-top:9pt;padding-left:36pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In relation to the new </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Digital Services </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">regulation, obligations will apply throughout the EU to all digital services that connect consumers to goods, services or content, such as:</span></div><div style="margin-bottom:9pt;margin-top:9pt;padding-left:72pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:10pt">Rules on the removal of illegal goods, services or content online.</span></div><div style="margin-bottom:9pt;margin-top:9pt;padding-left:72pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:10pt">Safeguards for users whose contents have been removed by error by the platforms.</span></div><div style="margin-bottom:9pt;margin-top:9pt;padding-left:72pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:10pt">Obligation for the platforms to adopt measures to avoid the abuse of their systems.</span></div><div style="margin-bottom:9pt;margin-top:9pt;padding-left:72pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:10pt">Transparency measures with a wide scope.</span></div><div style="margin-bottom:9pt;margin-top:9pt;padding-left:72pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:10pt">New powers to control the operation of the platforms.</span></div><div style="margin-bottom:9pt;margin-top:9pt;padding-left:72pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:10pt">New rules on the traceability of companies in online markets.</span></div><div style="margin-bottom:9pt;margin-top:9pt;padding-left:72pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:10pt">Cooperation process between authorities to ensure compliance and adoption of measures.</span></div><div style="margin-bottom:9pt;padding-left:36pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In February 2024, the obligations established for intermediary providers came into force.</span></div><div style="margin-bottom:9pt;margin-top:9pt;padding-left:36pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In November 2024, the European Commission adopted an implementing act setting out the rules and templates for transparency reporting to ensure that all relevant providers provide clear and comparable information on their content moderation practices. Providers will have to start collecting data from July 2025, with the first harmonized reports to be published in 2026</span><span style="color:#434b61;font-family:'Telefonica Sans',sans-serif;font-size:9.5pt;font-weight:400;line-height:120%">.</span></div><div style="margin-bottom:9pt;padding-left:36pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">For its part, the </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Digital Markets</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> regulation, is in force since May 2, 2023, and its main goal is preventing the so called &#8220;gatekeepers&#8221; from imposing unfair conditions on end users and at ensuring the openness of important digital services, its main provisions are:</span></div><div style="margin-bottom:9pt;padding-left:72pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:9.3pt">It will only apply to the main platform providers more prone to incur in unfair practices and ensuring contestability in a set of core platform services.</span></div><div style="margin-bottom:9pt;padding-left:72pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:9.3pt"> It establishes quantitative thresholds for the designation of "gate keepers".</span></div><div style="margin-bottom:9pt;padding-left:72pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:9.3pt">It requires "gate keepers" to take action in a proactive manner.</span></div><div style="margin-bottom:9pt;padding-left:72pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:9.3pt">The regulation foresees mechanisms for the Commission to designate new "gatekeepers" below the thresholds; to add new services and obligations; and to impose structural or behavioral remedies for systematic non-compliance through a market investigation.</span></div><div style="margin-bottom:9pt;padding-left:72pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:10pt">The EC can impose fines of up to <ix:nonFraction unitRef="number" contextRef="c-1" decimals="2" name="tef:RegulationsOnDigitalServicesPossibleFineOnTotalWorldwideTurnoverFirstOffense" scale="-2" id="f-10426">10</ix:nonFraction>%of the company's total worldwide annual turnover or <ix:nonFraction unitRef="number" contextRef="c-1" decimals="2" name="tef:RegulationsOnDigitalServicesPossibleFineOnTotalWorldwideTurnoverRepeatOffense" scale="-2" id="f-10427">20</ix:nonFraction>% in the event of repeated infringements. </span></div></ix:continuation><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">F-197</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><div style="margin-top:9pt;padding-left:36pt;text-align:justify"><span><br/></span></div><ix:continuation id="f-10418-3" continuedAt="f-10418-4"><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Artificial Intelligence Act. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Regulation (EU) 2024/1689 on AI entered into force on August 1, 2024, and will be fully applicable two years later, with some exceptions: prohibitions will enter into force after six months, governance rules and obligations for general purpose AI models will apply after twelve months, and rules for AI systems- embedded in regulated products- will apply after 36 months. To ease the transition to the new regulatory framework, the Commission has launched the AI Pact, a voluntary initiative that aims to support future implementation and invites developers to comply with the key obligations of the AI Act in advance. Telef&#243;nica has signed the European Pact. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The AI regulation is based on a risk-based approach. The higher the risk of the AI system, the stricter the obligations. There are even use cases that are directly prohibited. For systems that are classified as high-risk and predefined as such in the Law, some obligations are stablished called the &#8220;minimum requirements&#8221; that have to be complied before putting the system into the market and once the system is being commercialized. For other AI systems, which are not classified as high risk, voluntary measures apply. Different types of actors are distinguished in the value chain: AI system suppliers, importers/distributors and system users, each with different responsibilities. The most onerous obligations are imposed on the IA providers.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Providers of generative AI must maintain the technical documentation of the model, provide information to other providers who integrate the model, respect EU copyright law and publish a detailed summary of the content used for training, and cooperate with the Commission and national authorities. Providers of models with systemic risk are also required to conduct assessments according to standardized protocols, assess and mitigate systemic risk at EU level, maintain serious incident reports, conduct adversarial testing and ensure an adequate level of cyber protection. The development of codes of conduct at EU level is encouraged and facilitated to contribute to the proper implementation of the regulation.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In September 2024, Telef&#243;nica signed the AI Pact, committing to start applying the principles of the AI Act ahead of its entry into application, namely 3 core actions: (1) having an AI governance strategy to foster AI uptake, (2) mapping high-risk AI systems and (3) promoting AI literacy and awareness among employees. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Telef&#243;nica is also contributing to the development of the first Code of Practice for general-purpose AI models (GPAI), which will detail the AI Act provisions for providers of general-purpose AI models &amp; general-purpose AI models with systemic risks and will help AI companies to demonstrate compliance with the AI Act. </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Data Protection </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In relation with Data Protection &amp; Privacy, the new General Data Protection Regulation (GDPR) of April 27, 2016, directly applicable in all member States in Europe from May 25, 2018, introduced administrative fines of up to <ix:nonFraction unitRef="number" contextRef="c-4933" decimals="INF" name="tef:RegulatoryOperationsPercentageOfFinesIssuedbytheGeneralDataProtectionRegulationForBreachofNewDataProtectionRules" scale="-2" id="f-10428">4</ix:nonFraction>% of an undertaking&#8217;s annual global turnover of the preceding financial year for breaching the new data protection rules. Spain, Germany and the United Kingdom have adopted implementing measures of this Regulation.  </span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In April 2024, the European Parliament voted its position on the GDPR Procedural Rules Regulation. In June 2024, the European Council adopted its Common Approach on the proposed Regulation. Trilogue negotiations between both Institutions have followed. The future Regulation aims to improve cross-border cooperation between National Data Protection Authorities (DPAs) with a targeted harmonization of key aspects of the administrative procedures in cross-border cases. The Regulation will complement GDPR, without amending GDPR substantial elements, nor rights of data subjects neither obligations of data controllers and processors. The Regulation will be adopted following Ordinary Legislative Procedure, requiring final agreement between both EU Co-Legislators, European Parliament and Council. </span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In parallel, European Commission issued its Second Report on the application of GDPR in July 2024. The Report states that GDPR continues to ensure strong protection for data subjects and risk-based obligations for controllers and processors. The Report also identifies some priority areas to improve the application of the GDPR (e.g., robust enforcement, cooperation between Data Protection Authorities and coherent application of EU digital rules). The Report refers to the Proposal for a Regulation on e-Privacy &#8220;that has been under negotiation for several years&#8221; and states that reflection is needed on the next steps for this initiative, including its relationship with the GDPR.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On January 10, 2017, the EC put forward its Proposal for a Regulation on ePrivacy, to replace the current Directive 2002/58/EC on privacy in the electronic communications sector and complement the GDPR. The EC proposal also introduces administrative fines of up to <ix:nonFraction unitRef="number" contextRef="c-4934" decimals="INF" name="tef:RegulatoryOperationsPercentageOfFinesIssuedbytheGeneralDataProtectionRegulationForBreachofNewDataProtectionRules" scale="-2" id="f-10429">4</ix:nonFraction>% of an undertaking&#8217;s annual global turnover of the preceding financial year </span></div></ix:continuation><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">F-198</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><ix:continuation id="f-10418-4" continuedAt="f-10418-5"><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">for breaching new regulation. After lengthy and unsuccessful negotiations, the new Commission is expected to withdraw the proposed Regulation in 2025.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Regarding International Transfers of Data, in July 2023 the European Commission adopted the new EU-US Data Privacy Framework, which established the adequate level of protection to be afforded to personal data transferred from the EU to the US companies signatories of the new EU-US Data Privacy Framework principles. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On October 9, 2024, the European Commission conducted the first review to monitor relevant developments in the U.S. and verify whether all elements of the U.S. legal framework are working effectively in practice. Periodic reviews will be carried out thereafter, at least every four years.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The EU-US Data Privacy Framework is the third try after its predecessors, the 2000 Safe Harbour and the 2016 Privacy Shield, were considered invalid by the European Court of Justice. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The new EU-US Data Privacy Framework is administered by US Department of Commerce, which processes applications for self-certification and monitors whether signatory companies continue to comply with EU-US Data Privacy Framework principles, thus continue to meet the certification requirements as an &#8220;adequate company&#8221;.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Compliance by US signatory companies with their obligations under the EU-US Data Privacy Framework will be enforced by the US Federal Trade Commission. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In December 2024, the European Data Protection Board (EDPB), composed by representatives of the relevant National Data Protection Authorities, published Guidelines about data transfers to third country Authorities (in case of collecting crime evidence, checking financial transactions or approving new medications) and approved a new European Data Protection Seal.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Radio spectrum policy </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The European Electronic Communications Code grants the Radio Spectrum Committee (RSC) the powers to harmonize the use of spectrum bands, for the provision of electronic communications services and lays down the rules governing the process through which Member States authorize those bands to specific users. It also mandates Member States to allow the use of sufficiently large blocks of the 3400-3800 MHz band, and at least 1 GHz in the 24,25-27,5 GHz band, in order to facilitate the roll-out of 5G.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Assignment processes have been completed across our European footprint in the 3400-3800 MHz band, with Telef&#243;nica securing at least 70 MHz in each market (see table at the end for details).</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Regarding the 24,25-27,5 GHz band, it is available in Germany through local licenses awarded on a first-come-first-served basis. In Spain, a competitive tender took place in December 2022 and Telef&#243;nica secured a national license of 1 GHz.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Once the harmonization and assignment of the priority bands for 5G (700 MHz, 3500 MHz and 26 GHz) has been nearly completed, the European institutions are beginning the process to identify new bands that in a 2025-2030 horizon may be available for the provision of wireless broadband services. Among the most relevant bands for Telef&#243;nica are the 470-694 MHz and the 6425-7125 MHz bands, which have been regionally identified at the ITU world conference in 2023, and the 3800-4200 MHz band. As part of that process the RSC approved in December 2024 a mandate to the CEPT with a view to the harmonization of the 6425-7125 MHz band, and CEPT approved in November 2024 the response to the mandate from the RSC on the use of the 3800-4200 MHz band for local low and mid-power networks. </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">EU competition law </span><span style="color:#006476;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%"> </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">European competition provisions have the force of law in the Member States and, therefore, are applicable to our operations in those States. </span><span style="color:#006476;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Treaty on the Functioning of the European Union (TFEU) prohibits &#8220;concerted practices&#8221; and any agreement between companies that may affect trade between Member States and that restricts or has the objective of restricting competition in domestic market. The Treaty also prohibits any abuse of dominant position within the European Union or any considerable part thereof that may affect trade between Member States. </span><span style="color:#006476;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The EU Merger Regulation requires that all mergers, acquisitions and joint ventures involving companies that meet certain turnover thresholds are subject to review by the EC rather than the national competition authorities. In </span></div></ix:continuation><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">F-199</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><ix:continuation id="f-10418-5" continuedAt="f-10418-6"><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">accordance with the amended Community Merger Regulation, market concentrations that significantly impede effective competition in the market will be prohibited. The European Commission has the authority to apply the EU framework for the defense of the competition. </span><span style="color:#006476;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">There are similar competition rules in the legislation of each Member State. Those responsible for ensuring compliance are the national competition authorities.</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In addition, in 2023 the EU on Foreign Subsidies Regulation introduced a notification-based procedure to investigate concentrations and public procurement procedures of very high monetary value involving financial contributions granted by non-EU governments to EU and non-EU companies.  </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Spain  </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">General regulatory framework  </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The legal framework for the regulation of the telecommunications sector in Spain is governed by the General Telecommunications Law (11/2022) of June 28, transposing the implementation of the "EECC" into national law. </span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Delegated Act, approved by the European Commission in December 2020, sets the maximum applicable rates for mobile termination at 0.2 euro cents per minute as of January 1, 2024, and for fixed termination at 0.07 euro cents per minute as of July 1, 2021. </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Market and Competition National Commission, or CNMC, created by the Law 3/2013, assumed in 2013 its role as telecommunications and audiovisual service regulator in Spain. This organism is also the competition authority in Spain and the national regulatory authority for transport, postal services and energy.  </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The main licenses and concessions held by Telef&#243;nica in Spain are listed at the end of this Appendix VI under the title &#8220;Main concessions and licenses held by the Telef&#243;nica Group&#8221;.  </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Market analysis  </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The following are the most relevant markets in which Telef&#243;nica is deemed to have Significant Market Power (SMP).  </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Fixed markets  </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Wholesale fixed access and call origination market  </span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On January 17, 2017, the CNMC approved the definition and the analysis of the market for access and call origination on fixed networks. Considering that Telef&#243;nica has SMP, the CNMC imposed specific obligations to Telef&#243;nica regarding the provision of origination services, preselection and wholesale access service to the telephone line on a cost-oriented bases, and regarding the implementation of an accounting system. Telef&#243;nica was imposed, among others, the obligation of no discrimination, transparency and separation of accounts. In July 2024, the CNMC approved the deregulation of this market.  </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Wholesale (physical) to network infrastructure access and wholesale broadband access  </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On October 7, 2021, CNMC has completed the latest broadband market analysis (1/2020, 3b/2014 markets). The most remarkable aspects stated by CNMC are: </span></div><div style="margin-bottom:9pt;margin-top:9pt;padding-left:18pt;text-align:justify;text-indent:22.5pt"><span style="color:#50535a;font-family:'Arial',sans-serif;font-size:9.5pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:28.18pt">To expand the competitive area in new generation networks, from <ix:nonFraction unitRef="municipality" contextRef="c-4935" decimals="INF" name="tef:BroadbandMarketAnalysisNewGenerationNetworksNumberOfMunicipalities" scale="0" id="f-10430">66</ix:nonFraction> to <ix:nonFraction unitRef="municipality" contextRef="c-4936" decimals="INF" name="tef:BroadbandMarketAnalysisNewGenerationNetworksNumberOfMunicipalities" scale="0" id="f-10431">696</ix:nonFraction> municipalities, which represent the <ix:nonFraction unitRef="number" contextRef="c-4936" decimals="3" name="tef:BroadbandMarketAnalysisNewGenerationNetworksPercentageOfMunicipalitiesWhereSpanishPopulationLives" scale="-2" id="f-10432">70.5</ix:nonFraction>% where the Spanish population lives. In these areas the obligation to offer a wholesale broadband access service (NEBA) will not be imposed on Telef&#243;nica&#8217;s fiber network.</span></div><div style="margin-bottom:9pt;margin-top:9pt;padding-left:18pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:28pt">In the remaining municipalities, CNMC requires Telef&#243;nica to provide other operators with a virtual disaggregated access service (local NEBA) and a wholesale broadband access service (NEBA) on its fiber network.</span></div><div style="margin-bottom:9pt;margin-top:9pt;padding-left:18pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:28pt">Throughout the whole territory, CNMC decided to maintain the obligation by which Telef&#243;nica must provide wholesale access service to its civil infrastructure (ducts, conduits and poles). </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">High-quality wholesale access market in a fixed location</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On March 29, 2022, the CNMC approved the definition and analysis of the market for high quality wholesale access provided at a fixed location considering that Telef&#243;nica has SMP and imposed obligations regarding access to </span></div></ix:continuation><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">F-200</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><ix:continuation id="f-10418-6" continuedAt="f-10418-7"><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">terminal leased lines, business bitstream access, access to civil works infrastructure and economic replicability. It also imposed, among others, the obligation of non-discrimination, transparency and separation of accounts.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In September 2024, the CNMC proposed a modification to the economic replicability methodology of Telef&#243;nica's retail broadband offers. The modifications introduced aim to simplify the methodology by defining a higher level of grouping in the flagship products when determining replicability, and removing restrictions on configuring promotional actions, as well as the obligations for prior notification of the launch of new products and promotions. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The final resolution was approved on February 4, 2025 with its publication in the Official State Gazette (BOE).</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On December 20, 2024 the CNMC has published a public consultation with the market analysis 1/2020 and 3b/2014 proposing the deregulation of Telef&#243;nica&#8217;s fiber network access obligations, as well as associated obligations such as economic replicability. The public consultation period extends until the end of February 2025, and the final resolution is expected to take place at the end of the first half of 2025. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Likewise, on December 20, 2024, the CNMC has also published a public consultation with the analysis of a new relevant market for access to physical infrastructures, maintaining the existing framework of regulated access obligations to Telef&#243;nica&#8217;s civil infrastructures with cost-oriented prices and under transparent and non-discriminatory conditions existing in the scope of the 1/2020 market. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The public consultation period runs until the end of February 2025, and the final decision is expected in the second half of 2025. </span></div><div style="margin-top:9pt;text-align:justify"><span><br/></span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Wholesale access to submarine cable infrastructure</span></div><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:112%">In July 2024, the final resolution of the CNMC's market analysis proposal to deregulate wholesale access to Telef&#243;nica de Espa&#241;a&#8217;s submarine cable infrastructure was approved. As a result, Telef&#243;nica de Espa&#241;a will no longer be considered as an SMP operator with respect to its submarine trunk routes and all current obligations were lifted within <ix:nonNumeric contextRef="c-1" name="tef:PeriodForTerminationOfSMPOperatorObligations" format="ixt-sec:durmonth" id="f-10433">6</ix:nonNumeric> months of such approval.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Universal service obligations  </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On February 6, 2023, the Minister for Economic Affairs and Digital Transformation issued the Ministerial Order designating Telef&#243;nica de Espa&#241;a, S.A.U. as the operator responsible for the provision of the services included in Article 37.1 of the General Telecommunications Law: adequate broadband internet access service at a fixed location with a minimum download speed of 10 Mbps as well as voice communications services at a fixed location. The territorial scope of the designation is the entire national territory and the designation is made for a period beginning at zero hours on February 10, 2023 and ending at zero hours on January 1, 2025</span><span style="color:#2b3447;font-family:'Telefonica Sans',sans-serif;font-size:9.5pt;font-weight:400;line-height:120%">.</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">  </span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In December 2024, the Secretary of State for Telecommunications submitted to public consultation the tender specifications for the designation of the operator responsible for providing the services included in the universal service, as well as the possible expression of interest of operators to participate in such a tender. </span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The final designation of the operator responsible for the provision of the above services is expected to take place during the first quarter of 2025. </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Spectrum </span><span style="color:#006476;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%"> </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On February 22, 2021, Telef&#243;nica Espa&#241;a acquired a 10 MHz block in the 3.4-3.8 GHz band for <ix:nonFraction unitRef="eur" contextRef="c-4937" decimals="-6" name="tef:RegulatoryOperationsSpectrumLicenseAcquisitionAmount" scale="6" id="f-10434">21</ix:nonFraction> million euros. With this spectrum acquisition, Telef&#243;nica completes 100 MHz which corresponds to the maximum carrier width in the 5G standard. In order for all the operators to have contiguous frequency blocks and ensure a more efficient use of the spectrum to deploy 5G technology and associated services, the Ministry of Economic Affairs and Digital Transformation adopted a resolution for the reorganization of the 3.4-3.8 GHz band. Regarding the 700 MHz band, Telef&#243;nica Espa&#241;a acquired 2x10 MHz for <ix:nonFraction unitRef="eur" contextRef="c-4938" decimals="-6" name="tef:RegulatoryOperationsSpectrumLicenseAcquisitionAmount" format="ixt:num-dot-decimal" scale="6" id="f-10435">310</ix:nonFraction>&#160;million euros in the spectrum auction which took place in July 2021. </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Additionally, Telef&#243;nica has already extended its administrative concessions in the 3.4-3.6 GHz band (2x20 MHz) and the 2.1 GHz band (2x5 MHz+ 5 MHz) until 2030.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Telef&#243;nica was awarded with 5 blocks of 200 MHz for an amount of <ix:nonFraction unitRef="eur" contextRef="c-4939" decimals="-6" name="tef:RegulatoryOperationsSpectrumLicenseAcquisitionAmount" scale="6" id="f-10436">20</ix:nonFraction> million euros in the auction of the 26 GHz band that took place on the December 21, 2022 The licences were formalized in May 2023.</span></div></ix:continuation><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">F-201</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><ix:continuation id="f-10418-7" continuedAt="f-10418-8"><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Pursuant to the provisions of the Second Transitory Provision of the General Telecommunications Law, Telef&#243;nica M&#243;viles Espa&#241;a has requested the extension of the spectrum concessions to a total term of <ix:nonNumeric contextRef="c-1" name="tef:RegulatoryOperationsSpectrumLicenseAcquisitionTerm" format="ixt-sec:duryear" id="f-10437">40</ix:nonNumeric> years. The Ministry of Economic Affairs and Digital Transformation submitted for public consultation a draft Ministerial Order modifying the duration of the concessions.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Last June 2024, the Ministerial Order was finally approved.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Telef&#243;nica M&#243;viles Espa&#241;a acquired 20 MHz in the 3500 MHz band in the secondary spectrum market after the approval of Orange and M&#225;sM&#243;vil merger process. Approval of the transfer by the Secretary of State for Telecommunications will be effective as of January 1, 2025. </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In addition, Telef&#243;nica M&#243;viles Espa&#241;a and DIGI have agreed to mutualize their spectrum in the 3500 MHz band, giving both operators the right to use 140 MHz of contiguous spectrum. The mutualization agreement between the two operators was approved by the Secretary of State for Telecommunications in December 2024. </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">5G cybersecurity</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Royal Decree-Law 6/2023, of December 19, which approves urgent measures for the execution of the Recovery, Transformation and Resilience Plan, includes in its fifth final provision the modification of Royal Decree-Law 7/2022, of March 29, on requirements to guarantee the security of fifth generation (5G) electronic communications networks and services. </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The main amendments refer to:</span></div><div style="margin-bottom:9pt;margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">The need to request authorization for installation and modifications to the 5G access network in areas identified as "critical".</span></div><div style="margin-bottom:9pt;margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">The obligation to have two suppliers as part of the supply chain diversification strategy is limited exclusively to the radio access network. In any case, the Administration reserves the right to modify the diversification strategy of the operators for security reasons. </span></div><div style="margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">Certain elements, functions and systems of both the core of the network and the control and management systems and support services may be located outside the national territory, provided that the Ministry of Digital Transformation can exercise its powers of inspection and sanctioning regime so that it can carry out a comprehensive verification of the functioning, operability and conditions of use of such critical elements of a 5G network and, if necessary, adopt precautionary or definitive measures on them. </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In addition, on December 21, 2023 the Secretary of State for Telecommunications and Digital Infrastructures submitted for public consultation the draft Royal Decree approving the 5G National Security Scheme (ENS5G), which includes the risk analysis and mitigation strategies. The approval of the ENS5G Royal Decree came into force on May 1, 2024.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Contribution to RTVE funding  </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In August 2009, the Radio and Television Corporation Finance Law (Ley de Financiaci&#243;n de la Corporaci&#243;n de Radio y Television Espa&#241;ola) was approved establishing that: (i) telecommunication operators which operate nationwide or at least in more than one region, have to pay a fixed annual contribution of <ix:nonFraction unitRef="number" contextRef="c-4940" decimals="3" name="tef:RegulatoryOperationsPercentageOfFixedAnnualProvisionofInvoicedOperatingIncome" scale="-2" id="f-10438">0.9</ix:nonFraction>% of the invoiced operating income of the year (excluding the revenues of the wholesale reference market), and (ii) the concessionaire companies and providers of TV services which operate nationwide or at least in more than one region have to pay an annual fixed contribution to the RTVE funding as follows: (a) <ix:nonFraction unitRef="number" contextRef="c-4940" decimals="2" name="tef:RegulatoryOperationsPercentageofGrossRevenueforOpenConcessionaireCompanies" scale="-2" id="f-10439">3</ix:nonFraction>% on the gross revenue of the year for open concessionaire companies or TV services providers; and (b) <ix:nonFraction unitRef="number" contextRef="c-4940" decimals="3" name="tef:RegulatoryOperationsPercentageofGrossRevenueforOpenConcessionaireCompaniestoProvidePayTVServices" scale="-2" id="f-10440">1.5</ix:nonFraction>% on the gross revenue of the year for concessionaire companies to provide Pay TV services. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Contributions made to the funding of RTVE were appealed by Telef&#243;nica Espa&#241;a and Telef&#243;nica M&#243;viles Espa&#241;a. The proceedings are currently on hold waiting for the ruling on (i) a prejudicial question submitted by the National High Court to the Court of Justice of the European Union; and (ii) also on an unconstitutionality question submitted to the Spanish Constitutional Court regarding compliance of the underlying law with the European legislation and the Spanish Constitution. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Audiovisual Communications General Law includes a provision to withdraw the <ix:nonFraction unitRef="number" contextRef="c-4941" decimals="3" name="tef:RegulatoryOperationsPercentageOfFixedAnnualProvisionofInvoicedOperatingIncome" scale="-2" id="f-10441">0.9</ix:nonFraction>% of the invoiced operating income contribution to RTVE funding which entered in force by January 1, 2023. </span></div></ix:continuation><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">F-202</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><ix:continuation id="f-10418-8" continuedAt="f-10418-9"><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Acquisition of Distribuidora de Televisi&#243;n Digital, S.A. (DTS)  </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Resolution of the CNMC of April 22, 2015 authorized the acquisition of the exclusive control of DTS (Distribuidor Oficial de Televisi&#243;n, S.A.) by Telef&#243;nica de Contenidos, S.A.U. As a result of such authorization, the new entity assumed a set of commitments for a five-year period, which briefly are: i) the obligation to make available a wholesale offer of channels with premium content, that allows the replicability of Telef&#243;nica retail Pay TV offer; ii) the prohibition of including a period of permanence clause in contracts for Pay TV packages; iii) the prohibition of attract DTS customers for a period of <ix:nonNumeric contextRef="c-4942" name="tef:RegulatoryOperationsAcquisitionOfDTSProhibitionToAttractDTSCustomerPeriod" format="ixt-sec:durwordsen" id="f-10442">two months</ix:nonNumeric>; iv) the obligation to keep at least <ix:nonFraction unitRef="route" contextRef="c-4942" decimals="INF" name="tef:RegulatoryOperationsAcquisitionOfDTSNumberOfInternationalRoutesToKeep" format="ixt-sec:numwordsen" scale="0" id="f-10443">three</ix:nonFraction> international routes uncongested with three Internet Connectivity Providers; and v) the prohibition of formalizing exclusive contracts exceeding <ix:nonNumeric contextRef="c-4942" name="tef:RegulatoryOperationsAcquisitionOfDTSProhibitionOfFormalizingExclusiveContractsMaximumContractTerm" format="ixt-sec:durwordsen" id="f-10444">three years</ix:nonNumeric> with content providers. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:112%">In July 2020, the CNMC agreed to extend for <ix:nonNumeric contextRef="c-4943" name="tef:RegulatoryOperationsAcquisitionOfDTSProhibitionOfFormalizingExclusiveContractsMaximumContractTerm" format="ixt-sec:durwordsen" id="f-10445">three years</ix:nonNumeric> most of the commitments to which the authorization of the concentration between Telef&#243;nica and DTS was subordinated in 2015. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Telef&#243;nica Spain appealed the CNMC's extension decision and although the Sixth Section of the Administrative Chamber of the National Court of Appeals issued a dismissal decision, Telef&#243;nica Spain has appealed this decision in cassation before the Supreme Court. This cassation appeal (n&#186; 3655/2023) was admitted for processing on July 13, 2023, and is pending to be scheduled for voting and ruling.</span></div><div style="margin-top:9pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In May 2023, having elapsed such extension of three additional years, the commitments to which the authorization of the merger between Telef&#243;nica Spain and DTS was subordinated in 2015 have definitively expired.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Germany  </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">General regulatory framework  </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The European Union legislative framework was implemented in Germany at the end of June 2004, by the approval of Telecommunications Act (Telekommunikationsgesetz). The Telecommunications Act has been repeatedly amended over the last years, most recently through the transposition of the European Code of Electronic Communications (EECC) into German law with effect from December 1, 2021. The national regulatory authority responsible for regulation of electronic communication networks and services is the Bundesnetzagentur, or BNetzA</span><span style="color:#50535a;font-family:'Telefonica',sans-serif;font-size:9.5pt;font-weight:400;line-height:120%">.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The main licenses and concessions held by Telef&#243;nica in Germany are listed at the end of this Appendix VI under the title &#8220;Main concessions and licenses held by the Telef&#243;nica Group&#8221;. </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Spectrum </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In May 2024, the BNetzA continued the procedure for the provision of frequencies in the 800 MHz, 1,800 MHz and 2,600 MHz ranges with the publication of the consultation draft of a final decision (draft decision) and made this available for consultation until July 8, 2024. The draft decision is based on the BNetzA's framework conditions from September 2023 and the comments received on the same. The draft decision provides for the existing frequency usage rights in the above-mentioned frequency ranges, which expire at the end of 2025, to be extended for a transitional period of <ix:nonNumeric contextRef="c-4944" name="tef:RegulatoryOperationsSpecturmFrequencyUsageRightsExtendedTransitionPeriod" format="ixt-sec:durwordsen" id="f-10446">five years</ix:nonNumeric> in an initial action plan.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In a second set of actions, a larger procedural framework is to be established for utilisation from 2031 onwards, including rights of use and new frequency ranges that expire in 2033 or become newly available for mobile communications in the coming years; a decision on this set of actions is planned for 2028.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Telef&#243;nica Deutschland Group commented on the draft decision. A final decision in the frequency provision procedure is expected in the first quarter of 2025.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Regarding the coverage requirements resulting from the 2019 frequency auction, the Telef&#243;nica Deutschland Group notified the BNetzA at the beginning of January 2023 that it had fulfilled the obligations due at the end of 2022 to cover households and major routes, and to commission <ix:nonFraction unitRef="station" contextRef="c-4945" decimals="INF" name="tef:NumberOf5GBaseStations" format="ixt:num-dot-decimal" scale="0" id="f-10447">1,000</ix:nonFraction> 5G base stations and base stations in <ix:nonFraction unitRef="station" contextRef="c-4945" decimals="INF" name="tef:NumberOfWhiteSpotsInBaseStations" scale="0" id="f-10448">500</ix:nonFraction> white spots, respectively, in line with the obligations.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The notification was reviewed by the BNetzA. In September 2023, the BNetzA determined that the Telef&#243;nica Deutschland Group had fulfilled the obligation to supply households and <ix:nonFraction unitRef="station" contextRef="c-4945" decimals="INF" name="tef:NumberOf5GBaseStations" format="ixt:num-dot-decimal" scale="0" id="f-10449">1,000</ix:nonFraction> 5G base stations on time. With regard to the sites along the major routes and in white spots that were not fulfilled on time, the BNetzA sent a further consultation letter to the Telef&#243;nica Deutschland Group regarding their non-fulfilment and subsequent fulfilment. With regard to a few sites where the BNetzA assumes that the Telef&#243;nica Deutschland Group is responsible for the </span></div></ix:continuation><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">F-203</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><ix:continuation id="f-10418-9" continuedAt="f-10418-10"><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">delay, the BNetzA opened a further hearing in September 2023 as part of a fine procedure. Both proceedings are still ongoing.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Regarding the coverage requirements to cover further traffic routes due at the end of 2024, the Telef&#243;nica Deutschland Group notified the BNetzA in January 2025 that it had fulfilled the obligations in line with the obligations. The notification is still being reviewed. </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Regarding the coverage requirements resulting from the 2019 frequency auction, the Telef&#243;nica Deutschland Group, the Deutsche Telekom Group and the Vodafone Group in July 2021 entered into a cooperation for the joint construction of additional radio towers and masts, as well as their technical support and use. The cooperation is designed to meet coverage obligations, especially for transport routes and in rural areas, where frequency holders are allowed to enter into cooperation agreements to fulfil these obligations. </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In November 2021, the Telef&#243;nica Deutschland Group concluded an agreement with the Deutsche Telekom Group on active shared network usage at &#8220;grey spots&#8221;, which are areas in which only one mobile network operator offers mobile network access to its customers. A similar agreement with the Vodafone Group has been concluded on January 25, 2022. In both cooperation agreements, live operations were launched in the third quarter of 2022 with reciprocal access to the first mobile network sites. </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On August 26, 2024, the Cologne Administrative Court ruled that the BNetzA decision of November 26, 2018, was unlawful due to concerns of bias and influence by a federal ministry; this decision was on the allocation and auction rules for the auction conducted in 2019 of the frequencies in the 2 GHz and 3.6 GHz ranges. The BNetzA was obliged by the court to issue a new decision. The grounds for the judgement would allow the BNetzA to reissue the previous decision with a new statement of reasons.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On August 2, 2023, the 1&amp;1 Group publicly disclosed it had concluded a binding preliminary contract for a long-term, exclusive national roaming partnership with Vodafone Group, in which the parties were obligated to conclude a final national roaming cooperation as quickly as possible. This cooperation includes the non-discriminatory provision of national roaming services in areas not yet covered by the new 1&amp;1 mobile network and in particular includes access to the 5G network of Vodafone Group, including mobile communication standards 2G and 4G and future mobile communication standards and technologies.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On August 23, 2024, the 1&amp;1 Group announced the final signing of the national roaming cooperation with the Vodafone Group and the launch of national roaming for new 1&amp;1 customers on the Vodafone Group network in areas not yet served by the 1&amp;1 Group itself starting August 29, 2024. Existing 1&amp;1 customers who previously used the Telef&#243;nica Deutschland Group network are to be migrated to the Vodafone Group network by December 31, 2025. </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Market reviews </span><span style="color:#006476;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%"> </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The EU Commission&#8217;s delegated act on termination rates entered into force on July 1, 2021 and the approved charges have been amended accordingly: </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Mobile termination rates (MTR) </span><span style="color:#006476;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%"> </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Due to the delegated act a charge of 0.20 euro cents per minute applies from January 1, 2024. This charge applies to all German providers of these services. </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Fixed termination rates (FTR) </span><span style="color:#006476;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%"> </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">FTRs have been subject to a charge of 0.07 euro cents per minute since July 1, 2021. This charge applies to all German providers of these services. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">United Kingdom  </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">General legislative framework  </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The EU Regulatory Framework was implemented in the United Kingdom by the Communications Act in 2003. The Office of Communications, or Ofcom, is designated as the NRA responsible for the regulation of electronic communications networks and services. Under the terms of the Withdrawal Agreement, the UK implemented the 2020 Electronic Communications and Wireless Telegraphy Regulation (Amendment) (European Electronic </span></div></ix:continuation><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">F-204</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><ix:continuation id="f-10418-10" continuedAt="f-10418-11"><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Communications Code and EU Exit) which made amendments to the Communications Act, with effect from December 21, 2020, in order to transpose the EECC into UK law.  </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The main licenses and concessions held by Telef&#243;nica in the United Kingdom are listed at the end of this Appendix VI under the title &#8220;Main concessions and licenses held by the Telef&#243;nica Group&#8221;. These licenses are part now of the joint venture with Liberty Global plc (VMED O2 UK Limited) (see Note 2).</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Wholesale price regulation  </span></div><div style="margin-top:9pt"><span style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Mobile termination rates (MTR)</span><span style="color:#50535a;font-family:'Telefonica',sans-serif;font-size:12pt;font-style:italic;font-weight:700;line-height:120%"> </span><span style="color:#50535a;font-family:'Telefonica',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:120%"> </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Following a market review, mobile termination rates for all mobile providers, including the four national mobile communications operators are subject to controls based on the pure long-run incremental cost approach ("pure LRIC"). In its 2021-2026 price control decisions, Ofcom set a charge control, with the prevailing rate as of April 1, 2024 set at 0.468ppm. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">However, termination rates for calls originating outside the UK must be no more than the reciprocal termination rate charged by the relevant international telecoms provider for a call originating in the UK, or the MCT provider&#8217;s domestic rate, whichever is the higher. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">MTR caps will be updated on April 1, 2025 based on inflation (CPI measured for 12 months at December 31, 2024) plus X, with X specified as + 1.5%.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Ofcom is expected to begin consulting on the regulation of these markets for 2026-2031 during the summer of 2025. </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Fixed termination rates (FTR) </span><span style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%"> </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Similar to MTRs Annual indexation to CPI applies to prevailing FTRs, but with no &#8220;X&#8221; adjustment based on the same time period for CPI. VMO2&#8217;s current FTR is 0.0356ppm from April 1, 2024.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The review of fixed termination rates will take place at the same time as MTRs are reviewed.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Spectrum  </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Following an agreement between the Government and industry to provide for a &#8220;Shared Rural Network&#8221;, the mobile operators, including Telefonica United Kingdom, agreed to amend their 900 and 1,800 MHz licenses to provide for <ix:nonFraction unitRef="number" contextRef="c-12" decimals="2" name="tef:RegulatoryOperationsSpectrumAgreementPercentageOfGeographicCoveragePercentageBy2024" scale="-2" id="f-10450">88</ix:nonFraction>% geographic coverage by 2024 and <ix:nonFraction unitRef="number" contextRef="c-12" decimals="2" name="tef:RegulatoryOperationsSpectrumAgreementPercentageOfGeographicCoveragePercentageBy2026" scale="-2" id="f-10451">90</ix:nonFraction>% geographic coverage by 2026. Telef&#243;nica UK achieved its coverage objective by the mid-2024 target date.    </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Ofcom has announced that it will start the award of 26GHz and 40GHz mmwave spectrum in the third quarter of 2025.</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In December 2024, Ofcom launched a consultation which reviews the annual licence fees paid for 900 MHz, 1800 MHz, and 2100 MHz spectrum. Ofcom&#8217;s initial proposal was a <ix:nonFraction unitRef="number" contextRef="c-12" decimals="3" name="tef:RegulatoryOperationsSpectrumAgreementAnnualLicenseFeeReductionPercentage" scale="-2" id="f-10452">14.8</ix:nonFraction>% reduction in the fees currently paid by Telef&#243;nica UK. </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Brazil  </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">General legislative framework </span><span style="color:#006476;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%"> </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">T</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">he delivery of telecommunications services in Brazil is subject to regulation under the regulatory framework provided in the General Telecommunications Law enacted in July 1997. The National Agency for Telecommunications (Ag&#234;ncia Nacional de Telecomunica&#231;&#245;es or ANATEL), is the principal regulatory authority for the Brazilian telecommunications sector. On October 4, 2019, Law 13.879/2019 was published, introducing significant changes to the telecommunications framework.  </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Brazilian competition regulation is based on Law No. 12529 of November 30, 2011. The Administrative Council for Economic Defense, or CADE, is the agency in charge of enforcing the competition rules. The antitrust law establishes a pre-merger notification regime for concentration transactions, with turnover thresholds (one participant with gross revenue of 750 million Brazilian reals in Brazil and other participant with gross revenue of 75 million Brazilian reals in Brazil) and maximum time length for merger review procedure (240 days, extendable to 330 days).On October 18, 2016, CADE issued the Resolution No 17, which changed the rules concerning the </span></div></ix:continuation><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">F-205</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><ix:continuation id="f-10418-11" continuedAt="f-10418-12"><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">mandatory notification of the so called &#8216;associative agreements&#8217;. The new regulation tends to reduce notifications of associative agreements that do not raise antitrust concerns. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Licenses  </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The main licenses and concessions of spectrum held by Telef&#243;nica in Brazil are listed at the end of this Appendix VI.  </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In the state of S&#227;o Paulo, Telef&#244;nica Brasil provides fixed telephony services (STFC) under the so-called public regime, through a concession agreement which is expected to remain in force until December 31, 2025. On October 4, 2019, Law 13.879/2019 (resulting from PLC 79/2016) was published. This Law introduces changes to the telecommunications regulatory framework by allowing fixed-line concessions operators to migrate from a concession regime for limited time (in which the underlying assets reverts to the government at the end of the concession) to an authorization regime. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On July 5, 2022, and according to the Law, ANATEL presented a methodology with an estimation of the economic value associated with the migration of the concession regime to authorization.This methodology was validated by the Federal Court of Accounts ("TCU" for its acronym in Portuguese) on March 22, 2023, with the consideration that ANATEL should envisage the market value for the valuation of reversible assets.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">ANATEL re-evaluated the service adequacy balance (from concession to authorization) based on the indications presented by the TCU, presenting a new economic value estimate that was approved on July 24, 2023. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Telef&#244;nica Brasil had to validate this value within <ix:nonNumeric contextRef="c-4946" name="tef:RegulatoryOperationsLicenseAgreementValidationTerm" format="ixt-sec:durday" id="f-10453">120</ix:nonNumeric> days. However, given the possibility that in processes involving arbitration and migration an agreement could be reached between ANATEL and Telef&#244;nica Brasil, which should be agreed with the TCU, ANATEL agreed to Telef&#244;nica Brasil's request to suspend the aforementioned <ix:nonNumeric contextRef="c-4946" name="tef:RegulatoryOperationsLicenseAgreementValidationTerm" format="ixt-sec:durday" id="f-10454">120</ix:nonNumeric> days term. Likewise, it sent to the TCU the request for a Consensual Solution for the resolution of the existing conflict between ANATEL and Telef&#244;nica Brasil registered under Process No. 036.366/2023-4.  </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On January 23, 2024, TCU approved ANATEL&#8217;s request for a friendly settlement, which resulted in the creation of negotiating committee. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On December 16, 2024, Telef&#244;nica Brasil, ANATEL, the TCU and the Brazilian Ministry of Communications signed an agreement on the terms and conditions for the adaptation of the STFC concession contracts to an authorization instrument (the Self-Composition Agreement). </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Self-Composition Agreement includes several key conditions: (i) Telef&#244;nica Brasil is required to make specific investments on terms established under the agreement; (ii) Telef&#244;nica Brasil must maintain the provision of fixed-line telephone services in certain locations without adequate competition within the concession area until December 31, 2028; (iii) all pending administrative and judicial proceedings related to the concession at ANATEL or in the courts must be resolved, and Telef&#244;nica Brasil must withdraw any cases filed against the regulator; and (iv) Telef&#244;nica Brasil must commit to fulfilling public interest pledges for up to ten years as part of the adaptation process. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Completion of the migration to the authorization regime is conditioned upon the signing of a Single Term of Authorization with ANATEL, compiling all previous licenses into one single title, which is expected to occur in the first quarter of 2025. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On April 8, 2021, the Ministry of Telecommunications and ANATEL approved the Resolution No. 744, which adopts the Regulation for the Continuity of the Provision of Fixed Commuted Telephony Service for Use by the General Public ("STFC") under the Public Regime - RCON. This Regulation established that at the end of Telef&#244;nica Brasil&#8217;s STFC concession, the assets belonging to its patrimony (which are used for the provision of multiple services including the STFC under the public regime) will be subject to a contract between the company and the new concessionaire or the Federal Government, to transfer their right of use under fair and reasonable economic conditions.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On the other hand, the assets that are indispensable and exclusively used to ensure the continuity of the provision of STFC under the public regime, will have their possession reverted to the Federal Government through compensation and under the terms of the RCON. It should be noted that these assets constitute residual and decreasing assets of the company's assets</span><span style="color:#2b3447;font-family:'Telefonica Sans',sans-serif;font-size:9.5pt;font-weight:400;line-height:120%">. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In this way, the Concessionaire's assets, at the end of the concession contract on December 31, 2025, will not be susceptible to the reversal of its ownership to the Union. The assignment of the use of shared assets and the </span></div></ix:continuation><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">F-206</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><ix:continuation id="f-10418-12" continuedAt="f-10418-13"><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">possession of exclusive assets of the STFC is now defined by means of specific contracts already provided for in the operational manual of the RCON, approved by Decision No. 269/2021/COUN/SCO. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">After the adoption of Resolution No. 744, the obligation to submit a list of reversible assets ("RBR") to ANATEL is merely informative with the objective of maintaining transparency of the assets used by the Concessionaire in the provision of STFC under the public regime.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Nevertheless, it is important to emphasize that in the scope of administrative proceeding TC n&#186;. 003.342/2022-0, in progress at the TCU, a technical report stated that the RCON should be reviewed, such understanding shall still be submitted to the court&#8217;s ruling. The process was suspended by decision of the minister in charge.</span></div><div style="margin-top:9pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">With the approval of the adjustment term with ANATEL and TCU, Telef&#244;nica Brasil no longer has any reversible assets, so this discussion no longer affects us. However, the TCU can still review the RCON. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In the other Brazilian states, Telef&#244;nica Brasil provides local, international and long-distance STFC, personal mobile service (SMP) and broadband multimedia communication services (which include the provision of fixed broadband connection) and pay TV services, all under the private regime. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On June 17, 2020, the Decree that regulates Law 13,879/2019 was published. The Decree 10,402/2020 allows the renewal of existing licenses. Previously, only a single license renewal was allowed for the same period. Currently, the successive renewals will be made in a competitive process at market price. The renewal amount can be converted, totally or partially, into investment commitments. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Regarding the extension of the 850 MHz band authorizations, if the legal and regulatory requirements are met, ANATEL agreed to extend the current authorizations for the use of radio frequencies in Bands A and B, proposing their approval, on a primary basis, until November 29, 2028. However, specific conditions for renewal, including those related to the economic valuation criteria and obligations, were challenged by the affected service providers (including Telef&#244;nica Brasil). </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">After ANATEL dismissed the appeals filed by the providers, ANATEL referred the case to the federal court of accounts of Brazil (&#8220;TCU&#8221;), and in September 2022, TCU decided that the possibility of successive extensions brought by Law 13.879/19 should be considered as an exception, applicable only when certain requirements are met (art. 167 of Law 13.879/19 and article 12 of decree 10.402/20). Telef&#244;nica Brasil appealed that decision, defending the successive extension of licenses as a rule and not as an exception, in accordance to Law 13.879/19.  </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In addition, on December 8, 2022, ANATEL revoked Telef&#244;nica Brasil&#180;s 450 MHz spectrum authorization (451 - 458 MHz and 461 - 468 MHz) covering the states of Alagoas, Cear&#225;, Minas Gerais, Para&#237;ba, Pernambuco Piau&#237;, Rio Grande do Norte, Sergipe and part of S&#227;o Paulo. The decision was motivated by the fact that Telef&#244;nica Brasil could not provide evidence of service activation in the 450 MHz band as a result of the unavailability of 450 MHz devices ecosystem and of the waiver clause contained in the tender notice, interpreted by ANATEL as meaning that the waiver would operate automatically in case of non-activation of the frequency within the contractual term. Previously, on September 2022, ANATEL revoked authorizations held by other providers. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In 2022, Telef&#244;nica Brasil acquired part of the mobile assets of &#8220;Oi&#8221;, which resulted in additional spectrum authorizations in 900, 1800, and 2100 MHz. These assets were grouped into a Special Purpose Entity called &#8220;Garliava RJ Infraestructura e Redes de Telecomunica&#231;&#245;es S.A.", which was fully incorporated into the company in 2023. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In April 2023, ANATEL determined that the authorizations of the Telef&#244;nica Brasil, in the 900 MHz band should not be extended (with the exception of the region of Minas Gerais and authorizations acquired from "Oi"), alleging that the efficient use of this spectrum had not been properly demonstrated, since the low capacity associated with this band (2.5 + 2.5 MHz) imposes limitations on its effective use. The non-renewal of these 900 MHz licenses, however, does not affect the services currently provided by the company. Also in April 2023, ANATEL decided to renew the 1,800 MHz licenses of the Telef&#244;nica Brasil until 2032.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In August 2023, ANATEL also renewed the 900 MHz and 1800 MHz Telef&#244;nica Brasil licenses in part of the state of Minas Gerais (PGO sector 2) until 2032. The 900 MHz and 1800 MHz Telef&#244;nica Brasil licenses in the rest of the State of Minas Gerais (PGO sector 3), were already renewed by ANATEL in April 2020 and expire in 2035. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In addition, in the same month, ANATEL decided to renew the 2100 MHz Telef&#244;nica Brasil licenses until April 2038. This is the first extension foreseen in the contract and bidding process that originated these authorizations. TCU&#8217;s technical area did not identify any evidence of irrational or inappropriate use of the bands that would ultimately </span></div></ix:continuation><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">F-207</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><ix:continuation id="f-10418-13" continuedAt="f-10418-14"><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">justify refusing to extend the terms of these authorizations. On the other hand, it noted the need to adjust Article 31 of Resolution 757/2022 in order to maintain in the new proposed maximum validity periods. However, the final position of the TCU is still awaited. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In November 2021, ANATEL held the greatest spectrum auction in its history, with 700 MHz, 2.3 GHz, 3.5 GHz and 26 GHz lots. On that occasion, Telef&#244;nica Brasil acquired 3.5 GHz and 26 GHz national licenses (100 MHz and 600 MHz bandwidths, respectively). The company also won regional 2.3 GHz licenses, with 50 MHz bandwidth in Southeast Region (except Sao Paulo state and PGO Sector 3) and 40 MHz bandwidth in Sao Paulo state, North and Midwest Regions (except PGO Sectors 22 and 25). These licenses guarantee the necessary spectrum to provide 5G services and are valid for <ix:nonNumeric contextRef="c-4947" name="tef:RegulatoryOperationsSpectrumLicenseAcquisitionTerm" format="ixt-sec:duryear" id="f-10455">20</ix:nonNumeric> years, renewable under existing legal conditions at the end of this time.  </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Interconnection, tariffs and prices  </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Interconnection among public networks is mandatory in Brazil. Generally, parties can freely negotiate the terms and conditions about technical points, economic discounts and rights/obligations, of the interconnection agreements. Interconnection rates for fixed network operators identified as operators with significant market power (SMP) (Resolution No. 588/2012) are defined by ANATEL; the interconnection rates for the use of mobile operators' networks (Resolution No. 438/2006), may be agreed between the parties. However, if the parties fail to reach a consensus, particularly regarding charges to fixed operators (Resolution No. 576/2011), ANATEL imposes the rates to be used. The mobile termination market is based on the model of incremental costs and, pursuant to applicable laws, variations in VU-M must be reflected in VC1 (retail price paid by users for local fixed-mobile calls). Regarding VC2 and VC3 (retail price paid by users for national long distance fixed-mobile calls), variations in VU-M no longer need to impact these values, as is still the case of VC1. In March 2020, ANATEL approved Resolution No. 724, which established the Standard for the implementation and monitoring of tariff freedom in the Fixed Telephone Service (STFC) for use by the general public, in the National Long-Distance mode. Since then, the company has been free to determine domestic long-distance fees according to the market. </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Telef&#243;nica Group, including VIVO, has been identified as an operator with SMP in the following markets: (i) fixed network infrastructure access for data transmission in copper pairs or coaxial cables at speeds up to <ix:nonFraction unitRef="megabyte_per_second" contextRef="c-1" decimals="0" name="tef:RegulatoryOperationsSpeedofNetworkInfrastructureAccessforDataTransmissioninCopperPairsorCoaxialCables" scale="0" id="f-10456">12</ix:nonFraction> MBps in the region of S&#227;o Paulo; (ii) wholesale fixed network infrastructure to transport local and long distance transmission at speeds up to <ix:nonFraction unitRef="megabyte_per_second" contextRef="c-1" decimals="0" name="tef:RegulatoryOperationsSpeedofWholesaleFixedNetworkInfrastructuretoTransportLocalandLongDistancesTransmission" scale="0" id="f-10457">34</ix:nonFraction> MBps in the region of S&#227;o Paulo; (iii) passive ducts and trenches infrastructure throughout Brazil; (iv) call termination on mobile network in Brazil; (v) in the fixed call termination market in the region of S&#227;o Paulo; and (vi) national roaming market throughout Brazil.  </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">ANATEL's Resolution no. 694/2018 in July 2018 changed the PGMC, which, besides others changes, recognized a new relevant wholesale market of high capacity data transport services with speeds higher than 34 Mbps, in which Telef&#243;nica Brazil is established as SMP throughout the country.</span><span style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">  </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In addition, operators without SMP are no longer entitled to charge fixed termination fees up to 20% higher than the highest fee adopted by fixed operators with SMP in the same region, since the publication of the Resolution no. 694/2018 in July 2018.  </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Further, ANATEL&#8217;s Resolution No. 694 of July 17, 2018, changed article 41 of the Appendix II of the General Plan of Competition Goals (PGMC), and established the Bill and Keep between SMP and the non-SMP operators as 50/50%, from February 24, 2018. Accordingly, the VU-M values (in Brazilian reals) for 2024 applicable to Telef&#243;nica Brazil are the following: (i) Region I: 0,01472; (ii) Region 2: 0,01599; and (iii) Region 3: 0,01738, nevertheless Telef&#243;nica Brazil can reach an agreement for higher values with other operators.</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Since the publication of the Public Consultation 64 on the 6th of November, 2023, PGMC is under a revision process carried out by ANATEL, who is proposing inclusions of new relevant wholesale markets, alterations in the others and updating of SMP operators. The consultation period ended in April 2024, and the approval of the new PGMC is scheduled for the second half of 2025.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Regulation on Universal Service </span><span style="color:#006476;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%"> </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Currently, only Fixed Switched Telephony Services are subject to universalization obligations. These obligations are established in the General Plan of Universalization Targets (PGMU) and can be reviewed every <ix:nonNumeric contextRef="c-1" name="tef:FixedSwitchedTelephonyServicesObligationTerm" format="ixt-sec:durwordsen" id="f-10458">five years</ix:nonNumeric>. </span><span style="color:#006476;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span></div></ix:continuation><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">F-208</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><ix:continuation id="f-10418-14" continuedAt="f-10418-15"><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Mexico  </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">General regulatory framework  </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In Mexico, telecommunication services are regulated by the Constitution, the Federal Telecommunication and Broadcasting Law (LFT y R), and the promulgated Federal Law of Economic Competition, in addition to specific regulations issued by the Federal Telecommunications Institute (IFT). This agency has played a role in the regulation, supervision, and promotion of these sectors, as well as in the implementation of asymmetric measures to prevent anti-competitive practices.  These measures include the framework interconnection agreement and a set of reference offers for: MVNOs, roaming and local loop unbundling. In 2014, Telef&#243;nica M&#233;xico used some reference offers. </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On December 20, 2024, a constitutional reform was published, which reorganizes the federal public administration by eliminating 16 autonomous bodies, including the IFT, whose powers will be assumed by agencies of the Federal Executive. Telecommunications and broadcasting regulation will be managed by a new agency &#8211; the Digital Transformation and Telecommunications Agency &#8211; while economic competition will be assigned to an antitrust authority. In addition, key functions such as the granting and revocation of concessions will be concentrated in the executive branch. Although the IFT's previous asymmetrical policies and regulations will remain in force until the new authority modifies them, this reform represents a significant structural change that poses regulatory and operational challenges. </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Notwithstanding the above, the issuance of the secondary legislation that will define the new agencies and their organizational structure is still pending. Under the terms of the reform, the abolition of the IFT will not take effect until 180 days after the publication of such legislation.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Licenses  </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Pegaso PCS, S.A. de C.V. (Pegaso PCS) has a Single Concessions which allows to provide any telecommunication services technically feasible.  </span></div><div style="margin-top:9pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Wholesale Agreement.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Telef&#243;nica M&#233;xico has extended until 2030 the term of the  "Wholesale Access Services Agreement" signed in 2019, through which AT&amp;T M&#233;xico provides Telef&#243;nica with access to its 3G, 4G, and 5G networks. Since the beginning of the traffic migration in 2020, Telef&#243;nica M&#233;xico&#8217;s customers have had access to AT&amp;T&#8217;s network, guaranteeing quality of service and data privacy. Notwithstanding the foregoing, Telef&#243;nica M&#233;xico continues to operate all other elements of its network, such as the transport and core network, which integrates all other platforms necessary to provide services to its customers in a completely independent and unrestricted manner.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Prices and tariffs </span><span style="color:#006476;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%"> </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Tariffs charged to customers are not regulated. They are set by companies and must be registered with the IFT, in order to be enforced. </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Interconnection </span><span style="color:#006476;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%"> </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On November 14, 2023, the NRA published the mobile termination rates (MTRs) that it will use to resolve MTR disputes for the years 2024, 2025 and 2026. For 2024, these were established for the Preponderant Economic Agent (Radiom&#243;vil Dipsa, S.A. de C.V.- Telcel-) at 0.013900 pesos per minute, while for mobile non-preponderants it will be 0.044972 pesos per minute. These rates were calculated using the cost model developed with the same pure cost methodology previously used, but with new criteria and variables.</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Foreign ownership/restrictions on transfer of ownership </span><span style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%"> </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Since the amendments to the Constitution published in June 2013 foreign investment (FDI) up to <ix:nonFraction unitRef="number" contextRef="c-4948" decimals="2" name="tef:RegulatoryOperationsPercentageofForeignDirectInvestmentAllowed" format="ixt-sec:numwordsen" scale="-2" id="f-10459">one hundred</ix:nonFraction> percent in telecommunications is allowed.</span><span style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Chile </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">General regulatory framework    </span></div></ix:continuation><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">F-209</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><ix:continuation id="f-10418-15" continuedAt="f-10418-16"><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The General Telecommunications Law No. 18168 of 1982, as amended, establishes the legal framework for the provision of telecommunications services in Chile. The main regulatory authority in Chile is SUBTEL (the Under-Secretary of Telecommunications). </span><span style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The principal regulation concerning competition in Chile is Decree No. 211 of 1973, whose current text was established in Law Decree No. 1 of 2005 (Ministerio of Econom&#237;a, Fomento y Reconstrucci&#243;n). The Competition Court follows and determines infringements of competition law. Law N&#186;. 20.945 was published on August 30, 2016 increasing the administrative fines up to 30% of the sales relating to the product line or services associated with the infringement during the period in which the alleged infringement took place, or up to the double of the economic profit reached by the infringement.  </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Other relevant laws that have an impact on the operation are Law No. 20,808, which protects the free choice of users in cable, Internet or telephony services, Law No. 21,046 that establishes the obligation of a guaranteed minimum speed of Internet access; Law No. 21,245, that establishes the obligation to provide the Automatic National Roaming service in certain areas; Law No. 19.496 concerning consumer data protection; Law No. 19,628 on the protection of personal data, and Law No. 21,542 allowing the protection of critical infrastructure by the Army in case of serious or imminent danger.  </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Licenses   </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The main licenses and concessions to use spectrum are shown in the table at the end of this Annex.   </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Additionally, Telef&#243;nica Chile has been granted licenses of public local phone services, Voice Over Internet Protocol services, concessions of international long distance and concessions to install and exploit the national fiber optic network and mobile satellite. 2.6 GHz and 700 MHz concessions established an obligation for Telef&#243;nica M&#243;viles Chile to provide a wholesale service to MVNOs, under a non-discriminatory and complete reference offer (including prices). This same obligation extends to the new 5G technology recently deployed.  </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On December 5, 2019, the TDLC notified resolution 59 through which it modified the 60 MHz spectrum cap, establishing percentage caps by macrobands. Against this resolution, claims were filed by some operators and Conadecus, which were partially accepted by the Supreme Court on July 13, 2020, in the sense of: i) maintaining the percentage caps set by the TDLC, with the exception of the low macroband (up to 1 GHz) which went from 32% to 30%, and ii) establishing certain complementary measures to the Mobile Network Operators such as, national mandatory and temporary roaming; or keeping an offer of facilities and resale plans for MVNOs permanently available and updated, among others.  </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On February 16, 2021, the auction for the 3.5GHz band, initiated in 2020, was completed and Telef&#243;nica M&#243;viles Chile has been awarded 50MHz. On October 2, 2021, the decree granting the concession to Telef&#243;nica M&#243;viles Chile in the 3.35-3.40 GHz band was published in the Chilean Official Gazette. From that date, the terms conferred started as follows: (i) <ix:nonNumeric contextRef="c-4949" name="tef:RegulatoryOperationsLicenseAgreementConcessionPeriod" format="ixt-sec:duryear" id="f-10460">30</ix:nonNumeric> years period of the concession and (ii) implementation of the terms for the start of service of the 5G project (<ix:nonNumeric contextRef="c-4949" name="tef:RegulatoryOperationsLicenseAgreement5GProjectImplementationTermStageOne" format="ixt-sec:durmonth" id="f-10461">12</ix:nonNumeric> months for stage 1, <ix:nonNumeric contextRef="c-4949" name="tef:RegulatoryOperationsLicenseAgreement5GProjectImplementationTermStageTwo" format="ixt-sec:durmonth" id="f-10462">24</ix:nonNumeric> months for stage 2, and <ix:nonNumeric contextRef="c-4949" name="tef:RegulatoryOperationsLicenseAgreement5GProjectImplementationTermStageThree" format="ixt-sec:durmonth" id="f-10463">36</ix:nonNumeric> months for stage 3). Telef&#243;nica M&#243;viles Chile completed the deployment of all base stations corresponding to phase 1, 2 and 3 of the 5G project.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In October 2023, Subtel called for a second 5G tender to award 50 MHz in the 3,400 - 3,600 MHz band. The award was made at the end of June 2024, in favor of Claro de Chile SpA.</span></div><div style="margin-top:9pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Prices and tariffs </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Public telecommunication services prices and prices for intermediate telecommunication services are freely established by operators, unless there is an express resolution by Chile's Competition Court on existing conditions in the market confirming that there is not enough competition. Additionally, maximum prices for interconnection services (access charges for network use, mainly) are subject to tariff regulation for all operators, being set by stipulated procedures.  </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In June 2023, Subtel requested the Tribunal de Defensa de la Libre Competencia to review the services subject to tariff regulation and its resolution is still pending. Ministries set maximum tariffs under efficient operator model basis.  </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Maximum interconnection tariffs for telephony services are set every <ix:nonNumeric contextRef="c-1" name="tef:RegulatoryOperationsPeriodofApplicableTariffsforServicesProvided" format="ixt-sec:durwordsen" id="f-10464">five years</ix:nonNumeric> jointly by the Ministry of Transport and Telecommunications and the Ministry of Economy. </span><span style="color:#006476;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Interconnection </span></div></ix:continuation><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">F-210</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><ix:continuation id="f-10418-16" continuedAt="f-10418-17"><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Interconnection is obligatory for all license holders with the same type of public telecommunications services and between telephony public services and intermediate services that provide international long distance services. Every <ix:nonNumeric contextRef="c-1" name="tef:RegulatoryOperationsPeriodofApplicableTariffsforServicesProvided" format="ixt-sec:durwordsen" id="f-10465">five years</ix:nonNumeric>, SUBTEL sets the applicable tariffs for services provided through the interconnected networks. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On May 9, 2019, a Tariff Decree regarding fixed termination rate (Decree N&#186; 115/2019), was adopted for the 2019-2024 period. The tariff decree for the period 2019-2024, entered into force retroactively in May 2019 and represents a 65% drop from the previous value to reach a value of 1.3 CLP per minute during normal business hours. The current fixed decree remains in force by virtue of the provisions of Law No. 21.637, which establishes that a new single tariff process must be carried out for groups of fixed concessionaires. Subtel has already initiated this new single tariff process for groups of fixed concessionaires. Subtel has already initiated this new single tariff process for groups of fixed companies, corresponding to Group 1, which is formed by Telef&#243;nica Chile, and VTR/ Claro. The definitive technical bases for this new process were issued by Subtel on June 17, 2024. The companies submitted their tariff studies on November 4, 2024, and are awaiting the regulator's response on March 4, 2025. In the meantime, during the duration of this new process, Telef&#243;nica Chile must continue to apply the same rates, duly indexed, applicable under the current tariff decree, without having to apply them retroactively. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Regarding mobile termination rates, in 2019 a decree was issued, which will be applicable for the next 5 years, The average tariff which will apply until 2024 was 1.8 CLP per minute (0.0024 euros, without VAT, based on the exchange rate as of February 6, 2019, to be charged on a per second basis). The validity of the new tariff decree starts on January 26, 2019.  A new tariff decree is in the process of being approved by the Comptroller&#8217;s Office, whose tariffs, once published, will be retroactive to January 27, 2024, and will be in effect for the entire five-year period 2024-2029.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Argentina  </span><span style="color:#006476;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%"> </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">General regulatory framework  </span><span style="color:#006476;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%"> </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The basic legal framework for the provision of telecommunications services in Argentina is set forth in the Law &#8220;Argentina Digital&#8221; No. 27078 issued on January 7, 2015. This legal framework declared of public interest the development and regulation of information technology, communications and its associated resources (ICT's). Thus, this law became the specific regulatory regime for the free market, including rules on interconnection, universal service and radio spectrum, and setting out the principles of network neutrality and giving to the technological, informational and communicational companies the possibility of providing broadcasting services (except satellite infrastructure), and setting a single license system. </span><span style="color:#006476;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Additionally, the Government approved the Decree No. 267/2015, published in the Official Gazette on January 4, 2016, which amended the Argentina Digital Act creating the National Communication Agency (ENACOM), which is the continuation of the Federal Authority for ICTs (Autoridad Federal de Tecnolog&#237;as de la Informaci&#243;n y las Comunicaciones).  </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">By the Decree of Need and Urgency No. 690/2020 ("DNU 690/2020"), it was resolved to amend Law 27078, establishing that Information and Communication Technology Services and Access to telecommunications networks for and among licensees are essential and strategic public services. At the same time, it determined that the prices of ICT essential and strategic public services will be regulated by the authority. Finally, it incorporated mobile communication services as public services. In connection with DNU 690/2020, Telef&#243;nica de Argentina, S.A. and Telef&#243;nica M&#243;viles Argentina, S.A. (collectively, &#8220;Telef&#243;nica&#8221;) were forced to file a lawsuit against the Argentine State, in connection with a series of contracts for licenses to provide services and spectrum use authorizations entered into between Telef&#243;nica and the Argentine State, including the licenses resulting from the 2014 spectrum auction.  </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Finally, DNU 302/24 repealed DNU 690/2020 and amended the following articles of Law 27078: Article 48, which eliminated price regulation; Article 54, which was amended to leave only the basic telephone service as a public service; and finally, Article 15 of the Law, which was repealed. Finally, in August 2023, the injunction was again extended until February 2, 2024. The lawsuit initiated by Telef&#243;nica Argentina is ongoing as of the date of this Annual Report.   </span><span style="color:#006476;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Licenses </span><span style="color:#006476;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%"> </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The main licenses and concessions to use spectrum are shown in the table at the end of this Annex. </span><span style="color:#006476;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span></div></ix:continuation><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">F-211</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><ix:continuation id="f-10418-17" continuedAt="f-10418-18"><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Additionally, Telef&#243;nica de Argentina has licenses for an indefinite period of time for the provision of communications services; local telephone services; long-distance national and international, telex, international communication and data transfer services; national and international value-added services, and other telecommunication services provided by the different license agreements entered into with the National State, and administrative acts entered into with the National State. </span><span style="color:#006476;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">  </span></div><div style="margin-bottom:9pt;margin-top:9pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Roaming</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">By means of Law 27.497 (BO 10/01/2019) the Economic Complementation Agreement No.35 between the States part of Mercosur and the Republic of Chile was approved, which includes the Commercial Agreement between the Republic of Chile and the Republic of Argentina by which these countries are obligated to implement the international roaming services in the territory of the other party with the same tariffs or prices they charge for the mobile services in their own country. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Finally, by means of Resolution ENACOM 927/2020, the International Roaming Regime between the Republic of Argentina and the Republic of Chile was approved, establishing as from August 29, 2020, the price for international roaming service between the two countries as a local service. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Law 27.740 (BO 02/05/2024) approved the Agreement for the Elimination of International Roaming Charges for End Users of Mercosur- Argentina, Brazil, Uruguay, and Paraguay, signed on July 17, 2019. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">This agreement establishes, among other things, that mobile service providers must apply to their end users the same prices they charge in their own country, according to the modality and plan contracted by each one. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The technical implementing regulations are still pending, so the agreement can be effectively implemented. </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Prices and tariffs </span><span style="color:#006476;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%"> </span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">With the enactment of DNU 302/ 2024, which supersedes DNU 690/ 2020, licensees are now able to freely set their own prices, on fair and reasonable, terms to cover exploitation costs and aim to an efficient provision and a reasonable operation margin. In this sense, the Authority of Application no longer has to authorize them.  </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On December 21, 2020, the BO published the ENACOM Resolution No. 1467/2020, which regulates the Mandatory Universal Basic Provision (PBU) for fixed and mobile telephone services, internet services and radio broadcasting by subscription through physical or radio links. Both the PBU benefits and the prices are established by the control authority. Only a certain group of persons who are covered by the cases set by the regulation (social plans beneficiaries, unemployed, etc.) may have access to the PBU. Although DNU 690/ 2020 has repealed the requirement for the establishment of the PBU, Resolution ENACOM 1467/ 2020 on the establishment of the PBU has not been repealed to date.  </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Interconnection </span><span style="color:#006476;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%"> </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The National Entity of Communications (ENACOM) has the power to control interconnection prices and tariffs, and also to set them in order to the general costs or other compensation mechanism. </span><span style="color:#006476;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Ministry of Modernization issued resolution 286/2018 establishing a new interconnection regulation. Based on this, ENACOM set a local origination or termination rate in the Fixed Telephony Service's networks equivalent to 0.0045 dollars per minute, for the local transit service an interim rate equivalent 0.0010 dollars per minute and for the service of long distance transport an interim rate equivalent to 0.0027 dollars per minute. A rate of 0.0108 dollars per minute applies to local origination or termination services in mobile networks. For all cases, the second was set as the appraisal unit of measurement. </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Colombia </span><span style="color:#006476;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%"> </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">General regulatory framework </span><span style="color:#006476;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%"> </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In Colombia there are different agencies responsible for decision-making in the Information Technology and Communications sector (ICT), among them are the Ministry of Information and Communication Technologies (MinTIC), the Communications Regulation Commission (CRC), the National Spectrum Agency (ANE), the Superintendence of Industry and Commerce (SIC). </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Through Law 1341 of July 30, 2009, principles and concepts applicable to Information societies and the Organization of Information and Communications Technologies -ICT- are defined, the National Spectrum Agency is </span></div></ix:continuation><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">F-212</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><ix:continuation id="f-10418-18" continuedAt="f-10418-19"><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">created and other provisions are issued and establishes the general framework for the formulation of public policies in the Information Technology and Communications sector. This Law was amended by Law 1978 of 2019, ICT sector is modernized, the competences are distributed and a single regulator is created, with the purpose of encouraging investment in the sector and focus on connectivity, creating more and better services, as well as unifying the regulatory framework and strengthening public television and radio. </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Likewise, article 10 of Law 1341 of 2009 establishes the general rating regime for the provision of telecommunications networks and services, this rating is understood to be formally assorted, when the interested party is registered in the ICT register, provided by Article 15 of the abovementioned Law, in the same way. With the reform of this Law carried out with the Law 1978 of 2019, the subscription television service is included as provision of telecommunications networks and services and by virtue of the provisions of the transition regime established by such last mentioned regulation, the operators that to date of its publication, had concession contracts for the provision of television can qualify for general authorization and provide services in an environment of technological neutrality. In addition, telecommunication services continue to be public services in charge of the State, and Internet access has been declared an essential public service by Law 2108 of 2021. </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Also, in accordance with the provisions of Article 11 of the Law 1341 of 2009, the use of the spectrum requires prior, express and granted permission by the MinTIC. As of 2019, with the amendment of Article 8 of the Law 1978, the validity of the use permit is extended of spectrum and its renewal from 10 to 20 years. The regulation provides that the granting or renewal of the permit to use a segment of the radio spectrum will result in payment, in favor of the Information and Communications Technology Fund and in charge of the permit holder. With the amendment of 2019, this consideration may be partially paid, up to 60% of the total amount, through the execution of obligations to do, to expand the quality, capacity and coverage of the service, which benefits the poor and vulnerable population, or in remote areas, in public schools located in rural areas and other official institutions such as health centers and public libraries, as well as providing emergency networks. </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On the other hand, the Colombian competition law is included in Law No. 155/1959, Decree No. 2153/1992 and Law No. 1340/2009 on restrictive trade practices.  </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Licenses </span><span style="color:#006476;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%"> </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The main concessions and licenses for spectrum use are reflected in the table, at the end of the Annex. </span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Telefonica applied in 2021 for the renewal of the permit for 15 MHz of spectrum in the 1900 MHz band, which was valid until October 18, 2021. For the renewal, on October 19, 2021 the MinTIC issued the resolution 2803 setting the price of renewal for <ix:nonNumeric contextRef="c-4950" name="tef:RegulatoryOperationsPossibleTermExtension" format="ixt-sec:duryear" id="f-10466">20</ix:nonNumeric> years .Telef&#243;nica appealed this resolution and the Ministry resolved, through Resolution 2143 of 2022, to decrease the renewal cost and eliminate the technological update obligations considered in the resolution of October 2021. Telef&#243;nica filed a request for direct revocation of the Resolution 2143, which was denied through Resolution 4454 of 2022. </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On the other hand, the company has processed in June 2023, the renewal of the permit for 30 MHz in the AWS band that was assigned in resolutions 2625 and 4121 of 2013. Likewise, in September 2023, it processed the renewal of the permits for 25 MHz in the 850 MHz band and 15 MHz in the 1900 band that were assigned through resolution 597 of 2014. The national norm allows that while the definitive conditions of these renewals are closed, the spectrum is used normally. For the AWS band, MinTIC renewed the license by Resolution No. 01053 of April 2024, and resolved the appeal filed by Resolution No. 3046 of August 2024. For the 850 and 1900 MHz bands, by Resolution No. 2657 of July 2024, MinTIC renewed the authorization for 18 months, from March 29, 2024, to September 28, 2025, for <ix:nonFraction unitRef="cop" contextRef="c-4951" decimals="-6" name="tef:RegulatoryOperationsLicenseAgreementPaymentToRenewSpectrumLicense" format="ixt:num-dot-decimal" scale="6" id="f-10467">132,437</ix:nonFraction> million Colombian pesos (approximately 29 million euros at the exchange rate of December 31, 2024). </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In 2022, the MinTIC determined the maximum spectrum caps per provider of telecommunications networks and services for use in terrestrial mobile services (IMT) setting them at: 50 MHz for the low bands (below 1 GHz), 100 MHz for the medium bands (between 1 GHz and below 3 GHz), and 100 MHz for the medium-high bands (between 3 GHz and 6 GHz). In 2023, the MinTIC established that the calculation of the caps includes companies belonging to the same group of companies. </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Then, through MinTIC Resolutions 3947, 4138 and 4185 of 2023, it was declared open and established the requirements, conditions and procedure for the objective selection process through the auction mechanism, to grant permits for the use of the radio spectrum at national level, in the 700 MHz, 1900 MHz, extended AWS, 2500 MHz and 3500 MHz bands. The spectrum available was: 10 MHz in the 700 MHz and 1900 MHz bands, 30 MHz in the 2500 MHz and extended AWS bands, and 320 MHz in the 3500 MHz band.  </span></div></ix:continuation><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">F-213</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><ix:continuation id="f-10418-19" continuedAt="f-10418-20"><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In the auction conditions, the MinTIC accepted a recommendation from the competition authority not to allow Claro, as the dominant operator, to choose its location within the 3.5GHz band, so the Ministry defined it after the other participants chose their location.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The MinTIC held the auction on December 20, 2023 and Telef&#243;nica participated and acquired, in joint venture with Tigo (Colombia M&#243;vil S.A. E.S.P.), a block of 80 MHz in the 3.5 GHz band for the reserve value of <ix:nonFraction unitRef="cop" contextRef="c-4952" decimals="-9" name="tef:RegulatoryOperationsLicenseAcquisitionReserveValue" format="ixt:num-dot-decimal" scale="9" id="f-10468">318</ix:nonFraction>&#160;billion pesos, which includes the amount to be recognized for obligations to do. The acquired block has coverage obligations in primary and secondary roads, as well as to connect educational institutions through optical fiber, which must be executed within a maximum term of <ix:nonNumeric contextRef="c-4953" name="tef:RegulatoryOperationsLicenseAcquisitionConnectionExecutionTermMaximum" format="ixt-sec:durmonth" id="f-10469">18</ix:nonNumeric> months, extendable to <ix:nonNumeric contextRef="c-4953" name="tef:RegulatoryOperationsLicenseAcquisitionExtendableConnectionExecutionTerm" format="ixt-sec:durmonth" id="f-10470">24</ix:nonNumeric> months in some cases. The maximum value to be recognized by the Ministry for the execution of these obligations is <ix:nonFraction unitRef="cop" contextRef="c-4952" decimals="-6" name="tef:RegulatoryOperationsLicenseAcquisitionAmountToBeRecognizedForObligations" format="ixt:num-dot-decimal" scale="9" id="f-10471">69</ix:nonFraction>&#160;billion pesos. The other 3 blocks were assigned to Claro, WOM and Telecall, the new operator, and also include obligations to perform</span><span style="color:#2b3447;font-family:'Telefonica Sans',sans-serif;font-size:9.5pt;font-weight:400;line-height:120%">.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">By Resolution No. 497 of February 2024, the MinTIC granted UT Movistar Tigo the authorization to use the frequency spectrum. The teams of both companies are working to fulfill the obligations of the authorization.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On the other hand, Tigo and Telef&#243;nica created the Temporary Union UNIRED, which will manage the spectrum use permits to be used by the single mobile access network company. MinTIC, through Resolution No. 5194 of December 13, 2024, approved the assignment of the spectrum use permit held by Tigo in the 700 MHz band.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Interconnection </span><span style="color:#006476;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%"> </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Mobile and fixed operators in Colombia have the right to interconnect to other operators&#8217; networks. Before the intervention of regulatory authorities, operators must attempt direct negotiations. Interconnection must assure compliance with the objectives of non-discriminatory treatment, transparency, prices based on costs plus a reasonable profit and promotion of competition. </span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The conditions for access, use and interconnection of telecommunication networks are defined by the CRC in Resolution 6522 of 2022. This standard defines the signaling conditions that include the mandatory use of the SIP protocol in at least one node of the network;  access conditions on the part of content and application providers (PCA) or Technology Integrators for the provision of content. This resolution modifies some articles of user protection regime, in relation to the sending SMS and USSD for commercial and advertising purposes, while establishing new obligations for assignees of short codes, and modifying the content of the Basic Interconnection Offer (OBI) was also changed with regards to the guarantees, establishing the option of prepayment and the obligation to update them.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In addition, the remuneration conditions for mobile services are in accordance with CRC 7007 of 2022. The charges for termination in mobile networks, termination of text messages, and the remuneration of National Automatic Roaming and OMVs are reduced.  Bill and Keep will apply on remuneration of termination in mobile networks and SMS from May 1, 2025; it does not apply to the use of mobile networks by technology integrators, PCAs and international long-distance providers.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Prices and tariffs </span><span style="color:#006476;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%"> </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Technologies of Information and Communications Law provides for a free pricing system for communication services, unless there are market failures or quality problems. From 2016 retail tariffs for fix to mobile calls are no longer regulated except for TIGO (one of the commercial names under which Colombia Movil operates) which still holds concession for the provision of personal communication services (PCS's). </span><span style="color:#006476;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Peru </span><span style="color:#006476;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%"> </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">General regulatory framework </span><span style="color:#006476;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%"> </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The provision of telecommunications services in Peru is governed by the Telecommunications Law, its General Regulation and related regulations. In July 2012, the Peruvian Congress approved the Law of Promotion of the Broad Band and Construction of the National Fiber Optic Backbone, Law No. 29904. This Law declared both (i) the construction of a National Fiber Optic Backbone available to the government to make possible the connectivity by the broad band; and (ii) the access and use of the infrastructure associated with the public services of energy and hydrocarbon to facilitate the display of the telecommunication network for the provision of the broad band of public necessity. In addition, Law No. 29904 implied that operators of electric, transport and hydrocarbon infrastructure projects would have to install fiber optic that would be available to the government and given in concession to telecommunication operators. Also, this law established that a percentage of the capacity of the National Fiber Optic Backbone would be reserved to the government to satisfy its necessities. Additionally, this Law incorporated the </span></div></ix:continuation><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">F-214</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><ix:continuation id="f-10418-20" continuedAt="f-10418-21"><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">obligation of the Internet services providers to comply with the Net Neutrality regulations. In this sense, the NRA, the Organismo Supervisor de las Telecomunicaciones (OSIPTEL), adopted regulations aimed at providing clear guidelines on the implementation of the net neutrality regime adopted in Peru in 2012 that are in force since January 1, 2017. </span><span style="color:#006476;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Law No. 30083 was approved in September 2013, which seeks to strengthen competition in the public mobile market service by introducing MVNOs and mobile rural infrastructure operators (MRIO). Regulations developing the Act were published in August 2015. </span><span style="color:#006476;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In June 2023, Law 31809, Law for the Promotion of a Connected Peru, was approved, which seeks to establish measures to implement technological renovation and reduce the digital gap. The Law provides for a comprehensive review of the regulatory framework by OSIPTEL, with a view to its simplification, among other measures.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The general competition framework in Peru is based on the Legislative Decree No. 1034. This Law it is applied, in the telecommunication sector, by OSIPTEL. </span><span style="color:#006476;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In November 2019, the government approved the Prior Control of Business Concentration Operations, applicable for those mergers, acquisitions, constitution of joint ventures or the acquisition of productive assets of economic agents that produce effects that restrict competition in the National territory. This regulation entered into force in March 2021.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In compliance with such regulatory framework, on September 28, 2023, the request for approval of the share subscription agreements for the entry of a subsidiary of Kohlberg Kravis Roberts - KKR &amp; Co, Inc. and Entel Per&#250; S.A. in the capital stock of Pangeaco S.A.C., the Peruvian fiber optic wholesale company incorporated on March 4, 2020, was filed before INDECOPI. The application was admitted with conditions for processing by INDECOPI in September 2024.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Licenses </span><span style="color:#006476;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%"> </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The main licenses and concessions to use spectrum are shown in the table at the end of this Annex. </span><span style="color:#006476;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Telef&#243;nica del Per&#250; S.A.A faces <ix:nonFraction unitRef="process" contextRef="c-12" decimals="INF" name="tef:RegulatoryOperationsLicenseAgreementNumberOfConcessionRenewalProcesses" format="ixt-sec:numwordsen" scale="0" id="f-10472">six</ix:nonFraction> concession renewal processes which correspond to requests made between 2014 and 2020, all of them are pending of decisions on the part of the Ministry of Transportation and Communications (&#8220;MTC&#8221;). These concessions, according with Peruvian legislation, remain valid while the proceedings are still ongoing.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">One of these renewal processes corresponds to the fourth gradual renewal of the concessions for the provision of fixed telephony services, which must be reevaluated as Telef&#243;nica del Per&#250; S.A.A won the arbitration process against the MTC's decision to deny this renewal.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The cable distribution broadcasting service concessions were renewed in May 2016 until March 2032 and 2033, respectively.  </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On November 2020, the Ministry of Transportation and Communications granted Pangeaco, S.A.C. concession for the provision of telecommunications public services for a <ix:nonNumeric contextRef="c-4954" name="tef:RegulatoryOperationsLicenseAgreementConcessionPeriod" format="ixt-sec:durwordsen" id="f-10473">20-year</ix:nonNumeric> term, renewable. This Group company was created in March 2020 in order to provide all kind of telecommunications services, as well as to acquire, have and exploit telecommunications infrastructure. The company signed on January 15, 2021 the respective concession contract.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">With regards to 5G, in August 2024, the Peruvian government approved Legislative Decree 1627 which allows a special mechanism for the direct allocation of 5G spectrum without the need for a public tender in exchange for investment commitments, as long as the demand does not exceed the available spectrum. To this end, the MTC will make calls for interested parties to submit their expressions of interest. The MTC has hired the consultant in charge of the recovery of the band 3.5 GHz and published the draft regulation of the legislative decree in December 2024. It is estimated that in the first half of 2025 the MTC will carry out the special allocation mechanism for the 3.5 GHz spectrum. Operators with assigned spectrum in this band that submit an Expression of Interest, will surrender this spectrum which is valued in order to discount it from the commitments to be assumed for the new spectrum. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Wholesale regulation for Major Suppliers </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">OSIPTEL reviews the markets identified as priority (fixed Internet, mobile, pay TV and circuits) every 3 years in order to determine the existence of major suppliers (companies with market power) in such markets and to impose </span></div></ix:continuation><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">F-215</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><ix:continuation id="f-10418-21" continuedAt="f-10418-22"><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">obligations such as infrastructure sharing and services resale. On June 17, 2021, OSIPTEL resolved to declare Telef&#243;nica del Per&#250; S.A.A. and its Economic Group in the country as an important provider in the wholesale Pay TV market in <ix:nonFraction unitRef="market" contextRef="c-4955" decimals="INF" name="tef:NumberOfRegionalMarketAsImportantProviderOfServices" scale="0" id="f-10474">10</ix:nonFraction> regional markets. Telef&#243;nica del Per&#250; S.A.A. won an appeal for reconsideration against this decision, eliminating the obligation of sharing/reselling content. Currently, the review of the process of determination of important suppliers in the fixed Internet market is in progress, market in which Telef&#243;nica del Per&#250; S.A.A. and its economic Group in the country have been declared important suppliers in fixed Internet via xDSL and/or HFC technologies for speeds lower than 50 Mbps at national level in the last review carried out in 2019. In November 2024, OSIPTEL published a draft resolution concluding that there would be no major providers in the fixed fiber internet market.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Prices and tariffs </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Tariffs for fixed local telephony and long distance services are adjusted every three months considering services baskets, pursuant to a price cap formula from inflation and a productivity and must be approved by OSIPTEL in accordance with a price cap formula based on a productivity factor. For the period from September 2022 to August 2025, the productivity factor applicable to the tariff adjustments corresponding to the quarters September - November, December - February and March - May of each year would be equal to inflation (no tariff adjustments will be made).  Likewise, for the tariff adjustment corresponding to the June - August quarter, a reference productivity factor equivalent to -2.95% is considered; in this case, only if the annual variation of inflation is higher or lower than the absolute value of the reference factor +/- 1% will the respective tariff adjustment be made. OSIPTEL has started a new process of setting the productivity factor for the period from September 2025 to August 2028.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Rates charged by mobile providers to their customers have been subject to a free tariff regime supervised by OSIPTEL. Tariffs must be reported to OSIPTEL prior to implementation. On 2011, OSIPTEL approved a new price cap system by which the operators of fixed services determine the rates of the local fixed-mobile calls. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Such tariff is adjusted periodically for Telef&#243;nica del Per&#250; S.A.A. each time the mobile interconnection charge is adjusted. In June 2024, OSIPTEL published the adjustment of this cap rate, deciding to hold its value in 0.0004 PEN per second without VAT. Likewise, pursuant to the provisions of Law 31487, OSIPTEL initiated a process to set and/or review the cap rates for service reconnection and those derived from the rules of conditions of use. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In October 2024, it set the maximum rate for reconnection of the service at 3.88 PEN, excluding VAT. OSIPTEL has suspended the application of said tariff until February 14, 2025, while it is evaluating appeals filed by Telef&#243;nica del Per&#250; S.A.A. and other operators on this decision.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Interconnection </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On May 2022, OSIPTEL published the amendment of the MTR, at 0.00129 U.S. dollars per minute rated at the second, which is applicable as of May 4, 2022 and applies to all mobile service operators. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In June 2023, OSIPTEL, after 4 years since the last revision, published the rule that established the new value for 5 interconnection charges: (i) fixed interconnection charge; (ii) local switched transport; (iii) national long distance switched transport; (iv) interconnection links and; (v) network adequacy. These charges became effective as of June 5, 2022 and are applicable to all operators that provide interconnection services.</span></div></ix:continuation><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">F-216</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><ix:continuation id="f-10418-22" continuedAt="f-10418-23"><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Main concessions and licenses held by the Telef&#243;nica Group </span></div><ix:nonNumeric contextRef="c-1" name="ifrs-full:DisclosureOfDetailedInformationAboutServiceConcessionArrangementsExplanatory" id="f-10475" continuedAt="f-10475-1" escape="true"><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The following tables list the concessions and licenses as of December 31, 2024 to use spectrum for mobile services and selected other applications in each country. </span></div><div style="margin-top:9pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"/><td style="width:33.402%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:7.818%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:7.671%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:15.274%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:2.554%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:23.315%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:2.266%"/><td style="width:0.1%"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="border-top:1pt solid #7c877c;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">EUROPE</span></td><td colspan="3" style="border-top:1pt solid #7c877c;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Frequency</span></td><td colspan="3" style="border-top:1pt solid #7c877c;padding:0 1pt"/><td colspan="3" style="border-top:1pt solid #7c877c;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Bandwidth (MHz)</span></td><td colspan="3" style="border-top:1pt solid #7c877c;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:1pt solid #7c877c;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Year of Exp. Date</span></td><td colspan="3" style="border-top:1pt solid #7c877c;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="border-top:1pt solid #7c877c;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Spain</span></td><td colspan="2" style="border-top:1pt solid #7c877c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="mhz_frequency" contextRef="c-4956" decimals="0" name="tef:RegulatoryOperationsConcessionsandLicensesFrequency" scale="0" id="f-10476">700</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #7c877c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="border-top:1pt solid #7c877c;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">MHz</span></td><td colspan="2" style="border-top:1pt solid #7c877c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="mhz_band" contextRef="c-4956" decimals="INF" name="tef:RegulatoryOperationsConcessionsandLicenseBandwidth" scale="0" id="f-10477">20</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #7c877c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="border-top:1pt solid #7c877c;padding:0 1pt"/><td colspan="3" style="border-top:1pt solid #7c877c;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2041</span></td><td colspan="3" style="border-top:1pt solid #7c877c;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:2pt"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(1)</span></div></td><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="padding:0 1pt"/><td colspan="2" style="border-top:0.25pt solid #7c877c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="mhz_frequency" contextRef="c-4957" decimals="0" name="tef:RegulatoryOperationsConcessionsandLicensesFrequency" scale="0" id="f-10478">800</ix:nonFraction>&#160;</span></td><td style="border-top:0.25pt solid #7c877c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">MHz</span></td><td colspan="2" style="border-top:0.25pt solid #7c877c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="mhz_band" contextRef="c-4957" decimals="INF" name="tef:RegulatoryOperationsConcessionsandLicenseBandwidth" scale="0" id="f-10479">20</ix:nonFraction>&#160;</span></td><td style="border-top:0.25pt solid #7c877c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:0 1pt"/><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2041</span></td><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:2pt"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(2)</span></div></td><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td colspan="2" style="border-top:0.25pt solid #7c877c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="mhz_frequency" contextRef="c-4958" decimals="0" name="tef:RegulatoryOperationsConcessionsandLicensesFrequency" scale="0" id="f-10480">900</ix:nonFraction>&#160;</span></td><td style="border-top:0.25pt solid #7c877c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">MHz</span></td><td colspan="2" style="border-top:0.25pt solid #7c877c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="mhz_band" contextRef="c-4958" decimals="INF" name="tef:RegulatoryOperationsConcessionsandLicenseBandwidth" scale="0" id="f-10481">29.6</ix:nonFraction>&#160;</span></td><td style="border-top:0.25pt solid #7c877c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:0 1pt"/><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2040</span></td><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:2pt"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(2)</span></div></td><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="mhz_frequency" contextRef="c-4959" decimals="0" name="tef:RegulatoryOperationsConcessionsandLicensesFrequency" scale="0" id="f-10482">1800</ix:nonFraction></span></td><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">MHz</span></td><td colspan="2" style="border-top:0.25pt solid #7c877c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="mhz_band" contextRef="c-4959" decimals="INF" name="tef:RegulatoryOperationsConcessionsandLicenseBandwidth" scale="0" id="f-10483">40</ix:nonFraction>&#160;</span></td><td style="border-top:0.25pt solid #7c877c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:0 1pt"/><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2038</span></td><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:2pt"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(2)</span></div></td><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="mhz_frequency" contextRef="c-4960" decimals="0" name="tef:RegulatoryOperationsConcessionsandLicensesFrequency" scale="0" id="f-10484">1900</ix:nonFraction></span></td><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">MHz (TDD)</span></td><td colspan="2" style="border-top:0.25pt solid #7c877c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="mhz_band" contextRef="c-4960" decimals="INF" name="tef:RegulatoryOperationsConcessionsandLicenseBandwidth" scale="0" id="f-10485">5</ix:nonFraction>&#160;</span></td><td style="border-top:0.25pt solid #7c877c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:0 1pt"/><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2040</span></td><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:2pt"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(2)</span></div></td><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="mhz_frequency" contextRef="c-4961" decimals="0" name="tef:RegulatoryOperationsConcessionsandLicensesFrequency" scale="0" id="f-10486">2100</ix:nonFraction></span></td><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">MHz</span></td><td colspan="2" style="border-top:0.25pt solid #7c877c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="mhz_band" contextRef="c-4961" decimals="INF" name="tef:RegulatoryOperationsConcessionsandLicenseBandwidth" scale="0" id="f-10487">29.6</ix:nonFraction>&#160;</span></td><td style="border-top:0.25pt solid #7c877c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:0 1pt"/><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2040</span></td><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:2pt"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(2)</span></div></td><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="mhz_frequency" contextRef="c-4962" decimals="0" name="tef:RegulatoryOperationsConcessionsandLicensesFrequency" scale="0" id="f-10488">2600</ix:nonFraction></span></td><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">MHz</span></td><td colspan="2" style="border-top:0.25pt solid #7c877c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="mhz_band" contextRef="c-4962" decimals="INF" name="tef:RegulatoryOperationsConcessionsandLicenseBandwidth" scale="0" id="f-10489">40</ix:nonFraction>&#160;</span></td><td style="border-top:0.25pt solid #7c877c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:0 1pt"/><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2040</span></td><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:2pt"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(2)</span></div></td><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="mhz_frequency" contextRef="c-4963" decimals="0" name="tef:RegulatoryOperationsConcessionsandLicensesFrequency" scale="0" id="f-10490">2600</ix:nonFraction></span></td><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">MHz</span></td><td colspan="2" style="border-top:0.25pt solid #7c877c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="mhz_band" contextRef="c-4963" decimals="INF" name="tef:RegulatoryOperationsConcessionsandLicenseBandwidth" scale="0" id="f-10491">20</ix:nonFraction>&#160;</span></td><td style="border-top:0.25pt solid #7c877c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:2pt"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(3)</span></div></td><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2040</span></td><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:2pt"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(2)</span></div></td><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="mhz_frequency" contextRef="c-4964" decimals="0" name="tef:RegulatoryOperationsConcessionsandLicensesFrequency" scale="0" id="f-10492">2600</ix:nonFraction></span></td><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">MHz (TDD)</span></td><td colspan="2" style="border-top:0.25pt solid #7c877c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="mhz_band" contextRef="c-4964" decimals="INF" name="tef:RegulatoryOperationsConcessionsandLicenseBandwidth" scale="0" id="f-10493">10</ix:nonFraction>&#160;</span></td><td style="border-top:0.25pt solid #7c877c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:2pt"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(4)</span></div></td><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2040</span></td><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:2pt"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(2)</span></div></td><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="ghz_frequency" contextRef="c-4965" decimals="1" name="tef:RegulatoryOperationsConcessionsandLicensesFrequency" scale="0" id="f-10494">3.5</ix:nonFraction></span></td><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">GHz (TDD)</span></td><td colspan="2" style="border-top:0.25pt solid #7c877c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="ghz_spectrum_band" contextRef="c-4965" decimals="INF" name="tef:RegulatoryOperationsConcessionsandLicenseBandwidth" scale="0" id="f-10495">40</ix:nonFraction>&#160;</span></td><td style="border-top:0.25pt solid #7c877c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:0 1pt"/><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2040</span></td><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:2pt"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(2)</span></div></td><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="ghz_frequency" contextRef="c-4966" decimals="1" name="tef:RegulatoryOperationsConcessionsandLicensesFrequency" scale="0" id="f-10496">3.5</ix:nonFraction></span></td><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">GHz (TDD)</span></td><td colspan="2" style="border-top:0.25pt solid #7c877c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="ghz_spectrum_band" contextRef="c-4966" decimals="INF" name="tef:RegulatoryOperationsConcessionsandLicenseBandwidth" scale="0" id="f-10497">10</ix:nonFraction>&#160;</span></td><td style="border-top:0.25pt solid #7c877c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:0 1pt"/><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2048</span></td><td colspan="3" style="border-top:1pt solid #969696;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:2pt"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(2)</span></div></td><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="ghz_frequency" contextRef="c-4967" decimals="1" name="tef:RegulatoryOperationsConcessionsandLicensesFrequency" scale="0" id="f-10498">3.5</ix:nonFraction></span></td><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">GHz (TDD)</span></td><td colspan="2" style="border-top:0.25pt solid #7c877c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="ghz_spectrum_band" contextRef="c-4967" decimals="INF" name="tef:RegulatoryOperationsConcessionsandLicenseBandwidth" scale="0" id="f-10499">50</ix:nonFraction>&#160;</span></td><td style="border-top:0.25pt solid #7c877c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:0 1pt"/><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2048</span></td><td colspan="3" style="border-top:1pt solid #969696;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:2pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(2)</span></div></td><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="ghz_frequency" contextRef="c-4968" decimals="1" name="tef:RegulatoryOperationsConcessionsandLicensesFrequency" scale="0" id="f-10500">26</ix:nonFraction></span></td><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">GHz (TDD)</span></td><td colspan="2" style="border-top:0.25pt solid #7c877c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="ghz_spectrum_band" contextRef="c-4968" decimals="INF" name="tef:RegulatoryOperationsConcessionsandLicenseBandwidth" format="ixt:num-dot-decimal" scale="0" id="f-10501">1,000</ix:nonFraction>&#160;</span></td><td style="border-top:0.25pt solid #7c877c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:0 1pt"/><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2043</span></td><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:2pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(1)</span></div></td><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="border-top:1pt solid #7c877c;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">United Kingdom (5)</span></td><td colspan="2" style="border-top:1pt solid #7c877c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="mhz_frequency" contextRef="c-4969" decimals="0" name="tef:RegulatoryOperationsConcessionsandLicensesFrequency" scale="0" id="f-10502">700</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #7c877c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="border-top:1pt solid #7c877c;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">MHz</span></td><td colspan="2" style="border-top:1pt solid #7c877c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="mhz_band" contextRef="c-4969" decimals="INF" name="tef:RegulatoryOperationsConcessionsandLicenseBandwidth" scale="0" id="f-10503">20</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #7c877c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="border-top:1pt solid #7c877c;padding:0 1pt"/><td colspan="3" style="border-top:1pt solid #7c877c;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Indefinite</span></td><td colspan="3" style="border-top:1pt solid #7c877c;padding:0 1pt"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="mhz_frequency" contextRef="c-4970" decimals="0" name="tef:RegulatoryOperationsConcessionsandLicensesFrequency" scale="0" id="f-10504">800</ix:nonFraction></span></td><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">MHz</span></td><td colspan="2" style="border-top:0.25pt solid #7c877c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="mhz_band" contextRef="c-4970" decimals="INF" name="tef:RegulatoryOperationsConcessionsandLicenseBandwidth" scale="0" id="f-10505">20</ix:nonFraction>&#160;</span></td><td style="border-top:0.25pt solid #7c877c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:0 1pt"/><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Indefinite</span></td><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:0 1pt"><div style="margin-bottom:2pt"><span><br/></span></div></td><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td colspan="2" style="border-top:0.25pt solid #7c877c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="mhz_frequency" contextRef="c-4971" decimals="0" name="tef:RegulatoryOperationsConcessionsandLicensesFrequency" scale="0" id="f-10506">900</ix:nonFraction>&#160;</span></td><td style="border-top:0.25pt solid #7c877c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">MHz</span></td><td colspan="2" style="border-top:0.25pt solid #7c877c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="mhz_band" contextRef="c-4971" decimals="INF" name="tef:RegulatoryOperationsConcessionsandLicenseBandwidth" scale="0" id="f-10507">34.8</ix:nonFraction>&#160;</span></td><td style="border-top:0.25pt solid #7c877c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:0 1pt"/><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Indefinite</span></td><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:0 1pt"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="mhz_frequency" contextRef="c-4972" decimals="0" name="tef:RegulatoryOperationsConcessionsandLicensesFrequency" scale="0" id="f-10508">1800</ix:nonFraction></span></td><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">MHz</span></td><td colspan="2" style="border-top:0.25pt solid #7c877c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="mhz_band" contextRef="c-4972" decimals="INF" name="tef:RegulatoryOperationsConcessionsandLicenseBandwidth" scale="0" id="f-10509">11.6</ix:nonFraction>&#160;</span></td><td style="border-top:0.25pt solid #7c877c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:0 1pt"/><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Indefinite</span></td><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:0 1pt"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="mhz_frequency" contextRef="c-4973" decimals="0" name="tef:RegulatoryOperationsConcessionsandLicensesFrequency" scale="0" id="f-10510">1900</ix:nonFraction></span></td><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">MHz (TDD)</span></td><td colspan="2" style="border-top:0.25pt solid #7c877c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="mhz_band" contextRef="c-4973" decimals="INF" name="tef:RegulatoryOperationsConcessionsandLicenseBandwidth" scale="0" id="f-10511">5</ix:nonFraction>&#160;</span></td><td style="border-top:0.25pt solid #7c877c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:0 1pt"/><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2029</span></td><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:2pt"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(6)</span></div></td><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="mhz_frequency" contextRef="c-4974" decimals="0" name="tef:RegulatoryOperationsConcessionsandLicensesFrequency" scale="0" id="f-10512">2100</ix:nonFraction></span></td><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">MHz</span></td><td colspan="2" style="border-top:0.25pt solid #7c877c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="mhz_band" contextRef="c-4974" decimals="INF" name="tef:RegulatoryOperationsConcessionsandLicenseBandwidth" scale="0" id="f-10513">20</ix:nonFraction>&#160;</span></td><td style="border-top:0.25pt solid #7c877c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:0 1pt"/><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Indefinite</span></td><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:0 1pt"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="mhz_frequency" contextRef="c-4975" decimals="0" name="tef:RegulatoryOperationsConcessionsandLicensesFrequency" scale="0" id="f-10514">2300</ix:nonFraction></span></td><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">MHz (TDD)</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="mhz_band" contextRef="c-4975" decimals="INF" name="tef:RegulatoryOperationsConcessionsandLicenseBandwidth" scale="0" id="f-10515">40</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:0 1pt"/><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Indefinite</span></td><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:0 1pt"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="mhz_frequency" contextRef="c-4976" decimals="0" name="tef:RegulatoryOperationsConcessionsandLicensesFrequency" scale="0" id="f-10516">2600</ix:nonFraction></span></td><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">MHz (TDD)</span></td><td colspan="2" style="border-top:0.25pt solid #7c877c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="mhz_band" contextRef="c-4976" decimals="INF" name="tef:RegulatoryOperationsConcessionsandLicenseBandwidth" scale="0" id="f-10517">25</ix:nonFraction>&#160;</span></td><td style="border-top:0.25pt solid #7c877c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:0 1pt"/><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Indefinite</span></td><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:0 1pt"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="ghz_frequency" contextRef="c-4977" decimals="1" name="tef:RegulatoryOperationsConcessionsandLicensesFrequency" scale="0" id="f-10518">3.5</ix:nonFraction></span></td><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">GHz (TDD)</span></td><td colspan="2" style="border-top:0.25pt solid #7c877c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="ghz_spectrum_band" contextRef="c-4977" decimals="INF" name="tef:RegulatoryOperationsConcessionsandLicenseBandwidth" scale="0" id="f-10519">40</ix:nonFraction>&#160;</span></td><td style="border-top:0.25pt solid #7c877c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:0 1pt"/><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Indefinite</span></td><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:0 1pt"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="ghz_frequency" contextRef="c-4978" decimals="1" name="tef:RegulatoryOperationsConcessionsandLicensesFrequency" scale="0" id="f-10520">3.5</ix:nonFraction></span></td><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">GHz (TDD)</span></td><td colspan="2" style="border-top:0.25pt solid #7c877c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="ghz_spectrum_band" contextRef="c-4978" decimals="INF" name="tef:RegulatoryOperationsConcessionsandLicenseBandwidth" scale="0" id="f-10521">40</ix:nonFraction>&#160;</span></td><td style="border-top:0.25pt solid #7c877c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:0 1pt"/><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Indefinite</span></td><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:0 1pt"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="border-top:1pt solid #7c877c;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Germany</span></td><td colspan="2" style="border-top:1pt solid #7c877c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="mhz_frequency" contextRef="c-4979" decimals="0" name="tef:RegulatoryOperationsConcessionsandLicensesFrequency" scale="0" id="f-10522">700</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #7c877c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="border-top:1pt solid #7c877c;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">MHz</span></td><td colspan="2" style="border-top:1pt solid #7c877c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="mhz_band" contextRef="c-4979" decimals="INF" name="tef:RegulatoryOperationsConcessionsandLicenseBandwidth" scale="0" id="f-10523">20</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #7c877c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="border-top:1pt solid #7c877c;padding:0 1pt"/><td colspan="3" style="border-top:1pt solid #7c877c;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2033</span></td><td colspan="3" style="border-top:1pt solid #7c877c;padding:0 1pt"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td colspan="2" style="border-top:0.25pt solid #7c877c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="mhz_frequency" contextRef="c-4980" decimals="0" name="tef:RegulatoryOperationsConcessionsandLicensesFrequency" scale="0" id="f-10524">800</ix:nonFraction>&#160;</span></td><td style="border-top:0.25pt solid #7c877c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">MHz</span></td><td colspan="2" style="border-top:0.25pt solid #7c877c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="mhz_band" contextRef="c-4980" decimals="INF" name="tef:RegulatoryOperationsConcessionsandLicenseBandwidth" scale="0" id="f-10525">20</ix:nonFraction>&#160;</span></td><td style="border-top:0.25pt solid #7c877c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:0 1pt"/><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2025</span></td><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:0 1pt"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td colspan="2" style="border-top:0.25pt solid #7c877c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="mhz_frequency" contextRef="c-4981" decimals="0" name="tef:RegulatoryOperationsConcessionsandLicensesFrequency" scale="0" id="f-10526">900</ix:nonFraction>&#160;</span></td><td style="border-top:0.25pt solid #7c877c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">MHz</span></td><td colspan="2" style="border-top:0.25pt solid #7c877c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="mhz_band" contextRef="c-4981" decimals="INF" name="tef:RegulatoryOperationsConcessionsandLicenseBandwidth" scale="0" id="f-10527">20</ix:nonFraction>&#160;</span></td><td style="border-top:0.25pt solid #7c877c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:0 1pt"/><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2033</span></td><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:0 1pt"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="mhz_frequency" contextRef="c-4982" decimals="0" name="tef:RegulatoryOperationsConcessionsandLicensesFrequency" scale="0" id="f-10528">1800</ix:nonFraction></span></td><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">MHz</span></td><td colspan="2" style="border-top:0.25pt solid #7c877c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="mhz_band" contextRef="c-4982" decimals="INF" name="tef:RegulatoryOperationsConcessionsandLicenseBandwidth" scale="0" id="f-10529">20</ix:nonFraction>&#160;</span></td><td style="border-top:0.25pt solid #7c877c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:0 1pt"/><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2033</span></td><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:0 1pt"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="mhz_frequency" contextRef="c-4983" decimals="0" name="tef:RegulatoryOperationsConcessionsandLicensesFrequency" scale="0" id="f-10530">1800</ix:nonFraction></span></td><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">MHz</span></td><td colspan="2" style="border-top:0.25pt solid #7c877c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="mhz_band" contextRef="c-4983" decimals="INF" name="tef:RegulatoryOperationsConcessionsandLicenseBandwidth" scale="0" id="f-10531">20</ix:nonFraction>&#160;</span></td><td style="border-top:0.25pt solid #7c877c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:0 1pt"/><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2025</span></td><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:0 1pt"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="mhz_frequency" contextRef="c-4984" decimals="0" name="tef:RegulatoryOperationsConcessionsandLicensesFrequency" scale="0" id="f-10532">1900</ix:nonFraction></span></td><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">MHz (TDD)</span></td><td colspan="2" style="border-top:0.25pt solid #7c877c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="mhz_band" contextRef="c-4984" decimals="INF" name="tef:RegulatoryOperationsConcessionsandLicenseBandwidth" scale="0" id="f-10533">5</ix:nonFraction>&#160;</span></td><td style="border-top:0.25pt solid #7c877c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:0 1pt"/><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2025</span></td><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:0 1pt"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="mhz_frequency" contextRef="c-4985" decimals="0" name="tef:RegulatoryOperationsConcessionsandLicensesFrequency" scale="0" id="f-10534">2100</ix:nonFraction></span></td><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">MHz (TDD)</span></td><td colspan="2" style="border-top:0.25pt solid #7c877c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="mhz_band" contextRef="c-4985" decimals="INF" name="tef:RegulatoryOperationsConcessionsandLicenseBandwidth" scale="0" id="f-10535">14.2</ix:nonFraction>&#160;</span></td><td style="border-top:0.25pt solid #7c877c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:0 1pt"/><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2025</span></td><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:0 1pt"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="mhz_frequency" contextRef="c-4986" decimals="0" name="tef:RegulatoryOperationsConcessionsandLicensesFrequency" scale="0" id="f-10536">2100</ix:nonFraction></span></td><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">MHz</span></td><td colspan="2" style="border-top:0.25pt solid #7c877c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="mhz_band" contextRef="c-4986" decimals="INF" name="tef:RegulatoryOperationsConcessionsandLicenseBandwidth" scale="0" id="f-10537">10</ix:nonFraction>&#160;</span></td><td style="border-top:0.25pt solid #7c877c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:0 1pt"/><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2040</span></td><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:0 1pt"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="mhz_frequency" contextRef="c-4987" decimals="0" name="tef:RegulatoryOperationsConcessionsandLicensesFrequency" scale="0" id="f-10538">2100</ix:nonFraction></span></td><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">MHz</span></td><td colspan="2" style="border-top:0.25pt solid #7c877c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="mhz_band" contextRef="c-4987" decimals="INF" name="tef:RegulatoryOperationsConcessionsandLicenseBandwidth" scale="0" id="f-10539">30</ix:nonFraction>&#160;</span></td><td style="border-top:0.25pt solid #7c877c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:0 1pt"/><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2025</span></td><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:0 1pt"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="mhz_frequency" contextRef="c-4988" decimals="0" name="tef:RegulatoryOperationsConcessionsandLicensesFrequency" scale="0" id="f-10540">2600</ix:nonFraction></span></td><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">MHz</span></td><td colspan="2" style="border-top:0.25pt solid #7c877c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="mhz_band" contextRef="c-4988" decimals="INF" name="tef:RegulatoryOperationsConcessionsandLicenseBandwidth" scale="0" id="f-10541">60</ix:nonFraction>&#160;</span></td><td style="border-top:0.25pt solid #7c877c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:0 1pt"/><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2025</span></td><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:0 1pt"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:2px 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style="border-top:0.25pt solid #7c877c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:0 1pt"/><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2025</span></td><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:0 1pt"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="border-bottom:1pt solid #7c877c;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td colspan="2" style="border-bottom:1pt solid #7c877c;border-top:0.25pt solid #7c877c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="ghz_frequency" contextRef="c-4990" decimals="1" name="tef:RegulatoryOperationsConcessionsandLicensesFrequency" scale="0" id="f-10544">3.5</ix:nonFraction>&#160;</span></td><td style="border-bottom:1pt solid #7c877c;border-top:0.25pt solid #7c877c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="border-bottom:1pt solid #7c877c;border-top:0.25pt solid #7c877c;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">GHz (TDD)</span></td><td colspan="2" style="border-bottom:1pt solid #7c877c;border-top:0.25pt solid #7c877c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="ghz_spectrum_band" contextRef="c-4990" decimals="INF" name="tef:RegulatoryOperationsConcessionsandLicenseBandwidth" scale="0" id="f-10545">70</ix:nonFraction>&#160;</span></td><td style="border-bottom:1pt solid #7c877c;border-top:0.25pt solid #7c877c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="border-bottom:1pt solid #7c877c;border-top:0.25pt solid #7c877c;padding:0 1pt"/><td colspan="3" style="border-bottom:1pt solid #7c877c;border-top:0.25pt solid #7c877c;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2040</span></td><td colspan="3" style="border-bottom:1pt solid #7c877c;border-top:0.25pt solid #7c877c;padding:0 1pt"/><td colspan="3" style="display:none"/></tr></table></div><div style="text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:4.55pt;font-weight:400;line-height:120%;position:relative;top:-2.44pt;vertical-align:baseline">(1)</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:120%"> Initial term can be extended for <ix:nonNumeric contextRef="c-4956" name="tef:RegulatoryOperationsPossibleTermExtension" format="ixt-sec:duryear" id="f-10546"><ix:nonNumeric contextRef="c-4968" name="tef:RegulatoryOperationsPossibleTermExtension" format="ixt-sec:duryear" id="f-10547">20</ix:nonNumeric></ix:nonNumeric> additional years. </span></div><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:4.55pt;font-weight:400;line-height:112%;position:relative;top:-2.44pt;vertical-align:baseline">(2)</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:112%"> License extended <ix:nonNumeric contextRef="c-4958" name="tef:RegulatoryOperationsPossibleTermExtension" format="ixt-sec:duryear" id="f-10548"><ix:nonNumeric contextRef="c-4966" name="tef:RegulatoryOperationsPossibleTermExtension" format="ixt-sec:duryear" id="f-10549"><ix:nonNumeric contextRef="c-4963" name="tef:RegulatoryOperationsPossibleTermExtension" format="ixt-sec:duryear" id="f-10550"><ix:nonNumeric contextRef="c-4962" name="tef:RegulatoryOperationsPossibleTermExtension" format="ixt-sec:duryear" id="f-10551"><ix:nonNumeric contextRef="c-4961" name="tef:RegulatoryOperationsPossibleTermExtension" format="ixt-sec:duryear" id="f-10552"><ix:nonNumeric contextRef="c-4965" name="tef:RegulatoryOperationsPossibleTermExtension" format="ixt-sec:duryear" id="f-10553"><ix:nonNumeric contextRef="c-4957" name="tef:RegulatoryOperationsPossibleTermExtension" format="ixt-sec:duryear" id="f-10554"><ix:nonNumeric contextRef="c-4964" name="tef:RegulatoryOperationsPossibleTermExtension" format="ixt-sec:duryear" id="f-10555"><ix:nonNumeric contextRef="c-4959" name="tef:RegulatoryOperationsPossibleTermExtension" format="ixt-sec:duryear" id="f-10556"><ix:nonNumeric contextRef="c-4967" name="tef:RegulatoryOperationsPossibleTermExtension" format="ixt-sec:duryear" id="f-10557"><ix:nonNumeric contextRef="c-4960" name="tef:RegulatoryOperationsPossibleTermExtension" format="ixt-sec:duryear" id="f-10558">10</ix:nonNumeric></ix:nonNumeric></ix:nonNumeric></ix:nonNumeric></ix:nonNumeric></ix:nonNumeric></ix:nonNumeric></ix:nonNumeric></ix:nonNumeric></ix:nonNumeric></ix:nonNumeric> additional years by Ministerial Order of 20th June 2024. </span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:4.55pt;font-weight:400;line-height:120%;position:relative;top:-2.44pt;vertical-align:baseline">(3)</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:120%"> Regional licenses in Madrid and Melilla. </span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:4.55pt;font-weight:400;line-height:120%;position:relative;top:-2.44pt;vertical-align:baseline">(4)</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:120%"> National license excluding <ix:nonFraction unitRef="region" contextRef="c-4964" decimals="INF" name="tef:RegulatoryOperationsLicenseAmountsOfRegionsExcluded" scale="0" id="f-10559">2</ix:nonFraction> regions (Madrid and Melilla). </span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:4.55pt;font-weight:400;line-height:120%;position:relative;top:-2.44pt;vertical-align:baseline">(5)</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:120%"> These licenses are part of the joint venture with Liberty Global plc (VMED O2 UK Limited).</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:4.55pt;font-weight:400;line-height:120%;position:relative;top:-2.44pt;vertical-align:baseline">(6) </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:120%">It will expire in April 2029 after the 2024 announcement. This band has not been implemented for mobile use and will be allocated to other applications in accordance with ECC Decision (20)02.</span></div><div style="text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"/><td style="width:31.063%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:7.964%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:7.964%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:15.420%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:2.554%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:24.777%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:2.558%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="border-top:1pt solid #7c877c;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">BRAZIL </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:5.2pt;font-weight:700;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(1)</span></div></td><td colspan="3" style="border-top:1pt solid #7c877c;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Frequency</span></td><td colspan="3" style="border-top:1pt solid #7c877c;padding:0 1pt"/><td colspan="3" style="border-top:1pt solid #7c877c;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Bandwidth (MHz)</span></td><td colspan="3" style="border-top:1pt solid #7c877c;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:1pt solid #7c877c;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Year of Exp. Date</span></td><td colspan="3" style="border-top:1pt solid #7c877c;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #7c877c;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:1pt solid #7c877c;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="mhz_frequency" contextRef="c-4991" decimals="0" name="tef:RegulatoryOperationsConcessionsandLicensesFrequency" scale="0" id="f-10560">700</ix:nonFraction></span></td><td colspan="3" style="border-top:1pt solid #7c877c;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">MHz</span></td><td colspan="2" style="border-top:1pt solid #7c877c;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="mhz_band" contextRef="c-4991" decimals="INF" name="tef:RegulatoryOperationsConcessionsandLicenseBandwidth" scale="0" id="f-10561">20</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #7c877c;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"/><td colspan="3" style="border-top:1pt solid #7c877c;padding:0 1pt"/><td colspan="3" style="border-top:1pt solid #7c877c;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2029</span></td><td colspan="3" style="border-top:1pt solid #7c877c;padding:0 1pt"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="mhz_frequency" contextRef="c-4992" decimals="0" name="tef:RegulatoryOperationsConcessionsandLicensesFrequency" scale="0" id="f-10562">850</ix:nonFraction></span></td><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">MHz</span></td><td colspan="2" style="border-top:0.25pt solid #7c877c;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="mhz_band" contextRef="c-4992" decimals="INF" name="tef:RegulatoryOperationsConcessionsandLicenseBandwidth" scale="0" id="f-10563">25</ix:nonFraction>&#160;</span></td><td style="border-top:0.25pt solid #7c877c;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"/><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:2pt"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(2)</span></div></td><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2028</span></td><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:2pt"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(3)</span></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="mhz_frequency" contextRef="c-4993" decimals="0" name="tef:RegulatoryOperationsConcessionsandLicensesFrequency" scale="0" id="f-10564">900</ix:nonFraction></span></td><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">MHz</span></td><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="mhz_band" contextRef="c-4994" decimals="INF" name="tef:RegulatoryOperationsConcessionsandLicenseBandwidth" scale="0" id="f-10565">5</ix:nonFraction>-<ix:nonFraction unitRef="mhz_band" contextRef="c-4995" decimals="INF" name="tef:RegulatoryOperationsConcessionsandLicenseBandwidth" scale="0" id="f-10566">10</ix:nonFraction></span></div></td><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:2pt"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(4)</span></div></td><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2032-2035</span></td><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:2pt"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(5)</span></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="mhz_frequency" contextRef="c-4996" decimals="0" name="tef:RegulatoryOperationsConcessionsandLicensesFrequency" scale="0" id="f-10567">1800</ix:nonFraction></span></td><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">MHz</span></td><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="mhz_band" contextRef="c-4997" decimals="INF" name="tef:RegulatoryOperationsConcessionsandLicenseBandwidth" scale="0" id="f-10568">20</ix:nonFraction>-<ix:nonFraction unitRef="mhz_band" contextRef="c-4998" decimals="INF" name="tef:RegulatoryOperationsConcessionsandLicenseBandwidth" scale="0" id="f-10569">80</ix:nonFraction></span></div></td><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:2pt"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(6)</span></div></td><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2032-2035</span></td><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:2pt"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(5)</span></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="mhz_frequency" contextRef="c-4999" decimals="0" name="tef:RegulatoryOperationsConcessionsandLicensesFrequency" scale="0" id="f-10570">2100</ix:nonFraction></span></td><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">MHz</span></td><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="mhz_band" contextRef="c-5000" decimals="INF" name="tef:RegulatoryOperationsConcessionsandLicenseBandwidth" scale="0" id="f-10571">30</ix:nonFraction>-<ix:nonFraction unitRef="mhz_band" contextRef="c-5001" decimals="INF" name="tef:RegulatoryOperationsConcessionsandLicenseBandwidth" scale="0" id="f-10572">60</ix:nonFraction></span></div></td><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:2pt"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(6)</span></div></td><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2038</span></td><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:0 1pt"><div style="margin-bottom:2pt"><span><br/></span></div></td></tr><tr><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="mhz_frequency" contextRef="c-5002" decimals="0" name="tef:RegulatoryOperationsConcessionsandLicensesFrequency" scale="0" id="f-10573">2300</ix:nonFraction></span></td><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">MHz (TDD)</span></td><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="mhz_band" contextRef="c-5003" decimals="INF" name="tef:RegulatoryOperationsConcessionsandLicenseBandwidth" scale="0" id="f-10574">40</ix:nonFraction>-<ix:nonFraction unitRef="mhz_band" contextRef="c-5004" decimals="INF" name="tef:RegulatoryOperationsConcessionsandLicenseBandwidth" scale="0" id="f-10575">50</ix:nonFraction></span></div></td><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:2pt"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(7)</span></div></td><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2041</span></td><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:0 1pt"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="mhz_frequency" contextRef="c-5005" decimals="0" name="tef:RegulatoryOperationsConcessionsandLicensesFrequency" scale="0" id="f-10576">2500</ix:nonFraction></span></td><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">MHz</span></td><td colspan="2" style="border-top:0.25pt solid #7c877c;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="mhz_band" contextRef="c-5005" decimals="INF" name="tef:RegulatoryOperationsConcessionsandLicenseBandwidth" scale="0" id="f-10577">40</ix:nonFraction>&#160;</span></td><td style="border-top:0.25pt solid #7c877c;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"/><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:2pt"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(8)</span></div></td><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2027-2031</span></td><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:2pt"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(9)</span></div></td></tr><tr><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="ghz_frequency" contextRef="c-5006" decimals="1" name="tef:RegulatoryOperationsConcessionsandLicensesFrequency" scale="0" id="f-10578">3.5</ix:nonFraction></span></td><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">GHz (TDD)</span></td><td colspan="2" style="border-top:0.25pt solid #7c877c;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="ghz_spectrum_band" contextRef="c-5006" decimals="INF" name="tef:RegulatoryOperationsConcessionsandLicenseBandwidth" scale="0" id="f-10579">100</ix:nonFraction>&#160;</span></td><td style="border-top:0.25pt solid #7c877c;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"/><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:0 1pt"/><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2041</span></td><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:0 1pt"/></tr><tr><td colspan="3" style="border-bottom:1pt solid #7c877c;padding:0 1pt"/><td colspan="3" style="border-bottom:1pt solid #7c877c;border-top:0.25pt solid #7c877c;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="ghz_frequency" contextRef="c-5007" decimals="1" name="tef:RegulatoryOperationsConcessionsandLicensesFrequency" scale="0" id="f-10580">26</ix:nonFraction></span></td><td colspan="3" style="border-bottom:1pt solid #7c877c;border-top:0.25pt solid #7c877c;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">GHZ</span></td><td colspan="2" style="border-bottom:1pt solid #7c877c;border-top:0.25pt solid #7c877c;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="ghz_spectrum_band" contextRef="c-5007" decimals="INF" name="tef:RegulatoryOperationsConcessionsandLicenseBandwidth" scale="0" id="f-10581">600</ix:nonFraction>&#160;</span></td><td style="border-bottom:1pt solid #7c877c;border-top:0.25pt solid #7c877c;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"/><td colspan="3" style="border-bottom:1pt solid #7c877c;border-top:0.25pt solid #7c877c;padding:0 1pt"/><td colspan="3" style="border-bottom:1pt solid #7c877c;border-top:0.25pt solid #7c877c;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2041</span></td><td colspan="3" style="border-bottom:1pt solid #7c877c;border-top:0.25pt solid #7c877c;padding:0 1pt"/></tr></table></div><div style="text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:4.55pt;font-weight:400;line-height:120%;position:relative;top:-2.44pt;vertical-align:baseline">(1)</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:120%"> Telef&#244;nica Brasil uses high and low frequency spectrum in all regions of Brazil. </span></div><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:4.55pt;font-weight:400;line-height:120%;position:relative;top:-2.44pt;vertical-align:baseline">(2)</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:120%"> States of AC, AM, AP, BA, DF, ES, GO, MA, MG, MS, MT, PA, PR, RJ, RO, RR, RS, SC, SE, SP and TO - except for sectors PGO 3, 22, 25, 30 and 33</span></div><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:4.55pt;font-weight:400;line-height:120%;position:relative;top:-2.44pt;vertical-align:baseline">(3)</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:120%"> Current licenses expire in 2028. ANATEL decided to limit their renewal until 2028, due to a future mandatory refarming process. </span></div></ix:nonNumeric></ix:continuation><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">F-217</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><ix:continuation id="f-10475-1" continuedAt="f-10475-2"><ix:continuation id="f-10418-23" continuedAt="f-10418-24"><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:4.55pt;font-weight:400;line-height:120%;position:relative;top:-2.44pt;vertical-align:baseline">(4)</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:120%"> 10 MHz in the State of MG; 5 MHz in the States of AM, RR, AP, PA, MA, BA, SE and SP - except for municipalities with CN 11.</span></div><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:4.55pt;font-weight:400;line-height:120%;position:relative;top:-2.44pt;vertical-align:baseline">(5)</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:120%">Regional licenses: expiration and renewal dates depend on the region.</span></div><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:4.55pt;font-weight:400;line-height:120%;position:relative;top:-2.44pt;vertical-align:baseline">(6)</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:120%"> Bandwidth varies by region.</span></div><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:4.55pt;font-weight:400;line-height:120%;position:relative;top:-2.44pt;vertical-align:baseline">(7)</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:120%"> 50 MHz in the southeastern region of Brazil (except the state of SP and Sector 3 of PGO); 40 MHz in the state of SP (except Sector 33 of PGO), and in the northern and central-western regions of Brazil (except Sectors 22 and 25 of PGO).</span></div><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:4.55pt;font-weight:400;line-height:120%;position:relative;top:-2.44pt;vertical-align:baseline">(8)</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:120%"> 40 MHz is the most common bandwidth but may increase up to 60 MHz in some regions.</span></div><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:4.55pt;font-weight:400;line-height:120%;position:relative;top:-2.44pt;vertical-align:baseline">(9)</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:120%"> The initial term of Band X will expire in 2027 and Band P in 2031.</span></div><div><span><br/></span></div><div style="text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"/><td style="width:24.923%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:19.075%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:19.806%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:15.128%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:12.204%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:2.264%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="border-top:1pt solid #7c877c;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">HISPANOAM&#201;RICA</span></td><td colspan="3" style="border-top:1pt solid #7c877c;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Frequency</span></td><td colspan="3" style="border-top:1pt solid #7c877c;padding:0 1pt"/><td colspan="3" style="border-top:1pt solid #7c877c;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Bandwidth (MHz)</span></td><td colspan="3" style="border-top:1pt solid #7c877c;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Year of Exp. Date</span></td><td colspan="3" style="border-top:1pt solid #7c877c;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #7c877c;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Argentina</span></td><td colspan="2" style="border-top:1pt solid #7c877c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="mhz_frequency" contextRef="c-5008" decimals="0" name="tef:RegulatoryOperationsConcessionsandLicensesFrequency" scale="0" id="f-10582">700</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #7c877c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="border-top:1pt solid #7c877c;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">MHz</span></td><td colspan="2" style="border-top:1pt solid #7c877c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="mhz_band" contextRef="c-5008" decimals="INF" name="tef:RegulatoryOperationsConcessionsandLicenseBandwidth" scale="0" id="f-10583">20</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #7c877c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="border-top:1pt solid #7c877c;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2033</span></td><td colspan="3" style="border-top:1pt solid #7c877c;padding:0 1pt"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td colspan="2" style="border-top:0.5pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="mhz_frequency" contextRef="c-5009" decimals="0" name="tef:RegulatoryOperationsConcessionsandLicensesFrequency" scale="0" id="f-10584">850</ix:nonFraction>&#160;</span></td><td style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">MHz (AMBA)</span></td><td colspan="2" style="border-top:0.5pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="mhz_band" contextRef="c-5009" decimals="INF" name="tef:RegulatoryOperationsConcessionsandLicenseBandwidth" scale="0" id="f-10585">30</ix:nonFraction>&#160;</span></td><td style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Indefinite</span></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:0 1pt"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td colspan="2" style="border-top:0.5pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="mhz_frequency" contextRef="c-5010" decimals="0" name="tef:RegulatoryOperationsConcessionsandLicensesFrequency" scale="0" id="f-10586">850</ix:nonFraction>&#160;</span></td><td style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">MHz (Sur)</span></td><td colspan="2" style="border-top:0.5pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="mhz_band" contextRef="c-5010" decimals="INF" name="tef:RegulatoryOperationsConcessionsandLicenseBandwidth" scale="0" id="f-10587">25</ix:nonFraction>&#160;</span></td><td style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Indefinite</span></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:0 1pt"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="mhz_frequency" contextRef="c-5011" decimals="0" name="tef:RegulatoryOperationsConcessionsandLicensesFrequency" scale="0" id="f-10588">1900</ix:nonFraction></span></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">MHz (AMBA)</span></td><td colspan="2" style="border-top:0.5pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="mhz_band" contextRef="c-5011" decimals="INF" name="tef:RegulatoryOperationsConcessionsandLicenseBandwidth" scale="0" id="f-10589">20</ix:nonFraction>&#160;</span></td><td style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Indefinite</span></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:0 1pt"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="mhz_frequency" contextRef="c-5012" decimals="0" name="tef:RegulatoryOperationsConcessionsandLicensesFrequency" scale="0" id="f-10590">1900</ix:nonFraction></span></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">MHz (Norte)</span></td><td colspan="2" style="border-top:0.5pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="mhz_band" contextRef="c-5012" decimals="INF" name="tef:RegulatoryOperationsConcessionsandLicenseBandwidth" scale="0" id="f-10591">50</ix:nonFraction>&#160;</span></td><td style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Indefinite</span></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:0 1pt"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="mhz_frequency" contextRef="c-5013" decimals="0" name="tef:RegulatoryOperationsConcessionsandLicensesFrequency" scale="0" id="f-10592">1900</ix:nonFraction></span></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">MHz (Sur)</span></td><td colspan="2" style="border-top:0.5pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="mhz_band" contextRef="c-5013" decimals="INF" name="tef:RegulatoryOperationsConcessionsandLicenseBandwidth" scale="0" id="f-10593">25</ix:nonFraction>&#160;</span></td><td style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Indefinite</span></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:0 1pt"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="mhz_per_2100mhz_frequency" contextRef="c-5014" decimals="0" name="tef:RegulatoryOperationsConcessionsandLicensesFrequency" scale="0" id="f-10594">1700</ix:nonFraction></span></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">MHz/2100 MHz </span></td><td colspan="2" style="border-top:0.5pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="mhz_band" contextRef="c-5014" decimals="INF" name="tef:RegulatoryOperationsConcessionsandLicenseBandwidth" scale="0" id="f-10595">20</ix:nonFraction>&#160;</span></td><td style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2033</span></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:0 1pt"><div style="margin-bottom:2pt"><span><br/></span></div></td></tr><tr><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="mhz_frequency" contextRef="c-5015" decimals="0" name="tef:RegulatoryOperationsConcessionsandLicensesFrequency" scale="0" id="f-10596">2600</ix:nonFraction></span></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">MHz</span></td><td colspan="2" style="border-top:0.5pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="mhz_band" contextRef="c-5015" decimals="INF" name="tef:RegulatoryOperationsConcessionsandLicenseBandwidth" scale="0" id="f-10597">30</ix:nonFraction>&#160;</span></td><td style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2035</span></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:2pt"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(1)</span></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="ghz_frequency" contextRef="c-5016" decimals="1" name="tef:RegulatoryOperationsConcessionsandLicensesFrequency" scale="0" id="f-10598">3.5</ix:nonFraction></span></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">GHz (TDD)</span></td><td colspan="2" style="border-top:0.5pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="ghz_spectrum_band" contextRef="c-5016" decimals="INF" name="tef:RegulatoryOperationsConcessionsandLicenseBandwidth" scale="0" id="f-10599">50</ix:nonFraction>&#160;</span></td><td style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2043</span></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:0 1pt"><div style="margin-bottom:2pt"><span><br/></span></div></td></tr><tr><td colspan="3" style="border-top:1pt solid #7c877c;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Chile</span></td><td colspan="2" style="border-top:1pt solid #7c877c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="mhz_frequency" contextRef="c-5017" decimals="0" name="tef:RegulatoryOperationsConcessionsandLicensesFrequency" scale="0" id="f-10600">700</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #7c877c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="border-top:1pt solid #7c877c;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">MHz</span></td><td colspan="2" style="border-top:1pt solid #7c877c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="mhz_band" contextRef="c-5017" decimals="INF" name="tef:RegulatoryOperationsConcessionsandLicenseBandwidth" scale="0" id="f-10601">20</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #7c877c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="border-top:1pt solid #7c877c;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2045</span></td><td colspan="3" style="border-top:1pt solid #7c877c;padding:0 1pt"><div style="margin-bottom:2pt"><span><br/></span></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td colspan="2" style="border-top:0.5pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="mhz_frequency" contextRef="c-5018" decimals="0" name="tef:RegulatoryOperationsConcessionsandLicensesFrequency" scale="0" id="f-10602">850</ix:nonFraction>&#160;</span></td><td style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">MHz</span></td><td colspan="2" style="border-top:0.5pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="mhz_band" contextRef="c-5018" decimals="INF" name="tef:RegulatoryOperationsConcessionsandLicenseBandwidth" scale="0" id="f-10603">25</ix:nonFraction>&#160;</span></td><td style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Indefinite</span></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:0 1pt"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="mhz_frequency" contextRef="c-5019" decimals="0" name="tef:RegulatoryOperationsConcessionsandLicensesFrequency" scale="0" id="f-10604">1900</ix:nonFraction></span></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">MHz</span></td><td colspan="2" style="border-top:0.5pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="mhz_band" contextRef="c-5019" decimals="INF" name="tef:RegulatoryOperationsConcessionsandLicenseBandwidth" scale="0" id="f-10605">20</ix:nonFraction>&#160;</span></td><td style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2032</span></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:2pt"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(2)</span></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="mhz_frequency" contextRef="c-5020" decimals="0" name="tef:RegulatoryOperationsConcessionsandLicensesFrequency" scale="0" id="f-10606">2600</ix:nonFraction></span></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">MHz</span></td><td colspan="2" style="border-top:0.5pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="mhz_band" contextRef="c-5020" decimals="INF" name="tef:RegulatoryOperationsConcessionsandLicenseBandwidth" scale="0" id="f-10607">40</ix:nonFraction>&#160;</span></td><td style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2043</span></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:0 1pt"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="mhz_frequency" contextRef="c-5021" decimals="0" name="tef:RegulatoryOperationsConcessionsandLicensesFrequency" scale="0" id="f-10608">2600</ix:nonFraction></span></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">MHz (TDD)</span></td><td colspan="2" style="border-top:0.5pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="mhz_band" contextRef="c-5021" decimals="INF" name="tef:RegulatoryOperationsConcessionsandLicenseBandwidth" scale="0" id="f-10609">12</ix:nonFraction>&#160;</span></td><td style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2038</span></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:2pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(3)</span></div></td></tr><tr><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="ghz_frequency" contextRef="c-5022" decimals="1" name="tef:RegulatoryOperationsConcessionsandLicensesFrequency" scale="0" id="f-10610">3.5</ix:nonFraction></span></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">GHz</span></td><td colspan="2" style="border-top:0.5pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="ghz_spectrum_band" contextRef="c-5022" decimals="INF" name="tef:RegulatoryOperationsConcessionsandLicenseBandwidth" scale="0" id="f-10611">50</ix:nonFraction>&#160;</span></td><td style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2051</span></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:0 1pt"/></tr><tr><td colspan="3" style="border-top:1pt solid #7c877c;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Colombia</span></td><td colspan="2" style="border-top:1pt solid #7c877c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="mhz_frequency" contextRef="c-5023" decimals="0" name="tef:RegulatoryOperationsConcessionsandLicensesFrequency" scale="0" id="f-10612">700</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #7c877c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="border-top:1pt solid #7c877c;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">MHz</span></td><td colspan="2" style="border-top:1pt solid #7c877c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="mhz_band" contextRef="c-5023" decimals="INF" name="tef:RegulatoryOperationsConcessionsandLicenseBandwidth" scale="0" id="f-10613">20</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #7c877c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="border-top:1pt solid #7c877c;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2040</span></td><td colspan="3" style="border-top:1pt solid #7c877c;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:2pt"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(4')</span></div></td></tr><tr><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="mhz_frequency" contextRef="c-5024" decimals="0" name="tef:RegulatoryOperationsConcessionsandLicensesFrequency" scale="0" id="f-10614">850</ix:nonFraction></span></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">MHz</span></td><td colspan="2" style="border-top:0.5pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="mhz_band" contextRef="c-5024" decimals="INF" name="tef:RegulatoryOperationsConcessionsandLicenseBandwidth" scale="0" id="f-10615">25</ix:nonFraction>&#160;</span></td><td style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2025</span></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:2pt"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(4)</span></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="mhz_per_2100mhz_frequency" contextRef="c-5025" decimals="0" name="tef:RegulatoryOperationsConcessionsandLicensesFrequency" scale="0" id="f-10616">1700</ix:nonFraction></span></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">MHz/2100 MHz</span></td><td colspan="2" style="border-top:0.5pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="mhz_band" contextRef="c-5025" decimals="INF" name="tef:RegulatoryOperationsConcessionsandLicenseBandwidth" scale="0" id="f-10617">30</ix:nonFraction>&#160;</span></td><td style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2025</span></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:2pt"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(4)</span></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="mhz_frequency" contextRef="c-5026" decimals="0" name="tef:RegulatoryOperationsConcessionsandLicensesFrequency" scale="0" id="f-10618">1900</ix:nonFraction></span></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">MHz</span></td><td colspan="2" style="border-top:0.5pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="mhz_band" contextRef="c-5026" decimals="INF" name="tef:RegulatoryOperationsConcessionsandLicenseBandwidth" scale="0" id="f-10619">15</ix:nonFraction>&#160;</span></td><td style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2025</span></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:2pt"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(4)</span></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="mhz_frequency" contextRef="c-5027" decimals="0" name="tef:RegulatoryOperationsConcessionsandLicensesFrequency" scale="0" id="f-10620">1900</ix:nonFraction></span></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">MHz</span></td><td colspan="2" style="border-top:0.5pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="mhz_band" contextRef="c-5027" decimals="INF" name="tef:RegulatoryOperationsConcessionsandLicenseBandwidth" scale="0" id="f-10621">15</ix:nonFraction>&#160;</span></td><td style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2041</span></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:2pt"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(5)</span></div></td></tr><tr><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="ghz_frequency" contextRef="c-5028" decimals="1" name="tef:RegulatoryOperationsConcessionsandLicensesFrequency" scale="0" id="f-10622">3.5</ix:nonFraction></span></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">GHz (TDD)</span></td><td colspan="2" style="border-top:0.5pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="ghz_spectrum_band" contextRef="c-5028" decimals="INF" name="tef:RegulatoryOperationsConcessionsandLicenseBandwidth" scale="0" id="f-10623">80</ix:nonFraction>&#160;</span></td><td style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2044</span></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:2pt"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(4')</span></div></td></tr><tr><td colspan="3" style="border-top:1pt solid #7c877c;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Ecuador</span></td><td colspan="2" style="border-top:1pt solid #7c877c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="mhz_frequency" contextRef="c-5029" decimals="0" name="tef:RegulatoryOperationsConcessionsandLicensesFrequency" scale="0" id="f-10624">850</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #7c877c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="border-top:1pt solid #7c877c;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">MHz</span></td><td colspan="2" style="border-top:1pt solid #7c877c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="mhz_band" contextRef="c-5029" decimals="INF" name="tef:RegulatoryOperationsConcessionsandLicenseBandwidth" scale="0" id="f-10625">25</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #7c877c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="border-top:1pt solid #7c877c;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2025</span></td><td colspan="3" style="border-top:1pt solid #7c877c;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:2pt"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(5')</span></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:0.25pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="mhz_frequency" contextRef="c-5030" decimals="0" name="tef:RegulatoryOperationsConcessionsandLicensesFrequency" scale="0" id="f-10626">1900</ix:nonFraction></span></td><td colspan="3" style="border-top:0.25pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">MHz</span></td><td colspan="2" style="border-top:0.25pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="mhz_band" contextRef="c-5030" decimals="INF" name="tef:RegulatoryOperationsConcessionsandLicenseBandwidth" scale="0" id="f-10627">60</ix:nonFraction>&#160;</span></td><td style="border-top:0.25pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="border-top:0.25pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2025</span></td><td colspan="3" style="border-top:0.25pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:2pt"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(5')</span></div></td></tr><tr><td colspan="3" style="border-top:1pt solid #7c877c;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Peru</span></td><td colspan="2" style="border-top:1pt solid #7c877c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="mhz_frequency" contextRef="c-5031" decimals="0" name="tef:RegulatoryOperationsConcessionsandLicensesFrequency" scale="0" id="f-10628">450</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #7c877c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="border-top:1pt solid #7c877c;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">MHz (Lima and Callao)</span></td><td colspan="2" style="border-top:1pt solid #7c877c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="mhz_band" contextRef="c-5031" decimals="INF" name="tef:RegulatoryOperationsConcessionsandLicenseBandwidth" scale="0" id="f-10629">10</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #7c877c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="border-top:1pt solid #7c877c;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2028</span></td><td colspan="3" style="border-top:1pt solid #7c877c;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:2pt"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(6)</span></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td colspan="2" style="border-top:0.5pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="mhz_frequency" contextRef="c-5032" decimals="0" name="tef:RegulatoryOperationsConcessionsandLicensesFrequency" scale="0" id="f-10630">700</ix:nonFraction>&#160;</span></td><td style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">MHz</span></td><td colspan="2" style="border-top:0.5pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="mhz_band" contextRef="c-5032" decimals="INF" name="tef:RegulatoryOperationsConcessionsandLicenseBandwidth" scale="0" id="f-10631">30</ix:nonFraction>&#160;</span></td><td style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2036</span></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:0 1pt"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td colspan="2" style="border-top:0.5pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="mhz_frequency" contextRef="c-5033" decimals="0" name="tef:RegulatoryOperationsConcessionsandLicensesFrequency" scale="0" id="f-10632">850</ix:nonFraction>&#160;</span></td><td style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">MHz</span></td><td colspan="2" style="border-top:0.5pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="mhz_band" contextRef="c-5033" decimals="INF" name="tef:RegulatoryOperationsConcessionsandLicenseBandwidth" scale="0" id="f-10633">25</ix:nonFraction>&#160;</span></td><td style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2030</span></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:2pt"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(6')</span></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td colspan="2" style="border-top:0.5pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="mhz_frequency" contextRef="c-5034" decimals="0" name="tef:RegulatoryOperationsConcessionsandLicensesFrequency" scale="0" id="f-10634">900</ix:nonFraction>&#160;</span></td><td style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">MHz (Lima and Callao)</span></td><td colspan="2" style="border-top:0.5pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="mhz_band" contextRef="c-5034" decimals="INF" name="tef:RegulatoryOperationsConcessionsandLicenseBandwidth" scale="0" id="f-10635">10</ix:nonFraction>&#160;</span></td><td style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2028</span></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:0 1pt"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td colspan="2" style="border-top:0.5pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="mhz_frequency" contextRef="c-5035" decimals="0" name="tef:RegulatoryOperationsConcessionsandLicensesFrequency" scale="0" id="f-10636">900</ix:nonFraction>&#160;</span></td><td style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">MHz (Rest of provinces)</span></td><td colspan="2" style="border-top:0.5pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="mhz_band" contextRef="c-5035" decimals="INF" name="tef:RegulatoryOperationsConcessionsandLicenseBandwidth" scale="0" id="f-10637">16</ix:nonFraction>&#160;</span></td><td style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2028</span></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:0 1pt"><div style="margin-bottom:2pt"><span><br/></span></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="mhz_per_2100mhz_frequency" contextRef="c-5036" decimals="0" name="tef:RegulatoryOperationsConcessionsandLicensesFrequency" scale="0" id="f-10638">1700</ix:nonFraction></span></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">MHz/2100 MHz </span></td><td colspan="2" style="border-top:0.5pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="mhz_band" contextRef="c-5036" decimals="INF" name="tef:RegulatoryOperationsConcessionsandLicenseBandwidth" scale="0" id="f-10639">40</ix:nonFraction>&#160;</span></td><td style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2033</span></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:0 1pt"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="mhz_frequency" contextRef="c-5037" decimals="0" name="tef:RegulatoryOperationsConcessionsandLicensesFrequency" scale="0" id="f-10640">1900</ix:nonFraction></span></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">MHz (Lima and Callao)</span></td><td colspan="2" style="border-top:0.5pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="mhz_band" contextRef="c-5037" decimals="INF" name="tef:RegulatoryOperationsConcessionsandLicenseBandwidth" scale="0" id="f-10641">25</ix:nonFraction>&#160;</span></td><td style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2030</span></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:0 1pt"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="mhz_frequency" contextRef="c-5038" decimals="0" name="tef:RegulatoryOperationsConcessionsandLicensesFrequency" scale="0" id="f-10642">1900</ix:nonFraction></span></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">MHz (Rest of provinces)</span></td><td colspan="2" style="border-top:0.5pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="mhz_band" contextRef="c-5038" decimals="INF" name="tef:RegulatoryOperationsConcessionsandLicenseBandwidth" scale="0" id="f-10643">25</ix:nonFraction>&#160;</span></td><td style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2018</span></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:2pt"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(7)</span></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td colspan="2" style="border-top:0.5pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="ghz_frequency" contextRef="c-5039" decimals="1" name="tef:RegulatoryOperationsConcessionsandLicensesFrequency" scale="0" id="f-10644">3.5</ix:nonFraction>&#160;</span></td><td style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">GHz</span></td><td colspan="2" style="border-top:0.5pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="ghz_spectrum_band" contextRef="c-5039" decimals="INF" name="tef:RegulatoryOperationsConcessionsandLicenseBandwidth" scale="0" id="f-10645">50</ix:nonFraction>&#160;</span></td><td style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2027</span></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:0 1pt"><div style="margin-bottom:2pt"><span><br/></span></div></td></tr><tr><td colspan="3" style="border-top:1pt solid #7c877c;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Uruguay</span></td><td colspan="2" style="border-top:1pt solid #7c877c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="mhz_frequency" contextRef="c-5040" decimals="0" name="tef:RegulatoryOperationsConcessionsandLicensesFrequency" scale="0" id="f-10646">700</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #7c877c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="border-top:1pt solid #7c877c;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">MHz</span></td><td colspan="2" style="border-top:1pt solid #7c877c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="mhz_band" contextRef="c-5040" decimals="INF" name="tef:RegulatoryOperationsConcessionsandLicenseBandwidth" scale="0" id="f-10647">30</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #7c877c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="border-top:1pt solid #7c877c;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2037</span></td><td colspan="3" style="border-top:1pt solid #7c877c;padding:0 1pt"/></tr><tr><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="mhz_frequency" contextRef="c-5041" decimals="0" name="tef:RegulatoryOperationsConcessionsandLicensesFrequency" scale="0" id="f-10648">850</ix:nonFraction></span></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">MHz</span></td><td colspan="2" style="border-top:0.5pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="mhz_band" contextRef="c-5041" decimals="INF" name="tef:RegulatoryOperationsConcessionsandLicenseBandwidth" scale="0" id="f-10649">25</ix:nonFraction>&#160;</span></td><td style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2044</span></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:2pt"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(8)</span></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="mhz_frequency" contextRef="c-5042" decimals="0" name="tef:RegulatoryOperationsConcessionsandLicensesFrequency" scale="0" id="f-10650">1900</ix:nonFraction></span></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">MHz</span></td><td colspan="2" style="border-top:0.5pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="mhz_band" contextRef="c-5042" decimals="INF" name="tef:RegulatoryOperationsConcessionsandLicenseBandwidth" scale="0" id="f-10651">20</ix:nonFraction>&#160;</span></td><td style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2042/2044</span></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:2pt"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(8')</span></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="mhz_frequency" contextRef="c-5043" decimals="0" name="tef:RegulatoryOperationsConcessionsandLicensesFrequency" scale="0" id="f-10652">1900</ix:nonFraction></span></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">MHz</span></td><td colspan="2" style="border-top:0.5pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="mhz_band" contextRef="c-5043" decimals="INF" name="tef:RegulatoryOperationsConcessionsandLicenseBandwidth" scale="0" id="f-10653">40</ix:nonFraction>&#160;</span></td><td style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2033</span></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:0 1pt"/></tr><tr><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="mhz_frequency" contextRef="c-5044" decimals="0" name="tef:RegulatoryOperationsConcessionsandLicensesFrequency" scale="0" id="f-10654">2600</ix:nonFraction></span></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">MHz</span></td><td colspan="2" style="border-top:0.5pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="mhz_band" contextRef="c-5044" decimals="INF" name="tef:RegulatoryOperationsConcessionsandLicenseBandwidth" scale="0" id="f-10655">40</ix:nonFraction>&#160;</span></td><td style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2045</span></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:0 1pt"/></tr><tr><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="ghz_frequency" contextRef="c-5045" decimals="1" name="tef:RegulatoryOperationsConcessionsandLicensesFrequency" scale="0" id="f-10656">3.5</ix:nonFraction></span></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">GHz (TDD)</span></td><td colspan="2" style="border-top:0.5pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="ghz_spectrum_band" contextRef="c-5045" decimals="INF" name="tef:RegulatoryOperationsConcessionsandLicenseBandwidth" scale="0" id="f-10657">100</ix:nonFraction>&#160;</span></td><td style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2048</span></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:0 1pt"/></tr><tr><td colspan="3" style="border-top:1pt solid #7c877c;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Venezuela</span></td><td colspan="2" style="border-top:1pt solid #7c877c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="mhz_frequency" contextRef="c-5046" decimals="0" name="tef:RegulatoryOperationsConcessionsandLicensesFrequency" scale="0" id="f-10658">850</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #7c877c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="border-top:1pt solid #7c877c;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">MHz</span></td><td colspan="2" style="border-top:1pt solid #7c877c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="mhz_band" contextRef="c-5046" decimals="INF" name="tef:RegulatoryOperationsConcessionsandLicenseBandwidth" scale="0" id="f-10659">25</ix:nonFraction>&#160;</span></td><td style="border-top:1pt solid #7c877c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="border-top:1pt solid #7c877c;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2027</span></td><td colspan="3" style="border-top:1pt solid #7c877c;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:2pt"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(9)</span></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="mhz_frequency" contextRef="c-5047" decimals="0" name="tef:RegulatoryOperationsConcessionsandLicensesFrequency" scale="0" id="f-10660">1900</ix:nonFraction></span></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">MHz</span></td><td colspan="2" style="border-top:0.5pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="mhz_band" contextRef="c-5047" decimals="INF" name="tef:RegulatoryOperationsConcessionsandLicenseBandwidth" scale="0" id="f-10661">50</ix:nonFraction>&#160;</span></td><td style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2027</span></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:2pt"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(9)</span></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="mhz_per_2100mhz_frequency" contextRef="c-5048" decimals="0" name="tef:RegulatoryOperationsConcessionsandLicensesFrequency" scale="0" id="f-10662">1700</ix:nonFraction></span></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">MHz/2100 MHz </span></td><td colspan="2" style="border-top:0.5pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="mhz_band" contextRef="c-5048" decimals="INF" name="tef:RegulatoryOperationsConcessionsandLicenseBandwidth" scale="0" id="f-10663">20</ix:nonFraction>&#160;</span></td><td style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2027</span></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:2pt"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(9)</span></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="mhz_frequency" contextRef="c-5049" decimals="0" name="tef:RegulatoryOperationsConcessionsandLicensesFrequency" scale="0" id="f-10664">2600</ix:nonFraction></span></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">MHz </span></td><td colspan="2" style="border-top:0.5pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="mhz_band" contextRef="c-5049" decimals="INF" name="tef:RegulatoryOperationsConcessionsandLicenseBandwidth" scale="0" id="f-10665">40</ix:nonFraction>&#160;</span></td><td style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2029</span></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:0 1pt"/></tr><tr><td colspan="3" style="border-bottom:1pt solid #7c877c;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td colspan="3" style="border-bottom:1pt solid #7c877c;border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="ghz_frequency" contextRef="c-5050" decimals="1" name="tef:RegulatoryOperationsConcessionsandLicensesFrequency" scale="0" id="f-10666">3.5</ix:nonFraction></span></td><td colspan="3" style="border-bottom:1pt solid #7c877c;border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">GHz</span></td><td colspan="2" style="border-bottom:1pt solid #7c877c;border-top:0.5pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"><ix:nonFraction unitRef="ghz_spectrum_band" contextRef="c-5050" decimals="INF" name="tef:RegulatoryOperationsConcessionsandLicenseBandwidth" scale="0" id="f-10667">50</ix:nonFraction>&#160;</span></td><td style="border-bottom:1pt solid #7c877c;border-top:0.5pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="border-bottom:1pt solid #7c877c;border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2026</span></td><td colspan="3" style="border-bottom:1pt solid #7c877c;border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:2pt"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(10)</span></div></td></tr></table></div><div style="text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:4.55pt;font-weight:400;line-height:120%;position:relative;top:-2.44pt;vertical-align:baseline">(1)</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:120%"> Covering <ix:nonFraction unitRef="number" contextRef="c-5015" decimals="2" name="tef:RegulatoryOperationsPercentageofTotalPopulationinServiceArea" scale="-2" id="f-10668">65</ix:nonFraction>% of the population.  </span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:4.55pt;font-weight:400;line-height:120%;position:relative;top:-2.44pt;vertical-align:baseline">(2)</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:120%"> 10MHz sold in 2021 as a result of the &#8216;Subtel&#8217; (Chilean National Regulator) proposal to comply with the High Court resolution (June 2018) that mandates operators to return certain amount of spectrum they acquired in the 700MHz auction in 2014. </span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:4.55pt;font-weight:400;line-height:120%;position:relative;top:-2.44pt;vertical-align:baseline">(3)</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:120%"> Only in Metropolitan Region. </span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:4.55pt;font-weight:400;line-height:120%;position:relative;top:-2.44pt;vertical-align:baseline">(4)</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:120%"> Spectrum licenses extended until September 2025.</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:4.55pt;font-weight:400;line-height:120%;position:relative;top:-2.44pt;vertical-align:baseline">(4')</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:120%"> Spectrum licenses part of the UTE with Tigo Colombia.</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:4.55pt;font-weight:400;line-height:120%;position:relative;top:-2.44pt;vertical-align:baseline">(5)</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:120%"> Renewed for <ix:nonNumeric contextRef="c-5030" name="tef:RegulatoryOperationsPossibleTermExtension" format="ixt-sec:duryear" id="f-10669"><ix:nonNumeric contextRef="c-5029" name="tef:RegulatoryOperationsPossibleTermExtension" format="ixt-sec:duryear" id="f-10670"><ix:nonNumeric contextRef="c-5027" name="tef:RegulatoryOperationsPossibleTermExtension" format="ixt-sec:duryear" id="f-10671">20</ix:nonNumeric></ix:nonNumeric></ix:nonNumeric> years.</span></div><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:4.55pt;font-weight:400;line-height:112%;position:relative;top:-2.44pt;vertical-align:baseline">(5')</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%"> </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:112%">Concesion extended until February 2025. Pending final renewal conditions.</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:4.55pt;font-weight:400;line-height:120%;position:relative;top:-2.44pt;vertical-align:baseline">(6)</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:120%"> Spectrum returned except in the Provinces of Lima and Callao</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:4.55pt;font-weight:400;line-height:120%;position:relative;top:-2.44pt;vertical-align:baseline">(6')</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:120%"> Provinces of Lima and Callao: expiration date of March 2030; rest of provinces in December 2030. </span></div></ix:continuation></ix:continuation><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">F-218</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><ix:continuation id="f-10418-24" continuedAt="f-10418-25"><ix:continuation id="f-10475-2"><div style="text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:4.55pt;font-weight:400;line-height:120%;position:relative;top:-2.44pt;vertical-align:baseline">(7)</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:120%"> In process of renewal. Extension requested on May 30, 2016. According to the regulation, the license maintains its validity until the Ministry of Transport and Communications decides over the request presented. </span></div><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:4.55pt;font-weight:400;line-height:112%;position:relative;top:-2.44pt;vertical-align:baseline">(8) </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:112%">25 MHz has been renewed for <ix:nonNumeric contextRef="c-5041" name="tef:RegulatoryOperationsPossibleTermExtension" format="ixt-sec:duryear" id="f-10672">20</ix:nonNumeric> years until 2044. </span></div><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:4.55pt;font-weight:400;line-height:112%;position:relative;top:-2.44pt;vertical-align:baseline">(8')</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:112%">10 MHz has been renewed for <ix:nonNumeric contextRef="c-5042" name="tef:RegulatoryOperationsPossibleTermExtension" format="ixt-sec:duryear" id="f-10673">20</ix:nonNumeric> years until  2044; 10 MHz has been renewed for <ix:nonNumeric contextRef="c-5042" name="tef:RegulatoryOperationsPossibleTermExtension" format="ixt-sec:duryear" id="f-10674">20</ix:nonNumeric> years until in 2042. </span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:4.55pt;font-weight:400;line-height:120%;position:relative;top:-2.44pt;vertical-align:baseline">(9)</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:120%"> Renewed for <ix:nonNumeric contextRef="c-5047" name="tef:RegulatoryOperationsPossibleTermExtension" format="ixt-sec:duryear" id="f-10675"><ix:nonNumeric contextRef="c-5046" name="tef:RegulatoryOperationsPossibleTermExtension" format="ixt-sec:duryear" id="f-10676"><ix:nonNumeric contextRef="c-5048" name="tef:RegulatoryOperationsPossibleTermExtension" format="ixt-sec:duryear" id="f-10677">5</ix:nonNumeric></ix:nonNumeric></ix:nonNumeric> years. </span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:4.55pt;font-weight:400;line-height:120%;position:relative;top:-2.44pt;vertical-align:baseline">(10)</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:120%"> Available for Fixed Wireless Access licenses.</span></div></ix:continuation><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Telef&#243;nica seeks&#160;to use its spectrum in the most efficient way, implementing 5G and LTE-Advanced where possible. </span></div></ix:continuation><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"><ix:continuation id="f-10418-25">Besides the spectrum assets included in the above tables, Telef&#243;nica owns other assets of spectrum used for other services in higher frequency ranges (above <ix:nonFraction unitRef="ghz_spectrum_band" contextRef="c-1" decimals="0" name="tef:RegulatoryOperationsFrequencyRangeOwnedbyTelefonica" scale="0" id="f-10678">6</ix:nonFraction> GHz), including access transport.</ix:continuation> </span></div><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">F-219</span></div></div></div><div id="i63478826478c4e0dbabc502413383f6b_397"></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><ix:continuation id="f-657-6" continuedAt="f-657-7"><div style="margin-top:9pt"><span style="color:#1f497d;font-family:'Arial',sans-serif;font-size:11pt;font-weight:700;line-height:120%">ANNEX 1</span><ix:nonNumeric contextRef="c-1" name="tef:ScheduleOfAcronymsForSpectrumPortfolioTableTextBlock" id="f-10679" continuedAt="f-10679-1" escape="true"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.853%"><tr><td style="width:1.0%"/><td style="width:33.453%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:64.347%"/><td style="width:0.1%"/></tr><tr><td colspan="6" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">BRAZIL'S SPECTRUM PORTFOLIO: MEANING OF THE STATES, REGIONS AND SECTORS ACRONYMS</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Acronym</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">State</span></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">AC</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Acre</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">AL</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Alagoas</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">AP</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Amap&#225;</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">AM</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Amazonas</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">BA</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Bahia</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">CE</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Ceara</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">DF</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Distrito Federal</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">ES</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Esp&#237;rito Santo</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">GO</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Goi&#225;s</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">MA</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Maranh&#227;o</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">MT</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Mato Grosso</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">MS</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Mato Grosso do Sul</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">MG</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Minas Gerais</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">PA</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Par&#225;</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">PB</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Para&#237;ba</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">PR</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Paran&#225;</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">PE</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Pernambuco</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">PI</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Piau&#237;</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">RJ</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Rio de Janeiro</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">RN</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Rio Grande do Norte</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">RS</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Rio Grande do Sul</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">RO</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Rond&#244;nia</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">RR</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Roraima</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">SC</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Santa Catarina</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">SP</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">S&#227;o Paulo</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">SE</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Sergipe</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">TO</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Tocantins</span></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:100%">&#160;</span></td></tr></table></ix:nonNumeric></div><ix:continuation id="f-10679-1" continuedAt="f-10679-2"><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.853%"><tr><td style="width:1.0%"/><td style="width:33.453%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:64.347%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Regions</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">States &amp; towns<br/>included in the regions</span></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">SP (City)</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">SP (Interior)</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2'</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">SP -&#160;&#160;towns of sector 33 of the GPLG</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">3</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">RJ and ES</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">4</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">MG</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">4'</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">MG -&#160;&#160;towns of sector 3 of the GPLG</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">5</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">PR and SC</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">5'</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">PR - towns of sector 20 of the GPLG</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">6</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">RS</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">6'</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">RS - towns of sector 30 of the GPLG</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">7</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">AC, DF, GO, MS, MT, RO and TO</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">7'</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">GO - towns of sector 25 of the GPLG</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">7''</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">MS - towns of sector 22 of the GPLG</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">8</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">AM, AP, MA, PA and RR</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">9</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">BA and SE</span></td></tr><tr><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">10</span></td><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">AL, CE, PB, PE, PI and RN</span></td></tr></table></div></ix:continuation></ix:continuation><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">F-220</span></div></div></div><hr style="page-break-after:always"/><div style="min-height:42.75pt;width:100%"><div style="text-align:justify"><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline"><a style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%;text-decoration:underline" href="#i63478826478c4e0dbabc502413383f6b_7">Table of Contents</a></span></div></div><ix:continuation id="f-10679-2"><ix:continuation id="f-657-7"><div style="margin-bottom:9pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.853%"><tr><td style="width:1.0%"/><td style="width:33.453%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:64.347%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Sectors</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">GPLG -&#160;&#160;general plan of the licenses granted&#160;&#160;(geographic areas that correspond to the sectors)</span></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">RJ</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">MG - except towns included in sector 3</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">3</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">MG - towns of&#160;&#160;Arapor&#227;, Ara&#250;jo, Campina Verde, Campo Florido, Campos Altos, Can&#225;lopis, Capin&#243;polis, Carmo do Parana&#237;ba, Carneirinhos, Centralina, Comendador Gomes, Concei&#231;&#227;o das Alagoas, C&#243;rrego Danta, Cruzeiro da Fortaleza, Delta, Frutal, Gurinhat&#227;, Ibiraci, Igaratinga, Iguatama, Indian&#243;polis, Ipia&#231;&#250;, Itapagipe, Ituiutaba, Iturama, Lagamar, Lagoa Formosa, Lagoa Grande, Limeira D'Oeste, Luz, Maravilhas, Moema, Monte Alegre de Minas, Monte Santo de Minas, Nova Ponte, Nova Serrana, Papagaios, Par&#225; de Minas, Patos de Minas, Pedrin&#243;polis, Pequi, Perdig&#227;o, Pirajuba, Pitangui, Planura, Prata, Presidente Oleg&#225;rio, Rio Parana&#237;ba, Santa Juliana, Santa Vit&#243;ria, S&#227;o Francisco de Sales, S&#227;o Jos&#233; da Varginha, Tupaciguara, Uberaba, Uberl&#226;ndia, Uni&#227;o de Minas &amp; Vazante</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">4</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">ES</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">5</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">BA</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">6</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">SE</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">7</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">AL</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">8</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">PE</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">9</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">PB</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">10</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">RN</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">11</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">CE</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">12</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">PI</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">13</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">MA</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">14</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">PA</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">15</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">AP</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">16</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">AM</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">17</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">RR</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">18</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">SC</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">19</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">PR &#8211;except&#160;&#160;towns included of sector 20</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">20</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">PR &#8211; towns of Londrina and Tamarana</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">21</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">MS &#8211; except the town integrating of sector 22</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">22</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">MS &#8211; town of Parana&#237;ba</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">23</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">MT</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">24</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">TO and GO &#8211; except&#160;&#160;towns included in sector 25</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">25</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">GO &#8211; towns of Buriti Alegre, Cachoeira Dourada, Inaciol&#226;ndia, Itumbiara, Paranaiguara and S&#227;o Sim&#227;o</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">26</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">DF</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">27</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">RO</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">28</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">AC</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">29</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">RS</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">30</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">RS &#8211; towns of Pelotas, Cap&#227;o do Le&#227;o, Morro Redondo and Turu&#231;u</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">31</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">SP &#8211; except the towns included in sector 33</span></td></tr><tr><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">33</span></td><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">SP &#8211; towns of Altin&#243;polis, Aramina, Batatais, Brodosqui, Buritizal, Cajuru, C&#225;ssia dos Coqueiros, Col&#244;mbia, Franca, Gua&#237;ra, Guar&#225;, Ipu&#227;, Ituverava, Jardin&#243;polis, Miguel&#243;polis, Morro Agudo, Nuporanga, Orl&#226;ndia, Ribeir&#227;o Corrente, Sales de Oliveira, Santa Cruz da Esperan&#231;a, Santo Ant&#244;nio da Alegria and S&#227;o Joaquim da Barra</span></td></tr></table></div></ix:continuation></ix:continuation><div style="height:42.75pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">F-221</span></div></div></div></body></html>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-1.1
<SEQUENCE>2
<FILENAME>exhibit11111.htm
<DESCRIPTION>EX-1.1
<TEXT>
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<title>Document</title></head><body><div id="i10664c9305ee434e98810f308ffb81ea_1"></div><div style="min-height:141.84pt;width:100%"><div style="text-align:right"><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#160;&#160;&#160;&#160;</font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div style="padding-left:216pt;text-align:right;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:100%">Exhibit 1.1</font></div></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:48pt;font-weight:700;line-height:100%">Current</font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:48pt;font-weight:700;line-height:100%">By-Laws</font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div style="text-align:right"><font><br></font></div><div style="text-align:center"><font><br></font></div><div style="padding-left:56.7pt"><font><br></font></div><div style="height:70.56pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:141.84pt;width:100%"><div style="text-align:right"><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#160;&#160;&#160;&#160;</font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div style="padding-left:216pt;text-align:right;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:100%">Exhibit 1.1</font></div></div><div style="padding-left:56.7pt"><font><br></font></div><div style="padding-left:56.7pt"><font><br></font></div><div style="padding-left:56.7pt"><font><br></font></div><div style="padding-left:56.7pt"><font><br></font></div><div style="padding-left:56.7pt"><font><br></font></div><div style="padding-left:56.7pt"><font><br></font></div><div style="padding-left:56.7pt"><font><br></font></div><div style="padding-left:56.7pt"><font><br></font></div><div style="padding-left:56.7pt"><font><br></font></div><div style="padding-left:56.7pt"><font><br></font></div><div style="padding-left:56.7pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:28pt;font-weight:700;line-height:100%">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Summary</font></div><div style="padding-left:56.7pt;text-align:justify"><font><br></font></div><div style="padding-left:56.7pt;text-align:justify"><font><br></font></div><div style="padding-left:56.7pt;text-align:justify"><font><br></font></div><div style="padding-left:56.7pt;text-align:right"><font><br></font></div><div style="padding-left:56.7pt;text-align:right"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:24pt;font-weight:700;line-height:100%">Table of Contents by Article</font></div><div style="text-align:right"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:24pt;font-weight:700;line-height:100%">Text of the By-Laws</font></div><div style="padding-left:56.7pt;text-align:right"><font><br></font></div><div style="height:70.56pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:141.84pt;width:100%"><div style="text-align:right"><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#160;&#160;&#160;&#160;</font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div style="padding-left:216pt;text-align:right;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:100%">Exhibit 1.1</font></div></div><div style="padding-left:56.7pt;text-align:right"><font><br></font></div><div style="padding-left:56.7pt;text-align:right"><font><br></font></div><div style="padding-left:56.7pt;text-align:right"><font><br></font></div><div style="padding-left:56.7pt;text-align:right"><font><br></font></div><div style="padding-left:56.7pt;text-align:right"><font><br></font></div><div style="padding-left:56.7pt;text-align:right"><font><br></font></div><div style="padding-left:56.7pt;text-align:right"><font><br></font></div><div style="padding-left:56.7pt;text-align:right"><font><br></font></div><div style="padding-left:56.7pt;text-align:right"><font><br></font></div><div style="padding-left:56.7pt;text-align:right"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:24pt;font-weight:700;line-height:100%">Table of Contents by Article</font></div><div><font><br></font></div><div><font><br></font></div><div style="height:70.56pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:141.84pt;width:100%"><div style="text-align:right"><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#160;&#160;&#160;&#160;</font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div style="padding-left:216pt;text-align:right;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:100%">Exhibit 1.1</font></div></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:14pt;font-weight:700;line-height:100%">Title I  </font></div><div><img alt="image_47.jpg" src="image_47.jpg" style="height:1px;margin-bottom:5pt;vertical-align:text-bottom;width:508px"></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:100%">General Provisions</font></div><div><font><br></font></div><div style="padding-left:28.35pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">Article 1.-&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;     &#160;&#160;&#160;&#160;  Corporate Name</font></div><div style="padding-left:28.35pt"><img alt="image_12.jpg" src="image_12.jpg" style="height:1px;margin-bottom:5pt;vertical-align:text-bottom;width:470px"></div><div style="padding-left:28.35pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">Article 2.-&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Duration of the Company</font></div><div style="padding-left:28.35pt"><img alt="image_12.jpg" src="image_12.jpg" style="height:1px;margin-bottom:5pt;vertical-align:text-bottom;width:470px"></div><div style="padding-left:28.35pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">Article 3.-&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;  Registered Office and Branches</font></div><div style="padding-left:28.35pt"><img alt="image_12.jpg" src="image_12.jpg" style="height:1px;margin-bottom:5pt;vertical-align:text-bottom;width:470px"></div><div style="padding-left:28.35pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">Article 4.-&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;         Corporate website of the Company </font></div><div style="padding-left:28.35pt"><img alt="image_12.jpg" src="image_12.jpg" style="height:1px;margin-bottom:5pt;vertical-align:text-bottom;width:470px"></div><div style="padding-left:28.35pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">Article 5.- &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Corporate Purpose</font></div><div style="padding-left:42.55pt"><img alt="image_12.jpg" src="image_12.jpg" style="height:1px;margin-bottom:5pt;vertical-align:text-bottom;width:470px"></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:14pt;font-weight:700;line-height:100%">Title II </font></div><div><img alt="image_47.jpg" src="image_47.jpg" style="height:1px;margin-bottom:5pt;vertical-align:text-bottom;width:508px"></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:100%">Share Capital and Shares</font></div><div style="padding-left:42.55pt"><font><br></font></div><div style="padding-left:28.35pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">Article 6.-&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;      Share Capital</font></div><div style="padding-left:28.35pt"><img alt="image_12.jpg" src="image_12.jpg" style="height:1px;margin-bottom:5pt;vertical-align:text-bottom;width:470px"></div><div style="padding-left:28.35pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">Article 7.-&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;       Provisions Applicable to the Shares</font></div><div style="padding-left:28.35pt"><img alt="image_12.jpg" src="image_12.jpg" style="height:1px;margin-bottom:5pt;vertical-align:text-bottom;width:470px"></div><div style="padding-left:28.35pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">Article 8.-&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;   Pending disbursements</font></div><div style="padding-left:28.35pt"><img alt="image_12.jpg" src="image_12.jpg" style="height:1px;margin-bottom:5pt;vertical-align:text-bottom;width:470px"></div><div style="padding-left:28.35pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">Article 9.-&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;        Rights Granted to the Shareholders</font></div><div style="padding-left:28.35pt"><img alt="image_12.jpg" src="image_12.jpg" style="height:1px;margin-bottom:5pt;vertical-align:text-bottom;width:470px"></div><div style="padding-left:28.35pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">Article 10.-&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;      &#160;&#160;&#160;&#160;   Co-ownership of and </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:100%">in Rem </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">Rights to Shares</font></div><div style="padding-left:28.35pt"><img alt="image_12.jpg" src="image_12.jpg" style="height:1px;margin-bottom:5pt;vertical-align:text-bottom;width:470px"></div><div style="padding-left:28.35pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">Article 11.-&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;    &#160;&#160;&#160;&#160; Acquisition by the Company of its Own Shares</font></div><div style="padding-left:28.35pt"><img alt="image_12.jpg" src="image_12.jpg" style="height:1px;margin-bottom:5pt;vertical-align:text-bottom;width:470px"></div><div style="padding-left:177.2pt;padding-right:14.1pt;text-indent:-148.85pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">Article 12.- &#160;&#160;&#160;&#160;Submission by the Shareholders to the By-Laws and to Corporate Resolutions</font></div><div style="padding-left:28.35pt"><img alt="image_12.jpg" src="image_12.jpg" style="height:1px;margin-bottom:5pt;vertical-align:text-bottom;width:470px"></div><div style="padding-left:42.55pt"><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:14pt;font-weight:700;line-height:100%">Title III </font></div><div><img alt="image_47.jpg" src="image_47.jpg" style="height:1px;margin-bottom:5pt;vertical-align:text-bottom;width:508px"></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:100%">The Company&#8217;s Decision-Making Bodies</font></div><div style="padding-left:42.55pt"><font><br></font></div><div style="padding-left:28.35pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">Article 13.-&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;         The Company&#8217;s Decision-Making Bodies</font></div><div style="padding-left:28.35pt"><img alt="image_12.jpg" src="image_12.jpg" style="height:1px;margin-bottom:5pt;vertical-align:text-bottom;width:470px"></div><div style="padding-left:28.35pt"><font><br></font></div><div style="padding-left:28.35pt"><font><br></font></div><div style="height:70.56pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:141.84pt;width:100%"><div style="text-align:right"><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#160;&#160;&#160;&#160;</font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div style="padding-left:216pt;text-align:right;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:100%">Exhibit 1.1</font></div></div><div style="padding-left:28.35pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">SECTION ONE&#58;&#160;&#160;&#160;&#160;      </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:100%">      GENERAL SHAREHOLDERS&#8217; MEETING</font></div><div style="padding-left:28.35pt"><font><br></font></div><div style="padding-left:28.35pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">Article 14.-&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;      The General Shareholders&#8217; Meeting </font></div><div style="padding-left:28.35pt"><img alt="image_12.jpg" src="image_12.jpg" style="height:1px;margin-bottom:5pt;vertical-align:text-bottom;width:470px"></div><div style="padding-left:141.8pt;padding-right:21.2pt;text-indent:-113.45pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">Article 15.-&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;    Powers of the Shareholders Acting at a General Shareholders&#8217; Meeting</font></div><div style="padding-left:28.35pt"><img alt="image_12.jpg" src="image_12.jpg" style="height:1px;margin-bottom:5pt;vertical-align:text-bottom;width:470px"></div><div style="padding-left:28.35pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">Article 16.-  &#160;&#160;&#160;&#160;     Ordinary and Extraordinary General Shareholders&#8217; Meeting</font></div><div style="padding-left:28.35pt"><img alt="image_12.jpg" src="image_12.jpg" style="height:1px;margin-bottom:5pt;vertical-align:text-bottom;width:470px"></div><div style="padding-left:28.35pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">Article 17.-&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;         Call to the General Shareholders&#8217; Meeting</font></div><div style="padding-left:28.35pt"><img alt="image_12.jpg" src="image_12.jpg" style="height:1px;margin-bottom:5pt;vertical-align:text-bottom;width:470px"></div><div style="padding-left:28.35pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">Article 18.-          Place and time of holding the General Shareholders&#8217; Meeting</font></div><div style="padding-left:28.35pt"><img alt="image_12.jpg" src="image_12.jpg" style="height:1px;margin-bottom:5pt;vertical-align:text-bottom;width:470px"></div><div style="padding-left:28.35pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">Article 19.-&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;    Right to Attend</font></div><div style="padding-left:28.35pt"><img alt="image_12.jpg" src="image_12.jpg" style="height:1px;margin-bottom:5pt;vertical-align:text-bottom;width:470px"></div><div style="padding-left:28.35pt;padding-right:7pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">Article 20.-&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;     Right of representation</font></div><div style="padding-left:28.35pt;padding-right:7pt"><img alt="image_12.jpg" src="image_12.jpg" style="height:1px;margin-bottom:5pt;vertical-align:text-bottom;width:470px"></div><div style="padding-left:28.35pt;padding-right:7pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">Article 21.-&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Remote Attendance by Electronic or Data Transmission</font></div><div style="padding-left:134.7pt;text-indent:7.1pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%"> Means</font></div><div style="padding-left:28.35pt"><img alt="image_12.jpg" src="image_12.jpg" style="height:1px;margin-bottom:5pt;vertical-align:text-bottom;width:470px"></div><div style="padding-left:28.35pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">Article 22.-&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;      Shareholders&#8217; Right to Receive Information</font></div><div style="padding-left:28.35pt"><img alt="image_24.jpg" src="image_24.jpg" style="height:1px;margin-bottom:5pt;vertical-align:text-bottom;width:460px"></div><div style="padding-left:124.35pt;text-indent:-96pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">Article 23.- &#160;&#160;&#160;&#160;Presiding committee of the General Shareholders&#8217; Meeting  and Preparation of the Attendance Roll</font></div><div style="padding-left:28.35pt"><img alt="image_12.jpg" src="image_12.jpg" style="height:1px;margin-bottom:5pt;vertical-align:text-bottom;width:470px"></div><div style="padding-left:28.35pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">Article 24.-&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;           Deliberations and Voting</font></div><div style="padding-left:28.35pt"><img alt="image_12.jpg" src="image_12.jpg" style="height:1px;margin-bottom:5pt;vertical-align:text-bottom;width:470px"></div><div style="padding-left:141.8pt;text-indent:-113.25pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">Article 25.-&#160;&#160;&#160;&#160;Casting of Votes from a Distance prior to the General  Shareholders&#8217; Meeting</font></div><div style="padding-left:28.35pt"><img alt="image_12.jpg" src="image_12.jpg" style="height:1px;margin-bottom:5pt;vertical-align:text-bottom;width:470px"></div><div style="padding-left:28.35pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">Article 26.-&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;            Adoption of Resolutions</font></div><div style="padding-left:28.35pt"><img alt="image_12.jpg" src="image_12.jpg" style="height:1px;margin-bottom:5pt;vertical-align:text-bottom;width:470px"></div><div style="padding-left:159.6pt;text-indent:-131.25pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">Article 27.-     &#160;&#160;&#160;&#160;Minutes of the General Shareholders&#8217; Meeting and Documentation of Resolutions</font></div><div style="padding-left:28.35pt"><img alt="image_12.jpg" src="image_12.jpg" style="height:1px;margin-bottom:5pt;vertical-align:text-bottom;width:470px"></div><div style="padding-left:28.35pt"><font><br></font></div><div style="padding-left:141.6pt;text-indent:-113.25pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">SECTION TWO&#58;&#160;&#160;&#160;&#160;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:100%">BOARD-LEVEL ADMINISTRATION OF THE COMPANY</font></div><div style="padding-left:28.35pt"><font><br></font></div><div style="padding-left:28.35pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">Article 28.-&#160;&#160;&#160;&#160;        Structure of Board-Level Administration of the Company</font></div><div style="padding-left:28.35pt"><img alt="image_12.jpg" src="image_12.jpg" style="height:1px;margin-bottom:5pt;vertical-align:text-bottom;width:470px"></div><div style="padding-left:28.35pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">Article 29.-&#160;&#160;&#160;&#160;         Composition and Appointment of the Board of Directors</font></div><div style="padding-left:28.35pt"><img alt="image_12.jpg" src="image_12.jpg" style="height:1px;margin-bottom:5pt;vertical-align:text-bottom;width:470px"></div><div style="padding-left:28.35pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">Article 30.-&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;       Requirements for Appointment as Director</font></div><div style="padding-left:28.35pt"><img alt="image_12.jpg" src="image_12.jpg" style="height:1px;margin-bottom:5pt;vertical-align:text-bottom;width:470px"></div><div style="padding-left:28.35pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">Article 31.-&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Designation of Positions</font></div><div style="padding-left:28.35pt"><img alt="image_12.jpg" src="image_12.jpg" style="height:1px;margin-bottom:5pt;vertical-align:text-bottom;width:470px"></div><div style="padding-left:28.35pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">Article 32.-&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The Coordinating Independent Director</font></div><div style="padding-left:28.35pt"><img alt="image_12.jpg" src="image_12.jpg" style="height:1px;margin-bottom:5pt;vertical-align:text-bottom;width:470px"></div><div style="padding-left:28.35pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">Article 33.-&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;        Conflict of Interest of the Directors</font></div><div style="padding-left:28.35pt"><img alt="image_12.jpg" src="image_12.jpg" style="height:1px;margin-bottom:5pt;vertical-align:text-bottom;width:470px"></div><div style="padding-left:28.35pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">Article 34.-&#160;&#160;&#160;&#160;  Meetings, Quorum and Adoption of Resolutions by the Board</font></div><div style="padding-left:28.35pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;  of Directors</font></div><div style="padding-left:28.35pt"><img alt="image_12.jpg" src="image_12.jpg" style="height:1px;margin-bottom:5pt;vertical-align:text-bottom;width:470px"></div><div style="padding-left:28.35pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">Article 35.-&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;       Compensation</font></div><div style="padding-left:28.35pt"><img alt="image_12.jpg" src="image_12.jpg" style="height:1px;margin-bottom:5pt;vertical-align:text-bottom;width:470px"></div><div style="padding-left:28.35pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">Article 36.-&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;   Representation of the Company</font></div><div style="padding-left:28.35pt"><img alt="image_12.jpg" src="image_12.jpg" style="height:1px;margin-bottom:5pt;vertical-align:text-bottom;width:470px"></div><div style="padding-left:28.35pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">Article 37.-&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;    &#160;&#160;&#160;&#160;             Powers of the Board of Directors</font></div><div style="padding-left:28.35pt"><img alt="image_12.jpg" src="image_12.jpg" style="height:1px;margin-bottom:5pt;vertical-align:text-bottom;width:470px"></div><div style="padding-left:28.35pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">Article 38.-&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;     Executive Commission</font></div><div style="padding-left:28.35pt"><img alt="image_12.jpg" src="image_12.jpg" style="height:1px;margin-bottom:5pt;vertical-align:text-bottom;width:470px"></div><div style="padding-left:28.35pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">Article 39.-&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;      Audit and Control Committee</font></div><div style="padding-left:28.35pt"><img alt="image_12.jpg" src="image_12.jpg" style="height:1px;margin-bottom:5pt;vertical-align:text-bottom;width:470px"></div><div style="padding-left:28.35pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">Article 40.- Nominating, Compensation and Corporate Governance Committee</font></div><div style="height:70.56pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:141.84pt;width:100%"><div style="text-align:right"><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#160;&#160;&#160;&#160;</font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div style="padding-left:216pt;text-align:right;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:100%">Exhibit 1.1</font></div></div><div style="padding-left:28.35pt"><img alt="image_12.jpg" src="image_12.jpg" style="height:1px;margin-bottom:5pt;vertical-align:text-bottom;width:470px"></div><div style="padding-left:28.35pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">Article 41.-&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The Chairman of the Board of Directors</font></div><div style="padding-left:28.35pt"><img alt="image_12.jpg" src="image_12.jpg" style="height:1px;margin-bottom:5pt;vertical-align:text-bottom;width:470px"></div><div style="padding-left:28.35pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">Article 42.-&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;     The General Secretary</font></div><div style="padding-left:28.35pt"><img alt="image_12.jpg" src="image_12.jpg" style="height:1px;margin-bottom:5pt;vertical-align:text-bottom;width:470px"></div><div style="padding-left:28.35pt"><font><br></font></div><div style="padding-left:106.35pt;padding-right:14.1pt;text-align:justify;text-indent:-106.35pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">SECTION THREE&#58;&#160;&#160;&#160;&#160;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:100%">REPORTS ON CORPORATE GOVERNANCE AND COMPENSATION</font></div><div style="padding-left:106.35pt;text-indent:-106.35pt"><font><br></font></div><div style="padding-left:106.35pt;text-indent:-106.35pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">Article 43.- &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;  Annual Corporate Governance Report</font></div><div style="padding-left:28.35pt"><img alt="image_12.jpg" src="image_12.jpg" style="height:1px;margin-bottom:5pt;vertical-align:text-bottom;width:470px"></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">Article 44.-&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;       Report on Directors&#8217; Compensation</font></div><div style="padding-left:28.35pt"><img alt="image_12.jpg" src="image_12.jpg" style="height:1px;margin-bottom:5pt;vertical-align:text-bottom;width:470px"></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:14pt;font-weight:700;line-height:100%">Title IV </font></div><div><img alt="image_47.jpg" src="image_47.jpg" style="height:1px;margin-bottom:5pt;vertical-align:text-bottom;width:508px"></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:100%">Annual Financial Statements, Profits and Dividends</font></div><div style="padding-left:28.35pt"><font><br></font></div><div style="padding-left:28.35pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">Article 45.-     Fiscal Year and Submission of the Annual Financial Statements</font></div><div style="padding-left:28.35pt"><img alt="image_12.jpg" src="image_12.jpg" style="height:1px;margin-bottom:5pt;vertical-align:text-bottom;width:470px"></div><div style="padding-left:28.35pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">Article 46.-&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;       Allocation of Profits&#47;Losses</font></div><div style="padding-left:28.35pt"><img alt="image_12.jpg" src="image_12.jpg" style="height:1px;margin-bottom:5pt;vertical-align:text-bottom;width:470px"></div><div style="padding-left:28.35pt"><font><br></font></div><div style="height:70.56pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:141.84pt;width:100%"><div style="text-align:right"><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#160;&#160;&#160;&#160;</font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div style="padding-left:216pt;text-align:right;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:100%">Exhibit 1.1</font></div></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:14pt;font-weight:700;line-height:100%">Title V </font></div><div><img alt="image_47.jpg" src="image_47.jpg" style="height:1px;margin-bottom:5pt;vertical-align:text-bottom;width:508px"></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:100%">Dissolution and Liquidation</font></div><div style="padding-left:28.35pt"><font><br></font></div><div style="padding-left:28.35pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">Article 47.-&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Grounds for Dissolution</font></div><div style="padding-left:28.35pt"><img alt="image_12.jpg" src="image_12.jpg" style="height:1px;margin-bottom:5pt;vertical-align:text-bottom;width:470px"></div><div style="padding-left:28.35pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">Article 48.-&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;       Liquidation of the Company</font></div><div style="padding-left:28.35pt"><img alt="image_12.jpg" src="image_12.jpg" style="height:1px;margin-bottom:5pt;vertical-align:text-bottom;width:470px"></div><div style="padding-left:56.7pt"><font><br></font></div><div style="padding-left:56.7pt"><font><br></font></div><div style="padding-left:56.7pt;text-align:right"><font><br></font></div><div style="height:70.56pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:141.84pt;width:100%"><div style="text-align:right"><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#160;&#160;&#160;&#160;</font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div style="padding-left:216pt;text-align:right;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:100%">Exhibit 1.1</font></div></div><div style="padding-left:56.7pt;text-align:right"><font><br></font></div><div style="padding-left:56.7pt;text-align:right"><font><br></font></div><div style="padding-left:56.7pt;text-align:right"><font><br></font></div><div style="padding-left:56.7pt;text-align:right"><font><br></font></div><div style="padding-left:56.7pt;text-align:right"><font><br></font></div><div style="padding-left:56.7pt;text-align:right"><font><br></font></div><div style="padding-left:56.7pt;text-align:right"><font><br></font></div><div style="padding-left:56.7pt;text-align:right"><font><br></font></div><div style="padding-left:56.7pt;text-align:right"><font><br></font></div><div style="padding-left:56.7pt;text-align:right"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:24pt;font-weight:700;line-height:100%">Text of the By-Laws</font></div><div><font><br></font></div><div style="text-align:center"><font><br></font></div><div style="height:70.56pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:141.84pt;width:100%"><div style="text-align:right"><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#160;&#160;&#160;&#160;</font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div style="padding-left:216pt;text-align:right;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:100%">Exhibit 1.1</font></div></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:100%">BY-LAWS OF TELEFONICA, S.A.</font></div><div style="text-align:center"><font><br></font></div><div style="margin-bottom:12pt;padding-left:17.57pt;padding-right:17.57pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:174%">Title I</font></div><div style="margin-bottom:12pt;padding-left:17.57pt;padding-right:17.57pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:174%">General Provisions</font></div><div style="margin-bottom:12pt;padding-left:35.15pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:174%">Article 1.- &#160;&#160;&#160;&#160;Corporate name</font></div><div style="margin-bottom:12pt;padding-left:35.15pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:174%">The Company is named &#34;Telef&#243;nica, S.A.&#34; and shall be governed by these By-Laws and, as to matters not otherwise contemplated or provided for herein, by the Companies Act (Ley de Sociedades de Capital) and other legal provisions applicable thereto.</font></div><div style="margin-bottom:12pt;padding-left:35.15pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:174%">Article 2.-&#160;&#160;&#160;&#160;Duration of the Company</font></div><div style="margin-bottom:12pt;padding-left:35.15pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:174%">The duration of the Company shall be indefinite, its operations having commenced on the date of formalization of the notarial instrument of incorporation. It may only be dissolved upon the grounds and subject to the requirements set forth in Article 47 of these By-Laws.</font></div><div style="margin-bottom:12pt;padding-left:35.15pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:174%">Article 3.-&#160;&#160;&#160;&#160;Registered office and branches</font></div><div style="margin-bottom:12pt;padding-left:35.15pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:174%">1.&#160;&#160;&#160;&#160;The registered office shall be located in Madrid, at Gran V&#237;a, 28, and the Board of Directors may resolve to relocate it within the municipal area of Madrid in compliance with any applicable legal provisions.</font></div><div style="margin-bottom:12pt;padding-left:35.15pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:174%">2.&#160;&#160;&#160;&#160;The Board of Directors may also resolve to create, terminate or relocate any branches, agencies, delegation offices, local offices or establishments to the extent and in the location it deems fit, even outside of the national territory.</font></div><div style="margin-bottom:12pt;padding-left:35.15pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:174%">Article 4.-&#160;&#160;&#160;&#160;Corporate website of the Company</font></div><div style="margin-bottom:12pt;padding-left:35.15pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:174%">1.&#160;&#160;&#160;&#160;The address of the Company's corporate website is www.telefonica.com.</font></div><div style="margin-bottom:12pt;padding-left:35.15pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:174%">2.&#160;&#160;&#160;&#160;Through the Company&#8217;s corporate website, the exercise of the shareholders' right to receive information shall be accommodated and the </font></div><div style="height:70.56pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:141.84pt;width:100%"><div style="text-align:right"><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#160;&#160;&#160;&#160;</font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div style="padding-left:216pt;text-align:right;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:100%">Exhibit 1.1</font></div></div><div style="margin-bottom:12pt;padding-left:35.15pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:174%">significant information required by securities market legislation shall be disseminated.</font></div><div style="margin-bottom:12pt;padding-left:35.15pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:174%">3.&#160;&#160;&#160;&#160;The Board of Directors may resolve to relocate the corporate website, and is also authorized to amend section one of this article and to register such amendment with the Commercial Registry. In any event, the resolution to relocate shall be posted on the relocated website for thirty days following the inclusion thereof.</font></div><div style="margin-bottom:12pt;padding-left:35.15pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:174%">Article 5.-&#160;&#160;&#160;&#160;Corporate purpose</font></div><div style="margin-bottom:12pt;padding-left:35.15pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:174%">1.&#160;&#160;&#160;&#160;The purpose of the Company consists of&#58;</font></div><div style="margin-bottom:12pt;padding-left:35.15pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:174%">a)&#160;&#160;&#160;&#160;The provision and operation of all kinds of public or private telecommunications services and, for such purpose, the design, installation, maintenance, repair, improvement, acquisition, disposition, interconnection, management, administration of, and any other activity not included in the preceding enumeration with respect to, all kinds of telecommunications networks, lines, satellites, equipment, systems and technical infrastructure, whether now existing or to be created in future, including the premises in which any and all of the foregoing items are located.</font></div><div style="margin-bottom:12pt;padding-left:35.15pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:174%">b)&#160;&#160;&#160;&#160;The provision and operation of all kinds of services that are ancillary or supplemental to or result from telecommunications services.</font></div><div style="margin-bottom:12pt;padding-left:35.15pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:174%">c)&#160;&#160;&#160;&#160;The research and development, promotion and application of all kinds of component principles, equipment and systems directly or indirectly used for telecommunications.</font></div><div style="margin-bottom:12pt;padding-left:35.15pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:174%">d)&#160;&#160;&#160;&#160;Manufacturing and production activities and, in general, all other forms of industrial activity in connection with telecommunications.</font></div><div style="margin-bottom:12pt;padding-left:35.15pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:174%">e)&#160;&#160;&#160;&#160;Acquisition, disposition and, in general, all other forms of commercial activity in connection with telecommunications.</font></div><div style="height:70.56pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:141.84pt;width:100%"><div style="text-align:right"><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#160;&#160;&#160;&#160;</font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div style="padding-left:216pt;text-align:right;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:100%">Exhibit 1.1</font></div></div><div style="margin-bottom:12pt;padding-left:35.15pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:174%">2.&#160;&#160;&#160;&#160;All of the activities included in the corporate purpose may be carried out both in Spain and abroad and either directly by the Company, in whole or in part, or through the ownership of shares or interests in companies or other legal entities having the same or a similar purpose.</font></div><div style="margin-bottom:12pt;padding-left:17.57pt;padding-right:17.57pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:174%">Title II</font></div><div style="margin-bottom:12pt;padding-left:17.57pt;padding-right:17.57pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:174%">Share Capital and Shares</font></div><div style="margin-bottom:12pt;padding-left:35.15pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:174%">Article 6.-&#160;&#160;&#160;&#160;Share capital</font></div><div style="margin-bottom:12pt;padding-left:35.45pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:174%">1.&#160;&#160;&#160;&#160;The share capital is 5,670,161,554 euros, represented by 5,670,161,554 ordinary shares in a single series and with a nominal value of one euro each, which have been fully paid up.</font></div><div style="margin-bottom:12pt;padding-left:35.15pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:174%">2.&#160;&#160;&#160;&#160;The shareholders acting at the General Shareholders' Meeting may, subject to the requirements and within the limits established by law for such purpose, delegate to the Board of Directors the power to increase the share capital.</font></div><div><font><br></font></div><div style="margin-bottom:12pt;padding-left:35.15pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:174%">Article 7.-&#160;&#160;&#160;&#160;Provisions applicable to the shares</font></div><div style="margin-bottom:12pt;padding-left:35.15pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:174%">1.&#160;&#160;&#160;&#160;The shares are represented in book-entry form, and as book entries, they shall be governed by securities market regulations and other applicable provisions.</font></div><div style="margin-bottom:12pt;padding-left:35.15pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:174%">2.&#160;&#160;&#160;&#160;Modifications to features of shares represented in book-entry form shall be published in the legally established form.</font></div><div style="margin-bottom:12pt;padding-left:35.15pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:174%">3.&#160;&#160;&#160;&#160;The Company shall acknowledge as shareholders such parties as appear entitled thereto as holders in the entries of the corresponding book-entry registries.</font></div><div style="height:70.56pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:141.84pt;width:100%"><div style="text-align:right"><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#160;&#160;&#160;&#160;</font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div style="padding-left:216pt;text-align:right;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:100%">Exhibit 1.1</font></div></div><div style="margin-bottom:12pt;padding-left:35.15pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:174%">4.&#160;&#160;&#160;&#160;The Company may access at any time the necessary information to fully identify its shareholders, including addresses and means of contact to permit communication with them.</font></div><div style="margin-bottom:12pt;padding-left:35.15pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:174%">Article 8.-&#160;&#160;&#160;&#160;Pending disbursements</font></div><div style="margin-bottom:12pt;padding-left:35.15pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:174%">1.&#160;&#160;&#160;&#160;Where the shares have not been fully disbursed, this fact shall be recorded in the relevant entry.</font></div><div style="margin-bottom:12pt;padding-left:35.15pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:174%">2.&#160;&#160;&#160;&#160;Pending disbursements shall be paid at such time as may be determined by the Board of Directors, within a period of five years reckoned from the date of the capital increase resolution. As for the manner and other aspects of the disbursement, regard shall be had to the provisions of the capital increase resolution, which may provide that disbursements be in the form of either monetary contributions or non-monetary contributions.</font></div><div style="margin-bottom:12pt;padding-left:35.15pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:174%">3.&#160;&#160;&#160;&#160;In the case of arrears in the payment of pending disbursements, the delinquent shareholder shall be subject to the effects provided for under law.</font></div><div style="margin-bottom:12pt;padding-left:35.15pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:174%">4.&#160;&#160;&#160;&#160;In the event of a transfer of shares that have not been fully paid up, the transferee of any such shares and all prior transferors shall be jointly and severally liable.</font></div><div style="margin-bottom:12pt;padding-left:35.15pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:174%">Article 9.-&#160;&#160;&#160;&#160;Rights granted to the shareholders</font></div><div style="margin-bottom:12pt;padding-left:35.15pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:174%">1.&#160;&#160;&#160;&#160;All shares confer upon the rightful holders thereof the status of shareholder and vest such holders with the rights granted by law and by these By-Laws.</font></div><div style="margin-bottom:12pt;padding-left:35.15pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:174%">2.&#160;&#160;&#160;&#160;Subject to the provisions of law, and except in such cases as are set forth therein, a shareholder shall have at least the following rights&#58;</font></div><div style="margin-bottom:12pt;padding-left:35.15pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:174%">a)&#160;&#160;&#160;&#160;The right to share in the distribution of corporate profits and in the remaining assets upon liquidation.</font></div><div style="height:70.56pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:141.84pt;width:100%"><div style="text-align:right"><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#160;&#160;&#160;&#160;</font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div 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style="margin-bottom:12pt;padding-left:35.15pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:174%">d)&#160;&#160;&#160;&#160;The right to receive information.</font></div><div style="margin-bottom:12pt;padding-left:35.15pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:174%">3.&#160;&#160;&#160;&#160;Notwithstanding the foregoing, the Company may issue non-voting shares under the conditions and subject to the limits and requirements established by law.</font></div><div style="margin-bottom:12pt;padding-left:35.15pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:174%">Article 10.-&#160;&#160;&#160;&#160;Co-ownership of and in rem rights to shares</font></div><div style="margin-bottom:12pt;padding-left:35.15pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:174%">1.&#160;&#160;&#160;&#160;The shares are indivisible. Co-owners of a share must designate a single person for the exercise of shareholder rights, and shall be jointly and severally liable to the Company for all obligations arising from their status as shareholders. The same rule shall apply to other cases of co-ownership of rights to the shares.</font></div><div style="margin-bottom:12pt;padding-left:35.15pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:174%">2.&#160;&#160;&#160;&#160;In the case of beneficial ownership of shares &#91;usufructo de acciones&#93;, shareholder status shall vest in the bare owner, but the beneficial owner shall be entitled, in all cases, to the dividends issued by the Company during the period of beneficial ownership.</font></div><div style="margin-bottom:12pt;padding-left:35.15pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:174%">3.&#160;&#160;&#160;&#160;In the case of a pledge of shares, the exercise of shareholder rights shall belong to the owner thereof, and the pledgee shall have the duty to facilitate the exercise of such rights.</font></div><div style="margin-bottom:12pt;padding-left:35.15pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:174%">Article 11.-&#160;&#160;&#160;&#160;Acquisition by the Company of its own shares</font></div><div style="margin-bottom:12pt;padding-left:35.15pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:174%">The Company may only acquire its own shares in the manner, with the funds and for the purposes established by law.</font></div><div style="height:70.56pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:141.84pt;width:100%"><div style="text-align:right"><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#160;&#160;&#160;&#160;</font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div style="padding-left:216pt;text-align:right;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:100%">Exhibit 1.1</font></div></div><div style="margin-bottom:12pt;padding-left:35.15pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:174%">Article 12.-&#160;&#160;&#160;&#160;Submission by the shareholders to the By-Laws and to corporate resolutions</font></div><div style="margin-bottom:12pt;padding-left:35.15pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:174%">Ownership of one or more shares entails acceptance of and absolute compliance with the Company's By-Laws and Regulations, and submission to the legally adopted resolutions of the Company&#8217;s shareholder- and board-level decision-making bodies.</font></div><div style="margin-bottom:12pt;padding-left:17.57pt;padding-right:17.57pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:174%">Title III</font></div><div style="margin-bottom:12pt;padding-left:17.57pt;padding-right:17.57pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:174%">The Company's Decision-Making Bodies</font></div><div style="margin-bottom:12pt;padding-left:35.15pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:174%">Article 13.-&#160;&#160;&#160;&#160;The Company&#8217;s decision-making bodies</font></div><div style="margin-bottom:12pt;padding-left:35.15pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:174%">The Company shall be governed and managed by the following bodies, under such terms and conditions as are set forth below in these By-Laws&#58;</font></div><div style="margin-bottom:12pt;padding-left:35.15pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:174%">a)&#160;&#160;&#160;&#160;The General Shareholders' Meeting.</font></div><div style="margin-bottom:12pt;padding-left:35.15pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:174%">b)&#160;&#160;&#160;&#160;The Board of Directors.</font></div><div style="margin-bottom:12pt;padding-left:35.15pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:174%">c)&#160;&#160;&#160;&#160;The Executive Commission.</font></div><div style="margin-bottom:12pt;padding-left:35.15pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:174%">d)&#160;&#160;&#160;&#160;The Chairman &#91;Presidente&#93; of the Board of Directors.</font></div><div style="margin-bottom:12pt;padding-left:35.15pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:174%">e)&#160;&#160;&#160;&#160;The Chief Executive Officer(s) &#91;Consejero&#47;s Delegado&#47;s&#93;, if any, that have been appointed by the Board of Directors from among its members.</font></div><div style="margin-bottom:12pt;padding-left:17.57pt;padding-right:17.57pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:174%">Section One</font></div><div style="margin-bottom:12pt;padding-left:17.57pt;padding-right:17.57pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:174%">General Shareholders' Meeting</font></div><div style="margin-bottom:12pt;padding-left:35.15pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:174%">Article 14.-&#160;&#160;&#160;&#160;The General Shareholders' Meeting</font></div><div style="margin-bottom:12pt;padding-left:35.15pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:174%">1.&#160;&#160;&#160;&#160;The shareholders acting at a General Shareholders' Meeting constitute the highest deliberative body through which the corporate will is expressed.</font></div><div style="height:70.56pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:141.84pt;width:100%"><div style="text-align:right"><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#160;&#160;&#160;&#160;</font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div style="padding-left:216pt;text-align:right;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:100%">Exhibit 1.1</font></div></div><div style="margin-bottom:12pt;padding-left:35.15pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:174%">2.&#160;&#160;&#160;&#160;The shareholders, meeting at a General Shareholders' Meeting that has been legally and validly convened, shall decide by majority vote on the matters that may properly come before them.</font></div><div style="margin-bottom:12pt;padding-left:35.15pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:174%">3.&#160;&#160;&#160;&#160;All shareholders, including dissenting shareholders and those who have not participated in the meeting, shall be bound by the resolutions adopted at a General Shareholders' Meeting, without prejudice to the right of any shareholder to challenge such resolutions in the cases and subject to the requirements established by law.</font></div><div style="margin-bottom:12pt;padding-left:35.15pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:174%">Article 15.-&#160;&#160;&#160;&#160;Powers of the Shareholders acting at a General Shareholders' Meeting</font></div><div style="margin-bottom:12pt;padding-left:35.15pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:174%">The shareholders acting at a General Shareholders' Meeting shall decide on the matters assigned thereto by law or these By-Laws and, in particular, regarding the following&#58;</font></div><div style="margin-bottom:12pt;padding-left:35.15pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:174%">1) &#160;&#160;&#160;&#160;Approval of the annual financial statements, the allocation of profits&#47;losses, and corporate management.</font></div><div style="margin-bottom:12pt;padding-left:35.15pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:174%">2) &#160;&#160;&#160;&#160;Appointment, re-appointment and removal of Directors, and ratification of Directors appointed by co-optation.</font></div><div style="margin-bottom:12pt;padding-left:35.15pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:174%">3) &#160;&#160;&#160;&#160;Appointment, re-appointment and removal of Auditors.</font></div><div style="margin-bottom:12pt;padding-left:35.15pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:174%">4) &#160;&#160;&#160;&#160;Appointment and removal of Liquidators.</font></div><div style="margin-bottom:12pt;padding-left:35.15pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:174%">5)&#160;&#160;&#160;&#160;Commencement of corporate claims for liability against any of the persons referred to in numbers 2) to 4) of this article.</font></div><div style="margin-bottom:12pt;padding-left:35.15pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:174%">6)&#160;&#160;&#160;&#160;Amendment of the By-Laws.</font></div><div style="margin-bottom:12pt;padding-left:35.15pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:174%">7)&#160;&#160;&#160;&#160;Increase and reduction of share capital, and delegation to the Board of Directors of the power to increase share capital, in which case it may also be </font></div><div style="height:70.56pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:141.84pt;width:100%"><div style="text-align:right"><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#160;&#160;&#160;&#160;</font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div style="padding-left:216pt;text-align:right;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:100%">Exhibit 1.1</font></div></div><div style="margin-bottom:12pt;padding-left:35.15pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:174%">attributed the power to disapply or establish restrictions upon pre-emptive rights, as established by law.</font></div><div style="margin-bottom:12pt;padding-left:35.15pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:174%">8)&#160;&#160;&#160;&#160;Elimination of or establishment of restrictions upon pre-emptive rights.</font></div><div style="margin-bottom:12pt;padding-left:35.15pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:174%">9)&#160;&#160;&#160;&#160;Transformation, merger, split-off, overall assignment of assets and liabilities, and relocation of the registered address abroad.</font></div><div style="margin-bottom:12pt;padding-left:35.15pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:174%">10) &#160;&#160;&#160;&#160;Dissolution of the Company.</font></div><div style="margin-bottom:12pt;padding-left:35.15pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:174%">11) &#160;&#160;&#160;&#160;Issuance of debentures and other marketable securities recognizing or creating debt, and delegation to the Board of Directors of the power to issue them. </font></div><div style="margin-bottom:12pt;padding-left:35.15pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:174%">12) &#160;&#160;&#160;&#160;The transformation of the Company into a holding company through &#8220;subsidiarization&#8221; or by entrusting subsidiaries with the conduct of core activities theretofore carried out by the Company itself.</font></div><div style="margin-bottom:12pt;padding-left:35.15pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:174%">13) &#160;&#160;&#160;&#160;The acquisition, disposition or contribution of essential operating assets from or to another company. For purposes of this section and the preceding section, an asset or activity shall be deemed to be essential when the amount of the transaction exceeds twenty-five (25%) percent of the value of the assets recorded in the last approved balance sheet.</font></div><div style="margin-bottom:12pt;padding-left:35.15pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:174%">14) &#160;&#160;&#160;&#160;Transactions the effect of which is tantamount to liquidating the Company.</font></div><div style="margin-bottom:12pt;padding-left:35.15pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:174%">15) &#160;&#160;&#160;&#160;The approval of the final balance sheet upon liquidation.</font></div><div style="margin-bottom:12pt;padding-left:35.15pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:174%">16) &#160;&#160;&#160;&#160;Releasing the Directors from the legal prohibitions relating to conflicts of interest when law necessarily attributes this competence to the General Shareholder&#8217;s Meeting.</font></div><div style="margin-bottom:12pt;padding-left:35.15pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:174%">17) &#160;&#160;&#160;&#160;The Director compensation policy.</font></div><div style="height:70.56pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:141.84pt;width:100%"><div style="text-align:right"><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#160;&#160;&#160;&#160;</font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div style="padding-left:216pt;text-align:right;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:100%">Exhibit 1.1</font></div></div><div style="margin-bottom:12pt;padding-left:35.15pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:174%">18) &#160;&#160;&#160;&#160;Any other matter that the Board of Directors resolves to submit to a decision thereof, in compliance with the applicable laws and regulations.</font></div><div style="margin-bottom:12pt;padding-left:35.15pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:174%">Article 16.-&#160;&#160;&#160;&#160;Ordinary and Extraordinary General Shareholders' Meeting</font></div><div style="margin-bottom:12pt;padding-left:35.15pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:174%">1.&#160;&#160;&#160;&#160;The shareholders acting at an Ordinary General Shareholders' Meeting, which shall have previously been called for such purpose, shall meet within the first six months of each fiscal year in order, if appropriate, to approve corporate management, the financial statements for the prior fiscal year and decide on the allocation of profits&#47;losses. Resolutions may also be adopted regarding any other matter properly coming before them, provided that such matter appears on the Agenda or is legally applicable, and a quorum for the General Shareholders&#8217; Meeting has been established with the presence of the required share capital.</font></div><div style="margin-bottom:12pt;padding-left:35.15pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:174%">2.&#160;&#160;&#160;&#160;The Ordinary General Shareholders&#8217; Meeting shall be valid even if it has been called or is held beyond the applicable deadline.</font></div><div style="margin-bottom:12pt;padding-left:35.15pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:174%">3.&#160;&#160;&#160;&#160;Any General Shareholders&#8217; Meeting other than as provided for in the preceding paragraph shall be deemed an extraordinary General Shareholders&#8217; Meeting and shall be held at any time of the year, provided that the Board of Directors deems it appropriate or when so requested in writing by the holders of at least 3% of the share capital, which request shall set forth the matters to be dealt with. In this instance, the General Shareholders&#8217; Meeting shall be called to be held within the period legally provided for. The Board of Directors shall prepare the Agenda, in which it shall include at least the matters set forth in the request. </font></div><div style="margin-bottom:12pt;padding-left:35.15pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:174%">4.&#160;&#160;&#160;&#160;All General Shareholders&#8217; Meetings, whether Ordinary or Extraordinary, which have been duly called, shall be validly constituted with the minimum quorum required by law, taking into account the matters included in the Agenda.</font></div><div style="margin-bottom:12pt;padding-left:35.15pt;text-align:justify"><font><br></font></div><div style="height:70.56pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:141.84pt;width:100%"><div style="text-align:right"><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#160;&#160;&#160;&#160;</font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div style="padding-left:216pt;text-align:right;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:100%">Exhibit 1.1</font></div></div><div style="margin-bottom:12pt;padding-left:35.15pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:174%">Article 17.-&#160;&#160;&#160;&#160;Call and form of the General Shareholders' Meeting</font></div><div style="margin-bottom:12pt;padding-left:35.15pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:174%">1.&#160;&#160;&#160;&#160;The General Shareholders&#8217; Meeting shall be called with the minimum advance notice required by law, through a notice published, at least&#58;</font></div><div style="margin-bottom:12pt;padding-left:70.9pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:174%">a)&#160;&#160;&#160;&#160;In the Official Bulletin of the Commercial Registry or in one of the more widely circulated newspapers in Spain.</font></div><div style="margin-bottom:12pt;padding-left:70.9pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:174%">b)&#160;&#160;&#160;&#160;On the website of the National Securities Market Commission.</font></div><div style="margin-bottom:12pt;padding-left:70.9pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:174%">c)&#160;&#160;&#160;&#160;On the Company&#8217;s corporate website.</font></div><div style="margin-bottom:12pt;padding-left:35.15pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:174%">The notice published on the Company's corporate website shall be continuously accessible at least until the date of the General Shareholders&#8217; Meeting. The Board of Directors may also publish notices in other media, if it deems it appropriate to ensure the public and effective dissemination of the call to meeting.</font></div><div style="margin-bottom:12pt;padding-left:35.15pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:174%">2.&#160;&#160;&#160;&#160;The call notice shall contain all the statements required by law in each case and, in any event, shall set forth the date and time of the meeting upon first call and all the matters to be dealt with thereat, as well as the form of the meeting and, where appropriate, the place of the meeting. The notice may also set forth the date on which the General Shareholders&#8217; Meeting shall, if applicable, be held upon second call.</font></div><div style="margin-bottom:12pt;padding-left:35.15pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:174%">3.&#160;&#160;&#160;&#160;The General Shareholders&#8217; Meeting may be held (a) in person only, (b) in person with the possibility of remote attendance, by electronic or telematic means, or, (c) when permitted by law and for reasons that make it advisable, and under the conditions provided in the law, exclusively by telematic means.</font></div><div style="margin-bottom:12pt;padding-left:35.15pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:174%">4.&#160;&#160;&#160;&#160;Except in the cases provided by law, General Shareholders&#8217; Meetings may not deliberate on or discuss matters that are not included in the Agenda.</font></div><div style="height:70.56pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:141.84pt;width:100%"><div style="text-align:right"><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#160;&#160;&#160;&#160;</font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div style="padding-left:216pt;text-align:right;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:100%">Exhibit 1.1</font></div></div><div style="margin-bottom:12pt;padding-left:35.15pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:174%">5.&#160;&#160;&#160;&#160;At Ordinary General Shareholders&#8217; Meetings, shareholders representing at least 3% of the share capital may request the publication of a supplement to the call including one or more items in the Agenda, so long as such new items are accompanied by a rationale or, if applicable, by a well-founded proposal for a resolution.</font></div><div style="margin-bottom:12pt;padding-left:35.15pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:174%">6.&#160;&#160;&#160;&#160;In addition, shareholders representing at least 3% of the share capital may submit well-founded proposals for resolutions regarding items already included or that must be included in the Agenda for the General Shareholders&#8217; Meeting called.</font></div><div style="margin-bottom:12pt;padding-left:35.15pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:174%">7.&#160;&#160;&#160;&#160;The rights provided for in the two preceding paragraphs must be exercised by means of duly authenticated notice that must be received at the Company's registered office within five days of the publication of the call to meeting. The supplement to the call to meeting and the proposals for resolutions must be published or disseminated in compliance with the legal requirements and advance notice provided by law.</font></div><div style="margin-bottom:12pt;padding-left:35.15pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:174%">Article 18.- &#160;&#160;&#160;&#160;Place and time of holding the General Shareholders' Meeting</font></div><div style="margin-bottom:12pt;padding-left:35.15pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:174%">1.&#160;&#160;&#160;&#160;The General Shareholders' Meeting shall be held, where appropriate, at the place set forth in the notice of the call to meeting, within the area where the Company has its registered office, on the date and at the time also set forth in such notice. </font></div><div style="margin-bottom:12pt;padding-left:35.15pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:174%">2.&#160;&#160;&#160;&#160;The General Shareholders&#8217; Meeting held exclusively through telematic means shall be deemed to have been held at the registered office.</font></div><div style="margin-bottom:12pt;padding-left:35.15pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:174%">3.&#160;&#160;&#160;&#160;The shareholders at the General Shareholders&#8217; Meeting may, whenever there is good reason, resolve to extend the General Shareholders&#8217; Meeting for one or more consecutive days, at the proposal of the Chairman of the General Shareholders&#8217; Meeting or of shareholders representing at least a quarter of the share capital attending. Regardless of the number of sessions, it shall be deemed </font></div><div style="height:70.56pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:141.84pt;width:100%"><div style="text-align:right"><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#160;&#160;&#160;&#160;</font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div style="padding-left:216pt;text-align:right;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:100%">Exhibit 1.1</font></div></div><div style="margin-bottom:12pt;padding-left:35.15pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:174%">that the General Shareholders&#8217; Meeting is one single meeting, and a single set of Minutes shall be drawn up for all of the sessions.</font></div><div style="margin-bottom:12pt;padding-left:35.15pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:174%">4.&#160;&#160;&#160;&#160;The General Shareholders&#8217; Meeting may also be temporarily adjourned in the cases and manner provided for in the Regulations for the General Shareholders' Meeting.</font></div><div style="margin-bottom:12pt;padding-left:35.15pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:174%">Article 19.-&#160;&#160;&#160;&#160;Right to attend</font></div><div style="margin-bottom:12pt;padding-left:35.15pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:174%">1.&#160;&#160;&#160;&#160;The right to attend General Shareholders' Meetings shall accrue to the holders of at least 300 shares, provided that such shares are registered in their name in the corresponding book-entry registry five days in advance of the date on which the General Shareholders' Meeting is to be held, and provided also that they present evidence thereof with the appropriate attendance card or certificate issued by any of the entities participating in the institution that manages such book-entry registry or in any other manner permitted by law.</font></div><div style="margin-bottom:12pt;padding-left:35.15pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:174%">2.&#160;&#160;&#160;&#160;Holders of a lesser number of shares may grant a proxy in respect thereof to a shareholder having the right to attend, as well as group together with other shareholders in the same situation until reaching the required number of shares, following which a proxy must be granted by the shareholders so grouped together to one of such shareholders. The grouping must be carried out specifically for each General Shareholders&#8217; Meeting and be recorded in writing.</font></div><div style="margin-bottom:12pt;padding-left:35.15pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:174%">3.&#160;&#160;&#160;&#160;The Directors must attend General Shareholders&#8217; Meetings, except when unable to do so upon duly justified grounds. Non-attendance by any of them shall not affect the valid constitution of the General Shareholders&#8217; Meeting.</font></div><div style="margin-bottom:12pt;padding-left:35.15pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:174%">4.&#160;&#160;&#160;&#160;The General Shareholders&#8217; Meeting may also be attended by senior executive officers, technicians, experts and such other persons as may have a relationship with the Company in the opinion of the Chairman of the General Shareholders&#8217; Meeting. The Chairman of the General Shareholders&#8217; Meeting may also authorize the attendance of any other person that he sees fit, including </font></div><div style="height:70.56pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:141.84pt;width:100%"><div style="text-align:right"><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#160;&#160;&#160;&#160;</font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div style="padding-left:216pt;text-align:right;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:100%">Exhibit 1.1</font></div></div><div style="margin-bottom:12pt;padding-left:35.15pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:174%">media, analysts, etc., although the General Shareholders&#8217; Meeting may revoke such authority.</font></div><div style="margin-bottom:12pt;padding-left:35.15pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:174%">Article 20.-&#160;&#160;&#160;&#160;Right of representation</font></div><div style="margin-bottom:12pt;padding-left:35.15pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:174%">1.&#160;&#160;&#160;&#160;Every shareholder having the right to attend may be represented at the General Shareholders' Meeting by any other person, even if not a shareholder. For such purpose, the shareholder being represented shall comply with the requirements and formalities established under law. The proxy shall be granted in writing or electronically.</font></div><div style="margin-bottom:12pt;padding-left:35.15pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:174%">The Chairman of and the Secretary for the General Shareholders' Meeting shall have the widest powers allowed by law to recognize the validity of the document evidencing proxy representation&#59; they shall only deem invalid those documents that lack the minimum indispensable requirements, and so long as the lack thereof cannot be cured.</font></div><div style="margin-bottom:12pt;padding-left:35.15pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:174%">2.&#160;&#160;&#160;&#160;A proxy shall be granted specifically for each General Shareholders&#8217; Meeting, unless the proxy-holder is the granting shareholder&#8217;s spouse, ascendant or descendant, or holds a general power of attorney granted in a public instrument with powers to manage all of the assets held by the shareholder granting the proxy in Spain.</font></div><div style="margin-bottom:12pt;padding-left:35.15pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:174%">3.&#160;&#160;&#160;&#160;A proxy is always revocable. Casting the vote remotely and attendance at the General Shareholders&#8217; Meeting by the shareholder granting the proxy entails the revocation of any proxy, whatever the date thereof. A proxy shall likewise be rendered void as a result of the disposition of shares of which the Company has notice.</font></div><div style="margin-bottom:12pt;padding-left:35.15pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:174%">Without prejudice to the provisions of Section 187 of the Companies Act, a proxy must be granted pursuant to the provisions of Section 184.2 of such Act.</font></div><div style="height:70.56pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:141.84pt;width:100%"><div style="text-align:right"><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#160;&#160;&#160;&#160;</font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div style="padding-left:216pt;text-align:right;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:100%">Exhibit 1.1</font></div></div><div style="margin-bottom:12pt;padding-left:35.15pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:174%">4.&#160;&#160;&#160;&#160;When a proxy is granted by means of long-distance communication, it shall only be deemed valid if it is carried out by postal delivery or correspondence or by electronic communication effected pursuant to the provisions of this section. Proxies granted by telephone in accordance with the procedure, where applicable, set forth in the call notice shall be deemed to have been granted by electronic communication.</font></div><div style="margin-bottom:12pt;padding-left:35.15pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:174%">A proxy shall be granted by postal delivery or correspondence by sending or delivering to the Company the duly completed and signed attendance and proxy-granting card or other written instrument that, in the opinion of the Board of Directors expressed in a resolution adopted for such purpose, allows for due verification of the identity of the shareholder granting the proxy and that of the proxy-holder designated therein.</font></div><div style="margin-bottom:12pt;padding-left:35.15pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:174%">A proxy shall be granted by electronic communication with the Company by using an electronic signature or such other means as the Board of Directors deems adequate to guarantee the authenticity and identity of the shareholder exercising his right, and, where granted by electronic means, accompanied by an electronic copy of the duly completed attendance and proxy-granting card.</font></div><div style="margin-bottom:12pt;padding-left:35.15pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:174%">5.&#160;&#160;&#160;&#160;In order to be valid, a proxy granted by either of the aforementioned means of long-distance communication must be received by the Company before midnight on the third day prior to the date set for the holding of the General Shareholders&#8217; Meeting upon first call. In the resolution providing for the call to the General Shareholders&#8217; Meeting in question, the Board of Directors may reduce such advance period and publish any such reduction in the same manner as the notice of the call to meeting.</font></div><div style="margin-bottom:12pt;padding-left:35.15pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:174%">6.&#160;&#160;&#160;&#160;Furthermore, the Board of Directors may elaborate upon the foregoing provisions governing proxy-granting by means of long-distance communication, in accordance with the provisions of paragraph 5 of Article 25 below.</font></div><div style="height:70.56pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:141.84pt;width:100%"><div style="text-align:right"><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#160;&#160;&#160;&#160;</font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div style="padding-left:216pt;text-align:right;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:100%">Exhibit 1.1</font></div></div><div style="margin-bottom:12pt;padding-left:35.15pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:174%">7.&#160;&#160;&#160;&#160;A proxy may include items that, even if not contained in the Agenda, may be dealt with by the shareholders at the General Shareholders' Meeting because it is so permitted by law.</font></div><div style="margin-bottom:12pt;padding-left:35.15pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:174%">Article 21.-&#160;&#160;&#160;&#160;Remote attendance by electronic or data transmission means</font></div><div style="margin-bottom:12pt;padding-left:35.15pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:174%">1.&#160;&#160;&#160;&#160;When the meeting is held in person with the possibility of remote attendance, either through electronic or telematic means, or, when permitted by law, exclusively through telematic means, remote attendance at the General Shareholders&#8217; 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Meeting and during the period required by law, any shareholder may submit a written request for such information or clarifications as it deems are required, or ask written questions it deems are pertinent, regarding the matters included in the call Agenda, or regarding information accessible to the public that the Company has provided to the National Securities Market Commission since the holding of </font></div><div style="height:70.56pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:141.84pt;width:100%"><div style="text-align:right"><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#160;&#160;&#160;&#160;</font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div style="padding-left:216pt;text-align:right;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:100%">Exhibit 1.1</font></div></div><div style="margin-bottom:12pt;padding-left:35.15pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:174%">the immediately prior General Shareholders&#8217; 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The information may not be withheld when the request is supported by shareholders representing at least one-fourth of the share capital. </font></div><div style="margin-bottom:12pt;padding-left:35.15pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:174%">Valid requests for information or clarifications submitted or questions asked in writing by the shareholders, as well as the answers provided in writing by the Directors, shall be posted on the Company&#8217;s website.</font></div><div style="margin-bottom:12pt;padding-left:35.15pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:174%">If the information requested by the shareholders has been clearly, expressly and directly made available to all shareholders in question &#38; answer format on the Company&#8217;s corporate website, the Board of Directors&#8217; may limit its response to a reference to the information provided in such format.</font></div><div style="margin-bottom:12pt;padding-left:35.15pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:174%">4.&#160;&#160;&#160;&#160;In the case of the Ordinary General Shareholders' Meeting and in the other cases established by law, the call notice shall make the appropriate references regarding the right to examine at the registered office and obtain, immediately and without charge, the documents that are to be submitted to the </font></div><div style="height:70.56pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:141.84pt;width:100%"><div style="text-align:right"><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#160;&#160;&#160;&#160;</font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div style="padding-left:216pt;text-align:right;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:100%">Exhibit 1.1</font></div></div><div style="margin-bottom:12pt;padding-left:35.15pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:174%">General Shareholders' Meeting for approval and, if appropriate, such report or reports as may be determined by law.</font></div><div style="margin-bottom:12pt;padding-left:35.15pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:174%">Article 23.-&#160;&#160;&#160;&#160;Presiding committee of the General Shareholders&#8217; Meeting and preparation of the attendance roll</font></div><div style="margin-bottom:12pt;padding-left:35.15pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:174%">1.&#160;&#160;&#160;&#160;The Chairman of the Board of Directors or, in the absence thereof, a Vice Chairman of such Board of Directors, in such order as is applicable in the event that there are several of them, shall chair the General Shareholders' Meeting&#59; in the event of vacancy, absence or sickness, they shall be replaced by the longest-serving Director, and in case of equal length of service, by the oldest. The Secretary of the Board of Directors or, in the absence thereof, a Deputy Secretary, in such order as is applicable in the event that there are several of them, shall act as Secretary for the General Shareholders&#8217; Meeting, and in the absence of both, shall be held by the Director with the least amount of time as such, and in case of equal length of service, by the youngest.</font></div><div style="margin-bottom:12pt;padding-left:35.15pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:174%">2.&#160;&#160;&#160;&#160;The presiding committee &#91;mesa&#93; of the General Shareholders' Meeting shall be composed of the Chairman of the General Shareholders&#8217; Meeting, the Secretary for the General Shareholders' Meeting and the members of the Board of Directors who attend the meeting.</font></div><div style="margin-bottom:12pt;padding-left:35.15pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:174%">3.&#160;&#160;&#160;&#160;Once the presiding committee has been formed, and prior to beginning with the Agenda, an attendance roll shall be prepared by the Secretary for the General Shareholders&#8217; Meeting which sets forth the nature or representation of each attendee and the number of their own or other shareholders' shares present. At the end of the roll, there shall be a determination of the number of shareholders present in person -separately including those who voted from a distance - or by proxy, as well as the amount of capital they own, specifying the capital held by shareholders with the right to vote. If the attendance roll does not appear at the beginning of the Minutes of the General Shareholders' Meeting, it shall be attached thereto as an annex signed by the Secretary for the General </font></div><div style="height:70.56pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:141.84pt;width:100%"><div style="text-align:right"><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#160;&#160;&#160;&#160;</font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div style="padding-left:216pt;text-align:right;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:100%">Exhibit 1.1</font></div></div><div style="margin-bottom:12pt;padding-left:35.15pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:174%">Shareholders&#8217; Meeting with the approval of its Chairman. The attendance roll may also be made up of an index file or be prepared in electronic form. In such cases, the medium used shall be set forth in the Minutes themselves, and the sealed cover of the index file or electronic medium shall show the appropriate identification procedure signed by the Secretary for the General Shareholders&#8217; Meeting with the approval of its Chairman.</font></div><div style="margin-bottom:12pt;padding-left:35.15pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:174%">4.&#160;&#160;&#160;&#160;Once the attendance roll has been prepared, the Chairman of the General Shareholders&#8217; Meeting shall state whether or not the requirements for its valid constitution have been met. Any questions or claims arising with respect to these matters shall be resolved by the Secretary for the General Shareholders&#8217; Meeting. Immediately thereafter, if appropriate, the Chairman shall declare the General Shareholders&#8217; Meeting to be validly convened.</font></div><div style="margin-bottom:12pt;padding-left:35.15pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:174%">Article 24.-&#160;&#160;&#160;&#160;Deliberations and voting</font></div><div style="margin-bottom:12pt;padding-left:35.15pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:174%">1.&#160;&#160;&#160;&#160;The Chairman of the General Shareholders&#8217; Meeting shall&#58; direct the meeting such that deliberations are carried out pursuant to the Agenda and shall resolve any questions that may arise in connection with the contents thereof&#59; organize the interventions, grant the floor at the time he deems fit, where appropriate, to the shareholders who request it, with the power to take the floor away when he deems that a matter has been sufficiently debated, or that the progress of the meeting is being hindered, or that the matter in question is not included in the Agenda&#59; indicate the time for voting on the resolutions and announce the results of the vote.</font></div><div style="margin-bottom:12pt;padding-left:35.15pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:174%">2.&#160;&#160;&#160;&#160;Proposed resolutions shall be voted in accordance with the voting calculation system established in the Regulations for the General Shareholders' Meeting.</font></div><div style="margin-bottom:12pt;padding-left:35.15pt;text-align:justify"><font><br></font></div><div style="height:70.56pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:141.84pt;width:100%"><div style="text-align:right"><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#160;&#160;&#160;&#160;</font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div style="padding-left:216pt;text-align:right;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:100%">Exhibit 1.1</font></div></div><div style="margin-bottom:12pt;padding-left:35.15pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:174%">Article 25.-&#160;&#160;&#160;&#160;Casting of votes from a distance prior to the General Shareholders&#8217; Meeting</font></div><div style="margin-bottom:12pt;padding-left:35.15pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:174%">1.&#160;&#160;&#160;&#160;Without prejudice to the provisions of Article 21, and therefore, independently of the possibility of attendance by telematic or electronic means, shareholders with the right to attend may cast their vote on the proposals relating to the items included in the Agenda for any General Shareholders' Meeting by postal delivery or correspondence or by electronic communication. Votes cast by telephone in accordance with the procedure, where applicable, set forth in the call notice shall be deemed to have been cast by electronic communication.</font></div><div style="margin-bottom:12pt;padding-left:35.15pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:174%">2.&#160;&#160;&#160;&#160;Votes by postal delivery or correspondence shall be cast by sending or delivering to the Company a writing in which the vote is recorded, accompanied by the duly signed attendance card issued by the entity in charge of the book-entry registry.</font></div><div style="margin-bottom:12pt;padding-left:35.15pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:174%">3.&#160;&#160;&#160;&#160;Votes by electronic communication with the Company shall be cast by using an electronic signature or such other means as the Board of Directors deems adequate to guarantee the authenticity, and, if cast through electronic means, accompanied by an electronic copy of the duly completed attendance and voting card.</font></div><div style="margin-bottom:12pt;padding-left:35.15pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:174%">4.&#160;&#160;&#160;&#160;In order to be deemed valid, votes cast by any of the means of long-distance communication mentioned in the preceding paragraphs must be received by the Company before midnight on the third day prior to the date set for the holding of the General Shareholders&#8217; Meeting upon first call. In the resolution providing for the call to the General Shareholders&#8217; Meeting in question, the Board of Directors may reduce such advance period and publish any such reduction in the same manner as the notice of the call to meeting.</font></div><div style="margin-bottom:12pt;padding-left:35.15pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:174%">5.&#160;&#160;&#160;&#160;The Board of Directors may elaborate on and supplement the distance voting and proxy-granting provisions set forth in these By-Laws and in the </font></div><div style="height:70.56pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:141.84pt;width:100%"><div style="text-align:right"><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#160;&#160;&#160;&#160;</font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div style="padding-left:216pt;text-align:right;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:100%">Exhibit 1.1</font></div></div><div style="margin-bottom:12pt;padding-left:35.15pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:174%">Regulations for the General Shareholders' Meeting of the Company by establishing such instructions, means, rules and procedures as it deems advisable in order to organize the casting of votes and the grant of proxies by means of long-distance communication.</font></div><div style="margin-bottom:12pt;padding-left:35.15pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:174%">In any event, the Board of Directors shall adopt the measures needed to avoid possible deception and to ensure that the person casting a vote or granting a proxy by postal or electronic communication has the right to do so pursuant to the provisions of Article 19 of the By-Laws. The implementing rules adopted by the Board of Directors under the provisions of this sub-section shall be published on the Company's corporate website.</font></div><div style="margin-bottom:12pt;padding-left:35.15pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:174%">6.&#160;&#160;&#160;&#160;Shareholders who cast their vote from a distance pursuant to this article and to the provisions made by the Board of Directors by way of further development thereof shall be deemed present for purposes of determining the establishment of a quorum for the General Shareholders' Meeting in question. Therefore, proxies granted prior to the casting of such vote shall be deemed revoked, and those granted thereafter shall be deemed not to have been given.</font></div><div style="margin-bottom:12pt;padding-left:35.15pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:174%">7.&#160;&#160;&#160;&#160;The vote cast by means of long-distance communication shall be rendered void by the attendance at the meeting of the shareholder casting the vote or by the disposition of shares of which the Company has notice.</font></div><div style="margin-bottom:12pt;padding-left:35.15pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:174%">Article 26.-&#160;&#160;&#160;&#160;Adoption of resolutions</font></div><div style="margin-bottom:12pt;padding-left:35.15pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:174%">1.&#160;&#160;&#160;&#160;The shareholders acting at a General Shareholders' Meeting shall adopt their resolutions with the majorities of votes required by law.</font></div><div style="margin-bottom:12pt;padding-left:35.15pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:174%">2.&#160;&#160;&#160;&#160;Each share whose holder is present at the General Shareholders' Meeting in person or by proxy shall give the right to one vote, except in the case of non-voting shares, subject to the provisions of law.</font></div><div style="height:70.56pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:141.84pt;width:100%"><div style="text-align:right"><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#160;&#160;&#160;&#160;</font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div style="padding-left:216pt;text-align:right;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:100%">Exhibit 1.1</font></div></div><div style="margin-bottom:12pt;padding-left:35.15pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:174%">3.&#160;&#160;&#160;&#160;Notwithstanding the provisions of the preceding section, no shareholder may cast a number of votes in excess of 10% of the total voting capital existing at any time, regardless of the number of shares held by such shareholder, all fully subject to the mandatory provisions of the law.</font></div><div style="margin-bottom:12pt;padding-left:35.15pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:174%">&#160;&#160;&#160;&#160;In determining the maximum number of votes that each shareholder may cast, only the shares held by the shareholder in question shall be computed, and those held by other shareholders that have granted their proxy to the first-mentioned shareholder shall not be computed, without prejudice to the application of the aforementioned limit of 10% to each of the shareholders that have granted a proxy.</font></div><div style="margin-bottom:12pt;padding-left:35.15pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:174%">The limitation established in this section shall also apply to the maximum number of votes that may be collectively or individually cast by two or more shareholder companies belonging to the same group of entities, as well as to the maximum number of votes that may be cast by an individual or corporate shareholder and the entity or entities that are shareholders themselves and which are directly or indirectly controlled by such individual or corporate shareholder.</font></div><div style="margin-bottom:12pt;padding-left:35.15pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:174%">For purposes of the provisions contained in the preceding paragraph, the provisions of Section 18 of the Companies Act shall apply in order to decide whether or not a group of entities exists and to examine the situations of control indicated above.</font></div><div style="margin-bottom:12pt;padding-left:35.15pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:174%">Notwithstanding the limitation established 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Once the Minutes have been approved in the manner provided by law, they shall be written down or transcribed in the Minute Book and shall be signed by the Secretary, with the approval of the Chairman, or by the persons who have acted as such at the General Shareholders&#8217; Meeting.</font></div><div style="margin-bottom:12pt;padding-left:35.15pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:174%">2.&#160;&#160;&#160;&#160;The Minutes approved by any of the means provided for by law shall have binding force starting on the date of approval thereof.</font></div><div style="margin-bottom:12pt;padding-left:35.15pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:174%">3.&#160;&#160;&#160;&#160;The total or partial certificates that may be required as evidence of the resolutions approved at the General Shareholders' Meeting shall be issued and signed by the Secretary of the Board of Directors or, as the case may be, by one of its Deputy Secretaries, with the approval of the Chairman of the Board of Directors or, as the case may be, by one of its Vice Chairmen.</font></div><div style="margin-bottom:12pt;padding-left:35.15pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:174%">4.&#160;&#160;&#160;&#160;The Directors may require that a Notary participates at the General Shareholders&#8217; Meeting and prepare the minutes thereof, and shall have a duty to do so when it is so requested by shareholders representing at least 1% of the share capital, five days in advance of the date set for the General Shareholders&#8217; Meeting. Notarial fees shall be borne by the Company. The notarized Minutes shall be deemed to be the Minutes of the General Shareholders&#8217; Meeting, shall not require the formality of approval, and shall have binding force as from the date of the closing thereof.</font></div><div style="margin-bottom:12pt;padding-left:35.15pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:174%">Where the General Shareholders&#8217; Meeting is to be held exclusively through telematic means, the Notary may attend remotely, using the real-time long-</font></div><div style="height:70.56pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:141.84pt;width:100%"><div style="text-align:right"><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#160;&#160;&#160;&#160;</font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div style="padding-left:216pt;text-align:right;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:100%">Exhibit 1.1</font></div></div><div style="margin-bottom:12pt;padding-left:35.15pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:174%">distance communication systems that adequately ensure the exercise of the notarial duties.</font></div><div style="margin-bottom:12pt;padding-left:35.15pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:174%">5.&#160;&#160;&#160;&#160;Any shareholder may obtain, at any time, certification of the resolutions and the Minutes of the General Shareholders' Meetings.</font></div><div style="margin-bottom:12pt;padding-left:17.57pt;padding-right:17.57pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:174%">Section two</font></div><div style="margin-bottom:12pt;padding-left:17.57pt;padding-right:17.57pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:174%">Board-level administration of the Company</font></div><div style="margin-bottom:12pt;padding-left:35.15pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:174%">Article 28.-&#160;&#160;&#160;&#160;Structure of board-level administration of the Company</font></div><div style="margin-bottom:12pt;padding-left:35.15pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:174%">1.&#160;&#160;&#160;&#160;The board-level administration of the Company is vested in the Board of Directors, the Chairman thereof, the Executive Commission, and one or more Chief Executive Officers, if any.</font></div><div style="margin-bottom:12pt;padding-left:35.15pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:174%">2.&#160;&#160;&#160;&#160;Each of these bodies shall have the powers set forth in these By-Laws and in the Regulations of the Board of Directors, without prejudice to the provisions of the law.</font></div><div style="margin-bottom:12pt;padding-left:35.15pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:174%">Article 29.-&#160;&#160;&#160;&#160;Composition and appointment of the Board of Directors</font></div><div style="margin-bottom:12pt;padding-left:35.15pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:174%">1.&#160;&#160;&#160;&#160;The Board of Directors shall be composed of a minimum of five members and a maximum of twenty, to be appointed at the General Shareholders&#8217; Meeting.</font></div><div style="margin-bottom:12pt;padding-left:35.15pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:174%">2.&#160;&#160;&#160;&#160;Directors shall serve in their position for a maximum period of four years. They may be re-elected one or more times to terms of the same maximum duration.</font></div><div style="margin-bottom:12pt;padding-left:35.15pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:174%">3.&#160;&#160;&#160;&#160;The Board of Directors shall have the power to fill, on an interim basis, any vacancies that may occur therein, by appointing, in such manner as is legally allowed, the persons who are to fill such vacancies until the holding of the next General Shareholders&#8217; Meeting.</font></div><div style="height:70.56pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:141.84pt;width:100%"><div style="text-align:right"><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#160;&#160;&#160;&#160;</font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div style="padding-left:216pt;text-align:right;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:100%">Exhibit 1.1</font></div></div><div style="margin-bottom:12pt;padding-left:35.15pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:174%">Article 30.-&#160;&#160;&#160;&#160;Requirements for appointment as Director</font></div><div style="margin-bottom:12pt;padding-left:35.15pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:174%">1.&#160;&#160;&#160;&#160;No person may be appointed as Director unless they have held, for more than three years prior to their appointment, a number of shares of the Company representing a nominal value of at least 3,000 euros, and non-transferable while in office.</font></div><div style="margin-bottom:12pt;padding-left:35.15pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:174%">2.&#160;&#160;&#160;&#160;These requirements shall not apply to those persons who, at the time of their appointment, are related to the Company under an employment or professional relationship, or when the Board of Directors resolves to waive such requirements with the favorable vote of at least 85% of its members.</font></div><div style="margin-bottom:12pt;padding-left:35.15pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:174%">3.&#160;&#160;&#160;&#160;The position of Director of the Company may only be held by persons of legal age who are not affected by any of the prohibitions or circumstances of incompatibility provided for in the law.</font></div><div style="margin-bottom:12pt;padding-left:35.15pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:174%">Article 31.-&#160;&#160;&#160;&#160;Designation of positions</font></div><div style="margin-bottom:12pt;padding-left:35.15pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:174%">1.&#160;&#160;&#160;&#160;The Board of Directors shall elect from among its members a Chairman and one or more Vice Chairmen, who shall replace the Chairman by delegation of powers or in the event of absence or sickness thereof and, in general, in all such cases, in the performance of such duties or in the exercise of such powers as the Board of Directors or the Chairman deems fit.</font></div><div style="margin-bottom:12pt;padding-left:35.15pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:174%">2.&#160;&#160;&#160;&#160;The Board of Directors may delegate such duties as it deems appropriate to one or more Directors pursuant to the law.</font></div><div style="margin-bottom:12pt;padding-left:35.15pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:174%">3.&#160;&#160;&#160;&#160;Furthermore, the Board of Directors shall elect the persons who are to hold such management positions in the Company as it deems necessary for the operation thereof, as well as a Secretary and as many Deputy Secretaries as it deems are needed.</font></div><div style="margin-bottom:12pt;padding-left:35.15pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:174%">4.&#160;&#160;&#160;&#160;In order for a Director to be appointed Chairman, Vice Chairman, Chief Executive Officer or member of the Executive Commission, it shall be necessary </font></div><div style="height:70.56pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:141.84pt;width:100%"><div style="text-align:right"><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#160;&#160;&#160;&#160;</font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div style="padding-left:216pt;text-align:right;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:100%">Exhibit 1.1</font></div></div><div style="margin-bottom:12pt;padding-left:35.15pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:174%">for such Director to have served on the Board for at least three years immediately prior to any such appointment. However, such length of service shall not be required if the appointment is made with the favorable vote of at least 85% of the members of the Board of Directors.</font></div><div style="margin-bottom:12pt;padding-left:35.15pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:174%">Article 32.-&#160;&#160;&#160;&#160;The Coordinating Independent Director</font></div><div style="margin-bottom:12pt;padding-left:35.15pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:174%">The Board of Directors at the proposal of the Nominating, Compensation and Corporate Governance Committee, shall appoint one of the Independent Directors as &#8220;Coordinating Independent Director&#8221; (i.e. &#8220;Lead Director&#8221;), who shall discharge the following duties and tasks&#58;</font></div><div style="margin-bottom:12pt;padding-left:35.15pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:174%">a)&#160;&#160;&#160;&#160;Coordinate the work of the External Directors that the Company has appointed, in defense of the interests of all the shareholders of the Company, and echo the concerns of such Directors.</font></div><div style="margin-bottom:12pt;padding-left:35.15pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:174%">b)&#160;&#160;&#160;&#160;Request the Chairman of the Board of Directors to call meetings of the Board where appropriate in accordance with the rules of corporate governance.</font></div><div style="margin-bottom:12pt;padding-left:35.15pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:174%">c)&#160;&#160;&#160;&#160;Request, consequently, the inclusion of certain matters in the agenda of the meetings of the Board of Directors.</font></div><div style="margin-bottom:12pt;padding-left:35.15pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:174%">d)&#160;&#160;&#160;&#160;Oversee the evaluation by the Board of Directors of the Chairman thereof.</font></div><div style="margin-bottom:12pt;padding-left:35.15pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:174%">Article 33.-&#160;&#160;&#160;&#160;Conflict of interest of the Directors</font></div><div style="margin-bottom:12pt;padding-left:35.15pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:174%">1.&#160;&#160;&#160;&#160;The Directors shall notify the Board of Directors of any situation of direct or indirect conflict with the interest of the Company that may affect them. The Director involved shall abstain from voting on resolutions or decisions relating to the transaction affected by the conflict. Conflict of interest situations shall be included in the annual report.</font></div><div style="height:70.56pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:141.84pt;width:100%"><div style="text-align:right"><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#160;&#160;&#160;&#160;</font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div style="padding-left:216pt;text-align:right;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:100%">Exhibit 1.1</font></div></div><div style="margin-bottom:12pt;padding-left:35.15pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:174%">2.&#160;&#160;&#160;&#160;Directors may not carry out, on their own behalf or on behalf of others, activities that may entail effective competition with the Company or that may otherwise place them in a situation of permanent conflict of interest therewith, except with express authorization by means of a resolution of the shareholders at a General Shareholders&#8217; Meeting. The following shall not be deemed to be in a situation of effective competition with the Company&#58; (i) companies controlled by the Company (within the meaning of Article 42 of the Commercial Code) and (ii) companies with which the Company maintains a strategic alliance, even if they have the same or a similar or complementary corporate purpose. Neither shall proprietary Directors of competitor companies appointed at the request of the Company or as a result of the equity interest held by the Company in such competitor companies be deemed to be in breach of the prohibition on competition.</font></div><div style="margin-bottom:12pt;padding-left:35.15pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:174%">Article 34.-&#160;&#160;&#160;&#160;Meetings, quorum and adoption of resolutions by the Board of Directors</font></div><div style="margin-bottom:12pt;padding-left:35.15pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:174%">1.&#160;&#160;&#160;&#160;The Board of Directors shall regularly meet once a month, following a call to meeting.</font></div><div style="margin-bottom:12pt;padding-left:35.15pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:174%">2.&#160;&#160;&#160;&#160;The Board of Directors shall meet at the principal office or at the place or places designated by the Chairman.</font></div><div style="margin-bottom:12pt;padding-left:35.15pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:174%">3.&#160;&#160;&#160;&#160;The Board of Directors shall hold extraordinary meetings when so resolved by the Chairman or the person who serves as such. The Chairman shall be required to call a meeting of the Board of Directors when so requested by at least three Directors. A meeting of the Board of Directors may also be called by at least one-third of the members thereof, who shall set forth the agenda for the meeting, if a prior request to that effect has been submitted to the Chairman and the latter has failed, without good reason, to call a meeting within a term of one month.</font></div><div style="height:70.56pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:141.84pt;width:100%"><div style="text-align:right"><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#160;&#160;&#160;&#160;</font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div style="padding-left:216pt;text-align:right;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:100%">Exhibit 1.1</font></div></div><div style="margin-bottom:12pt;padding-left:35.15pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:174%">4.&#160;&#160;&#160;&#160;All Directors who are absent may grant a proxy in writing to another Director who is in attendance, with the right to speak and to vote, at the meeting or session to which the proxy refers. The Director granting the proxy shall endeavor, to the extent possible, to include voting instructions in the proxy document.</font></div><div style="margin-bottom:12pt;padding-left:35.15pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:174%">5.&#160;&#160;&#160;&#160;A meeting of the Board of Directors may be held in several rooms simultaneously so long as real-time interactivity or intercommunication among them is ensured by audiovisual means or by telephone, such that the unity of the act is also ensured.</font></div><div style="margin-bottom:12pt;padding-left:35.15pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:174%">6.&#160;&#160;&#160;&#160;The Board of Directors shall endeavor, to the extent possible, that absences from its meetings are kept to an absolute minimum. In the event that any of the Directors whose usual place of residence is in Madrid fails to attend four consecutive meetings without providing sufficient reasons for his absence, the Board of Directors shall have the power to declare his removal from office and to appoint the person that will replace him on an interim basis until such appointment is submitted for ratification by the shareholders at the next General Shareholders' Meeting.</font></div><div style="margin-bottom:12pt;padding-left:35.15pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:174%">7.&#160;&#160;&#160;&#160;In order for resolutions of the Board of Directors to be valid, more than one-half of its members in office must be in attendance, in person or by proxy.</font></div><div style="margin-bottom:12pt;padding-left:35.15pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:174%">8.&#160;&#160;&#160;&#160;Resolutions shall in all cases be adopted by an absolute majority of votes cast by the Directors present at the meeting in person or by proxy, except in those instances in which the law requires the favorable vote of a greater number of Directors for the validity of specific resolutions.</font></div><div style="margin-bottom:12pt;padding-left:35.15pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:174%">9.&#160;&#160;&#160;&#160;Voting in writing and without a meeting shall be admitted when no Director opposes the use of this procedure.</font></div><div style="margin-bottom:12pt;padding-left:35.15pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:174%">10.&#160;&#160;&#160;&#160;The deliberations and resolutions of the Board of Directors shall be recorded in minutes signed by the Secretary and approved by the Chairman or by </font></div><div style="height:70.56pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:141.84pt;width:100%"><div style="text-align:right"><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#160;&#160;&#160;&#160;</font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div style="padding-left:216pt;text-align:right;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:100%">Exhibit 1.1</font></div></div><div style="margin-bottom:12pt;padding-left:35.15pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:174%">the persons who have acted as such at the meeting in question. The minutes shall be written down or transcribed in a Minute Book, which may be kept separately from the Minute Book used for the General Shareholders' Meeting. In the event of voting in writing and without a meeting, the resolutions adopted and the votes cast in writing shall also be recorded in the Minute Book.</font></div><div style="margin-bottom:12pt;padding-left:35.15pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:174%">Article 35.-&#160;&#160;&#160;&#160;Compensation</font></div><div style="margin-bottom:12pt;padding-left:35.15pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:174%">1.&#160;&#160;&#160;&#160;The compensation of Directors in their capacity as such, i.e., as members of the Board of Directors and for the performance of the duty of supervision and collective decision-making inherent in such body, shall consist of a fixed and specific monthly remuneration and of fees for attending meetings of the Board of Directors and the executive and advisory Committees thereof. The compensation amount that the Company may annually pay to all of its Directors as remuneration and attendance fees shall be fixed by the shareholders at the General Shareholders' Meeting, which amount shall remain unchanged until and unless the shareholders decide to modify it. The Board of Directors shall determine the exact amount to be paid within such limit and the distribution thereof among the Directors, taking into account the duties and responsibilities assigned to each Director, their membership on Committees within the Board of Directors and other objective circumstances that it deems relevant. </font></div><div style="margin-bottom:12pt;padding-left:35.15pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:174%">2.&#160;&#160;&#160;&#160;In addition, independently of the compensation established in the preceding paragraph, provision is hereby made for the establishment of Director compensation systems that are linked to the listing price of the shares or that entail the delivery of shares or of stock options. The application of such compensation systems must be approved by the shareholders at the General Shareholders&#8217; Meeting, who shall determine the value of the shares to be taken as a reference, the number of shares to be delivered to each Director, the exercise price of stock options, the duration of such compensation system and other conditions they deem appropriate. </font></div><div style="height:70.56pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:141.84pt;width:100%"><div style="text-align:right"><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#160;&#160;&#160;&#160;</font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div style="padding-left:216pt;text-align:right;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:100%">Exhibit 1.1</font></div></div><div style="margin-bottom:12pt;padding-left:35.15pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:174%">3.&#160;&#160;&#160;&#160;Executive Directors shall receive such compensation as the Board determines for the performance of executive duties delegated or entrusted to them by the Board of Directors. 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The resolutions of the Board of Directors or of the Executive Commission shall be carried out by its Chairman, the Vice Chairman, the Director, if any, designated in the resolution, or the Secretary, any of whom may act individually.</font></div><div style="margin-bottom:12pt;padding-left:35.15pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:174%">3.&#160;&#160;&#160;&#160;The Chairman of the Board of Directors and the Chief Executive Officers shall have the power to represent the Company by acting individually.</font></div><div style="margin-bottom:12pt;padding-left:35.15pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:174%">Article 37.-&#160;&#160;&#160;&#160;Powers of the Board of Directors</font></div><div style="margin-bottom:12pt;padding-left:35.15pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:174%">1.&#160;&#160;&#160;&#160;Pursuant to the provisions of law and these By-Laws, the Board of Directors is the highest body entrusted with the administration and representation of the Company, and therefore has the power to carry out, within the scope of the corporate purpose defined in these By-Laws, any acts or legal transactions by way of administration or disposition, upon any legal title, except for those which </font></div><div style="height:70.56pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:141.84pt;width:100%"><div style="text-align:right"><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#160;&#160;&#160;&#160;</font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div style="padding-left:216pt;text-align:right;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:100%">Exhibit 1.1</font></div></div><div style="margin-bottom:12pt;padding-left:35.15pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:174%">fall within the scope of the powers exclusively granted by law or these By-Laws to the General Shareholders&#8217; Meeting.</font></div><div style="margin-bottom:12pt;padding-left:35.15pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:174%">2.&#160;&#160;&#160;&#160;The Board of Directors sitting as a full body shall approve the matters provided for under the applicable legislation.</font></div><div style="margin-bottom:12pt;padding-left:35.15pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:174%">3.&#160;&#160;&#160;&#160;If there are urgent and duly justified circumstances, and if so permitted by law, the Executive Commission may adopt decisions on matters reserved to the Board of Directors, provided, however, that they must be ratified at the first meeting held by the Board after they have been adopted.</font></div><div style="margin-bottom:12pt;padding-left:35.15pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:174%">Article 38.-&#160;&#160;&#160;&#160;Executive Commission</font></div><div style="margin-bottom:12pt;padding-left:35.15pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:174%">1.&#160;&#160;&#160;&#160;The Board of Directors may, subject to applicable legal provisions, delegate its powers and authority to an Executive Commission, consisting of between three and ten Directors, which shall be created or dissolved at the pleasure of the Board of Directors.</font></div><div style="margin-bottom:12pt;padding-left:35.15pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:174%">2.&#160;&#160;&#160;&#160;Once appointed, the Executive Commission shall establish regulations to govern its activities and shall meet on the dates and under the conditions that the Executive Commission itself determines. The Chairman and Vice Chairmen, if any, and the Secretary and Deputy Secretaries, if any, of the Executive Commission shall be the persons who serve as such on the Board of Directors.</font></div><div style="margin-bottom:12pt;padding-left:35.15pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:174%">3.&#160;&#160;&#160;&#160;Any vacancies that occur within the Executive Commission shall be filled on a final basis by the Board of Directors and on an interim basis by the Executive Commission itself until the Board of Directors holds a valid meeting under these By-Laws.</font></div><div style="margin-bottom:12pt;padding-left:35.15pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:174%">4.&#160;&#160;&#160;&#160;The provisions set forth with respect to the Board of Directors from paragraphs 4 to 10, both inclusive, of Article 34 of these By-Laws shall likewise apply, to the extent appropriate, to the Executive Commission.</font></div><div style="margin-bottom:12pt;padding-left:35.15pt;text-align:justify"><font><br></font></div><div style="height:70.56pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:141.84pt;width:100%"><div style="text-align:right"><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#160;&#160;&#160;&#160;</font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div style="padding-left:216pt;text-align:right;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:100%">Exhibit 1.1</font></div></div><div style="margin-bottom:12pt;padding-left:35.15pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:174%">Article 39.-&#160;&#160;&#160;&#160;Audit and Control Committee</font></div><div style="margin-bottom:12pt;padding-left:35.15pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:174%">1.&#160;&#160;&#160;&#160;An Audit and Control Committee shall be created within the Board of Directors, which shall be composed of such number of Directors as may be determined by the Board of Directors from time to time, although in no case may there be fewer than three Directors, to be appointed by the Board of Directors. All of the members of such Committee shall be external or non-executive Directors. At least two of them must be independent Directors, and one of them shall be appointed taking into account such Director&#8217;s knowledge and experience in accounting, auditing or both. </font></div><div style="margin-bottom:12pt;padding-left:35.15pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:174%">2.&#160;&#160;&#160;&#160;The Chairman of the Audit and Control Committee, which position shall be held by an independent Director in all cases, shall be appointed by the Committee itself from among its members and shall hold office for four years, and may be re-elected after the passage of one year from ceasing to act as such.</font></div><div style="margin-bottom:12pt;padding-left:35.15pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:174%">3.&#160;&#160;&#160;&#160;The Audit and Control Committee shall have the following duties, at a minimum&#58;</font></div><div style="margin-bottom:12pt;padding-left:35.15pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:174%">(i) To report to the shareholders at the General Shareholders&#8217; Meeting regarding matters raised therein in connection with the matters for which it is responsible.</font></div><div style="margin-bottom:12pt;padding-left:35.15pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:174%">(ii) To submit to the Board of Directors the proposals for selection, appointment, re-election and replacement of the external auditor, as well as the terms and conditions of the contract therewith, and regularly obtain from such external auditor information regarding the audit plan and the implementation thereof, in addition to preserving its independence in the performance of its duties.</font></div><div style="margin-bottom:12pt;padding-left:35.15pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:174%">(iii) To supervise the effectiveness of the Company&#8217;s internal control system, the internal audit and the systems for management of risks, including tax risks, as well as to discuss with the Auditor the significant weaknesses in the internal control system detected during the audit.</font></div><div style="height:70.56pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:141.84pt;width:100%"><div style="text-align:right"><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#160;&#160;&#160;&#160;</font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div style="padding-left:216pt;text-align:right;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:100%">Exhibit 1.1</font></div></div><div style="margin-bottom:12pt;padding-left:35.15pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:174%">(iv)To supervise the process of preparation and submission of regulated financial information.</font></div><div style="margin-bottom:12pt;padding-left:35.15pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:174%">(v) To establish and maintain appropriate relations with the Auditor in order to receive, for review by the Committee, information on all matters that could jeopardize the independence thereof, as well as any other matters relating to the audit procedure, and such other communications as may be provided for in auditing legislation and in technical auditing regulations. In any event, the Audit and Control Committee must receive annually written confirmation from the Auditor of its independence vis-&#225;-vis the entity or entities directly or indirectly related thereto, as well as information regarding additional services of any kind provided to such entities by the Auditor, or by the persons or entities related thereto, pursuant to the legislation in force.</font></div><div style="margin-bottom:12pt;padding-left:35.15pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:174%">(vi)To issue on an annual basis, prior to the issuance of the audit report, a report stating an opinion regarding the independence of the Auditor. This report must in all cases include an opinion on the provision of the additional services referred to in point (v) above.</font></div><div style="margin-bottom:12pt;padding-left:35.15pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:174%">(vii) To report to the Board of Directors in advance on all matters contemplated by law, the By-Laws and the Regulations of the Board of Directors.</font></div><div style="margin-bottom:12pt;padding-left:35.15pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:174%">(viii) Any other powers granted to it under the Regulations of the Board of Directors.</font></div><div style="margin-bottom:12pt;padding-left:35.15pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:174%">Article 40.-&#160;&#160;&#160;&#160;Nominating, Compensation and Corporate Governance Committee</font></div><div style="margin-bottom:12pt;padding-left:35.15pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:174%">1.&#160;&#160;&#160;&#160;A Nominating, Compensation and Corporate Governance Committee shall be created within the Board of Directors, which shall be composed of such number of Directors as may be determined by the Board of Directors from time to time, although in no case may there be fewer than three Directors, to be appointed by the Board of Directors. All of the members of such Committee </font></div><div style="height:70.56pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:141.84pt;width:100%"><div style="text-align:right"><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#160;&#160;&#160;&#160;</font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div style="padding-left:216pt;text-align:right;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:100%">Exhibit 1.1</font></div></div><div style="margin-bottom:12pt;padding-left:35.15pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:174%">must be external or non-executive Directors and the majority of them must be independent Directors. </font></div><div style="margin-bottom:12pt;padding-left:35.15pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:174%">2.&#160;&#160;&#160;&#160;The Chairman of the Nominating, Compensation and Corporate Governance Committee, which position shall be held by an independent Director in all cases, shall be appointed by the Committee itself from among its members.</font></div><div style="margin-bottom:12pt;padding-left:35.15pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:174%">3.&#160;&#160;&#160;&#160;The Nominating, Compensation and Corporate Governance Committee shall have the duties provided for under the applicable legislation, at a minimum.</font></div><div style="margin-bottom:12pt;padding-left:35.15pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:174%">4.&#160;&#160;&#160;&#160;The Board may approve the creation of two committees, separately assigning duties in connection with appointments to one of them and duties in connection with compensation to the other, with the power to assign corporate governance duties to either of them.</font></div><div style="margin-bottom:12pt;padding-left:35.15pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:174%">Article 41.-&#160;&#160;&#160;&#160;The Chairman of the Board of Directors</font></div><div style="margin-bottom:12pt;padding-left:35.15pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:174%">1.&#160;&#160;&#160;&#160;The Chairman of the Board of Directors shall be deemed the Chairman of the Company and of all of the shareholder- and board-level decision-making bodies thereof. The Chairman has the power to implement the resolutions of the Board of Directors and of the Executive Commission, which bodies he permanently represents with the broadest powers, being authorized, in urgent cases, to adopt such measures as he deems advisable in furtherance of the interests of the Company.</font></div><div style="margin-bottom:12pt;padding-left:35.15pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:174%">2.&#160;&#160;&#160;&#160;In particular, the Chairman of the Board of Directors has the following powers&#58;</font></div><div style="margin-bottom:12pt;padding-left:35.15pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:174%">(i)&#160;&#160;&#160;&#160;To represent the Company in its relationships with the Government, with the Spanish, foreign and supranational Administrative Services and Public Corporations and with all kinds of individuals and legal entities in furtherance of the corporate purpose and such other goals as are directly related thereto. In such capacity, he shall be the authorized signatory for the Company and shall approve </font></div><div style="height:70.56pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:141.84pt;width:100%"><div style="text-align:right"><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#160;&#160;&#160;&#160;</font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div style="padding-left:216pt;text-align:right;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:100%">Exhibit 1.1</font></div></div><div style="margin-bottom:12pt;padding-left:35.15pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:174%">such writings, reports and letters as he deems conducive to the achievement of such purpose.</font></div><div style="margin-bottom:12pt;padding-left:35.15pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:174%">(ii)&#160;&#160;&#160;&#160;To represent the Company in the execution of all kinds of acts or contracts, subject to the authorization or approval of the Board of Directors or of the Executive Commission, if applicable.</font></div><div style="margin-bottom:12pt;padding-left:35.15pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:174%">(iii)&#160;&#160;&#160;&#160;To represent the Company as plaintiff, defendant, joint litigant, criminal complainant or in any other capacity at all kinds of courts and tribunals and arbitration bodies and institutions, for which purpose he may authorize the granting of any appropriate powers of attorney to the court representatives, lawyers or agents who are to act on behalf of the Company.</font></div><div style="margin-bottom:12pt;padding-left:35.15pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:174%">(iv)&#160;&#160;&#160;&#160;To call and chair the Ordinary and Extraordinary General Shareholders' Meetings and the meetings of the Board of Directors and of the Executive Commission and to direct the deliberations thereat, ensuring that the debate is conducted in an orderly fashion and that resolutions are properly recorded.</font></div><div style="margin-bottom:12pt;padding-left:35.15pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:174%">(v)&#160;&#160;&#160;&#160;To carry out, 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style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:174%">(vii)&#160;&#160;&#160;&#160;To propose to the Board of Directors, or to the Executive Commission, if applicable, the organization of the services that are to be provided by the </font></div><div style="height:70.56pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:141.84pt;width:100%"><div style="text-align:right"><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#160;&#160;&#160;&#160;</font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div style="padding-left:216pt;text-align:right;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:100%">Exhibit 1.1</font></div></div><div style="margin-bottom:12pt;padding-left:35.15pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:174%">Company, in order for such services to be rendered as fully and adequately as possible, as well as the adoption of general or specific measures that he deems conducive to such end.</font></div><div style="margin-bottom:12pt;padding-left:35.15pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:174%">(viii)&#160;&#160;&#160;&#160;To develop initiatives in connection with the study, implementation or improvement of businesses included in those that the Company may carry out and submit such initiatives to the decision of the Board of Directors or of the Executive Commission, as the case may be.</font></div><div style="margin-bottom:12pt;padding-left:35.15pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:174%">(ix)&#160;&#160;&#160;&#160;To carry out, either directly or through his designees, the overall supervision of all services and divisions of the Company and propose, as a result, such measures as are indispensable to avoid defects, unnecessary expenses, and instances of abuse or damage.</font></div><div style="margin-bottom:12pt;padding-left:35.15pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:174%">(x)&#160;&#160;&#160;&#160;To authorize, either directly or through a designee to whom he delegates such power, the appointment of senior executive officers and employees, the compliance with which requirement shall be indispensable for them to take office and for remuneration to accrue in their favor.</font></div><div style="margin-bottom:12pt;padding-left:35.15pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:174%">(xi)&#160;&#160;&#160;&#160;To adopt such measures as he deems are required to keep order in the services and discipline among the employees, with the power to impose, if necessary, any indispensable sanctions authorized for such purpose by internal regulations.</font></div><div style="margin-bottom:12pt;padding-left:35.15pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:174%">Article 42.-&#160;&#160;&#160;&#160;The General Secretary</font></div><div style="margin-bottom:12pt;padding-left:35.15pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:174%">1.&#160;&#160;&#160;&#160;The General Secretary shall be responsible for the custody of the archives, the Minute Books and any documents, receipts and supporting records that may be of interest to the Company.</font></div><div style="margin-bottom:12pt;padding-left:35.15pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:174%">2.&#160;&#160;&#160;&#160;In addition, in his capacity as Secretary of the Board of Directors and of the Executive Commission, he shall draw up the Minutes of the General Shareholders' Meeting and of the meetings of the Board of Directors and the </font></div><div style="height:70.56pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:141.84pt;width:100%"><div style="text-align:right"><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#160;&#160;&#160;&#160;</font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div style="padding-left:216pt;text-align:right;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:100%">Exhibit 1.1</font></div></div><div style="margin-bottom:12pt;padding-left:35.15pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:174%">Executive Commission, which shall be signed by him and approved by the Chairman. He shall also be responsible for issuing, subject to the legal requirements applicable to each case, the certifications of Minutes or of other documents that must be authorized in order to fulfill the corporate purposes or at the request of a party with a legitimate interest, as well as for converting the corporate resolutions into public instruments.</font></div><div style="margin-bottom:12pt;padding-left:17.57pt;padding-right:17.57pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:174%">Section three</font></div><div style="margin-bottom:12pt;padding-left:17.57pt;padding-right:17.57pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:174%">Reports on corporate governance and compensation</font></div><div style="margin-bottom:12pt;padding-left:35.15pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:174%">Article 43.-&#160;&#160;&#160;&#160;Annual corporate governance report</font></div><div style="margin-bottom:12pt;padding-left:35.15pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:174%">1.&#160;&#160;&#160;&#160;The Board of Directors shall approve each year a corporate governance report that shall explain in detail the structure of the Company&#8217;s system of governance and its operation in practice. The annual corporate governance report shall contain the references provided for legally and such other references, if any, as the Board of Directors may see fit.</font></div><div style="margin-bottom:12pt;padding-left:35.15pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:174%">2.&#160;&#160;&#160;&#160;For the purposes of the annual corporate governance report, the classification of the Directors as executive, proprietary or independent shall be as determined by the law.</font></div><div style="margin-bottom:12pt;padding-left:35.15pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:174%">3.&#160;&#160;&#160;&#160;The annual corporate governance report shall be made available to the shareholders on the Company&#8217;s corporate website by not later than the date of publication of the call to the Ordinary General Shareholders&#8217; Meeting that is to resolve on the financial statements for the fiscal year to which the report refers.</font></div><div style="margin-bottom:12pt;padding-left:35.15pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:174%">4.&#160;&#160;&#160;&#160;The annual corporate governance report shall be notified to the National Securities Market Commission &#91;Comisi&#243;n Nacional del Mercado de Valores&#93; and published as a material event within four months following the end of the fiscal year to which it refers and, in any case, by not later than the date on which the call to the Ordinary General Shareholders&#8217; Meeting is published.</font></div><div style="height:70.56pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:141.84pt;width:100%"><div style="text-align:right"><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#160;&#160;&#160;&#160;</font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div style="padding-left:216pt;text-align:right;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:100%">Exhibit 1.1</font></div></div><div style="margin-bottom:12pt;padding-left:35.15pt;text-align:justify"><font><br></font></div><div style="margin-bottom:12pt;padding-left:35.15pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:174%">Article 44.-&#160;&#160;&#160;&#160;Report on Directors&#8217; compensation</font></div><div style="margin-bottom:12pt;padding-left:35.15pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:174%">1.&#160;&#160;&#160;&#160;The Board of Directors shall approve each year a report on the compensation of the Directors. Such report shall contain complete, clear and understandable information on the Company&#8217;s compensation policy approved by the Board of Directors for the year in progress, and on that envisaged for future years, if any, and shall include an overall summary of how the compensation policy was applied during the year, as well as details of the individual compensation accrued to each of the Directors.</font></div><div style="margin-bottom:12pt;padding-left:35.15pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:174%">2.&#160;&#160;&#160;&#160;The report on Directors&#8217; compensation shall be made available to the shareholders on the Company&#8217;s corporate website by not later than the date of publication of the call to the Ordinary General Shareholders&#8217; Meeting that is to resolve on the financial statements for the fiscal year to which the report refers, and shall be put to a vote by the Ordinary General Shareholders&#8217; Meeting on a consultative basis and as a separate item on the agenda.</font></div><div style="margin-bottom:12pt;padding-left:35.15pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:174%">3.&#160;&#160;&#160;&#160;The report on Directors&#8217; compensation shall be notified to the National Securities Market Commission &#91;Comisi&#243;n Nacional del Mercado de Valores&#93; and published as a material event within four months following the end of the fiscal year to which it refers and, in any case, by not later than the date on which the call to the Ordinary General Shareholders&#8217; Meeting is published.</font></div><div style="margin-bottom:12pt;padding-left:17.57pt;padding-right:17.57pt;text-align:center"><font><br></font></div><div style="margin-bottom:12pt;padding-left:17.57pt;padding-right:17.57pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:174%">Title IV</font></div><div style="margin-bottom:12pt;padding-left:17.57pt;padding-right:17.57pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:174%">Annual Financial Statements, Profits and Dividends</font></div><div style="margin-bottom:12pt;padding-left:35.15pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:174%">Article 45.-&#160;&#160;&#160;&#160;Fiscal year and submission of the annual financial statements</font></div><div style="height:70.56pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:141.84pt;width:100%"><div style="text-align:right"><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#160;&#160;&#160;&#160;</font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div style="padding-left:216pt;text-align:right;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:100%">Exhibit 1.1</font></div></div><div style="margin-bottom:12pt;padding-left:35.15pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:174%">1.&#160;&#160;&#160;&#160;The fiscal year shall commence on January 1 and shall end on December 31 of each year.</font></div><div style="margin-bottom:12pt;padding-left:35.15pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:174%">2.&#160;&#160;&#160;&#160;Within three months following the end of the fiscal year, the Board of Directors shall prepare, in compliance with the provisions of law, the annual financial statements, the management report and the proposed allocation of profits&#47;losses.</font></div><div style="margin-bottom:12pt;padding-left:35.15pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:174%">3.&#160;&#160;&#160;&#160;The annual financial statements and the management report shall be subject to verification as provided by law and thereafter submitted for approval by the shareholders at the General Shareholders' Meeting, who shall decide on the allocation of profits&#47;losses.</font></div><div style="margin-bottom:12pt;padding-left:35.15pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:174%">4.&#160;&#160;&#160;&#160;The provisions of this article shall apply, to the extent appropriate and if at all, to the consolidated annual financial statements and the consolidated management report.</font></div><div style="margin-bottom:12pt;padding-left:35.15pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:174%">Article 46.-&#160;&#160;&#160;&#160;Allocation of profits&#47;losses</font></div><div style="margin-bottom:12pt;padding-left:35.15pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:174%">1.&#160;&#160;&#160;&#160;The shareholders acting at the General Shareholders' Meeting shall decide on the allocation of the profits&#47;losses for the fiscal year based on the approved balance sheet.</font></div><div style="margin-bottom:12pt;padding-left:35.15pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:174%">2.&#160;&#160;&#160;&#160;Once such payments as are provided for by law or these By-Laws have been made, dividends may only be distributed with a charge against the profits for the fiscal year or against unrestricted reserves, if the net book value of the shareholders' equity is not, or does not become as a result of the distribution, less than that of the share capital.</font></div><div style="margin-bottom:12pt;padding-left:35.15pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:174%">3.&#160;&#160;&#160;&#160;Dividends shall be distributed to ordinary shareholders in proportion to the capital paid by them.</font></div><div style="margin-bottom:12pt;padding-left:35.15pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:174%">4.&#160;&#160;&#160;&#160;The shareholders acting at the General Shareholders' Meeting may decide that dividends, or the share premium, be paid in kind, provided that the assets or </font></div><div style="height:70.56pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:141.84pt;width:100%"><div style="text-align:right"><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#160;&#160;&#160;&#160;</font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div style="padding-left:216pt;text-align:right;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:100%">Exhibit 1.1</font></div></div><div style="margin-bottom:12pt;padding-left:35.15pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:174%">securities to be distributed are homogeneous and liquid. The latter requirement shall be deemed to be complied with when the securities are admitted to trading on an official market at the time the distribution resolution becomes effective, or will be so admitted within the following year, or when the Company provides adequate guarantees of liquidity. The rule set forth in this paragraph shall likewise apply to the return of contributions in the event of a reduction in share capital.</font></div><div style="margin-bottom:12pt;padding-left:17.57pt;padding-right:17.57pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:174%">Title V</font></div><div style="margin-bottom:12pt;padding-left:17.57pt;padding-right:17.57pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:174%">Dissolution and Liquidation</font></div><div style="margin-bottom:12pt;padding-left:35.15pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:174%">Article 47.-&#160;&#160;&#160;&#160;Grounds for dissolution</font></div><div style="margin-bottom:12pt;padding-left:35.15pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:174%">The Company shall be dissolved upon any of the grounds set forth in the law.</font></div><div style="margin-bottom:12pt;padding-left:35.15pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:174%">Article 48&#160;&#160;&#160;&#160;Liquidation of the Company</font></div><div style="margin-bottom:12pt;padding-left:35.15pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:174%">1.&#160;&#160;&#160;&#160;The liquidation of the Company shall be carried out by the Board of Directors that is in office at the time of dissolution, so long as there is an odd number of Directors sitting on the Board of Directors. Otherwise, all of the members of the Board of Directors, except for the most recently appointed Director and, where there are several Directors who have that status, the youngest of them, shall act as Liquidators.</font></div><div style="margin-bottom:12pt;padding-left:35.15pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:174%">2.&#160;&#160;&#160;&#160;The liquidation of the Company shall be carried out in accordance with the provisions of the law.&#8221;</font></div><div style="margin-bottom:12pt;padding-left:17.57pt;padding-right:17.57pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:174%">*          *          *</font></div><div style="margin-bottom:12pt;padding-left:35.25pt;text-align:justify;text-indent:-35.25pt"><font><br></font></div><div style="padding-left:56.7pt"><font><br></font></div><div style="height:70.56pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><font><br></font></div></div></div></body></html>
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<DOCUMENT>
<TYPE>EX-2.1
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<FILENAME>exhibit213.htm
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<title>Document</title></head><body><div id="iadd94ae9934848538f6e4897cb858fdc_1"></div><div style="min-height:82.8pt;width:100%"><div style="text-align:right"><font><br></font></div><div style="text-align:right"><font><br></font></div><div style="text-align:right"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:225%">Exhibit 2.1</font></div></div><div style="text-align:center"><font><br></font></div><div style="margin-top:9pt;text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:12.00pt">DESCRIPTION OF TELEF&#211;NICA&#8217;S SECURITIES</font></div><div style="margin-top:9pt;text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:139%">REGISTERED PURSUANT TO SECTION 12 OF THE</font></div><div style="margin-top:9pt;text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:139%">SECURITIES EXCHANGE ACT OF 1934</font></div><div style="text-align:center"><font><br></font></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:12.00pt">In the following summary, references to &#8220;</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:12.00pt">Telef&#243;nica</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:12.00pt">&#8221;, the &#8220;</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:12.00pt">Company</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:12.00pt">&#8221;, &#8220;</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:12.00pt">we</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:12.00pt">&#8221;, &#8220;</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:12.00pt">us</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:12.00pt">&#8221; and &#8220;</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:12.00pt">our</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:12.00pt">&#8221; refer to Telef&#243;nica, S.A. The statements made under this caption include summaries of certain provisions contained in our bylaws. This summary does not purport to be complete and is qualified in its entirety by reference to such bylaws. For further information, see Exhibit 1.1 to this Form 20-F for a translation into the English language of the Amended and Restated bylaws.</font></div><div style="margin-top:9pt;padding-left:27pt;text-align:justify;text-indent:-24.75pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:139%">1.</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:139%;padding-left:16.42pt;text-decoration:underline">DESCRIPTION OF OUR ORDINARY SHARES</font></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">The following summary describes certain material considerations concerning our capital stock and briefly describes certain provisions of our bylaws and Spanish law.</font></div><div style="margin-top:9pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">Corporate Objectives</font></div><div style="margin-top:9pt;text-align:justify;text-indent:20.25pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">Article 5 of Title I of our bylaws sets forth our corporate purposes&#58;</font></div><div style="margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">&#8226;</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%;padding-left:14.5pt">The provision and operation of all kinds of public or private telecommunications services and, for such purpose, the design, installation, maintenance, repair, improvement, acquisition, disposition, interconnection, management, administration of, and any other activity not included in the preceding enumeration with respect to, all kinds of telecommunications networks, lines, satellites, equipment, systems and technical infrastructure whether now existing or to be created in the future, including the premises in which any and all of the foregoing items are located&#59;</font></div><div style="margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">&#8226;</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%;padding-left:14.5pt">the provision and operation of all kinds of services that are ancillary or supplemental to or result from telecommunications services&#59;</font></div><div style="margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">&#8226;</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%;padding-left:14.5pt">the research and development, promotion and application of all kinds of component principles, equipment and systems directly or indirectly used for telecommunications&#59;</font></div><div style="margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">&#8226;</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%;padding-left:14.5pt">manufacturing and production activities and, in general, all other forms of industrial activity in connection with telecommunications&#59; and</font></div><div style="margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">&#8226;</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%;padding-left:14.5pt">the acquisition, disposition and, in general, all other forms of commercial activity in connection with telecommunications.</font></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:139%">Director Qualification</font></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">In order to be elected as a director, a person must have held a number of our shares representing a nominal value of no less than 3,000 euros for at least three years prior to his or her election. These shares may not be transferred so long as such person remains a director. This requirement does not apply to any person who, at the time of his or her appointment, has either a labor or professional relationship with the company or is expressly exempted from such requirement by a vote of at least 85% of the Board of Directors.</font></div><div style="margin-top:9pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:139%">Interested Transactions</font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:217%">1</font></div></div></div><hr style="page-break-after:always"><div style="min-height:82.8pt;width:100%"><div style="padding-right:-36pt"><font><br></font></div></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">When a director or persons related to him or her has an interest in a transaction with us or with any of the companies of our Group, such transaction (if unrelated to the ordinary course of our business or if not performed on an arm&#8217;s-length basis involving consideration that is significant to the Company and otherwise) must be presented to the Nominating, Compensation and Corporate Governance Committee. Such committee shall assess the transaction from the point of view of equal treatment of shareholders and the arm&#8217;s-length basis of the transaction and shall be included in the Annual Corporate Governance Report and in the periodic information of the Company upon the terms set forth in applicable laws and regulations. The performance of such transactions requires the authorization of our Board of Directors, after the favorable report of the committee. The interested director must refrain from participating in votes that affect such transaction.</font></div><div style="margin-top:9pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:139%">Significant Differences in Corporate Governance Practices</font></div><div style="margin-top:9pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:139%">Corporate governance guidelines</font></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">For a description of our corporate governance practices see &#8220;Item 16G. Corporate Governance&#8221; of this Form 20-F. </font></div><div style="margin-top:9pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:139%">Description of Our Capital Stock</font></div><div style="margin-top:9pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:139%">Description of share capital</font></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">At February 27, 2025, our issued share capital consisted of 5,670,161,554 ordinary registered Shares with a nominal value of 1.00 euro each.</font></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:12.00pt">Our shareholders delegated to the Board of Directors the authority to issue up to 2,596,065,843 new Shares (equal to half of Telef&#243;nica&#8217;s share capital on June 12, 2020, the date of the authorization). The Board of Directors is authorized to exclude preemptive rights, in whole or in part, pursuant to the applicable provisions of the Spanish Corporate Enterprises Act. However, the power to exclude pre-emptive rights is limited to Shares amounting to up to 20% of the share capital on June 12, 2020, the date of the authorization. The Board&#8217;s authorization to issue new Shares expires on June 12, 2025.</font></div><div style="margin-top:9pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:139%">Meetings and voting rights</font></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">We hold our ordinary general shareholders&#8217; meeting during the first six months of each fiscal year on a date fixed by the Board of Directors. Extraordinary general shareholders&#8217; meetings may be called, from time to time, at the discretion of our Board of Directors or upon the request of shareholders representing at least 3% of our paid-in share capital. The minimum percentage required to exercise this right was lowered from 5% to 3% by Law 31&#47;2014.</font></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:12.00pt">We publish notices of all ordinary and extraordinary general shareholders&#8217; meetings in one of the more widely circulated newspapers in Spain, on the website of the Spanish Securities and Exchange Commission (</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:12.00pt">Comisi&#243;n Nacional del Mercado de Valores</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:12.00pt"> (the &#8220;</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:12.00pt">CNMV</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:12.00pt">&#8221;)), and on our website in due time pursuant to the Spanish Corporate Enterprises Act, being on a general basis at least one month before the relevant meeting. Furthermore, the Board of Directors may publish notices in other media, if deemed appropriate to ensure the public and effective dissemination of the notice meeting.</font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:217%">2</font></div></div></div><hr style="page-break-after:always"><div style="min-height:82.8pt;width:100%"><div style="padding-right:-36pt"><font><br></font></div></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:12.00pt">Each share of Telef&#243;nica, S.A. entitles the holder to one vote. However, only registered holders of at least 300 shares are entitled to attend a general shareholders&#8217; meeting. Holders of a lesser number of Shares may grant a proxy in respect thereof to a shareholder having the right to attend, as well as group together with other shareholders in the same situation until reaching the required number of shares, following which a proxy must be granted by the shareholders so grouped together to one of such shareholders. The grouping must be carried out specifically for each General Shareholders&#8217; Meeting and be recorded in writing.</font></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">However, under our bylaws, the maximum number of votes that a shareholder may cast is capped at 10% of our total outstanding voting capital. In determining the maximum number of votes that each shareholder may cast, only the shares held by such shareholder are counted, disregarding those that correspond to other shareholders who have appointed such shareholder as his or her proxy, in spite of applying the limit individually to each of the represented shareholders. This cap will also apply to the maximum number of votes that may be collectively or individually cast by two or more shareholder companies belonging to the same group of entities, as well as to the maximum number of votes that may be cast by an individual or corporate shareholder and the entity or entities that are shareholders themselves and which are directly or indirectly controlled by that individual or corporate shareholder. Moreover, in accordance with the Spanish Corporate Enterprises Act, such cap would become ineffective where the bidder reaches, as a consequence of a tender offer, a percentage equal to or greater than 70% of the share capital carrying voting rights, unless the bidder (or those acting in concert with the bidder) is not subject to equivalent neutralization measures or has not adopted them.</font></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:12.00pt">In addition, according to Article 34 of Spanish Royal Decree-Law 6&#47;2000 of June 23 on urgent measures to improve competition in the goods and services markets, individuals and legal entities directly and indirectly holding more than 3% of the total share capital or voting rights of two or more principal operator companies in Spain in, among other markets, the fixed-line and mobile-line telephony markets, may not exercise their voting rights in excess of 3% of the total in more than one company, except with the prior authorization of the Spanish National Markets and Competition Commission (</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:12.00pt">Comisi&#243;n Nacional de los Mercados y la Competencia</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:12.00pt"> (the &#8220;</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:12.00pt">CNMC</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:12.00pt">&#8221;)). Principal operators are defined as one of the five operators with the largest market share in the corresponding market (&#8220;Principal Operators&#8221;). In addition, no individual or legal entity is allowed to appoint, directly or indirectly, members of the management body of more than one Principal Operator in, among others, the fixed-line or mobile-line telephony markets, except with the prior authorization of the CNMC. Additionally, individuals or legal entities considered Principal Operators are not allowed to exercise more than 3% of the voting rights of another Principal Operator nor to appoint, directly or indirectly, members of the management body of any Principal Operator, except, in both cases, with the prior authorization of the CNMC. Telef&#243;nica is considered a Principal Operator for the purposes of Article 34 of Royal Decree-Law 6&#47;2000 of June 23 in the Spanish fixed-line and mobile-line telephony markets.</font></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">Any share may be voted by proxy. The proxies may be granted in writing or electronically and are valid only for a single meeting, unless the proxy-holder is the granting shareholder&#8217;s spouse, ascendant or descendant, or holds a general power of attorney granted in a public instrument with powers to manage all of the assets held by the shareholder granting the proxy in Spain. Under the Deposit Agreement (as defined below) relating to our ADSs (as defined below), the Depositary (as defined below) accepts voting instructions from holders of ADSs. The Depositary executes such instructions to the extent permitted by law and by the terms governing the shares and ADSs. The Depositary or its nominee, as the case may be, will be entitled to vote by proxy the shares underlying the relevant ADSs.</font></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">Only holders of record five days prior to the day on which a general meeting of shareholders is scheduled to be held may attend and vote at the meeting.</font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:217%">3</font></div></div></div><hr style="page-break-after:always"><div style="min-height:82.8pt;width:100%"><div style="padding-right:-36pt"><font><br></font></div></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">According to the Spanish Corporate Enterprises Act, as amended by Law 31&#47;2014, the general shareholders&#8217; meeting will be quorate on first call if the shareholders present, in person or by proxy, hold at least 25% of the subscribed share capital carrying voting rights. On second call, the meeting will be quorate regardless of the capital in attendance.</font></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">However, if the agenda of the meeting includes resolutions on the amendment of the bylaws, including an increase or reduction of share capital, the transformation, merger, split-off, the en bloc assignment of assets and liabilities, the migration of the registered office abroad, the issuance of debentures or the exclusion or limitation of preemptive rights, the required quorum on first call must be met by the attendance of shareholders representing at least 50% of the subscribed share capital carrying voting rights (each a &#8220;Special Resolution&#8221;). On second call, the attendance of 25% of the subscribed share capital carrying voting rights will suffice.</font></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">As a general rule, resolutions at the general shareholder&#8217;s meeting will be passed by a simple majority of votes cast at such meeting (i.e., provided that the votes &#34;for&#34; outnumber the votes &#34;against&#34; the relevant resolution).</font></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">In contrast, in order to approve any Special Resolution, if the capital present or represented at the general shareholders&#8217; meeting exceeds 50% of the subscribed share capital carrying voting rights, the favorable vote of the absolute majority (that is, if the votes in favor exceed 50% of the votes corresponding to capital present and represented at the shareholders&#8217; meeting) will be required. If, on second call, shareholders representing 25% or more of the subscribed share capital carrying voting rights are present or represented but fail to reach the 50% threshold, the favorable vote of at least two-thirds of the share capital present or represented at the meeting will be required.</font></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:139%">Restrictions on foreign investment</font></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">Exchange controls and foreign investments are regulated under Law 19&#47;2003, of July 4 (&#8220;Law 19&#47;2003&#8221;), as amended pursuant to Royal Decree-Law 8&#47;2020, of March 17, Royal Decree-Law 11&#47;2020, of March 31 and Royal Decree-Law 34&#47;2020, of November 17 (as amended by Royal-Decree Law 12&#47;2021, of June 24, Royal-Decree Law 27&#47;2021, of November 23 and Royal-Decree Law 20&#47;2022, of December 27). Foreign investments are generally liberalized unless they fall within the scope of article 7 bis of Law 19&#47;2003, enacted in March 2020 through Royal Decree-Law 8&#47;2020, or&#8212;only with respect to investments in the defense sector&#8212;article 18 of Royal Decree 571&#47;2023, of July 4.</font></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">Article 7 bis of Law 19&#47;2003 establishes a screening mechanism for certain investments made by non-EU and non-EFTA residents, based on public order, public health and public security reasons (the &#8220;Screening Mechanism&#8221;). The Screening Mechanism aligns part of the Spanish foreign investment legal framework with Regulation (EU) 2019&#47;452 of March 19, 2019 establishing a framework for the screening of foreign direct investments into the European Union. Certain provisions of Regulation (EU) 2019&#47;452&#8212;such as the list of sectors affecting public order and public security or the definition of state-owned enterprises and other similar investors&#8212;are mirrored in the regulations establishing the Screening Mechanism. </font></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">The Screening Mechanism can be summarized as follows&#58;</font></div><div style="margin-top:9pt;padding-left:21.3pt;text-align:justify;text-indent:-14.2pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">&#8226;</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%;padding-left:10.7pt">Under the ordinary procedure, prior authorization from the Spanish Council of Ministers (</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:139%">Consejo de Ministros</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">) is required to close foreign direct investments subject to it. The legal term to issue a decision is six months.</font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:217%">4</font></div></div></div><hr style="page-break-after:always"><div style="min-height:82.8pt;width:100%"><div style="padding-right:-36pt"><font><br></font></div></div><div style="margin-top:9pt;padding-left:21.3pt;text-align:justify;text-indent:-14.2pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:12.00pt">&#8226;</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:12.00pt;padding-left:10.7pt">On a transitional basis, until the Screening Mechanism is further developed, a fast-track 30-day procedure, whose resolution is to be issued by a lower-tier authority (the General Directorate for International Trade and Investments&#8212;</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:12.00pt">Direcci&#243;n General de Comercio Internacional e Inversiones</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:12.00pt">), applies for investments below 5 million euros. Investments below 1 million euros are not subject to the Screening Mechanism.</font></div><div style="margin-top:9pt;padding-left:21.3pt;text-align:justify;text-indent:-14.2pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">&#8226;</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%;padding-left:10.7pt">Under both the ordinary and fast-track procedures, the investment will be deemed unauthorized if the relevant authority does not respond to the authorization request within the corresponding legal term.</font></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">For the purposes of the Screening Mechanism, the following persons are deemed to be &#8220;foreign investors&#8221;&#58;</font></div><div style="margin-top:9pt;text-align:justify;text-indent:7.1pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">&#8226;</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%;padding-left:25.4pt">non-EU and non-EFTA residents&#59; and</font></div><div style="margin-top:9pt;padding-left:21.3pt;text-align:justify;text-indent:-14.2pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">&#8226;</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%;padding-left:10.7pt">EU or EFTA residents beneficially owned by non-EU and non-EFTA residents. This occurs when non-EU and non-EFTA residents ultimately possess or control, directly or indirectly, more than 25% of the share capital or voting rights of the investor, or otherwise exercise control, directly or indirectly, over the investor.</font></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">In addition, effective November 19, 2020 and until December 31, 2026, the following persons will also be deemed to be &#8220;foreign investors&#8221;, provided they invest in listed companies or the investment value exceeds 500 million euros&#8212;for investments in private companies&#58;</font></div><div style="margin-top:9pt;text-align:justify;text-indent:7.1pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">&#8226;</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%;padding-left:25.4pt">EU and EFTA residents in countries other than Spain, and</font></div><div style="margin-top:9pt;padding-left:21.3pt;text-align:justify;text-indent:-14.2pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">&#8226;</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%;padding-left:10.7pt">Spanish residents beneficially owned by EU or EFTA residents in countries other than Spain, that is, those in which a EU or EFTA resident other than in Spain ultimately owns or controls more than 25% of the share capital or voting rights of, or otherwise exercises control over, the Spanish resident.</font></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">Foreign direct investments (&#34;FDI&#34;) are&#58;</font></div><div style="margin-top:9pt;padding-left:21.3pt;text-align:justify;text-indent:-14.2pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">&#8226;</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%;padding-left:10.7pt">investments that result in a foreign investor reaching a stake of at least 10% of the share capital of a Spanish company&#59; and</font></div><div style="padding-left:21.3pt;text-align:justify;text-indent:-14.2pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:139%">&#8226;</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%;padding-left:10pt">any corporate transaction, business action or legal transaction which enables effective participation in the management or control of a Spanish company or of a whole part or branch of activity of a Spanish company.</font></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">Not all foreign direct investments are subject to the Screening Mechanism. Investors are subject to the Screening Mechanism only if they qualify as FDI and the investment is made in one of the critical sectors or&#8212;only where the investor is a Non-UE or non-EFTA investor&#8212;by investors that meet certain subjective criteria regardless of the business of the target.</font></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">Foreign direct investments in the following sectors are subject to the Screening Mechanism&#58;</font></div><div style="margin-top:9pt;padding-left:21.3pt;text-align:justify;text-indent:-14.2pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">&#8226;</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%;padding-left:10.7pt">Critical infrastructure, whether physical or virtual, including energy, transport, water, health, communications, media, data processing or storage, aerospace, defense, electoral or financial infrastructure, and sensitive facilities, as well as land and real estate crucial for the use of such infrastructure. </font></div><div style="margin-top:9pt;padding-left:21.3pt;text-align:justify;text-indent:-14.2pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">&#8226;</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%;padding-left:10.7pt">Critical technologies and dual use items as defined in point 1 of Article 2 of Council Regulation (EC) No 428&#47;2009, including Artificial Intelligence, robotics, semiconductors, </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:217%">5</font></div></div></div><hr style="page-break-after:always"><div style="min-height:82.8pt;width:100%"><div style="padding-right:-36pt"><font><br></font></div></div><div style="margin-top:9pt;padding-left:21.3pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">cybersecurity, aerospace, defense, energy storage, quantum and nuclear technologies as well as nanotechnologies and biotechnologies. </font></div><div style="margin-top:9pt;padding-left:21.3pt;text-align:justify;text-indent:-14.2pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">&#8226;</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%;padding-left:10.7pt">Supply of critical inputs, including energy or raw materials, as well as food security. </font></div><div style="margin-top:9pt;padding-left:21.3pt;text-align:justify;text-indent:-14.2pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">&#8226;</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%;padding-left:10.7pt">Sectors with access to sensitive information, including personal data, or the ability to control such information. </font></div><div style="margin-top:9pt;padding-left:21.3pt;text-align:justify;text-indent:-14.2pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">&#8226;</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%;padding-left:10.7pt">Media. </font></div><div style="margin-top:9pt;padding-left:21.3pt;text-align:justify;text-indent:-14.2pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">&#8226;</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%;padding-left:10.7pt">Other sectors designated by the Spanish government from time to time that may affect public security, order or health.</font></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:12.00pt">We are engaged in activities that are included in one or more sectors listed above. As such, FDI in Telef&#243;nica may be subject to the Screening Mechanism if the conditions described in this section are satisfied.</font></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">Foreign direct investments by the following non-EU and non-EFTA investors are also subject to the Screening Mechanism, regardless of the business of the target&#58;</font></div><div style="margin-top:9pt;padding-left:21.3pt;text-align:justify;text-indent:-14.2pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">&#8226;</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%;padding-left:10.7pt">Investors directly or indirectly controlled by a non-EU and non-EFTA government, including state bodies, armed forces or sovereign wealth funds&#59; the possibility of exercising decisive influence as a result of an agreement or through the ownership of shares or interests in another person (directly or indirectly) is deemed to constitute &#8220;control&#8221; for these purposes. </font></div><div style="margin-top:9pt;padding-left:21.3pt;text-align:justify;text-indent:-14.2pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">&#8226;</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%;padding-left:10.7pt">Investors that have already made an investment affecting national security, public order or public health in another EU Member State, including an investment in any of the above-mentioned sectors.</font></div><div style="margin-top:9pt;padding-left:21.3pt;text-align:justify;text-indent:-14.2pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">&#8226;</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%;padding-left:10.7pt">If there is a serious risk that the investor engages in illegal or criminal activities affecting national security, public order or public health in Spain.</font></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">In addition, article 18 of Royal Decree 571&#47;2023, of July 4, establishes that FDI carried out by non-residents in companies engaged in activities qualified as relevant for national defense, will be subject to the Screening Mechanism. </font></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">Gun jumping the Screening Mechanism will render the transaction invalid and without any legal effect until the required authorization is obtained. In addition, fines up to the value of the investment could be imposed. </font></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">In addition, Royal Decree 571&#47;2023, of July 4, establishes that non-Spanish foreign investors who are not resident in a tax haven are required to file a notification with the Spanish Registry of Foreign Investments following an investment or divestiture, if any, solely for statistical, economic and administrative purposes. Where the investment or divestiture is made in shares of Spanish companies listed on any of the Spanish Stock Exchanges, the duty to provide notice of a foreign investment or divestiture lies with the relevant entity with whom the shares (in book-entry form) have been deposited or which has acted as an intermediary in connection with the investment or divestiture. </font></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">If the foreign investor is a resident of a tax haven, as defined under Spanish law (Royal Decree 1080&#47;1991, of July 5), notice must be provided to the Registry of Foreign Investments prior to making the investment, as well as after consummating the transaction. However, prior notification is not necessary in the following cases&#58;</font></div><div style="margin-top:9pt;padding-left:21.3pt;text-align:justify;text-indent:-14.2pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">&#8226;</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%;padding-left:10.7pt">investments in listed securities, whether or not trading on an official secondary market&#59;</font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:217%">6</font></div></div></div><hr style="page-break-after:always"><div style="min-height:82.8pt;width:100%"><div style="padding-right:-36pt"><font><br></font></div></div><div style="margin-top:9pt;padding-left:21.3pt;text-align:justify;text-indent:-14.2pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">&#8226;</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%;padding-left:10.7pt">investments in participations in investment funds registered with the CNMV&#59; and </font></div><div style="margin-top:9pt;padding-left:21.3pt;text-align:justify;text-indent:-14.2pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">&#8226;</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%;padding-left:10.7pt">foreign shareholdings that do not exceed 50.0% of the capital of the Spanish company in which the investment is made. </font></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">Additional regulations to those described above apply to investments in some specific industries, including air transportation, mining, manufacturing and sales of weapons and explosives for civil use and national defense, radio, television, telecommunications and gambling. These restrictions do not apply to investments made by EU residents, other than investments by EU residents in activities relating to the Spanish defense sector or the manufacturing and sale of weapons and explosives for non-military use.</font></div><div style="margin-top:9pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:139%">Preemptive Rights</font></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:12.00pt">Pursuant to the Spanish Corporate Enterprises Act, shareholders have preemptive rights to subscribe for any new shares in capital increases with issuances of new shares with a charge to monetary contributions and in issuances of debentures convertible into shares. Such rights may be excluded (partially or totally) under special circumstances by virtue of a resolution passed at a general shareholders&#8217; meeting in accordance with Articles 308, 504 and 506 of the Spanish Corporate Enterprises Act, or by the Board of Directors, if previously authorized at a general shareholders&#8217; meeting in accordance with Article 506 of the Spanish Corporate Enterprises Act (for capital increases) and Articles 417 and 511 (for issuances of debentures convertible into shares). Such preemptive rights will not be available in the event of an increase in capital to meet the requirements of a convertible bond issue or a merger or demerger of another entity into Telef&#243;nica or of all or part of the assets split from another company, in which shares are issued as consideration or, in general, when the increase is carried out as consideration in exchange for non-cash contributions. Such rights are transferable, may be traded on the Automated Quotation System and may be of value to existing shareholders because new shares may be offered for subscription at prices lower than prevailing market prices.</font></div><div style="margin-top:9pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:139%">Form and Transfer</font></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:12.00pt">Our ordinary shares are in book-entry form and are indivisible. Joint holders must nominate one person to exercise their rights as shareholders, though joint holders are jointly and severally liable for all obligations arising from their status as shareholders. Sociedad de Gesti&#243;n de los Sistemas de Registro, Compensaci&#243;n y Liquidaci&#243;n de Valores, S.A. Unipersonal (&#8220;Iberclear&#8221;), which manages the clearance and settlement system of the Spanish Stock Exchanges, maintains the central registry of ordinary shares reflecting the number of ordinary shares held by each of its participant entities (</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:12.00pt">entidades participantes</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:12.00pt">) as well as the number of such ordinary shares held by registered legal owners. Each participant entity in turn maintains a register of the owners of such ordinary shares.</font></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:12.00pt">Transfers of Telef&#243;nica&#8217;s ordinary shares quoted on the Spanish Stock Exchanges must be made by book-entry registry or delivery of evidence of title to the buyer through, or with the participation of, a member of the Spanish Stock Exchanges that is an authorized broker or dealer. Transfers of Telef&#243;nica&#8217;s ordinary shares may also be subject to certain fees and expenses.</font></div><div style="margin-top:9pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:139%">Reporting Requirements</font></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:12.00pt">According to Royal Decree 1362&#47;2007 of October 19 on the disclosure of significant stakes in listed companies (&#8220;Royal Decree 1362&#47;2007&#8221;), which was modified by Royal Decree 878&#47;2015, the acquisition or disposition of shares of Telef&#243;nica must be reported within four trading days of the acquisition or disposition to Telef&#243;nica and the CNMV, where&#58;</font></div><div style="margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:12.00pt">&#8226;</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:12.00pt;padding-left:14.5pt">in the case of an acquisition, the acquisition results in that person or group holding a number of voting rights in Telef&#243;nica that reaches or surpasses 3% (or 5%, 10%, 15%, </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:217%">7</font></div></div></div><hr style="page-break-after:always"><div style="min-height:82.8pt;width:100%"><div style="padding-right:-36pt"><font><br></font></div></div><div style="margin-top:9pt;padding-left:36pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:12.00pt">20%, 25%, 30%, 35%, 40%, 45%, 50%, 60%, 70%, 75%, 80% or 90%) of Telef&#243;nica&#8217;s total number of voting rights&#59; or</font></div><div style="margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:12.00pt">&#8226;</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:12.00pt;padding-left:14.5pt">in the case of a disposal, the disposition reduces the number of voting rights held by a person or group below a threshold of 3% (or 5%, 10%, 15%, 20%, 25%, 30%, 35%, 40%, 45%, 50%, 60%, 70%, 75%, 80% or 90%) of Telef&#243;nica&#8217;s total number of voting rights.</font></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">Royal Decree 1362&#47;2007 established an approach for calculating whether these thresholds are reached, surpassed or fell short which requires adding the voting rights corresponding to shares and financial instruments. Royal Decree 814&#47;2023 provided the definition of financial instruments which should be reported, including financial instruments having a similar economic effect as the shares of a company, whether the instruments are cash or physically settled, including convertible securities, options, forwards, futures, swaps, CFDs or any other type of instrument which grants the holder the right to acquire shares or a right to receive an equivalent cash settlement amount.</font></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:12.00pt">The reporting requirements referred to above apply not only to the acquisition or transfer of shares, but also when, without an acquisition or transfer of shares, the proportion of voting rights of an individual or legal entity reaches, exceeds or falls below the threshold that triggers the obligation to report as a consequence of a change in the total number of voting rights of Telef&#243;nica on the basis of the information reported to the CNMV and disclosed by it, in accordance with the Royal Decree.</font></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">Regardless of the actual ownership of the shares, any individual or legal entity with a right to acquire, transfer or exercise voting rights granted by the shares, and any individual or legal entity who owns, acquires or transfers, whether directly or indirectly, other securities or financial instruments which grant a right to acquire shares carrying voting rights (such as transferable securities, options, futures, swaps, forwards and other derivative contracts), will also have an obligation to notify the company and the CNMV of the holding of a significant stake in accordance with the above-mentioned regulations.</font></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">Stricter disclosure obligations apply if the person obligated to disclose has residency in a country considered a tax haven by the Spanish authorities, a zero-taxation country or territory or a country or territory that does not share information with the Spanish authorities, in which cases the initial threshold for disclosure is reduced to 1% (and successive multiples of 1%).</font></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:12.00pt">Pursuant to Regulation (EU) No 596&#47;2014 of the European Parliament and of the Council of April 16, 2014 on market abuse (market abuse regulation) and repealing Directive 2003&#47;6&#47;EC of the European Parliament and of the Council and Commission Directives 2003&#47;124&#47;EC, 2003&#47;125&#47;EC and 2004&#47;72&#47;EC, (the &#8220;</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:12.00pt">Market Abuse Regulation</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:12.00pt">&#8221;), persons discharging managerial responsibilities, as well as persons closely associated with them, shall notify Telef&#243;nica and the CNMV of every transaction conducted on their own account relating to our shares or debt instruments or to derivatives or other financial instruments linked thereto. </font></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">According to the Market Abuse Regulation a &#34;person discharging managerial responsibilities&#34; means a person within an issuer, who is&#58; (a) a member of the administrative, management or supervisory body of that entity&#59; or (b) a senior executive who is not a member of the bodies referred to in (a), who has regular access to inside information relating directly or indirectly to that entity and power to take managerial decisions affecting the future developments and business prospects of that entity. </font></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">In addition, in accordance with Article 230 of Law 6&#47;2023, of March 17 (</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:139%">Ley del Mercado de Valores y de los Servicios de Inversion</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">, or the &#34;</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:139%">LMV</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">&#34;), the obligation to notify the transactions will arise when, within a calendar year, the sum without netting of all transactions reaches </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:217%">8</font></div></div></div><hr style="page-break-after:always"><div style="min-height:82.8pt;width:100%"><div style="padding-right:-36pt"><font><br></font></div></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">20,000 euros. From that first communication, persons discharging managerial responsibilities and the persons closely associated with them must notify each and every subsequent transaction.</font></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">As stated above, disclosure obligations are primarily regulated by Royal Decree 1362&#47;2007 (as amended), by the Market Abuse Regulation and by the LMV which establish a detailed set of rules on this legal framework (including, </font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:139%">inter alia</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">, rules determining the persons subject to disclosure obligations, the different types of situations triggering disclosure and the corresponding exceptions, specific attribution and aggregation rules, the deadlines to notify the transactions, triggering disclosure obligations and incorporation of notices submitted to the CNMV&#8217;s public registry).</font></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:139%">Disclosure of Net Short Positions</font></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">In accordance with Regulation (EU) No. 236&#47;2012 of the European Parliament and of the European Council as regards the adjustment of the relevant threshold for the notification of significant net short positions in shares, as amended by the Commission Delegated Regulation (EU) 2022&#47;27 of September 27, 2021 (which entered into force on January 31, 2022), net short positions on shares listed on the Spanish Stock Exchanges equal to, or in excess of, 0.1% (0.2% before the latest amendment) of the relevant issuer&#8217;s share capital and each 0.1% above that, are required to be disclosed to the CNMV by no later than the first trading day following the transaction. If the net short position reaches 0.5%, and also at every 0.1% above that, the CNMV will disclose the net short position to the public.</font></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">Notification is mandatory even if the same position has been already notified to the CNMV in compliance with reporting requirements previously in force in Spain.</font></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">The information to be disclosed is set out in Table 1 of Annex I of Delegated Regulation 826&#47;2012, according to the format approved as Annex II of this Regulation. The information will be published, where appropriate, on a web page operated or supervised by the corresponding authority.</font></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">Moreover, pursuant to Regulation (EU) No. 236&#47;2012, where the CNMV considers that (i) there are adverse events or developments that constitute a serious threat to financial stability or to market confidence (serious financial, monetary or budgetary problems, which may lead to financial instability, unusual volatility causing significant downward spirals in any financial instrument, etc.)&#59; and (ii) the measure is necessary and will not be disproportionately detrimental to the efficiency of financial markets in view of the advantages sought, it may, following consultation with the European Securities and Market Authority (&#8220;ESMA&#8221;), take any one or more of the following measures&#58;</font></div><div style="margin-top:9pt;padding-left:21.3pt;text-align:justify;text-indent:-14.2pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">&#8226;</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%;padding-left:10.7pt">impose additional notification obligations by either (a) reducing the thresholds for the notification of net short positions in relation to one or several specific financial instruments&#59; and&#47;or (b) requesting the parties involved in the lending of a specific financial instrument to notify any change in the fees requested for such lending&#59; and</font></div><div style="margin-top:9pt;padding-left:21.3pt;text-align:justify;text-indent:-14.2pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">&#8226;</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%;padding-left:10.7pt">restrict short selling activity by either prohibiting or imposing conditions on short selling.</font></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">In addition, according to Regulation (EU) No. 236&#47;2012, where the price of a financial instrument has fallen significantly during a single day in relation to the closing price on the previous trading day (10% or more in the case of a liquid share), the CNMV may prohibit or </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:217%">9</font></div></div></div><hr style="page-break-after:always"><div style="min-height:82.8pt;width:100%"><div style="padding-right:-36pt"><font><br></font></div></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">restrict short selling of financial instruments for a period not exceeding the end of the trading day following the trading day on which the fall in price occurs.</font></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">Finally, Regulation (EU) No. 236&#47;2012 also vests powers to ESMA in order to take measures similar to the ones described above in exceptional circumstances, when the purpose of these measures is to deal with a threat affecting several EU member states and the competent authorities of these member states have not taken adequate measures to address it.</font></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:139%">Shareholder Agreements</font></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:12.00pt">Article 531 </font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:12.00pt">et seq.</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:12.00pt"> of the Spanish Corporate Enterprises Act require parties to disclose those shareholders&#8217; agreements in respect of Spanish listed companies that affect the exercise of voting rights at a general shareholders&#8217; meeting or contain restrictions or conditions on the transferability of shares or bonds that are convertible or exchangeable into shares. If any shareholders enter into such agreements with respect to Telef&#243;nica&#8217;s shares, they must disclose the execution, amendment or extension of such agreements to Telef&#243;nica and the CNMV (together with the relevant clauses of said agreements) and file such agreements with the appropriate Commercial Registry. Failure to comply with these disclosure obligations renders any such shareholders&#8217; agreement unenforceable and constitutes a violation of the LMV.</font></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:139%">Acquisition of Own Shares</font></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">Pursuant to Spanish corporate law, we may only repurchase our own shares within certain limits and in compliance with the following requirements&#58;</font></div><div style="margin-top:9pt;padding-left:21.3pt;text-align:justify;text-indent:-14.2pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">&#8226;</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%;padding-left:10.7pt">the repurchase must be authorized by the general shareholders&#8217; meeting by a resolution establishing the maximum number of shares to be acquired, the minimum and maximum acquisition price and the duration of the authorization, which may not exceed five years from the date of the resolution&#59; and</font></div><div style="margin-top:9pt;padding-left:21.3pt;text-align:justify;text-indent:-14.2pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">&#8226;</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%;padding-left:10.7pt">the repurchase, including any shares already held by us or a person acting on our behalf, must not bring our net worth below the aggregate amount of our share capital and legal reserves.</font></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">For these purposes, net worth means the amount resulting from the application of the criteria used to draw up the financial statements, subtracting the amount of profits directly imputed to that net worth, and adding the amount of share capital subscribed but not called and the share capital par and issue premiums recorded in our accounts as liabilities. In addition&#58;</font></div><div style="margin-top:9pt;padding-left:21.3pt;text-align:justify;text-indent:-14.2pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">&#8226;</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%;padding-left:10.7pt">the aggregate par value of the shares directly or indirectly repurchased, together with the aggregate par value of the shares already held by us and our subsidiaries, must not exceed 10% of our share capital&#59; and</font></div><div style="margin-top:9pt;padding-left:21.3pt;text-align:justify;text-indent:-14.2pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">&#8226;</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%;padding-left:10.7pt">the shares repurchased must be fully paid and must be free of ancillary contributions (</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:139%">prestaciones accesorias</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">).</font></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">Voting rights attached to treasury shares will be suspended and economic rights (</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:139%">e.g.</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">, the right to receive dividends and other distributions and liquidation rights), except the right to receive bonus shares, will accrue proportionately to all of our shareholders. Treasury shares are counted for the purpose of establishing the quorum for shareholders&#8217; meetings and majority voting requirements to pass resolutions at shareholders&#8217; meetings.</font></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">Regulation (EU) No. 596&#47;2014 of April 16, repealing, among others, Directive 2003&#47;6&#47;EC of the European Parliament and the European Council of January 28, on insider dealing and market </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:217%">10</font></div></div></div><hr style="page-break-after:always"><div style="min-height:82.8pt;width:100%"><div style="padding-right:-36pt"><font><br></font></div></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">manipulation establishes rules in order to ensure the integrity of European Community financial markets and to enhance investor confidence in those markets. This regulation maintains an exemption from the market manipulation rules regarding share buyback programs by companies listed on a stock exchange in an EU Member State. Commission Regulation (EC) No. 2273&#47;2003, of December 22, implemented the aforementioned directive with regard to exemptions for buyback programs. Article&#160;5 of this regulation states that in order to benefit from the exemption, a buyback program must comply with certain requirements established under such regulation and the sole purpose of the buyback program must be to reduce the share capital of an issuer (in value or in number of shares) or to meet obligations arising from either of the following&#58;</font></div><div style="margin-top:9pt;padding-left:21.3pt;text-align:justify;text-indent:-14.2pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">&#8226;</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%;padding-left:10.7pt">debt financial instruments exchangeable into equity instruments&#59; or</font></div><div style="margin-top:9pt;padding-left:21.3pt;text-align:justify;text-indent:-14.2pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">&#8226;</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%;padding-left:10.7pt">employee share option programs or other allocations of shares to employees of the issuer or an associated company.</font></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">CNMV Circular 1&#47;2017, dated April 26, on liquidity contracts entered into by issuers with financial institutions for the management of its treasury shares as amended by CNMV Circular 2&#47;2019, dated November 27, governs the disclosure requirements for issuers and the rules of conduct to be followed by financial intermediaries when trading under a liquidity agreement for these trades to benefit from the safe harbor provided by such Circular and qualify as an accepted market practice for the purposes of market abuse regulations. </font></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:12.00pt">If an acquisition or series of acquisitions of shares of Telef&#243;nica reaches or exceeds or causes Telef&#243;nica&#8217;s and its affiliates&#8217; holdings to reach or exceed 1% of Telef&#243;nica&#8217;s voting shares, Telef&#243;nica must notify its final holding of treasury stock to the CNMV. If such threshold is reached as a result of a series of acquisitions, such reporting obligation will only arise after the closing of the acquisition which, taken together with all acquisitions made since the last of any such notifications, causes the Telef&#243;nica&#8217;s and its affiliates holdings to exceed, 1% of Telef&#243;nica&#8217;s voting shares. Sales and other dispositions of Telef&#243;nica&#8217;s treasury stock will not be deducted in the calculation of such threshold. This requirement also applies if the stock is acquired by a majority-owned subsidiary of Telef&#243;nica.</font></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">Moreover, pursuant to Spanish corporate law, the audited financial statements of a company must include a reference regarding any treasury shares.</font></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">At December 31, 2024, we held 26,874,751 shares of treasury stock, representing 0.47397% of our capital stock. At December 31, 2023, we held 111,099,480 shares of treasury stock, representing 1.93201% of our capital stock. For further description about our shareholders&#8217; return, see &#8220;Item 8. Financial Information&#8212;Dividend Information and Shareholders&#8217; Return&#8221;. </font></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">At our annual general shareholders' meeting held on March 31, 2023, our shareholders extended their prior authorization to the Board of Directors to acquire our shares for an additional five years from the date of such meeting. The authorization also applies to companies under our control. Pursuant to the authorization, the aggregate nominal value of our shares held by us or any of our subsidiaries cannot exceed the limit established by applicable laws (which is, as of the date of this Annual Report, 10% of our outstanding capital)</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:139%"> </font></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:139%">Change of Control Provisions</font></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:12.00pt">Certain antitrust regulations may delay, defer or prevent a change of control of Telef&#243;nica or any of its subsidiaries in the event of a merger, acquisition or corporate restructuring. In Spain, the application of both Spanish and European antitrust regulations requires that prior notice of </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:217%">11</font></div></div></div><hr style="page-break-after:always"><div style="min-height:82.8pt;width:100%"><div style="padding-right:-36pt"><font><br></font></div></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:12.00pt">domestic or cross-border merger transactions be given in order to obtain a &#8220;non-opposition&#8221; ruling from antitrust authorities.</font></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:139%">Tender Offers</font></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">Tender offers are governed in Spain by the Spanish Securities Markets Act (as amended by Law 6&#47;2007 of April 12, and the LMV) and Royal Decree 1066&#47;2007, of July 27, which have implemented Directive 2004&#47;25&#47;EC of the European Parliament and of the European Council of April 21. Tender offers in Spain may qualify as either mandatory or voluntary offers.</font></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">Mandatory public tender offers must be launched for all the shares of the target company or other securities that might directly or indirectly give the right to subscription thereto or acquisition thereof (including convertible and exchangeable bonds) at an equitable price and not subject to any conditions when any person acquires control of a Spanish company listed on the Spanish Stock Exchanges, whether such control is obtained&#58;</font></div><div style="margin-top:9pt;padding-left:21.3pt;text-align:justify;text-indent:-14.2pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">&#8226;</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%;padding-left:10.7pt">by means of the acquisition of shares or other securities that directly or indirectly give voting rights in such company&#59;</font></div><div style="margin-top:9pt;padding-left:21.3pt;text-align:justify;text-indent:-14.2pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">&#8226;</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%;padding-left:10.7pt">through agreements with shareholders or other holders of said securities&#59; or</font></div><div style="margin-top:9pt;padding-left:21.3pt;text-align:justify;text-indent:-14.2pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">&#8226;</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%;padding-left:10.7pt">as a result of other situations of equivalent effect as provided in the regulations (i.e., indirect control acquired through mergers, share capital decreases, target&#8217;s treasury stock variations or securities exchange or conversion, etc.).</font></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">A person is deemed to have obtained the control of a target company, individually or jointly with concerted parties, whenever&#58;</font></div><div style="margin-top:9pt;padding-left:21.3pt;text-align:justify;text-indent:-14.2pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">&#8226;</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%;padding-left:10.7pt">it acquires, directly or indirectly, a percentage of voting rights equal to or greater than 30%&#59; or</font></div><div style="margin-top:9pt;padding-left:21.3pt;text-align:justify;text-indent:-14.2pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">&#8226;</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%;padding-left:10.7pt">it has acquired a percentage of less than 30% of the voting rights and appoints, in the 24 months following the date of acquisition of said percentage, a number of directors that, together with those already appointed, if any, represent more than one-half of the members of the target company&#8217;s board of directors. Regulations also set forth certain situations where directors are deemed to have been appointed by the bidder or persons acting in concert therewith unless evidence to the contrary is provided.</font></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">Notwithstanding the above, Spanish regulations establish certain exceptional situations where control is obtained but no mandatory tender offer is required, including, among others&#58;</font></div><div style="margin-top:9pt;padding-left:21.3pt;text-align:justify;text-indent:-14.2pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">&#8226;</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%;padding-left:10.7pt">subject to the CNMV&#8217;s approval,</font></div><div style="margin-top:9pt;padding-left:72pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">&#8211; &#160;&#160;&#160;&#160;acquisitions or other transactions resulting from the conversion or capitalization of credits into shares of listed companies, the financial feasibility of which is subject to serious and imminent danger, even if the company is not undergoing bankruptcy proceedings, provided that such transactions are intended to ensure the company&#8217;s financial recovery in the long term&#59; or</font></div><div style="margin-top:9pt;padding-left:72pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">&#8211; &#160;&#160;&#160;&#160;in the event of a merger, provided that those acquiring control did not vote in favor of the merger at the relevant general shareholders&#8217; meeting of the offeree company and provided also that it can be shown that the primary purpose of the transaction is not the takeover but an industrial or corporate purpose&#59; and</font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:217%">12</font></div></div></div><hr style="page-break-after:always"><div style="min-height:82.8pt;width:100%"><div style="padding-right:-36pt"><font><br></font></div></div><div style="margin-top:9pt;padding-left:21.3pt;text-align:justify;text-indent:-14.2pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">&#8226;</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%;padding-left:10.7pt">when control has been obtained after a voluntary bid for all of the securities, if either the bid has been made at an equitable price or has been accepted by holders of securities representing at least 50% of the voting rights to which the bid was directed.</font></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">For the purposes of calculating the percentages of voting rights acquired, the regulations establish the following rules&#58;</font></div><div style="margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">&#8226;</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%;padding-left:14.5pt">percentages of voting rights corresponding to (i) companies belonging to the same group of the bidder&#59; (ii) members of the board of directors of the bidder or of companies of its group&#59; (iii) persons acting for the account of or in concert with the bidder (a concert party shall be deemed to exist when two or more persons collaborate under an agreement, be it express or implied, oral or written, in order to obtain control of the offeree company)&#59; (iv) voting rights exercised freely and over an extended period by the bidder under proxy granted by the actual holders or owners of such rights in the absence of specific instructions with respect thereto&#59; and (v) shares held by a nominee, such nominee being understood as a third party whom the bidder totally or partially covers against the risks inherent in acquisitions or transfers of the shares or the possession thereof, will be deemed to be held by the bidder (including the voting rights attaching to shares that constitute the underlying asset or the subject matter of financial contracts or swaps when such contracts or swaps cover, in whole or in part, against the risks inherent in ownership of the securities and have, as a result, an effect similar to that of holding shares through a nominee)&#59;</font></div><div style="margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">&#8226;</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%;padding-left:14.5pt">both the voting rights arising from the ownership of shares and those enjoyed under a usufruct or pledge or upon any other title of a contractual nature will be counted towards establishing the number of voting rights held&#59;</font></div><div style="margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">&#8226;</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%;padding-left:14.5pt">the percentage of voting rights shall be calculated based on the entire number of shares carrying voting rights, even if the exercise of such rights has been suspended&#59; voting rights attached to treasury shares shall be excluded&#59; and non-voting shares shall be taken into consideration only when they carry voting rights pursuant to applicable law&#59; and</font></div><div style="margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">&#8226;</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%;padding-left:14.5pt">acquisitions of securities or other financial instruments giving the right to the subscription, conversion, exchange or acquisition of shares which carry voting rights will not result in the obligation to launch a tender offer either until such subscription, conversion, exchange or acquisition occurs.</font></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">Notwithstanding the foregoing, upon the terms established in the regulations, the CNMV will conditionally dispense with the obligation to launch a mandatory bid when another person or entity, individually or jointly in concert, directly or indirectly holds an equal or greater voting percentage than the potential bidder in the target company.</font></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">The price of the mandatory tender offer is deemed equitable when it is at least equal to the highest price paid or agreed by the bidder or by any person acting in concert therewith for the same securities during the 12 months prior to the announcement of the tender offer. When the mandatory tender offer must be made without the bidder having previously acquired the shares over the above-mentioned 12-month period, the equitable price shall not be less than the price calculated in accordance with other rules set forth in the regulations. In any case, the CNMV may change the price so calculated in certain circumstances (extraordinary events affecting the price, evidence of market manipulation, etc.).</font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:217%">13</font></div></div></div><hr style="page-break-after:always"><div style="min-height:82.8pt;width:100%"><div style="padding-right:-36pt"><font><br></font></div></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">Mandatory offers must be launched within one month from the acquisition of the control of the target company.</font></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">Voluntary tender offers may be launched when a mandatory offer is not required. Voluntary offers are subject to the same rules established for mandatory offers except for the following&#58;</font></div><div style="margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">&#8226;</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%;padding-left:14.5pt">they may be subject to certain conditions (such as amendments to the bylaws or adoption of certain resolutions by the target company, acceptance of the offer by a minimum number of securities, approval of the offer by the shareholders&#8217; meeting of the bidder and any other deemed by the CNMV to be in accordance with law), provided that such conditions can be met before the end of the acceptance period of the offer&#59; and</font></div><div style="margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">&#8226;</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%;padding-left:14.5pt">they may be launched at any price, regardless of whether it is lower than the above-mentioned &#8220;equitable price&#8221;. However, if they are not launched at an equitable price and if the tender offer shares representing at least 50% of the voting rights are tendered in the offer (excluding voting rights already held by the bidder and those belonging to shareholders who entered into an agreement with the bidder regarding the tender offer), the bidder may become obliged to launch a mandatory tender offer.</font></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">In any case, by virtue of an amendment to Law 24&#47;1988 operated by Law 1&#47;2012, of June 22, the price in a voluntary tender offer must be the higher of (i) the equitable price and (ii) the price resulting from an independent valuation report, and must at least consist of cash as an alternative if certain circumstances have occurred during the two years prior to the announcement of the offer (basically, the trading price for the shares being affected by price manipulation practices, market or share prices being affected by natural disasters, </font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:139%">force majeure</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">, or other exceptional events, or the target company being subject to expropriation or confiscation resulting in a significant impairment of the company&#8217;s real value).</font></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">Spanish regulations on tender offers set forth further provisions, including&#58;</font></div><div style="margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">&#8226;</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%;padding-left:14.5pt">subject to shareholder approval within 18 months from the date of announcement of the tender offer, the board of directors of a target company will be exempt from the rule prohibiting frustrating action against a foreign bidder whose board of directors is not subject to an equivalent passivity rule&#59;</font></div><div style="margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">&#8226;</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%;padding-left:14.5pt">defensive measures included in a listed company&#8217;s bylaws and transfer and voting restrictions included in agreements among a listed company&#8217;s shareholders will remain in place whenever the company is the target of a tender offer, unless the shareholders resolve otherwise (in which case any shareholders whose rights are diluted or otherwise adversely affected will be entitled to compensation at the target company&#8217;s expense)&#59; and</font></div><div style="margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">&#8226;</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%;padding-left:14.5pt">squeeze-out and sell-out rights will apply provided that following a tender offer for all the target&#8217;s share capital, the bidder holds securities representing at least 90% of the target company&#8217;s voting capital and the tender offer has been accepted by the holders of securities representing at least 90% of the voting rights other than those held by or attributable to the bidder previously to the offer.</font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:217%">14</font></div></div></div><hr style="page-break-after:always"><div style="min-height:82.8pt;width:100%"><div style="padding-right:-36pt"><font><br></font></div></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:139%">Payment of Taxes</font></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:12.00pt">Holders of ordinary shares will be responsible for any taxes or other governmental charges payable on their ordinary shares, including any taxes payable on transfer. The paying agent or the transfer agent, as the case may be, may, and upon instruction from Telef&#243;nica, will&#58;</font></div><div style="margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">&#8226;</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%;padding-left:14.5pt">refuse to effect any registration of transfer of such ordinary shares or any split-up or combination thereof until such payment is made&#59; or</font></div><div style="margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">&#8226;</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%;padding-left:14.5pt">withhold or deduct from any distributions on such ordinary shares or sell for the account of the holder thereof any part or all of such ordinary shares (after attempting by reasonable means to notify such holder prior to such sale), and apply, after deduction for its reasonable expenses incurred in connection therewith, the net proceeds of any such sale to payment of such tax or other governmental charge. The holder of such ordinary shares will remain liable for any deficiency.</font></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:139%">Dividends</font></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">Shareholders vote on final dividend distributions at the shareholders&#8217; meeting. Distributable profits are equal to&#58;</font></div><div style="margin-top:9pt;padding-left:36pt;text-indent:-18pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">&#8226;</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%;padding-left:14.5pt">net profits for the year&#59; plus</font></div><div><font><br></font></div><div style="margin-bottom:10pt;padding-left:36pt;text-indent:-18pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">&#8226;</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%;padding-left:14.5pt">profits carried forward from previous years&#59; plus</font></div><div style="margin-bottom:10pt;padding-left:36pt;text-indent:-18pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">&#8226;</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%;padding-left:14.5pt">distributable reserves&#59; minus</font></div><div style="margin-bottom:10pt;padding-left:36pt;text-indent:-18pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">&#8226;</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%;padding-left:14.5pt">losses carried forward from previous years&#59; minus</font></div><div style="margin-bottom:10pt;padding-left:36pt;text-indent:-18pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">&#8226;</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%;padding-left:14.5pt">amounts allocated to reserves as required by law or by our bylaws.</font></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">The amount of distributable profits is based on our unconsolidated financial statements prepared in accordance with Spanish GAAP, which differ from the Consolidated Financial Statements prepared in accordance with IFRS (as defined below) included elsewhere in this Annual Report.</font></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">The Board of Directors can approve interim dividend payments without a prior shareholder vote on the issue. However, under those circumstances, the dividend is limited to distributable net profits of the current year and is subject to certain legal requirements.</font></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">Unclaimed dividends revert to us five years from their date of payment.</font></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:139%">Registration and transfers</font></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">Our shares are in registered book-entry form. Transfers executed through stock exchange systems are implemented pursuant to the stock exchange clearing and settlement procedures carried out by the Spanish clearing institution. Transfers executed outside of stock exchange systems, that is, over the counter, are implemented pursuant to the general legal regime for book-entry transfer, including registration by the Spanish clearing institution.</font></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">There are no restrictions with respect to the transfer of our shares.</font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:217%">15</font></div></div></div><hr style="page-break-after:always"><div style="min-height:82.8pt;width:100%"><div style="padding-right:-36pt"><font><br></font></div></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:139%">Liquidation rights</font></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">Under Spanish law, upon our liquidation, the shareholders would be entitled to receive, on a pro rata basis, any assets remaining after the payment of our debts and taxes and liquidation expenses.</font></div><div style="margin-top:9pt;padding-left:27pt;text-align:justify;text-indent:-24.75pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:139%">2.</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:139%;padding-left:16.42pt;text-decoration:underline">DESCRIPTION OF OUR AMERICAN DEPOSITARY SHARES</font></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">The Depositary of our American Depositary Receipt (each, an &#8220;</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:139%">ADR</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">&#8221; or a &#8220;</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:139%">Receipt</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">&#8221;) program is Citibank, N.A. (the &#8220;</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:139%">Depositary</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">&#8221;), and the address of its principal executive office is 388 Greenwich Street, 6th Floor, New York, New York 10013. ADRs are certificates issued by the Depositary to evidence the American Depositary Shares (each, an &#8220;</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:139%">ADS</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">&#8221;) issued under the terms of the Deposit Agreement (as defined below). Our ADSs are listed on the New York Stock Exchange under the symbol &#8220;TEF.&#8221; Each ADS represents the right to receive one ordinary share of the Company with a nominal value of 1.00 euro each (each, a &#8220;</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:139%">Share</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">&#8221;).</font></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:12.00pt">The Depositary has issued ADSs in form of certificated ADSs or uncertificated ADSs pursuant to the Deposit Agreement of the Company (formerly Telef&#243;nica de Espa&#241;a, S.A.) and Citibank, N.A., as depositary, and holders of ADRs (filed as Exhibit 99.(a)(v) to the Registration Statement on Form F-6 filed on May 22, 2012, Registration No. 333-181584)  (the &#8220;</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:12.00pt">Original Deposit Agreement</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:12.00pt">&#8221;), as amended by Amendment No. 1 to Deposit Agreement of the Company and Citibank, N.A., as depositary, and holders of ADRs (filed as Exhibit 99.(a)(iv) to the Registration Statement on Form F-6 filed on May 22, 2012, Registration No. 333-181584) (&#8220;</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:12.00pt">Amendment No. 1</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:12.00pt">&#8221;), as further amended by Amendment No. 2 to Deposit Agreement of the Company and Citibank, N.A., as depositary, and holders of ADRs (filed as Exhibit 99.(a)(iii) to the Registration Statement on Form F-6 filed on May 22, 2012, Registration No. 333-181584) (&#8220;</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:12.00pt">Amendment No. 2</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:12.00pt">&#8221;) and as further amended by Amendment No. 3 to Deposit Agreement of the Company and Citibank, N.A., as depositary, and holders of ADRs (filed as Exhibit 99.(a)(ii) to the Registration Statement on Form F-6 filed on May 22, 2012, Registration No. 333-181584) (&#8220;</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:12.00pt">Amendment No. 3</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:12.00pt">&#8221; and, the Original Deposit Agreement, as amended by Amendment No. 1, Amendment No. 2 and Amendment No 3, the &#8220;</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:12.00pt">Deposit Agreement</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:12.00pt">&#8221;). </font></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">For the purposes of the description below, capitalized terms shall have the following meanings&#58;</font></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">&#8220;</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:139%">Custodian</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">&#8221; means the agent or agents of the Depositary (singly or collectively, as the context requires) appointed by it to act as Custodian for the purposes of the Deposit Agreement&#59; </font></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">&#8220;</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:139%">Delivery</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">&#8221; means, with respect to any security, either (i) the recording of transfer of such security by the entity or entities required or empowered by Spanish law or (ii) in the case of securities not subject to transfer by recordation, the delivery of a physical certificate representing such security&#59;</font></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">&#8220;</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:139%">Deposited Securities</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">&#8221; means all Shares deposited under the Deposit Agreement and any and all other Shares, securities, property and cash received at any time by the Depositary or the Custodian in respect or in lieu of such deposited Shares and other Shares, securities, property and cash at such time held hereunder&#59; and</font></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">&#8220;</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:139%">Holder</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">&#8221; means the person or persons in whose name an ADR is registered on the register maintained by the Depositary for such purpose.</font></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:139%">Voting of Deposited Securities</font></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">As soon as practicable after receipt of notice of any meeting or solicitations of consents or proxies of Holders of Shares or other Deposited Securities, the Depositary shall, except in the case of Deposited Securities represented by Peruvian ADSs (as defined in the Deposit </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:217%">16</font></div></div></div><hr style="page-break-after:always"><div style="min-height:82.8pt;width:100%"><div style="padding-right:-36pt"><font><br></font></div></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">Agreement), the delivery of voting instructions in respect of which shall be determined in accordance with the terms of the Deposit Agreement, mail to the Holders a notice containing (a) such information as is contained in such notice, (b) a statement that each Holder at the close of business on a specified record date will be entitled, subject to the provisions of or governing Deposited Securities, to instruct the Depositary as to the exercise of the voting rights, if any, pertaining to the Deposited Securities represented by the ADSs evidenced by such Holders&#8217; Receipts, and (c) a statement as to the manner in which such instructions may be given, including an express indication that instructions may be given (or be deemed given in accordance with the last sentence of this paragraph if no instruction is received) to the Depositary to give a discretionary proxy to a person designated by the Board of Directors of the Company. Upon the written request of a Holder on such record date, received on or before the date established by the Depositary for such purpose, the Depositary shall endeavor insofar as practicable and permitted under the provisions of or governing Deposited Securities to vote or cause to be voted (or to grant a discretionary proxy to a person designated by the Board of Directors of the Company to vote) the Deposited Securities represented by the ADSs evidenced by such Holder's Receipts in accordance with any instructions set forth in such request. The Depositary shall not itself exercise any voting discretion over any Deposited Securities. If no instructions are received by the Depositary from any Holder with respect to any of the Deposited Securities represented by the ADSs evidenced by such Holder's Receipts on or before the date established by the Depositary for such purpose, the Depositary shall deem such Holder to have instructed the Depositary to give a discretionary proxy to a person designated by the Board of Directors of the Company with respect to such Deposited Securities and the Depositary shall give a discretionary proxy to a person designated by the Board of Directors of the Company to vote such Deposited Securities&#59; provided that (i) no such instruction shall be deemed given and no such discretionary proxy shall be given with respect to any matter as to which the Board of Directors of the Company informs the Depositary (and the Board of Directors of the Company agrees to provide such information promptly in writing) that (x) the Board of Directors of the Company does not wish such proxy given, (y) substantial opposition exists or (z) materially affects the rights of holders of Shares, and (ii) such discretionary proxy shall be given only if such notice to Holders indicated, to the extent practicable, the manner in which such designated person will vote such proxy.</font></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:139%">Cash Distributions</font></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">Whenever the Depositary or the Custodian shall receive any cash dividend or other cash distribution upon any Deposited Securities, the Depositary shall, after any necessary conversion of such distribution into U.S. dollars and after fixing a record date in respect thereof, promptly distribute the amount thus received to the Holders on such record date, in proportion to the number of ADSs representing the right to receive such Deposited Securities held by each of them respectively&#59; provided that the Depositary shall make appropriate adjustments in the amounts so distributed in respect of (a) any of such Deposited Securities being not entitled, by reason of date of issuance or otherwise, to receive all or any portion of such distribution or (b) any amounts (i) withheld or requested to be withheld by the Company, the Custodian or the Depositary from any such distribution on account of taxes or other governmental charges, or (ii) charged by the Depositary in connection with the conversion of foreign currency into U.S. dollars. The Depositary shall distribute only such amount as can be distributed without distributing to any Holder a fraction of one cent, and any balance not so distributable shall be held by the Depositary (without liability for interest therein) and shall be added to and become part of the next sum received by the Depositary for distribution to Holders of Receipts then outstanding.</font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:217%">17</font></div></div></div><hr style="page-break-after:always"><div style="min-height:82.8pt;width:100%"><div style="padding-right:-36pt"><font><br></font></div></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:139%">Share Distributions</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:139%"> </font></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">If any distribution upon any Deposited Securities consists of a dividend in, or free distribution of, Shares, the Depositary may, or if the Company so requests, the Depositary shall distribute to the Holders on a record date fixed, in proportion to the number of ADSs representing the right to receive such Deposited Securities held by each of them respectively, additional Receipts for an aggregate number of ADSs representing the number of Shares received as such dividend or free distribution. In lieu of delivering Receipts for fractional ADSs in the case of any such distribution, the Depositary shall sell the amount of Shares represented by the aggregate of such fractions and distribute the net proceeds of such sale to the Holders entitled thereto as in the case of a distribution received in cash.  If additional Receipts are not so distributed, each ADS shall thenceforth also represent the right to receive its proportionate interest in the additional Shares so distributed upon such Deposited Securities. The Depositary may withhold any distribution of Receipts to Holders having an address in the United States until the Company furnishes to the Depositary (a) evidence that a registration statement under the Securities Act of 1933 covering such Receipts and related Shares is in effect or (b) an opinion of counsel for the Company in the United States satisfactory to the Depositary to the effect that such distribution does not require registration under the Securities Act of 1933&#59; provided that the Company shall not be obliged to so register, furnish such evidence or furnish such opinion.</font></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:139%">Rights Distributions</font></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">If the Company shall offer or cause to be offered to the holders of any Deposited Securities any rights to subscribe for additional Shares or any rights of any nature, the Depositary shall have discretion as to  the procedure to be followed in making such rights available to the Holders or in disposing of such rights and distributing the net proceeds thereof as in the case of a distribution received in cash&#59; provided that the Depositary shall, if requested by the Company, take action as follows&#58; (a) if at the time of the offering of any such rights the Depositary determines that it is lawful and feasible to make such rights available to Holders by means of warrants or otherwise, the Depositary shall distribute such warrants or other instruments therefore in such form as it may determine to the Holders on a record date fixed, in proportion to the number of ADSs representing such Deposited Securities held by each of them respectively, or employ such other method as it may deem feasible in order to facilitate the exercise, sale or transfer of rights by such Holders&#59; or (b) if at the time of any such offering of any such rights the Depositary determines that it is not lawful or not feasible to make such rights available to Holders by means of warrants or otherwise, or if the rights represented by such warrants or such other instruments are not exercised and appear to be about to lapse, the Depositary shall sell such rights or such warrants or other instruments on a stock exchange on which such rights are listed or over-the-counter market on which such rights are traded (or, with the written approval of the Company, at private sale), at such place or places and upon such terms as it may deem proper, and may allocate the proceeds of such sales for account of the Holders otherwise entitled to such rights, warrants or other instruments, upon an averaged or other practicable basis without regard to any distinctions among such Holders because of exchange restrictions, or the date of delivery of any Receipt or Receipts, or otherwise, and distribute the net proceeds so allocated to the Holders entitled thereto to the extent practicable as in the case of a distribution received in cash.  The Depositary will not offer such rights to Holders having an address in the United States, unless the Company furnishes to the Depositary (x) evidence that a registration statement under the Securities Act of 1933 covering such offering is in effect or (y) an opinion of counsel for the Company in the United States satisfactory to the Depositary to the effect that such offering does not require registration under </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:217%">18</font></div></div></div><hr style="page-break-after:always"><div style="min-height:82.8pt;width:100%"><div style="padding-right:-36pt"><font><br></font></div></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">the Securities Act of 1933&#59; provided that (i) if such rights are not offered to the Holders, the Depositary shall sell such rights and distribute the proceeds of such sale as specified in clause (b) above and (ii) the Company shall not be obligated to so register, furnish such evidence or furnish such opinion. The Holders alone shall be responsible for payment of any taxes or other governmental charges due as a result of sales or transfers.</font></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:139%">Other Distributions</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:139%"> </font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%"> </font></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">Whenever the Depositary or the Custodian shall receive any distribution other than cash, Shares or rights upon any Deposited Securities, subject to the Deposit Agreement, the Depositary shall cause such securities or property to be distributed to the Holders on a record date fixed, in proportion to the number of ADSs representing such Deposited Securities held by each of them respectively, in any manner that the Depositary may deem equitable and practicable for accomplishing such distribution&#59; provided that if in the opinion of the Depositary such distribution cannot be made proportionately among the Holders entitled thereto, or if for any other reason (including any tax withholding or securities laws requirement) the Depositary deems such distribution not to be feasible, the Depositary may adopt such method as it may deem equitable and practicable for the purpose of effecting such distribution, including the sale (at public or private sale in any manner that may be commercially reasonable) of the securities or property thus received, or any part thereof, and the distribution by the Depositary to the Holders entitled thereto of the net proceeds of any such sale as in the case of a distribution received in cash&#59; provided further that if any securities to be sold pursuant to a rights distribution are listed on a stock exchange or are traded on an over-the-counter market, such securities shall be sold on such a stock exchange or over-the-counter market. The Holders alone shall be responsible for payment of any taxes or other governmental charges due as a result of sales or transfers.</font></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:139%">Notices and Reports to Holders</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">  </font></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">On or before the first date on which the Company gives notice, by publication or otherwise, of any meeting of holders of Shares or other Deposited Securities, or of any adjourned meeting of such holders, or of the taking of any action by such holders other than at a meeting, the Company shall transmit to the Custodian a written English language version of the notice hereof in the form given or to be given, by publication or otherwise, to holders of Shares or other Deposited Securities. Except in the case of Peruvian ADSs, as further described in the Deposit Agreement, the Depositary will, at the Company&#8217;s expense, arrange for the prompt transmittal by the Custodian to the Depositary of such notices and of English language versions of any reports and other communications that are made generally available by the Company to holders of its Shares or other Deposited Securities and arrange for the mailing, at the Company&#8217;s expense, of copies thereof to all Holders, or on such other basis as the Company may advise the Depositary may be required by any applicable law, regulation or stock exchange requirement. The Company has delivered to the Depositary and the Custodian a copy of the provisions of or governing the Shares and any other Deposited Securities issued by the Company or any affiliate of the Company, and promptly upon any amendment thereto or change therein, the Company shall deliver to the Depositary and the Custodian a copy in English of such provisions as so amended or changed. The Depositary may rely upon such copy for all purposes of the Deposit Agreement. The Depositary will, at the expense of the Company, make such copy and such notices, reports and other communications available for inspection by Holders at the Depositary&#8217;s Office, at the office of the Custodian and at any other designated transfer offices.</font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:217%">19</font></div></div></div><hr style="page-break-after:always"><div style="min-height:82.8pt;width:100%"><div style="padding-right:-36pt"><font><br></font></div></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:139%">Changes affecting Deposited Securities</font></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">Upon any change in nominal value, split-up, consolidation, cancellation or any other reclassification of Deposited Securities, or upon any recapitalization, reorganization, merger or consolidation or sale of assets affecting the Company or to which it is a party, any securities that shall be received by the Depositary in exchange for, or in conversion, replacement, or otherwise in respect of, Deposited Securities shall be treated as Deposited Securities under the Deposit Agreement, and the Receipts shall thenceforth evidence ADSs representing the right to receive the Deposited Securities including the securities so received to the extent additional Receipts are not delivered pursuant to the following sentence. In any such case the Depositary may with the Company's approval, and shall if the Company shall so request, execute and deliver additional Receipts as in the case of a dividend of Shares, or call for the surrender of outstanding Receipts to be exchanged for new Receipts specifically describing such newly received Deposited Securities.</font></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:139%">Amendment of the Deposit Agreement</font></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">The Receipts and any provisions of the Deposit Agreement may at any time and from time to time be amended by agreement between the Company and the Depositary in any respect. Any amendment that shall impose or increase any fees or charges (other than stock transfer or other taxes and other governmental charges, transfer or registration fees, cable, telex or facsimile transmission costs, delivery costs and expenses of the Depositary in connection with the conversion of foreign currency into U.S. dollars) or that shall otherwise prejudice any substantial existing right of Holders, shall not, however, become effective as to outstanding Receipts until the expiration of one month after notice of such amendment shall have been given to the Holders. Every Holder at the expiration of one month after such notice shall be deemed by holding such Receipt to consent and agree to such amendment and to be bound by the Deposit Agreement or the Receipts as amended thereby. In no event shall any amendment impair the right of the Holder of any Receipt to surrender such Receipt and receive therefore the Deposited Securities represented thereby, except in order to comply with mandatory provisions of applicable law.</font></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:139%">Termination of the Deposit Agreement</font></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">The Depositary shall at any time at the direction of the Company terminate the Deposit Agreement by giving notice of such termination to the Holders at least 30 days prior to the date fixed in such notice for such termination. The Depositary may terminate the Deposit Agreement, upon the notice set forth in the preceding sentence, at any time after 90 days after the Depositary shall have delivered to the Company its written resignation, provided that no successor depositary shall have been appointed and accepted its appointment as provided in the Deposit Agreement before the end of such 90 days. After the date so fixed for termination, the Depositary and its agents shall perform no further acts under the Deposit Agreement, except to advise Holders of such termination, to receive and hold distributions on Deposited Securities (or sell property or rights or convert Deposited Securities into cash as provided in the Deposit Agreement) and to deliver Deposited Securities in exchange for Receipts surrendered to the Depositary. As soon as practicable after the expiration of six months from the date so fixed for termination, the Depositary shall sell the Deposited Securities and may thereafter (so long as it may lawfully do so) hold the net proceeds of any such sale, together with any other cash then held by it hereunder, without liability for interest, for the pro rata benefit of the Holders of Receipts that have not theretofore been surrendered. After making such sale, the Depositary shall be discharged from all obligations in respect of the Receipts and the Deposit Agreement, </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:217%">20</font></div></div></div><hr style="page-break-after:always"><div style="min-height:82.8pt;width:100%"><div style="padding-right:-36pt"><font><br></font></div></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">except to account for such net proceeds and other cash. After the date so fixed for termination, the Company shall be discharged from all obligations under the Deposit Agreement except for its obligations to the Depositary and its agents as further described in the Deposit Agreement.</font></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:139%">Rights that holders of ADRs have to inspect the books of the Depositary and the list of Receipt Holders </font></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">The Depositary shall keep at its transfer office a register for the registration of Receipts and transfers of Receipts that at all reasonable times shall be open for inspection by the Holders and the Company, provided that such inspection shall not be for the purpose of communicating with Holders in the interest of a business or object other than the business of the Company or a matter related to the Deposit Agreement or the Receipts. The Depositary may close the register at any time or from time to time, when deemed expedient by it in connection with the performance of its duties hereunder and shall close the register when so requested by the Company, provided that the register shall be open at all reasonable times for inspection by the Company.</font></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:139%">Withdrawal of Deposited Securities</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:139%"> </font></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">Upon surrender of a Receipt (properly endorsed in blank or accompanied by proper instruments of transfer in blank, to the extent required by the Depositary), at the Depositary&#8217;s Office or at such other offices as it may designate, together with the Holder's written instructions directing the Depositary to cause the Deposited Securities the right to receive which is represented by the ADSs evidenced by such Receipt to be withdrawn and delivered to or upon the written order of the person or persons designated in such instructions, the Depositary shall request the execution of new Transfer Documents to or upon the written order of the person or persons designated in such instructions (&#34;</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:139%">New Transfer Documents</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">&#34;), and shall direct the Custodian to make Delivery without unreasonable delay, subject to the Deposit Agreement and to the provisions of or governing Deposited Securities, to or upon the written order of the person or persons designated in such instructions, of the Deposited Securities at the time represented by the ADSs evidenced by such Receipt, together with the New Transfer Documents, and the Custodian shall so make Delivery of such Deposited Securities and delivery of such New Transfer Documents at the office of the Custodian or at the Depositary&#8217;s Office, as the Holder requests, except that the Depositary may, in its discretion, at the request, risk and expense of the Holder make Delivery of such Deposited Securities and delivery of such New Transfer Documents, without unreasonable delay to such person or persons at any other place requested by the Holder in such instructions. The holder shall specify whether Delivery of Deposited Securities should be effected through (i) the recording of the transfer of such security by the entity or entities duly approved by Spanish law or (ii) the delivery of a physical certificate representing such Deposited Securities. Instructions of the Holder shall be given by letter or, at the request, risk and expense of the Holder, by cable, telex or facsimile transmission. Notwithstanding any provision of the Deposit Agreement or the receipts, the Depositary may restrict withdrawals of Deposited Securities only for the reasons set forth in General Instruction IA(1) to Form F-6 under the Securities Act of 1933.</font></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:139%">Limitations on execution and delivery and transfer of Receipts and withdrawal of Deposited Securities</font></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">As a condition precedent to the execution and delivery, registration, registration of transfer, split-up or combination of any Receipt, the delivery of any distribution therein or the withdrawal of any Deposited Securities, the Depositary or the Custodian may, and upon instructions of the </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:217%">21</font></div></div></div><hr style="page-break-after:always"><div style="min-height:82.8pt;width:100%"><div style="padding-right:-36pt"><font><br></font></div></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">Company shall, require of the Holder, the presentor of the Receipt or the depositor of Shares&#58; (a) payment of a sum sufficient to pay or reimburse any of them for payment of any of the following (unless payable by the Company as set forth in the Deposit Agreement)&#58; (i) any stock transfer or other tax (including, but not limited to, any Spanish income tax) or other governmental  charge with respect thereto, (ii) any stock transfer or registration fees for the registration of Shares or other Deposited Securities upon any applicable register or brokerage fees applied by the Spanish stock exchanges or the relevant member of such stock exchanges acting as a broker-dealer or any other person authorized under Spanish law to act in a similar capacity and (iii) any charges of the Depositary upon delivery of Receipts against deposits or Shares and upon withdrawal of Deposited Securities against surrender of Receipts set forth in the Deposited Agreement&#59; (b) the production of proof satisfactory to either the Depositary or the Custodian, as the case may be, as to the identity and genuineness of any signature and as to any other matter contemplated under the Deposit Agreement&#59; (c) delivery of any forms required by Spanish law or custom in connection with Delivery of Deposited Securities or with the execution or delivery of transfer Documents&#59; and (d) compliance with such reasonable regulations, requirements or conditions, if any, as the Depositary may establish consistent with the provisions of the Deposit Agreement. The delivery of Receipts against deposits of Shares may be suspended, deposits of Shares may be refused, or the registration of transfer of Receipts, their split-up or combination or the withdrawal of Deposited Securities may be suspended, in particular instances or generally, when the Receipt register or any register for Shares or other Deposited Securities is closed, or at any time or from time to time when any such action is deemed necessary or advisable by the Depositary or the Company for any reason, including without limitation any requirement of law or of any government or governmental body or commission, any provision of the Deposit Agreement or the provisions of or governing Deposited Securities, any meeting of shareholders or any payment of dividends. Without limitation of the foregoing, the Depositary shall not knowingly accept for deposit under the Deposit Agreement any Shares required to be registered pursuant to the provisions of the Securities Act of 1933, unless a registration statement under the Securities Act of 1933 is in effect as to such Shares. The Depositary will use reasonable efforts to comply with written instructions of the Company not to accept for deposit hereunder any Shares identified in such instructions at such times and under such circumstances as may reasonably be specified in such instructions in order to facilitate the Company's compliance with the securities laws in the United States. The Depositary may issue Receipts against rights to receive Shares from the Company or any registrar, transfer agent, clearing agency or other entity recording Share ownership or transactions. The Depositary may issue Receipts against other rights to receive Shares (a &#34;</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:139%">pre-release</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">&#34;) only if (x) such Receipts are fully collateralized (marked to market daily) with cash or U.S. government securities until such Shares are deposited, (y) the applicant for such Receipts represents in writing that it owns such Shares, has assigned all beneficial right, title and interest in such Shares to the Depositary and shall not dispose of such Shares other than in satisfaction of the pre-release (no other evidence of ownership is required or time of delivery specified) and (z) all such Receipts represent not more than 20% of Shares actually deposited. Such collateral, but not the earnings thereon, shall be held for the benefit of Holders. The Depositary may retain for its own account any compensation for the issuance of Receipts against such other rights including without limitation earnings on the collateral securing such other rights.</font></div><div style="margin-top:9pt;text-align:justify;text-indent:13.5pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:139%">Obligations Limited</font></div><div style="margin-top:9pt;text-align:justify;text-indent:13.5pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">The Company assumes no obligation and shall be subject to no liability under the Deposit Agreement or the Receipts to Holders or other persons, except to perform such obligations as </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:217%">22</font></div></div></div><hr style="page-break-after:always"><div style="min-height:82.8pt;width:100%"><div style="padding-right:-36pt"><font><br></font></div></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">are specifically set forth and undertaken by it to perform in the Deposit Agreement without negligence or bad faith. Each of the Depositary and its agents assumes no obligation and shall be subject to no liability under the Deposit Agreement or the Receipts to Holders or other persons, except to perform such obligations as are specifically set forth and undertaken by it to perform in the Deposit Agreement without negligence or bad faith. Without limitation of the preceding sentence, none of the Depositary, its agents or the Company shall be (a) under any obligation to appear in, prosecute or defend any action, suit or other proceeding on behalf of the Holders in respect of any Deposited Securities or the Receipts that in its opinion may involve it in expense or liability, unless indemnity satisfactory to it against all expense and liability be furnished as often as may be required, or (b) liable for any action or inaction by it in reliance upon the advice of or information from legal counsel, accountants, any person presenting Shares for deposit, any Holder, or any other person believed by it to be competent to give such advice or information. Each of the Depositary, its agents and the Company may rely and shall be protected in acting upon any written notice, request, direction or other document believed by it to be genuine and to have been signed or presented by the proper party or parties. The Depositary and its agents shall not be responsible for any failure to carry out any instructions to vote any of the Deposited Securities, for the manner in which any such vote is cast or for the effect of any such vote.  The Depositary and its agents may own and deal in any class of securities of the Company and its affiliates and in Receipts&#59; provided that the only obligation of the Company to the Depositary or its agents with respect to such activities shall be those owed to holders of such securities generally. No disclaimer of liability under the Securities Act of 1933 is intended by any provision of the Deposit Agreement.</font></div><div style="margin-top:9pt;padding-left:27pt;text-align:justify;text-indent:-24.75pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:139%">3.</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:139%;padding-left:16.42pt;text-decoration:underline">DESCRIPTION OF DEBT SECURITIES</font></div><div style="margin-top:9pt;padding-left:27pt;text-align:justify;text-indent:-24.75pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:12.00pt">3.1</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:12.00pt">&#160;&#160;&#160;&#160;</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:12.00pt;text-decoration:underline">Debt securities issued by Telef&#243;nica Emisiones, S.A.U</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:12.00pt;text-decoration:underline">.</font></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:12.00pt">This section describes the following debt securities issued by Telef&#243;nica Emisiones, S.A.U. (the &#8220;</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:12.00pt">Issuer</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:12.00pt">&#8221;) and guaranteed by Telef&#243;nica (the &#8220;</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:12.00pt">Guarantor</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:12.00pt">&#8221;) (together, the &#8220;</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:12.00pt">Shelf Notes</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:12.00pt">&#8221;). </font></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">The following summary of the Shelf Notes, the Guarantee (as defined below) and the relevant indenture does not purport to be complete and is subject, and is qualified in its entirety by reference, to all of the provisions of the Shelf Notes, the Guarantee and the relevant indenture, as applicable, including the definitions of the terms provided therein. Upon request, holders of Shelf Notes may obtain a copy of the public deed of issuance and the relevant indenture from the Trustee (as defined below).</font></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:139%"> Fixed Rate Senior Notes Due 2027   </font></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:139%">NOTES</font></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">$1,249,589,000 aggregate outstanding principal amount of fixed rate senior notes due 2027 (for purposes of this summary description, the &#8220;notes&#8221;). </font></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">CUSIP&#58; 87938W AT0</font></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">ISIN&#58; US87938WAT09</font></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">NYSE trading symbol&#58; TEF&#47;27</font></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">For purposes of this summary description, the term &#8220;indenture&#8221; means the Indenture dated May 22, 2012, among the Issuer, the Guarantor and the Trustee, as supplemented by the Fourth Supplemental Indenture dated as of March 8, 2017, among the Issuer, the Guarantor and the Trustee.</font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:217%">23</font></div></div></div><hr style="page-break-after:always"><div style="min-height:82.8pt;width:100%"><div style="padding-right:-36pt"><font><br></font></div></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:139%">FORM AND DENOMINATION</font></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">The notes were issued in registered form in denominations of $1,000.</font></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:139%">INTEREST</font></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">The notes bear interest at 4.103% per year, payable on March 8 and September 8 of each year.</font></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">Interest on the notes is computed on the basis of a 360-day year of twelve 30-day months. </font></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:139%">MATURITY</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">&#58; March 8, 2027.</font></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:139%">REDEMPTION</font></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">- Early redemption for taxation reasons&#58;</font></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">If, in relation to the notes, (i) as a result of any change in the laws or regulations of the Kingdom of Spain or any political subdivision thereof or any authority or agency therein or thereof having power to tax, or in the administrative interpretation or administration of any such laws or regulations which becomes effective on or after the date of issuance of the notes, (x) the Issuer or the Guarantor, as the case may be, are or would be required to pay any Additional Amounts (as provided for in the indenture) or (y) the Guarantor is or would be required to deduct or withhold tax on any payment to the Issuer to enable it to make any payment of principal, premium, if any, or interest on the notes, provided that such payment cannot, with reasonable effort by the Guarantor, be structured to avoid such deduction or withholding, and (ii) such circumstances are evidenced by the delivery by the Issuer or the Guarantor, as the case may be, to the Trustee of a certificate signed by an authorized officer or director of the Issuer or the Guarantor, as the case may be, stating that such circumstances prevail and describing the facts leading to such circumstances, together with an opinion of independent legal advisers of recognized standing to the effect that such circumstances prevail, the Issuer or the Guarantor, as the case may be, may, at their respective election and having given not less than 30 nor more than 60 days&#8217; notice (ending on a day upon which interest is payable) to the holders in accordance with the terms described under the indenture, redeem all of the outstanding notes at a redemption price equal to their principal amount, together with accrued and unpaid interest, if any, thereon to but excluding the redemption date. No such notice of redemption may be given earlier than 150 days prior to the date on which the Issuer or the Guarantor would be obligated to pay such Additional Amounts (as provided for in the indenture) were a payment in respect of the notes then due.</font></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">- Optional redemption&#58;</font></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">The Issuer may, at its election and having given not less than 30 nor more than 60 days&#8217; notice to the holders of the notes in accordance with the terms described under the indenture, redeem from time to time all or a portion of the outstanding notes at a redemption price which will be equal to the greater of (i) 100% of the principal amount of the notes to be redeemed plus accrued and unpaid interest thereon to, but excluding, the redemption date of such notes&#59; and (ii) as determined by an independent investment banking institution of national standing appointed by the Issuer and the Guarantor, the sum of the present values of the remaining scheduled payments of principal thereof and interest thereon (exclusive of interest accrued thereon to the redemption date) discounted to the redemption date of notes being redeemed on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus 45 basis points, plus accrued and unpaid interest on the principal amount of </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:217%">24</font></div></div></div><hr style="page-break-after:always"><div style="min-height:82.8pt;width:100%"><div style="padding-right:-36pt"><font><br></font></div></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">such notes being redeemed to, but excluding, the redemption date of such notes being redeemed.</font></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">A &#8220;</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:139%">Business Day</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">&#8221; means any day other than a Saturday, a Sunday or any other day on which banking institutions in New York, New York or the city of Madrid, Spain are authorized or required by law or executive order to close.</font></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">&#8220;</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:139%">Comparable Treasury Issue</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">&#8221; means the United States Treasury security selected by the independent investment banking institution of national standing appointed by the Issuer and the Guarantor as having a maturity comparable to the remaining term (&#8220;Remaining Life&#8221;) of the notes to be redeemed that would be utilized, at the time of selection and in accordance with customary financial practice, in pricing new issues of corporate debt securities of comparable maturity to the remaining term of the notes being redeemed.</font></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">&#8220;</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:139%">Comparable Treasury Price</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">&#8221; means, with respect to any redemption date, (1) the average of the Reference Treasury Dealer Quotations for such redemption date, after excluding the highest and lowest such Reference Treasury Dealer Quotations, or (2) if the independent investment banking institution of national standing appointed by the Issuer and the Guarantor obtains fewer than three such Reference Treasury Dealer Quotations, the average of all such quotations or, if only one such quotation is obtained, such quotation. </font></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">&#8220;</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:139%">Reference Treasury Dealer Quotations</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">&#8221;  means, with respect to each Reference Treasury Dealer and any redemption date, the average, as determined by the independent investment banking institution of national standing appointed by the Issuer and the Guarantor, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted in writing to such independent investment banking institution by such Reference Treasury Dealer at 5.00 p.m. on the third New York Business Day preceding such redemption date. </font></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">&#8220;</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:139%">Reference Treasury Deale</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">r&#8221; means each of (1) Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Goldman, Sachs &#38; Co., HSBC Securities (USA) Inc., J.P.Morgan Securities LLC, Mizuho Securities USA Inc. and their affiliates or their respective successors, provided that if any of the foregoing shall cease to be a primary U.S. government securities dealer in New York City (a &#8220;Primary Treasury Dealer&#8221;), the Issuer and the Guarantor will substitute therefor another Primary Treasury Dealer and (2) any other Primary Treasury Dealer selected by the Issuer and the Guarantor.</font></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">&#8220;</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:139%">Treasury Rate</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">&#8221; means, with respect to any redemption date, (1) the yield, under the heading which represents the average for the immediately preceding week, appearing in the most recently published statistical release designated &#8220;H.15(519)&#8221; or any successor publication which is published weekly by the Board of Governors of the Federal Reserve System and which establishes yields on actively traded United States Treasury securities adjusted to constant maturity under the caption &#8220;Treasury Constant Maturities&#8221;, for the maturity corresponding to the Comparable Treasury Issue (if no maturity is within three months before or after the Remaining Life, yields for the two published maturities most closely corresponding to the Comparable Treasury Issue shall be determined and the Treasury Rate shall be interpolated or extrapolated from such yields on a straight line basis, rounding to the nearest month), (2) if the period from the redemption date to the maturity date of such notes to be redeemed is less than one year, the weekly average yield on actually traded United States Treasury securities adjusted to a constant maturity of one year, or (3) if such release (or any successor release) is not published during the week preceding the calculation date or does not contain such yields, the rate per </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:217%">25</font></div></div></div><hr style="page-break-after:always"><div style="min-height:82.8pt;width:100%"><div style="padding-right:-36pt"><font><br></font></div></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">annum equal to the semi-annual equivalent yield to maturity of the Comparable Treasury Issue, calculated using a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for such redemption date. The Treasury Rate shall be calculated by the independent investment banking institution of national standing appointed by the Issuer and the Guarantor on the third New York Business Day preceding the redemption date.</font></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:139%">Fixed Rate Guaranteed Senior Notes Due 2036 </font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%"> </font></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:139%">NOTES</font></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">$2,000,000,000 aggregate principal amount of fixed rate senior notes due 2036 (for purposes of this summary description, the &#8220;notes&#8221;). </font></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">CUSIP&#58; 87938W AC7</font></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">ISIN&#58; US87938WAC73</font></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">NYSE trading symbol&#58; TEF&#47;36</font></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">For purposes of this summary description, the term &#8220;indenture&#8221; means the Indenture dated June 20, 2006, among the Issuer, the Guarantor and JPMorgan Chase Bank, N.A. (succeeded by the Trustee), as supplemented by the Fourth Supplemental Indenture dated as of June 20, 2006, among the Issuer, the Guarantor and JPMorgan Chase Bank, N.A. (succeeded by the Trustee).</font></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:139%">FORM AND DENOMINATION</font></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">The notes were issued in registered form in denominations of $1,000.</font></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:139%">INTEREST</font></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">The notes bear interest at 7.045% per year, payable on June 20 and December 20 of each year.</font></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">Interest on the notes is computed on the basis of a 360-day year of twelve 30-day months. </font></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:139%">MATURITY</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">&#58; June 20, 2036.</font></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:139%">REDEMPTION</font></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">- Early redemption for taxation reasons&#58;</font></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">If, in relation to the notes, (i) as a result of any change in the laws or regulations of the Kingdom of Spain or any political subdivision thereof or any authority or agency therein or thereof having power to tax, or in the administrative interpretation or administration of any such laws or regulations which becomes effective on or after the date of issuance of the notes, (x) the Issuer or the Guarantor, as the case may be, are or would be required to pay any Additional Amounts (as provided for in the indenture) or (y) the Guarantor is or would be required to deduct or withhold tax on any payment to the Issuer to enable it to make any payment of principal, premium, if any, or interest on the notes, provided that such payment cannot, with reasonable effort by the Guarantor, be structured to avoid such deduction or withholding, and (ii) such circumstances are evidenced by the delivery by the Issuer or the Guarantor, as the case may be, to the Trustee of a certificate signed by an authorized officer or director of the Issuer or the Guarantor, as the case may be, stating that such circumstances prevail and describing the facts leading to such circumstances, together with an opinion of independent legal advisers of </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:217%">26</font></div></div></div><hr style="page-break-after:always"><div style="min-height:82.8pt;width:100%"><div style="padding-right:-36pt"><font><br></font></div></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">recognized standing to the effect that such circumstances prevail, the Issuer or the Guarantor, as the case may be, may, at their respective election and having given not less than 30 nor more than 60 days&#8217; notice (ending on a day upon which interest is payable) to the holders in accordance with the terms described under the indenture, redeem all of the outstanding notes at a redemption price equal to their principal amount, together with accrued and unpaid interest, if any, thereon to but excluding the redemption date. No such notice of redemption may be given earlier than 150 days prior to the date on which the Issuer or the Guarantor would be obligated to pay such Additional Amounts (as provided for in the indenture) were a payment in respect of the notes then due.</font></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">- Optional redemption&#58;</font></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">The Issuer may, at its election and having given not less than 30 nor more than 60 days&#8217; notice to the holders of the notes in accordance with the terms described under the indenture, redeem from time to time all or a portion of the outstanding notes at a redemption price which will be equal to the greater of (i) 100% of the principal amount of the notes to be redeemed plus accrued and unpaid interest thereon to, but excluding, the redemption date of such notes&#59; and (ii) as determined by an independent investment banking institution of national standing appointed by the Issuer and the Guarantor, the sum of the present values of the remaining scheduled payments of principal thereof and interest thereon (exclusive of interest accrued thereon to the redemption date) discounted to the redemption date of notes being redeemed on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus 35 basis points, plus accrued and unpaid interest on the principal amount of such notes being redeemed to, but excluding, the redemption date of such notes being redeemed.</font></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">A &#8220;</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:139%">Business Day</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">&#8221; means any day other than a Saturday, a Sunday or any other day on which banking institutions in New York, New York or the city of Madrid, Spain are authorized or required by law or executive order to close.</font></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">&#8220;</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:139%">Comparable Treasury Issue</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">&#8221; means the United States Treasury security selected by the independent investment banking institution of national standing appointed by the Issuer and the Guarantor as having a maturity comparable to the remaining term (&#8220;Remaining Life&#8221;) of the notes to be redeemed that would be utilized, at the time of selection and in accordance with customary financial practice, in pricing new issues of corporate debt securities of comparable maturity to the remaining term of the notes being redeemed.</font></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">&#8220;</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:139%">Comparable Treasury Price</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">&#8221; means, with respect to any redemption date, (1) the average of the Reference Treasury Dealer Quotations for such redemption date, after excluding the highest and lowest such Reference Treasury Dealer Quotations, or (2) if the independent investment banking institution of national standing appointed by the Issuer and the Guarantor obtains fewer than three such Reference Treasury Dealer Quotations, the average of all such quotations or, if only one such quotation is obtained, such quotation. </font></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">&#8220;</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:139%">Reference Treasury Dealer Quotations</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">&#8221; means, with respect to each Reference Treasury Dealer and any redemption date, the average, as determined by the independent investment banking institution of national standing appointed by the Issuer and the Guarantor, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted in writing to such independent investment banking institution by such Reference Treasury Dealer at 5.00 p.m. on the third New York Business Day preceding such redemption date. </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:217%">27</font></div></div></div><hr style="page-break-after:always"><div style="min-height:82.8pt;width:100%"><div style="padding-right:-36pt"><font><br></font></div></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">&#8220;</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:139%">Reference Treasury Dealer</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">&#8221; means each of (1) Lehman Brothers Inc. and its successors, provided that if the foregoing shall cease to be a primary U.S. government securities dealer in New York City (a &#8220;Primary Treasury Dealer&#8221;), the Issuer and the Guarantor will substitute therefor another Primary Treasury Dealer and (2) any other Primary Treasury Dealer selected by the Issuer and the Guarantor.</font></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">&#8220;</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:139%">Treasury Rate</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">&#8221; means, with respect to any redemption date, (1) the yield, under the heading which represents the average for the immediately preceding week, appearing in the most recently published statistical release designated &#8220;H.15(519)&#8221; or any successor publication which is published weekly by the Board of Governors of the Federal Reserve System and which establishes yields on actively traded United States Treasury securities adjusted to constant maturity under the caption &#8220;Treasury Constant Maturities&#8221;, for the maturity corresponding to the Comparable Treasury Issue (if no maturity is within three months before or after the Remaining Life, yields for the two published maturities most closely corresponding to the Comparable Treasury Issue shall be determined and the Treasury Rate shall be interpolated or extrapolated from such yields on a straight line basis, rounding to the nearest month), (2) if the period from the redemption date to the maturity date of such notes to be redeemed is less than one year, the weekly average yield on actually traded United States Treasury securities adjusted to a constant maturity of one year will be used, or (3) if such release (or any successor release) is not published during the week preceding the calculation date or does not contain such yields, the rate per annum equal to the semi-annual equivalent yield to maturity of the Comparable Treasury Issue, calculated using a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for such redemption date. The Treasury Rate shall be calculated by the independent investment banking institution of national standing appointed by the Issuer and the Guarantor on the third New York Business Day preceding the redemption date.</font></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:139%">Fixed Rate Senior Notes Due 2038   </font></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:139%">NOTES</font></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">$500,403,000 aggregate outstanding principal amount of fixed rate senior notes due 2038 (for purposes of this summary description, the &#8220;notes&#8221;). </font></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">CUSIP&#58; 87938W AV5</font></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">ISIN&#58; US87938WAV54</font></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">NYSE trading symbol&#58; TEF&#47;38</font></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">For purposes of this summary description, the term &#8220;indenture&#8221; means the Indenture dated May 22, 2012, among the Issuer, the Guarantor and the Trustee, as supplemented by the Sixth Supplemental Indenture dated as of March 6, 2018, among the Issuer, the Guarantor and the Trustee.</font></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:139%">FORM AND DENOMINATION</font></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">The notes were issued in registered form in denominations of $1,000.</font></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:139%">INTEREST</font></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">The notes bear interest at 4.665% per year, payable on March 6 and September 6 of each year.</font></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">Interest on the notes is computed on the basis of a 360-day year of twelve 30-day months. </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:217%">28</font></div></div></div><hr style="page-break-after:always"><div style="min-height:82.8pt;width:100%"><div style="padding-right:-36pt"><font><br></font></div></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:139%">MATURITY</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">&#58; March 6, 2038.</font></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:139%">REDEMPTION</font></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">- Early redemption for taxation reasons&#58;</font></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">If, in relation to the notes, (i) as a result of any change in the laws or regulations of the Kingdom of Spain or any political subdivision thereof or any authority or agency therein or thereof having power to tax, or in the administrative interpretation or administration of any such laws or regulations which becomes effective on or after the date of issuance of the notes, (x) the Issuer or the Guarantor, as the case may be, are or would be required to pay any Additional Amounts (as provided for in the indenture) or (y) the Guarantor is or would be required to deduct or withhold tax on any payment to the Issuer to enable it to make any payment of principal, premium, if any, or interest on the notes, provided that such payment cannot, with reasonable effort by the Guarantor, be structured to avoid such deduction or withholding, and (ii) such circumstances are evidenced by the delivery by the Issuer or the Guarantor, as the case may be, to the Trustee of a certificate signed by an authorized officer or director of the Issuer or the Guarantor, as the case may be, stating that such circumstances prevail and describing the facts leading to such circumstances, together with an opinion of independent legal advisers of recognized standing to the effect that such circumstances prevail, the Issuer or the Guarantor, as the case may be, may, at their respective election and having given not less than 30 nor more than 60 days&#8217; notice (ending on a day upon which interest is payable) to the holders in accordance with the terms described under the indenture, redeem all of the outstanding notes at a redemption price equal to their principal amount, together with accrued and unpaid interest, if any, thereon to but excluding the redemption date. No such notice of redemption may be given earlier than 150 days prior to the date on which the Issuer or the Guarantor would be obligated to pay such Additional Amounts (as provided for in the indenture) were a payment in respect of the notes then due.</font></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">- Optional redemption&#58;</font></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">The Issuer may, at its election and having given not less than 30 nor more than 60 days&#8217; notice to the holders of the notes in accordance with the terms described under the indenture, redeem from time to time all or a portion of the outstanding notes at a redemption price which will be equal to the greater of (i) 100% of the principal amount of the notes to be redeemed plus accrued and unpaid interest thereon to, but excluding, the redemption date of such notes&#59; and (ii) as determined by an independent investment banking institution of national standing appointed by the Issuer and the Guarantor, the sum of the present values of the remaining scheduled payments of principal thereof and interest thereon (exclusive of interest accrued thereon to the redemption date) discounted to the redemption date of notes being redeemed on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus 25 basis points, plus accrued and unpaid interest on the principal amount of such notes being redeemed to, but excluding, the redemption date of such notes being redeemed.</font></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">A &#8220;</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:139%">Business Day</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">&#8221; means any day other than a Saturday, a Sunday or any other day on which banking institutions in New York, New York or the city of Madrid, Spain are authorized or required by law or executive order to close.</font></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">&#8220;</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:139%">Comparable Treasury Issue</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">&#8221; means the United States Treasury security selected by the independent investment banking institution of national standing appointed by the Issuer and the Guarantor as having a maturity comparable to the remaining term (&#8220;</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:139%">Remaining Life</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">&#8221;)  of the </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:217%">29</font></div></div></div><hr style="page-break-after:always"><div style="min-height:82.8pt;width:100%"><div style="padding-right:-36pt"><font><br></font></div></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">notes to be redeemed that would be utilized, at the time of selection and in accordance with customary financial practice, in pricing new issues of corporate debt securities of comparable maturity to the remaining term of the notes being redeemed.</font></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">&#8220;</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:139%">Comparable Treasury Price</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">&#8221; means, with respect to any redemption date, (1) the average of the Reference Treasury Dealer Quotations for such redemption date, after excluding the highest and lowest such Reference Treasury Dealer Quotations, or (2) if the independent investment banking institution of national standing appointed by the Issuer and the Guarantor obtains fewer than three such Reference Treasury Dealer Quotations, the average of all such quotations or, if only one such quotation is obtained, such quotation. </font></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">&#8220;</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:139%">Reference Treasury Dealer Quotations</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">&#8221; means, with respect to each Reference Treasury Dealer and any redemption date, the average, as determined by the independent investment banking institution of national standing appointed by the Issuer and the Guarantor, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted in writing to such independent investment banking institution by such Reference Treasury Dealer at 5.00 p.m. on the third New York Business Day preceding such redemption date. </font></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">&#8220;</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:139%">Reference Treasury Dealer</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">&#8221; means each of (1) Barclays Capital Inc, Goldman, Sachs &#38; Co. LLC, J.P.Morgan Securities LLC. Merrill Lynch, Pierce, Fenner &#38; Smith Incorporated and their respective affiliates or their respective successors, provided that if any of the foregoing shall cease to be a primary U.S. government securities dealer in New York City (a &#8220;Primary Treasury Dealer&#8221;), the Issuer and the Guarantor will substitute therefor another Primary Treasury Dealer and (2) any other Primary Treasury Dealer selected by the Issuer and the Guarantor.</font></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">&#8220;</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:139%">Treasury Rate</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">&#8221; means, with respect to any redemption date, (1) the yield, under the heading which represents the average for the immediately preceding week, appearing in the most recently published statistical release designated &#8220;H.15(519)&#8221; or any successor publication which is published weekly by the Board of Governors of the Federal Reserve System and which establishes yields on actively traded United States Treasury securities adjusted to constant maturity under the caption &#8220;Treasury Constant Maturities&#8221;, for the maturity corresponding to the Comparable Treasury Issue (if no maturity is within three months before or after the Remaining Life, yields for the two published maturities most closely corresponding to the Comparable Treasury Issue shall be determined and the Treasury Rate shall be interpolated or extrapolated from such yields on a straight line basis, rounding to the nearest month), (2) if the period from the redemption date to the maturity date of such notes to be redeemed is less than one year, the weekly average yield on actually traded United States Treasury securities adjusted to a constant maturity of one year, or (3) if such release (or any successor release) is not published during the week preceding the calculation date or does not contain such yields, the rate per annum equal to the semi-annual equivalent yield to maturity of the Comparable Treasury Issue, calculated using a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for such redemption date. The Treasury Rate shall be calculated by the independent investment banking institution of national standing appointed by the Issuer and the Guarantor on the third New York Business Day preceding the redemption date.</font></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:139%">Fixed Rate Senior Notes Due 2047    </font></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:139%">NOTES</font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:217%">30</font></div></div></div><hr style="page-break-after:always"><div style="min-height:82.8pt;width:100%"><div style="padding-right:-36pt"><font><br></font></div></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">$2,500,000,000 aggregate principal amount of fixed rate senior notes due 2047 (for purposes of this summary description, the &#8220;notes&#8221;). </font></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">CUSIP&#58; 87938W AU7</font></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">ISIN&#58; US87938WAU71</font></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">NYSE trading symbol&#58; TEF&#47;47</font></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">For purposes of this summary description, the term &#8220;indenture&#8221; means the Indenture dated May 22, 2012, among the Issuer, the Guarantor and the Trustee, as supplemented by the Fifth Supplemental Indenture dated as of March 8, 2017, among the Issuer, the Guarantor and the Trustee.</font></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:139%">FORM AND DENOMINATION</font></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">The notes were issued in registered form in denominations of $1,000.</font></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:139%">INTEREST</font></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">The notes bear interest at 5.213% per year, payable on March 8 and September 8 of each year.</font></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">Interest on the notes is computed on the basis of a 360-day year of twelve 30-day months. </font></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:139%">MATURITY</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">&#58; March 8, 2047.</font></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:139%">REDEMPTION</font></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">- Early redemption for taxation reasons&#58;</font></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">If, in relation to the notes, (i) as a result of any change in the laws or regulations of the Kingdom of Spain or any political subdivision thereof or any authority or agency therein or thereof having power to tax, or in the administrative interpretation or administration of any such laws or regulations which becomes effective on or after the date of issuance of the notes, (x) the Issuer or the Guarantor, as the case may be, are or would be required to pay any Additional Amounts (as provided for in the indenture) or (y) the Guarantor is or would be required to deduct or withhold tax on any payment to the Issuer to enable it to make any payment of principal, premium, if any, or interest on the notes, provided that such payment cannot, with reasonable effort by the Guarantor, be structured to avoid such deduction or withholding, and (ii) such circumstances are evidenced by the delivery by the Issuer or the Guarantor, as the case may be, to the Trustee of a certificate signed by an authorized officer or director of the Issuer or the Guarantor, as the case may be, stating that such circumstances prevail and describing the facts leading to such circumstances, together with an opinion of independent legal advisers of recognized standing to the effect that such circumstances prevail, the Issuer or the Guarantor, as the case may be, may, at their respective election and having given not less than 30 nor more than 60 days&#8217; notice (ending on a day upon which interest is payable) to the holders in accordance with the terms described under the indenture, redeem all of the outstanding notes at a redemption price equal to their principal amount, together with accrued and unpaid interest, if any, thereon to but excluding the redemption date. No such notice of redemption may be given earlier than 150 days prior to the date on which the Issuer or the Guarantor would be obligated to pay such Additional Amounts (as provided for in the indenture) were a payment in respect of the notes then due.</font></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">- Optional redemption&#58;</font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:217%">31</font></div></div></div><hr style="page-break-after:always"><div style="min-height:82.8pt;width:100%"><div style="padding-right:-36pt"><font><br></font></div></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">The Issuer may, at its election and having given not less than 30 nor more than 60 days&#8217; notice to the holders of the notes in accordance with the terms described under the indenture, redeem from time to time all or a portion of the outstanding notes at a redemption price which will be equal to the greater of (i) 100% of the principal amount of the notes to be redeemed plus accrued and unpaid interest thereon to, but excluding, the redemption date of such notes&#59; and (ii) as determined by an independent investment banking institution of national standing appointed by the Issuer and the Guarantor, the sum of the present values of the remaining scheduled payments of principal thereof and interest thereon (exclusive of interest accrued thereon to the redemption date) discounted to the redemption date of notes being redeemed on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus 45 basis points, plus accrued and unpaid interest on the principal amount of such notes being redeemed to, but excluding, the redemption date of such notes being redeemed.</font></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">A &#8220;</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:139%">Business Day</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">&#8221; means any day other than a Saturday, a Sunday or any other day on which banking institutions in New York, New York or the city of Madrid, Spain are authorized or required by law or executive order to close.</font></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">&#8220;</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:139%">Comparable Treasury Issue</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">&#8221; means the United States Treasury security selected by the independent investment banking institution of national standing appointed by the Issuer and the Guarantor as having a maturity comparable to the remaining term (&#8220;</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:139%">Remaining Life</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">&#8221;) of the notes to be redeemed that would be utilized, at the time of selection and in accordance with customary financial practice, in pricing new issues of corporate debt securities of comparable maturity to the remaining term of the notes being redeemed.</font></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">&#8220;</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:139%">Comparable Treasury Price</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">&#8221; means, with respect to any redemption date, (1) the average of the Reference Treasury Dealer Quotations for such redemption date, after excluding the highest and lowest such Reference Treasury Dealer Quotations, or (2) if the independent investment banking institution of national standing appointed by the Issuer and the Guarantor obtains fewer than three such Reference Treasury Dealer Quotations, the average of all such quotations or, if only one such quotation is obtained, such quotation. </font></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">&#8220;</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:139%">Reference Treasury Dealer Quotations</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">&#8221; means, with respect to each Reference Treasury Dealer and any redemption date, the average, as determined by the independent investment banking institution of national standing appointed by the Issuer and the Guarantor, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted in writing to such independent investment banking institution by such Reference Treasury Dealer at 5.00 p.m. on the third New York Business Day preceding such redemption date. </font></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">&#8220;</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:139%">Reference Treasury Dealer</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">&#8221; means each of (1) Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Goldman, Sachs &#38; Co., HSBC Securities (USA) Inc., J.P.Morgan Securities LLC, Mizuho Securities USA Inc. and their affiliates or their respective successors, provided that if any of the foregoing shall cease to be a primary U.S. government securities dealer in New York City (a &#8220;Primary Treasury Dealer&#8221;), the Issuer and the Guarantor will substitute therefor another Primary Treasury Dealer and (2) any other Primary Treasury Dealer selected by the Issuer and the Guarantor.</font></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">&#8220;</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:139%">Treasury Rate</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">&#8221; means, with respect to any redemption date, (1) the yield, under the heading which represents the average for the immediately preceding week, appearing in the most recently published statistical release designated &#8220;H.15(519)&#8221; or any successor publication which </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:217%">32</font></div></div></div><hr style="page-break-after:always"><div style="min-height:82.8pt;width:100%"><div style="padding-right:-36pt"><font><br></font></div></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">is published weekly by the Board of Governors of the Federal Reserve System and which establishes yields on actively traded United States Treasury securities adjusted to constant maturity under the caption &#8220;Treasury Constant Maturities&#8221;, for the maturity corresponding to the Comparable Treasury Issue (if no maturity is within three months before or after the Remaining Life, yields for the two published maturities most closely corresponding to the Comparable Treasury Issue shall be determined and the Treasury Rate shall be interpolated or extrapolated from such yields on a straight line basis, rounding to the nearest month), (2) if the period from the redemption date to the maturity date of such notes to be redeemed is less than one year, the weekly average yield on actually traded United States Treasury securities adjusted to a constant maturity of one year, or (3) if such release (or any successor release) is not published during the week preceding the calculation date or does not contain such yields, the rate per annum equal to the semi-annual equivalent yield to maturity of the Comparable Treasury Issue, calculated using a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for such redemption date. The Treasury Rate shall be calculated by the independent investment banking institution of national standing appointed by the Issuer and the Guarantor on the third New York Business Day preceding the redemption date.</font></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:139%">Fixed Rate Senior Notes Due 2048   </font></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:139%">NOTES</font></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">$1,250,000,000 aggregate principal amount of fixed rate senior notes due 2048 (for purposes of this summary description, the &#8220;notes&#8221;). </font></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">CUSIP&#58; 87938W AW3</font></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%"> ISIN&#58; US87938WAW38</font></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">NYSE trading symbol&#58; TEF&#47;48</font></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">For purposes of this summary description, the term &#8220;indenture&#8221; means the Indenture dated May 22, 2012, among the Issuer, the Guarantor and the Trustee, as supplemented by the Seventh Supplemental Indenture dated as of March 6, 2018, among the Issuer, the Guarantor and the Trustee.</font></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:139%">FORM AND DENOMINATION</font></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">The notes were issued in registered form in denominations of $1,000.</font></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:139%">INTEREST</font></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">The notes bear interest at 4.895% per year, payable on March 6 and September 6 of each year.</font></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">Interest on the notes is computed on the basis of a 360-day year of twelve 30-day months. </font></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:139%">MATURITY</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">&#58; March 6, 2048.</font></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:139%">REDEMPTION</font></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">- Early redemption for taxation reasons&#58;</font></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">If, in relation to the notes, (i) as a result of any change in the laws or regulations of the Kingdom of Spain or any political subdivision thereof or any authority or agency therein or thereof having power to tax, or in the administrative interpretation or administration of any such laws or </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:217%">33</font></div></div></div><hr style="page-break-after:always"><div style="min-height:82.8pt;width:100%"><div style="padding-right:-36pt"><font><br></font></div></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">regulations which becomes effective on or after the date of issuance of the notes, (x) the Issuer or the Guarantor, as the case may be, are or would be required to pay any Additional Amounts (as provided for in the indenture) or (y) the Guarantor is or would be required to deduct or withhold tax on any payment to the Issuer to enable it to make any payment of principal, premium, if any, or interest on the notes, provided that such payment cannot, with reasonable effort by the Guarantor, be structured to avoid such deduction or withholding, and (ii) such circumstances are evidenced by the delivery by the Issuer or the Guarantor, as the case may be, to the Trustee of a certificate signed by an authorized officer or director of the Issuer or the Guarantor, as the case may be, stating that such circumstances prevail and describing the facts leading to such circumstances, together with an opinion of independent legal advisers of recognized standing to the effect that such circumstances prevail, the Issuer or the Guarantor, as the case may be, may, at their respective election and having given not less than 30 nor more than 60 days&#8217; notice (ending on a day upon which interest is payable) to the holders in accordance with the terms described under the indenture, redeem all of the outstanding notes at a redemption price equal to their principal amount, together with accrued and unpaid interest, if any, thereon to but excluding the redemption date. No such notice of redemption may be given earlier than 150 days prior to the date on which the Issuer or the Guarantor would be obligated to pay such Additional Amounts (as provided for in the indenture) were a payment in respect of the notes then due.</font></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">- Optional redemption&#58;</font></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">The Issuer may, at its election and having given not less than 30 nor more than 60 days&#8217; notice to the holders of the notes in accordance with the terms described under the indenture, redeem from time to time all or a portion of the outstanding notes at a redemption price which will be equal to the greater of (i) 100% of the principal amount of the notes to be redeemed plus accrued and unpaid interest thereon to, but excluding, the redemption date of such notes&#59; and (ii) as determined by an independent investment banking institution of national standing appointed by the Issuer and the Guarantor, the sum of the present values of the remaining scheduled payments of principal thereof and interest thereon (exclusive of interest accrued thereon to the redemption date) discounted to the redemption date of notes being redeemed on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus 30 basis points, plus accrued and unpaid interest on the principal amount of such notes being redeemed to, but excluding, the redemption date of such notes being redeemed.</font></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">A &#8220;</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:139%">Business Day</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">&#8221; means any day other than a Saturday, a Sunday or any other day on which banking institutions in New York, New York or the city of Madrid, Spain are authorized or required by law or executive order to close.</font></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">&#8220;</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:139%">Comparable Treasury Issue</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">&#8221; means the United States Treasury security selected by the independent investment banking institution of national standing appointed by the Issuer and the Guarantor as having a maturity comparable to the remaining term (&#8220;</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:139%">Remaining Life</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">&#8221;) of the notes to be redeemed that would be utilized, at the time of selection and in accordance with customary financial practice, in pricing new issues of corporate debt securities of comparable maturity to the remaining term of the notes being redeemed.</font></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">&#8220;</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:139%">Comparable Treasury Price</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">&#8221; means, with respect to any redemption date, (1) the average of the Reference Treasury Dealer Quotations for such redemption date, after excluding the highest and lowest such Reference Treasury Dealer Quotations, or (2) if the independent investment banking institution of national standing appointed by the Issuer and the Guarantor obtains fewer </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:217%">34</font></div></div></div><hr style="page-break-after:always"><div style="min-height:82.8pt;width:100%"><div style="padding-right:-36pt"><font><br></font></div></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">than three such Reference Treasury Dealer Quotations, the average of all such quotations or, if only one such quotation is obtained, such quotation. </font></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">&#8220;</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:139%">Reference Treasury Dealer Quotations</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">&#8221; means, with respect to each Reference Treasury Dealer and any redemption date, the average, as determined by the independent investment banking institution of national standing appointed by the Issuer and the Guarantor, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted in writing to such independent investment banking institution by such Reference Treasury Dealer at 5.00 p.m. on the third New York Business Day preceding such redemption date. </font></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">&#8220;</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:139%">Reference Treasury Dealer</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">&#8221; means each of (1) Barclays Capital Inc, Goldman, Sachs &#38; Co. LLC, J.P.Morgan Securities LLC. Merrill Lynch, Pierce, Fenner &#38; Smith Incorporated and their respective affiliates or their respective successors, provided that if any of the foregoing shall cease to be a primary U.S. government securities dealer in New York City (a &#8220;Primary Treasury Dealer&#8221;), the Issuer and the Guarantor will substitute therefor another Primary Treasury Dealer and (2) any other Primary Treasury Dealer selected by the Issuer and the Guarantor.</font></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">&#8220;</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:139%">Treasury Rate</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">&#8221; means, with respect to any redemption date, (1) the yield, under the heading which represents the average for the immediately preceding week, appearing in the most recently published statistical release designated &#8220;H.15(519)&#8221; or any successor publication which is published weekly by the Board of Governors of the Federal Reserve System and which establishes yields on actively traded United States Treasury securities adjusted to constant maturity under the caption &#8220;Treasury Constant Maturities&#8221;, for the maturity corresponding to the Comparable Treasury Issue (if no maturity is within three months before or after the Remaining Life, yields for the two published maturities most closely corresponding to the Comparable Treasury Issue shall be determined and the Treasury Rate shall be interpolated or extrapolated from such yields on a straight line basis, rounding to the nearest month), (2) if the period from the redemption date to the maturity date of such notes to be redeemed is less than one year, the weekly average yield on actually traded United States Treasury securities adjusted to a constant maturity of one year, or (3) if such release (or any successor release) is not published during the week preceding the calculation date or does not contain such yields, the rate per annum equal to the semi-annual equivalent yield to maturity of the Comparable Treasury Issue, calculated using a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for such redemption date. The Treasury Rate shall be calculated by the independent investment banking institution of national standing appointed by the Issuer and the Guarantor on the third New York Business Day preceding the redemption date.</font></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:139%">Fixed Rate Senior Notes Due 2049   </font></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:139%">NOTES</font></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">$1,250,000,000 aggregate principal amount of fixed rate senior notes due 2049 (for purposes of this summary description, the &#8220;notes&#8221;). </font></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">CUSIP&#58; 87938W AX1</font></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">ISIN&#58; US87938WAX11</font></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">NYSE trading symbol&#58; TEF&#47;49</font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:217%">35</font></div></div></div><hr style="page-break-after:always"><div style="min-height:82.8pt;width:100%"><div style="padding-right:-36pt"><font><br></font></div></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">For purposes of this summary description, the term &#8220;indenture&#8221; means the Indenture dated April 20, 2018, among the Issuer, the Guarantor and the Trustee, as supplemented by the First Supplemental Indenture dated as of March 1, 2019, among the Issuer, the Guarantor and the Trustee.</font></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:139%">FORM AND DENOMINATION</font></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">The notes were issued in registered form in denominations of $1,000.</font></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:139%">INTEREST</font></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">The notes bear interest at 5.520% per year, payable on March 1 and September 1 of each year.</font></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">Interest on the notes is computed on the basis of a 360-day year of twelve 30-day months. </font></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:139%">MATURITY</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">&#58; March 1, 2049.</font></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:139%">REDEMPTION</font></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">- Early redemption for taxation reasons&#58;</font></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">If, in relation to the notes, (i) as a result of any change in the laws or regulations of the Kingdom of Spain or any political subdivision thereof or any authority or agency therein or thereof having power to tax, or in the interpretation or administration of any such laws or regulations which becomes effective on or after the date of issuance of the notes, (x) the Issuer or the Guarantor, as the case may be, are or would be required to pay any Additional Amounts (as provided for in the indenture) or (y) the Guarantor is or would be required to deduct or withhold tax on any payment to the Issuer to enable it to make any payment of principal, premium, if any, or interest on the notes, provided that such payment cannot, with reasonable effort by the Guarantor, be structured to avoid such deduction or withholding, and (ii) such circumstances are evidenced by the delivery by the Issuer or the Guarantor, as the case may be, to the Trustee of a certificate signed by an authorized officer or director of the Issuer or the Guarantor, as the case may be, stating that such circumstances prevail and describing the facts leading to such circumstances, together with an opinion of independent legal advisers of recognized standing to the effect that such circumstances prevail, the Issuer or the Guarantor, as the case may be, may, at their respective election and having given not less than 30 nor more than 60 days&#8217; notice (ending on a day upon which interest is payable) to the holders of the notes in accordance with the terms described under the indenture, redeem all of the outstanding notes at a redemption price equal to their principal amount, together with accrued and unpaid interest, if any, thereon to but excluding the redemption date. No such notice of redemption may be given earlier than 90 days prior to the date on which the Issuer or the Guarantor would be obligated to pay such Additional Amounts (as provided for in the indenture) were a payment in respect of the notes then due.</font></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">- Optional redemption&#58;</font></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">The Issuer may, at its election and having given not less than 15 nor more than 60 days&#8217; notice to the holders of the notes in accordance with the terms described under the indenture, redeem from time to time all or a portion of the outstanding notes at a redemption price which will be equal to the greater of</font></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">The Issuer may redeem all or a portion of the notes at its election at any time or from time to time as set forth below. Notice of redemption shall be given by first-class mail postage prepaid, mailed not less than 15 nor more than 60 days prior to the redemption date to each holder of </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:217%">36</font></div></div></div><hr style="page-break-after:always"><div style="min-height:82.8pt;width:100%"><div style="padding-right:-36pt"><font><br></font></div></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">the notes to be redeemed at his or her address appearing in the register kept by the Trustee. If the Issuer redeems all or a portion of the notes prior to the Par Call Date, the Issuer will pay a redemption price equal to the greater of&#58; (i) 100% of the principal amount of the notes to be redeemed plus accrued and unpaid interest thereon to, but excluding, the redemption date of such notes&#59; and (ii) as determined by an independent investment banking institution of national standing appointed by the Issuer and the Guarantor, the sum of the present values of the remaining scheduled payments of principal thereof and interest on the notes being redeemed that would be due if such notes matured on the Par Call Date (in each case, not including the amount, if any, of unpaid interest accrued to, but excluding, the redemption date) discounted to the redemption date of such notes being redeemed on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus 40 basis points, plus accrued and unpaid interest on the principal amount of such notes (or a portion thereof) being redeemed to, but excluding, the redemption date of such notes (or a portion thereof) being redeemed. If the Issuer redeems all or a portion of the notes on or after the Par Call Date, the Issuer will pay a redemption price equal to 100% of the principal amount of such notes being redeemed plus accrued and unpaid interest thereon to, but excluding, the redemption date of such notes.</font></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">A &#8220;</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:139%">Business Day</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">&#8221; means any day other than a Saturday, a Sunday or any other day on which banking institutions in New York, New York or the city of Madrid, Spain are authorized or required by law or executive order to close.</font></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">&#8220;</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:139%">Comparable Treasury Issue</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">&#8221;  means the United States Treasury security selected by the independent investment banking institution of national standing appointed by the Issuer and the Guarantor as having a maturity comparable to the remaining term of the notes to be redeemed (assuming for this purpose that the notes matured on the Par Call Date) that would be utilized, at the time of selection and in accordance with customary financial practice, in pricing new issues of corporate debt securities of comparable maturity to the remaining term of the notes being redeemed.</font></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">&#8220;</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:139%">Comparable Treasury Price</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">&#8221; means, with respect to any redemption date prior to the Par Call Date, (1) the average of the Reference Treasury Dealer Quotations for such redemption date, after excluding the highest and lowest such Reference Treasury Dealer Quotations, or (2) if the independent investment banking institution of national standing appointed by the Issuer and the Guarantor obtains fewer than three such Reference Treasury Dealer Quotations, the average of all such quotations or, if only one such quotation is obtained, such quotation. </font></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">&#8220;</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:139%">Par Call Date</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">&#8221;  means September 1, 2048 (i.e., six months prior to the maturity date).</font></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">&#8220;</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:139%">Reference Treasury Dealer Quotations</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">&#8221; means, with respect to each Reference Treasury Dealer and any redemption date prior to the Par Call Date, the average, as determined by the independent investment banking institution of national standing appointed by the Issuer and the Guarantor, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted in writing to the such independent banking institution by such Reference Treasury Dealer at 5&#58;00 p.m. on the third New York Business Day preceding such redemption date. </font></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">&#8220;</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:139%">Reference Treasury Dealer</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">&#8221; means (1) each of Barclays Capital Inc., Goldman Sachs &#38; Co. LLC and Merrill Lynch, Pierce, Fenner &#38; Smith Incorporated and their affiliates or their respective successors, provided that if any of the foregoing shall cease to be a primary U.S. government securities dealer in New York City (a &#8220;</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:139%">Primary Treasury Dealer</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">&#8221;), the Issuer and </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:217%">37</font></div></div></div><hr style="page-break-after:always"><div style="min-height:82.8pt;width:100%"><div style="padding-right:-36pt"><font><br></font></div></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">the Guarantor will substitute therefor another Primary Treasury Dealer and (2) any other Primary Treasury Dealer selected by the Issuer and the Guarantor.</font></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">&#8220;</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:139%">Treasury Rate</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">&#8221; means, with respect to any redemption date prior to the Par Call Date, the rate per annum equal to the semi-annual equivalent yield to maturity or, if such equivalent is not available, the interpolated maturity (on a day count basis) of the Comparable Treasury Issue, calculated assuming a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for such redemption date.</font></div><div style="margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:-36pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:139%">3.1.1 </font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:139%;text-decoration:underline">COMMON PROVISIONS TO THE SHELF NOTES</font></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:139%">3.1.1.1  Status of the Shelf Notes and of the Guarantee</font></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">The Shelf Notes constitute the Issuer&#8217;s direct, unconditional, unsubordinated and unsecured obligations and rank </font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:139%">pari passu</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%"> without any preference among themselves and (subject to any applicable statutory exceptions) the payment obligations under the Shelf Notes rank at least </font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:139%">pari passu</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%"> with all of the Issuer's other unsecured and unsubordinated indebtedness, present and future, except as its obligations may be limited by Spanish bankruptcy, insolvency, reorganization or other laws relating to or affecting the enforcement of creditors&#8217; rights generally in the Kingdom of Spain. </font></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">For each of the applicable Shelf Notes, the Guarantor unconditionally and irrevocably guarantees the due payment of all sums expressed to be payable by the Issuer under the Shelf Notes on an unsubordinated and unconditional basis (hereinafter, the &#34;</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:139%">Guarantee</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">&#8221;). The obligations of the Guarantor under the Guarantee are unaffected by any invalidity, irregularity or unenforceability of the Shelf Notes or the relevant indenture, any failure to enforce the provisions of the Shelf Notes or the relevant indenture, or any waivers, modification or indulgence granted to the Issuer in respect thereof by the holders of the Shelf Notes or the Trustee, or any other circumstance which may otherwise constitute a legal or equitable discharge of a surety or guarantee.</font></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:12.00pt">Under the Guarantee, the Guarantor waives diligence, presentment, demand of payment, filing of claims with a court in the event of the Issuer's merger or bankruptcy, the benefits of &#34;orden, divisi&#243;n and excusi&#243;n&#34; under Spanish law, any right to require a proceeding first against the Issuer, protest or notice with respect to the Shelf Notes, or the indebtedness evidenced thereby and all demands whatsoever, and covenants that the Guarantee are not discharged except by payment in full of, amongst other, the principal of, interest on and Additional Amounts (as defined below), if any, on such Shelf Notes and the Guarantor shall have fully performed all its obligations in accordance with the provisions of the Shelf Notes, the Guarantee and the relevant indenture.</font></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">The Guarantor shall be subrogated to all rights of the holders of the Shelf Notes and the Trustee against the Issuer in respect of any amounts paid to such holders by the Guarantor.</font></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">The obligations of the Guarantor under the Guarantee in respect of the Shelf Notes constitute direct, unconditional, unsubordinated and unsecured obligations of the Guarantor under the Guarantee and rank </font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:139%">pari passu</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%"> without any preference among such obligations of the Guarantor under the Guarantee in respect of the Shelf Notes and at least </font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:139%">pari passu</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%"> with all other unsubordinated and unsecured indebtedness and monetary obligations involving or otherwise related to borrowed money of the Guarantor, present and future&#59; provided that the obligations of the Guarantor under the Guarantee in respect of the Shelf Notes are effectively subordinated to those obligations that are preferred under Spanish insolvency law.</font></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:139%">3.1.1.2</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:139%">&#160;&#160;&#160;&#160;</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:139%">Liens or encumbrances</font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:217%">38</font></div></div></div><hr style="page-break-after:always"><div style="min-height:82.8pt;width:100%"><div style="padding-right:-36pt"><font><br></font></div></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">So long as any of the Shelf Notes remains outstanding (as defined in the relevant indenture), neither the Issuer nor the Guarantor will create or will have outstanding any mortgage, pledge, lien or other charge (hereinafter, an &#8220;</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:139%">Encumbrance</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">&#8221;) upon the whole or any part of the Issuer's present or future assets, in order to secure any Relevant Indebtedness issued or guaranteed by the Issuer, the Guarantor or by any other person unless the Shelf Notes are equally and ratably secured therewith, for as long as such Relevant Indebtedness is so secured. For these purposes, &#8220;</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:139%">Relevant Indebtedness</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">&#8221; means any obligation for the payment of borrowed money which is in the form of, or represented or evidenced by, a certificate of indebtedness or in the form of, or represented or evidenced by, bonds, notes or other securities which, in any of the above cases, is or are, or is or are capable of being, quoted, listed, dealt in or traded on a stock exchange or other recognized securities market. For the avoidance of doubt, any &#8220;</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:139%">obligation for the payment of borrowed money</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">&#8221; as used in this definition of Relevant Indebtedness does not include obligations of the Issuer or the Guarantor which, pursuant to the requirements of law and accounting principles generally accepted in the Kingdom of Spain need not, and are not, reflected in the balance sheet of the Issuer or the Guarantor, as the case may be.</font></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">The Issuer and the Guarantor are, however, allowed to secure Relevant Indebtedness in the following circumstances&#58;</font></div><div style="margin-top:9pt;padding-left:22.5pt;text-align:justify;text-indent:13.5pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">i.</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%;padding-left:31.01pt">&#160;&#160;&#160;the Relevant Indebtedness was originally offered, distributed or sold primarily to the residents of the Kingdom of Spain&#59; or</font></div><div style="margin-top:9pt;padding-left:22.5pt;text-align:justify;text-indent:13.5pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">ii.</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%;padding-left:28.79pt">&#160;&#160;&#160;the Relevant Indebtedness matures within one year of its date of issue&#59; or</font></div><div style="margin-top:9pt;padding-left:22.5pt;text-align:justify;text-indent:13.5pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">iii.</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%;padding-left:26.57pt">&#160;&#160;&#160;such Encumbrance affects assets of an entity which, when such Encumbrance was created, was unrelated to the Issuer or the Guarantor and which was subsequently acquired by the Issuer or the Guarantor&#59; </font></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">provided, that nothing in this section shall limit the ability of the Issuer or the Guarantor, as the case may be, to grant or permit to subsist Encumbrances over any or all of their respective present or future assets to secure Relevant Indebtedness issued or guaranteed by the Issuer, the Guarantor or any other person, to the extent that the aggregate principal amounts so secured do not exceed 5% of the Consolidated Net Tangible Assets of the Guarantor (as defined below), as reflected in the most recent balance sheet prior to the time such Relevant Indebtedness was issued or guaranteed.</font></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">For these purposes&#58;</font></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">- &#8220;</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:139%">Consolidated Net Tangible Assets of the Guarantor</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">&#8221; means, in accordance with generally accepted accounting principles, the total amount of assets of the Guarantor and its consolidated Subsidiaries, including investments in unconsolidated Subsidiaries, after deduction of (i) goodwill, (ii) intangible assets, and (iii) amounts due from stockholders for uncalled capital. Solely for purposes of this definition, &#8220;</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:139%">Subsidiary</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">&#8221; means any company in respect of which the Guarantor owns, directly or indirectly, more than half of the voting rights of the shares of such company, or when the Guarantor owns half or less of the voting power but controls such company, i.e., has the power to govern the financial and operating policies of such company so as to obtain benefits from its activities.</font></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">- The term &#8220;</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:139%">generally accepted accounting principles</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">&#8221; means (i) in the case of the Issuer's and the Guarantor&#8217;s unconsolidated financial statements, the accounting principles generally accepted in the Kingdom of Spain and (ii) in the case of the Guarantor&#8217;s consolidated financial statements, International Financial Reporting Standards (&#8220;</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:139%">IFRS</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">&#8221;) as issued by the International </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:217%">39</font></div></div></div><hr style="page-break-after:always"><div style="min-height:82.8pt;width:100%"><div style="padding-right:-36pt"><font><br></font></div></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">Accounting Standards Board, which do not differ for the purposes of the Guarantor and its consolidated subsidiaries from IFRS as adopted by the European Union, in each case as in effect at the date of such computation and as applied by the Issuer or the Guarantor, as the case may be.</font></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:139%">3.1.1.3</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:139%">&#160;&#160;&#160;&#160;</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:139%">Restrictions</font></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:139%">Payment of dividends </font></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">Spanish reserve requirements must be met prior to the payment of dividends, and dividends may only be distributed out of income for the previous year or out of unrestricted reserves, and the Issuer&#8217;s net worth must not, as a result of the distribution, fall below the Issuer's paid-in share capital (capital social). There are no other restrictions on the Guarantor&#8217;s ability to obtain funds from the Issuer through dividends, loans or otherwise.</font></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:139%">Consolidation, Merger, Etc.&#59; Assumption</font></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">Neither the Issuer nor the Guarantor shall consolidate with or merge (which term shall include for the avoidance of doubt a scheme of arrangement) into any other person or convey, transfer or lease all or substantially all of the Issuer's assets to any person, and neither the Issuer nor the Guarantor shall permit any person to consolidate with or merge into the Issuer or the Guarantor, convey, transfer or lease all or substantially all of its assets to the Issuer or the Guarantor, unless&#58;</font></div><div style="margin-top:9pt;text-align:justify;text-indent:13.5pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">i.</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%;padding-left:17.51pt">in the case the Issuer or the Guarantor consolidates with or merge into another person or convey, transfer or lease all or substantially all of its respective assets to any person, the person formed by such consolidation or into which the Issuer or the Guarantor are merged or the person which acquires by conveyance or transfer, or which leases, all or substantially all of the Issuer's assets or the assets of the Guarantor shall be a corporation, partnership or trust, shall be organized and validly existing, under the S-23 laws of the Kingdom of Spain or a member of the European Union or an OECD country and shall expressly assume, by a supplemental indenture that complies with the U.S. Trust Indenture Act of 1939, as amended (hereinafter, the &#8220;</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:139%">Trust Indenture Act</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">&#8221;) executed and delivered to the Trustee in form and substance reasonably satisfactory to the Trustee, the due and punctual payment of the principal of and any premium and interest (including all Additional Amounts and any additional sums payable pursuant to paragraph (ii) below) (a) in the Issuer's case, on all the Shelf Notes and (b) in the case of the Guarantor, under the Guarantee, and the performance or observance of every covenant of the relevant indenture relating thereto on the Issuer's part to be performed or observed and, in the case of the Guarantor, the due and punctual payment of the principal of and any premium and interest (including all Additional Amounts and any additional sums payable pursuant to paragraph (ii) below) on all the Shelf Notes and the performance or observance of every covenant of the relevant indenture and the Guarantee relating thereto on the part of the Guarantor to be performed or observed&#59;</font></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">&#34;</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:139%">Additional Amounts</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">&#34; means additional amounts payable by the Issuer or the Guarantor as provided for in the relevant indenture.</font></div><div style="margin-top:9pt;text-align:justify;text-indent:13.5pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">ii.</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%;padding-left:15.29pt">if the person formed by such consolidation or into which the Issuer or the Guarantor are merged or to whom the Issuer or the Guarantor have conveyed, transferred or leased the Issuer's properties or assets is a person organized and validly existing under the laws of a jurisdiction other than the Kingdom of Spain such person agrees to indemnify the holder of each Shelf Note against certain costs and expenses as further described in the relevant indenture&#59;</font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:217%">40</font></div></div></div><hr style="page-break-after:always"><div style="min-height:82.8pt;width:100%"><div style="padding-right:-36pt"><font><br></font></div></div><div style="margin-top:9pt;text-align:justify;text-indent:13.5pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">iii.</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%;padding-left:13.07pt">immediately prior to the consummation of such transaction, no Event of Default with respect to the Shelf Notes, shall have occurred&#59;</font></div><div style="margin-top:9pt;text-align:justify;text-indent:13.5pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">iv.</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%;padding-left:12.51pt">the consummation of such transaction must not cause an Event of Default under the Shelf Notes or the Guarantee which the Issuer or the Guarantor, as the case may be, do not reasonably believe can be cured within 90 days from the date of such transaction&#59; and</font></div><div style="margin-top:9pt;text-align:justify;text-indent:13.5pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">v.</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%;padding-left:14.73pt">the Issuer or the Guarantor have delivered to the Trustee an officer&#8217;s certificate and an opinion of counsel, each stating that such consolidation, merger, conveyance, transfer or lease and, if a supplemental indenture is required in connection with such transaction, such supplemental indenture, complies with the applicable provisions of the relevant indenture and that all conditions precedent herein provided for relating to such transaction have been complied with.</font></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">No vote by the holders is required for any such consolidation, merger, conveyance, transfer or lease, unless as part of the transaction the Issuer or the Guarantor, as applicable, make changes to the relevant indenture requiring holder approval, as described later under &#8220;&#8212;Modification and Waiver&#8221;. The Issuer and the Guarantor may take these actions as part of a transaction involving outside third parties or as part of an internal corporate reorganization. The Issuer and the Guarantor may take these actions even if they result in&#58;</font></div><div style="margin-top:9pt;padding-left:18pt;text-align:justify;text-indent:13.5pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">&#8226;</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%;padding-left:1pt">          a lower credit rating being assigned to the Shelf Notes&#59; or</font></div><div style="margin-top:9pt;padding-left:63pt;text-align:justify;text-indent:-31.5pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">&#8226;</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%;padding-left:28pt">Additional Amounts becoming payable in respect of withholding tax and, as a result, the Shelf Notes being subject to redemption at the Issuer's option or at the option of the Guarantor, as the case may be, as described in the relevant indenture.</font></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">The Issuer and the Guarantor have no obligation under the relevant indenture to seek to avoid these results, or any other legal or financial effects that are disadvantageous to holders of the Shelf Notes, in connection with a merger, consolidation, sale conveyance or lease of assets that is permitted under the relevant indenture.</font></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">Upon any consolidation of the Issuer or the Guarantor with, or merger of the Issuer or the Guarantor into, any other person or any conveyance, transfer or lease of all or substantially all of the assets of the Issuer or the Guarantor in accordance with the provisions described above, the successor person formed by such consolidation or into which the Issuer or the Guarantor is merged or to which such conveyance, transfer or lease is made shall succeed to, and be substituted for, and may exercise every right and power of, the Issuer or the Guarantor, as the case may be, under the relevant indenture with the same effect as if such successor person had been named as the Issuer or the Guarantor therein, as the case may be, and thereafter, except in the case of a lease, the predecessor person shall be relieved of all obligations and covenants under the relevant indenture and the Shelf Notes or Guarantee, as the case may be.</font></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">In the case of any such consolidation, merger, conveyance, transfer or lease, if the acquiring or resulting entity&#8217;s jurisdiction of incorporation or residence for tax purposes (hereinafter the &#8220;</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:139%">Taxing Jurisdiction</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">&#8221;) is not the Kingdom of Spain, Additional Amounts are payable under the Shelf Notes or the Guarantee, as applicable, for taxes imposed by the acquiring or resulting entity&#8217;s Taxing Jurisdiction (subject to exceptions equivalent to those that apply to the obligation to pay Additional Amounts for taxes imposed by the Kingdom of Spain or any political subdivision thereof or any authority or agency therein or thereof having power to tax described under the relevant indenture) on payments of any amounts payable (whether in respect of </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:217%">41</font></div></div></div><hr style="page-break-after:always"><div style="min-height:82.8pt;width:100%"><div style="padding-right:-36pt"><font><br></font></div></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">principal or interest or otherwise) in respect of the Shelf Notes made on or after the date of the consolidation, merger, conveyance, transfer or lease rather than taxes imposed on those payments by the Kingdom of Spain or any political subdivision thereof or any authority or agency therein or thereof having power to tax.</font></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">Additional Amounts will be payable on interest or principal due prior to the date of the consolidation, merger, conveyance, transfer or lease only for taxes imposed by the Kingdom of Spain or any political subdivision thereof or any authority or agency therein or thereof having power to tax, subject to the exceptions discussed under the relevant indenture. The acquiring or resulting entity will also be entitled to redeem the Shelf Notes in the circumstances described for taxation reasons in the relevant indenture for any change or amendment to, or change in the interpretation or administration of, the laws or regulations of such entity&#8217;s Taxing Jurisdiction (which change, amendment or change in the interpretation or administration becomes effective on or after the date of the consolidation, merger, conveyance, transfer or lease).</font></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">The Guarantor or any subsidiary of the Guarantor may assume the Issuer's obligations under the Shelf Notes without the consent of the holders. Any Shelf Notes so assumed, unless assumed directly by the Guarantor, will have the benefit of the Guarantee in respect of such Shelf Notes. In the event of an assumption by an entity within a Taxing Jurisdiction other than Spain, Additional Amounts under the Shelf Notes are payable for taxes imposed by the assuming entity&#8217;s Taxing Jurisdiction (subject to exceptions equivalent to those that apply to the obligation to pay Additional Amounts for taxes imposed by the Spain or any political subdivision thereof or any authority or agency therein or thereof having power to tax described under the relevant indenture) on payments of principal, interest or otherwise in respect of the Shelf Notes made on or subsequent to the date of such assumption rather than taxes imposed on these payments by the Kingdom of Spain or any political subdivision thereof or any authority or agency therein or thereof having power to tax. In the event of such assumption, the Guarantor or the applicable subsidiary of the Guarantor will be entitled to redeem the Shelf Notes in the circumstances described in the preceding paragraph.</font></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">Additional Amounts will be payable on interest or principal due prior to the date of the assumption only for taxes imposed by the Kingdom of Spain or any political subdivision thereof or any authority or agency therein or thereof having power to tax, subject to the exceptions discussed under the relevant indenture.</font></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:139%">Further issues</font></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">As described in the relevant indenture, in addition to the Shelf Notes, notes, bonds and other evidences of indebtedness of other series may in the future be issued thereunder without limitation as to aggregate principal amount. Unless otherwise provided pursuant to the relevant indenture, the Issuer may from time to time, without the consent of the holders of the Shelf Notes, create and issue further Shelf Notes having the same terms and conditions as the previously issued Shelf Notes in all respects (or in all respects except for the issue date, the first interest payment date and&#47;or the issue price), so that such further issue shall be consolidated and form a single series with the outstanding Shelf Notes&#59; provided, however, that any such further issuance will only be made if either such additional Shelf Notes are issued with no more than de minimis original issue discount for U.S. federal income tax purposes or such further issuance is a &#8220;qualified reopening&#8221; as such term is defined under U.S. Treasury </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:217%">42</font></div></div></div><hr style="page-break-after:always"><div style="min-height:82.8pt;width:100%"><div style="padding-right:-36pt"><font><br></font></div></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">Regulations Section 1.1275-2(k)(3) promulgated under the U.S. Internal Revenue Code of 1986, as amended. </font></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:139%">3.1.1.4</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:139%">&#160;&#160;&#160;&#160;</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:139%">Events of default</font></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">&#8220;</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:139%">Event of Default</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">&#8221;, with respect to each of the Shelf Notes, means any one of the following events which occurs and is continuing&#58;</font></div><div style="margin-top:9pt;text-align:justify;text-indent:22.5pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">(i)</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%;padding-left:4.62pt">the Issuer fails to pay, and the Guarantor fails to honor the Guarantee with respect to payments of, principal of, interest due on or any Additional Amounts in respect of the relevant Shelf Notes for a period of 21 days from the stated maturity of such principal or interest payment&#59;</font></div><div style="margin-top:9pt;text-align:justify;text-indent:22.5pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">(ii)</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%;padding-left:2.4pt">the Issuer fails to perform any other obligation arising from the relevant Shelf Notes or the Guarantor fails to perform any other obligation arising under the Guarantee of such Shelf Notes and in each case, such failure continues for more than 60 days (90 days if the failure to perform relates to an obligation of the Issuer or the Guarantor arising pursuant to a transaction described in the relevant indenture) after there has been given, by the Trustee or holders of not less than 25% in principal amount of the outstanding relevant Shelf Notes, a written notice to the Issuer specifying such failure and requiring it to be remedied, and stating that such notice is a &#8220;Notice of Default&#8221; under the relevant indenture&#59;</font></div><div style="margin-top:9pt;text-align:justify;text-indent:22.5pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">(iii)</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%;padding-left:0.18pt">the Issuer or the Guarantor fail (taking into account any applicable grace periods) to fulfill any payment obligation in excess of &#8364;100,000,000 or its equivalent in any other currency under any Relevant Indebtedness or under any guarantees or suretyships provided for under any Relevant Indebtedness of others, and this failure remains uncured for 30 days&#59;</font></div><div style="margin-top:9pt;text-align:justify;text-indent:22.5pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">(iv)</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%;padding-left:35.62pt">the holders of any other Relevant Indebtedness of the Issuer or the Guarantor accelerate any payment obligation in excess of &#8364;100,000,000 or its equivalent in any other currency as a result of the Issuer or the Guarantor entering into a transaction described and in accordance with the conditions set forth in the relevant indenture, which transaction constitutes an event of default in respect of such other Relevant Indebtedness&#59;</font></div><div style="margin-top:9pt;text-align:justify;text-indent:22.5pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">(v)</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%;padding-left:1.84pt">the Issuer or the Guarantor announce their inability to meet their respective financial obligations&#59;</font></div><div style="margin-top:9pt;text-align:justify;text-indent:22.5pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">(vi)</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%;padding-left:35.62pt">a court, at the request of any creditor, commences insolvency proceedings (concurso) against the Issuer or the Guarantor and any such proceeding is not discharged or dismissed within 60 days&#59;</font></div><div style="margin-top:9pt;text-align:justify;text-indent:22.5pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">(vii)</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%;padding-left:33.4pt">the Issuer or the Guarantor go into liquidation unless it is done as a result of the Issuer or the Guarantor entering into a transaction described and in accordance with the conditions set forth in the relevant indenture&#59;</font></div><div style="margin-top:9pt;text-align:justify;text-indent:22.5pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">(viii)</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%;padding-left:31.18pt">the Issuer or the Guarantor make a filing seeking relief under any applicable bankruptcy or insolvency (concurso) laws&#59; or</font></div><div style="margin-top:9pt;text-align:justify;text-indent:22.5pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">(ix)</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%;padding-left:35.62pt">the Guarantee ceases to be valid or legally binding for any reason.</font></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">If any Event of Default shall occur in relation to the Shelf Notes (taking into account any applicable grace period), the Trustee or the holders of not less than 25% in principal amount of the outstanding relevant Shelf Notes may, by written notice to the Issuer, at the Corporate Trust Office (and to the Trustee if given by the holders), declare that the relevant Shelf Notes, </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:217%">43</font></div></div></div><hr style="page-break-after:always"><div style="min-height:82.8pt;width:100%"><div style="padding-right:-36pt"><font><br></font></div></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">including principal and all interest then accrued and unpaid on the relevant Shelf Notes, as the case may be, shall be immediately due and payable, whereupon the same shall, to the extent permitted by applicable law, become immediately due and payable, at their principal amount together with all interest, if any, accrued and unpaid thereon and any other amounts set forth in the relevant indenture, without presentment, demand, protest or other notice of any kind, all of which the Issuer or the Guarantor, as the case may be, will expressly waive, unless, prior thereto, all Events of Default in respect of the relevant Shelf Notes shall have been cured. Such declarations of acceleration may be rescinded and past defaults may be waived, except defaults in payment of principal of, interest on or any other amounts set forth in the relevant indenture, by holders of a majority of the outstanding principal amount on the relevant Shelf Notes pursuant to the procedures and under the conditions described in the relevant indenture&#59; </font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:139%">provided, however</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">, that the amounts due to the Trustee under the relevant indenture have been paid. </font></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:139%">3.1.1.5</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:139%">&#160;&#160;&#160;&#160;</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:139%">Amendments</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:139%"> </font></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">The Issuer, the Guarantor and the Trustee may enter into one or more supplemental indentures to each of the Shelf Notes without the consent of the holders thereof to, among other things, as further described in the relevant indenture&#58; (i) secure the relevant Shelf Notes&#59; (ii) evidence the succession of another person to the Issuer or the Guarantor and the assumption by any such successor of the covenants and agreements of the Issuer or the Guarantor in the relevant indenture and in the relevant Shelf Notes&#59; (iii) evidence or provide for the acceptance of appointment under the relevant indenture by a successor trustee with respect to the relevant Shelf Notes&#59; (iv) change the terms of the relevant Shelf Notes to correct a manifest error (for the avoidance of doubt, no other modification may be made to the terms of the relevant Shelf Notes)&#59; or (v) to change the relevant indenture in any manner which does not affect the terms of the relevant Shelf Notes or interests of holders thereof, as further described in the relevant indenture.</font></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">With the consent of the holders of not less than a majority in principal amount of the outstanding relevant Shelf Notes, the Issuer, the Guarantor and the Trustee may add any provisions to, or change in any manner or eliminate any of the provisions of, or waive any past defaults with respect to, the relevant indenture or modify in any manner the rights of the holders of such Shelf Notes. </font></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">However, the Issuer, the Guarantor and the Trustee may not make any of the following changes to the relevant Shelf Notes without the consent of each holder of each outstanding Shelf Note that would be affected by such change&#58; (i) change the stated maturity of the principal or of any installment of the principal of or interest, if any, on any Shelf Note&#59; (ii) reduce the principal amount of any Shelf Note&#59; (iii) reduce the rate or extend the time of payment of interest on, any Shelf Note&#59; (iv) reduce the amount payable on redemption of any Shelf Note&#59; (v) change the obligations of the Issuer or of the Guarantor to pay any Additional Amounts (as provided for in the relevant indenture) on any Shelf Note&#59; (vi) waive a default in the payment of principal of, or interest on, any Shelf Note&#59; (vii) change the currency in which the principal, premium, or interest on, any Shelf Note is payable&#59; (viii) impair the right of any holder to take legal action to enforce the payment on the Shelf Notes or the Guarantee when due&#59; or (ix) reduce the quorum requirements or the percentage of Shelf Notes the consent of whose holders is required for modification of the relevant indenture.</font></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:139%">3.1.1.6</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:139%">&#160;&#160;&#160;&#160;</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:139%">The Trustee and paying agent</font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:217%">44</font></div></div></div><hr style="page-break-after:always"><div style="min-height:82.8pt;width:100%"><div style="padding-right:-36pt"><font><br></font></div></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">The Bank of New York Mellon (with address at 240 Greenwich Street, New York, NY 10007) acts as the Trustee (the &#8220;Trustee&#8221;) and paying agent for the Shelf Notes.</font></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">In addition to acting as Trustee, The Bank of New York Mellon also acts as depositary, trustee and&#47;or paying agent in connection with various other transactions carried out by the Issuer, the Guarantor and certain of their respective affiliates.</font></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:139%">3.1.1.7</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:139%">&#160;&#160;&#160;&#160;</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:139%">Control by holders. </font></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">The Holders&#160;of a majority in principal amount&#160;of the relevant Shelf Notes have the right to direct the time, method and place of conducting any proceeding for any remedy available to the Trustee, or exercising any trust or power conferred on the Trustee, with respect to such Shelf Notes&#59;&#160;provided&#160;that&#58; (a) such direction shall not be in conflict with any rule of law or with the relevant indenture&#59; (b) the Trustee may take any other action deemed proper by the Trustee which is not inconsistent with such direction&#59; and (c) the Trustee need not follow any such direction if doing so would in its reasonable discretion either involve it in personal liability or be unduly prejudicial to holders not joining in such direction&#59; provided, further, that the Trustee shall have no obligation to make any determination with respect to any such conflict, personal liability or undue prejudice.</font></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:139%">3.1.1.8</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:139%">&#160;&#160;&#160;&#160;</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:139%">Governing law and jurisdiction</font></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">The Shelf Notes are governed by, and shall be construed in accordance with, the laws of the State of New York. </font></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">The due authorization of the Shelf Notes and the ranking thereof and the Guarantee are governed by Spanish law.</font></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">The Issuer and the Guarantor have submitted to the exclusive jurisdiction of any federal or state court in the Borough of Manhattan, the City of New York, and any appellate court from any such court thereof, with respect to any legal suit, action or proceeding based on or arising under the Shelf Notes or the relevant indenture and have agreed that all claims in respect of such suit or proceeding shall be determined in any such court.</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:139%"> </font></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:139%">3.1.1.9</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:139%">&#160;&#160;&#160;&#160;</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:139%">Tax</font></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">There is no original discount issue as defined in Section 1232 of the Internal Revenue Code to mention.</font></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:139%">3.1.1.10 Currency</font></div><div style="margin-top:9pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:139%">Amounts due under the Shelf Notes shall not under any circumstances whatsoever be payable in any currency other than U.S. dollars or such coin or currency of the United States as at the time of payment shall be legal tender for the payment of public and private debts.</font></div><div style="margin-top:9pt;padding-left:27pt;text-align:justify;text-indent:-24.75pt"><font><br></font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:217%">45</font></div></div></div></body></html>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.2
<SEQUENCE>4
<FILENAME>exhibit42.htm
<DESCRIPTION>EX-4.2
<TEXT>
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<title>Document</title></head><body><div id="icc7bbac3ae004b9ba614acd1abc44979_1"></div><div style="min-height:70.56pt;width:100%"><div style="text-align:right"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:139%">Exhibit 4.2</font></div></div><div style="margin-bottom:18pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-style:italic;font-weight:700;line-height:100%">Long-Term Incentive Plan consisting of the delivery of shares of Telef&#243;nica, S.A. to Senior Executives of the Telef&#243;nica Group.</font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:112%">Long-Term Incentive Plan consisting of the delivery of shares of Telef&#243;nica, S.A. to Senior Executives of the Telef&#243;nica Group, including the Executive Directors of Telef&#243;nica, S.A. (hereinafter, the &#8220;</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:700;line-height:112%">Plan</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:112%">&#8221;), in accordance with the following basic terms and conditions&#58;</font></div><div style="text-align:justify"><font><br></font></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:112%">1</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:112%;padding-left:11.33pt;text-decoration:underline">Description of the Plan&#58;</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:112%"> the Plan consists of the delivery to the Participants (as defined below) of a certain number of shares of Telef&#243;nica, S.A. as variable compensation and based on the achievement of the objectives established for each of the cycles into which the Plan will be divided. The objectives will be approved by the Board of Directors at the beginning of each cycle of the Plan, upon a proposal of the Nominating, Compensation and Corporate Governance Committee, within the framework established in the Remuneration Policy of the Directors of Telef&#243;nica, S.A. from time to time in effect. </font></div><div style="text-align:justify"><font><br></font></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:112%">2</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:112%;padding-left:11.33pt;text-decoration:underline">Purpose&#58;</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:112%"> to encourage the commitment of the Executive Directors and of the Telef&#243;nica Group&#8217;s Senior Executives to the Company and its strategic plan, linking their compensation to the creation of value for the shareholders of Telef&#243;nica, S.A. and to the sustainable achievement of strategic objectives, in a manner that is aligned with best compensation practices, offering a competitive compensation package that contributes to retaining the Senior Executives holding key positions in the Group. </font></div><div style="text-align:justify"><font><br></font></div><div style="padding-left:36pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:112%">For purposes of the provisions of the Plan, the Telef&#243;nica Group will be understood as the group of companies of which the controlling company, within the meaning of Article 42 of the Commercial Code, is Telef&#243;nica, S.A. </font></div><div style="text-align:justify;text-indent:36pt"><font><br></font></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:112%">3</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:112%;padding-left:11.33pt;text-decoration:underline">Plan Participants&#58;</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:112%"> the Senior Executives of the Telef&#243;nica Group, including the Executive Directors of Telef&#243;nica, S.A., who have met the requirements at any time established for this purpose and who are invited to participate in the Plan (hereinafter, the &#8220;</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:700;line-height:112%">Participants</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:112%">&#8221;), may participate in the Plan. </font></div><div style="text-align:justify"><font><br></font></div><div style="padding-left:36pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:112%">Currently, the group of potential Participants is composed of approximately 730 Senior Executives of the Telef&#243;nica Group, including the Executive Directors, without prejudice to the possibility of new potential Participants joining the Plan without amending the terms and conditions thereof if they meet the requirements established for this purpose at any given time due to promotion, joining the Telef&#243;nica Group or other reasons. </font></div><div style="padding-left:36pt;text-align:justify"><font><br></font></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:112%">4</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:112%;padding-left:11.33pt;text-decoration:underline">Duration of the Plan&#58;</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:112%"> The Plan will have a total duration of five years and will be divided into three separate cycles of three years each (i.e., with delivery of the respective shares in each cycle once three years have passed from the beginning of each cycle). The first cycle will be deemed to have started on January 1, 2024 (with delivery of the corresponding shares in 2027, once the financial statements for fiscal year 2026 have been prepared and audited)&#59; the second cycle will start on January 1, 2025 (with delivery of the corresponding shares in 2028, once the financial statements for fiscal year 2027 have been prepared and audited)&#59; and the third cycle will start on January 1, 2026 (with delivery of the corresponding shares in 2029, once the financial statements for fiscal year 2028 have been prepared and audited).</font></div><div style="height:70.56pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:70.56pt;width:100%"><div style="text-align:right"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:139%">Exhibit 4.2</font></div></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:112%">5</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:112%;padding-left:11.33pt;text-decoration:underline">Maximum number of shares of Telef&#243;nica, S.A. included in the Plan&#58;</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:112%"> the total maximum number of shares of Telef&#243;nica, S.A. that will be delivered to the Participants in implementation of the Plan at the end of each cycle will be the result of dividing the maximum amount allocated to such cycle by the </font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:112%">weighted average share price </font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:112%">of Telef&#243;nica, S.A. during the thirty trading days prior to January 1 of the first year of the corresponding cycle (hereinafter, the &#8220;</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:700;line-height:112%">Reference Value</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:112%">&#8221;). </font></div><div style="text-align:justify"><font><br></font></div><div style="padding-left:36pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:112%">The total maximum amount allocated to the Plan is set at two hundred million euros (&#8364;200,000,000). </font></div><div style="padding-left:36pt;text-align:justify"><font><br></font></div><div style="padding-left:36pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:112%">The maximum amount allocated to each of the Plan&#8217;s cycles will be determined each year by the Board of Directors, following a report from the Nominating, Compensation and Corporate Governance Committee, but the aforementioned figure of two hundred million euros (&#8364;200,000,000) may not be exceeded for the three cycles of the Plan as a whole. Amounts committed but not actually used during each cycle (due to not meeting objectives, terminations, etc.) will be available for subsequent cycles. </font></div><div style="text-align:justify;text-indent:36pt"><font><br></font></div><div style="padding-left:36pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:112%">In any case, the total number of shares to be delivered in implementation of the Plan to all Participants (including Executive Directors) at the end of each cycle may never exceed 0.45% of the share capital of Telef&#243;nica, S.A. at the beginning of the corresponding cycle. </font></div><div style="text-align:justify;text-indent:36pt"><font><br></font></div><div style="padding-left:36pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:112%">In particular, in the event of maximum achievement of the objectives of the Plan, at the end of each of the three cycles the Executive Directors of Telef&#243;nica, S.A. would be entitled to receive a maximum number of shares whose value is equivalent, based on the Reference Value, to 250% of their Annual Fixed Compensation in effect during the first year of the corresponding cycle. </font></div><div style="padding-left:36pt;text-align:justify"><font><br></font></div><div style="padding-left:36pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:112%">For the first cycle of the Plan, taking into consideration the weighted average share price of Telef&#243;nica, S.A. during the thirty (30) trading days prior to January 1, 2024 and the Annual Fixed Compensation of the Executive Directors in effect during 2024, the maximum number of shares in the event of maximum achievement of the Plan&#8217;s objectives is equal to one million two hundred and sixty-eight thousand (1,268,000) shares for the Executive Chairman Mr. Jos&#233; Mar&#237;a &#193;lvarez-Pallete L&#243;pez and one million fifty-five thousand (1,055,000) shares for the Chief Operating Officer Mr. &#193;ngel Vil&#225; Boix. In any case, the number of shares to be delivered will depend on the allocation approved by the Board of Directors and the level of achievement of the Plan&#8217;s objectives.</font></div><div style="padding-left:36pt;text-align:justify"><font><br></font></div><div style="padding-left:36pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:112%">For each of the remaining cycles, the Board of Directors, following a report from the Nominating, Compensation and Corporate Governance Committee, will determine the maximum amounts that will serve as the basis for establishing the maximum number of shares that may be delivered, based on the corresponding Reference Value, but for each of the two remaining cycles of the Plan, such maximum amount may not exceed 250% of the Annual Fixed Compensation of each of the Executive Directors of Telef&#243;nica, S.A. who are beneficiaries of the Plan at the beginning of the corresponding cycle. </font></div><div style="padding-left:36pt;text-align:justify"><font><br></font></div><div style="padding-left:36pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:112%">The number of shares actually delivered to each Executive Director at the end of each cycle, as well as the number of shares actually delivered to the other Senior Executives of the Telef&#243;nica Group, will be reported in accordance with applicable legal provisions.</font></div><div style="text-align:justify;text-indent:36pt"><font><br></font></div><div style="height:70.56pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:70.56pt;width:100%"><div style="text-align:right"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:139%">Exhibit 4.2</font></div></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:112%">6</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:112%;padding-left:11.33pt;text-decoration:underline">Requirements and conditions for the delivery of shares&#58;</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:112%"> the specific number of shares of Telef&#243;nica, S.A. within the established maximum that will be delivered to the Participants at the end of each cycle will be subject to and determined based on the achievement of economic and financial objectives, the creation of value for the shareholder, as well as sustainability, environmental and good governance objectives. The objectives will be approved by the Board of Directors at the beginning of each cycle of the Plan, upon a proposal of the Nominating, Compensation and Corporate Governance Committee, within the framework established in the Remuneration Policy of the Directors of Telef&#243;nica, S.A. from time to time in effect. </font></div><div style="text-align:justify"><font><br></font></div><div style="padding-left:36pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:112%">At the beginning of the corresponding cycle, each Participant will be assigned a maximum number of theoretical shares. The specific number of shares to be delivered will depend on the level of achievement of the objectives set for each cycle.</font></div><div style="padding-left:36pt;text-align:justify"><font><br></font></div><div style="padding-left:36pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:112%">In the first cycle of the Plan, subject to the approval of this resolution by the shareholders and the adoption of the corresponding resolutions by the Board of Directors and the Nominating, Compensation and Corporate Governance Committee, the number of shares to be delivered will depend (i) 50% on the achievement of the total shareholder return (hereinafter, as defined below, &#8220;</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:700;line-height:112%">TSR</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:112%">&#8221;) objective for the shares of Telef&#243;nica, S.A., (ii) 40% on the Telef&#243;nica Group&#8217;s generation of free cash flow (&#8220;</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:700;line-height:112%">FCF</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:112%">&#8221;), (iii) 5% on CO</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:6.47pt;font-weight:400;line-height:112%;position:relative;top:1.4pt;vertical-align:baseline">2</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:112%"> Emission Neutralization&#47;Offsetting, in line with the Company's goal of achieving net zero emissions by 2040 and neutralizing scope 1+2 emissions by 2025 in its main markets and, as a new development, (iv) in order to reflect Telef&#243;nica&#8217;s gender equality ambitions, the presence of women in leadership positions (5%). </font></div><div style="text-align:justify;text-indent:36pt"><font><br></font></div><div style="text-align:justify;text-indent:36pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-style:italic;font-weight:700;line-height:112%;text-decoration:underline">Total Shareholder Return (TSR)</font></div><div style="text-align:justify;text-indent:36pt"><font><br></font></div><div style="padding-left:36pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:112%">TSR is considered a metric for determining the generation of value at the Telef&#243;nica Group in the medium and long term, by measuring the return on investment for shareholders, defined for these purposes as the return per share based on the cumulative change in the listing price of the shares of Telef&#243;nica, S.A. and the dividends and similar items received by the shareholders during the first cycle of the Plan. </font></div><div style="padding-left:36pt;text-align:justify"><font><br></font></div><div style="padding-left:36pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:112%">To determine achievement of the TSR objective and to calculate the specific number of shares to be delivered for this item, the TSR performance of the shares of Telef&#243;nica, S.A. during the first cycle of the Plan will be measured in relation to the TSRs achieved by certain companies belonging to the telecommunications sector, weighted according to their size compared to Telef&#243;nica, S.A., which will constitute the comparison group (hereinafter, the &#8220;</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:700;line-height:112%">Comparison Group</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:112%">&#8221;) for purposes of the Plan. </font></div><div style="padding-left:36pt;text-align:justify"><font><br></font></div><div style="padding-left:36pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:112%">The companies included in the Comparison Group for the first cycle of the Plan for purposes of comparing the TSR performance of the shares of Telef&#243;nica, S.A. are listed below&#58;</font></div><div style="text-align:justify;text-indent:36pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:91.476%"><tr><td style="width:1.0%"></td><td style="width:34.160%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:32.811%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:29.729%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-left:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:0.08pt;text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:112%">Vodafone Group</font></div></td><td colspan="3" style="border-left:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:0.08pt;text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:112%">America Movil</font></div></td><td colspan="3" style="border-left:1pt solid #000000;border-right:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:0.08pt;text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:112%">Deutsche Telekom</font></div></td></tr><tr><td colspan="3" style="border-left:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:0.08pt;text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:112%">BT Group</font></div></td><td colspan="3" style="border-left:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:0.08pt;text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:112%">Orange</font></div></td><td colspan="3" style="border-left:1pt solid #000000;border-right:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:0.08pt;text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:112%">Telecom Italia</font></div></td></tr><tr><td colspan="3" style="border-left:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:0.08pt;text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:112%">Telenor</font></div></td><td colspan="3" style="border-left:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:0.08pt;text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:112%">TeliaSonera</font></div></td><td colspan="3" style="border-left:1pt solid #000000;border-right:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:0.08pt;text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:112%">Swisscom</font></div></td></tr><tr><td colspan="3" style="border-left:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:0.08pt;text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:112%">Koninklijke KPN</font></div></td><td colspan="3" style="border-left:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:0.08pt;text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:112%">TIM Brasil</font></div></td><td colspan="3" style="border-left:1pt solid #000000;border-right:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:0.08pt;text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:112%">Proximus</font></div></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #000000;border-left:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:0.08pt;text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:112%">Millicom</font></div></td><td colspan="3" style="border-bottom:1pt solid #000000;border-left:1pt solid #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:0.08pt;text-align:center"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:112%">Liberty Global</font></div></td><td colspan="3" style="border-bottom:1pt solid #000000;border-left:1pt solid #000000;border-right:1pt solid #000000;border-top:1pt solid #000000;padding:0 1pt"></td></tr></table></div><div style="height:70.56pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:70.56pt;width:100%"><div style="text-align:right"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:139%">Exhibit 4.2</font></div></div><div><font><br></font></div><div style="padding-left:36pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:112%">For subsequent cycles of the Plan, the Board of Directors of Telef&#243;nica, S.A., following a report from the Nominating, Compensation and Corporate Governance Committee, may update the list of companies included in the Comparison Group and determine their weighting, maintaining the economic baselines of the Plan. </font></div><div style="padding-left:36pt;text-align:justify"><font><br></font></div><div style="padding-left:36pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:112%">As regards achievement of the TSR objective, the Plan will provide that the number of shares to be delivered relating to achievement of this objective will range between 15% of the number of objective theoretical shares granted, in the event that the TSR performance of the shares of Telef&#243;nica, S.A. is at least the median of the Comparison Group (below this threshold, no incentive will be paid), and 50% in the event that this performance is in the third quartile or greater of the Comparison Group, with the percentage calculated by interpolation for those cases that fall between the median and the third quartile.</font></div><div style="padding-left:36pt;text-align:justify"><font><br></font></div><div style="padding-left:36pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-style:italic;font-weight:700;line-height:112%;text-decoration:underline">Generation of free cash flow (FCF) of the Telef&#243;nica Group</font></div><div style="padding-left:36pt;text-align:justify"><font><br></font></div><div style="padding-left:36pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:112%">To determine achievement of the FCF objective and calculate the specific number of shares to be delivered for this item, the level of FCF generated by the Telef&#243;nica Group will be measured during each year, comparing it to the figure set in the budgets approved by the Board of Directors for each fiscal year, with the final level of achievement of FCF deemed to be the average of the partial annual results obtained and approved by the Nominating, Compensation and Corporate Governance Committee.</font></div><div style="padding-left:36pt;text-align:justify"><font><br></font></div><div style="padding-left:36pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:112%">At the beginning of each cycle, the Board of Directors, at the proposal of the Nominating, Compensation and Corporate Governance Committee, will determine an achievement scale that will include a minimum threshold of achievement, below which no incentive will be paid, and which must be equal to or greater than 90%, and a maximum level of achievement and payment. The Company will report the level of achievement set for each cycle in the Annual Report on Remuneration of Directors.</font></div><div style="padding-left:36pt;text-align:justify"><font><br></font></div><div style="padding-left:36pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:112%">In the first cycle of the Plan, the minimum achievement threshold will be 92%, below which no incentive will be paid and the achievement of which will entail the delivery of 20% of the target theoretical shares granted, a 100% achievement level that will entail the delivery of 40% of the target theoretical shares granted, and a maximum achievement level of 115% that will entail the delivery of an additional 20% of the target theoretical shares granted, and which will be applicable subject to 100% achievement of the FCF target in each of the years comprising this first cycle (2024-2026), thus ensuring continuity in cash generation while incentivizing over-performance.</font></div><div style="padding-left:36pt;text-align:justify"><font><br></font></div><div style="padding-left:36pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-style:italic;font-weight:700;line-height:112%;text-decoration:underline">CO</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:6.47pt;font-style:italic;font-weight:700;line-height:112%;position:relative;text-decoration:underline;top:1.4pt;vertical-align:baseline">2</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-style:italic;font-weight:700;line-height:112%;text-decoration:underline"> Emission Neutralization&#47;Offsetting </font></div><div style="padding-left:36pt;text-align:justify"><font><br></font></div><div style="padding-left:36pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:112%">To determine achievement of the CO</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:6.47pt;font-weight:400;line-height:112%;position:relative;top:1.4pt;vertical-align:baseline">2</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:112%"> Emission Neutralization&#47; Offsetting objective and calculate the specific number of shares to be delivered for this item, the level of CO</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:6.47pt;font-weight:400;line-height:112%;position:relative;top:1.4pt;vertical-align:baseline">2</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:112%"> Emissions Neutralization&#47;Offsetting of the Telef&#243;nica Group achieved at the end of each cycle of the Plan will be measured, with the additional requirement for this part of the incentive to be paid of reaching a minimum level of emission reduction in scopes 1 + 2, in line with the 1.5&#186;C scenario of the Paris Agreement (SBTi). All of this is aimed at achieving net zero emissions by 2040 and neutralizing scope 1+2 emissions by 2025 in its main markets. </font></div><div style="padding-left:36pt;text-align:justify"><font><br></font></div><div style="height:70.56pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:70.56pt;width:100%"><div style="text-align:right"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:139%">Exhibit 4.2</font></div></div><div style="padding-left:36pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:112%">Scope 1 and 2 emissions consist of direct and indirect CO</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:6.47pt;font-weight:400;line-height:112%;position:relative;top:1.4pt;vertical-align:baseline">2</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:112%"> emissions from the Group&#8217;s daily activity due to fuel consumption, leaks of refrigerant gases and electricity use.</font></div><div style="padding-left:36pt;text-align:justify"><font><br></font></div><div style="padding-left:36pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:112%">Emissions Neutralization&#47;Offsetting is the purchase of carbon credits to absorb or reduce atmospheric CO</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:6.47pt;font-weight:400;line-height:112%;position:relative;top:1.4pt;vertical-align:baseline">2</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:112%"> emissions. In accordance with Telef&#243;nica's Climate Action Plan, and SBTi's recommendations, carbon credits for reducing emissions from deforestation and degradation will also be allowed, with the objective of contributing to slowing deforestation in certain regions where Telef&#243;nica does business.</font></div><div style="padding-left:36pt;text-align:justify"><font><br></font></div><div style="padding-left:36pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:112%">Carbon credits consist of the purchase of CO</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:6.47pt;font-weight:400;line-height:112%;position:relative;top:1.4pt;vertical-align:baseline">2</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:112%"> certificates in the voluntary market. These credits are generated by projects that absorb or reduce atmospheric emissions of CO</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:6.47pt;font-weight:400;line-height:112%;position:relative;top:1.4pt;vertical-align:baseline">2</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:112%">, which must be certified to the highest international standards and, as far as possible, have associated social benefits. This information is annually assured by an external auditor.</font></div><div style="padding-left:36pt;text-align:justify"><font><br></font></div><div style="padding-left:36pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:112%">Emission Neutralization&#47;Offsetting is calculated as the ratio between the amount of carbon credits retired on behalf of the Company and scope 1+2 emissions.</font></div><div style="padding-left:36pt"><font><br></font></div><div style="padding-left:36pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:112%">The level of direct and indirect CO</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:6.47pt;font-weight:400;line-height:112%;position:relative;top:1.4pt;vertical-align:baseline">2</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:112%"> emissions from Telef&#243;nica&#8217;s daily activities will be calculated in accordance with the following formula&#58;</font></div><div style="padding-left:36pt;text-align:justify"><font><br></font></div><div style="padding-left:18pt;padding-right:18pt;text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:112%">CO</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:6.47pt;font-weight:400;line-height:112%;position:relative;top:1.4pt;vertical-align:baseline">2</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:112%"> Emission &#61; Activity Data x Emission Factor</font></div><div style="padding-left:36pt;text-align:justify"><font><br></font></div><div style="padding-left:36pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:112%">Where&#58; </font></div><div style="text-align:justify;text-indent:35.45pt"><font><br></font></div><div style="padding-left:72pt;text-align:justify;text-indent:-36.01pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:112%">&#8211;</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:112%;padding-left:29.34pt">Activity data&#58; Amount of energy, fuel, gas, etc. consumed by the Company during the year.</font></div><div style="padding-left:36pt;text-align:justify"><font><br></font></div><div style="padding-left:72pt;text-align:justify;text-indent:-36.01pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:112%">&#8211;</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:112%;padding-left:29.34pt">Emission Factor&#58; Amount of CO</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:6.47pt;font-weight:400;line-height:112%;position:relative;top:1.4pt;vertical-align:baseline">2</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:112%"> emitted into the atmosphere by the consumption of each unit of activity. </font></div><div style="padding-left:36pt;text-align:justify"><font><br></font></div><div style="padding-left:72pt;text-align:justify;text-indent:-36.01pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:112%">&#8211;</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:112%;padding-left:29.34pt">The emission factor provided by official sources (European Union, Ministries, CNMC, etc.) is used for electricity, and the emission factors of the GHG Protocol and the IPCC (UN Intergovernmental Panel on Climate Change) are used for fuels.</font></div><div style="text-align:justify"><font><br></font></div><div style="padding-left:36pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:112%">At the beginning of each cycle, the Board of Directors, at the proposal of the Nominating, Compensation and Corporate Governance Committee, will determine an achievement scale that will include a minimum threshold of achievement of at least 90%, below which no incentive will be paid, and a maximum level of achievement and payment. The Company will report the level of achievement set for each cycle in the Annual Report on Remuneration of Directors.</font></div><div style="padding-left:36pt;text-align:justify"><font><br></font></div><div style="padding-left:36pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:112%">For the first cycle of the Plan, the minimum achievement threshold will be 90%, which will entail the delivery of 2.5% of the target theoretical shares granted, and a maximum achievement level of 100%, which will entail the delivery of 5% of the target theoretical shares granted.</font></div><div style="padding-left:36pt;text-align:justify"><font><br></font></div><div style="padding-left:36pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:112%">The achievement of a minimum level of reduction of scope 1 + 2 emissions, in line with the 1.5&#186;C scenario of the Paris Agreement (SBTi), will also be required </font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:112%">for this part of the incentive to be paid</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:112%">.</font></div><div style="text-align:justify;text-indent:35.45pt"><font><br></font></div><div style="height:70.56pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:70.56pt;width:100%"><div style="text-align:right"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:139%">Exhibit 4.2</font></div></div><div style="padding-left:36pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-style:italic;font-weight:700;line-height:112%;text-decoration:underline">Gender Equality - Presence of Women in Leadership Positions</font></div><div style="text-align:justify;text-indent:35.45pt"><font><br></font></div><div style="padding-left:36pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:112%">To determine achievement of the objective relating to the presence of women in leadership positions, the percentage of women in such positions will be measured in comparison to the total number of leadership positions at the Telef&#243;nica Group.</font></div><div style="padding-left:36pt;text-align:justify"><font><br></font></div><div style="padding-left:36pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:112%">At the beginning of the cycle, the Board of Directors, at the proposal of the Nominating, Compensation and Corporate Governance Committee, will determine an objective percentage and an achievement scale that will include a minimum threshold of achievement of at least 90%, below which no incentive will be paid, and a maximum level of achievement and payment. The Company will report the level of achievement set for each cycle in the Annual Report on Remuneration of Directors.</font></div><div style="padding-left:36pt;text-align:justify"><font><br></font></div><div style="padding-left:36pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:112%">For the first cycle of the Plan, the minimum achievement threshold will be 90% of the objective percentage, which will entail the delivery of 2.5% of the target theoretical shares granted, and a maximum achievement level of 100% of the objective percentage, which will entail the delivery of 5% of the target theoretical shares granted.</font></div><div style="text-align:justify;text-indent:35.45pt"><font><br></font></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:112%">7</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:112%;padding-left:11.33pt;text-decoration:underline">Determination of level of achievement&#58;</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:112%"> The Nominating, Compensation and Corporate Governance Committee will monitor the objectives on an annual basis, and the achievement level will be determined at the end of each cycle of the Plan. In this evaluation, the Nominating, Compensation and Corporate Governance Committee will be supported by the Audit and Control Committee, which will provide information on the results audited by the external auditor and the Company&#8217;s internal auditor, which will have been first analyzed by the Audit and Control Committee itself. The Nominating, Compensation and Corporate Governance Committee will also consider any related risks for both the establishment of objectives and evaluation of the achievement thereof.</font></div><div style="text-align:justify"><font><br></font></div><div style="padding-left:36pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:112%">In determining the level of achievement of the objectives, the positive or negative financial effects deriving from extraordinary events that may distort the results of the evaluation shall be eliminated and the quality of the results in the long term will be considered in the proposed long-term variable compensation.</font></div><div style="text-align:justify;text-indent:35.45pt"><font><br></font></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:112%">8</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:112%;padding-left:11.33pt;text-decoration:underline">Date of delivery of the shares&#58;</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:112%"> the shares will be delivered to the Participants at the end of each cycle, i.e., in 2027, 2028 and 2029, respectively, once the Nominating, Compensation and Corporate Governance Committee and the Audit and Control Committee have performed the activities described in the preceding section, in compliance with Recommendation 59 of the Good Governance Code of Listed Companies approved by the Spanish National Securities Market Commission (CNMV). The specific date of delivery will be determined by the Board of Directors or by the body or person to whom it delegates this authority.</font></div><div style="text-align:justify"><font><br></font></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:112%">9</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:112%;padding-left:11.33pt;text-decoration:underline">Origin of the shares to be delivered&#58;</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:112%"> subject to compliance with the legal requirements established for such purpose, the shares to be delivered to the Participants may be&#58; (a) treasury shares of Telef&#243;nica, S.A. that either Telef&#243;nica, S.A. itself or any company of its Group has acquired or acquires&#59; or (b) newly-issued shares of Telef&#243;nica, S.A.</font></div><div style="text-align:justify"><font><br></font></div><div style="height:70.56pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:70.56pt;width:100%"><div style="text-align:right"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:139%">Exhibit 4.2</font></div></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:112%">10</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:112%;padding-left:4.66pt;text-decoration:underline">Clawback clauses&#58;</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:112%"> in relation to any of the cycles, the Board of Directors, following a report from the Nominating, Compensation and Corporate Governance Committee, will assess whether it is appropriate to recover all or part of the shares delivered within thirty-six months after their delivery (clawback), in the event of certain exceptional circumstances affecting the Company&#8217;s results or arising from inappropriate conduct by the Executive Director under the terms set forth in the Remuneration Policy of the Directors of Telef&#243;nica, S. A. and in the Executive Officer Compensation Recoupment Policy of Telef&#243;nica, S.A. </font></div><div style="text-align:justify"><font><br></font></div><div style="padding-left:36pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:112%">For these purposes, the following shall be considered as exceptional circumstances that shall be subject to assessment by the Board of Directors, among others, and by way of example&#58;</font></div><div style="text-align:justify;text-indent:36pt"><font><br></font></div><div style="padding-left:72pt;text-align:justify;text-indent:-36.01pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:112%">&#8226;</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:112%;padding-left:31.81pt">Restatement of the Company's financial statements not due to a change in applicable accounting standards. </font></div><div style="padding-left:36pt;text-align:justify"><font><br></font></div><div style="padding-left:72pt;text-align:justify;text-indent:-36.01pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:112%">&#8226;</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:112%;padding-left:31.81pt">In the event that an Executive Director has been sanctioned for a serious breach of the code of conduct or other internal regulations applicable thereto, or for a serious breach of the legal provisions applicable thereto. </font></div><div style="padding-left:72pt;text-align:justify;text-indent:-36.01pt"><font><br></font></div><div style="padding-left:72pt;text-align:justify;text-indent:-36.01pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:112%">&#8226;</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:112%;padding-left:31.81pt">In any case, when it becomes clear that the shares corresponding to the Plan have been delivered totally or partially based on information that is thereafter clearly shown to be false or inaccurate, or other circumstances not foreseen or assumed by the Company, that have a material adverse impact on the income statements. </font></div><div style="padding-left:72pt;text-align:justify;text-indent:-36.01pt"><font><br></font></div><div style="padding-left:72pt;text-align:justify;text-indent:-36.01pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:112%">&#8226;</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:112%;padding-left:31.81pt">If the Company&#8217;s external auditor includes qualifications in its report that reduce the results taken into consideration to determine the amount of the variable compensation to be paid.</font></div><div style="text-align:justify"><font><br></font></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:112%">11</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:112%;padding-left:4.66pt;text-decoration:underline">Retention obligation and commitment to permanently hold shares&#58;</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:112%"> in any case, 100% of the shares delivered to the Executive Directors under the Plan will be subject to a two-year retention period. </font></div><div style="text-align:justify"><font><br></font></div><div style="padding-left:36pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:112%">In addition, pursuant to the provisions of the Remuneration Policy of the Directors of Telef&#243;nica, S.A., the Executive Directors must hold (directly or indirectly) a number of shares (including those delivered as compensation) equal to two years of their gross Fixed Compensation for so long as they continue to belong to the Board of Directors and perform executive duties. </font></div><div style="text-align:justify;text-indent:36pt"><font><br></font></div><div style="padding-left:36pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:112%">Until this requirement is met, any shares delivered to the Executive Directors under the Plan shall be subject to a three-year retention period. </font></div><div style="text-align:justify;text-indent:36pt"><font><br></font></div><div style="padding-left:36pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:112%">The foregoing shall not apply to the shares that the Executive Directors must dispose of in order to pay costs related to the acquisition thereof or, subject to the favorable opinion of the Nominating, Compensation and Corporate Governance Committee, in order to deal with extraordinary situations that require such disposal. </font></div><div style="padding-left:36pt;text-align:justify"><font><br></font></div><div style="padding-left:36pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:112%">The Board of Directors may expand the above restrictions to other Participants.</font></div><div><font><br></font></div><div><font><br></font></div><div style="height:70.56pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><font><br></font></div></div></div></body></html>
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<DOCUMENT>
<TYPE>EX-11.1
<SEQUENCE>5
<FILENAME>exhibit111.htm
<DESCRIPTION>EX-11.1
<TEXT>
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<title>Document</title></head><body><div id="i32ff89529bae4ea5a51be430f70bc267_1"></div><div style="min-height:127.44pt;width:100%"><div style="text-align:right"><font><br></font></div><div style="text-align:right"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:225%">Exhibit 11.1</font></div><div style="margin-bottom:12pt;text-align:center"><font><br></font></div></div><div style="margin-bottom:12pt;text-align:center"><font><br></font></div><div style="margin-bottom:12pt;text-align:center"><font><br></font></div><div style="margin-bottom:12pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:20pt;font-weight:700;line-height:120%">INTERNAL CODE OF CONDUCT</font></div><div style="margin-bottom:12pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:20pt;font-weight:700;line-height:120%">FOR SECURITIES MARKETS ISSUES</font></div><div style="margin-bottom:12pt;text-align:center"><font><br></font></div><div style="margin-bottom:12pt;text-align:center"><font><br></font></div><div style="margin-bottom:12pt;text-align:center"><font><br></font></div><div style="margin-bottom:12pt;text-align:center"><font><br></font></div><div style="margin-bottom:12pt;text-align:center"><font><br></font></div><div style="margin-bottom:12pt;text-align:center"><font><br></font></div><div style="margin-bottom:12pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:14pt;font-weight:700;line-height:120%">February 26, 2025</font></div><div style="height:84.96pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:12pt;text-align:justify"><font><br></font></div></div></div><div id="i32ff89529bae4ea5a51be430f70bc267_4"></div><hr style="page-break-after:always"><div style="min-height:127.44pt;width:100%"><div style="text-align:right"><font><br></font></div><div style="text-align:right"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:225%">Exhibit 11.1</font></div><div style="margin-bottom:12pt;text-align:center"><font><br></font></div></div><div style="margin-bottom:12pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">INTERNAL CODE OF CONDUCT FOR SECURITIES MARKETS ISSUES</font></div><div style="margin-bottom:12pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">TELEF&#211;NICA S.A.</font></div><div style="margin-bottom:12pt;text-align:center"><font><br></font></div><div style="margin-bottom:12pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">INTRODUCTION</font></div><div style="margin-bottom:12pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">This internal code of conduct for securities markets issues (the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">ICC</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">&#8221;) of Telef&#243;nica, S.A. (&#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">Telef&#243;nica</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">&#8221; or the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">Company</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">&#8221;) was approved by the Board of Directors of Telef&#243;nica at its meeting of December 14, 2016 and amended by resolution of said body dated May 6, 2020 in order to update the text hereof in line with the latest changes in regulatory standards and oversight practices, and particularly with the January 13, 2020 communication of the Spanish National Stock Market Commission (</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:120%">Comisi&#243;n Nacional del Mercado de Valores</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">) (&#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">CNMV</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">&#8221;), which deprived of effect the CNMV Guidelines of July 18, 2013 regarding discretionary treasury stock trading. Amended by resolution of the Board of Directors dated February 26, 2025, to update its content in accordance with the new legislative name and with the organizational changes of the Company.</font></div><div style="margin-bottom:12pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Although Royal Decree-Law 19&#47;2018 of November 23 on payment services and other urgent measures in financial matters removed the obligation for issuers to have an internal code of conduct, the Board of Directors of Telef&#243;nica believes it appropriate, within the framework of best corporate governance practices, to continue to have such a code insofar as it provides an effective tool in order for persons subject thereto to have access to a text that systematically sets forth certain rules of conduct applicable to such persons regarding various securities markets issues affecting Telef&#243;nica (as a listed company) and the rest of the Telef&#243;nica Group, all in accordance with the Law 6&#47;2023, of March 17, </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:120%">Ley del Mercado de Valores y de los Servicios de Inversi&#243;n</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%"> (the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">Securities Market Law</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">&#8221;), Regulation (EU) No. 596&#47;2014 of the European Parliament and of the Council of 16 April 2014 on market abuse (the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">Market Abuse Regulation</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">&#8221;) and the legal provisions thereunder and, in general, pursuant to applicable laws and regulations.</font></div><div style="margin-bottom:12pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">SECTION ONE<br>DEFINITIONS AND SCOPE OF APPLICATION</font></div><div style="margin-bottom:12pt;padding-left:32.2pt;text-align:justify;text-indent:-32.2pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">Article 1.-</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%;padding-left:20.74pt">Definitions.</font></div><div style="margin-bottom:12pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Without prejudice to the other definitions contained in this ICC, the following terms shall have the meaning respectively assigned thereto&#58; </font></div><div style="margin-bottom:12pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">Administrative Personnel</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">.- Employees of the Telef&#243;nica Group who perform secretarial duties for Persons Discharging Managerial Responsibilities.</font></div><div style="margin-bottom:12pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">Affected Individuals</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">.- Has the meaning assigned thereto in article 2.1. </font></div><div style="height:84.96pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:12pt;text-align:justify"><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:127.44pt;width:100%"><div style="margin-bottom:12pt;text-align:center"><font><br></font></div></div><div style="margin-bottom:12pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">Affected Securities.- </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Has the meaning assigned thereto in article 3.</font></div><div style="margin-bottom:12pt;text-align:justify"><font><br></font></div><div style="margin-bottom:12pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">Closed Periods</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">.- Has the meaning assigned thereto in article 10.1. </font></div><div style="margin-bottom:12pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">Closely Related Persons</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">.- In relation to any individual&#58;</font></div><div style="margin-bottom:12pt;padding-left:21.3pt;text-align:justify;text-indent:-21.3pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">a)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;padding-left:11.99pt">his or her spouse or any person with a status equal to that of a spouse under Spanish Law&#59;</font></div><div style="margin-bottom:12pt;padding-left:21.3pt;text-align:justify;text-indent:-21.3pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">b)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;padding-left:11.31pt">his or her dependent children, pursuant to Spanish Law&#59;</font></div><div style="margin-bottom:12pt;padding-left:21.3pt;text-align:justify;text-indent:-21.3pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">c)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;padding-left:11.99pt">any other relative with whom such individual has lived for at least one year prior to the date of the transaction in question&#59; or</font></div><div style="margin-bottom:12pt;padding-left:21.3pt;text-align:justify;text-indent:-21.3pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">d)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;padding-left:11.31pt">any legal entity, trust or association in which a management position is held by such individual or by any of the persons mentioned in a), b) or c) above, or that is directly or indirectly controlled by such person, or that has been created for the benefit of such person, or whose financial interests are to a large extent equivalent to those of such person.</font></div><div style="margin-bottom:12pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">Confidential Documents</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">.- Any documents, regardless of the medium on which they are stored (physical, audiovisual or electronic), containing Inside Information. </font></div><div style="margin-bottom:12pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">Confidential Transaction</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">.- Any kind of legal or financial transaction that may significantly influence the trading price of the Affected Securities.</font></div><div style="margin-bottom:12pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">Group or Telef&#243;nica Group</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">.- The group of companies made up of Telef&#243;nica, as the controlling company, and of its subsidiary companies, pursuant to the provisions of article 42 of the Commercial Code. </font></div><div style="margin-bottom:12pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">ICC Committee</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">-</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%"> The Committee made up of the officers mentioned in article 18 of this ICC, which shall perform the duties set forth herein and, specifically, in such article 18.</font></div><div style="margin-bottom:12pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">Inside Information</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">.- Information of a specific nature that has not been made public, that directly or indirectly refers to the Company, to any company within the Telef&#243;nica Group or to one or more Affected Securities and which, if made public, might significantly influence the price of the Affected Securities.</font></div><div style="margin-bottom:12pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Information shall be deemed to be specific if it refers to a series of circumstances that exist or that may reasonably be expected to exist, or to an event that has occurred or may reasonably be expected to occur, provided that such information is specific enough to draw a conclusion about the effects that such circumstances or such event might have on the price of the Affected Securities.</font></div><div style="height:84.96pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:12pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">- 2 -</font></div></div></div><hr style="page-break-after:always"><div style="min-height:127.44pt;width:100%"><div style="margin-bottom:12pt;text-align:center"><font><br></font></div></div><div style="margin-bottom:12pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Information that, if made public, might significantly influence the price of Affected Securities shall be deemed to be such information that a reasonable investor would probably use as one of the basic drivers of his investment decisions.</font></div><div style="margin-bottom:12pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">In the case of a process extending over time intended to generate or resulting in specific circumstances or a specific event, both such future circumstance or event and the intermediate stages of the process linked to the generation or causing of such future circumstance or event may be deemed to be information of a specific nature. An intermediate stage of a process extending over time shall be deemed to be Inside Information if it satisfies, in and of itself, the standards applicable to Inside Information mentioned in this definition.</font></div><div style="margin-bottom:12pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">Insider List</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">.- Has the meaning assigned thereto in article 2.3.</font></div><div style="margin-bottom:12pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">Outside Advisors</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">.- Individuals, excluding employees of the Telef&#243;nica Group, who provide financial, legal, consulting or any other type of services to any company within the Telef&#243;nica Group, either on their own behalf or on another&#8217;s behalf, and who, as a consequence thereof, may have access to Inside Information.</font></div><div style="margin-bottom:12pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">Persons Discharging Managerial Responsibilities</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">.- (a) The directors of Telef&#243;nica and (b) senior officers who have regular access to Inside Information and powers to make management decisions affecting the future performance and the business prospects of the Company.</font></div><div style="margin-bottom:12pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">Regulatory Compliance Unit</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">-</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%"> The unit reporting to the General Secretary that shall perform the duties established in this ICC and, specifically, in article 19 hereof.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%"> </font></div><div style="margin-bottom:12pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">Restricted Securities</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">.- Securities and financial instruments that have not been issued by Telef&#243;nica or by an entity within the Telef&#243;nica Group and regarding which the Company has inside information within the framework of a Confidential Transaction.</font></div><div style="margin-bottom:12pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">Treasury Stock Management Team</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">.- A separate team that shall carry out Treasury Stock Transactions pursuant to the provisions of this ICC and, specifically, of article 17 hereof.</font></div><div style="margin-bottom:12pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">Treasury Stock Officer</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">- </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">The officer responsible for the Treasury Stock Management Team pursuant to the provisions of this ICC and, specifically, of article 17 hereof.</font></div><div style="margin-bottom:12pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">Treasury Stock Transactions</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">.- Has the meaning assigned thereto in article 14.1.</font></div><div style="margin-bottom:12pt;padding-left:70.9pt;text-align:justify;text-indent:-70.9pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">Article 2.-</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%;padding-left:19.64pt">Subjective Scope of Application and Insider Lists.</font></div><div style="margin-bottom:12pt;padding-left:28.35pt;text-align:justify;text-indent:-28.35pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">1.-</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;padding-left:15.36pt">This ICC shall apply to the following persons (hereinafter, the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">Affected Individuals</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">&#8221;)&#58;</font></div><div style="height:84.96pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:12pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">- 3 -</font></div></div></div><hr style="page-break-after:always"><div style="min-height:127.44pt;width:100%"><div style="margin-bottom:12pt;text-align:center"><font><br></font></div></div><div style="margin-bottom:12pt;padding-left:49.65pt;text-align:justify;text-indent:-21.3pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">a)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;padding-left:11.99pt">Persons Discharging Managerial Responsibilities and their Administrative Personnel&#59; and</font></div><div style="margin-bottom:12pt;padding-left:49.65pt;text-align:justify;text-indent:-21.3pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">b)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;padding-left:11.31pt">Officers or employees of the Telef&#243;nica Group who have Inside Information or who participate in, have access to or are aware of a Confidential Transaction.</font></div><div style="margin-bottom:12pt;padding-left:28.35pt;text-align:justify;text-indent:-28.35pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">2.-</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;padding-left:15.36pt">The Regulatory Compliance Unit shall draw up and maintain updated a list of all Persons Discharging Managerial Responsibilities and of their Closely Related Persons and shall notify them (as provided by article 21.2 below) of the obligations laid down in this ICC. Persons Discharging Managerial Responsibilities shall be required to inform the Regulatory Compliance Unit of all changes that occur in connection with their Closely Related Persons.</font></div><div style="margin-bottom:12pt;padding-left:28.35pt;text-align:justify;text-indent:-28.35pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">3.-</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;padding-left:15.36pt">In addition, the Regulatory Compliance Unit shall draw up and maintain updated, on a timely basis, a list (hereinafter, the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">Insider List</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">&#8221;) of all persons who have access to Inside Information or who participate in or are aware of a Confidential Transaction and (i) work for the Telef&#243;nica Group under an employment contract or (ii) perform duties as Outside Advisors. </font></div><div style="margin-bottom:12pt;padding-left:28.35pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">The Insider List shall be drawn up and maintained updated in such format and with such content as is established in the Market Abuse Regulation and the legal provisions thereunder and, in general, pursuant to applicable legal provisions, and shall in any event include the names of the persons participating therein, the date and time at which each of them had access to the information and the date of preparation of the Insider List, which shall be updated on a timely basis in those cases established by applicable legal provisions.</font></div><div style="margin-bottom:12pt;padding-left:28.35pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">The Compliance Unit shall expressly notify the persons included in the Insider List of the nature of the information, of their duty of confidentiality, of the prohibition against using it and of any applicable sanctions, pursuant to applicable legal provisions, and such persons shall be required to acknowledge receipt as an indication of having notice thereof and giving their consent thereto.</font></div><div style="margin-bottom:12pt;padding-left:28.35pt;text-align:justify;text-indent:-28.35pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">4.-</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;padding-left:15.36pt">The Insider List shall be divided into separate sections for each item of Inside Information or Confidential Transaction. Those persons who must be included in the Insider List shall be entered in the section corresponding to the Inside Information or Confidential Transaction that gave rise to their inclusion therein. A supplementary section of the Insider List may be used, in which there shall be entered the officers and employees who have access to all of the Inside Information at all times and&#47;or are part of the areas relating to securities market activities (permanent insiders). </font></div><div style="margin-bottom:12pt;padding-left:28.35pt;text-align:justify;text-indent:-28.35pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">5.-</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;padding-left:15.36pt">The Regulatory Compliance Unit shall provide the officer responsible for the respective Inside Information or Confidential Transaction with the name of all the </font></div><div style="height:84.96pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:12pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">- 4 -</font></div></div></div><hr style="page-break-after:always"><div style="min-height:127.44pt;width:100%"><div style="margin-bottom:12pt;text-align:center"><font><br></font></div></div><div style="margin-bottom:12pt;padding-left:28.35pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">persons included in the Insider List in connection therewith, in order to ensure that it is shared only with persons included in such Insider List.</font></div><div style="margin-bottom:12pt;padding-left:28.35pt;text-align:justify;text-indent:-28.35pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">6.-</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;padding-left:15.36pt">The Regulatory Compliance Unit shall retain the Insider List for a period of at least five years after it is drawn up or updated.</font></div><div style="margin-bottom:12pt;padding-left:70.9pt;text-align:justify;text-indent:-70.9pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">Article 3.-</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%;padding-left:19.64pt">Objective Scope of Application.</font></div><div style="margin-bottom:12pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">The following securities and financial instruments are deemed to be &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">Affected Securities</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">&#8221; by this ICC&#58;</font></div><div style="margin-bottom:12pt;padding-left:21.3pt;text-align:justify;text-indent:-21.3pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">a)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;padding-left:11.99pt">Negotiable securities (including shares and securities similar to shares and debentures or other forms of securitized debt) issued by the Company or any entity within the Telef&#243;nica Group that have been admitted to trading or in respect of which application has been made for trading on an official secondary market or other regulated markets, on multilateral trading systems, organized trading systems or other organized secondary markets.</font></div><div style="margin-bottom:12pt;padding-left:21.3pt;text-align:justify;text-indent:-21.3pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">b)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;padding-left:11.31pt">Financial instruments and contracts granting the right to acquire or transfer the securities mentioned in the preceding paragraph a) (including securitized debt that is convertible into or exchangeable for shares or other securities similar to shares).</font></div><div style="margin-bottom:12pt;padding-left:21.3pt;text-align:justify;text-indent:-21.3pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">c)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;padding-left:11.99pt">Financial instruments and contracts of any kind whose underlying assets are securities, instruments or contracts among those listed in paragraphs a) and b) above.</font></div><div style="margin-bottom:12pt;padding-left:70.9pt;text-align:justify;text-indent:-70.9pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">Article 4.-</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%;padding-left:19.64pt">General Duties Governing Action by Affected Individuals.</font></div><div style="margin-bottom:12pt;padding-left:28.35pt;text-align:justify;text-indent:-28.35pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">1.-</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;padding-left:15.36pt">Affected Individuals shall always act in a manner such that both they and the Company comply at all times with the provisions of this ICC, the Securities Market Law, the Market Abuse Regulation and the legal provisions thereunder, and, in general, the laws and regulations applicable at any time.</font></div><div style="margin-bottom:12pt;padding-left:28.35pt;text-align:justify;text-indent:-28.35pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">2.-</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;padding-left:15.36pt">Affected Individuals shall notify the Regulatory Compliance Unit of the existence of any indications of improper or unfaithful use of the Inside Information and follow the instructions that such Unit gives them in that regard.</font></div><div style="margin-bottom:12pt;padding-left:28.35pt;text-align:justify;text-indent:-28.35pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">3.-</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;padding-left:15.36pt">Affected Individuals must consult with the Regulatory Compliance Unit regarding any question they may have as to the scope, interpretation or application of this ICC.</font></div><div style="height:84.96pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:12pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">- 5 -</font></div></div></div><hr style="page-break-after:always"><div style="min-height:127.44pt;width:100%"><div style="margin-bottom:12pt;text-align:center"><font><br></font></div></div><div style="margin-bottom:12pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">SECTION TWO <br>INSIDE INFORMATION AND PROHIBITION AGAINST MARKET MANIPULATION</font></div><div style="margin-bottom:12pt;padding-left:70.9pt;text-align:justify;text-indent:-70.9pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">Article 5.-</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%;padding-left:19.64pt">General Duties in Connection with Inside Information.</font></div><div style="margin-bottom:12pt;padding-left:28.35pt;text-align:justify;text-indent:-28.35pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">1.-</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;padding-left:15.36pt">All Affected Individuals who possess any kind of Inside Information, regardless of the origin thereof, shall&#58;</font></div><div style="margin-bottom:12pt;padding-left:49.65pt;text-align:justify;text-indent:-21.3pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">a)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;padding-left:11.99pt">Refrain from using the Inside Information for their own benefit or that of third parties.</font></div><div style="margin-bottom:12pt;padding-left:49.65pt;text-align:justify;text-indent:-21.3pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">b)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;padding-left:11.31pt">Refrain from preparing or conducting, or attempting to conduct, transactions involving Inside Information, i.e., by virtue of their access to Inside Information, refrain from (i) acquiring, transferring or assigning Affected Securities, on their own behalf or on behalf of another, directly or indirectly, (ii) as well as from cancelling or modifying an order relating to Affected Securities when the order has been given before gaining access to the Inside Information.</font></div><div style="margin-bottom:12pt;padding-left:49.65pt;text-align:justify;text-indent:-21.3pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">c)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;padding-left:11.99pt">Refrain from recommending or inducing other persons to conduct transactions involving Inside Information, which shall be deemed to mean, in a broad sense, conduct consisting of recommending or inducing other persons to (i) acquire, transfer or assign Affected Securities, or to (ii) cancel or modify orders relating thereto based on Inside Information.</font></div><div style="margin-bottom:12pt;padding-left:49.65pt;text-align:justify;text-indent:-21.3pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">d)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;padding-left:11.31pt">Safeguard the confidentiality of the Inside Information, adopting such measures as may be appropriate to prevent such information from being used improperly or unfaithfully and, if applicable, immediately take any measures required to correct the consequences that may derive therefrom, all without prejudice to the duty of communication and cooperation with judicial and governmental Authorities as provided by law.</font></div><div style="margin-bottom:12pt;padding-left:49.65pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">The officer responsible for the Inside Information or Confidential Transaction in question shall ensure that such Inside Information is shared only with persons included in the corresponding Insider List and that such Insider List is stored in a safe place and distributed with a security code in order to safeguard its confidentiality.</font></div><div style="margin-bottom:12pt;padding-left:49.65pt;text-align:justify;text-indent:-21.3pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">e)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;padding-left:11.99pt">Refrain from unlawfully communicating the Inside Information, for which purpose an unlawful communication shall be deemed to exist when the Inside Information possessed is disclosed to any other person, unless such disclosure occurs in the normal course of the Affected Individual&#8217;s work, profession or duties. For such purposes, Affected Individuals shall be deemed to act in the normal course of their work, position or profession when they communicate </font></div><div style="height:84.96pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:12pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">- 6 -</font></div></div></div><hr style="page-break-after:always"><div style="min-height:127.44pt;width:100%"><div style="margin-bottom:12pt;text-align:center"><font><br></font></div></div><div style="margin-bottom:12pt;padding-left:49.65pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">information&#58; (i) to the administrative and management bodies of the Company or of companies within the Group for the proper fulfillment of their assignments and responsibilities&#59; and (ii) to the Outside Advisors (auditors, attorneys, corporate banks, etc.) for the proper fulfillment of the mandate assigned thereto.</font></div><div style="margin-bottom:12pt;padding-left:28.35pt;text-align:justify;text-indent:-28.35pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">2.-</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;padding-left:15.36pt">The preparation and conduct of transactions whose very existence constitutes the Inside Information is excepted from the duties to refrain and to safeguard set forth in the preceding paragraphs. </font></div><div style="margin-bottom:12pt;padding-left:28.35pt;text-align:justify;text-indent:-28.35pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">3.-</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;padding-left:15.36pt">The mere fact that an Affected Individual possesses or has possessed Inside Information shall not be deemed to mean that such Individual has used it and that, as a result, such Individual has conducted transactions involving Inside Information in connection with any acquisition, transfer or assignment of Affected Securities (or, if applicable, of Restricted Securities) in the cases set forth in article 9 of the Market Abuse Regulation and in the other circumstances contemplated by applicable legal provisions or in this ICC. In particular, and without limitation&#58;</font></div><div style="margin-bottom:12pt;padding-left:49.65pt;text-align:justify;text-indent:-21.3pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">a)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;padding-left:11.99pt">If the transaction is conducted in good faith by way of compliance with an obligation that is due at the time of performance and not in order to circumvent the prohibition against transactions involving Inside Information and (i) such obligation derives from an order given or an agreement executed before the Affected Individual gained access to the Inside Information&#59; or (ii) the purpose of such transaction is to comply with a legal or regulatory provision existing before the Affected Individual gained access to the Inside Information.</font></div><div style="margin-bottom:12pt;padding-left:49.65pt;text-align:justify;text-indent:-21.3pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">b)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;padding-left:11.31pt">If the transaction consists of the subscription for or acquisition of Affected Securities (or, if applicable, of Restricted Securities), stems from a resolution providing for remuneration for shareholders or employees, and is to be implemented automatically rather than at the discretion of the Affected Individual (for example, the acquisition of shares by virtue of the distribution of dividends in kind, the subscription for bonus shares resulting from the automatic conversion of free allotment rights within the framework of a scrip dividend, or the acquisition (or allotment) of shares due to the implementation or expiration of plans for employees (including officers and&#47;or directors) that involve the delivery of shares or are referenced to the value of shares).</font></div><div style="margin-bottom:12pt;padding-left:70.9pt;text-align:justify;text-indent:-70.9pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">Article 6.-</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%;padding-left:19.64pt">Prohibition against Market Manipulation.</font></div><div style="margin-bottom:12pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Affected Individuals shall not perform any act, either on their own behalf, directly or indirectly, or on behalf or for the account of the Company or the Group, with respect to </font></div><div style="height:84.96pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:12pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">- 7 -</font></div></div></div><hr style="page-break-after:always"><div style="min-height:127.44pt;width:100%"><div style="margin-bottom:12pt;text-align:center"><font><br></font></div></div><div style="margin-bottom:12pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Affected Securities, that may constitute market manipulation or attempted market manipulation within the meaning established by applicable legal provisions.</font></div><div style="margin-bottom:12pt;padding-left:70.9pt;text-align:justify;text-indent:-70.9pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">Article 7.-</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%;padding-left:19.64pt">Confidential Transactions.</font></div><div style="margin-bottom:12pt;padding-left:28.35pt;text-align:justify;text-indent:-28.35pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">1.-</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;padding-left:15.36pt">At the beginning of the assessment or negotiation of any Confidential Transaction, Persons Discharging Managerial Responsibilities whose directorates are involved shall immediately notify the General Secretary of the Company of such circumstance, as well as of the persons participating therein and of the existence of Restricted Securities, if any. If the General Secretary himself is aware of or participates in the Confidential Transaction, it shall be sufficient for the Persons Discharging Managerial Responsibilities involved to inform the General Secretary of the persons participating therein.</font></div><div style="margin-bottom:12pt;padding-left:28.35pt;text-align:justify;text-indent:-28.35pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">2.-</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;padding-left:15.36pt">Following appropriate evaluation of the information received, the General Secretary shall give instructions to the Regulatory Compliance Unit in order for the latter to adopt the measures required to maintain the Insider List pursuant to the provisions of article 2.3 above.</font></div><div style="margin-bottom:12pt;padding-left:28.35pt;text-align:justify;text-indent:-28.35pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">3.-</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;padding-left:15.36pt">Affected Individuals shall comply, in any event, with any other instructions and&#47;or recommendations that may be given to them in this regard by the ICC Committee or the Regulatory Compliance Unit.</font></div><div style="margin-bottom:12pt;padding-left:70.9pt;text-align:justify;text-indent:-70.9pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">Article 8.-</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%;padding-left:19.64pt">Dissemination of Inside Information.</font></div><div style="margin-bottom:12pt;padding-left:28.35pt;text-align:justify;text-indent:-28.35pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">1.-</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;padding-left:15.36pt">The Company shall make public, as soon as possible, the Inside Information affecting it directly, on such terms and subject to such exceptions as are set forth in applicable legal provisions, using the mechanism that has been officially established, and in a manner such as to allow for quick access to and thorough, accurate and timely evaluation of such Inside Information by the public.</font></div><div style="margin-bottom:12pt;padding-left:28.35pt;text-align:justify;text-indent:-28.35pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">2.-</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;padding-left:15.36pt">The content of the communication shall be true, clear, complete and, when so required by the nature of the information, quantified, such that it is not misleading.</font></div><div style="margin-bottom:12pt;padding-left:28.35pt;text-align:justify;text-indent:-28.35pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">3.-</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;padding-left:15.36pt">The Company shall include and maintain on its website, for a period of at least five years, all the Inside Information that it is required to make public.</font></div><div style="margin-bottom:12pt;padding-left:28.35pt;text-align:justify;text-indent:-28.35pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">4.-</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;padding-left:15.36pt">The Company may delay, under its own responsibility, the public dissemination of Inside Information, provided that this is done in the cases and in compliance with the requirements established by applicable legal provisions.</font></div><div style="margin-bottom:12pt;padding-left:28.35pt;text-align:justify;text-indent:-28.35pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">5.-</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;padding-left:15.36pt">All information of a financial or corporate nature that the Company deems necessary to publish due to the special interest thereof (unregulated information) or based on a legal or regulatory obligation (regulated information), so long as it does not fall within the category of Inside Information, shall be disseminated </font></div><div style="height:84.96pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:12pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">- 8 -</font></div></div></div><hr style="page-break-after:always"><div style="min-height:127.44pt;width:100%"><div style="margin-bottom:12pt;text-align:center"><font><br></font></div></div><div style="margin-bottom:12pt;padding-left:28.35pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">among investors pursuant to the provisions of section 227 of the Securities Market Law, using the procedure available for such purpose on the website of the CNMV and under the heading &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:120%">Notice of Other Relevant Information (ORI)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">&#8221; or using any other procedure available in the future.</font></div><div style="margin-bottom:12pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">SECTION THREE<br>CONDUCT OF TRANSACTIONS INVOLVING AFFECTED SECURITIES</font></div><div style="margin-bottom:12pt;padding-left:70.9pt;text-align:justify;text-indent:-70.9pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">Article 9.-</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%;padding-left:19.64pt">Duty to Notify Transactions.</font></div><div style="margin-bottom:12pt;padding-left:28.35pt;text-align:justify;text-indent:-28.35pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">1.-</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;padding-left:15.36pt">Persons Discharging Managerial Responsibilities and their Closely Related Persons shall notify the Company and the CNMV of all transactions carried out on their own behalf in connection with Affected Securities. This duty of notification shall apply both to transactions conducted directly and to those conducted indirectly or through nominee persons or entities.</font></div><div style="margin-bottom:12pt;padding-left:28.35pt;text-align:justify;text-indent:-28.35pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">2.-</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;padding-left:15.36pt">This notification shall be made without delay and within not more than three business days after the date of the transaction.</font></div><div style="margin-bottom:12pt;padding-left:28.35pt;text-align:justify;text-indent:-28.35pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">3.-</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;padding-left:15.36pt">Transactions that must be mandatorily notified include the following, without limitation&#58;</font></div><div style="margin-bottom:12pt;padding-left:49.65pt;text-align:justify;text-indent:-21.3pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">a)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;padding-left:11.99pt">Acquisition, disposal, short sale, subscription or exchange. </font></div><div style="margin-bottom:12pt;padding-left:49.65pt;text-align:justify;text-indent:-21.3pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">b)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;padding-left:11.31pt">Contracting for, accepting or exercising stock options, including stock options granted to officers or employees as part of their remuneration package, and the transfer or assignment of shares stemming from the exercise of stock options.</font></div><div style="margin-bottom:12pt;padding-left:49.65pt;text-align:justify;text-indent:-21.3pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">c)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;padding-left:11.99pt">Entering into or exercising equity swaps.</font></div><div style="margin-bottom:12pt;padding-left:49.65pt;text-align:justify;text-indent:-21.3pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">d)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;padding-left:11.31pt">Transactions in or related to derivatives, including cash-settled transactions. </font></div><div style="margin-bottom:12pt;padding-left:49.65pt;text-align:justify;text-indent:-21.3pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">e)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;padding-left:11.99pt">Entering into contracts for differences. </font></div><div style="margin-bottom:12pt;padding-left:49.65pt;text-align:justify;text-indent:-21.3pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">f)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;padding-left:13.32pt">Acquisition, assignment or exercise of rights, including put and call options, and warrants.</font></div><div style="margin-bottom:12pt;padding-left:49.65pt;text-align:justify;text-indent:-21.3pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">g)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;padding-left:11.31pt">Subscription to a capital increase or debt instrument issuance.</font></div><div style="margin-bottom:12pt;padding-left:49.65pt;text-align:justify;text-indent:-21.3pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">h)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;padding-left:11.31pt">Transactions in derivatives or financial instruments linked to a debt instrument, including credit default swaps. </font></div><div style="margin-bottom:12pt;padding-left:49.65pt;text-align:justify;text-indent:-21.3pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">i)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;padding-left:13.98pt">Conditional transactions subject to the occurrence of the conditions and to the actual execution of the transactions.</font></div><div style="height:84.96pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:12pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">- 9 -</font></div></div></div><hr style="page-break-after:always"><div style="min-height:127.44pt;width:100%"><div style="margin-bottom:12pt;text-align:center"><font><br></font></div></div><div style="margin-bottom:12pt;padding-left:49.65pt;text-align:justify;text-indent:-21.3pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">j)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;padding-left:13.98pt">Automatic or non-automatic conversion of a financial instrument into another financial instrument, including the exchange of convertible bonds to shares. </font></div><div style="margin-bottom:12pt;padding-left:49.65pt;text-align:justify;text-indent:-21.3pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">k)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;padding-left:11.31pt">Gifts and donations made or received, and inheritance received. </font></div><div style="margin-bottom:12pt;padding-left:49.65pt;text-align:justify;text-indent:-21.3pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">l)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;padding-left:13.98pt">Transactions executed in derivatives, baskets and index-related products, insofar as required by article 19 of the Market Abuse Regulation.</font></div><div style="margin-bottom:12pt;padding-left:49.65pt;text-align:justify;text-indent:-21.3pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">m)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;padding-left:7.98pt">Transactions executed in shares or units of Investment Funds, including alternative investment funds (AIFs), insofar as required by article 19 of the Market Abuse Regulation.</font></div><div style="margin-bottom:12pt;padding-left:49.65pt;text-align:justify;text-indent:-21.3pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">n)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;padding-left:11.31pt">Transactions executed by the manager of an AIF in which an Affected Individual (or, if the Affected Individual is a Person Discharging Managerial Responsibilities, their Closely Related Person) has invested, insofar as required by article 19 of the Market Abuse Regulation.</font></div><div style="margin-bottom:12pt;padding-left:49.65pt;text-align:justify;text-indent:-21.3pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">o)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;padding-left:11.31pt">Transactions executed by a third party under an individual portfolio or asset management mandate on behalf or for the benefit of an Affected Individual (or, if the Affected Individual is a Person Discharging Managerial Responsibilities, their Closely Related Person).</font></div><div style="margin-bottom:12pt;padding-left:49.65pt;text-align:justify;text-indent:-21.3pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">p)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;padding-left:11.31pt">Borrowing or lending of shares or debt instruments or derivatives or other financial instruments linked thereto.</font></div><div style="margin-bottom:12pt;padding-left:49.65pt;text-align:justify;text-indent:-21.3pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">q)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;padding-left:11.31pt">Pledge of securities or financial instruments (provided, however, that notification of a pledge or other similar security interest affecting financial instruments and referring to the deposit of financial instruments in a custody account shall not be required until and unless such pledge or other security interest is designated to secure a specific credit facility).</font></div><div style="margin-bottom:12pt;padding-left:49.65pt;text-align:justify;text-indent:-21.3pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">r)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;padding-left:13.32pt">Transactions conducted under a life insurance policy if&#58;</font></div><div style="margin-bottom:12pt;padding-left:78pt;text-align:justify;text-indent:-28.35pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">(i)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;padding-left:17.04pt">The policy-holder is a Person Discharging Managerial Responsibilities or their Closely Related Person.</font></div><div style="margin-bottom:12pt;padding-left:78pt;text-align:justify;text-indent:-28.35pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">(ii)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;padding-left:13.71pt">The investment risk is borne by the policy-holder&#59; and </font></div><div style="margin-bottom:12pt;padding-left:78pt;text-align:justify;text-indent:-28.35pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">(iii)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;padding-left:10.38pt">The policy-holder has the right or discretionary power to make investment decisions relating to specific instruments under such life insurance policy or to carry out transactions regarding specific instruments for such life insurance policy.</font></div><div style="margin-bottom:12pt;padding-left:28.35pt;text-align:justify;text-indent:-28.35pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">4.-</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;padding-left:15.36pt">The duty of notification to the CNMV shall apply to all subsequent transactions once a total amount of 20,000 euros has been reached within a calendar year. The </font></div><div style="height:84.96pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:12pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">- 10 -</font></div></div></div><hr style="page-break-after:always"><div style="min-height:127.44pt;width:100%"><div style="margin-bottom:12pt;text-align:center"><font><br></font></div></div><div style="margin-bottom:12pt;padding-left:28.35pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">20,000-euro threshold shall be calculated by adding, without netting, all transactions that require notification. Without prejudice to the foregoing, Persons Discharging Managerial Responsibilities and their Closely Related Persons must notify the Regulatory Compliance Unit of all transactions, regardless of the amount thereof, for notification to the CNMV where applicable.</font></div><div style="margin-bottom:12pt;padding-left:28.35pt;text-align:justify;text-indent:-28.35pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">5.-</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;padding-left:15.36pt">The notification to the Company shall be made through the information technology system that the Company shall implement for this purpose and which shall comprise such forms as, containing the date, type of transaction, number and price of the Affected Securities and other information required by applicable legal provisions, shall be used to provide notification of such transactions. However, in the event that the system is not available for any reason, the notification shall be made by sending a written document or an e-mail or fax to the Regulatory Compliance Unit.</font></div><div style="margin-bottom:12pt;padding-left:28.35pt;text-align:justify;text-indent:-28.35pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">6.-</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;padding-left:15.36pt">In any event, pursuant to applicable legal provisions, the notification of transactions shall include at least&#58; the person&#8217;s name, the reason for the notification, the name of the issuer in question, the description and ticker symbol of the security or financial instrument, the nature of the transaction (for example, acquisition or transfer), the date and place of the transaction, and the price and volume.</font></div><div style="margin-bottom:12pt;padding-left:28.35pt;text-align:justify;text-indent:-28.35pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">7.-</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;padding-left:15.36pt">When transactions are conducted by Closely Related Persons, the notification to the Company may be made through the respective Person Discharging Managerial Responsibilities.</font></div><div style="margin-bottom:12pt;padding-left:28.35pt;text-align:justify;text-indent:-28.35pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">8.-</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;padding-left:15.36pt">The duty of notification set forth in this article shall also apply to transactions decided by portfolio managers or attorneys-in-fact even without participation of the obligor. Persons Discharging Managerial Responsibilities and their Closely Related Persons who have entrusted third parties with the management of securities portfolios or have granted powers of attorney to operate in the securities market shall either exclude the Affected Securities from the scope of the management or power of attorney or take such steps as may be required to ensure that the transactions involving Affected Securities are timely notified in accordance with this ICC and applicable legal provisions.</font></div><div style="margin-bottom:12pt;padding-left:28.35pt;text-align:justify;text-indent:-28.35pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">9.-</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;padding-left:15.36pt">Persons Discharging Managerial Responsibilities shall notify their Closely Related Persons in writing of their obligations under this article and shall retain a copy of such notification.</font></div><div style="margin-bottom:12pt;padding-left:70.9pt;text-align:justify;text-indent:-70.9pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">Article 10.-</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%;padding-left:13.64pt">Closed Periods.</font></div><div style="margin-bottom:12pt;padding-left:28.35pt;text-align:justify;text-indent:-28.35pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">1.-</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;padding-left:15.36pt">Without prejudice to the duties established in article 5 above and in addition to the cases set forth in such article, Affected Individuals shall refrain from conducting </font></div><div style="height:84.96pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:12pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">- 11 -</font></div></div></div><hr style="page-break-after:always"><div style="min-height:127.44pt;width:100%"><div style="margin-bottom:12pt;text-align:center"><font><br></font></div></div><div style="margin-bottom:12pt;padding-left:28.35pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">transactions involving Affected Securities during the following periods (the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">Closed Periods</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">&#8221;)&#58;</font></div><div style="margin-bottom:12pt;padding-left:49.65pt;text-align:justify;text-indent:-21.3pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">a)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;padding-left:11.99pt">During thirty calendar days prior to the date on which it is expected that the Company will publish its annual financial statements and semi-annual or annual financial reports and the quarterly management statements.</font></div><div style="margin-bottom:12pt;padding-left:49.65pt;text-align:justify;text-indent:-21.3pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">b)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;padding-left:11.31pt">During those periods that the Regulatory Compliance Unit or the ICC Committee may declare to be closed periods because a Confidential Transaction is being prepared (and depending on the degree of progress thereon) or because of the existence of other reasons that so warrant.</font></div><div style="margin-bottom:12pt;padding-left:28.35pt;text-align:justify;text-indent:-28.35pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">2.-</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;padding-left:15.36pt">Without prejudice to the foregoing prohibitions, Affected Individuals may, on an exceptional basis, request authorization from the ICC Committee for the conduct of transactions during the Closed Periods affecting them, and the ICC Committee may give such authorization so long as the circumstances so warrant and it is possible under applicable legal provisions, with the reasons for the authorization being sufficiently stated for record purposes.</font></div><div style="margin-bottom:12pt;padding-left:70.9pt;text-align:justify;text-indent:-70.9pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">Article 11.-</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%;padding-left:13.64pt">Restricted Securities. </font></div><div style="margin-bottom:12pt;padding-left:28.35pt;text-align:justify;text-indent:-28.35pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">1.-</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;padding-left:15.36pt">Affected Individuals who are notified of the existence of specific Restricted Securities shall not be allowed to conduct transactions involving them. </font></div><div style="margin-bottom:12pt;padding-left:28.35pt;text-align:justify;text-indent:-28.35pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">2.-</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;padding-left:15.36pt">The Regulatory Compliance Unit or the ICC Committee shall identify the securities that may be deemed to be Restricted Securities at any given time for the respective Affected Individuals, as well as the period during which the restriction shall remain in force. The Regulatory Compliance Unit shall maintain an updated list of such securities and of the Affected Individuals in connection therewith, and shall timely notify such individuals of the existence of this restriction as well as of the lifting thereof.</font></div><div style="margin-bottom:12pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">SECTION FOUR <br>NOTIFICATION OF CONFLICTS OF INTEREST</font></div><div style="margin-bottom:12pt;padding-left:70.9pt;text-align:justify;text-indent:-70.9pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">Article 12.-</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%;padding-left:13.64pt">General Operating Principles.</font></div><div style="margin-bottom:12pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Affected Individuals shall abide by the following general operating principles in connection with conflicts of interest&#58;</font></div><div style="margin-bottom:12pt;padding-left:21.3pt;text-align:justify;text-indent:-21.3pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">a)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-style:italic;font-weight:700;line-height:120%;padding-left:11.99pt">Independence</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">&#58; They must act at all times with loyalty to the Telef&#243;nica Group and its shareholders, regardless of their own or other interests. </font></div><div style="margin-bottom:12pt;padding-left:21.3pt;text-align:justify;text-indent:-21.3pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">b)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-style:italic;font-weight:700;line-height:120%;padding-left:11.31pt">Restriction</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">&#58; They must refrain from interfering in or influencing the making of decisions that may affect individuals or entities with whom there is a conflict. </font></div><div style="height:84.96pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:12pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">- 12 -</font></div></div></div><hr style="page-break-after:always"><div style="min-height:127.44pt;width:100%"><div style="margin-bottom:12pt;text-align:center"><font><br></font></div></div><div style="margin-bottom:12pt;padding-left:21.3pt;text-align:justify;text-indent:-21.3pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">c)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-style:italic;font-weight:700;line-height:120%;padding-left:11.99pt">Confidentiality</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">&#58; They must refrain from receiving information classified as confidential which may affect such conflict.</font></div><div style="margin-bottom:12pt;padding-left:70.9pt;text-align:justify;text-indent:-70.9pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">Article 13.-</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%;padding-left:13.64pt">Notification of Conflicts.</font></div><div style="margin-bottom:12pt;padding-left:28.35pt;text-align:justify;text-indent:-28.35pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">1.-</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;padding-left:15.36pt">Members of the Board of Directors shall be governed in this regard by the rules provided for in the Regulations of the Board of Directors of Telef&#243;nica. </font></div><div style="margin-bottom:12pt;padding-left:28.35pt;text-align:justify;text-indent:-28.35pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">2.-</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;padding-left:15.36pt">The remaining Affected Individuals must inform the Regulatory Compliance Unit, as quickly as possible and through the information technology system that Telef&#243;nica implements for this purpose, of any situations that may potentially involve the appearance of conflicts of interest, by reason of their activities outside the Telef&#243;nica Group, their family relations, their personal holdings or any other reason, involving&#58;</font></div><div style="margin-bottom:12pt;padding-left:49.65pt;text-align:justify;text-indent:-21.3pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">a)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;padding-left:11.99pt">Financial intermediaries serving the Telef&#243;nica Group. </font></div><div style="margin-bottom:12pt;padding-left:49.65pt;text-align:justify;text-indent:-21.3pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">b)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;padding-left:11.31pt">Professional or institutional investors who have a significant relationship with the Telef&#243;nica Group. </font></div><div style="margin-bottom:12pt;padding-left:49.65pt;text-align:justify;text-indent:-21.3pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">c)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;padding-left:11.99pt">Large equipment or materials suppliers. </font></div><div style="margin-bottom:12pt;padding-left:49.65pt;text-align:justify;text-indent:-21.3pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">d)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;padding-left:11.31pt">Suppliers of professional services or Outside Advisors. </font></div><div style="margin-bottom:12pt;padding-left:28.35pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">In the event that the information technology system is not available for any reason, such notifications may be made by sending a written document or an e-mail or fax. </font></div><div style="margin-bottom:12pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">SECTION FIVE<br>TREASURY STOCK TRADING</font></div><div style="margin-bottom:12pt;padding-left:70.9pt;text-align:justify;text-indent:-70.9pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">Article 14.-</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%;padding-left:13.64pt">Scope of Application.</font></div><div style="margin-bottom:12pt;padding-left:28.35pt;text-align:justify;text-indent:-28.35pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">1.-</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;padding-left:15.36pt">For purposes of this ICC, &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">Treasury Stock Transactions</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">&#8221; shall be deemed to be those transactions carried out by the Company, whether directly or through any of the companies within the Group, which involve shares of the Company, as well as the financial instruments or contracts of any kind, whether or not traded on the Stock Exchange or other organized secondary markets, that grant the right to acquire, or whose underlying assets are, shares of the Company.</font></div><div style="margin-bottom:12pt;padding-left:28.35pt;text-align:justify;text-indent:-28.35pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">2.-</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;padding-left:15.36pt">All persons taking part in the conduct of Treasury Stock Transactions shall be required to comply with the provisions set forth in this Section.</font></div><div style="height:84.96pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:12pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">- 13 -</font></div></div></div><hr style="page-break-after:always"><div style="min-height:127.44pt;width:100%"><div style="margin-bottom:12pt;text-align:center"><font><br></font></div></div><div style="margin-bottom:12pt;padding-left:70.9pt;text-align:justify;text-indent:-70.9pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">Article 15.-</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%;padding-left:13.64pt">Operating Principles.</font></div><div style="margin-bottom:12pt;padding-left:28.35pt;text-align:justify;text-indent:-28.35pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">1.-</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;padding-left:15.36pt">Treasury Stock Transactions shall have a lawful purpose and shall in no event be intended to distort the free formation of the price of the Company&#8217;s shares on the market. A lawful purpose shall be deemed to include, without limitation&#58;</font></div><div style="margin-bottom:12pt;padding-left:56.7pt;text-align:justify;text-indent:-28.35pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">(i)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;padding-left:17.04pt">The purposes contemplated by applicable legal provisions regarding exemptions for buy-back programs and the stabilization of financial instruments, liquidity contracts for purposes of their acceptance as a market practice, as well as any other purposes that may be established as accepted market practices under applicable legal provisions.</font></div><div style="margin-bottom:12pt;padding-left:56.7pt;text-align:justify;text-indent:-28.35pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">(ii)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;padding-left:13.71pt">To provide investors with appropriate liquidity and depth when trading in the Company&#8217;s shares.</font></div><div style="margin-bottom:12pt;padding-left:56.7pt;text-align:justify;text-indent:-28.35pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">(iii)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;padding-left:10.38pt">To implement the shareholder remuneration policy by means of a buy-back of shares on the market for subsequent cancellation or distribution thereof.</font></div><div style="margin-bottom:12pt;padding-left:56.7pt;text-align:justify;text-indent:-28.35pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">(iv)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;padding-left:11.04pt">To implement programs for the purchase of own shares, approved by the competent body under the corresponding authorization from the shareholders at a General Shareholders&#8217; Meeting.</font></div><div style="margin-bottom:12pt;padding-left:56.7pt;text-align:justify;text-indent:-28.35pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">(v)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;padding-left:14.37pt">To allow access by the Company to such securities as it may need to comply with obligations to deliver own shares that it may have assumed in connection with rights or options granted to its personnel, securities exchangeable for shares, corporate acquisitions, dividend reinvestment programs or other transactions.</font></div><div style="margin-bottom:12pt;padding-left:56.7pt;text-align:justify;text-indent:-28.35pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">(vi)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;padding-left:11.04pt">To allow for active management of the shares that the Company acquires as a consequence of corporate transactions.</font></div><div style="margin-bottom:12pt;padding-left:56.7pt;text-align:justify;text-indent:-28.35pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">(vii)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;padding-left:7.71pt">Any other purposes that are acceptable under applicable legal provisions.</font></div><div style="margin-bottom:12pt;padding-left:28.35pt;text-align:justify;text-indent:-28.35pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">2.-</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;padding-left:15.36pt">In no event shall Treasury Stock Transactions be carried out in order to interfere in the process of free formation of prices on the market or to benefit specific shareholders or investors. Specifically, the conduct of any of the activities mentioned in article 12 of the Market Abuse Regulation shall be avoided.</font></div><div style="margin-bottom:12pt;padding-left:28.35pt;text-align:justify;text-indent:-28.35pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">3.-</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;padding-left:15.36pt">Treasury Stock Transactions shall in no event be carried out on the basis of Inside Information.</font></div><div style="margin-bottom:12pt;padding-left:28.35pt;text-align:justify;text-indent:-28.35pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">4.-</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;padding-left:15.36pt">Transparency shall be ensured in relations with overseers and with market supervisory authorities in connection with Treasury Stock Transactions.</font></div><div style="height:84.96pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:12pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">- 14 -</font></div></div></div><hr style="page-break-after:always"><div style="min-height:127.44pt;width:100%"><div style="margin-bottom:12pt;text-align:center"><font><br></font></div></div><div style="margin-bottom:12pt;padding-left:70.9pt;text-align:justify;text-indent:-70.9pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">Article 16.-</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%;padding-left:13.64pt">Treasury Stock Trading.</font></div><div style="margin-bottom:12pt;padding-left:28.35pt;text-align:justify;text-indent:-28.35pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">1.-</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;padding-left:15.36pt">The volume of shares held as treasury stock shall in no event exceed the limits established in applicable legal provisions and in the authorizations granted by the competent corporate decision-making bodies.</font></div><div style="margin-bottom:12pt;padding-left:28.35pt;text-align:justify;text-indent:-28.35pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">2.-</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;padding-left:15.36pt">The Board of Directors, acting under the authorizations, if any, granted thereto by the shareholders at a General Shareholders&#8217; Meeting, shall approve and periodically update, if applicable, the general framework for treasury stock trading, specifically as regards discretionary treasury stock trading, for implementation thereof by the Treasury Stock Management Team.</font></div><div style="margin-bottom:12pt;padding-left:28.35pt;text-align:justify;text-indent:-28.35pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">3.-</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;padding-left:15.36pt">The daily volume of purchases and sales on the Stock Exchange shall not result in the Company holding a dominant position in the trading of shares.</font></div><div style="margin-bottom:12pt;padding-left:28.35pt;text-align:justify;text-indent:-28.35pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">4.-</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;padding-left:15.36pt">Prices shall be set in such a way that they do not interfere in the process of free formation thereof. To such end, instructions shall be given to the financial intermediary or intermediaries used in order for them to act in accordance with this principle. </font></div><div style="margin-bottom:12pt;padding-left:28.35pt;text-align:justify;text-indent:-28.35pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">5.-</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;padding-left:15.36pt">In addition to the provisions set forth in this ICC, the rules and provisions applicable to treasury stock transactions by issuers listed on Stock Exchanges on which the Company&#8217;s shares are listed shall be duly complied with.</font></div><div style="margin-bottom:12pt;padding-left:28.35pt;text-align:justify;text-indent:-28.35pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">6.-</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;padding-left:15.36pt">As regards discretionary treasury stock trading, the Company shall especially take into account any guidelines issued by competent supervisory authorities. Without prejudice to the foregoing, the Company shall apply the following guidelines to its discretionary treasury stock trading, and shall stray from them only if there are reasons that so warrant&#58;</font></div><div style="margin-bottom:12pt;padding-left:56.7pt;text-align:justify;text-indent:-28.35pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">1.1</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-style:italic;font-weight:700;line-height:120%;padding-left:13.35pt">Price</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">&#58; Buy orders shall be made at a price that shall not exceed the higher of&#58; (i) the price of the last market trade carried out by independent parties&#59; and (ii) the highest price contained in a buy order on the order book.</font></div><div style="margin-bottom:12pt;padding-left:56.7pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Sell orders shall be made at a price that shall not be less than the lower of&#58; (i) the price of the last market trade carried out by independent parties&#59; and (ii) the lowest price contained in a sell order on the order book.</font></div><div style="margin-bottom:12pt;padding-left:56.7pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">In addition, buy or sell prices shall not be such as to generate a trend in the price of the security.</font></div><div style="margin-bottom:12pt;padding-left:56.7pt;text-align:justify;text-indent:-28.35pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">1.2</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-style:italic;font-weight:700;line-height:120%;padding-left:13.35pt">Volume</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">&#58; As a general rule, treasury stock trading, including buying and selling, shall not exceed 15% of the average daily purchase trading in the 30 previous trading sessions in the orders market of the continuous market. Such limit shall be 25% when treasury stock is to be used as consideration </font></div><div style="height:84.96pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:12pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">- 15 -</font></div></div></div><hr style="page-break-after:always"><div style="min-height:127.44pt;width:100%"><div style="margin-bottom:12pt;text-align:center"><font><br></font></div></div><div style="margin-bottom:12pt;padding-left:56.7pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">in the acquisition of another company or to be given in exchange within the framework of a merger process.</font></div><div style="margin-bottom:12pt;padding-left:56.7pt;text-align:justify;text-indent:-28.35pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">1.3</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-style:italic;font-weight:700;line-height:120%;padding-left:13.35pt">Time</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">&#58; As a general rule, treasury stock transactions shall be subject to the following time limits&#58;</font></div><div style="margin-bottom:12pt;padding-left:78pt;text-align:justify;text-indent:-21.3pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">a)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;padding-left:11.99pt">No buy or sell orders may be introduced during opening or closing auctions, unless the price trend of the auction is not decisively influenced thereby. </font></div><div style="margin-bottom:12pt;padding-left:78pt;text-align:justify;text-indent:-21.3pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">b)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;padding-left:11.31pt">No orders shall be introduced during the auction period prior to the lifting of the suspension of the Company&#8217;s shares from trading, if any such suspension has been declared, until trades have been crossed on the security. Orders that have not been executed upon the suspension being declared shall be withdrawn.</font></div><div style="margin-bottom:12pt;padding-left:56.7pt;text-align:justify;text-indent:-28.35pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">1.4</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;padding-left:13.35pt">In exceptional circumstances, such as, among others, those causing significant alterations in the volatility or levels of supply of and demand for shares, and for good reasons, the limit stated in the first sentence of section 6.2 above may be exceeded.</font></div><div style="margin-bottom:12pt;padding-left:56.7pt;text-align:justify;text-indent:-28.35pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">1.5</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;padding-left:13.35pt">The rules set forth in sections 6.1, 6.2 and 6.3 above shall not apply to treasury stock transactions carried out in the block market unless the Company has proof that the counterparty is </font><font style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">reversing a position</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%"> previously taken through transactions in the orders market. </font></div><div style="margin-bottom:12pt;padding-left:28.35pt;text-align:justify;text-indent:-28.35pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">1.-</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;padding-left:15.36pt">To the extent possible, the Company shall endeavor to ensure that any program for the buy-back of own shares that it decides to implement complies with the provisions of article 5 of the Market Abuse Regulation (as further developed by Commission Delegated Regulation (EU) 2016&#47;1052 of 8 March 2016 supplementing Regulation (EU) No 596&#47;2014 of the European Parliament and of the Council with regard to regulatory technical standards for the conditions applicable to buy-back programmes and stabilisation measures) in order to benefit from the exemptions provided for in such Regulation (&#8220;safe harbor&#8221;). For such purposes, in order to benefit from said exemptions, both the launch of the program for the buy-back of own shares and the operations associated therewith, in both cases during a Closed Period or if the Company has decided to delay the publication of Inside Information as provided in article 8.4 above, shall require compliance with the provisions of article 4.2 of Delegated Regulation (EU) 2016&#47;1052.</font></div><div style="margin-bottom:12pt;padding-left:70.9pt;text-align:justify;text-indent:-70.9pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">Article 17.-</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%;padding-left:13.64pt">Treasury Stock Trading Management.</font></div><div style="margin-bottom:12pt;padding-left:28.35pt;text-align:justify;text-indent:-28.35pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">1.-</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;padding-left:15.36pt">The Company shall endeavor to ensure that treasury stock management is carried out separately from the rest of its activities.</font></div><div style="height:84.96pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:12pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">- 16 -</font></div></div></div><hr style="page-break-after:always"><div style="min-height:127.44pt;width:100%"><div style="margin-bottom:12pt;text-align:center"><font><br></font></div></div><div style="margin-bottom:12pt;padding-left:28.35pt;text-align:justify;text-indent:-28.35pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">2.-</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;padding-left:15.36pt">For such purpose, Treasury Stock Transactions shall be conducted solely by a separate team within the General Finance and Control Directorate (the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">Treasury Stock Management Team</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">&#8221;) whose members shall be subject to applicable information barriers and duties of confidentiality in compliance with the provisions of article 9.1 of the Market Abuse Regulation.</font></div><div style="margin-bottom:12pt;padding-left:28.35pt;text-align:justify;text-indent:-28.35pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">3.-</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;padding-left:15.36pt">The General Manager for Finance and Control shall appoint the person responsible for the Treasury Stock Management Team (the &#8220;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">Treasury Stock Officer</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">&#8221;) and notice of such appointment shall be given to the CNMV.</font></div><div style="margin-bottom:12pt;padding-left:28.35pt;text-align:justify;text-indent:-28.35pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">4.-</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;padding-left:15.36pt">Persons having access to Inside Information may in no event be part of the Treasury Stock Management Team or organize, implement or otherwise participate in the decision-making process relating to treasury stock transactions. Any member of the Treasury Stock Management Team who, for any reason, has access to Inside Information shall be temporarily separated therefrom and shall not be allowed to organize, implement or otherwise participate in the decision-making process relating to Treasury Stock Transactions.</font></div><div style="margin-bottom:12pt;padding-left:28.35pt;text-align:justify;text-indent:-28.35pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">5.-</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;padding-left:15.36pt">The Regulatory Compliance Unit shall maintain a register of the persons who from time to time belong to the Treasury Stock Management Team.</font></div><div style="margin-bottom:12pt;padding-left:28.35pt;text-align:justify;text-indent:-28.35pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">6.-</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;padding-left:15.36pt">The Treasury Stock Management Team and, in particular, the Treasury Stock Officer shall have the following duties and responsibilities&#58;</font></div><div style="margin-bottom:12pt;padding-left:56.7pt;text-align:justify;text-indent:-28.35pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">a)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;padding-left:19.04pt">To manage treasury stock and carry out Treasury Stock Transactions in accordance with the provisions of this ICC and applicable legal provisions.</font></div><div style="margin-bottom:12pt;padding-left:56.7pt;text-align:justify;text-indent:-28.35pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">b)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;padding-left:18.36pt">To maintain a file containing all Treasury Stock Transactions that have been ordered and carried out.</font></div><div style="margin-bottom:12pt;padding-left:56.7pt;text-align:justify;text-indent:-28.35pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">c)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;padding-left:19.04pt">To inform the Audit and Control Committee on a monthly basis of the Treasury Stock Transactions carried out.</font></div><div style="margin-bottom:12pt;padding-left:56.7pt;text-align:justify;text-indent:-28.35pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">d)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;padding-left:18.36pt">To inform the Regulatory Compliance Unit of the Treasury Stock Transactions carried out when so required for purposes of the respective notifications to the CNMV pursuant to applicable regulations on transparency.</font></div><div style="margin-bottom:12pt;padding-left:28.35pt;text-align:justify;text-indent:-28.35pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">7.-</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;padding-left:15.36pt">The Treasury Stock Management Team shall manage treasury stock in accordance with the general framework for treasury stock trading approved by the Board of Directors from time to time.</font></div><div style="height:84.96pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:12pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">- 17 -</font></div></div></div><hr style="page-break-after:always"><div style="min-height:127.44pt;width:100%"><div style="margin-bottom:12pt;text-align:center"><font><br></font></div></div><div style="margin-bottom:12pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">SECTION SIX<br>ICC COMMITTEE, REGULATORY COMPLIANCE UNIT AND MONITORING COMPLIANCE WITH THE ICC</font></div><div style="margin-bottom:12pt;padding-left:70.9pt;text-align:justify;text-indent:-70.9pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">Article 18.-</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%;padding-left:13.64pt">ICC Committee.</font></div><div style="margin-bottom:12pt;padding-left:28.35pt;text-align:justify;text-indent:-28.35pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">1.-</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;padding-left:15.36pt">The ICC Committee shall be made up of the following officers of the Telef&#243;nica Group&#58; the General Secretary, the General Manager for Finance and Control and the General Manager for Human Resources (or such Officers as may hereafter perform such current functions although their office or position has a different name).</font></div><div style="margin-bottom:12pt;padding-left:28.35pt;text-align:justify;text-indent:-28.35pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">2.-</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;padding-left:15.36pt">The ICC Committee shall have the following duties, without prejudice to any other duties that may be assigned thereto by this ICC or by the Board of Directors of Telef&#243;nica&#58; </font></div><div style="margin-bottom:12pt;padding-left:49.65pt;text-align:justify;text-indent:-21.3pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">a)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;padding-left:11.99pt">To promote awareness of this ICC and of other rules of conduct in the securities markets within the Telef&#243;nica Group.</font></div><div style="margin-bottom:12pt;padding-left:49.65pt;text-align:justify;text-indent:-21.3pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">b)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;padding-left:11.31pt">At the request of the Regulatory Compliance Unit, to interpret the provisions of this ICC and resolve any questions or issues that may arise regarding the application and content hereof, as well as to be informed of any possible events of non-compliance with any of the provisions of this ICC, in which case it shall report such event to the relevant Human Resources Directorate of the Company.</font></div><div style="margin-bottom:12pt;padding-left:49.65pt;text-align:justify;text-indent:-21.3pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">c)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;padding-left:11.99pt">To develop such procedures and rules as may be deemed appropriate to improve the application of this ICC. </font></div><div style="margin-bottom:12pt;padding-left:49.65pt;text-align:justify;text-indent:-21.3pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">d)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;padding-left:11.31pt">To give an opinion regarding requests for authorization submitted by Affected Individuals on an exceptional basis for the conduct of transactions during the Closed Periods affecting them. The ICC Committee may grant such authorization when the circumstances so warrant and it is possible under applicable legal provisions, with the reasons for the authorization being sufficiently stated for record purposes.</font></div><div style="margin-bottom:12pt;padding-left:70.9pt;text-align:justify;text-indent:-70.9pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">Article 19.-</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%;padding-left:13.64pt">Regulatory Compliance Unit. </font></div><div style="margin-bottom:12pt;padding-left:28.35pt;text-align:justify;text-indent:-28.35pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">1.-</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;padding-left:15.36pt">The Regulatory Compliance Unit shall report to the General Secretary.</font></div><div style="margin-bottom:12pt;padding-left:28.35pt;text-align:justify;text-indent:-28.35pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">2.-</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;padding-left:15.36pt">The Regulatory Compliance Unit shall maintain proper files of all communications, notifications and any other actions relating to the obligations contained in this ICC. The data in such files, which shall conform to the laws on personal data protection, shall be strictly confidential in nature.</font></div><div style="height:84.96pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:12pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">- 18 -</font></div></div></div><hr style="page-break-after:always"><div style="min-height:127.44pt;width:100%"><div style="margin-bottom:12pt;text-align:center"><font><br></font></div></div><div style="margin-bottom:12pt;padding-left:28.35pt;text-align:justify;text-indent:-28.35pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">3.-</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;padding-left:15.36pt">The Regulatory Compliance Unit shall have the following duties for purposes of this ICC, without prejudice to any other duties assigned thereto by this ICC or by the ICC Committee&#58;</font></div><div style="margin-bottom:12pt;padding-left:49.65pt;text-align:justify;text-indent:-21.3pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">a)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;padding-left:11.99pt">To maintain the notification files to which this ICC refers. </font></div><div style="margin-bottom:12pt;padding-left:49.65pt;text-align:justify;text-indent:-21.3pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">b)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;padding-left:11.31pt">To maintain an updated list of Persons Discharging Managerial Responsibilities and their Closely Related Persons as provided in article 2.2 of this ICC.</font></div><div style="margin-bottom:12pt;padding-left:49.65pt;text-align:justify;text-indent:-21.3pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">c)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;padding-left:11.99pt">To draw up and update such Insider Lists as may be required, as provided in article 2.3 of this ICC.</font></div><div style="margin-bottom:12pt;padding-left:49.65pt;text-align:justify;text-indent:-21.3pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">d)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;padding-left:11.31pt">To adopt such measures as may be required to comply with the obligations laid down in this ICC in connection with Confidential Transactions. </font></div><div style="margin-bottom:12pt;padding-left:49.65pt;text-align:justify;text-indent:-21.3pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">e)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;padding-left:11.99pt">To notify individuals on a timely basis of their status as Affected Individuals, as well as the lifting of such condition.</font></div><div style="margin-bottom:12pt;padding-left:49.65pt;text-align:justify;text-indent:-21.3pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">f)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;padding-left:13.32pt">To obtain all applicable acknowledgments of receipt as an indication of notice and consent pursuant to the provisions of article 2.3 of this ICC. </font></div><div style="margin-bottom:12pt;padding-left:49.65pt;text-align:justify;text-indent:-21.3pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">g)</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;padding-left:11.31pt">To forward to the ICC Committee any questions that may arise regarding the application of this ICC, as well as any possible events of non-compliance with any of the provisions set forth herein. </font></div><div style="margin-bottom:12pt;padding-left:70.9pt;text-align:justify;text-indent:-70.9pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">Article 20.-</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%;padding-left:13.64pt">Compliance and Internal Audit.</font></div><div style="margin-bottom:12pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">The Compliance and Internal Audit Directorates (or such Directorates with any other name as may assume compliance and internal audit duties at Telef&#243;nica) shall be responsible for monitoring compliance with the obligations and procedures contained in this ICC and other supplementary legal provisions, whether current or future. </font></div><div style="margin-bottom:12pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">SECTION SEVEN <br>VALIDITY OF THE ICC AND EFFECTS OF NON-COMPLIANCE THEREWITH</font></div><div style="margin-bottom:12pt;padding-left:70.9pt;text-align:justify;text-indent:-70.9pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">Article 21.-</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%;padding-left:13.64pt">Validity.</font></div><div style="margin-bottom:12pt;padding-left:28.35pt;text-align:justify;text-indent:-28.35pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">1.-</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;padding-left:15.36pt">This ICC shall be in force for an indefinite period of time, and the Board of Directors of Telef&#243;nica shall be responsible for the amendment and update hereof.</font></div><div style="margin-bottom:12pt;padding-left:28.35pt;text-align:justify;text-indent:-28.35pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">2.-</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;padding-left:15.36pt">The Regulatory Compliance Unit shall give notice of this ICC to Persons Discharging Managerial Responsibilities and to those Officers and Employees who normally have access to Inside Information and&#47;or are part of the areas relating to securities market activities, for which purpose each of such persons </font></div><div style="height:84.96pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:12pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">- 19 -</font></div></div></div><hr style="page-break-after:always"><div style="min-height:127.44pt;width:100%"><div style="margin-bottom:12pt;text-align:center"><font><br></font></div></div><div style="margin-bottom:12pt;padding-left:28.35pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">shall sign a statement of consent in accordance with the form established by the ICC Committee or by the Regulatory Compliance Unit.</font></div><div style="margin-bottom:12pt;padding-left:70.9pt;text-align:justify;text-indent:-70.9pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">Article 22.-</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%;padding-left:13.64pt">Effects of Non-compliance.</font></div><div style="margin-bottom:12pt;padding-left:28.35pt;text-align:justify;text-indent:-28.35pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">1.-</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;padding-left:15.36pt">Failure to comply with this ICC shall, as applicable, be deemed to be a labor violation as set forth in applicable legal provisions. </font></div><div style="margin-bottom:12pt;padding-left:28.35pt;text-align:justify;text-indent:-28.35pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">2.-</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;padding-left:15.36pt">The foregoing shall be without prejudice to any possible violation of applicable legal provisions or to the civil or criminal liability to which the violator may be subject in each case.</font></div><div style="margin-bottom:12pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">*&#160;&#160;&#160;&#160;*&#160;&#160;&#160;&#160;*</font></div><div style="height:84.96pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="margin-bottom:12pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">- 20 -</font></div></div></div></body></html>
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<DOCUMENT>
<TYPE>EX-12.1
<SEQUENCE>6
<FILENAME>exhibit12121.htm
<DESCRIPTION>EX-12.1
<TEXT>
<html><head>
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<title>Document</title></head><body><div id="iff3a27060536414c9b465acd9edd52d1_1"></div><div style="min-height:63.36pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:10pt;text-align:right"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:161%">Exhibit 12.1 </font></div><div style="margin-bottom:10pt;margin-top:10pt;text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:161%">CERTIFICATIONS </font></div><div style="text-align:justify"><font><br></font></div><div style="margin-bottom:12pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">I, Marc Thomas Murtra Millar, certify that&#58;</font></div><div style="margin-bottom:12pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">1.</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:9.67pt">I have reviewed this annual report on Form 20-F of Telef&#243;nica, S.A.&#59; </font></div><div style="margin-bottom:12pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">2.</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:9.67pt">Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report&#59; </font></div><div style="margin-bottom:12pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">3.</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:9.67pt">Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the company as of, and for, the periods presented in this report&#59; </font></div><div style="margin-bottom:12pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">4.</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:9.67pt">The company&#8217;s other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the company and have&#58; </font></div><div style="margin-bottom:12pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">a.&#160;&#160;&#160;&#160;Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the company, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared&#59; </font></div><div style="margin-bottom:12pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">b.&#160;&#160;&#160;&#160;Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles&#59; </font></div><div style="margin-bottom:12pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">c.&#160;&#160;&#160;&#160;Evaluated the effectiveness of the company&#8217;s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation&#59; and </font></div><div style="margin-bottom:12pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">d.&#160;&#160;&#160;&#160;Disclosed in this report any change in the company&#8217;s internal control over financial reporting that occurred during the period covered by the annual report that has materially affected, or is reasonably likely to materially affect, the company&#8217;s internal control over financial reporting&#59; and </font></div><div style="margin-bottom:12pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">5.</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:9.67pt">The company&#8217;s other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the company&#8217;s auditors and the audit committee of the company&#8217;s board of directors (or persons performing the equivalent functions)&#58; 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Marc Thomas Murtra Millar</font></div></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:1.5pt;margin-top:1.65pt;padding-right:6.75pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Name&#58;</font></div></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:12pt;padding-left:0.02pt;text-align:justify"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Marc Thomas Murtra Millar</font></div></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:1.5pt;margin-top:2.65pt;padding-right:6.75pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Title&#58;</font></div></td><td colspan="3" style="padding:2px 1pt 2px 1.02pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Chairman and Chief Executive Officer</font></td></tr></table></div><div style="height:54pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:161%">&#160;&#160;&#160;&#160;</font></div></div></div></body></html>
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<DOCUMENT>
<TYPE>EX-12.2
<SEQUENCE>7
<FILENAME>exhibit122111.htm
<DESCRIPTION>EX-12.2
<TEXT>
<html><head>
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<title>Document</title></head><body><div id="i3210486956bc46aeaed7520b335df283_1"></div><div style="min-height:63.36pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:10pt;text-align:right"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:139%">Exhibit 12.2</font></div><div style="margin-bottom:10pt;margin-top:10pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:139%">CERTIFICATIONS </font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:139%">I, Laura Abasolo Garc&#237;a de Baquedano, certify that&#58;</font></div><div style="text-align:justify"><font><br></font></div><div style="margin-bottom:10pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:139%">1.&#160;&#160;&#160;&#160;I have reviewed this annual report on Form 20-F of Telef&#243;nica, S.A.&#59; </font></div><div style="margin-bottom:10pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:139%">2.&#160;&#160;&#160;&#160;Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report&#59; </font></div><div style="margin-bottom:10pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:139%">3.&#160;&#160;&#160;&#160;Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the company as of, and for, the periods presented in this report&#59; </font></div><div style="margin-bottom:10pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:139%">4</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:139%">.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:139%">&#160;&#160;&#160;&#160;The company&#8217;s other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the company and have&#58; </font></div><div style="margin-bottom:10pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:139%">a.&#160;&#160;&#160;&#160;Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the company, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared&#59; </font></div><div style="margin-bottom:10pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:139%">b.&#160;&#160;&#160;&#160;Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles&#59; </font></div><div style="margin-bottom:10pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:139%">c.&#160;&#160;&#160;&#160;Evaluated the effectiveness of the company&#8217;s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation&#59; and </font></div><div style="margin-bottom:10pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:139%">d.&#160;&#160;&#160;&#160;Disclosed in this report any change in the company&#8217;s internal control over financial reporting that occurred during the period covered by the annual report that has materially affected, or is reasonably likely to materially affect, the company&#8217;s internal control over financial reporting&#59; and </font></div><div style="margin-bottom:10pt;padding-left:18pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:139%">5.&#160;&#160;&#160;&#160;The company&#8217;s other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the company&#8217;s auditors and the audit committee of the company&#8217;s board of directors (or persons performing the equivalent functions)&#58; </font></div><div style="margin-bottom:10pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:139%">a.&#160;&#160;&#160;&#160;All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the company&#8217;s ability to record, process, summarize and report financial information&#59; and </font></div><div style="margin-bottom:10pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:139%">b.&#160;&#160;&#160;&#160;Any fraud, whether or not material, that involves management or other employees who have a significant role in the company&#8217;s internal control over financial reporting.</font></div><div style="height:54pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:139%">&#160;&#160;&#160;&#160;</font></div></div></div><hr style="page-break-after:always"><div style="min-height:63.36pt;width:100%"><div><font><br></font></div></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:5.951%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:26.944%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.803%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:1.883%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.156%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:36.563%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 1.02pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Date&#58;</font></td><td colspan="3" style="padding:2px 1pt 2px 1.02pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">February 27, 2025</font></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="6" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:1.5pt;margin-top:3.75pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#47;s&#47; </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Laura Abasolo Garc&#237;a de Baquedano</font></div></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:1.5pt;margin-top:2.75pt;padding-right:6.75pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Name&#58;</font></div></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt 2px 1.02pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Laura Abasolo Garc&#237;a de Baquedano</font></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:1.5pt;margin-top:3.75pt;padding-right:6.75pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Title&#58;</font></div></td><td colspan="3" style="padding:2px 1pt 2px 1.02pt;text-align:left;vertical-align:top"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Chief Finance and Control Officer</font></td></tr></table></div><div><font><br></font></div><div style="height:54pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:139%">&#160;&#160;&#160;&#160;</font></div></div></div></body></html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-13.1
<SEQUENCE>8
<FILENAME>exhibit131111.htm
<DESCRIPTION>EX-13.1
<TEXT>
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<title>Document</title></head><body><div id="i992c475b2b9b4942a499f1b8a8991e11_1"></div><div style="min-height:63.36pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:10pt;text-align:right"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:139%">Exhibit 13.1 </font></div><div style="margin-bottom:1pt;margin-top:10pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:139%">CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350,</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:139%"> </font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:139%">AS ADOPTED PURSUANT TO </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:139%"> </font></div><div style="margin-bottom:15pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:139%">SECTION 906 OF THE SARBANES OXLEY ACT OF 2002 </font></div><div style="margin-bottom:10pt;text-indent:18pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:139%">The certification set forth below is being submitted in connection with the Annual Report on Form 20-F for the year ended December 31, 2024 (the &#8220;Annual Report&#8221;) for the purpose of complying with Rule 13a-14(b) or Rule 15d-14(b) of the Securities Exchange Act of 1934 (the &#8220;Exchange Act&#8221;) and Section 1350 of Chapter 63 of Title 18 of the United States Code. </font></div><div style="margin-bottom:10pt;text-indent:18pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:139%">Marc Thomas Murtra Millar, Chairman and Chief Executive Officer, and Laura Abasolo Garc&#237;a de Baquedano, Chief Finance and Control Officer, of Telef&#243;nica, S.A., each certifies that, to the best of his or her knowledge&#58; 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Marc Thomas Murtra Millar</font></div></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-top:2.75pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Name&#58; Marc Thomas Murtra Millar</font></div><div style="margin-bottom:1.5pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Title&#58; Chairman and Chief Executive Officer</font></div></td></tr></table></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:139%">&#160;</font></div><div><font><br></font></div><div><font><br></font></div><div style="padding-left:281.25pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:39.903%"><tr><td style="width:1.0%"></td><td style="width:98.900%"></td><td style="width:0.1%"></td></tr><tr style="height:14pt"><td colspan="3" style="padding:0 1pt"></td></tr><tr style="height:12pt"><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:1.5pt;margin-top:3.75pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#47;s&#47; </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Laura Abasolo Garc&#237;a de Baquedano</font></div></td></tr><tr><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-top:2.75pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Name&#58; Laura Abasolo Garc&#237;a de Baquedano</font></div><div style="margin-bottom:1.5pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Title&#58; Chief Finance and Control Officer</font></div></td></tr></table></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:139%">&#160;</font></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:39.903%"><tr><td style="width:1.0%"></td><td style="width:98.900%"></td><td style="width:0.1%"></td></tr><tr style="height:14pt"><td colspan="3" style="padding:0 1pt"></td></tr></table></div><div><font><br></font></div><div><font><br></font></div><div style="height:54pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:139%">&#160;&#160;&#160;&#160;</font></div></div></div></body></html>
</TEXT>
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<DOCUMENT>
<TYPE>EX-15.1
<SEQUENCE>9
<FILENAME>exhibit1511.htm
<DESCRIPTION>EX-15.1
<TEXT>
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<title>Document</title></head><body><div id="i98913f48aec9484e95d34cb6dd508872_1"></div><div style="min-height:63.36pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:10pt;text-align:right"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:139%">Exhibit 15.1 </font></div><div style="text-align:center"><font><br></font></div><div style="margin-bottom:24pt;margin-top:24pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%">CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</font><font style="color:#ff0000;font-family:'Times New Roman',sans-serif;font-size:7.8pt;font-weight:700;line-height:112%;position:relative;top:-4.2pt;vertical-align:baseline"> </font></div><div style="margin-bottom:6pt;text-align:justify"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:112%">We hereby consent to the incorporation by reference in the Registration Statement on Form F-3 (No. 333-271347) of Telef&#243;nica, S.A. of our report dated February 27, 2025 relating to the financial statements and the effectiveness of internal control over financial reporting, which appears in this Form 20&#8209;F.</font><font style="color:#ff0000;font-family:'Times New Roman',sans-serif;font-size:7.8pt;font-weight:400;line-height:112%;position:relative;top:-4.2pt;vertical-align:baseline"> </font></div><div style="margin-bottom:6pt;text-align:justify"><font><br></font></div><div style="margin-bottom:6pt;text-align:justify"><font><br></font></div><div style="margin-bottom:6pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">&#47;s&#47; PricewaterhouseCoopers Auditores, S.L.</font></div><div style="margin-bottom:6pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">February 27, 2025</font></div><div style="margin-bottom:6pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:100%">Madrid, Spain</font></div><div><font><br></font></div><div><font><br></font></div><div style="height:54pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:7pt;font-weight:400;line-height:139%">&#160;&#160;&#160;&#160;</font></div></div></div></body></html>
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  <xs:element id="tef_LeaseLiabilitiesRecognisedAsOfAcquisitionDate" abstract="false" name="LeaseLiabilitiesRecognisedAsOfAcquisitionDate" nillable="true" xbrli:periodType="instant" xbrli:balance="credit" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType"/>
  <xs:element id="tef_ProvisionsRecognisedAsOfAcquisitionDate" abstract="false" name="ProvisionsRecognisedAsOfAcquisitionDate" nillable="true" xbrli:periodType="instant" xbrli:balance="credit" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType"/>
  <xs:element id="tef_IdentifiableLiabilitiesAcquiredRecognisedAsOfAcquisitionDate" abstract="false" name="IdentifiableLiabilitiesAcquiredRecognisedAsOfAcquisitionDate" nillable="true" xbrli:periodType="instant" xbrli:balance="credit" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType"/>
  <xs:element id="tef_IPNETGroupMember" abstract="true" name="IPNETGroupMember" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="dtr-types:domainItemType"/>
  <xs:element id="tef_OtherLongTermAssetsRecognisedAsOfAcquisitionDate" abstract="false" name="OtherLongTermAssetsRecognisedAsOfAcquisitionDate" nillable="true" xbrli:periodType="instant" xbrli:balance="debit" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType"/>
  <xs:element id="tef_TelefonicaBrasilClaroSAAndTIMSAMember" abstract="true" name="TelefonicaBrasilClaroSAAndTIMSAMember" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="dtr-types1:domainItemType"/>
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  <xs:element id="tef_NumberOfClientsRecognisedAsOfAcquisitionDate" abstract="false" name="NumberOfClientsRecognisedAsOfAcquisitionDate" nillable="true" xbrli:periodType="instant" substitutionGroup="xbrli:item" type="xbrli:integerItemType"/>
  <xs:element id="tef_NumberOfClientsRecognisedAsOfAcquisitionDatePercentage" abstract="false" name="NumberOfClientsRecognisedAsOfAcquisitionDatePercentage" nillable="true" xbrli:periodType="instant" substitutionGroup="xbrli:item" type="xbrli:pureItemType"/>
  <xs:element id="tef_SpectrumRecognisedAsOfAcquisitionDatePercentage" abstract="false" name="SpectrumRecognisedAsOfAcquisitionDatePercentage" nillable="true" xbrli:periodType="instant" substitutionGroup="xbrli:item" type="xbrli:pureItemType"/>
  <xs:element id="tef_InfrastructureContractsRecognisedAsOfAcquisitionDate" abstract="false" name="InfrastructureContractsRecognisedAsOfAcquisitionDate" nillable="true" xbrli:periodType="instant" substitutionGroup="xbrli:item" type="xbrli:integerItemType"/>
  <xs:element id="tef_InfrastructureContractsRecognisedAsOfAcquisitionDatePercentage" abstract="false" name="InfrastructureContractsRecognisedAsOfAcquisitionDatePercentage" nillable="true" xbrli:periodType="instant" substitutionGroup="xbrli:item" type="xbrli:pureItemType"/>
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  <xs:element id="tef_OtherLiabilitiesRecognisedAsOfAcquisitionDate" abstract="false" name="OtherLiabilitiesRecognisedAsOfAcquisitionDate" nillable="true" xbrli:periodType="instant" xbrli:balance="credit" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType"/>
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  <xs:element id="tef_BusinessCombinationPaymentsToCancelAccountsPayable" abstract="false" name="BusinessCombinationPaymentsToCancelAccountsPayable" nillable="true" xbrli:periodType="instant" xbrli:balance="credit" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType"/>
  <xs:element id="tef_AccountsReceivableRecognisedAsOfAcquisitionDate" abstract="false" name="AccountsReceivableRecognisedAsOfAcquisitionDate" nillable="true" xbrli:periodType="instant" xbrli:balance="debit" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType"/>
  <xs:element id="tef_AccountPayableRecognisedAsOfAcquisitionDate" abstract="false" name="AccountPayableRecognisedAsOfAcquisitionDate" nillable="true" xbrli:periodType="instant" xbrli:balance="credit" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType"/>
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  <xs:element id="tef_CurrentTaxPayablesRecognisedAsOfAcquisitionDate" abstract="false" name="CurrentTaxPayablesRecognisedAsOfAcquisitionDate" nillable="true" xbrli:periodType="instant" xbrli:balance="credit" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType"/>
  <xs:element id="tef_ComputerSoftwareNettingMember" abstract="true" name="ComputerSoftwareNettingMember" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="dtr-types:domainItemType"/>
  <xs:element id="tef_CustomerRelatedIntangibleAssetsNettingMember" abstract="true" name="CustomerRelatedIntangibleAssetsNettingMember" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="dtr-types:domainItemType"/>
  <xs:element id="tef_IntangibleAssetsOtherThanGoodwillNettingMember" abstract="true" name="IntangibleAssetsOtherThanGoodwillNettingMember" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="dtr-types:domainItemType"/>
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  <xs:element id="tef_TelefonicaArgentinaMember" abstract="true" name="TelefonicaArgentinaMember" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="dtr-types1:domainItemType"/>
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  <xs:element id="tef_GrowthRateUsedToExtrapolateCashFlowProjectionsMember" abstract="true" name="GrowthRateUsedToExtrapolateCashFlowProjectionsMember" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="dtr-types1:domainItemType"/>
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  <xs:element id="tef_InvestmentSalesRatioMember" abstract="true" name="InvestmentSalesRatioMember" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="dtr-types1:domainItemType"/>
  <xs:element id="tef_BusinessPlanTerm" abstract="false" name="BusinessPlanTerm" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="xbrli:durationItemType"/>
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  <xs:element id="tef_SensitivityAnalysisBasisSpreadOnVariableRate" abstract="false" name="SensitivityAnalysisBasisSpreadOnVariableRate" nillable="true" xbrli:periodType="instant" substitutionGroup="xbrli:item" type="dtr-types1:percentItemType"/>
  <xs:element id="tef_SensitivityAnalysisEstimatedAdditionalImpairmentOfGoodwill" abstract="false" name="SensitivityAnalysisEstimatedAdditionalImpairmentOfGoodwill" nillable="true" xbrli:periodType="duration" xbrli:balance="credit" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType"/>
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  <xs:element id="tef_OtherCompaniesMember" abstract="true" name="OtherCompaniesMember" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="dtr-types1:domainItemType"/>
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  <xs:element id="tef_OtherPropertyPlantAndEquipmentNettingMember" abstract="true" name="OtherPropertyPlantAndEquipmentNettingMember" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="dtr-types:domainItemType"/>
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  <xs:element id="tef_ExpenseRelatedToLeasesIncludedInOperatingResultsAsSupplies" abstract="false" name="ExpenseRelatedToLeasesIncludedInOperatingResultsAsSupplies" nillable="true" xbrli:periodType="duration" xbrli:balance="debit" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType"/>
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  <xs:element id="tef_SensitivityAnalysisOfChangesInForeignCurrencyExchangeRatesTable" abstract="true" name="SensitivityAnalysisOfChangesInForeignCurrencyExchangeRatesTable" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrldt:hypercubeItem" type="xbrli:stringItemType"/>
  <xs:element id="tef_AllCurrenciesVs.EURMember" abstract="true" name="AllCurrenciesVs.EURMember" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="dtr-types1:domainItemType"/>
  <xs:element id="tef_USDvs.EURMember" abstract="true" name="USDvs.EURMember" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="dtr-types1:domainItemType"/>
  <xs:element id="tef_OtherCurrenciesVsEURMember" abstract="true" name="OtherCurrenciesVsEURMember" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="dtr-types1:domainItemType"/>
  <xs:element id="tef_SensitivityAnalysisOfChangesInForeignCurrencyExchangeRatesLineItems" abstract="true" name="SensitivityAnalysisOfChangesInForeignCurrencyExchangeRatesLineItems" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="xbrli:stringItemType"/>
  <xs:element id="tef_SensitivityAnalysisChangeInForeignExchangeRateAbstract" abstract="true" name="SensitivityAnalysisChangeInForeignExchangeRateAbstract" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="xbrli:stringItemType"/>
  <xs:element id="tef_SensitivityAnalysisDecreaseInExchangeRate" abstract="false" name="SensitivityAnalysisDecreaseInExchangeRate" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="dtr-types1:percentItemType"/>
  <xs:element id="tef_SensitivityAnalysisChangeInExchangeRateImpactOnNetIncomeAbstract" abstract="true" name="SensitivityAnalysisChangeInExchangeRateImpactOnNetIncomeAbstract" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="xbrli:stringItemType"/>
  <xs:element id="tef_SensitivityAnalysisChangeInForeignExchangeRateIncreaseInNetIncome" abstract="false" name="SensitivityAnalysisChangeInForeignExchangeRateIncreaseInNetIncome" nillable="true" xbrli:periodType="duration" xbrli:balance="credit" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType"/>
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  <xs:element id="tef_PercentageOfNetDebtAtFloatingRatesOrFixedRatesLessThanOneYear" abstract="false" name="PercentageOfNetDebtAtFloatingRatesOrFixedRatesLessThanOneYear" nillable="true" xbrli:periodType="instant" substitutionGroup="xbrli:item" type="dtr-types1:percentItemType"/>
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  <xs:element id="tef_SensitivityAnalysisImpactOnNetIncomeDueToChangesInInterestRateAbstract" abstract="true" name="SensitivityAnalysisImpactOnNetIncomeDueToChangesInInterestRateAbstract" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="xbrli:stringItemType"/>
  <xs:element id="tef_SensitivityAnalysisDecreaseInNetIncomeDueToIncreaseInInterestRate" abstract="false" name="SensitivityAnalysisDecreaseInNetIncomeDueToIncreaseInInterestRate" nillable="true" xbrli:periodType="duration" xbrli:balance="debit" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType"/>
  <xs:element id="tef_SensitivityAnalysisIncreaseInNetIncomeDueToDecreaseInInterestRate" abstract="false" name="SensitivityAnalysisIncreaseInNetIncomeDueToDecreaseInInterestRate" nillable="true" xbrli:periodType="duration" xbrli:balance="credit" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType"/>
  <xs:element id="tef_SensitivityAnalysisImpactOnEquityDueToChangesInInterestRateAbstract" abstract="true" name="SensitivityAnalysisImpactOnEquityDueToChangesInInterestRateAbstract" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="xbrli:stringItemType"/>
  <xs:element id="tef_SensitivityAnalysisDecreaseInEquityDueToDecreaseInInterestRate" abstract="false" name="SensitivityAnalysisDecreaseInEquityDueToDecreaseInInterestRate" nillable="true" xbrli:periodType="duration" xbrli:balance="debit" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType"/>
  <xs:element id="tef_SensitivityAnalysisIncreaseInEquityDueToIncreaseInInterestRate" abstract="false" name="SensitivityAnalysisIncreaseInEquityDueToIncreaseInInterestRate" nillable="true" xbrli:periodType="duration" xbrli:balance="credit" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType"/>
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  <xs:element id="tef_LongTermIncentivePlanSeniorExecutiveOfficersMember" abstract="true" name="LongTermIncentivePlanSeniorExecutiveOfficersMember" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="dtr-types:domainItemType"/>
  <xs:element id="tef_SharebasedCompensationArrangementbySharebasedPaymentAwardAwardVestingPeriod1" abstract="false" name="SharebasedCompensationArrangementbySharebasedPaymentAwardAwardVestingPeriod1" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="xbrli:durationItemType"/>
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  <xs:element id="tef_PeriodtoPayAllCommitments" abstract="false" name="PeriodtoPayAllCommitments" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="xbrli:durationItemType"/>
  <xs:element id="tef_HedgingInstrumentNonCurrentLiabilities" abstract="false" name="HedgingInstrumentNonCurrentLiabilities" nillable="true" xbrli:periodType="instant" xbrli:balance="credit" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType"/>
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  <xs:element id="tef_TelefonicaHispanoamericaMember" abstract="true" name="TelefonicaHispanoamericaMember" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="dtr-types1:domainItemType"/>
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  <xs:element id="tef_NetRepatriationOfFundsLoanPayments" abstract="false" name="NetRepatriationOfFundsLoanPayments" nillable="true" xbrli:periodType="duration" xbrli:balance="credit" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType"/>
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  <xs:element id="tef_TransferFromEquityToProfitAndLossFromCashFlowHedgesNotExpectedtoHappen" abstract="false" name="TransferFromEquityToProfitAndLossFromCashFlowHedgesNotExpectedtoHappen" nillable="true" xbrli:periodType="duration" xbrli:balance="debit" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType"/>
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  <xs:element id="tef_FinancingPaymentsofFinancialInstruments" abstract="false" name="FinancingPaymentsofFinancialInstruments" nillable="true" xbrli:periodType="duration" xbrli:balance="debit" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType"/>
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  <xs:element id="tef_HedgesinEquity" abstract="false" name="HedgesinEquity" nillable="true" xbrli:periodType="instant" xbrli:balance="credit" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType"/>
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  <xs:element id="tef_IncreaseDecreaseinCostofHedginginEquityfromTransferstoIncomeStatement" abstract="false" name="IncreaseDecreaseinCostofHedginginEquityfromTransferstoIncomeStatement" nillable="true" xbrli:periodType="duration" xbrli:balance="debit" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType"/>
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  <xs:element id="tef_MovementofLeaseLiabilitiesRollForward" abstract="true" name="MovementofLeaseLiabilitiesRollForward" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="xbrli:stringItemType"/>
  <xs:element id="tef_AdditionstoLeaseLiabilities" abstract="false" name="AdditionstoLeaseLiabilities" nillable="true" xbrli:periodType="duration" xbrli:balance="credit" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType"/>
  <xs:element id="tef_PrincipalandInterestPaymentsofLeaseLiabilities" abstract="false" name="PrincipalandInterestPaymentsofLeaseLiabilities" nillable="true" xbrli:periodType="duration" xbrli:balance="debit" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType"/>
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  <xs:element id="tef_DisposalsofLeaseLiabilities" abstract="false" name="DisposalsofLeaseLiabilities" nillable="true" xbrli:periodType="duration" xbrli:balance="debit" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType"/>
  <xs:element id="tef_RegistrationOfCompaniesLeaseLiabilities" abstract="false" name="RegistrationOfCompaniesLeaseLiabilities" nillable="true" xbrli:periodType="duration" xbrli:balance="credit" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType"/>
  <xs:element id="tef_AccruedInterestsofLeaseLiabilities" abstract="false" name="AccruedInterestsofLeaseLiabilities" nillable="true" xbrli:periodType="duration" xbrli:balance="credit" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType"/>
  <xs:element id="tef_TranslationDifferencesAndInflationAdjustmentsOfLeaseLiabilities" abstract="false" name="TranslationDifferencesAndInflationAdjustmentsOfLeaseLiabilities" nillable="true" xbrli:periodType="duration" xbrli:balance="credit" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType"/>
  <xs:element id="tef_TransfersandOthersofLeaseLiabilities" abstract="false" name="TransfersandOthersofLeaseLiabilities" nillable="true" xbrli:periodType="duration" xbrli:balance="debit" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType"/>
  <xs:element id="tef_DisclosureoffinanceleaseandoperatingleasebylesseeTable" abstract="true" name="DisclosureoffinanceleaseandoperatingleasebylesseeTable" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrldt:hypercubeItem" type="xbrli:stringItemType"/>
  <xs:element id="tef_DisclosureoffinanceleaseandoperatingleasebylesseeLineItems" abstract="true" name="DisclosureoffinanceleaseandoperatingleasebylesseeLineItems" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="xbrli:stringItemType"/>
  <xs:element id="tef_AdditionstoLeaseLiabilitiesrelatedtoFixedAssetSaleandLeasebackTransaction" abstract="false" name="AdditionstoLeaseLiabilitiesrelatedtoFixedAssetSaleandLeasebackTransaction" nillable="true" xbrli:periodType="duration" xbrli:balance="credit" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType"/>
  <xs:element id="tef_ExposureArisingFromLeasesNotYetCommencedToWhichLesseeIsCommitted" abstract="false" name="ExposureArisingFromLeasesNotYetCommencedToWhichLesseeIsCommitted" nillable="true" xbrli:periodType="instant" xbrli:balance="credit" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType"/>
  <xs:element id="tef_NoncurrentTaxPayables" abstract="false" name="NoncurrentTaxPayables" nillable="true" xbrli:periodType="instant" xbrli:balance="credit" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType"/>
  <xs:element id="tef_InsuranceContractsDueFromAssociatesAndJointVenturesPayables" abstract="false" name="InsuranceContractsDueFromAssociatesAndJointVenturesPayables" nillable="true" xbrli:periodType="instant" xbrli:balance="credit" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType"/>
  <xs:element id="tef_TradeAndOtherPayablesTable" abstract="true" name="TradeAndOtherPayablesTable" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrldt:hypercubeItem" type="xbrli:stringItemType"/>
  <xs:element id="tef_TelefonicaUruguayMember" abstract="true" name="TelefonicaUruguayMember" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="dtr-types1:domainItemType"/>
  <xs:element id="tef_TradeAndOtherPayablesLineItems" abstract="true" name="TradeAndOtherPayablesLineItems" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="xbrli:stringItemType"/>
  <xs:element id="tef_PaymentOnBorrowings" abstract="false" name="PaymentOnBorrowings" nillable="true" xbrli:periodType="duration" xbrli:balance="credit" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType"/>
  <xs:element id="tef_OtherLiabilitiesAssociatesAndJointVentures" abstract="false" name="OtherLiabilitiesAssociatesAndJointVentures" nillable="true" xbrli:periodType="instant" xbrli:balance="credit" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType"/>
  <xs:element id="tef_TelefonicaEcuadorMember" abstract="true" name="TelefonicaEcuadorMember" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="dtr-types1:domainItemType"/>
  <xs:element id="tef_TelefonicaMovilesdelUruguaySAMember" abstract="true" name="TelefonicaMovilesdelUruguaySAMember" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="dtr-types1:domainItemType"/>
  <xs:element id="tef_OtherCurrentNonFinancialNonTradePayables" abstract="false" name="OtherCurrentNonFinancialNonTradePayables" nillable="true" xbrli:periodType="instant" xbrli:balance="credit" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType"/>
  <xs:element id="tef_PaymentstoSuppliersTable" abstract="true" name="PaymentstoSuppliersTable" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrldt:hypercubeItem" type="xbrli:stringItemType"/>
  <xs:element id="tef_FinancialLiabilitiesThatArePartOfSupplierFinanceArrangementsForWhichSuppliersHaveNotReceivedPaymentMember" abstract="true" name="FinancialLiabilitiesThatArePartOfSupplierFinanceArrangementsForWhichSuppliersHaveNotReceivedPaymentMember" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="dtr-types:domainItemType"/>
  <xs:element id="tef_PaymentstoSuppliersLineItems" abstract="true" name="PaymentstoSuppliersLineItems" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="xbrli:stringItemType"/>
  <xs:element id="tef_RatioOfPayments" abstract="false" name="RatioOfPayments" nillable="true" xbrli:periodType="instant" substitutionGroup="xbrli:item" type="xbrli:durationItemType"/>
  <xs:element id="tef_RatioOfOutstandingInvoices" abstract="false" name="RatioOfOutstandingInvoices" nillable="true" xbrli:periodType="instant" substitutionGroup="xbrli:item" type="xbrli:durationItemType"/>
  <xs:element id="tef_RegulationChangeAxis" abstract="true" name="RegulationChangeAxis" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrldt:dimensionItem" type="xbrli:stringItemType"/>
  <xs:element id="tef_RegulationChangeDomain" abstract="true" name="RegulationChangeDomain" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="dtr-types1:domainItemType"/>
  <xs:element id="tef_Law182022Member" abstract="true" name="Law182022Member" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="dtr-types1:domainItemType"/>
  <xs:element id="tef_PaymentsToSuppliersForGoodsAndServicesToTotalPercentage" abstract="false" name="PaymentsToSuppliersForGoodsAndServicesToTotalPercentage" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="xbrli:pureItemType"/>
  <xs:element id="tef_NumberOfInvoicesPaymentsToSuppliersForGoodsAndServices" abstract="false" name="NumberOfInvoicesPaymentsToSuppliersForGoodsAndServices" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="xbrli:integerItemType"/>
  <xs:element id="tef_NumberOfInvoicesPaymentsToSuppliersForGoodsAndServicesToTotalPercentage" abstract="false" name="NumberOfInvoicesPaymentsToSuppliersForGoodsAndServicesToTotalPercentage" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="xbrli:pureItemType"/>
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  <xs:element id="tef_ContractAssetsAndLiabilitiesLineItems" abstract="true" name="ContractAssetsAndLiabilitiesLineItems" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="xbrli:stringItemType"/>
  <xs:element id="tef_DecreaseThroughDisposalsContractAssets" abstract="false" name="DecreaseThroughDisposalsContractAssets" nillable="true" xbrli:periodType="duration" xbrli:balance="credit" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType"/>
  <xs:element id="tef_IncreaseDecreaseThroughTransfersContractAssets" abstract="false" name="IncreaseDecreaseThroughTransfersContractAssets" nillable="true" xbrli:periodType="duration" xbrli:balance="debit" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType"/>
  <xs:element id="tef_IncreaseThroughBusinessCombinationsCapitalizedCosts" abstract="false" name="IncreaseThroughBusinessCombinationsCapitalizedCosts" nillable="true" xbrli:periodType="duration" xbrli:balance="debit" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType"/>
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  <xs:element id="tef_IncreaseDecreaseThroughTransfersCapitalizedCosts" abstract="false" name="IncreaseDecreaseThroughTransfersCapitalizedCosts" nillable="true" xbrli:periodType="duration" xbrli:balance="debit" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType"/>
  <xs:element id="tef_IncreaseDecreaseThroughTranslationDifferencesAndInflationAdjustmentsCapitalizedCosts" abstract="false" name="IncreaseDecreaseThroughTranslationDifferencesAndInflationAdjustmentsCapitalizedCosts" nillable="true" xbrli:periodType="duration" xbrli:balance="debit" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType"/>
  <xs:element id="tef_DecreaseThroughDisposalsfromPriorYearsContractLiabilities" abstract="false" name="DecreaseThroughDisposalsfromPriorYearsContractLiabilities" nillable="true" xbrli:periodType="duration" xbrli:balance="debit" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType"/>
  <xs:element id="tef_DecreaseThroughDisposalsContractLiabilities" abstract="false" name="DecreaseThroughDisposalsContractLiabilities" nillable="true" xbrli:periodType="duration" xbrli:balance="debit" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType"/>
  <xs:element id="tef_IncreaseDecreaseThroughTransfersContractLiabilities" abstract="false" name="IncreaseDecreaseThroughTransfersContractLiabilities" nillable="true" xbrli:periodType="duration" xbrli:balance="credit" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType"/>
  <xs:element id="tef_IncreaseDecreaseThroughTranslationDifferencesAndHyperinflationAdjustmentsContractLiabilities" abstract="false" name="IncreaseDecreaseThroughTranslationDifferencesAndHyperinflationAdjustmentsContractLiabilities" nillable="true" xbrli:periodType="duration" xbrli:balance="credit" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType"/>
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  <xs:element id="tef_SalesOfPrepayCardsMember" abstract="true" name="SalesOfPrepayCardsMember" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="dtr-types1:domainItemType"/>
  <xs:element id="tef_ServicesMember" abstract="true" name="ServicesMember" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="dtr-types1:domainItemType"/>
  <xs:element id="tef_SalesOfHandsetsMember" abstract="true" name="SalesOfHandsetsMember" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="dtr-types1:domainItemType"/>
  <xs:element id="tef_IrrevocableRightsToUseMember" abstract="true" name="IrrevocableRightsToUseMember" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="dtr-types1:domainItemType"/>
  <xs:element id="tef_OtherProductsAndServicesMember" abstract="true" name="OtherProductsAndServicesMember" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="dtr-types1:domainItemType"/>
  <xs:element id="tef_CurrentProvisionsForTerminationPlans" abstract="false" name="CurrentProvisionsForTerminationPlans" nillable="true" xbrli:periodType="instant" xbrli:balance="credit" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType"/>
  <xs:element id="tef_CurrentProvisionsForDefinedBenefitPlans" abstract="false" name="CurrentProvisionsForDefinedBenefitPlans" nillable="true" xbrli:periodType="instant" xbrli:balance="credit" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType"/>
  <xs:element id="tef_CurrentProvisionsForOtherEmployeeBenefits" abstract="false" name="CurrentProvisionsForOtherEmployeeBenefits" nillable="true" xbrli:periodType="instant" xbrli:balance="credit" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType"/>
  <xs:element id="tef_CurrentProvisionsForDismantlingOfAssets" abstract="false" name="CurrentProvisionsForDismantlingOfAssets" nillable="true" xbrli:periodType="instant" xbrli:balance="credit" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType"/>
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  <xs:element id="tef_NonCurrentProvisionsForDefinedBenefitPlans" abstract="false" name="NonCurrentProvisionsForDefinedBenefitPlans" nillable="true" xbrli:periodType="instant" xbrli:balance="credit" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType"/>
  <xs:element id="tef_NonCurrentProvisionsForOtherEmployeeBenefits" abstract="false" name="NonCurrentProvisionsForOtherEmployeeBenefits" nillable="true" xbrli:periodType="instant" xbrli:balance="credit" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType"/>
  <xs:element id="tef_NonCurrentProvisionsForDismantlingOfAssets" abstract="false" name="NonCurrentProvisionsForDismantlingOfAssets" nillable="true" xbrli:periodType="instant" xbrli:balance="credit" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType"/>
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  <xs:element id="tef_ProvisionsForTerminationPlans" abstract="false" name="ProvisionsForTerminationPlans" nillable="true" xbrli:periodType="instant" xbrli:balance="credit" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType"/>
  <xs:element id="tef_ProvisionsForDefinedBenefitPlans" abstract="false" name="ProvisionsForDefinedBenefitPlans" nillable="true" xbrli:periodType="instant" xbrli:balance="credit" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType"/>
  <xs:element id="tef_ProvisionsForOtherEmployeeBenefits" abstract="false" name="ProvisionsForOtherEmployeeBenefits" nillable="true" xbrli:periodType="instant" xbrli:balance="credit" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType"/>
  <xs:element id="tef_ProvisionForDismantlingOfAssets" abstract="false" name="ProvisionForDismantlingOfAssets" nillable="true" xbrli:periodType="instant" xbrli:balance="credit" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType"/>
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  <xs:element id="tef_AdditionsToProvisionsForTerminationPlans" abstract="false" name="AdditionsToProvisionsForTerminationPlans" nillable="true" xbrli:periodType="duration" xbrli:balance="credit" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType"/>
  <xs:element id="tef_IncreaseDecreaseInProvisionsForTerminationPlansDueToRetirements" abstract="false" name="IncreaseDecreaseInProvisionsForTerminationPlansDueToRetirements" nillable="true" xbrli:periodType="duration" xbrli:balance="credit" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType"/>
  <xs:element id="tef_IncreaseDecreaseInProvisionsForTerminationPlansDueToTranslationDifferencesAndAccretion" abstract="false" name="IncreaseDecreaseInProvisionsForTerminationPlansDueToTranslationDifferencesAndAccretion" nillable="true" xbrli:periodType="duration" xbrli:balance="credit" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType"/>
  <xs:element id="tef_NetProvisionBeforeAssetCeilingMember" abstract="true" name="NetProvisionBeforeAssetCeilingMember" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="dtr-types1:domainItemType"/>
  <xs:element id="tef_LiabilityAssetOfDefinedBenefitPlansNetOfProvisions" abstract="false" name="LiabilityAssetOfDefinedBenefitPlansNetOfProvisions" nillable="true" xbrli:periodType="instant" xbrli:balance="credit" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType"/>
  <xs:element id="tef_NetDefinedBenefitLiabilityAssetRollForward" abstract="true" name="NetDefinedBenefitLiabilityAssetRollForward" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="xbrli:stringItemType"/>
  <xs:element id="tef_Plancurtailmentnetdefinedbenefitliabilityasset" abstract="false" name="Plancurtailmentnetdefinedbenefitliabilityasset" nillable="true" xbrli:periodType="duration" xbrli:balance="credit" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType"/>
  <xs:element id="tef_Increasedecreasethroughtransfersnetdefinedbenefitliabilityasset" abstract="false" name="Increasedecreasethroughtransfersnetdefinedbenefitliabilityasset" nillable="true" xbrli:periodType="duration" xbrli:balance="credit" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType"/>
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  <xs:element id="tef_DefinedBenefitPlanTypeAxis" abstract="true" name="DefinedBenefitPlanTypeAxis" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrldt:dimensionItem" type="xbrli:stringItemType"/>
  <xs:element id="tef_DefinedBenefitPlanTypeDomain" abstract="true" name="DefinedBenefitPlanTypeDomain" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="dtr-types1:domainItemType"/>
  <xs:element id="tef_PensionPlansMember" abstract="true" name="PensionPlansMember" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="dtr-types1:domainItemType"/>
  <xs:element id="tef_HealthPlansMember" abstract="true" name="HealthPlansMember" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="dtr-types1:domainItemType"/>
  <xs:element id="tef_RateHypotheticalAxis" abstract="true" name="RateHypotheticalAxis" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrldt:dimensionItem" type="xbrli:stringItemType"/>
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  <xs:element id="tef_A0.5IncreaseInDiscountRateMember" abstract="true" name="A0.5IncreaseInDiscountRateMember" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="dtr-types1:domainItemType"/>
  <xs:element id="tef_A0.5DecreaseInDiscountRateMember" abstract="true" name="A0.5DecreaseInDiscountRateMember" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="dtr-types1:domainItemType"/>
  <xs:element id="tef_A1IncreaseInDiscountRateMember" abstract="true" name="A1IncreaseInDiscountRateMember" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="dtr-types1:domainItemType"/>
  <xs:element id="tef_A1DecreaseInDiscountRateMember" abstract="true" name="A1DecreaseInDiscountRateMember" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="dtr-types1:domainItemType"/>
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  <xs:element id="tef_IncreaseInIncomeDueToReasonablyPossibleDecreaseInActuarialAssumption" abstract="false" name="IncreaseInIncomeDueToReasonablyPossibleDecreaseInActuarialAssumption" nillable="true" xbrli:periodType="instant" xbrli:balance="credit" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType"/>
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  <xs:element id="tef_LaborClaimsProvisionMember" abstract="true" name="LaborClaimsProvisionMember" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="dtr-types1:domainItemType"/>
  <xs:element id="tef_TerminationOfContractMember" abstract="true" name="TerminationOfContractMember" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="dtr-types1:domainItemType"/>
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  <xs:element id="tef_StateTaxAuthorityMember" abstract="true" name="StateTaxAuthorityMember" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="dtr-types1:domainItemType"/>
  <xs:element id="tef_MunicipalTaxAuthorityMember" abstract="true" name="MunicipalTaxAuthorityMember" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="dtr-types1:domainItemType"/>
  <xs:element id="tef_FUSTFISTELandEBCTaxAuthoritiesMember" abstract="true" name="FUSTFISTELandEBCTaxAuthoritiesMember" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="dtr-types1:domainItemType"/>
  <xs:element id="tef_IncreaseDecreaseThroughJudicialDepositsOtherProvisions" abstract="false" name="IncreaseDecreaseThroughJudicialDepositsOtherProvisions" nillable="true" xbrli:periodType="duration" xbrli:balance="credit" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType"/>
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  <xs:element id="tef_GoodwillAmortizedForTaxProvisionMember" abstract="true" name="GoodwillAmortizedForTaxProvisionMember" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="dtr-types1:domainItemType"/>
  <xs:element id="tef_CivilProceedingsMember" abstract="true" name="CivilProceedingsMember" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="dtr-types1:domainItemType"/>
  <xs:element id="tef_STFCMigrationAuthorizationProvisionMember" abstract="true" name="STFCMigrationAuthorizationProvisionMember" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="dtr-types:domainItemType"/>
  <xs:element id="tef_ReasonforProvisionAxis" abstract="true" name="ReasonforProvisionAxis" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrldt:dimensionItem" type="xbrli:stringItemType"/>
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  <xs:element id="tef_ProceedsFromSalesOfPropertyPlantAndEquipmentAndIntangiblesClassifiedAsInvestingActivities" abstract="false" name="ProceedsFromSalesOfPropertyPlantAndEquipmentAndIntangiblesClassifiedAsInvestingActivities" nillable="true" xbrli:periodType="duration" xbrli:balance="debit" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType"/>
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  <xs:element id="tef_TaxAssociatedWithSaleOfInfraCoSpAMember" abstract="true" name="TaxAssociatedWithSaleOfInfraCoSpAMember" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="dtr-types1:domainItemType"/>
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  <xs:element id="tef_LegalDepositsMember" abstract="true" name="LegalDepositsMember" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="dtr-types1:domainItemType"/>
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  <xs:element id="tef_SyndicatedBilateralLoanofTelxiusTelecomS.A.Member" abstract="true" name="SyndicatedBilateralLoanofTelxiusTelecomS.A.Member" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="dtr-types1:domainItemType"/>
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  <xs:element id="tef_BorrowingsNettingMember" abstract="true" name="BorrowingsNettingMember" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="dtr-types:domainItemType"/>
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  <xs:element id="tef_PaymentsOfSpectrumLicenses" abstract="false" name="PaymentsOfSpectrumLicenses" nillable="true" xbrli:periodType="duration" xbrli:balance="credit" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType"/>
  <xs:element id="tef_PaymentsforInvestmentsinSpectrumLicenses" abstract="false" name="PaymentsforInvestmentsinSpectrumLicenses" nillable="true" xbrli:periodType="duration" xbrli:balance="credit" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType"/>
  <xs:element id="tef_TradeAndOtherPayablesDeferredPayments" abstract="false" name="TradeAndOtherPayablesDeferredPayments" nillable="true" xbrli:periodType="duration" xbrli:balance="credit" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType"/>
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  <xs:element id="tef_RenewalDomain" abstract="true" name="RenewalDomain" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="dtr-types1:domainItemType"/>
  <xs:element id="tef_RenewalOfRadioFrequencies2013Member" abstract="true" name="RenewalOfRadioFrequencies2013Member" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="dtr-types1:domainItemType"/>
  <xs:element id="tef_RenewalOfRadioFrequencies2015Member" abstract="true" name="RenewalOfRadioFrequencies2015Member" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="dtr-types1:domainItemType"/>
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  <xs:element id="tef_TelefonicaVenezolanaMember" abstract="true" name="TelefonicaVenezolanaMember" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="dtr-types1:domainItemType"/>
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  <xs:element id="tef_EstimatedFinancialEffectOfContingentLiabilitiesAfterCurrencyValueUpdate" abstract="false" name="EstimatedFinancialEffectOfContingentLiabilitiesAfterCurrencyValueUpdate" nillable="true" xbrli:periodType="instant" xbrli:balance="credit" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType"/>
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  <xs:element id="tef_RenewalOfRadioFrequenciesAssociatedWithTheProvisionOfPersonalMobileServicesTerm" abstract="false" name="RenewalOfRadioFrequenciesAssociatedWithTheProvisionOfPersonalMobileServicesTerm" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="xbrli:durationItemType"/>
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  <xs:element id="tef_InvestmentRepurchaseAgreementPaymentObligationTermsProportionOfMaximumCapitalInvestmentsExceedingRevenue" abstract="false" name="InvestmentRepurchaseAgreementPaymentObligationTermsProportionOfMaximumCapitalInvestmentsExceedingRevenue" nillable="true" xbrli:periodType="instant" substitutionGroup="xbrli:item" type="dtr-types1:percentItemType"/>
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  <xs:element id="tef_SecondDivisionOfSpanishFootballChampionshipLeagueMember" abstract="true" name="SecondDivisionOfSpanishFootballChampionshipLeagueMember" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="dtr-types1:domainItemType"/>
  <xs:element id="tef_LaLigaTVBarChannelMember" abstract="true" name="LaLigaTVBarChannelMember" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="dtr-types1:domainItemType"/>
  <xs:element id="tef_BroadcastingAwardPrice" abstract="false" name="BroadcastingAwardPrice" nillable="true" xbrli:periodType="duration" xbrli:balance="credit" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType"/>
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  <xs:element id="tef_NumberOfExclusiveRightsSpanishFirstDivisionFootballLeague" abstract="false" name="NumberOfExclusiveRightsSpanishFirstDivisionFootballLeague" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="xbrli:integerItemType"/>
  <xs:element id="tef_NumberOfMatchDayFirstPicksEachSeason" abstract="false" name="NumberOfMatchDayFirstPicksEachSeason" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="xbrli:integerItemType"/>
  <xs:element id="tef_NumberOfMatchDaySecondPickEachSeason" abstract="false" name="NumberOfMatchDaySecondPickEachSeason" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="xbrli:integerItemType"/>
  <xs:element id="tef_NumberOfExclusiveRightsRemainingSeason" abstract="false" name="NumberOfExclusiveRightsRemainingSeason" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="xbrli:integerItemType"/>
  <xs:element id="tef_NumberOfMatches" abstract="false" name="NumberOfMatches" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="xbrli:integerItemType"/>
  <xs:element id="tef_NumberOfSelectedTeamsAgainstTopThreeSpanishFootballClubs" abstract="false" name="NumberOfSelectedTeamsAgainstTopThreeSpanishFootballClubs" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="xbrli:integerItemType"/>
  <xs:element id="tef_LaLigaAgreementTerm" abstract="false" name="LaLigaAgreementTerm" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="xbrli:durationItemType"/>
  <xs:element id="tef_BroadcastingAwardPriceTwoThousandTwentyFourAndTwentyFiveSeason" abstract="false" name="BroadcastingAwardPriceTwoThousandTwentyFourAndTwentyFiveSeason" nillable="true" xbrli:periodType="duration" xbrli:balance="credit" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType"/>
  <xs:element id="tef_NumberOfMatchWeekendsPerSeasonIncludedInContract" abstract="false" name="NumberOfMatchWeekendsPerSeasonIncludedInContract" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="xbrli:integerItemType"/>
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<DOCUMENT>
<TYPE>EX-101.CAL
<SEQUENCE>11
<FILENAME>tef-20241231_cal.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION CALCULATION LINKBASE DOCUMENT
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    <link:label id="lab_tef_SantiagoFernandezValbuenaMember_71f6c4c2-7c3a-4d93-bd3b-429150e03348_terseLabel_en-US" xlink:label="lab_tef_SantiagoFernandezValbuenaMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Mr. Santiago Fernandez Valbuena</link:label>
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    <link:label id="lab_tef_JoseJavierEcheniqueLandiribarMember_146c10c6-fdb3-4d0f-89d0-022f6672b0a7_terseLabel_en-US" xlink:label="lab_tef_JoseJavierEcheniqueLandiribarMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Mr. Jos&#233; Javier Echenique Landir&#237;bar</link:label>
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    <link:label id="lab_tef_AdquiraEspanaSAMember_e4b2c7ab-2089-415d-bd9e-0edb50b51088_terseLabel_en-US" xlink:label="lab_tef_AdquiraEspanaSAMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Adquira Espa&#241;a, S.A.</link:label>
    <link:label id="lab_tef_AdquiraEspanaSAMember_label_en-US" xlink:label="lab_tef_AdquiraEspanaSAMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Adquira Espana, S.A. [Member]</link:label>
    <link:label id="lab_tef_AdquiraEspanaSAMember_documentation_en-US" xlink:label="lab_tef_AdquiraEspanaSAMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Adquira Espana, S.A.</link:label>
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    <link:label id="lab_currency_MXV_a4cf5263-38e6-45a5-8944-7958f8d577be_terseLabel_en-US" xlink:label="lab_currency_MXV" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">UDI</link:label>
    <link:label id="lab_currency_MXV_label_en-US" xlink:label="lab_currency_MXV" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Mexican Unidad de Inversion (UDI) (funds code)</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_currency_MXV" xlink:href="https://xbrl.sec.gov/currency/2024/currency-2024.xsd#currency_MXV"/>
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    <link:label id="lab_tef_ColombianGovernmentMember_3b755059-bb5a-4264-82e7-288ffe9dfc14_terseLabel_en-US" xlink:label="lab_tef_ColombianGovernmentMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Colombian Government</link:label>
    <link:label id="lab_tef_ColombianGovernmentMember_label_en-US" xlink:label="lab_tef_ColombianGovernmentMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Colombian Government [Member]</link:label>
    <link:label id="lab_tef_ColombianGovernmentMember_documentation_en-US" xlink:label="lab_tef_ColombianGovernmentMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Colombian Government [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_ColombianGovernmentMember" xlink:href="tef-20241231.xsd#tef_ColombianGovernmentMember"/>
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    <link:label id="lab_tef_RegulatoryOperationsAcquisitionOfDTSProhibitionToAttractDTSCustomerPeriod_7548320f-b2f3-4530-9305-766bb9775b2b_terseLabel_en-US" xlink:label="lab_tef_RegulatoryOperationsAcquisitionOfDTSProhibitionToAttractDTSCustomerPeriod" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Acquisition of DTS, prohibition to attract DTS customer, period</link:label>
    <link:label id="lab_tef_RegulatoryOperationsAcquisitionOfDTSProhibitionToAttractDTSCustomerPeriod_label_en-US" xlink:label="lab_tef_RegulatoryOperationsAcquisitionOfDTSProhibitionToAttractDTSCustomerPeriod" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Regulatory Operations, Acquisition Of DTS, Prohibition To Attract DTS Customer, Period</link:label>
    <link:label id="lab_tef_RegulatoryOperationsAcquisitionOfDTSProhibitionToAttractDTSCustomerPeriod_documentation_en-US" xlink:label="lab_tef_RegulatoryOperationsAcquisitionOfDTSProhibitionToAttractDTSCustomerPeriod" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Regulatory Operations, Acquisition Of DTS, Prohibition To Attract DTS Customer, Period</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_RegulatoryOperationsAcquisitionOfDTSProhibitionToAttractDTSCustomerPeriod" xlink:href="tef-20241231.xsd#tef_RegulatoryOperationsAcquisitionOfDTSProhibitionToAttractDTSCustomerPeriod"/>
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    <link:label id="lab_ifrs-full_FinancialAssetsAtAmortisedCostCategoryMember_f92f0a2a-6039-476b-9e44-40af8c4c0e48_terseLabel_en-US" xlink:label="lab_ifrs-full_FinancialAssetsAtAmortisedCostCategoryMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Amortized cost</link:label>
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    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_FinancialAssetsAtAmortisedCostCategoryMember" xlink:to="lab_ifrs-full_FinancialAssetsAtAmortisedCostCategoryMember" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_ProceedsFromPaymentsForShareCapitalIncreaseDecreaseWithMinorityInterest_eaf232fd-b46b-4248-9338-98e95a94ad72_terseLabel_en-US" xlink:label="lab_tef_ProceedsFromPaymentsForShareCapitalIncreaseDecreaseWithMinorityInterest" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">(Payments)/proceeds from share capital (decrease)/increase with minority interest</link:label>
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    <link:loc xlink:type="locator" xlink:label="loc_tef_ProceedsFromPaymentsForShareCapitalIncreaseDecreaseWithMinorityInterest" xlink:href="tef-20241231.xsd#tef_ProceedsFromPaymentsForShareCapitalIncreaseDecreaseWithMinorityInterest"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_ProceedsFromPaymentsForShareCapitalIncreaseDecreaseWithMinorityInterest" xlink:to="lab_tef_ProceedsFromPaymentsForShareCapitalIncreaseDecreaseWithMinorityInterest" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_TelefonicaGestionIntegraldeEdificiosyServiciosMember_6257943a-6844-4196-9b3d-08a186564dc4_terseLabel_en-US" xlink:label="lab_tef_TelefonicaGestionIntegraldeEdificiosyServiciosMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Telef&#243;nica Gesti&#243;n Integral de Edificios y Servicios S.L.U. Management and administrative services rendered</link:label>
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    <link:label id="lab_tef_TelefonicaGestionIntegraldeEdificiosyServiciosMember_documentation_en-US" xlink:label="lab_tef_TelefonicaGestionIntegraldeEdificiosyServiciosMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Telefonica Gestion Integral de Edificios y Servicios [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_TelefonicaGestionIntegraldeEdificiosyServiciosMember" xlink:href="tef-20241231.xsd#tef_TelefonicaGestionIntegraldeEdificiosyServiciosMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_TelefonicaGestionIntegraldeEdificiosyServiciosMember" xlink:to="lab_tef_TelefonicaGestionIntegraldeEdificiosyServiciosMember" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_NumberOfRealEstateUnitsToDeployInFuture_5230ed3d-4e41-4fc4-b0ab-b4071ffaaf0f_terseLabel_en-US" xlink:label="lab_tef_NumberOfRealEstateUnitsToDeployInFuture" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Number of real estate units to deploy in future</link:label>
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    <link:label id="lab_tef_NumberOfRealEstateUnitsToDeployInFuture_documentation_en-US" xlink:label="lab_tef_NumberOfRealEstateUnitsToDeployInFuture" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Number Of Real Estate Units To Deploy In Future</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_NumberOfRealEstateUnitsToDeployInFuture" xlink:href="tef-20241231.xsd#tef_NumberOfRealEstateUnitsToDeployInFuture"/>
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    <link:label id="lab_ifrs-full_DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory_f367941a-3002-42d0-927e-0452e0545f24_terseLabel_en-US" xlink:label="lab_ifrs-full_DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Non-current assets held for sale</link:label>
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    <link:label id="lab_ifrs-full_OrdinarySharesMember_ac2c01a6-da63-41c2-82d9-69d7b32dda8a_terseLabel_en-US" xlink:label="lab_ifrs-full_OrdinarySharesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Ordinary shares</link:label>
    <link:label id="lab_ifrs-full_OrdinarySharesMember_label_en-US" xlink:label="lab_ifrs-full_OrdinarySharesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Ordinary shares [member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_OrdinarySharesMember" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_OrdinarySharesMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_OrdinarySharesMember" xlink:to="lab_ifrs-full_OrdinarySharesMember" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_PwCInternationalOrganizationMember_bf16e92b-649d-45e1-ad99-d5a05d2957cd_terseLabel_en-US" xlink:label="lab_tef_PwCInternationalOrganizationMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Other companies PwC network</link:label>
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    <link:label id="lab_tef_PwCInternationalOrganizationMember_documentation_en-US" xlink:label="lab_tef_PwCInternationalOrganizationMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">PwC International Organization [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_PwCInternationalOrganizationMember" xlink:href="tef-20241231.xsd#tef_PwCInternationalOrganizationMember"/>
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    <link:label id="lab_tef_DisclosureOfCashFlowItemsFinancingActivitiesDividendsPaidProceedsFromIssuanceOfShareCapitalAndOtherOperationsTableTextBlock_0818e980-04a9-403f-96a0-ed2299ebce98_terseLabel_en-US" xlink:label="lab_tef_DisclosureOfCashFlowItemsFinancingActivitiesDividendsPaidProceedsFromIssuanceOfShareCapitalAndOtherOperationsTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Schedule of Financing Activities: Dividends Paid, Proceeds from Issuance of Share Capital, and Other Operations</link:label>
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    <link:label id="lab_tef_DisclosureOfCashFlowItemsFinancingActivitiesDividendsPaidProceedsFromIssuanceOfShareCapitalAndOtherOperationsTableTextBlock_documentation_en-US" xlink:label="lab_tef_DisclosureOfCashFlowItemsFinancingActivitiesDividendsPaidProceedsFromIssuanceOfShareCapitalAndOtherOperationsTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Disclosure Of Cash Flow Items, Financing Activities, Dividends Paid, Proceeds From Issuance Of Share Capital And Other Operations [Table Text Block]</link:label>
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    <link:label id="lab_ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillDomain_91b71ef3-d5e7-4dd5-a5f7-f31d0ffde5db_terseLabel_en-US" xlink:label="lab_ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Classes of intangible assets other than goodwill [domain]</link:label>
    <link:label id="lab_ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillDomain_label_en-US" xlink:label="lab_ifrs-full_ClassesOfIntangibleAssetsOtherThanGoodwillDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Classes of intangible assets other than goodwill [domain]</link:label>
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    <link:label id="lab_tef_AsterionIndustrialPartnersSGEICMember_26a8dfb9-74bc-4fc1-853f-39d2a8186f27_terseLabel_en-US" xlink:label="lab_tef_AsterionIndustrialPartnersSGEICMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Asterion Industrial Partners SGEIC</link:label>
    <link:label id="lab_tef_AsterionIndustrialPartnersSGEICMember_label_en-US" xlink:label="lab_tef_AsterionIndustrialPartnersSGEICMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Asterion Industrial Partners SGEIC [Member]</link:label>
    <link:label id="lab_tef_AsterionIndustrialPartnersSGEICMember_documentation_en-US" xlink:label="lab_tef_AsterionIndustrialPartnersSGEICMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Asterion Industrial Partners SGEIC [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_AsterionIndustrialPartnersSGEICMember" xlink:href="tef-20241231.xsd#tef_AsterionIndustrialPartnersSGEICMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_AsterionIndustrialPartnersSGEICMember" xlink:to="lab_tef_AsterionIndustrialPartnersSGEICMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_ClassesOfIntangibleAssetsAndGoodwillAxis_5330f08b-5b55-4a39-bda3-ace80a5873e2_terseLabel_en-US" xlink:label="lab_ifrs-full_ClassesOfIntangibleAssetsAndGoodwillAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Classes of intangible assets and goodwill [axis]</link:label>
    <link:label id="lab_ifrs-full_ClassesOfIntangibleAssetsAndGoodwillAxis_label_en-US" xlink:label="lab_ifrs-full_ClassesOfIntangibleAssetsAndGoodwillAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Classes of intangible assets and goodwill [axis]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_ClassesOfIntangibleAssetsAndGoodwillAxis" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_ClassesOfIntangibleAssetsAndGoodwillAxis"/>
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    <link:label id="lab_ifrs-full_LicencesAndFranchisesMember_79bf1a27-8796-4a07-b3b6-88f8d9522a01_terseLabel_en-US" xlink:label="lab_ifrs-full_LicencesAndFranchisesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Service concession arrangements and licenses</link:label>
    <link:label id="lab_ifrs-full_LicencesAndFranchisesMember_label_en-US" xlink:label="lab_ifrs-full_LicencesAndFranchisesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Licences and franchises [member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_LicencesAndFranchisesMember" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_LicencesAndFranchisesMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_LicencesAndFranchisesMember" xlink:to="lab_ifrs-full_LicencesAndFranchisesMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_ClassesOfEntitysOwnEquityInstrumentsAxis_6f126bda-04ce-4bf1-bf76-6bb8ba9b3c0e_terseLabel_en-US" xlink:label="lab_ifrs-full_ClassesOfEntitysOwnEquityInstrumentsAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Classes of entity's own equity instruments [axis]</link:label>
    <link:label id="lab_ifrs-full_ClassesOfEntitysOwnEquityInstrumentsAxis_label_en-US" xlink:label="lab_ifrs-full_ClassesOfEntitysOwnEquityInstrumentsAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Classes of entity's own equity instruments [axis]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_ClassesOfEntitysOwnEquityInstrumentsAxis" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_ClassesOfEntitysOwnEquityInstrumentsAxis"/>
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    <link:label id="lab_tef_BoardOfDirectorsMember_a90a908c-6fd6-445f-aa77-b2a005570f4f_terseLabel_en-US" xlink:label="lab_tef_BoardOfDirectorsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Board of Directors</link:label>
    <link:label id="lab_tef_BoardOfDirectorsMember_label_en-US" xlink:label="lab_tef_BoardOfDirectorsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Board Of Directors [Member]</link:label>
    <link:label id="lab_tef_BoardOfDirectorsMember_documentation_en-US" xlink:label="lab_tef_BoardOfDirectorsMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Board Of Directors [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_BoardOfDirectorsMember" xlink:href="tef-20241231.xsd#tef_BoardOfDirectorsMember"/>
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    <link:label id="lab_tef_Expenserelatedtoleasesincludedinoperatingresultsasexternalservicesshorttermleases_23d7a3e3-0159-4dfe-8adf-5c463474fca6_terseLabel_en-US" xlink:label="lab_tef_Expenserelatedtoleasesincludedinoperatingresultsasexternalservicesshorttermleases" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Short-term leases included in external services</link:label>
    <link:label id="lab_tef_Expenserelatedtoleasesincludedinoperatingresultsasexternalservicesshorttermleases_label_en-US" xlink:label="lab_tef_Expenserelatedtoleasesincludedinoperatingresultsasexternalservicesshorttermleases" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Expense related to leases included in operating results as external services, short-term leases</link:label>
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    <link:label id="lab_ifrs-full_DividendsPaidOrdinaryShares_3a954d9f-435e-44f5-8f78-eb22bc2293b4_terseLabel_en-US" xlink:label="lab_ifrs-full_DividendsPaidOrdinaryShares" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Dividends paid, total amount</link:label>
    <link:label id="lab_ifrs-full_DividendsPaidOrdinaryShares_label_en-US" xlink:label="lab_ifrs-full_DividendsPaidOrdinaryShares" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Dividends paid, ordinary shares</link:label>
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    <link:label id="lab_tef_InversionesTelefonicaInternacionalHoldingSpAMember_3ed201b2-a4a4-4a77-9206-1f3249629042_terseLabel_en-US" xlink:label="lab_tef_InversionesTelefonicaInternacionalHoldingSpAMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Inversiones Telef&#243;nica Internacional Holding, SpA. Holding Company</link:label>
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    <link:label id="lab_tef_InversionesTelefonicaInternacionalHoldingSpAMember_documentation_en-US" xlink:label="lab_tef_InversionesTelefonicaInternacionalHoldingSpAMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Inversiones Telef&#243;nica Internacional Holding SpA.</link:label>
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    <link:label id="lab_srt_EquityMethodInvesteeNameDomain_f3e738fd-8ed4-4603-ab82-b40a5f97b7ad_terseLabel_en-US" xlink:label="lab_srt_EquityMethodInvesteeNameDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Investment, Name [Domain]</link:label>
    <link:label id="lab_srt_EquityMethodInvesteeNameDomain_label_en-US" xlink:label="lab_srt_EquityMethodInvesteeNameDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Investment, Name [Domain]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_srt_EquityMethodInvesteeNameDomain" xlink:href="https://xbrl.fasb.org/srt/2024/elts/srt-2024.xsd#srt_EquityMethodInvesteeNameDomain"/>
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    <link:label id="lab_tef_AmountRepurchasedofEquityInstrument_b77a373e-d9f0-4dbf-9b6f-0809fcdb821e_negatedTerseLabel_en-US" xlink:label="lab_tef_AmountRepurchasedofEquityInstrument" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xml:lang="en-US">Amount repurchased</link:label>
    <link:label id="lab_tef_AmountRepurchasedofEquityInstrument_e7e96a8d-e401-47c4-aa3c-0e0192b9b293_terseLabel_en-US" xlink:label="lab_tef_AmountRepurchasedofEquityInstrument" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Amount repurchased</link:label>
    <link:label id="lab_tef_AmountRepurchasedofEquityInstrument_label_en-US" xlink:label="lab_tef_AmountRepurchasedofEquityInstrument" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Amount Repurchased of Equity Instrument</link:label>
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    <link:loc xlink:type="locator" xlink:label="loc_tef_AmountRepurchasedofEquityInstrument" xlink:href="tef-20241231.xsd#tef_AmountRepurchasedofEquityInstrument"/>
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    <link:label id="lab_ifrs-full_NumberOfInstrumentsGrantedInSharebasedPaymentArrangement_b0c3f7a2-5d3d-4e8f-a81f-8c8a5ac5c9c3_verboseLabel_en-US" xlink:label="lab_ifrs-full_NumberOfInstrumentsGrantedInSharebasedPaymentArrangement" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Shares entitled (in shares)</link:label>
    <link:label id="lab_ifrs-full_NumberOfInstrumentsGrantedInSharebasedPaymentArrangement_e9cb9f29-4823-43b5-9569-4e5b766bf461_terseLabel_en-US" xlink:label="lab_ifrs-full_NumberOfInstrumentsGrantedInSharebasedPaymentArrangement" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Theoretical shares allocated (without co-investment)</link:label>
    <link:label id="lab_ifrs-full_NumberOfInstrumentsGrantedInSharebasedPaymentArrangement_label_en-US" xlink:label="lab_ifrs-full_NumberOfInstrumentsGrantedInSharebasedPaymentArrangement" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Number of instruments granted in share-based payment arrangement</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_NumberOfInstrumentsGrantedInSharebasedPaymentArrangement" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_NumberOfInstrumentsGrantedInSharebasedPaymentArrangement"/>
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    <link:label id="lab_tef_RevenueFromContractsWithCustomersAbstract_4f4c1cc9-9db8-4f68-b31f-ea9260710406_terseLabel_en-US" xlink:label="lab_tef_RevenueFromContractsWithCustomersAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Revenue From Contracts With Customers [Abstract]</link:label>
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    <link:label id="lab_tef_RevenueFromContractsWithCustomersAbstract_documentation_en-US" xlink:label="lab_tef_RevenueFromContractsWithCustomersAbstract" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Revenue From Contracts With Customers [Abstract]</link:label>
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    <link:label id="lab_tef_CashTransferredEstimation_594c175b-f1dc-4d17-b6ea-d5f4b670aa66_terseLabel_en-US" xlink:label="lab_tef_CashTransferredEstimation" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Cash transferred, estimation</link:label>
    <link:label id="lab_tef_CashTransferredEstimation_label_en-US" xlink:label="lab_tef_CashTransferredEstimation" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Cash transferred, estimation</link:label>
    <link:label id="lab_tef_CashTransferredEstimation_documentation_en-US" xlink:label="lab_tef_CashTransferredEstimation" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Cash transferred, estimation</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_CashTransferredEstimation" xlink:href="tef-20241231.xsd#tef_CashTransferredEstimation"/>
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    <link:label id="lab_tef_RegulatoryOperationsPercentageofForeignDirectInvestmentAllowed_e3502e27-b57b-484f-b8cd-b3667bdca1f3_terseLabel_en-US" xlink:label="lab_tef_RegulatoryOperationsPercentageofForeignDirectInvestmentAllowed" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Percentage of foreign direct investment allowed</link:label>
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    <link:label id="lab_ifrs-full_NoncurrentLiabilities_c6a7066d-04f7-42e7-a548-f82acdf3beaf_totalLabel_en-US" xlink:label="lab_ifrs-full_NoncurrentLiabilities" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Non current liabilities</link:label>
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    <link:label id="lab_ifrs-full_NoncurrentLiabilities_label_en-US" xlink:label="lab_ifrs-full_NoncurrentLiabilities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Non-current liabilities</link:label>
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    <link:label id="lab_tef_ExecutiveCommissionMember_13d72aaf-c831-4cd8-925f-836671af0581_terseLabel_en-US" xlink:label="lab_tef_ExecutiveCommissionMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Executive Commission</link:label>
    <link:label id="lab_tef_ExecutiveCommissionMember_label_en-US" xlink:label="lab_tef_ExecutiveCommissionMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Executive Commission [Member]</link:label>
    <link:label id="lab_tef_ExecutiveCommissionMember_documentation_en-US" xlink:label="lab_tef_ExecutiveCommissionMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Executive Commission [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_ExecutiveCommissionMember" xlink:href="tef-20241231.xsd#tef_ExecutiveCommissionMember"/>
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    <link:label id="lab_ifrs-full_UndiscountedOperatingLeasePaymentsToBeReceived_f34a1c4a-a5bd-44f1-957a-2a1413e86491_terseLabel_en-US" xlink:label="lab_ifrs-full_UndiscountedOperatingLeasePaymentsToBeReceived" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Lease liabilities</link:label>
    <link:label id="lab_ifrs-full_UndiscountedOperatingLeasePaymentsToBeReceived_label_en-US" xlink:label="lab_ifrs-full_UndiscountedOperatingLeasePaymentsToBeReceived" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Undiscounted operating lease payments to be received</link:label>
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    <link:label id="lab_tef_ReversalCapitalizationOfLossCarryforwards_documentation_en-US" xlink:label="lab_tef_ReversalCapitalizationOfLossCarryforwards" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Reversal (Capitalization) Of Loss Carryforwards</link:label>
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    <link:label id="lab_tef_ExpiringIn2040Option4Member_documentation_en-US" xlink:label="lab_tef_ExpiringIn2040Option4Member" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Expiring in 2040, Option 4</link:label>
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    <link:label id="lab_ifrs-full_CurrentPortionOfLongtermBorrowings_11ad47fc-4628-4be9-9723-2cb7e8331f5a_terseLabel_en-US" xlink:label="lab_ifrs-full_CurrentPortionOfLongtermBorrowings" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Debt for spectrum acquisition</link:label>
    <link:label id="lab_ifrs-full_CurrentPortionOfLongtermBorrowings_label_en-US" xlink:label="lab_ifrs-full_CurrentPortionOfLongtermBorrowings" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Current portion of non-current borrowings</link:label>
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    <link:label id="lab_tef_RegulatoryOperationsSpectrumLicenseAcquisitionTerm_documentation_en-US" xlink:label="lab_tef_RegulatoryOperationsSpectrumLicenseAcquisitionTerm" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Regulatory Operations, Spectrum License Acquisition, Term</link:label>
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    <link:label id="lab_ifrs-full_IncreaseDecreaseThroughOtherChangesNetDefinedBenefitLiabilityAsset_240df877-a8c4-433b-b580-2a93e8a90594_terseLabel_en-US" xlink:label="lab_ifrs-full_IncreaseDecreaseThroughOtherChangesNetDefinedBenefitLiabilityAsset" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Other movements</link:label>
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    <link:label id="lab_ifrs-full_PercentageOfReasonablyPossibleDecreaseInActuarialAssumption_17c07fb1-104c-45fd-824b-8c20a7ebd354_verboseLabel_en-US" xlink:label="lab_ifrs-full_PercentageOfReasonablyPossibleDecreaseInActuarialAssumption" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Percentage of reasonably possible decrease in actuarial assumption</link:label>
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    <link:label id="lab_tef_SharebasedCompensationArrangementbySharebasedPaymentAwardPercentageofSharesDeliveredSubjecttoRetentionPeriod_b62830a2-3660-4cb3-bc73-ddf3e59355f5_terseLabel_en-US" xlink:label="lab_tef_SharebasedCompensationArrangementbySharebasedPaymentAwardPercentageofSharesDeliveredSubjecttoRetentionPeriod" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Shares delivered subject to retention period of one year (as a percent)</link:label>
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    <link:label id="lab_ifrs-full_InterestExpenseIncomeNetDefinedBenefitLiabilityAsset_942cc88c-124c-4942-a51a-1c18b4b2344a_terseLabel_en-US" xlink:label="lab_ifrs-full_InterestExpenseIncomeNetDefinedBenefitLiabilityAsset" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Interest cost</link:label>
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    <link:label id="lab_ifrs-full_InterestExpenseIncomeNetDefinedBenefitLiabilityAsset_label_en-US" xlink:label="lab_ifrs-full_InterestExpenseIncomeNetDefinedBenefitLiabilityAsset" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Increase (decrease) in net defined benefit liability (asset) resulting from interest expense (income)</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_InterestExpenseIncomeNetDefinedBenefitLiabilityAsset" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_InterestExpenseIncomeNetDefinedBenefitLiabilityAsset"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_InterestExpenseIncomeNetDefinedBenefitLiabilityAsset" xlink:to="lab_ifrs-full_InterestExpenseIncomeNetDefinedBenefitLiabilityAsset" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_AlamoHoldCoSLMember_401e0755-505c-49b0-9b2c-546b53b995fc_terseLabel_en-US" xlink:label="lab_tef_AlamoHoldCoSLMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Alamo HoldCo S.L. (Onnet Fibra Colombia)</link:label>
    <link:label id="lab_tef_AlamoHoldCoSLMember_label_en-US" xlink:label="lab_tef_AlamoHoldCoSLMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Alamo HoldCo S.L. [Member]</link:label>
    <link:label id="lab_tef_AlamoHoldCoSLMember_documentation_en-US" xlink:label="lab_tef_AlamoHoldCoSLMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Alamo HoldCo S.L.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_AlamoHoldCoSLMember" xlink:href="tef-20241231.xsd#tef_AlamoHoldCoSLMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_AlamoHoldCoSLMember" xlink:to="lab_tef_AlamoHoldCoSLMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_OtherCurrentReceivables_76641ff6-0e40-4ea4-a74f-ca6e9662ea4f_terseLabel_en-US" xlink:label="lab_ifrs-full_OtherCurrentReceivables" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Other receivables</link:label>
    <link:label id="lab_ifrs-full_OtherCurrentReceivables_label_en-US" xlink:label="lab_ifrs-full_OtherCurrentReceivables" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Other current receivables</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_OtherCurrentReceivables" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_OtherCurrentReceivables"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_OtherCurrentReceivables" xlink:to="lab_ifrs-full_OtherCurrentReceivables" xlink:type="arc" order="1"/>
    <link:label id="lab_dei_EntityCommonStockSharesOutstanding_73177947-6d98-499c-b293-a0d77cf7a5dc_terseLabel_en-US" xlink:label="lab_dei_EntityCommonStockSharesOutstanding" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Entity Common Stock, Shares Outstanding</link:label>
    <link:label id="lab_dei_EntityCommonStockSharesOutstanding_label_en-US" xlink:label="lab_dei_EntityCommonStockSharesOutstanding" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Entity Common Stock, Shares Outstanding</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_dei_EntityCommonStockSharesOutstanding" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_EntityCommonStockSharesOutstanding"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityCommonStockSharesOutstanding" xlink:to="lab_dei_EntityCommonStockSharesOutstanding" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_OtherPropertyPlantAndEquipmentNettingMember_fabf0095-2b52-45e7-9dd7-dd8b7a2e3685_terseLabel_en-US" xlink:label="lab_tef_OtherPropertyPlantAndEquipmentNettingMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Netting</link:label>
    <link:label id="lab_tef_OtherPropertyPlantAndEquipmentNettingMember_label_en-US" xlink:label="lab_tef_OtherPropertyPlantAndEquipmentNettingMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Other Property Plant And Equipment, Netting [Member]</link:label>
    <link:label id="lab_tef_OtherPropertyPlantAndEquipmentNettingMember_documentation_en-US" xlink:label="lab_tef_OtherPropertyPlantAndEquipmentNettingMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Other Property Plant And Equipment, Netting</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_OtherPropertyPlantAndEquipmentNettingMember" xlink:href="tef-20241231.xsd#tef_OtherPropertyPlantAndEquipmentNettingMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_OtherPropertyPlantAndEquipmentNettingMember" xlink:to="lab_tef_OtherPropertyPlantAndEquipmentNettingMember" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_BilateralLoansMember_4afa1762-8ccf-4e62-8c19-5c1354c2c54e_terseLabel_en-US" xlink:label="lab_tef_BilateralLoansMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Bilateral loans of Telefonica S.A.</link:label>
    <link:label id="lab_tef_BilateralLoansMember_label_en-US" xlink:label="lab_tef_BilateralLoansMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Bilateral Loans [Member]</link:label>
    <link:label id="lab_tef_BilateralLoansMember_documentation_en-US" xlink:label="lab_tef_BilateralLoansMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Bilateral Loans [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_BilateralLoansMember" xlink:href="tef-20241231.xsd#tef_BilateralLoansMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_BilateralLoansMember" xlink:to="lab_tef_BilateralLoansMember" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_OperatingSegmentsAbstract_d6294085-4519-4695-9e10-e057ed01ee82_terseLabel_en-US" xlink:label="lab_tef_OperatingSegmentsAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Operating Segments [Abstract]</link:label>
    <link:label id="lab_tef_OperatingSegmentsAbstract_label_en-US" xlink:label="lab_tef_OperatingSegmentsAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Operating Segments [Abstract]</link:label>
    <link:label id="lab_tef_OperatingSegmentsAbstract_documentation_en-US" xlink:label="lab_tef_OperatingSegmentsAbstract" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Operating Segments [Abstract]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_OperatingSegmentsAbstract" xlink:href="tef-20241231.xsd#tef_OperatingSegmentsAbstract"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_OperatingSegmentsAbstract" xlink:to="lab_tef_OperatingSegmentsAbstract" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_TELEF.EMISIONESJANUARY2024.2Member_0d3d793c-b2ad-4941-becd-86fbdce2a017_terseLabel_en-US" xlink:label="lab_tef_TELEF.EMISIONESJANUARY2024.2Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Senior sustainable bond of Telef&#243;nica Emisiones 2024 (Appendix III)</link:label>
    <link:label id="lab_tef_TELEF.EMISIONESJANUARY2024.2Member_label_en-US" xlink:label="lab_tef_TELEF.EMISIONESJANUARY2024.2Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">TELEF. EMISIONES JANUARY 2024. 2 [Member]</link:label>
    <link:label id="lab_tef_TELEF.EMISIONESJANUARY2024.2Member_documentation_en-US" xlink:label="lab_tef_TELEF.EMISIONESJANUARY2024.2Member" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">TELEF. EMISIONES JANUARY 2024. 2</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_TELEF.EMISIONESJANUARY2024.2Member" xlink:href="tef-20241231.xsd#tef_TELEF.EMISIONESJANUARY2024.2Member"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_TELEF.EMISIONESJANUARY2024.2Member" xlink:to="lab_tef_TELEF.EMISIONESJANUARY2024.2Member" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_CurrentProvisionsForDefinedBenefitPlans_aff9efbb-e46e-4d05-a0c1-ad9e41e7d678_terseLabel_en-US" xlink:label="lab_tef_CurrentProvisionsForDefinedBenefitPlans" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Post-employment defined benefit plans</link:label>
    <link:label id="lab_tef_CurrentProvisionsForDefinedBenefitPlans_label_en-US" xlink:label="lab_tef_CurrentProvisionsForDefinedBenefitPlans" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Current Provisions For Defined Benefit Plans</link:label>
    <link:label id="lab_tef_CurrentProvisionsForDefinedBenefitPlans_documentation_en-US" xlink:label="lab_tef_CurrentProvisionsForDefinedBenefitPlans" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Current Provisions For Defined Benefit Plans</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_CurrentProvisionsForDefinedBenefitPlans" xlink:href="tef-20241231.xsd#tef_CurrentProvisionsForDefinedBenefitPlans"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_CurrentProvisionsForDefinedBenefitPlans" xlink:to="lab_tef_CurrentProvisionsForDefinedBenefitPlans" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_InsuranceContractsDueFromAssociatesAndJointVenturesPayables_4b4b744f-6ebd-4970-8318-b6e3ae1854f1_terseLabel_en-US" xlink:label="lab_tef_InsuranceContractsDueFromAssociatesAndJointVenturesPayables" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Long-term insurance and reinsurance contracts liabilities to associates and joint ventures (Note 10)</link:label>
    <link:label id="lab_tef_InsuranceContractsDueFromAssociatesAndJointVenturesPayables_label_en-US" xlink:label="lab_tef_InsuranceContractsDueFromAssociatesAndJointVenturesPayables" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Insurance Contracts Due From Associates And Joint Ventures, Payables</link:label>
    <link:label id="lab_tef_InsuranceContractsDueFromAssociatesAndJointVenturesPayables_documentation_en-US" xlink:label="lab_tef_InsuranceContractsDueFromAssociatesAndJointVenturesPayables" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Insurance Contracts Due From Associates And Joint Ventures, Payables</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_InsuranceContractsDueFromAssociatesAndJointVenturesPayables" xlink:href="tef-20241231.xsd#tef_InsuranceContractsDueFromAssociatesAndJointVenturesPayables"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_InsuranceContractsDueFromAssociatesAndJointVenturesPayables" xlink:to="lab_tef_InsuranceContractsDueFromAssociatesAndJointVenturesPayables" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_Expiringin2030Option1Member_fd8c98ff-e848-4dd8-b377-5419eeee2dc4_terseLabel_en-US" xlink:label="lab_tef_Expiringin2030Option1Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Expiring in 2030, Option 1</link:label>
    <link:label id="lab_tef_Expiringin2030Option1Member_label_en-US" xlink:label="lab_tef_Expiringin2030Option1Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Expiring in 2030, Option 1 [Member]</link:label>
    <link:label id="lab_tef_Expiringin2030Option1Member_documentation_en-US" xlink:label="lab_tef_Expiringin2030Option1Member" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Expiring in 2030, Option 1 [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_Expiringin2030Option1Member" xlink:href="tef-20241231.xsd#tef_Expiringin2030Option1Member"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_Expiringin2030Option1Member" xlink:to="lab_tef_Expiringin2030Option1Member" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_CommonSharesAcquired_ace9fbc3-28a6-499a-96ca-a11f8877f0e0_terseLabel_en-US" xlink:label="lab_tef_CommonSharesAcquired" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Acquisitions (shares)</link:label>
    <link:label id="lab_tef_CommonSharesAcquired_label_en-US" xlink:label="lab_tef_CommonSharesAcquired" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Common Shares Acquired</link:label>
    <link:label id="lab_tef_CommonSharesAcquired_documentation_en-US" xlink:label="lab_tef_CommonSharesAcquired" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Common Shares Acquired</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_CommonSharesAcquired" xlink:href="tef-20241231.xsd#tef_CommonSharesAcquired"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_CommonSharesAcquired" xlink:to="lab_tef_CommonSharesAcquired" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_PaymentsForFinancialInvestmentsNotIncludedUnderCashEquivalents_a637c7c5-b060-482e-8bff-bc7aca7336bc_negatedTerseLabel_en-US" xlink:label="lab_tef_PaymentsForFinancialInvestmentsNotIncludedUnderCashEquivalents" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xml:lang="en-US">Payments on financial investments not included under cash equivalents</link:label>
    <link:label id="lab_tef_PaymentsForFinancialInvestmentsNotIncludedUnderCashEquivalents_label_en-US" xlink:label="lab_tef_PaymentsForFinancialInvestmentsNotIncludedUnderCashEquivalents" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Payments For Financial Investments Not Included Under Cash Equivalents</link:label>
    <link:label id="lab_tef_PaymentsForFinancialInvestmentsNotIncludedUnderCashEquivalents_documentation_en-US" xlink:label="lab_tef_PaymentsForFinancialInvestmentsNotIncludedUnderCashEquivalents" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Payments For Financial Investments Not Included Under Cash Equivalents</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_PaymentsForFinancialInvestmentsNotIncludedUnderCashEquivalents" xlink:href="tef-20241231.xsd#tef_PaymentsForFinancialInvestmentsNotIncludedUnderCashEquivalents"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_PaymentsForFinancialInvestmentsNotIncludedUnderCashEquivalents" xlink:to="lab_tef_PaymentsForFinancialInvestmentsNotIncludedUnderCashEquivalents" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_ExpiringIn2051Member_eb339072-a0db-4d0f-a3ee-7cce4028e1f7_terseLabel_en-US" xlink:label="lab_tef_ExpiringIn2051Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Expiring in 2051</link:label>
    <link:label id="lab_tef_ExpiringIn2051Member_label_en-US" xlink:label="lab_tef_ExpiringIn2051Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Expiring in 2051 [Member]</link:label>
    <link:label id="lab_tef_ExpiringIn2051Member_documentation_en-US" xlink:label="lab_tef_ExpiringIn2051Member" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Expiring in 2051</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_ExpiringIn2051Member" xlink:href="tef-20241231.xsd#tef_ExpiringIn2051Member"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_ExpiringIn2051Member" xlink:to="lab_tef_ExpiringIn2051Member" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_PaymentsForDevelopmentProjectExpenditure_042642a7-3442-4d80-be4d-536f87f9edc4_terseLabel_en-US" xlink:label="lab_ifrs-full_PaymentsForDevelopmentProjectExpenditure" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">CapEx</link:label>
    <link:label id="lab_ifrs-full_PaymentsForDevelopmentProjectExpenditure_407fb36e-70c5-4eef-ace0-19015e66c370_verboseLabel_en-US" xlink:label="lab_ifrs-full_PaymentsForDevelopmentProjectExpenditure" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Capital Expenditure</link:label>
    <link:label id="lab_ifrs-full_PaymentsForDevelopmentProjectExpenditure_label_en-US" xlink:label="lab_ifrs-full_PaymentsForDevelopmentProjectExpenditure" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Payments for development project expenditure</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_PaymentsForDevelopmentProjectExpenditure" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_PaymentsForDevelopmentProjectExpenditure"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_PaymentsForDevelopmentProjectExpenditure" xlink:to="lab_ifrs-full_PaymentsForDevelopmentProjectExpenditure" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_ExpectedOwnershipOfRealEstateUnit_72256e67-bd52-4c9b-8e6c-863777ebfc8d_terseLabel_en-US" xlink:label="lab_tef_ExpectedOwnershipOfRealEstateUnit" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Expected ownership of real estate unit</link:label>
    <link:label id="lab_tef_ExpectedOwnershipOfRealEstateUnit_label_en-US" xlink:label="lab_tef_ExpectedOwnershipOfRealEstateUnit" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Expected Ownership Of Real Estate Unit</link:label>
    <link:label id="lab_tef_ExpectedOwnershipOfRealEstateUnit_documentation_en-US" xlink:label="lab_tef_ExpectedOwnershipOfRealEstateUnit" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Expected Ownership Of Real Estate Unit</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_ExpectedOwnershipOfRealEstateUnit" xlink:href="tef-20241231.xsd#tef_ExpectedOwnershipOfRealEstateUnit"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_ExpectedOwnershipOfRealEstateUnit" xlink:to="lab_tef_ExpectedOwnershipOfRealEstateUnit" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_EquityInvestmentsMember_6f4a1ea5-e0fc-4d13-b323-7a262e64192f_terseLabel_en-US" xlink:label="lab_ifrs-full_EquityInvestmentsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Investments</link:label>
    <link:label id="lab_ifrs-full_EquityInvestmentsMember_42a53dfd-fab9-4087-9a7e-d18528946c8a_verboseLabel_en-US" xlink:label="lab_ifrs-full_EquityInvestmentsMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Investments in subsidiaries, associates and other shareholdings</link:label>
    <link:label id="lab_ifrs-full_EquityInvestmentsMember_label_en-US" xlink:label="lab_ifrs-full_EquityInvestmentsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Equity investments [member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_EquityInvestmentsMember" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_EquityInvestmentsMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_EquityInvestmentsMember" xlink:to="lab_ifrs-full_EquityInvestmentsMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_DepreciationPropertyPlantAndEquipment_fc725204-9432-4829-b9fe-897558c631cd_negatedTerseLabel_en-US" xlink:label="lab_ifrs-full_DepreciationPropertyPlantAndEquipment" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xml:lang="en-US">Depre-ciation</link:label>
    <link:label id="lab_ifrs-full_DepreciationPropertyPlantAndEquipment_label_en-US" xlink:label="lab_ifrs-full_DepreciationPropertyPlantAndEquipment" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Depreciation, property, plant and equipment</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_DepreciationPropertyPlantAndEquipment" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_DepreciationPropertyPlantAndEquipment"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DepreciationPropertyPlantAndEquipment" xlink:to="lab_ifrs-full_DepreciationPropertyPlantAndEquipment" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_WeightedAverageCostofCapitalMember_6096a1cd-6284-4356-a372-d553c52a6957_terseLabel_en-US" xlink:label="lab_tef_WeightedAverageCostofCapitalMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Weighted Average Cost of Capital (WACC)</link:label>
    <link:label id="lab_tef_WeightedAverageCostofCapitalMember_label_en-US" xlink:label="lab_tef_WeightedAverageCostofCapitalMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Weighted Average Cost of Capital [Member]</link:label>
    <link:label id="lab_tef_WeightedAverageCostofCapitalMember_documentation_en-US" xlink:label="lab_tef_WeightedAverageCostofCapitalMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Weighted Average Cost of Capital [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_WeightedAverageCostofCapitalMember" xlink:href="tef-20241231.xsd#tef_WeightedAverageCostofCapitalMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_WeightedAverageCostofCapitalMember" xlink:to="lab_tef_WeightedAverageCostofCapitalMember" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_CurrentLeaseLiabilitiesFromAssociatesAndJointVentures_68a9cdaa-e1df-4dfe-bace-24f7a63e4b25_terseLabel_en-US" xlink:label="lab_tef_CurrentLeaseLiabilitiesFromAssociatesAndJointVentures" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Current lease liabilities</link:label>
    <link:label id="lab_tef_CurrentLeaseLiabilitiesFromAssociatesAndJointVentures_label_en-US" xlink:label="lab_tef_CurrentLeaseLiabilitiesFromAssociatesAndJointVentures" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Current Lease Liabilities From Associates And Joint Ventures</link:label>
    <link:label id="lab_tef_CurrentLeaseLiabilitiesFromAssociatesAndJointVentures_documentation_en-US" xlink:label="lab_tef_CurrentLeaseLiabilitiesFromAssociatesAndJointVentures" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Current Lease Liabilities From Associates And Joint Ventures</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_CurrentLeaseLiabilitiesFromAssociatesAndJointVentures" xlink:href="tef-20241231.xsd#tef_CurrentLeaseLiabilitiesFromAssociatesAndJointVentures"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_CurrentLeaseLiabilitiesFromAssociatesAndJointVentures" xlink:to="lab_tef_CurrentLeaseLiabilitiesFromAssociatesAndJointVentures" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_TelxiusCablePuertoRicoInc.Member_7e2b73e7-4d21-4ad5-8813-9310c9b4d0aa_terseLabel_en-US" xlink:label="lab_tef_TelxiusCablePuertoRicoInc.Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Telxius Cable Puerto Rico, Inc. High capacity optical fibre network communications services</link:label>
    <link:label id="lab_tef_TelxiusCablePuertoRicoInc.Member_label_en-US" xlink:label="lab_tef_TelxiusCablePuertoRicoInc.Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Telxius Cable Puerto Rico Inc. [Member]</link:label>
    <link:label id="lab_tef_TelxiusCablePuertoRicoInc.Member_documentation_en-US" xlink:label="lab_tef_TelxiusCablePuertoRicoInc.Member" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Telxius Cable Puerto Rico Inc. [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_TelxiusCablePuertoRicoInc.Member" xlink:href="tef-20241231.xsd#tef_TelxiusCablePuertoRicoInc.Member"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_TelxiusCablePuertoRicoInc.Member" xlink:to="lab_tef_TelxiusCablePuertoRicoInc.Member" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_TelefonicaFactoringEspanaSAMember_982320f6-c442-408a-bf84-84c013290710_verboseLabel_en-US" xlink:label="lab_tef_TelefonicaFactoringEspanaSAMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Telef&#243;nica Factoring Espa&#241;a, S.A.</link:label>
    <link:label id="lab_tef_TelefonicaFactoringEspanaSAMember_8022fbff-b496-4a29-9ff4-bcf2c5ac1454_terseLabel_en-US" xlink:label="lab_tef_TelefonicaFactoringEspanaSAMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Telef&#243;nica Factoring Espa&#241;a, S.A. Factoring</link:label>
    <link:label id="lab_tef_TelefonicaFactoringEspanaSAMember_label_en-US" xlink:label="lab_tef_TelefonicaFactoringEspanaSAMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Telefonica Factoring Espana, SA [Member]</link:label>
    <link:label id="lab_tef_TelefonicaFactoringEspanaSAMember_documentation_en-US" xlink:label="lab_tef_TelefonicaFactoringEspanaSAMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Telefonica Factoring Espana, SA [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_TelefonicaFactoringEspanaSAMember" xlink:href="tef-20241231.xsd#tef_TelefonicaFactoringEspanaSAMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_TelefonicaFactoringEspanaSAMember" xlink:to="lab_tef_TelefonicaFactoringEspanaSAMember" xlink:type="arc" order="1"/>
    <link:label id="lab_currency_VES_d9d96722-0c27-43b2-aea4-69a28684d293_verboseLabel_en-US" xlink:label="lab_currency_VES" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Venezuelan bolivar</link:label>
    <link:label id="lab_currency_VES_3bd1ca88-399a-42a9-bd67-8a9fa121b9ea_terseLabel_en-US" xlink:label="lab_currency_VES" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">VEB</link:label>
    <link:label id="lab_currency_VES_label_en-US" xlink:label="lab_currency_VES" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Venezuelan Bol&#237;var Soberano</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_currency_VES" xlink:href="https://xbrl.sec.gov/currency/2024/currency-2024.xsd#currency_VES"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_currency_VES" xlink:to="lab_currency_VES" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_Expenserelatedtoleasesincludedinoperatingresultsasexternalservices_d599e44f-82c9-43e0-ad53-a414d1d307ac_totalLabel_en-US" xlink:label="lab_tef_Expenserelatedtoleasesincludedinoperatingresultsasexternalservices" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Total expenses as external services (Note 26)</link:label>
    <link:label id="lab_tef_Expenserelatedtoleasesincludedinoperatingresultsasexternalservices_label_en-US" xlink:label="lab_tef_Expenserelatedtoleasesincludedinoperatingresultsasexternalservices" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Expense related to leases included in operating results as external services</link:label>
    <link:label id="lab_tef_Expenserelatedtoleasesincludedinoperatingresultsasexternalservices_documentation_en-US" xlink:label="lab_tef_Expenserelatedtoleasesincludedinoperatingresultsasexternalservices" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Expense related to leases included in operating results as external services</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_Expenserelatedtoleasesincludedinoperatingresultsasexternalservices" xlink:href="tef-20241231.xsd#tef_Expenserelatedtoleasesincludedinoperatingresultsasexternalservices"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_Expenserelatedtoleasesincludedinoperatingresultsasexternalservices" xlink:to="lab_tef_Expenserelatedtoleasesincludedinoperatingresultsasexternalservices" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_DisclosureOfCashFlowItemsInvestingActivitiesProceedsAndPaymentsOnFinancialInvestmentsTableTextBlock_e1c9c267-81a9-4e6a-b192-f0f685bdc225_terseLabel_en-US" xlink:label="lab_tef_DisclosureOfCashFlowItemsInvestingActivitiesProceedsAndPaymentsOnFinancialInvestmentsTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Schedule of Investing Activities: Proceeds and Payments on Financial Investments</link:label>
    <link:label id="lab_tef_DisclosureOfCashFlowItemsInvestingActivitiesProceedsAndPaymentsOnFinancialInvestmentsTableTextBlock_label_en-US" xlink:label="lab_tef_DisclosureOfCashFlowItemsInvestingActivitiesProceedsAndPaymentsOnFinancialInvestmentsTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure Of Cash Flow Items, Investing Activities, Proceeds And Payments On Financial Investments [Table Text Block]</link:label>
    <link:label id="lab_tef_DisclosureOfCashFlowItemsInvestingActivitiesProceedsAndPaymentsOnFinancialInvestmentsTableTextBlock_documentation_en-US" xlink:label="lab_tef_DisclosureOfCashFlowItemsInvestingActivitiesProceedsAndPaymentsOnFinancialInvestmentsTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Disclosure Of Cash Flow Items, Investing Activities, Proceeds And Payments On Financial Investments [Table Text Block]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_DisclosureOfCashFlowItemsInvestingActivitiesProceedsAndPaymentsOnFinancialInvestmentsTableTextBlock" xlink:href="tef-20241231.xsd#tef_DisclosureOfCashFlowItemsInvestingActivitiesProceedsAndPaymentsOnFinancialInvestmentsTableTextBlock"/>
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    <link:label id="lab_tef_LiabilitiesDeferredTaxAbstract_05c9d5ee-caec-4aa8-be3b-e0e521ea5dc8_terseLabel_en-US" xlink:label="lab_tef_LiabilitiesDeferredTaxAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Deferred tax liabilities</link:label>
    <link:label id="lab_tef_LiabilitiesDeferredTaxAbstract_label_en-US" xlink:label="lab_tef_LiabilitiesDeferredTaxAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Liabilities, Deferred Tax [Abstract]</link:label>
    <link:label id="lab_tef_LiabilitiesDeferredTaxAbstract_documentation_en-US" xlink:label="lab_tef_LiabilitiesDeferredTaxAbstract" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Liabilities, Deferred Tax</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_LiabilitiesDeferredTaxAbstract" xlink:href="tef-20241231.xsd#tef_LiabilitiesDeferredTaxAbstract"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_LiabilitiesDeferredTaxAbstract" xlink:to="lab_tef_LiabilitiesDeferredTaxAbstract" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_FinancingAxis_1bac2288-1be2-40c0-bc9c-89153dfa4cc3_terseLabel_en-US" xlink:label="lab_tef_FinancingAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Financing [Axis]</link:label>
    <link:label id="lab_tef_FinancingAxis_label_en-US" xlink:label="lab_tef_FinancingAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Financing [Axis]</link:label>
    <link:label id="lab_tef_FinancingAxis_documentation_en-US" xlink:label="lab_tef_FinancingAxis" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Financing</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_FinancingAxis" xlink:href="tef-20241231.xsd#tef_FinancingAxis"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_FinancingAxis" xlink:to="lab_tef_FinancingAxis" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_BETernaEnhancementGmbHMember_701283bc-cfcf-4eaa-8e44-6d4738d97289_terseLabel_en-US" xlink:label="lab_tef_BETernaEnhancementGmbHMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">BE-terna Enhancement GmbH</link:label>
    <link:label id="lab_tef_BETernaEnhancementGmbHMember_label_en-US" xlink:label="lab_tef_BETernaEnhancementGmbHMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">BE-terna Enhancement GmbH [Member]</link:label>
    <link:label id="lab_tef_BETernaEnhancementGmbHMember_documentation_en-US" xlink:label="lab_tef_BETernaEnhancementGmbHMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">BE-terna Enhancement GmbH</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_BETernaEnhancementGmbHMember" xlink:href="tef-20241231.xsd#tef_BETernaEnhancementGmbHMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_BETernaEnhancementGmbHMember" xlink:to="lab_tef_BETernaEnhancementGmbHMember" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_OpalJvcoLimitedMember_680a8c8f-717f-47eb-ae7d-ce16d2fbf3a5_terseLabel_en-US" xlink:label="lab_tef_OpalJvcoLimitedMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Opal Jvco Limited (nexfibre)</link:label>
    <link:label id="lab_tef_OpalJvcoLimitedMember_fcb0b8ff-0fda-4856-9b0c-c63f9f5e1d91_verboseLabel_en-US" xlink:label="lab_tef_OpalJvcoLimitedMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Loan to InfraCo Chile (Note 12)</link:label>
    <link:label id="lab_tef_OpalJvcoLimitedMember_label_en-US" xlink:label="lab_tef_OpalJvcoLimitedMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Opal Jvco Limited [Member]</link:label>
    <link:label id="lab_tef_OpalJvcoLimitedMember_documentation_en-US" xlink:label="lab_tef_OpalJvcoLimitedMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Opal Jvco Limited</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_OpalJvcoLimitedMember" xlink:href="tef-20241231.xsd#tef_OpalJvcoLimitedMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_OpalJvcoLimitedMember" xlink:to="lab_tef_OpalJvcoLimitedMember" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_IdentifiableAssetsAcquiredRecognisedAsOfAcquisitionDate_6b43b567-977a-4f89-84c1-45631070e64f_totalLabel_en-US" xlink:label="lab_tef_IdentifiableAssetsAcquiredRecognisedAsOfAcquisitionDate" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Total assets</link:label>
    <link:label id="lab_tef_IdentifiableAssetsAcquiredRecognisedAsOfAcquisitionDate_label_en-US" xlink:label="lab_tef_IdentifiableAssetsAcquiredRecognisedAsOfAcquisitionDate" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Identifiable Assets Acquired Recognised As Of Acquisition Date</link:label>
    <link:label id="lab_tef_IdentifiableAssetsAcquiredRecognisedAsOfAcquisitionDate_documentation_en-US" xlink:label="lab_tef_IdentifiableAssetsAcquiredRecognisedAsOfAcquisitionDate" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Identifiable Assets Acquired Recognised As Of Acquisition Date</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_IdentifiableAssetsAcquiredRecognisedAsOfAcquisitionDate" xlink:href="tef-20241231.xsd#tef_IdentifiableAssetsAcquiredRecognisedAsOfAcquisitionDate"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_IdentifiableAssetsAcquiredRecognisedAsOfAcquisitionDate" xlink:to="lab_tef_IdentifiableAssetsAcquiredRecognisedAsOfAcquisitionDate" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_ClassesOfIntangibleAssetsAndGoodwillDomain_73ac9f16-63d0-4db2-938a-a01cc685cf97_terseLabel_en-US" xlink:label="lab_ifrs-full_ClassesOfIntangibleAssetsAndGoodwillDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Classes of intangible assets and goodwill [domain]</link:label>
    <link:label id="lab_ifrs-full_ClassesOfIntangibleAssetsAndGoodwillDomain_label_en-US" xlink:label="lab_ifrs-full_ClassesOfIntangibleAssetsAndGoodwillDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Classes of intangible assets and goodwill [domain]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_ClassesOfIntangibleAssetsAndGoodwillDomain" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_ClassesOfIntangibleAssetsAndGoodwillDomain"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_ClassesOfIntangibleAssetsAndGoodwillDomain" xlink:to="lab_ifrs-full_ClassesOfIntangibleAssetsAndGoodwillDomain" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_ShareBasedCompensationArrangementByShareBasedPaymentAwardPercentageOfFreeCashFlowGenerationMinimumComplianceMinimumThresholdPercent_40c43222-3f1d-43fd-93bb-89f18b0c900a_terseLabel_en-US" xlink:label="lab_tef_ShareBasedCompensationArrangementByShareBasedPaymentAwardPercentageOfFreeCashFlowGenerationMinimumComplianceMinimumThresholdPercent" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Proportion of free cash flow generation minimum threshold of compliance (as a percent)</link:label>
    <link:label id="lab_tef_ShareBasedCompensationArrangementByShareBasedPaymentAwardPercentageOfFreeCashFlowGenerationMinimumComplianceMinimumThresholdPercent_label_en-US" xlink:label="lab_tef_ShareBasedCompensationArrangementByShareBasedPaymentAwardPercentageOfFreeCashFlowGenerationMinimumComplianceMinimumThresholdPercent" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Share-based Compensation Arrangement by Share-based Payment Award, Percentage of Free Cash Flow Generation Minimum Compliance, Minimum Threshold, Percent</link:label>
    <link:label id="lab_tef_ShareBasedCompensationArrangementByShareBasedPaymentAwardPercentageOfFreeCashFlowGenerationMinimumComplianceMinimumThresholdPercent_documentation_en-US" xlink:label="lab_tef_ShareBasedCompensationArrangementByShareBasedPaymentAwardPercentageOfFreeCashFlowGenerationMinimumComplianceMinimumThresholdPercent" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Share-based Compensation Arrangement by Share-based Payment Award, Percentage of Free Cash Flow Generation Minimum Compliance, Minimum Threshold, Percent</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_ShareBasedCompensationArrangementByShareBasedPaymentAwardPercentageOfFreeCashFlowGenerationMinimumComplianceMinimumThresholdPercent" xlink:href="tef-20241231.xsd#tef_ShareBasedCompensationArrangementByShareBasedPaymentAwardPercentageOfFreeCashFlowGenerationMinimumComplianceMinimumThresholdPercent"/>
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    <link:label id="lab_ifrs-full_ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethodThatWillBeReclassifiedToProfitOrLossBeforeTax_c6fa409b-bb27-4e51-ab29-72106fca92de_terseLabel_en-US" xlink:label="lab_ifrs-full_ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethodThatWillBeReclassifiedToProfitOrLossBeforeTax" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Share of (losses) gains recognized directly in equity of associates and others (Note 10)</link:label>
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    <link:label id="lab_tef_KumoAnalyticsLimitedMember_edacb357-379c-4bfb-8afd-90cb0e728acb_terseLabel_en-US" xlink:label="lab_tef_KumoAnalyticsLimitedMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Kumo Analytics Limited</link:label>
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    <link:label id="lab_ifrs-full_CashFlowsFromUsedInInvestingActivities_76a7f3a0-d84c-4693-ace7-16656e3a2752_totalLabel_en-US" xlink:label="lab_ifrs-full_CashFlowsFromUsedInInvestingActivities" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Net cash flow used in investing activities</link:label>
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    <link:label id="lab_tef_NewFusionPortfolioMember_feff1e99-1a16-430f-9a8e-9de9e23297fa_terseLabel_en-US" xlink:label="lab_tef_NewFusionPortfolioMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">New fusion portfolio</link:label>
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    <link:label id="lab_tef_NewFusionPortfolioMember_documentation_en-US" xlink:label="lab_tef_NewFusionPortfolioMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">New Fusion Portfolio</link:label>
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    <link:label id="lab_ifrs-full_TypesOfRisksAxis_1011ba74-5ada-425d-bd32-8568e6990100_terseLabel_en-US" xlink:label="lab_ifrs-full_TypesOfRisksAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Types of risks [axis]</link:label>
    <link:label id="lab_ifrs-full_TypesOfRisksAxis_label_en-US" xlink:label="lab_ifrs-full_TypesOfRisksAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Types of risks [axis]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_TypesOfRisksAxis" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_TypesOfRisksAxis"/>
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    <link:label id="lab_tef_NumberOfWhiteSpotsInBaseStations_c961d39e-0ecd-4042-848b-cfc68d8f725b_terseLabel_en-US" xlink:label="lab_tef_NumberOfWhiteSpotsInBaseStations" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Number of white spots in base stations</link:label>
    <link:label id="lab_tef_NumberOfWhiteSpotsInBaseStations_label_en-US" xlink:label="lab_tef_NumberOfWhiteSpotsInBaseStations" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Number Of White Spots In Base Stations</link:label>
    <link:label id="lab_tef_NumberOfWhiteSpotsInBaseStations_documentation_en-US" xlink:label="lab_tef_NumberOfWhiteSpotsInBaseStations" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Number Of White Spots In Base Stations</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_NumberOfWhiteSpotsInBaseStations" xlink:href="tef-20241231.xsd#tef_NumberOfWhiteSpotsInBaseStations"/>
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    <link:label id="lab_tef_ShareBasedCompensationArrangementByShareBasedPaymentAwardPercentageOfCarbonDioxideEmissionNeutralizationMinimumComplianceMinimumThresholdPercent_6b81659b-539f-4250-ab73-7f2d06f34042_terseLabel_en-US" xlink:label="lab_tef_ShareBasedCompensationArrangementByShareBasedPaymentAwardPercentageOfCarbonDioxideEmissionNeutralizationMinimumComplianceMinimumThresholdPercent" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Proportion of carbon dioxide emission neutralization minimum threshold of compliance (as a percent)</link:label>
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    <link:label id="lab_ifrs-full_CurrencySwapContractMember_48724d87-7c4a-4232-ba68-ed1625c4a524_terseLabel_en-US" xlink:label="lab_ifrs-full_CurrencySwapContractMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Currency swaps</link:label>
    <link:label id="lab_ifrs-full_CurrencySwapContractMember_label_en-US" xlink:label="lab_ifrs-full_CurrencySwapContractMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Currency swap contract [member]</link:label>
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    <link:label id="lab_ifrs-full_DisclosureOfDefinedBenefitPlansLineItems_5886d934-1211-4bde-8a05-a5b24adeeb46_terseLabel_en-US" xlink:label="lab_ifrs-full_DisclosureOfDefinedBenefitPlansLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Disclosure of defined benefit plans [line items]</link:label>
    <link:label id="lab_ifrs-full_DisclosureOfDefinedBenefitPlansLineItems_label_en-US" xlink:label="lab_ifrs-full_DisclosureOfDefinedBenefitPlansLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure of defined benefit plans [line items]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_DisclosureOfDefinedBenefitPlansLineItems" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_DisclosureOfDefinedBenefitPlansLineItems"/>
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    <link:label id="lab_tef_CycleofPerformanceSharePlanAxis_b0ff753e-b4c9-407f-a106-0bd59cdfc0f0_terseLabel_en-US" xlink:label="lab_tef_CycleofPerformanceSharePlanAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Cycle of Performance Share Plan [Axis]</link:label>
    <link:label id="lab_tef_CycleofPerformanceSharePlanAxis_label_en-US" xlink:label="lab_tef_CycleofPerformanceSharePlanAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Cycle of Performance Share Plan [Axis]</link:label>
    <link:label id="lab_tef_CycleofPerformanceSharePlanAxis_documentation_en-US" xlink:label="lab_tef_CycleofPerformanceSharePlanAxis" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Cycle of Performance Share Plan [Axis]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_CycleofPerformanceSharePlanAxis" xlink:href="tef-20241231.xsd#tef_CycleofPerformanceSharePlanAxis"/>
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    <link:label id="lab_tef_BorrowingsMaturinginmorethanTwelveMonths_81c2b5ec-97c0-469d-9668-d5191d1ebcb5_terseLabel_en-US" xlink:label="lab_tef_BorrowingsMaturinginmorethanTwelveMonths" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Borrowings maturing in more than twelve months</link:label>
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    <link:label id="lab_tef_BorrowingsMaturinginmorethanTwelveMonths_documentation_en-US" xlink:label="lab_tef_BorrowingsMaturinginmorethanTwelveMonths" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Borrowings Maturing in more than Twelve Months</link:label>
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    <link:label id="lab_tef_Expiringin2025Option5Member_415662ec-9381-49a3-b0b9-2e40318e6671_terseLabel_en-US" xlink:label="lab_tef_Expiringin2025Option5Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Expiring in 2025, Option 5</link:label>
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    <link:label id="lab_tef_LongTermCreditsToAssociatesAndJointVentures_2b442035-5dd6-4721-8098-d950c7560ded_terseLabel_en-US" xlink:label="lab_tef_LongTermCreditsToAssociatesAndJointVentures" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Credits and other financial assets</link:label>
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    <link:label id="lab_ifrs-full_OperatingSegmentsMember_3f83dce1-06e8-48f9-b518-1249e5364e5b_terseLabel_en-US" xlink:label="lab_ifrs-full_OperatingSegmentsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Operating segments</link:label>
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    <link:label id="lab_tef_TaxablePeriodDomain_documentation_en-US" xlink:label="lab_tef_TaxablePeriodDomain" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Taxable Period</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_TaxablePeriodDomain" xlink:href="tef-20241231.xsd#tef_TaxablePeriodDomain"/>
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    <link:label id="lab_tef_NetAssets_a42f1f52-e55f-4a25-a7d6-e2329f140719_terseLabel_en-US" xlink:label="lab_tef_NetAssets" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Net assets</link:label>
    <link:label id="lab_tef_NetAssets_0dfa2de6-cd46-4ad6-8acf-e4a2b01a8df6_totalLabel_en-US" xlink:label="lab_tef_NetAssets" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Net assets</link:label>
    <link:label id="lab_tef_NetAssets_label_en-US" xlink:label="lab_tef_NetAssets" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Net Assets</link:label>
    <link:label id="lab_tef_NetAssets_documentation_en-US" xlink:label="lab_tef_NetAssets" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Net Assets</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_NetAssets" xlink:href="tef-20241231.xsd#tef_NetAssets"/>
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    <link:label id="lab_tef_ValuationAssumptionIncreaseDecreaseInLongTermInvestmentRatio_a06e8aea-808a-4c0f-a8dc-beafa1d4d1f0_terseLabel_en-US" xlink:label="lab_tef_ValuationAssumptionIncreaseDecreaseInLongTermInvestmentRatio" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Valuation assumption, increase (decrease) in long term investment ratio</link:label>
    <link:label id="lab_tef_ValuationAssumptionIncreaseDecreaseInLongTermInvestmentRatio_label_en-US" xlink:label="lab_tef_ValuationAssumptionIncreaseDecreaseInLongTermInvestmentRatio" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Valuation Assumption, Increase (Decrease) In Long Term Investment Ratio</link:label>
    <link:label id="lab_tef_ValuationAssumptionIncreaseDecreaseInLongTermInvestmentRatio_documentation_en-US" xlink:label="lab_tef_ValuationAssumptionIncreaseDecreaseInLongTermInvestmentRatio" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Valuation Assumption, Increase (Decrease) In Long Term Investment Ratio</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_ValuationAssumptionIncreaseDecreaseInLongTermInvestmentRatio" xlink:href="tef-20241231.xsd#tef_ValuationAssumptionIncreaseDecreaseInLongTermInvestmentRatio"/>
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    <link:label id="lab_tef_Group3GUMTSHoldingGmbHMember_56b66b97-3190-4802-8535-763915b076ec_terseLabel_en-US" xlink:label="lab_tef_Group3GUMTSHoldingGmbHMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Group 3G UMTS Holding GmbH</link:label>
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    <link:label id="lab_tef_Group3GUMTSHoldingGmbHMember_documentation_en-US" xlink:label="lab_tef_Group3GUMTSHoldingGmbHMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Group 3G UMTS Holding GmbH</link:label>
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    <link:label id="lab_dei_EntityInformationLineItems_6bf9fa62-6482-4c7a-93ea-e821e4212573_terseLabel_en-US" xlink:label="lab_dei_EntityInformationLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Entity Information [Line Items]</link:label>
    <link:label id="lab_dei_EntityInformationLineItems_label_en-US" xlink:label="lab_dei_EntityInformationLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Entity Information [Line Items]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_dei_EntityInformationLineItems" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_EntityInformationLineItems"/>
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    <link:label id="lab_tef_CurrentFinancialAssetsAtFairValue_7c5825af-4222-4e37-a2b3-f71e8c643b2b_terseLabel_en-US" xlink:label="lab_tef_CurrentFinancialAssetsAtFairValue" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Current financial assets, fair value</link:label>
    <link:label id="lab_tef_CurrentFinancialAssetsAtFairValue_label_en-US" xlink:label="lab_tef_CurrentFinancialAssetsAtFairValue" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Current Financial Assets, At Fair Value</link:label>
    <link:label id="lab_tef_CurrentFinancialAssetsAtFairValue_documentation_en-US" xlink:label="lab_tef_CurrentFinancialAssetsAtFairValue" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Current Financial Assets, At Fair Value</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_CurrentFinancialAssetsAtFairValue" xlink:href="tef-20241231.xsd#tef_CurrentFinancialAssetsAtFairValue"/>
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    <link:label id="lab_tef_AggregateAmountofIssuanceofSecurities_9f258696-5f40-4acc-bd35-588c0878946d_terseLabel_en-US" xlink:label="lab_tef_AggregateAmountofIssuanceofSecurities" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Aggregate amount of approved securities issuance</link:label>
    <link:label id="lab_tef_AggregateAmountofIssuanceofSecurities_label_en-US" xlink:label="lab_tef_AggregateAmountofIssuanceofSecurities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Aggregate Amount of Issuance of Securities</link:label>
    <link:label id="lab_tef_AggregateAmountofIssuanceofSecurities_documentation_en-US" xlink:label="lab_tef_AggregateAmountofIssuanceofSecurities" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Aggregate Amount of Issuance of Securities</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_AggregateAmountofIssuanceofSecurities" xlink:href="tef-20241231.xsd#tef_AggregateAmountofIssuanceofSecurities"/>
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    <link:label id="lab_tef_NoncurrentCreditsMember_ab6e0b9d-a41c-4263-9577-56aa55497979_verboseLabel_en-US" xlink:label="lab_tef_NoncurrentCreditsMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Credits and other financial assets</link:label>
    <link:label id="lab_tef_NoncurrentCreditsMember_2083b747-71a8-4d8a-a43f-a250ba607cb3_terseLabel_en-US" xlink:label="lab_tef_NoncurrentCreditsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Other long-term credits</link:label>
    <link:label id="lab_tef_NoncurrentCreditsMember_5da170a2-6740-4586-9962-2aa6b32a02ae_netLabel_en-US" xlink:label="lab_tef_NoncurrentCreditsMember" xlink:role="http://www.xbrl.org/2009/role/netLabel" xlink:type="resource" xml:lang="en-US">Credits and other financial assets</link:label>
    <link:label id="lab_tef_NoncurrentCreditsMember_label_en-US" xlink:label="lab_tef_NoncurrentCreditsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Noncurrent Credits [Member]</link:label>
    <link:label id="lab_tef_NoncurrentCreditsMember_documentation_en-US" xlink:label="lab_tef_NoncurrentCreditsMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Noncurrent Credits [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_NoncurrentCreditsMember" xlink:href="tef-20241231.xsd#tef_NoncurrentCreditsMember"/>
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    <link:label id="lab_tef_DeferredTaxAssetsTemporaryDifference_c65c513e-e597-4e20-af48-ff43e0ed64be_terseLabel_en-US" xlink:label="lab_tef_DeferredTaxAssetsTemporaryDifference" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Deferred tax assets, temporary difference</link:label>
    <link:label id="lab_tef_DeferredTaxAssetsTemporaryDifference_label_en-US" xlink:label="lab_tef_DeferredTaxAssetsTemporaryDifference" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Deferred Tax Assets, temporary Difference</link:label>
    <link:label id="lab_tef_DeferredTaxAssetsTemporaryDifference_documentation_en-US" xlink:label="lab_tef_DeferredTaxAssetsTemporaryDifference" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Deferred Tax Assets, temporary Difference</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_DeferredTaxAssetsTemporaryDifference" xlink:href="tef-20241231.xsd#tef_DeferredTaxAssetsTemporaryDifference"/>
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    <link:label id="lab_ifrs-full_HedgingInstrumentLiabilities_ae13429b-d4aa-41c9-a09f-fe025d4ecdc0_terseLabel_en-US" xlink:label="lab_ifrs-full_HedgingInstrumentLiabilities" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Net debt held as a hedging instrument</link:label>
    <link:label id="lab_ifrs-full_HedgingInstrumentLiabilities_8ced94f1-33eb-4f59-af94-cc0d066cc0b7_verboseLabel_en-US" xlink:label="lab_ifrs-full_HedgingInstrumentLiabilities" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Borrowings</link:label>
    <link:label id="lab_ifrs-full_HedgingInstrumentLiabilities_label_en-US" xlink:label="lab_ifrs-full_HedgingInstrumentLiabilities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Hedging instrument, liabilities</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_HedgingInstrumentLiabilities" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_HedgingInstrumentLiabilities"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_HedgingInstrumentLiabilities" xlink:to="lab_ifrs-full_HedgingInstrumentLiabilities" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_WeightedAverageExercisePriceOfOtherEquityInstrumentsOutstandingInSharebasedPaymentArrangement2019_170b5dfb-1f8e-4b5e-9199-9e8df9516825_terseLabel_en-US" xlink:label="lab_ifrs-full_WeightedAverageExercisePriceOfOtherEquityInstrumentsOutstandingInSharebasedPaymentArrangement2019" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Unit fair value (in euro per share)</link:label>
    <link:label id="lab_ifrs-full_WeightedAverageExercisePriceOfOtherEquityInstrumentsOutstandingInSharebasedPaymentArrangement2019_label_en-US" xlink:label="lab_ifrs-full_WeightedAverageExercisePriceOfOtherEquityInstrumentsOutstandingInSharebasedPaymentArrangement2019" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Weighted average exercise price of other equity instruments outstanding in share-based payment arrangement</link:label>
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    <link:label id="lab_ifrs-full_Level2OfFairValueHierarchyMember_36467ec3-9125-4112-b62c-a1c42783e0f7_terseLabel_en-US" xlink:label="lab_ifrs-full_Level2OfFairValueHierarchyMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Level 2 (Other directly observable market inputs)</link:label>
    <link:label id="lab_ifrs-full_Level2OfFairValueHierarchyMember_label_en-US" xlink:label="lab_ifrs-full_Level2OfFairValueHierarchyMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Level 2 of fair value hierarchy [member]</link:label>
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    <link:label id="lab_dei_DocumentRegistrationStatement_f7dad8e5-d5e2-44e9-8dc8-5afd77f3ea3c_terseLabel_en-US" xlink:label="lab_dei_DocumentRegistrationStatement" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Document Registration Statement</link:label>
    <link:label id="lab_dei_DocumentRegistrationStatement_label_en-US" xlink:label="lab_dei_DocumentRegistrationStatement" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Document Registration Statement</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_dei_DocumentRegistrationStatement" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_DocumentRegistrationStatement"/>
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    <link:label id="lab_ifrs-full_DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory_969f55bf-ebad-4172-b017-a14efcfe0fc1_terseLabel_en-US" xlink:label="lab_ifrs-full_DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Pensions and other employee obligations</link:label>
    <link:label id="lab_ifrs-full_DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory_label_en-US" xlink:label="lab_ifrs-full_DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Description of accounting policy for employee benefits [text block]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory"/>
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    <link:label id="lab_tef_ExpiringIn20322035Option2Member_b288b696-c2ba-4319-ab97-12de8d420757_terseLabel_en-US" xlink:label="lab_tef_ExpiringIn20322035Option2Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Expiring in 2032-2035, Option 2</link:label>
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    <link:label id="lab_ifrs-full_DisclosureOfHyperinflationaryReportingExplanatory_5345bc4c-f58c-46b1-a213-89fa5cd9532c_terseLabel_en-US" xlink:label="lab_ifrs-full_DisclosureOfHyperinflationaryReportingExplanatory" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Hyperinflationary economies</link:label>
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    <link:label id="lab_ifrs-full_DescriptionOfAccountingPolicyForRecognitionOfRevenue_80aaf693-759e-4d29-b7be-15d0c4a099e9_terseLabel_en-US" xlink:label="lab_ifrs-full_DescriptionOfAccountingPolicyForRecognitionOfRevenue" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Revenues</link:label>
    <link:label id="lab_ifrs-full_DescriptionOfAccountingPolicyForRecognitionOfRevenue_label_en-US" xlink:label="lab_ifrs-full_DescriptionOfAccountingPolicyForRecognitionOfRevenue" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Description of accounting policy for recognition of revenue [text block]</link:label>
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    <link:label id="lab_ifrs-full_LiabilitiesIncludedInDisposalGroupsClassifiedAsHeldForSale_aa704679-8734-4236-a359-5f535c076aa6_terseLabel_en-US" xlink:label="lab_ifrs-full_LiabilitiesIncludedInDisposalGroupsClassifiedAsHeldForSale" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Liabilities associated with non-current assets and disposal groups held for sale</link:label>
    <link:label id="lab_ifrs-full_LiabilitiesIncludedInDisposalGroupsClassifiedAsHeldForSale_label_en-US" xlink:label="lab_ifrs-full_LiabilitiesIncludedInDisposalGroupsClassifiedAsHeldForSale" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Liabilities included in disposal groups classified as held for sale</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_LiabilitiesIncludedInDisposalGroupsClassifiedAsHeldForSale" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_LiabilitiesIncludedInDisposalGroupsClassifiedAsHeldForSale"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_LiabilitiesIncludedInDisposalGroupsClassifiedAsHeldForSale" xlink:to="lab_ifrs-full_LiabilitiesIncludedInDisposalGroupsClassifiedAsHeldForSale" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_A0.5IncreaseInDiscountRateMember_8ba12506-f326-45f7-b9e4-e7533c9f1ea3_terseLabel_en-US" xlink:label="lab_tef_A0.5IncreaseInDiscountRateMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Present value of the obligation by increasing the discount rate by 0.5%</link:label>
    <link:label id="lab_tef_A0.5IncreaseInDiscountRateMember_label_en-US" xlink:label="lab_tef_A0.5IncreaseInDiscountRateMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">0.5% Increase In Discount Rate [Member]</link:label>
    <link:label id="lab_tef_A0.5IncreaseInDiscountRateMember_documentation_en-US" xlink:label="lab_tef_A0.5IncreaseInDiscountRateMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">0.5% Increase In Discount Rate [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_A0.5IncreaseInDiscountRateMember" xlink:href="tef-20241231.xsd#tef_A0.5IncreaseInDiscountRateMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_A0.5IncreaseInDiscountRateMember" xlink:to="lab_tef_A0.5IncreaseInDiscountRateMember" xlink:type="arc" order="1"/>
    <link:label id="lab_srt_CumulativeEffectPeriodOfAdoptionAdjustmentMember_09ca2247-f03f-4b27-b0f4-8f8519745249_terseLabel_en-US" xlink:label="lab_srt_CumulativeEffectPeriodOfAdoptionAdjustmentMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Cumulative Effect, Period of Adoption, Adjustment</link:label>
    <link:label id="lab_srt_CumulativeEffectPeriodOfAdoptionAdjustmentMember_label_en-US" xlink:label="lab_srt_CumulativeEffectPeriodOfAdoptionAdjustmentMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Cumulative Effect, Period of Adoption, Adjustment [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_srt_CumulativeEffectPeriodOfAdoptionAdjustmentMember" xlink:href="https://xbrl.fasb.org/srt/2024/elts/srt-2024.xsd#srt_CumulativeEffectPeriodOfAdoptionAdjustmentMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_srt_CumulativeEffectPeriodOfAdoptionAdjustmentMember" xlink:to="lab_srt_CumulativeEffectPeriodOfAdoptionAdjustmentMember" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_RegulatoryOperationsLicenseAgreementConcessionPeriod_f60ab6a8-74d9-4ed7-a2ad-bbea28a3b26b_terseLabel_en-US" xlink:label="lab_tef_RegulatoryOperationsLicenseAgreementConcessionPeriod" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">License agreement, concession period</link:label>
    <link:label id="lab_tef_RegulatoryOperationsLicenseAgreementConcessionPeriod_label_en-US" xlink:label="lab_tef_RegulatoryOperationsLicenseAgreementConcessionPeriod" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Regulatory Operations, License Agreement, Concession Period</link:label>
    <link:label id="lab_tef_RegulatoryOperationsLicenseAgreementConcessionPeriod_documentation_en-US" xlink:label="lab_tef_RegulatoryOperationsLicenseAgreementConcessionPeriod" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Regulatory Operations, License Agreement, Concession Period</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_RegulatoryOperationsLicenseAgreementConcessionPeriod" xlink:href="tef-20241231.xsd#tef_RegulatoryOperationsLicenseAgreementConcessionPeriod"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_RegulatoryOperationsLicenseAgreementConcessionPeriod" xlink:to="lab_tef_RegulatoryOperationsLicenseAgreementConcessionPeriod" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_GainsLossesOnFairValueAdjustmentNoncurrentFinancialAssets_be36b2bc-4313-4fd8-bafb-95d038d6fe1d_terseLabel_en-US" xlink:label="lab_tef_GainsLossesOnFairValueAdjustmentNoncurrentFinancialAssets" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Fair value adjustments and financial updates</link:label>
    <link:label id="lab_tef_GainsLossesOnFairValueAdjustmentNoncurrentFinancialAssets_label_en-US" xlink:label="lab_tef_GainsLossesOnFairValueAdjustmentNoncurrentFinancialAssets" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Gains (Losses) On Fair Value Adjustment, Non-current Financial Assets</link:label>
    <link:label id="lab_tef_GainsLossesOnFairValueAdjustmentNoncurrentFinancialAssets_documentation_en-US" xlink:label="lab_tef_GainsLossesOnFairValueAdjustmentNoncurrentFinancialAssets" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Gains (Losses) On Fair Value Adjustment, Non-current Financial Assets</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_GainsLossesOnFairValueAdjustmentNoncurrentFinancialAssets" xlink:href="tef-20241231.xsd#tef_GainsLossesOnFairValueAdjustmentNoncurrentFinancialAssets"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_GainsLossesOnFairValueAdjustmentNoncurrentFinancialAssets" xlink:to="lab_tef_GainsLossesOnFairValueAdjustmentNoncurrentFinancialAssets" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_TypesOfHedgesAxis_36fa318e-06e4-45eb-8ba6-ebcbd9266699_terseLabel_en-US" xlink:label="lab_ifrs-full_TypesOfHedgesAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Types of hedges [axis]</link:label>
    <link:label id="lab_ifrs-full_TypesOfHedgesAxis_label_en-US" xlink:label="lab_ifrs-full_TypesOfHedgesAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Types of hedges [axis]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_TypesOfHedgesAxis" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_TypesOfHedgesAxis"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_TypesOfHedgesAxis" xlink:to="lab_ifrs-full_TypesOfHedgesAxis" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_LeaseLiabilitiesMember_2fb9ccae-2a3b-41f0-99ba-6b7b53aa76c2_terseLabel_en-US" xlink:label="lab_ifrs-full_LeaseLiabilitiesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Lease liabilities</link:label>
    <link:label id="lab_ifrs-full_LeaseLiabilitiesMember_label_en-US" xlink:label="lab_ifrs-full_LeaseLiabilitiesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Lease liabilities [member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_LeaseLiabilitiesMember" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_LeaseLiabilitiesMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_LeaseLiabilitiesMember" xlink:to="lab_ifrs-full_LeaseLiabilitiesMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_LeaseLiabilities_6fa95855-d9f3-4170-9ee4-e500def3e29a_periodStartLabel_en-US" xlink:label="lab_ifrs-full_LeaseLiabilities" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:type="resource" xml:lang="en-US">Balance at beginning of period</link:label>
    <link:label id="lab_ifrs-full_LeaseLiabilities_160999cc-b65e-43f5-b8dc-4545cbeb5eff_periodEndLabel_en-US" xlink:label="lab_ifrs-full_LeaseLiabilities" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:type="resource" xml:lang="en-US">Balance at end of period</link:label>
    <link:label id="lab_ifrs-full_LeaseLiabilities_738c2de0-8098-4a67-a143-aecf842a5500_terseLabel_en-US" xlink:label="lab_ifrs-full_LeaseLiabilities" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Lease liabilities</link:label>
    <link:label id="lab_ifrs-full_LeaseLiabilities_label_en-US" xlink:label="lab_ifrs-full_LeaseLiabilities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Lease liabilities</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_LeaseLiabilities" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_LeaseLiabilities"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_LeaseLiabilities" xlink:to="lab_ifrs-full_LeaseLiabilities" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_VMEDO2UKLtdMember_87e342ec-efe5-40a6-b820-cf1e8505e14f_terseLabel_en-US" xlink:label="lab_tef_VMEDO2UKLtdMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">VMO2</link:label>
    <link:label id="lab_tef_VMEDO2UKLtdMember_50a0f437-d75d-44cf-a3ce-36402110648e_verboseLabel_en-US" xlink:label="lab_tef_VMEDO2UKLtdMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Constitution of VMO2</link:label>
    <link:label id="lab_tef_VMEDO2UKLtdMember_label_en-US" xlink:label="lab_tef_VMEDO2UKLtdMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">VMED O2 UK Ltd [Member]</link:label>
    <link:label id="lab_tef_VMEDO2UKLtdMember_documentation_en-US" xlink:label="lab_tef_VMEDO2UKLtdMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">VMED O2 UK Ltd</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_VMEDO2UKLtdMember" xlink:href="tef-20241231.xsd#tef_VMEDO2UKLtdMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_VMEDO2UKLtdMember" xlink:to="lab_tef_VMEDO2UKLtdMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_DisclosureOfFinancialAssetsLineItems_4f047c92-ff41-456f-8875-f626508449f4_terseLabel_en-US" xlink:label="lab_ifrs-full_DisclosureOfFinancialAssetsLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Disclosure of financial assets [line items]</link:label>
    <link:label id="lab_ifrs-full_DisclosureOfFinancialAssetsLineItems_label_en-US" xlink:label="lab_ifrs-full_DisclosureOfFinancialAssetsLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure of financial assets [line items]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_DisclosureOfFinancialAssetsLineItems" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_DisclosureOfFinancialAssetsLineItems"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DisclosureOfFinancialAssetsLineItems" xlink:to="lab_ifrs-full_DisclosureOfFinancialAssetsLineItems" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_DisclosureOfRevenueExplanatory_8cc308c2-eb72-4108-a935-b98becca0804_terseLabel_en-US" xlink:label="lab_ifrs-full_DisclosureOfRevenueExplanatory" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Revenues and Expenses</link:label>
    <link:label id="lab_ifrs-full_DisclosureOfRevenueExplanatory_label_en-US" xlink:label="lab_ifrs-full_DisclosureOfRevenueExplanatory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure of revenue [text block]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_DisclosureOfRevenueExplanatory" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_DisclosureOfRevenueExplanatory"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DisclosureOfRevenueExplanatory" xlink:to="lab_ifrs-full_DisclosureOfRevenueExplanatory" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_VariableRate1Axis_496b1783-24fe-46c2-a420-d9553523d2cd_terseLabel_en-US" xlink:label="lab_tef_VariableRate1Axis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Variable Rate [Axis]</link:label>
    <link:label id="lab_tef_VariableRate1Axis_label_en-US" xlink:label="lab_tef_VariableRate1Axis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Variable Rate1 [Axis]</link:label>
    <link:label id="lab_tef_VariableRate1Axis_documentation_en-US" xlink:label="lab_tef_VariableRate1Axis" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Variable Rate [Axis]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_VariableRate1Axis" xlink:href="tef-20241231.xsd#tef_VariableRate1Axis"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_VariableRate1Axis" xlink:to="lab_tef_VariableRate1Axis" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_ComponentsOfEquityAxis_ed4e6045-14b3-4be9-9ef4-41cc7b9170a3_terseLabel_en-US" xlink:label="lab_ifrs-full_ComponentsOfEquityAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Components of equity [axis]</link:label>
    <link:label id="lab_ifrs-full_ComponentsOfEquityAxis_label_en-US" xlink:label="lab_ifrs-full_ComponentsOfEquityAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Components of equity [axis]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_ComponentsOfEquityAxis" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_ComponentsOfEquityAxis"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_ComponentsOfEquityAxis" xlink:to="lab_ifrs-full_ComponentsOfEquityAxis" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_IrrevocableRightsToUseMember_554e27d8-4f24-467b-95da-bf1c423067d1_terseLabel_en-US" xlink:label="lab_tef_IrrevocableRightsToUseMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Contractual liabilities, irrevocable rights to use</link:label>
    <link:label id="lab_tef_IrrevocableRightsToUseMember_label_en-US" xlink:label="lab_tef_IrrevocableRightsToUseMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Irrevocable Rights To Use [Member]</link:label>
    <link:label id="lab_tef_IrrevocableRightsToUseMember_documentation_en-US" xlink:label="lab_tef_IrrevocableRightsToUseMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Irrevocable Rights To Use [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_IrrevocableRightsToUseMember" xlink:href="tef-20241231.xsd#tef_IrrevocableRightsToUseMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_IrrevocableRightsToUseMember" xlink:to="lab_tef_IrrevocableRightsToUseMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_DisclosureOfFairValueMeasurementOfEquityLineItems_439b4b68-fc9d-4aa1-b5c1-7f35afaa1e17_terseLabel_en-US" xlink:label="lab_ifrs-full_DisclosureOfFairValueMeasurementOfEquityLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Disclosure of fair value measurement of equity [line items]</link:label>
    <link:label id="lab_ifrs-full_DisclosureOfFairValueMeasurementOfEquityLineItems_label_en-US" xlink:label="lab_ifrs-full_DisclosureOfFairValueMeasurementOfEquityLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure of fair value measurement of equity [line items]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_DisclosureOfFairValueMeasurementOfEquityLineItems" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_DisclosureOfFairValueMeasurementOfEquityLineItems"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DisclosureOfFairValueMeasurementOfEquityLineItems" xlink:to="lab_ifrs-full_DisclosureOfFairValueMeasurementOfEquityLineItems" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_IndefiniteOption4Member_b36b2d70-287a-4764-b521-5982f6983ce2_terseLabel_en-US" xlink:label="lab_tef_IndefiniteOption4Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Indefinite, Option 4</link:label>
    <link:label id="lab_tef_IndefiniteOption4Member_label_en-US" xlink:label="lab_tef_IndefiniteOption4Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Indefinite, Option 4 [Member]</link:label>
    <link:label id="lab_tef_IndefiniteOption4Member_documentation_en-US" xlink:label="lab_tef_IndefiniteOption4Member" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Indefinite, Option 4 [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_IndefiniteOption4Member" xlink:href="tef-20241231.xsd#tef_IndefiniteOption4Member"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_IndefiniteOption4Member" xlink:to="lab_tef_IndefiniteOption4Member" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_DeferredTaxLiabilitiesMember_93d8532e-28dc-45d7-acd3-4110d31a91ff_terseLabel_en-US" xlink:label="lab_tef_DeferredTaxLiabilitiesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Deferred tax liabilities</link:label>
    <link:label id="lab_tef_DeferredTaxLiabilitiesMember_label_en-US" xlink:label="lab_tef_DeferredTaxLiabilitiesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Deferred Tax Liabilities [Member]</link:label>
    <link:label id="lab_tef_DeferredTaxLiabilitiesMember_documentation_en-US" xlink:label="lab_tef_DeferredTaxLiabilitiesMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Deferred Tax Liabilities [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_DeferredTaxLiabilitiesMember" xlink:href="tef-20241231.xsd#tef_DeferredTaxLiabilitiesMember"/>
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    <link:label id="lab_tef_SociedadEstatalDeParticipacionesIndustrialesSEPIMember_75469ad7-30b6-432b-9b2e-65891f11610c_terseLabel_en-US" xlink:label="lab_tef_SociedadEstatalDeParticipacionesIndustrialesSEPIMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Sociedad Estatal de Participaciones Industriales "SEPI"</link:label>
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    <link:label id="lab_tef_OiGroupMember_documentation_en-US" xlink:label="lab_tef_OiGroupMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Oi Group</link:label>
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    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_FairValueOfAcquiredReceivables" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_FairValueOfAcquiredReceivables"/>
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    <link:label id="lab_tef_DisclosureoffinanceleaseandoperatingleasebylesseeTableTextBlock_96065072-c8fb-4ad2-ace5-0dffcc1d8ad8_terseLabel_en-US" xlink:label="lab_tef_DisclosureoffinanceleaseandoperatingleasebylesseeTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Schedule of Estimated Payments on Operating Leases, Purchases, and Other Contractual Commitments</link:label>
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    <link:label id="lab_ifrs-full_IncreaseDecreaseThroughTreasuryShareTransactions_85fad839-af0e-4812-bdea-7ee1ac2e02e8_terseLabel_en-US" xlink:label="lab_ifrs-full_IncreaseDecreaseThroughTreasuryShareTransactions" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Net movement in treasury shares</link:label>
    <link:label id="lab_ifrs-full_IncreaseDecreaseThroughTreasuryShareTransactions_23db0d69-9334-4a42-b86e-d0f3fc8c02e4_negatedTerseLabel_en-US" xlink:label="lab_ifrs-full_IncreaseDecreaseThroughTreasuryShareTransactions" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xml:lang="en-US">Net movement in treasury shares</link:label>
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    <link:label id="lab_tef_TELEFEMISIONESAPRIL20172Member_1c373c3f-6546-4d8c-ab63-5b626dd81411_terseLabel_en-US" xlink:label="lab_tef_TELEFEMISIONESAPRIL20172Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">TELEF. EMISIONES APRIL 2017</link:label>
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    <link:label id="lab_tef_TELEFEMISIONESAPRIL20172Member_documentation_en-US" xlink:label="lab_tef_TELEFEMISIONESAPRIL20172Member" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">TELEF. EMISIONES APRIL 2017 2</link:label>
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    <link:label id="lab_ifrs-full_DefinedBenefitObligationAtPresentValue_8ea1121b-e2cc-4729-9cba-97bcd4594819_terseLabel_en-US" xlink:label="lab_ifrs-full_DefinedBenefitObligationAtPresentValue" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Defined benefit obligation, at present value</link:label>
    <link:label id="lab_ifrs-full_DefinedBenefitObligationAtPresentValue_label_en-US" xlink:label="lab_ifrs-full_DefinedBenefitObligationAtPresentValue" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Defined benefit obligation, at present value</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_DefinedBenefitObligationAtPresentValue" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_DefinedBenefitObligationAtPresentValue"/>
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    <link:label id="lab_ifrs-full_PaymentsToSuppliersForGoodsAndServices_b8a17baa-4a07-43a7-82fe-2a811d0ff504_verboseLabel_en-US" xlink:label="lab_ifrs-full_PaymentsToSuppliersForGoodsAndServices" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Payments to suppliers for goods and services</link:label>
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    <link:label id="lab_tef_IncreaseDecreaseInIncomeExpenseDueToEffectOfInflationCorrection_5f6464d3-b701-40fd-a2f4-41bc6299429b_negatedLabel_en-US" xlink:label="lab_tef_IncreaseDecreaseInIncomeExpenseDueToEffectOfInflationCorrection" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US">Expense due to the effect of monetary correction for inflation</link:label>
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    <link:label id="lab_tef_CashTransferredWithdrawnAmount_label_en-US" xlink:label="lab_tef_CashTransferredWithdrawnAmount" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Cash Transferred, Withdrawn Amount</link:label>
    <link:label id="lab_tef_CashTransferredWithdrawnAmount_documentation_en-US" xlink:label="lab_tef_CashTransferredWithdrawnAmount" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Cash Transferred, Withdrawn Amount</link:label>
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    <link:label id="lab_srt_GeographyEliminationsMember_f6784655-8c09-4bb6-9ab8-55e51803e1dd_terseLabel_en-US" xlink:label="lab_srt_GeographyEliminationsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Other and inter-segment eliminations</link:label>
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    <link:label id="lab_tef_BETernaZagrebCroatiaMember_3ed1a7cc-503a-43d7-8a5d-312645578be2_terseLabel_en-US" xlink:label="lab_tef_BETernaZagrebCroatiaMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">BE-terna Zagreb (Croatia)</link:label>
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    <link:label id="lab_ifrs-full_ProportionOfVotingPowerHeldInAssociate_0a818f17-3557-44b4-b89b-f690cb4bad05_terseLabel_en-US" xlink:label="lab_ifrs-full_ProportionOfVotingPowerHeldInAssociate" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Proportion of voting rights held in associate (in percentage)</link:label>
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    <link:label id="lab_tef_NumberOfYearsInProcessingLawsuitsTaxLitigation_d4959465-f2c5-4348-82dd-584478d5906c_terseLabel_en-US" xlink:label="lab_tef_NumberOfYearsInProcessingLawsuitsTaxLitigation" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Number of years in processing lawsuits, tax litigation</link:label>
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    <link:label id="lab_tef_EuropeanCommissionDelegatedActMaximumFixedTerminationRate_2f95cd89-f593-4272-a4fb-8d9df48847dc_terseLabel_en-US" xlink:label="lab_tef_EuropeanCommissionDelegatedActMaximumFixedTerminationRate" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">EC maximum fixed termination rate</link:label>
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    <link:label id="lab_tef_EuropeanCommissionDelegatedActMaximumFixedTerminationRate_documentation_en-US" xlink:label="lab_tef_EuropeanCommissionDelegatedActMaximumFixedTerminationRate" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">European Commission Delegated Act, Maximum Fixed Termination Rate</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_EuropeanCommissionDelegatedActMaximumFixedTerminationRate" xlink:href="tef-20241231.xsd#tef_EuropeanCommissionDelegatedActMaximumFixedTerminationRate"/>
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    <link:label id="lab_tef_TaxCreditExpectedDeductionsForReinvestments_faf7042f-083a-4d0e-bb0b-d7ea1289a576_terseLabel_en-US" xlink:label="lab_tef_TaxCreditExpectedDeductionsForReinvestments" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Tax credit expected, deductions for reinvestments</link:label>
    <link:label id="lab_tef_TaxCreditExpectedDeductionsForReinvestments_label_en-US" xlink:label="lab_tef_TaxCreditExpectedDeductionsForReinvestments" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Tax Credit Expected, Deductions For Reinvestments</link:label>
    <link:label id="lab_tef_TaxCreditExpectedDeductionsForReinvestments_documentation_en-US" xlink:label="lab_tef_TaxCreditExpectedDeductionsForReinvestments" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Tax Credit Expected, Deductions For Reinvestments</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_TaxCreditExpectedDeductionsForReinvestments" xlink:href="tef-20241231.xsd#tef_TaxCreditExpectedDeductionsForReinvestments"/>
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    <link:label id="lab_tef_ClaudiaSenderRamirezMember_81b5d0ff-db74-4d79-95b8-80f1b83a1d64_terseLabel_en-US" xlink:label="lab_tef_ClaudiaSenderRamirezMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Ms. Claudia Sender Ram&#237;rez</link:label>
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    <link:label id="lab_tef_ClaudiaSenderRamirezMember_documentation_en-US" xlink:label="lab_tef_ClaudiaSenderRamirezMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Claudia Sender Ramirez [Member]</link:label>
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    <link:label id="lab_ifrs-full_ProfitLossAttributableToOrdinaryEquityHoldersOfParentEntityAbstract_64f79ef2-a43b-4755-84d1-75b58a718f8b_terseLabel_en-US" xlink:label="lab_ifrs-full_ProfitLossAttributableToOrdinaryEquityHoldersOfParentEntityAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Profit attributable to ordinary equity holders of parent</link:label>
    <link:label id="lab_ifrs-full_ProfitLossAttributableToOrdinaryEquityHoldersOfParentEntityAbstract_label_en-US" xlink:label="lab_ifrs-full_ProfitLossAttributableToOrdinaryEquityHoldersOfParentEntityAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Profit (loss), attributable to ordinary equity holders of parent entity [abstract]</link:label>
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    <link:label id="lab_tef_Plancurtailmentnetdefinedbenefitliabilityasset_dc44fe09-5ae6-4411-b7eb-c2eee980964f_terseLabel_en-US" xlink:label="lab_tef_Plancurtailmentnetdefinedbenefitliabilityasset" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Plan curtailments</link:label>
    <link:label id="lab_tef_Plancurtailmentnetdefinedbenefitliabilityasset_label_en-US" xlink:label="lab_tef_Plancurtailmentnetdefinedbenefitliabilityasset" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Plan curtailment, net defined benefit liability (asset)</link:label>
    <link:label id="lab_tef_Plancurtailmentnetdefinedbenefitliabilityasset_documentation_en-US" xlink:label="lab_tef_Plancurtailmentnetdefinedbenefitliabilityasset" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Plan curtailment, net defined benefit liability (asset)</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_Plancurtailmentnetdefinedbenefitliabilityasset" xlink:href="tef-20241231.xsd#tef_Plancurtailmentnetdefinedbenefitliabilityasset"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_Plancurtailmentnetdefinedbenefitliabilityasset" xlink:to="lab_tef_Plancurtailmentnetdefinedbenefitliabilityasset" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_AnnualVarianceInClosingExchangeRate_79532480-6f77-4223-8a1d-3d59bc9e3ac6_negatedTerseLabel_en-US" xlink:label="lab_tef_AnnualVarianceInClosingExchangeRate" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xml:lang="en-US">Variation of closing exchange rate (in percentage)</link:label>
    <link:label id="lab_tef_AnnualVarianceInClosingExchangeRate_label_en-US" xlink:label="lab_tef_AnnualVarianceInClosingExchangeRate" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Annual Variance In Closing Exchange Rate</link:label>
    <link:label id="lab_tef_AnnualVarianceInClosingExchangeRate_documentation_en-US" xlink:label="lab_tef_AnnualVarianceInClosingExchangeRate" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Annual Variance In Closing Exchange Rate</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_AnnualVarianceInClosingExchangeRate" xlink:href="tef-20241231.xsd#tef_AnnualVarianceInClosingExchangeRate"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_AnnualVarianceInClosingExchangeRate" xlink:to="lab_tef_AnnualVarianceInClosingExchangeRate" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_ReversalCapitalizationOfTaxDeductionAndTaxRelief_32efa57a-4443-4a1b-95ca-8c1c3b2cd6c6_terseLabel_en-US" xlink:label="lab_tef_ReversalCapitalizationOfTaxDeductionAndTaxRelief" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">(Capitalization)/reversal of tax deduction and tax relief</link:label>
    <link:label id="lab_tef_ReversalCapitalizationOfTaxDeductionAndTaxRelief_label_en-US" xlink:label="lab_tef_ReversalCapitalizationOfTaxDeductionAndTaxRelief" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Reversal (Capitalization) Of Tax Deduction And Tax Relief</link:label>
    <link:label id="lab_tef_ReversalCapitalizationOfTaxDeductionAndTaxRelief_documentation_en-US" xlink:label="lab_tef_ReversalCapitalizationOfTaxDeductionAndTaxRelief" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Reversal (Capitalization) Of Tax Deduction And Tax Relief</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_ReversalCapitalizationOfTaxDeductionAndTaxRelief" xlink:href="tef-20241231.xsd#tef_ReversalCapitalizationOfTaxDeductionAndTaxRelief"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_ReversalCapitalizationOfTaxDeductionAndTaxRelief" xlink:to="lab_tef_ReversalCapitalizationOfTaxDeductionAndTaxRelief" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_Expenserelatedtoleasesincludedinoperatingresultsasexternalservicesother_80122fa0-ad5e-41ac-a131-74031b4eb2e8_terseLabel_en-US" xlink:label="lab_tef_Expenserelatedtoleasesincludedinoperatingresultsasexternalservicesother" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Variable lease payments not included in the measurement of lease liabilities</link:label>
    <link:label id="lab_tef_Expenserelatedtoleasesincludedinoperatingresultsasexternalservicesother_label_en-US" xlink:label="lab_tef_Expenserelatedtoleasesincludedinoperatingresultsasexternalservicesother" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Expense related to leases included in operating results as external services, other</link:label>
    <link:label id="lab_tef_Expenserelatedtoleasesincludedinoperatingresultsasexternalservicesother_documentation_en-US" xlink:label="lab_tef_Expenserelatedtoleasesincludedinoperatingresultsasexternalservicesother" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Expense related to leases included in operating results as external services, other</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_Expenserelatedtoleasesincludedinoperatingresultsasexternalservicesother" xlink:href="tef-20241231.xsd#tef_Expenserelatedtoleasesincludedinoperatingresultsasexternalservicesother"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_Expenserelatedtoleasesincludedinoperatingresultsasexternalservicesother" xlink:to="lab_tef_Expenserelatedtoleasesincludedinoperatingresultsasexternalservicesother" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_EstimatedFinancialEffectOfContingentLiabilitiesAfterCurrencyValueUpdate_1fa3776d-b67d-4027-9494-2b99d50274e1_terseLabel_en-US" xlink:label="lab_tef_EstimatedFinancialEffectOfContingentLiabilitiesAfterCurrencyValueUpdate" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Estimated effect after currency value update</link:label>
    <link:label id="lab_tef_EstimatedFinancialEffectOfContingentLiabilitiesAfterCurrencyValueUpdate_label_en-US" xlink:label="lab_tef_EstimatedFinancialEffectOfContingentLiabilitiesAfterCurrencyValueUpdate" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Estimated Financial Effect Of Contingent Liabilities, After Currency Value Update</link:label>
    <link:label id="lab_tef_EstimatedFinancialEffectOfContingentLiabilitiesAfterCurrencyValueUpdate_documentation_en-US" xlink:label="lab_tef_EstimatedFinancialEffectOfContingentLiabilitiesAfterCurrencyValueUpdate" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Estimated Financial Effect Of Contingent Liabilities, After Currency Value Update</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_EstimatedFinancialEffectOfContingentLiabilitiesAfterCurrencyValueUpdate" xlink:href="tef-20241231.xsd#tef_EstimatedFinancialEffectOfContingentLiabilitiesAfterCurrencyValueUpdate"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_EstimatedFinancialEffectOfContingentLiabilitiesAfterCurrencyValueUpdate" xlink:to="lab_tef_EstimatedFinancialEffectOfContingentLiabilitiesAfterCurrencyValueUpdate" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_TelefonicaCybersecurityCloudTechDeutschlandGmbHMember_18472acc-fd07-4a28-bcdd-e685fd270057_terseLabel_en-US" xlink:label="lab_tef_TelefonicaCybersecurityCloudTechDeutschlandGmbHMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Telefonica Cybersecurity &amp; Cloud Tech Deutschland GmbH</link:label>
    <link:label id="lab_tef_TelefonicaCybersecurityCloudTechDeutschlandGmbHMember_label_en-US" xlink:label="lab_tef_TelefonicaCybersecurityCloudTechDeutschlandGmbHMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Telefonica Cybersecurity &amp; Cloud Tech Deutschland GmbH [Member]</link:label>
    <link:label id="lab_tef_TelefonicaCybersecurityCloudTechDeutschlandGmbHMember_documentation_en-US" xlink:label="lab_tef_TelefonicaCybersecurityCloudTechDeutschlandGmbHMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Telefonica Cybersecurity &amp; Cloud Tech Deutschland GmbH</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_TelefonicaCybersecurityCloudTechDeutschlandGmbHMember" xlink:href="tef-20241231.xsd#tef_TelefonicaCybersecurityCloudTechDeutschlandGmbHMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_TelefonicaCybersecurityCloudTechDeutschlandGmbHMember" xlink:to="lab_tef_TelefonicaCybersecurityCloudTechDeutschlandGmbHMember" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_ShareBasedCompensationArrangementByShareBasedPaymentAwardPayoutPercentageInTheEventOfOverAchievement_f6f3502f-af46-4237-9e33-ac09e1be3748_terseLabel_en-US" xlink:label="lab_tef_ShareBasedCompensationArrangementByShareBasedPaymentAwardPayoutPercentageInTheEventOfOverAchievement" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Payout percentage in the event of over achievement</link:label>
    <link:label id="lab_tef_ShareBasedCompensationArrangementByShareBasedPaymentAwardPayoutPercentageInTheEventOfOverAchievement_label_en-US" xlink:label="lab_tef_ShareBasedCompensationArrangementByShareBasedPaymentAwardPayoutPercentageInTheEventOfOverAchievement" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Share-based Compensation Arrangement by Share-based Payment Award, Payout Percentage In The Event Of Over Achievement</link:label>
    <link:label id="lab_tef_ShareBasedCompensationArrangementByShareBasedPaymentAwardPayoutPercentageInTheEventOfOverAchievement_documentation_en-US" xlink:label="lab_tef_ShareBasedCompensationArrangementByShareBasedPaymentAwardPayoutPercentageInTheEventOfOverAchievement" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Share-based Compensation Arrangement by Share-based Payment Award, Payout Percentage In The Event Of Over Achievement</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_ShareBasedCompensationArrangementByShareBasedPaymentAwardPayoutPercentageInTheEventOfOverAchievement" xlink:href="tef-20241231.xsd#tef_ShareBasedCompensationArrangementByShareBasedPaymentAwardPayoutPercentageInTheEventOfOverAchievement"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_ShareBasedCompensationArrangementByShareBasedPaymentAwardPayoutPercentageInTheEventOfOverAchievement" xlink:to="lab_tef_ShareBasedCompensationArrangementByShareBasedPaymentAwardPayoutPercentageInTheEventOfOverAchievement" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_CurrentTradeReceivables_6cac4d7a-1fe9-4955-b699-a5030ac6c490_terseLabel_en-US" xlink:label="lab_ifrs-full_CurrentTradeReceivables" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Trade receivables</link:label>
    <link:label id="lab_ifrs-full_CurrentTradeReceivables_label_en-US" xlink:label="lab_ifrs-full_CurrentTradeReceivables" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Current trade receivables</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_CurrentTradeReceivables" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_CurrentTradeReceivables"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_CurrentTradeReceivables" xlink:to="lab_ifrs-full_CurrentTradeReceivables" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_ProportionOfOwnershipInterestInAssociate_4c2908b2-2ceb-49af-bffb-10a3db8cd38c_terseLabel_en-US" xlink:label="lab_ifrs-full_ProportionOfOwnershipInterestInAssociate" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Proportion of ownership interest in associate (as a percent)</link:label>
    <link:label id="lab_ifrs-full_ProportionOfOwnershipInterestInAssociate_label_en-US" xlink:label="lab_ifrs-full_ProportionOfOwnershipInterestInAssociate" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Proportion of ownership interest in associate</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_ProportionOfOwnershipInterestInAssociate" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_ProportionOfOwnershipInterestInAssociate"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_ProportionOfOwnershipInterestInAssociate" xlink:to="lab_ifrs-full_ProportionOfOwnershipInterestInAssociate" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_IdentifiableLiabilitiesAcquiredRecognisedAsOfAcquisitionDate_01134f54-c41d-4978-a377-4a3253066aa7_totalLabel_en-US" xlink:label="lab_tef_IdentifiableLiabilitiesAcquiredRecognisedAsOfAcquisitionDate" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Total liabilities</link:label>
    <link:label id="lab_tef_IdentifiableLiabilitiesAcquiredRecognisedAsOfAcquisitionDate_label_en-US" xlink:label="lab_tef_IdentifiableLiabilitiesAcquiredRecognisedAsOfAcquisitionDate" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Identifiable Liabilities Acquired Recognised As Of Acquisition Date</link:label>
    <link:label id="lab_tef_IdentifiableLiabilitiesAcquiredRecognisedAsOfAcquisitionDate_documentation_en-US" xlink:label="lab_tef_IdentifiableLiabilitiesAcquiredRecognisedAsOfAcquisitionDate" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Identifiable Liabilities Acquired Recognised As Of Acquisition Date</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_IdentifiableLiabilitiesAcquiredRecognisedAsOfAcquisitionDate" xlink:href="tef-20241231.xsd#tef_IdentifiableLiabilitiesAcquiredRecognisedAsOfAcquisitionDate"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_IdentifiableLiabilitiesAcquiredRecognisedAsOfAcquisitionDate" xlink:to="lab_tef_IdentifiableLiabilitiesAcquiredRecognisedAsOfAcquisitionDate" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_CapitalGainLoss_02aff033-963d-47c6-b4ee-84e86baeec6e_terseLabel_en-US" xlink:label="lab_tef_CapitalGainLoss" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Capital gain (loss)</link:label>
    <link:label id="lab_tef_CapitalGainLoss_label_en-US" xlink:label="lab_tef_CapitalGainLoss" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Capital Gain (Loss)</link:label>
    <link:label id="lab_tef_CapitalGainLoss_documentation_en-US" xlink:label="lab_tef_CapitalGainLoss" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Capital Gain (Loss)</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_CapitalGainLoss" xlink:href="tef-20241231.xsd#tef_CapitalGainLoss"/>
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    <link:label id="lab_tef_RepaymentsOfBorrowingsClassifiedAsFinancingActivitiesNetting_6ac73dfb-f864-432c-a34a-28766fd87774_negatedLabel_en-US" xlink:label="lab_tef_RepaymentsOfBorrowingsClassifiedAsFinancingActivitiesNetting" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US">Repayments of loans, borrowings and promissory notes</link:label>
    <link:label id="lab_tef_RepaymentsOfBorrowingsClassifiedAsFinancingActivitiesNetting_label_en-US" xlink:label="lab_tef_RepaymentsOfBorrowingsClassifiedAsFinancingActivitiesNetting" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Repayments of Borrowings, Classified as Financing Activities, Netting</link:label>
    <link:label id="lab_tef_RepaymentsOfBorrowingsClassifiedAsFinancingActivitiesNetting_documentation_en-US" xlink:label="lab_tef_RepaymentsOfBorrowingsClassifiedAsFinancingActivitiesNetting" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Repayments of Borrowings, Classified as Financing Activities, Netting</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_RepaymentsOfBorrowingsClassifiedAsFinancingActivitiesNetting" xlink:href="tef-20241231.xsd#tef_RepaymentsOfBorrowingsClassifiedAsFinancingActivitiesNetting"/>
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    <link:label id="lab_ifrs-full_RightofuseAssets_09e6ab1a-c258-49a5-a086-5eca13d46c4f_terseLabel_en-US" xlink:label="lab_ifrs-full_RightofuseAssets" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Rights of use</link:label>
    <link:label id="lab_ifrs-full_RightofuseAssets_479808f9-3b4f-4b85-83a5-46abf5fef1d5_netLabel_en-US" xlink:label="lab_ifrs-full_RightofuseAssets" xlink:role="http://www.xbrl.org/2009/role/netLabel" xlink:type="resource" xml:lang="en-US">Rights of use</link:label>
    <link:label id="lab_ifrs-full_RightofuseAssets_798263d6-3e1f-4430-824f-864aa9ad6007_periodStartLabel_en-US" xlink:label="lab_ifrs-full_RightofuseAssets" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:type="resource" xml:lang="en-US">Right-of-use assets at beginning of period</link:label>
    <link:label id="lab_ifrs-full_RightofuseAssets_65d3f1f5-3e3e-45fe-aef0-b3f9a6c88b34_periodEndLabel_en-US" xlink:label="lab_ifrs-full_RightofuseAssets" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:type="resource" xml:lang="en-US">Right-of-use assets at end of period</link:label>
    <link:label id="lab_ifrs-full_RightofuseAssets_label_en-US" xlink:label="lab_ifrs-full_RightofuseAssets" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Right-of-use assets</link:label>
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    <link:label id="lab_tef_SeniorNotesDue2027Member_2c45ffa1-f28b-4098-81cf-ad97d51de60f_terseLabel_en-US" xlink:label="lab_tef_SeniorNotesDue2027Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Senior notes due 2027</link:label>
    <link:label id="lab_tef_SeniorNotesDue2027Member_label_en-US" xlink:label="lab_tef_SeniorNotesDue2027Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Senior Notes Due 2027 [Member]</link:label>
    <link:label id="lab_tef_SeniorNotesDue2027Member_documentation_en-US" xlink:label="lab_tef_SeniorNotesDue2027Member" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Senior Notes Due 2027</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_SeniorNotesDue2027Member" xlink:href="tef-20241231.xsd#tef_SeniorNotesDue2027Member"/>
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    <link:label id="lab_ifrs-full_Liabilities_97cb66f8-8895-4d7e-babe-0eff15c97cd3_terseLabel_en-US" xlink:label="lab_ifrs-full_Liabilities" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Total allocated liabilities</link:label>
    <link:label id="lab_ifrs-full_Liabilities_7483adca-a112-4338-a7a0-2edf35c0cfdd_totalLabel_en-US" xlink:label="lab_ifrs-full_Liabilities" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Total allocated liabilities</link:label>
    <link:label id="lab_ifrs-full_Liabilities_6fd5a7d4-870e-4655-b034-065eaabdafdb_negatedTotalLabel_en-US" xlink:label="lab_ifrs-full_Liabilities" xlink:role="http://www.xbrl.org/2009/role/negatedTotalLabel" xlink:type="resource" xml:lang="en-US">Total allocated liabilities</link:label>
    <link:label id="lab_ifrs-full_Liabilities_label_en-US" xlink:label="lab_ifrs-full_Liabilities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Liabilities</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_Liabilities" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_Liabilities"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_Liabilities" xlink:to="lab_ifrs-full_Liabilities" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_KeyManagementPersonnelCompensationOtherLongtermBenefits_df9eb7e1-abb0-415a-9c74-0c73ce7b3e56_terseLabel_en-US" xlink:label="lab_ifrs-full_KeyManagementPersonnelCompensationOtherLongtermBenefits" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Other items</link:label>
    <link:label id="lab_ifrs-full_KeyManagementPersonnelCompensationOtherLongtermBenefits_label_en-US" xlink:label="lab_ifrs-full_KeyManagementPersonnelCompensationOtherLongtermBenefits" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Key management personnel compensation, other long-term employee benefits</link:label>
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    <link:label id="lab_tef_IndefiniteOption9Member_d688db1d-971e-44c1-8bb3-8b45283ed59e_terseLabel_en-US" xlink:label="lab_tef_IndefiniteOption9Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Indefinite, Option 9</link:label>
    <link:label id="lab_tef_IndefiniteOption9Member_label_en-US" xlink:label="lab_tef_IndefiniteOption9Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Indefinite, Option 9 [Member]</link:label>
    <link:label id="lab_tef_IndefiniteOption9Member_documentation_en-US" xlink:label="lab_tef_IndefiniteOption9Member" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Indefinite, Option 9</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_IndefiniteOption9Member" xlink:href="tef-20241231.xsd#tef_IndefiniteOption9Member"/>
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    <link:label id="lab_tef_ValuationAssumptionRevenueGrowthRatePercentage_bed2ff50-0d9e-4f33-9963-8fc54d47a5e6_terseLabel_en-US" xlink:label="lab_tef_ValuationAssumptionRevenueGrowthRatePercentage" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Valuation assumption, revenue growth rate (in percentage)</link:label>
    <link:label id="lab_tef_ValuationAssumptionRevenueGrowthRatePercentage_label_en-US" xlink:label="lab_tef_ValuationAssumptionRevenueGrowthRatePercentage" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Valuation Assumption, Revenue Growth Rate, Percentage</link:label>
    <link:label id="lab_tef_ValuationAssumptionRevenueGrowthRatePercentage_documentation_en-US" xlink:label="lab_tef_ValuationAssumptionRevenueGrowthRatePercentage" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Valuation Assumption, Revenue Growth Rate, Percentage</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_ValuationAssumptionRevenueGrowthRatePercentage" xlink:href="tef-20241231.xsd#tef_ValuationAssumptionRevenueGrowthRatePercentage"/>
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    <link:label id="lab_tef_TelefonicaLocalServicesGmbHHoldingMember_c1d94025-cfbc-43f4-9033-cb2b7d98802e_terseLabel_en-US" xlink:label="lab_tef_TelefonicaLocalServicesGmbHHoldingMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Telef&#243;nica Local Services GmbH Holding</link:label>
    <link:label id="lab_tef_TelefonicaLocalServicesGmbHHoldingMember_label_en-US" xlink:label="lab_tef_TelefonicaLocalServicesGmbHHoldingMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Telef&#243;nica Local Services GmbH Holding [Member]</link:label>
    <link:label id="lab_tef_TelefonicaLocalServicesGmbHHoldingMember_documentation_en-US" xlink:label="lab_tef_TelefonicaLocalServicesGmbHHoldingMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Telef&#243;nica Local Services GmbH Holding</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_TelefonicaLocalServicesGmbHHoldingMember" xlink:href="tef-20241231.xsd#tef_TelefonicaLocalServicesGmbHHoldingMember"/>
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    <link:label id="lab_tef_NumberOfCollectionCyclesCreditImpairment_00d468b9-708d-4f83-a38b-6f5c1c99f80d_terseLabel_en-US" xlink:label="lab_tef_NumberOfCollectionCyclesCreditImpairment" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Collection cycles</link:label>
    <link:label id="lab_tef_NumberOfCollectionCyclesCreditImpairment_label_en-US" xlink:label="lab_tef_NumberOfCollectionCyclesCreditImpairment" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Number Of Collection Cycles, Credit Impairment</link:label>
    <link:label id="lab_tef_NumberOfCollectionCyclesCreditImpairment_documentation_en-US" xlink:label="lab_tef_NumberOfCollectionCyclesCreditImpairment" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Number Of Collection Cycles, Credit Impairment</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_NumberOfCollectionCyclesCreditImpairment" xlink:href="tef-20241231.xsd#tef_NumberOfCollectionCyclesCreditImpairment"/>
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    <link:label id="lab_tef_PaymentsCollectionsRelatedToCollateralLiabilitiesDeposit_497cb783-360c-4036-b9b3-f3be81eae2d6_terseLabel_en-US" xlink:label="lab_tef_PaymentsCollectionsRelatedToCollateralLiabilitiesDeposit" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Collateral liabilities deposit</link:label>
    <link:label id="lab_tef_PaymentsCollectionsRelatedToCollateralLiabilitiesDeposit_label_en-US" xlink:label="lab_tef_PaymentsCollectionsRelatedToCollateralLiabilitiesDeposit" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Payments (Collections) Related To Collateral Liabilities Deposit</link:label>
    <link:label id="lab_tef_PaymentsCollectionsRelatedToCollateralLiabilitiesDeposit_documentation_en-US" xlink:label="lab_tef_PaymentsCollectionsRelatedToCollateralLiabilitiesDeposit" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Payments (Collections) Related To Collateral Liabilities Deposit</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_PaymentsCollectionsRelatedToCollateralLiabilitiesDeposit" xlink:href="tef-20241231.xsd#tef_PaymentsCollectionsRelatedToCollateralLiabilitiesDeposit"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_PaymentsCollectionsRelatedToCollateralLiabilitiesDeposit" xlink:to="lab_tef_PaymentsCollectionsRelatedToCollateralLiabilitiesDeposit" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_FinancialLiabilities_9bad8a0a-6732-485a-83bd-d6dd8ba5be86_totalLabel_en-US" xlink:label="lab_ifrs-full_FinancialLiabilities" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Total</link:label>
    <link:label id="lab_ifrs-full_FinancialLiabilities_eba84a00-7248-4cc9-a14d-1a68d4499855_terseLabel_en-US" xlink:label="lab_ifrs-full_FinancialLiabilities" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Total carrying amount</link:label>
    <link:label id="lab_ifrs-full_FinancialLiabilities_3dce6c05-4fb1-4f6a-9439-2bf3ac066094_periodStartLabel_en-US" xlink:label="lab_ifrs-full_FinancialLiabilities" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:type="resource" xml:lang="en-US">Financial liabilities, beginning balance</link:label>
    <link:label id="lab_ifrs-full_FinancialLiabilities_d041e629-d539-46f2-856d-c26f97b5e7a8_periodEndLabel_en-US" xlink:label="lab_ifrs-full_FinancialLiabilities" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:type="resource" xml:lang="en-US">Financial liabilities, ending balance</link:label>
    <link:label id="lab_ifrs-full_FinancialLiabilities_823cbfea-7999-4002-8cce-55d526cd7865_verboseLabel_en-US" xlink:label="lab_ifrs-full_FinancialLiabilities" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Financial liabilities</link:label>
    <link:label id="lab_ifrs-full_FinancialLiabilities_label_en-US" xlink:label="lab_ifrs-full_FinancialLiabilities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Financial liabilities</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_FinancialLiabilities" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_FinancialLiabilities"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_FinancialLiabilities" xlink:to="lab_ifrs-full_FinancialLiabilities" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_SharebasedCompensationArrangementbySharebasedPaymentAwardAwardVestingRightsPercentagePerformanceWithinThirdQuartileofPerformance_292fc6a9-1f6b-46de-8d86-9657a507a4da_terseLabel_en-US" xlink:label="lab_tef_SharebasedCompensationArrangementbySharebasedPaymentAwardAwardVestingRightsPercentagePerformanceWithinThirdQuartileofPerformance" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Delivery percent (if within third quartile of performance)</link:label>
    <link:label id="lab_tef_SharebasedCompensationArrangementbySharebasedPaymentAwardAwardVestingRightsPercentagePerformanceWithinThirdQuartileofPerformance_label_en-US" xlink:label="lab_tef_SharebasedCompensationArrangementbySharebasedPaymentAwardAwardVestingRightsPercentagePerformanceWithinThirdQuartileofPerformance" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage, Performance Within Third Quartile of Performance</link:label>
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    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_SharebasedCompensationArrangementbySharebasedPaymentAwardAwardVestingRightsPercentagePerformanceWithinThirdQuartileofPerformance" xlink:to="lab_tef_SharebasedCompensationArrangementbySharebasedPaymentAwardAwardVestingRightsPercentagePerformanceWithinThirdQuartileofPerformance" xlink:type="arc" order="1"/>
    <link:label id="lab_dei_DocumentFiscalPeriodFocus_57455c4e-f7ba-45d0-9077-05f9e8af0727_terseLabel_en-US" xlink:label="lab_dei_DocumentFiscalPeriodFocus" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Document Fiscal Period Focus</link:label>
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    <link:loc xlink:type="locator" xlink:label="loc_dei_DocumentFiscalPeriodFocus" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_DocumentFiscalPeriodFocus"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_DocumentFiscalPeriodFocus" xlink:to="lab_dei_DocumentFiscalPeriodFocus" xlink:type="arc" order="1"/>
    <link:label id="lab_srt_ChiefOperatingOfficerMember_7cefbf85-bebb-4729-b20f-4045178976d2_terseLabel_en-US" xlink:label="lab_srt_ChiefOperatingOfficerMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Mr. Angel Vila Boix, Chief Operating Officer</link:label>
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    <link:label id="lab_tef_UGGHoldCoGmbHCoKGMember_7ff657b7-2db8-4b40-b270-00bfb5f8ffe2_terseLabel_en-US" xlink:label="lab_tef_UGGHoldCoGmbHCoKGMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">UGG HoldCo GmbH&amp; Co KG</link:label>
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    <link:loc xlink:type="locator" xlink:label="loc_tef_UGGHoldCoGmbHCoKGMember" xlink:href="tef-20241231.xsd#tef_UGGHoldCoGmbHCoKGMember"/>
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    <link:label id="lab_ifrs-full_DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory_4c54d208-fba7-48d4-9a7a-3d8cafb562ef_terseLabel_en-US" xlink:label="lab_ifrs-full_DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Equity</link:label>
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    <link:label id="lab_tef_NetDefinedBenefitLiabilityAssetRollForward_documentation_en-US" xlink:label="lab_tef_NetDefinedBenefitLiabilityAssetRollForward" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Net Defined Benefit Liability Asset [Roll Forward]</link:label>
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    <link:label id="lab_dei_DocumentType_5fa6b986-9d61-486e-99fb-171ffa5aa8a5_terseLabel_en-US" xlink:label="lab_dei_DocumentType" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Document Type</link:label>
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    <link:label id="lab_ifrs-full_NetDefinedBenefitLiabilityAssetDomain_7b5ee971-4ae7-4de9-8037-d5ffadb0e237_terseLabel_en-US" xlink:label="lab_ifrs-full_NetDefinedBenefitLiabilityAssetDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Net defined benefit liability (asset) [domain]</link:label>
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    <link:loc xlink:type="locator" xlink:label="loc_tef_IncreaseDecreaseInProvisionsForTerminationPlansDueToTranslationDifferencesAndAccretion" xlink:href="tef-20241231.xsd#tef_IncreaseDecreaseInProvisionsForTerminationPlansDueToTranslationDifferencesAndAccretion"/>
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    <link:label id="lab_tef_PeriodInWhichRealEstateUnitsWillBeDeployed_47445217-b479-4efd-81f0-213e060f208c_terseLabel_en-US" xlink:label="lab_tef_PeriodInWhichRealEstateUnitsWillBeDeployed" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Period in which real estate units will be deployed</link:label>
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    <link:label id="lab_tef_PeriodInWhichRealEstateUnitsWillBeDeployed_documentation_en-US" xlink:label="lab_tef_PeriodInWhichRealEstateUnitsWillBeDeployed" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Period In Which Real Estate Units Will Be Deployed</link:label>
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    <link:label id="lab_ifrs-full_PostemploymentMedicalDefinedBenefitPlansMember_00112c89-53c0-46be-93b2-1d9c64795cfa_terseLabel_en-US" xlink:label="lab_ifrs-full_PostemploymentMedicalDefinedBenefitPlansMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Post-employment defined benefit plans</link:label>
    <link:label id="lab_ifrs-full_PostemploymentMedicalDefinedBenefitPlansMember_label_en-US" xlink:label="lab_ifrs-full_PostemploymentMedicalDefinedBenefitPlansMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Post-employment medical defined benefit plans [member]</link:label>
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    <link:label id="lab_tef_UsefulLivesOrDepreciationRatesPropertyPlantAndEquipmentPeriod_501801f5-ddf4-4cf9-8835-5301ab14213a_terseLabel_en-US" xlink:label="lab_tef_UsefulLivesOrDepreciationRatesPropertyPlantAndEquipmentPeriod" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Estimated useful life</link:label>
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    <link:label id="lab_ifrs-full_DisclosureOfDetailedInformationAboutHedgedItemsLineItems_0fbf1ea3-05d8-4af0-88e3-e9f48978d2bc_terseLabel_en-US" xlink:label="lab_ifrs-full_DisclosureOfDetailedInformationAboutHedgedItemsLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Disclosure of detailed information about hedged items [line items]</link:label>
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    <link:label id="lab_tef_NumberOfSelectedTeamsAgainstTopThreeSpanishFootballClubs_e2751e42-eb2b-42e7-9d5e-7555232b6acb_terseLabel_en-US" xlink:label="lab_tef_NumberOfSelectedTeamsAgainstTopThreeSpanishFootballClubs" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Number of selected teams against top three spanish football clubs</link:label>
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    <link:label id="lab_ifrs-full_GainsLossesOnDisposalsOfPropertyPlantAndEquipment_6efda313-6cfb-4f1f-9ff0-5b56526f2cfa_terseLabel_en-US" xlink:label="lab_ifrs-full_GainsLossesOnDisposalsOfPropertyPlantAndEquipment" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Gains (losses) on disposals of property, plant and equipment</link:label>
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    <link:label id="lab_ifrs-full_GainLossOnRemeasurementOfNetDefinedBenefitLiabilityAsset_afa90385-508a-4a32-854c-11a462077f75_negatedLabel_en-US" xlink:label="lab_ifrs-full_GainLossOnRemeasurementOfNetDefinedBenefitLiabilityAsset" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US">Actuarial losses and gains</link:label>
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    <link:label id="lab_tef_SustainableFinancingMember_6bd2ce48-ec34-40d6-b134-889461584202_terseLabel_en-US" xlink:label="lab_tef_SustainableFinancingMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Sustainable Financing</link:label>
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    <link:label id="lab_tef_FederalTaxAuthorityMember_33cca21c-15ff-477a-a5b9-09c91071d0d4_terseLabel_en-US" xlink:label="lab_tef_FederalTaxAuthorityMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Federal taxes</link:label>
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    <link:label id="lab_tef_FederalTaxAuthorityMember_documentation_en-US" xlink:label="lab_tef_FederalTaxAuthorityMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Federal Tax Authority [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_FederalTaxAuthorityMember" xlink:href="tef-20241231.xsd#tef_FederalTaxAuthorityMember"/>
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    <link:label id="lab_tef_LeaseLiabilitiesRecognisedAsOfAcquisitionDate_f57a1137-2d9d-440a-bc36-47e62fc733ea_terseLabel_en-US" xlink:label="lab_tef_LeaseLiabilitiesRecognisedAsOfAcquisitionDate" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Lease liabilities</link:label>
    <link:label id="lab_tef_LeaseLiabilitiesRecognisedAsOfAcquisitionDate_9da30775-f1c3-4524-9f07-5e97745f7a68_negatedTerseLabel_en-US" xlink:label="lab_tef_LeaseLiabilitiesRecognisedAsOfAcquisitionDate" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xml:lang="en-US">Lease liabilities</link:label>
    <link:label id="lab_tef_LeaseLiabilitiesRecognisedAsOfAcquisitionDate_label_en-US" xlink:label="lab_tef_LeaseLiabilitiesRecognisedAsOfAcquisitionDate" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Lease Liabilities Recognised As Of Acquisition Date</link:label>
    <link:label id="lab_tef_LeaseLiabilitiesRecognisedAsOfAcquisitionDate_documentation_en-US" xlink:label="lab_tef_LeaseLiabilitiesRecognisedAsOfAcquisitionDate" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Lease Liabilities Recognised As Of Acquisition Date</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_LeaseLiabilitiesRecognisedAsOfAcquisitionDate" xlink:href="tef-20241231.xsd#tef_LeaseLiabilitiesRecognisedAsOfAcquisitionDate"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_LeaseLiabilitiesRecognisedAsOfAcquisitionDate" xlink:to="lab_tef_LeaseLiabilitiesRecognisedAsOfAcquisitionDate" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_DisclosureOfPropertyPlantAndEquipmentTable_045e8627-cc94-4acb-81db-56719ca5a75f_terseLabel_en-US" xlink:label="lab_ifrs-full_DisclosureOfPropertyPlantAndEquipmentTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Disclosure of detailed information about property, plant and equipment [table]</link:label>
    <link:label id="lab_ifrs-full_DisclosureOfPropertyPlantAndEquipmentTable_label_en-US" xlink:label="lab_ifrs-full_DisclosureOfPropertyPlantAndEquipmentTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure of detailed information about property, plant and equipment [table]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_DisclosureOfPropertyPlantAndEquipmentTable" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_DisclosureOfPropertyPlantAndEquipmentTable"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DisclosureOfPropertyPlantAndEquipmentTable" xlink:to="lab_ifrs-full_DisclosureOfPropertyPlantAndEquipmentTable" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_AuditorsRenumerationLineItems_c1ee0ed5-7e54-45dc-bb4f-9a3a5147c1eb_terseLabel_en-US" xlink:label="lab_tef_AuditorsRenumerationLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Auditors Remuneration [Line Items]</link:label>
    <link:label id="lab_tef_AuditorsRenumerationLineItems_label_en-US" xlink:label="lab_tef_AuditorsRenumerationLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Auditors Renumeration [Line Items]</link:label>
    <link:label id="lab_tef_AuditorsRenumerationLineItems_documentation_en-US" xlink:label="lab_tef_AuditorsRenumerationLineItems" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">[Line Items] for Auditors Renumeration [Table]</link:label>
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    <link:label id="lab_tef_IndefiniteOption10Member_a0329a60-6eec-4786-a012-bb75f1a846e4_terseLabel_en-US" xlink:label="lab_tef_IndefiniteOption10Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Indefinite, Option 10</link:label>
    <link:label id="lab_tef_IndefiniteOption10Member_label_en-US" xlink:label="lab_tef_IndefiniteOption10Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Indefinite, Option 10 [Member]</link:label>
    <link:label id="lab_tef_IndefiniteOption10Member_documentation_en-US" xlink:label="lab_tef_IndefiniteOption10Member" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Indefinite, Option 10</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_IndefiniteOption10Member" xlink:href="tef-20241231.xsd#tef_IndefiniteOption10Member"/>
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    <link:label id="lab_ifrs-full_BottomOfRangeMember_c6b3bcd6-3fc4-4b20-aea2-c93c6f36ec7a_terseLabel_en-US" xlink:label="lab_ifrs-full_BottomOfRangeMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Minimum</link:label>
    <link:label id="lab_ifrs-full_BottomOfRangeMember_label_en-US" xlink:label="lab_ifrs-full_BottomOfRangeMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Bottom of range [member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_BottomOfRangeMember" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_BottomOfRangeMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_BottomOfRangeMember" xlink:to="lab_ifrs-full_BottomOfRangeMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory_3996d67d-2776-4384-a740-bd41b7007016_terseLabel_en-US" xlink:label="lab_ifrs-full_DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Property, plant and equipment</link:label>
    <link:label id="lab_ifrs-full_DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory_label_en-US" xlink:label="lab_ifrs-full_DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Description of accounting policy for property, plant and equipment [text block]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory"/>
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    <link:label id="lab_tef_IndefiniteTermLoansMember_cfb593be-1c25-4c33-b13c-33a6e9a1c276_terseLabel_en-US" xlink:label="lab_tef_IndefiniteTermLoansMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Indefinite term loans</link:label>
    <link:label id="lab_tef_IndefiniteTermLoansMember_label_en-US" xlink:label="lab_tef_IndefiniteTermLoansMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Indefinite Term Loans [Member]</link:label>
    <link:label id="lab_tef_IndefiniteTermLoansMember_documentation_en-US" xlink:label="lab_tef_IndefiniteTermLoansMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Indefinite Term Loans</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_IndefiniteTermLoansMember" xlink:href="tef-20241231.xsd#tef_IndefiniteTermLoansMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_IndefiniteTermLoansMember" xlink:to="lab_tef_IndefiniteTermLoansMember" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_TEFInfraGermanyMember_3fd35de2-8359-4cec-bb34-8b5b6df5d2bb_terseLabel_en-US" xlink:label="lab_tef_TEFInfraGermanyMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">TEF Infra Germany</link:label>
    <link:label id="lab_tef_TEFInfraGermanyMember_label_en-US" xlink:label="lab_tef_TEFInfraGermanyMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">TEF Infra Germany [Member]</link:label>
    <link:label id="lab_tef_TEFInfraGermanyMember_documentation_en-US" xlink:label="lab_tef_TEFInfraGermanyMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">TEF Infra Germany</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_TEFInfraGermanyMember" xlink:href="tef-20241231.xsd#tef_TEFInfraGermanyMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_TEFInfraGermanyMember" xlink:to="lab_tef_TEFInfraGermanyMember" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_CollateralGuaranteesOnDerivativesMember_d39fe1b4-dd2f-4e5e-a7a4-778595be23f7_terseLabel_en-US" xlink:label="lab_tef_CollateralGuaranteesOnDerivativesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Collateral guarantees on derivatives</link:label>
    <link:label id="lab_tef_CollateralGuaranteesOnDerivativesMember_label_en-US" xlink:label="lab_tef_CollateralGuaranteesOnDerivativesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Collateral Guarantees On Derivatives [Member]</link:label>
    <link:label id="lab_tef_CollateralGuaranteesOnDerivativesMember_documentation_en-US" xlink:label="lab_tef_CollateralGuaranteesOnDerivativesMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Collateral guarantees on derivatives [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_CollateralGuaranteesOnDerivativesMember" xlink:href="tef-20241231.xsd#tef_CollateralGuaranteesOnDerivativesMember"/>
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    <link:label id="lab_tef_HedgesinEquity_95af841a-e6ca-457c-88d2-99339e5d279e_periodStartLabel_en-US" xlink:label="lab_tef_HedgesinEquity" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:type="resource" xml:lang="en-US">Balance of hedges in equity at beginning of period</link:label>
    <link:label id="lab_tef_HedgesinEquity_42499a83-b16a-447a-92e9-9dc1d1719415_periodEndLabel_en-US" xlink:label="lab_tef_HedgesinEquity" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:type="resource" xml:lang="en-US">Balance of hedges in equity at end of period</link:label>
    <link:label id="lab_tef_HedgesinEquity_label_en-US" xlink:label="lab_tef_HedgesinEquity" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Hedges in Equity</link:label>
    <link:label id="lab_tef_HedgesinEquity_documentation_en-US" xlink:label="lab_tef_HedgesinEquity" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Hedges in Equity</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_HedgesinEquity" xlink:href="tef-20241231.xsd#tef_HedgesinEquity"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_HedgesinEquity" xlink:to="lab_tef_HedgesinEquity" xlink:type="arc" order="1"/>
    <link:label id="lab_srt_RangeAxis_e308b108-0ea5-44ce-94ec-2a789ff342a7_terseLabel_en-US" xlink:label="lab_srt_RangeAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Statistical Measurement [Axis]</link:label>
    <link:label id="lab_srt_RangeAxis_label_en-US" xlink:label="lab_srt_RangeAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Statistical Measurement [Axis]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_srt_RangeAxis" xlink:href="https://xbrl.fasb.org/srt/2024/elts/srt-2024.xsd#srt_RangeAxis"/>
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    <link:label id="lab_ifrs-full_DisclosureOfNonadjustingEventsAfterReportingPeriodTable_27a0f0b4-737a-40fb-a9a8-0ec4f4b53291_terseLabel_en-US" xlink:label="lab_ifrs-full_DisclosureOfNonadjustingEventsAfterReportingPeriodTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Disclosure of non-adjusting events after reporting period [table]</link:label>
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    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_DisclosureOfNonadjustingEventsAfterReportingPeriodTable" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_DisclosureOfNonadjustingEventsAfterReportingPeriodTable"/>
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    <link:label id="lab_tef_DisposalsofFinancialLiabilities_aae79c8e-b420-4d83-8877-bd46658d0a9a_negatedTerseLabel_en-US" xlink:label="lab_tef_DisposalsofFinancialLiabilities" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xml:lang="en-US">Cash paid</link:label>
    <link:label id="lab_tef_DisposalsofFinancialLiabilities_label_en-US" xlink:label="lab_tef_DisposalsofFinancialLiabilities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disposals of Financial Liabilities</link:label>
    <link:label id="lab_tef_DisposalsofFinancialLiabilities_documentation_en-US" xlink:label="lab_tef_DisposalsofFinancialLiabilities" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Disposals of Financial Liabilities</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_DisposalsofFinancialLiabilities" xlink:href="tef-20241231.xsd#tef_DisposalsofFinancialLiabilities"/>
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    <link:label id="lab_ifrs-full_FinanceIncome_1a77ba3e-ecc8-47b0-b6da-8b5ca9c155be_terseLabel_en-US" xlink:label="lab_ifrs-full_FinanceIncome" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Finance income</link:label>
    <link:label id="lab_ifrs-full_FinanceIncome_67e02af3-4626-4b3a-af46-78a14faa8b22_verboseLabel_en-US" xlink:label="lab_ifrs-full_FinanceIncome" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Financial revenues</link:label>
    <link:label id="lab_ifrs-full_FinanceIncome_label_en-US" xlink:label="lab_ifrs-full_FinanceIncome" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Finance income</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_FinanceIncome" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_FinanceIncome"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_FinanceIncome" xlink:to="lab_ifrs-full_FinanceIncome" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_NumberOfDataCentersSold_d3325efe-09e2-43fa-b8b2-85bc88e8e8b7_terseLabel_en-US" xlink:label="lab_tef_NumberOfDataCentersSold" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Number of data centers sold</link:label>
    <link:label id="lab_tef_NumberOfDataCentersSold_label_en-US" xlink:label="lab_tef_NumberOfDataCentersSold" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Number Of Data Centers Sold</link:label>
    <link:label id="lab_tef_NumberOfDataCentersSold_documentation_en-US" xlink:label="lab_tef_NumberOfDataCentersSold" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Number Of Data Centers Sold</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_NumberOfDataCentersSold" xlink:href="tef-20241231.xsd#tef_NumberOfDataCentersSold"/>
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    <link:label id="lab_tef_AdditionsAcquiredByWayOfGovernmentGrantPropertyPlantAndEquipment_c851ba59-5aeb-4ebf-ab96-72d1528a334c_terseLabel_en-US" xlink:label="lab_tef_AdditionsAcquiredByWayOfGovernmentGrantPropertyPlantAndEquipment" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Government grants</link:label>
    <link:label id="lab_tef_AdditionsAcquiredByWayOfGovernmentGrantPropertyPlantAndEquipment_label_en-US" xlink:label="lab_tef_AdditionsAcquiredByWayOfGovernmentGrantPropertyPlantAndEquipment" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Additions Acquired By Way Of Government Grant Property Plant And Equipment</link:label>
    <link:label id="lab_tef_AdditionsAcquiredByWayOfGovernmentGrantPropertyPlantAndEquipment_documentation_en-US" xlink:label="lab_tef_AdditionsAcquiredByWayOfGovernmentGrantPropertyPlantAndEquipment" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Additions Acquired By Way Of Government Grant Property Plant And Equipment</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_AdditionsAcquiredByWayOfGovernmentGrantPropertyPlantAndEquipment" xlink:href="tef-20241231.xsd#tef_AdditionsAcquiredByWayOfGovernmentGrantPropertyPlantAndEquipment"/>
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    <link:label id="lab_tef_TISHispanoamericaSLMember_840703c1-24d7-4870-8e2c-46c618cf67d3_terseLabel_en-US" xlink:label="lab_tef_TISHispanoamericaSLMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">TIS Hispanoam&#233;rica, S.L.U. Security services and systems</link:label>
    <link:label id="lab_tef_TISHispanoamericaSLMember_label_en-US" xlink:label="lab_tef_TISHispanoamericaSLMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">TIS Hispanoamerica, S.L. [Member]</link:label>
    <link:label id="lab_tef_TISHispanoamericaSLMember_documentation_en-US" xlink:label="lab_tef_TISHispanoamericaSLMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">TIS Hispanoamerica, S.L.</link:label>
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    <link:label id="lab_tef_CaixabankMember_960ebf02-9f87-4930-a7c2-d53b09fa02b1_terseLabel_en-US" xlink:label="lab_tef_CaixabankMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Caixabank</link:label>
    <link:label id="lab_tef_CaixabankMember_label_en-US" xlink:label="lab_tef_CaixabankMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Caixabank [Member]</link:label>
    <link:label id="lab_tef_CaixabankMember_documentation_en-US" xlink:label="lab_tef_CaixabankMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Caja de Ahorros y Pensiones de Barcelona [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_CaixabankMember" xlink:href="tef-20241231.xsd#tef_CaixabankMember"/>
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    <link:label id="lab_tef_RegulatoryOperationsLicenseAcquisitionAmountToBeRecognizedForObligations_628b9ad6-5aea-4bc4-a11e-0ba92df30966_terseLabel_en-US" xlink:label="lab_tef_RegulatoryOperationsLicenseAcquisitionAmountToBeRecognizedForObligations" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">License acquisition, amount to be recognized for obligations</link:label>
    <link:label id="lab_tef_RegulatoryOperationsLicenseAcquisitionAmountToBeRecognizedForObligations_label_en-US" xlink:label="lab_tef_RegulatoryOperationsLicenseAcquisitionAmountToBeRecognizedForObligations" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Regulatory Operations, License Acquisition, Amount To Be Recognized For Obligations</link:label>
    <link:label id="lab_tef_RegulatoryOperationsLicenseAcquisitionAmountToBeRecognizedForObligations_documentation_en-US" xlink:label="lab_tef_RegulatoryOperationsLicenseAcquisitionAmountToBeRecognizedForObligations" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Regulatory Operations, License Acquisition, Amount To Be Recognized For Obligations</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_RegulatoryOperationsLicenseAcquisitionAmountToBeRecognizedForObligations" xlink:href="tef-20241231.xsd#tef_RegulatoryOperationsLicenseAcquisitionAmountToBeRecognizedForObligations"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_RegulatoryOperationsLicenseAcquisitionAmountToBeRecognizedForObligations" xlink:to="lab_tef_RegulatoryOperationsLicenseAcquisitionAmountToBeRecognizedForObligations" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_CreditFacilitiesMember_40a5ecc9-90e9-4308-8a09-6bf98ca3b09c_terseLabel_en-US" xlink:label="lab_tef_CreditFacilitiesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Undrawn facilities at December 31, 2024 (Note 18)</link:label>
    <link:label id="lab_tef_CreditFacilitiesMember_label_en-US" xlink:label="lab_tef_CreditFacilitiesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Credit Facilities [Member]</link:label>
    <link:label id="lab_tef_CreditFacilitiesMember_documentation_en-US" xlink:label="lab_tef_CreditFacilitiesMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Credit Facilities</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_CreditFacilitiesMember" xlink:href="tef-20241231.xsd#tef_CreditFacilitiesMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_CreditFacilitiesMember" xlink:to="lab_tef_CreditFacilitiesMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_DisclosureOfNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory_d2b4bd88-2ccc-49a8-b698-1df458ff1aac_terseLabel_en-US" xlink:label="lab_ifrs-full_DisclosureOfNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Operations Classified as Held for Sale</link:label>
    <link:label id="lab_ifrs-full_DisclosureOfNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory_label_en-US" xlink:label="lab_ifrs-full_DisclosureOfNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure of non-current assets or disposal groups classified as held for sale [text block]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_DisclosureOfNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_DisclosureOfNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory"/>
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    <link:label id="lab_tef_MasterServicesAgreementNumberOfAdditionalRenewalPeriods_a5aee33d-ce7e-4861-a011-cfa745ffd677_terseLabel_en-US" xlink:label="lab_tef_MasterServicesAgreementNumberOfAdditionalRenewalPeriods" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Master services agreement, number of additional renewal periods</link:label>
    <link:label id="lab_tef_MasterServicesAgreementNumberOfAdditionalRenewalPeriods_label_en-US" xlink:label="lab_tef_MasterServicesAgreementNumberOfAdditionalRenewalPeriods" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Master Services Agreement, Number Of Additional Renewal Periods</link:label>
    <link:label id="lab_tef_MasterServicesAgreementNumberOfAdditionalRenewalPeriods_documentation_en-US" xlink:label="lab_tef_MasterServicesAgreementNumberOfAdditionalRenewalPeriods" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Master Services Agreement, Number Of Additional Renewal Periods</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_MasterServicesAgreementNumberOfAdditionalRenewalPeriods" xlink:href="tef-20241231.xsd#tef_MasterServicesAgreementNumberOfAdditionalRenewalPeriods"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_MasterServicesAgreementNumberOfAdditionalRenewalPeriods" xlink:to="lab_tef_MasterServicesAgreementNumberOfAdditionalRenewalPeriods" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_TypesOfFinancialLiabilitiesDomain_1661afdf-d3c9-4dee-937a-723ba286bcc7_terseLabel_en-US" xlink:label="lab_ifrs-full_TypesOfFinancialLiabilitiesDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Types of financial liabilities</link:label>
    <link:label id="lab_ifrs-full_TypesOfFinancialLiabilitiesDomain_label_en-US" xlink:label="lab_ifrs-full_TypesOfFinancialLiabilitiesDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Types of financial liabilities [domain]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_TypesOfFinancialLiabilitiesDomain" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_TypesOfFinancialLiabilitiesDomain"/>
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    <link:label id="lab_tef_IncomeUnderFinanceAgreementsRelatedPartyTransaction_41170b2c-91d5-4340-b16c-90cb94c829b8_terseLabel_en-US" xlink:label="lab_tef_IncomeUnderFinanceAgreementsRelatedPartyTransaction" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Finance income</link:label>
    <link:label id="lab_tef_IncomeUnderFinanceAgreementsRelatedPartyTransaction_label_en-US" xlink:label="lab_tef_IncomeUnderFinanceAgreementsRelatedPartyTransaction" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Income Under Finance Agreements, Related Party Transaction</link:label>
    <link:label id="lab_tef_IncomeUnderFinanceAgreementsRelatedPartyTransaction_documentation_en-US" xlink:label="lab_tef_IncomeUnderFinanceAgreementsRelatedPartyTransaction" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Income Under Finance Agreements, Related Party Transaction</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_IncomeUnderFinanceAgreementsRelatedPartyTransaction" xlink:href="tef-20241231.xsd#tef_IncomeUnderFinanceAgreementsRelatedPartyTransaction"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_IncomeUnderFinanceAgreementsRelatedPartyTransaction" xlink:to="lab_tef_IncomeUnderFinanceAgreementsRelatedPartyTransaction" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_PutCurrencies2Member_c00aa361-62ad-4928-af37-6b059f88693f_terseLabel_en-US" xlink:label="lab_tef_PutCurrencies2Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Put Currencies (EURGBP, GBPEUR)</link:label>
    <link:label id="lab_tef_PutCurrencies2Member_label_en-US" xlink:label="lab_tef_PutCurrencies2Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Put Currencies,2 [Member]</link:label>
    <link:label id="lab_tef_PutCurrencies2Member_documentation_en-US" xlink:label="lab_tef_PutCurrencies2Member" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Put Currencies,2</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_PutCurrencies2Member" xlink:href="tef-20241231.xsd#tef_PutCurrencies2Member"/>
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    <link:label id="lab_tef_ProvisionsForOtherEmployeeBenefits_bccdb6c9-daa6-46f1-95c1-e6114efc66e2_totalLabel_en-US" xlink:label="lab_tef_ProvisionsForOtherEmployeeBenefits" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Other benefits</link:label>
    <link:label id="lab_tef_ProvisionsForOtherEmployeeBenefits_label_en-US" xlink:label="lab_tef_ProvisionsForOtherEmployeeBenefits" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Provisions For Other Employee Benefits</link:label>
    <link:label id="lab_tef_ProvisionsForOtherEmployeeBenefits_documentation_en-US" xlink:label="lab_tef_ProvisionsForOtherEmployeeBenefits" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Provisions For Other Employee Benefits</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_ProvisionsForOtherEmployeeBenefits" xlink:href="tef-20241231.xsd#tef_ProvisionsForOtherEmployeeBenefits"/>
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    <link:label id="lab_ifrs-full_DisposalsIntangibleAssetsOtherThanGoodwill_b26ea2b3-139e-47d3-ba52-de0acd53a6b7_negatedTerseLabel_en-US" xlink:label="lab_ifrs-full_DisposalsIntangibleAssetsOtherThanGoodwill" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xml:lang="en-US">Disposals</link:label>
    <link:label id="lab_ifrs-full_DisposalsIntangibleAssetsOtherThanGoodwill_label_en-US" xlink:label="lab_ifrs-full_DisposalsIntangibleAssetsOtherThanGoodwill" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disposals, intangible assets other than goodwill</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_DisposalsIntangibleAssetsOtherThanGoodwill" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_DisposalsIntangibleAssetsOtherThanGoodwill"/>
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    <link:label id="lab_srt_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis_0ea6e458-2900-4d9a-977e-f95ddd568739_terseLabel_en-US" xlink:label="lab_srt_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Investment, Name [Axis]</link:label>
    <link:label id="lab_srt_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis_label_en-US" xlink:label="lab_srt_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Investment, Name [Axis]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_srt_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis" xlink:href="https://xbrl.fasb.org/srt/2024/elts/srt-2024.xsd#srt_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis"/>
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    <link:label id="lab_tef_ExpiringIn2048Option2Member_36c95d77-db6c-4f3e-9be4-02fd81eb1f2f_terseLabel_en-US" xlink:label="lab_tef_ExpiringIn2048Option2Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Expiring in 2048, Option 2</link:label>
    <link:label id="lab_tef_ExpiringIn2048Option2Member_label_en-US" xlink:label="lab_tef_ExpiringIn2048Option2Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Expiring in 2048, Option 2 [Member]</link:label>
    <link:label id="lab_tef_ExpiringIn2048Option2Member_documentation_en-US" xlink:label="lab_tef_ExpiringIn2048Option2Member" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Expiring in 2048, Option 2</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_ExpiringIn2048Option2Member" xlink:href="tef-20241231.xsd#tef_ExpiringIn2048Option2Member"/>
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    <link:label id="lab_ifrs-full_DividendsPaidOrdinarySharesPerShare_c0b6eef7-1fd1-467b-8e46-09fa8b697ac8_terseLabel_en-US" xlink:label="lab_ifrs-full_DividendsPaidOrdinarySharesPerShare" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Dividends paid (EUR per share)</link:label>
    <link:label id="lab_ifrs-full_DividendsPaidOrdinarySharesPerShare_label_en-US" xlink:label="lab_ifrs-full_DividendsPaidOrdinarySharesPerShare" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Dividends paid, ordinary shares per share</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_DividendsPaidOrdinarySharesPerShare" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_DividendsPaidOrdinarySharesPerShare"/>
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    <link:label id="lab_tef_AppendixIVFinancialInstrumentsAbstract_3e1e33b7-def5-4ca2-b03a-aef9d275e859_terseLabel_en-US" xlink:label="lab_tef_AppendixIVFinancialInstrumentsAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Appendix IV: Financial Instruments [Abstract]</link:label>
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    <link:label id="lab_tef_AppendixIVFinancialInstrumentsAbstract_documentation_en-US" xlink:label="lab_tef_AppendixIVFinancialInstrumentsAbstract" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Appendix IV: Financial Instruments [Abstract]</link:label>
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    <link:label id="lab_tef_DisclosureOfStatementOfFinancialPositionAndIncomeStatementOfAssociatesAndJointVenturesTableTextBlock_f4c55624-d990-4aa7-a2fc-39cc8dbca224_terseLabel_en-US" xlink:label="lab_tef_DisclosureOfStatementOfFinancialPositionAndIncomeStatementOfAssociatesAndJointVenturesTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Disclosure of Statement of Financial Position and Income Statement of Associates and Joint Ventures</link:label>
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    <link:label id="lab_tef_ExpiringIn2041Option3Member_60909ba9-4d2e-473a-ac19-d0260ea39984_terseLabel_en-US" xlink:label="lab_tef_ExpiringIn2041Option3Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Expiring in 2041, Option 3</link:label>
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    <link:label id="lab_tef_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfParticipatingExecutiveDirectors_4cc8658f-a456-461c-ba45-0fbc22a03440_terseLabel_en-US" xlink:label="lab_tef_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfParticipatingExecutiveDirectors" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Number of participating executive directors</link:label>
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    <link:loc xlink:type="locator" xlink:label="loc_tef_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfParticipatingExecutiveDirectors" xlink:href="tef-20241231.xsd#tef_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfParticipatingExecutiveDirectors"/>
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    <link:label id="lab_tef_BuendiaEstudiosCanariasSLUMember_904d53b1-36b0-4667-9400-d4fbe00648e2_terseLabel_en-US" xlink:label="lab_tef_BuendiaEstudiosCanariasSLUMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Buend&#237;a Estudios Canarias S.L.U.</link:label>
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    <link:label id="lab_tef_BuendiaEstudiosCanariasSLUMember_documentation_en-US" xlink:label="lab_tef_BuendiaEstudiosCanariasSLUMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Buend&#237;a Estudios Canarias S.L.U.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_BuendiaEstudiosCanariasSLUMember" xlink:href="tef-20241231.xsd#tef_BuendiaEstudiosCanariasSLUMember"/>
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    <link:label id="lab_ifrs-full_CarryingAmountMember_7e7e1ea6-53c4-4a90-967d-6db6678ef87f_terseLabel_en-US" xlink:label="lab_ifrs-full_CarryingAmountMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Carrying amount [member]</link:label>
    <link:label id="lab_ifrs-full_CarryingAmountMember_94176faf-a8c4-49a9-9379-96c94c289446_verboseLabel_en-US" xlink:label="lab_ifrs-full_CarryingAmountMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">PP&amp;E</link:label>
    <link:label id="lab_ifrs-full_CarryingAmountMember_label_en-US" xlink:label="lab_ifrs-full_CarryingAmountMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Carrying amount [member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_CarryingAmountMember" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_CarryingAmountMember"/>
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    <link:label id="lab_ifrs-full_TradeAndOtherPayablesRecognisedAsOfAcquisitionDate_9cda1d49-1ee3-4567-8baf-b1356acd5307_terseLabel_en-US" xlink:label="lab_ifrs-full_TradeAndOtherPayablesRecognisedAsOfAcquisitionDate" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Trade payables</link:label>
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    <link:label id="lab_ifrs-full_TradeAndOtherPayablesRecognisedAsOfAcquisitionDate_label_en-US" xlink:label="lab_ifrs-full_TradeAndOtherPayablesRecognisedAsOfAcquisitionDate" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Trade and other payables recognised as of acquisition date</link:label>
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    <link:label id="lab_tef_ProvisionsForDefinedBenefitPlans_793b910e-f496-4e27-956b-877be9ca34f2_totalLabel_en-US" xlink:label="lab_tef_ProvisionsForDefinedBenefitPlans" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Post-employment defined benefit plans</link:label>
    <link:label id="lab_tef_ProvisionsForDefinedBenefitPlans_dce333b9-f9bf-4459-9fff-6a42c8b0bcc0_terseLabel_en-US" xlink:label="lab_tef_ProvisionsForDefinedBenefitPlans" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Net provision</link:label>
    <link:label id="lab_tef_ProvisionsForDefinedBenefitPlans_label_en-US" xlink:label="lab_tef_ProvisionsForDefinedBenefitPlans" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Provisions For Defined Benefit Plans</link:label>
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    <link:label id="lab_ifrs-full_ClassesOfFinancialAssetsAxis_fd56f1c0-8a56-4af0-9a91-773344cf659f_terseLabel_en-US" xlink:label="lab_ifrs-full_ClassesOfFinancialAssetsAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Classes of financial assets [axis]</link:label>
    <link:label id="lab_ifrs-full_ClassesOfFinancialAssetsAxis_label_en-US" xlink:label="lab_ifrs-full_ClassesOfFinancialAssetsAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Classes of financial assets [axis]</link:label>
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    <link:label id="lab_tef_Expiringin2025Member_843ce1de-c3a6-4af3-878b-d1b64a321eb7_terseLabel_en-US" xlink:label="lab_tef_Expiringin2025Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Expiring in 2025</link:label>
    <link:label id="lab_tef_Expiringin2025Member_label_en-US" xlink:label="lab_tef_Expiringin2025Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Expiring in 2025 [Member]</link:label>
    <link:label id="lab_tef_Expiringin2025Member_documentation_en-US" xlink:label="lab_tef_Expiringin2025Member" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Expiring in 2025 [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_Expiringin2025Member" xlink:href="tef-20241231.xsd#tef_Expiringin2025Member"/>
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    <link:label id="lab_tef_SaleOfSharesMember_ec2b49ea-fe57-4736-bb93-65c6e67d0bd9_terseLabel_en-US" xlink:label="lab_tef_SaleOfSharesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Sale of shares</link:label>
    <link:label id="lab_tef_SaleOfSharesMember_label_en-US" xlink:label="lab_tef_SaleOfSharesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Sale Of Shares [Member]</link:label>
    <link:label id="lab_tef_SaleOfSharesMember_documentation_en-US" xlink:label="lab_tef_SaleOfSharesMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Sale Of Shares</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_SaleOfSharesMember" xlink:href="tef-20241231.xsd#tef_SaleOfSharesMember"/>
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    <link:label id="lab_ifrs-full_AdditionsOtherThanThroughBusinessCombinationsIntangibleAssetsOtherThanGoodwill_6e80b609-2c02-4b72-923b-fa988b5346cb_terseLabel_en-US" xlink:label="lab_ifrs-full_AdditionsOtherThanThroughBusinessCombinationsIntangibleAssetsOtherThanGoodwill" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Additions</link:label>
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    <link:label id="lab_tef_TelxiusCableEcuadorS.A.Member_23fecf1d-ab42-4d9e-8828-f29c2f894bce_terseLabel_en-US" xlink:label="lab_tef_TelxiusCableEcuadorS.A.Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Telxius Cable Ecuador, S.A. Sale of usage of data transmission capacity via an underwater optical fibre network</link:label>
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    <link:label id="lab_tef_TelxiusCableEcuadorS.A.Member_documentation_en-US" xlink:label="lab_tef_TelxiusCableEcuadorS.A.Member" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Telxius Cable Ecuador S.A. [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_TelxiusCableEcuadorS.A.Member" xlink:href="tef-20241231.xsd#tef_TelxiusCableEcuadorS.A.Member"/>
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    <link:label id="lab_ifrs-full_RestructuringProvision_225647f5-ea0e-4d87-80fe-67ca7905c891_terseLabel_en-US" xlink:label="lab_ifrs-full_RestructuringProvision" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Restructuring provision</link:label>
    <link:label id="lab_ifrs-full_RestructuringProvision_8471abcd-74e1-4083-9ae2-491fb1f6a919_verboseLabel_en-US" xlink:label="lab_ifrs-full_RestructuringProvision" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Restructuring costs</link:label>
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    <link:label id="lab_ifrs-full_DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory_95b249ca-0327-4e88-9b4d-38e9fabce54f_terseLabel_en-US" xlink:label="lab_ifrs-full_DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Translation methodology</link:label>
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    <link:label id="lab_tef_BondMember_1545c59a-3b15-4d05-8f8d-78f18e88c59a_terseLabel_en-US" xlink:label="lab_tef_BondMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Bond</link:label>
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    <link:label id="lab_tef_BondMember_documentation_en-US" xlink:label="lab_tef_BondMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Bond [Member]</link:label>
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    <link:label id="lab_ifrs-full_ClassesOfPropertyPlantAndEquipmentDomain_7bcbb556-19cf-49c2-9939-2cdd50e7164f_terseLabel_en-US" xlink:label="lab_ifrs-full_ClassesOfPropertyPlantAndEquipmentDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Classes of property, plant and equipment [domain]</link:label>
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    <link:label id="lab_tef_RestructuringPlanNumberOfWorkers_338ed743-c2ad-4d4a-8306-b9727e872e70_terseLabel_en-US" xlink:label="lab_tef_RestructuringPlanNumberOfWorkers" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Number of workers</link:label>
    <link:label id="lab_tef_RestructuringPlanNumberOfWorkers_label_en-US" xlink:label="lab_tef_RestructuringPlanNumberOfWorkers" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Restructuring Plan, Number of Workers</link:label>
    <link:label id="lab_tef_RestructuringPlanNumberOfWorkers_documentation_en-US" xlink:label="lab_tef_RestructuringPlanNumberOfWorkers" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Restructuring Plan, Number of Workers</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_RestructuringPlanNumberOfWorkers" xlink:href="tef-20241231.xsd#tef_RestructuringPlanNumberOfWorkers"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_RestructuringPlanNumberOfWorkers" xlink:to="lab_tef_RestructuringPlanNumberOfWorkers" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_Expiringin2022Option1Member_809948e0-f31c-4581-98dd-aebb83fed821_terseLabel_en-US" xlink:label="lab_tef_Expiringin2022Option1Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Expiring in 2022, Option 1</link:label>
    <link:label id="lab_tef_Expiringin2022Option1Member_label_en-US" xlink:label="lab_tef_Expiringin2022Option1Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Expiring in 2022, Option 1 [Member]</link:label>
    <link:label id="lab_tef_Expiringin2022Option1Member_documentation_en-US" xlink:label="lab_tef_Expiringin2022Option1Member" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Expiring in 2022, Option 1 [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_Expiringin2022Option1Member" xlink:href="tef-20241231.xsd#tef_Expiringin2022Option1Member"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_Expiringin2022Option1Member" xlink:to="lab_tef_Expiringin2022Option1Member" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_ExpiringIn20422044Member_ac213173-ebc5-48fa-9cf8-4751389d8eba_terseLabel_en-US" xlink:label="lab_tef_ExpiringIn20422044Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Expiring in 2042/2044</link:label>
    <link:label id="lab_tef_ExpiringIn20422044Member_label_en-US" xlink:label="lab_tef_ExpiringIn20422044Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Expiring in 2042-2044 [Member]</link:label>
    <link:label id="lab_tef_ExpiringIn20422044Member_documentation_en-US" xlink:label="lab_tef_ExpiringIn20422044Member" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Expiring in 2042-2044</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_ExpiringIn20422044Member" xlink:href="tef-20241231.xsd#tef_ExpiringIn20422044Member"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_ExpiringIn20422044Member" xlink:to="lab_tef_ExpiringIn20422044Member" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_TypesOfSharebasedPaymentArrangementsDomain_af99b055-308e-423e-ae6f-a66b25dd4692_terseLabel_en-US" xlink:label="lab_ifrs-full_TypesOfSharebasedPaymentArrangementsDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Types of share-based payment arrangements [domain]</link:label>
    <link:label id="lab_ifrs-full_TypesOfSharebasedPaymentArrangementsDomain_label_en-US" xlink:label="lab_ifrs-full_TypesOfSharebasedPaymentArrangementsDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Types of share-based payment arrangements [domain]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_TypesOfSharebasedPaymentArrangementsDomain" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_TypesOfSharebasedPaymentArrangementsDomain"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_TypesOfSharebasedPaymentArrangementsDomain" xlink:to="lab_ifrs-full_TypesOfSharebasedPaymentArrangementsDomain" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_DisclosureOfProvisionsForJudicialDepositsTableTextBlock_0ddef273-35a3-491f-a165-424af21f82b5_terseLabel_en-US" xlink:label="lab_tef_DisclosureOfProvisionsForJudicialDepositsTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Disclosure of Provisions for Judicial Deposits</link:label>
    <link:label id="lab_tef_DisclosureOfProvisionsForJudicialDepositsTableTextBlock_label_en-US" xlink:label="lab_tef_DisclosureOfProvisionsForJudicialDepositsTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure Of Provisions For Judicial Deposits [Table Text Block]</link:label>
    <link:label id="lab_tef_DisclosureOfProvisionsForJudicialDepositsTableTextBlock_documentation_en-US" xlink:label="lab_tef_DisclosureOfProvisionsForJudicialDepositsTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Disclosure OF Provisions For Judicial Deposits [Table Text Block]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_DisclosureOfProvisionsForJudicialDepositsTableTextBlock" xlink:href="tef-20241231.xsd#tef_DisclosureOfProvisionsForJudicialDepositsTableTextBlock"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_DisclosureOfProvisionsForJudicialDepositsTableTextBlock" xlink:to="lab_tef_DisclosureOfProvisionsForJudicialDepositsTableTextBlock" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_ShareBasedCompensationArrangementByShareBasedPaymentAwardShareAcquisitionMaximumPeriod_7793bd3d-3902-4c65-9e98-cc9200132166_terseLabel_en-US" xlink:label="lab_tef_ShareBasedCompensationArrangementByShareBasedPaymentAwardShareAcquisitionMaximumPeriod" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Share acquisition maximum period</link:label>
    <link:label id="lab_tef_ShareBasedCompensationArrangementByShareBasedPaymentAwardShareAcquisitionMaximumPeriod_label_en-US" xlink:label="lab_tef_ShareBasedCompensationArrangementByShareBasedPaymentAwardShareAcquisitionMaximumPeriod" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Share-based Compensation Arrangement by Share-based Payment Award, Share Acquisition, Maximum Period</link:label>
    <link:label id="lab_tef_ShareBasedCompensationArrangementByShareBasedPaymentAwardShareAcquisitionMaximumPeriod_documentation_en-US" xlink:label="lab_tef_ShareBasedCompensationArrangementByShareBasedPaymentAwardShareAcquisitionMaximumPeriod" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Share-based Compensation Arrangement by Share-based Payment Award, Share Acquisition, Maximum Period</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_ShareBasedCompensationArrangementByShareBasedPaymentAwardShareAcquisitionMaximumPeriod" xlink:href="tef-20241231.xsd#tef_ShareBasedCompensationArrangementByShareBasedPaymentAwardShareAcquisitionMaximumPeriod"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_ShareBasedCompensationArrangementByShareBasedPaymentAwardShareAcquisitionMaximumPeriod" xlink:to="lab_tef_ShareBasedCompensationArrangementByShareBasedPaymentAwardShareAcquisitionMaximumPeriod" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_RevaluationSurplus_bbadb4de-7c2b-4983-a0af-7456013983a1_terseLabel_en-US" xlink:label="lab_ifrs-full_RevaluationSurplus" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Revaluation reserve</link:label>
    <link:label id="lab_ifrs-full_RevaluationSurplus_label_en-US" xlink:label="lab_ifrs-full_RevaluationSurplus" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Revaluation surplus</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_RevaluationSurplus" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_RevaluationSurplus"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_RevaluationSurplus" xlink:to="lab_ifrs-full_RevaluationSurplus" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_KeyManagementPersonnelCompensationAccruedFixedCompensation_c9548a4c-3793-413f-a514-00ae69929c52_terseLabel_en-US" xlink:label="lab_tef_KeyManagementPersonnelCompensationAccruedFixedCompensation" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Accrued fixed compensation</link:label>
    <link:label id="lab_tef_KeyManagementPersonnelCompensationAccruedFixedCompensation_label_en-US" xlink:label="lab_tef_KeyManagementPersonnelCompensationAccruedFixedCompensation" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Key Management Personnel Compensation, Accrued Fixed Compensation</link:label>
    <link:label id="lab_tef_KeyManagementPersonnelCompensationAccruedFixedCompensation_documentation_en-US" xlink:label="lab_tef_KeyManagementPersonnelCompensationAccruedFixedCompensation" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Key Management Personnel Compensation, Accrued Fixed Compensation</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_KeyManagementPersonnelCompensationAccruedFixedCompensation" xlink:href="tef-20241231.xsd#tef_KeyManagementPersonnelCompensationAccruedFixedCompensation"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_KeyManagementPersonnelCompensationAccruedFixedCompensation" xlink:to="lab_tef_KeyManagementPersonnelCompensationAccruedFixedCompensation" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_USDvs.EURMember_777ac102-23d8-4e85-b51a-ef357410bf59_terseLabel_en-US" xlink:label="lab_tef_USDvs.EURMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">USD vs EUR</link:label>
    <link:label id="lab_tef_USDvs.EURMember_label_en-US" xlink:label="lab_tef_USDvs.EURMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">USD vs. EUR [Member]</link:label>
    <link:label id="lab_tef_USDvs.EURMember_documentation_en-US" xlink:label="lab_tef_USDvs.EURMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">USD vs. EUR [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_USDvs.EURMember" xlink:href="tef-20241231.xsd#tef_USDvs.EURMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_USDvs.EURMember" xlink:to="lab_tef_USDvs.EURMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_SignificantInvestmentsInSubsidiariesDomain_f4f9818f-b6b2-48ba-8f2a-47740d287958_terseLabel_en-US" xlink:label="lab_ifrs-full_SignificantInvestmentsInSubsidiariesDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Subsidiaries</link:label>
    <link:label id="lab_ifrs-full_SignificantInvestmentsInSubsidiariesDomain_label_en-US" xlink:label="lab_ifrs-full_SignificantInvestmentsInSubsidiariesDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Subsidiaries [domain]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_SignificantInvestmentsInSubsidiariesDomain" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_SignificantInvestmentsInSubsidiariesDomain"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_SignificantInvestmentsInSubsidiariesDomain" xlink:to="lab_ifrs-full_SignificantInvestmentsInSubsidiariesDomain" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_DividendsPaidClassifiedAsFinancingActivities_6c25cde4-104c-4537-8289-497e81cc6fc5_negatedTerseLabel_en-US" xlink:label="lab_ifrs-full_DividendsPaidClassifiedAsFinancingActivities" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xml:lang="en-US">Dividends paid</link:label>
    <link:label id="lab_ifrs-full_DividendsPaidClassifiedAsFinancingActivities_label_en-US" xlink:label="lab_ifrs-full_DividendsPaidClassifiedAsFinancingActivities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Dividends paid, classified as financing activities</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_DividendsPaidClassifiedAsFinancingActivities" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_DividendsPaidClassifiedAsFinancingActivities"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DividendsPaidClassifiedAsFinancingActivities" xlink:to="lab_ifrs-full_DividendsPaidClassifiedAsFinancingActivities" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_TelefonicaSpainMember_5ff750a0-cd79-41b3-a5df-0f177466e89d_terseLabel_en-US" xlink:label="lab_tef_TelefonicaSpainMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Telef&#243;nica Spain</link:label>
    <link:label id="lab_tef_TelefonicaSpainMember_label_en-US" xlink:label="lab_tef_TelefonicaSpainMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Telefonica Spain [Member]</link:label>
    <link:label id="lab_tef_TelefonicaSpainMember_documentation_en-US" xlink:label="lab_tef_TelefonicaSpainMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Telefonica Spain [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_TelefonicaSpainMember" xlink:href="tef-20241231.xsd#tef_TelefonicaSpainMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_TelefonicaSpainMember" xlink:to="lab_tef_TelefonicaSpainMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_LaterThanThreeYearsAndNotLaterThanFourYearsMember_d0da0a51-0a55-4c0c-a44a-05c948216fa8_terseLabel_en-US" xlink:label="lab_ifrs-full_LaterThanThreeYearsAndNotLaterThanFourYearsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">2028</link:label>
    <link:label id="lab_ifrs-full_LaterThanThreeYearsAndNotLaterThanFourYearsMember_label_en-US" xlink:label="lab_ifrs-full_LaterThanThreeYearsAndNotLaterThanFourYearsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Later than three years and not later than four years [member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_LaterThanThreeYearsAndNotLaterThanFourYearsMember" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_LaterThanThreeYearsAndNotLaterThanFourYearsMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_LaterThanThreeYearsAndNotLaterThanFourYearsMember" xlink:to="lab_ifrs-full_LaterThanThreeYearsAndNotLaterThanFourYearsMember" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_DomesticDefinedBenefitPlanMember_e1509d34-7b1b-4542-8151-8656c2999bb2_terseLabel_en-US" xlink:label="lab_tef_DomesticDefinedBenefitPlanMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Benefits plan</link:label>
    <link:label id="lab_tef_DomesticDefinedBenefitPlanMember_label_en-US" xlink:label="lab_tef_DomesticDefinedBenefitPlanMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Domestic Defined Benefit Plan [Member]</link:label>
    <link:label id="lab_tef_DomesticDefinedBenefitPlanMember_documentation_en-US" xlink:label="lab_tef_DomesticDefinedBenefitPlanMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Domestic Defined Benefit Plan [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_DomesticDefinedBenefitPlanMember" xlink:href="tef-20241231.xsd#tef_DomesticDefinedBenefitPlanMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_DomesticDefinedBenefitPlanMember" xlink:to="lab_tef_DomesticDefinedBenefitPlanMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_ShareOfProfitLossOfAssociatesAccountedForUsingEquityMethod_e0265adb-4f21-4020-9a12-ec7513cad01a_terseLabel_en-US" xlink:label="lab_ifrs-full_ShareOfProfitLossOfAssociatesAccountedForUsingEquityMethod" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Share of income of investments accounted for by the equity method</link:label>
    <link:label id="lab_ifrs-full_ShareOfProfitLossOfAssociatesAccountedForUsingEquityMethod_label_en-US" xlink:label="lab_ifrs-full_ShareOfProfitLossOfAssociatesAccountedForUsingEquityMethod" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Share of profit (loss) of associates accounted for using equity method</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_ShareOfProfitLossOfAssociatesAccountedForUsingEquityMethod" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_ShareOfProfitLossOfAssociatesAccountedForUsingEquityMethod"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_ShareOfProfitLossOfAssociatesAccountedForUsingEquityMethod" xlink:to="lab_ifrs-full_ShareOfProfitLossOfAssociatesAccountedForUsingEquityMethod" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_BorrowingsRecognisedAsOfAcquisitionDate_fc6262c8-6c65-4d57-9d34-9a9676c7c0b9_negatedTerseLabel_en-US" xlink:label="lab_ifrs-full_BorrowingsRecognisedAsOfAcquisitionDate" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xml:lang="en-US">Loans</link:label>
    <link:label id="lab_ifrs-full_BorrowingsRecognisedAsOfAcquisitionDate_label_en-US" xlink:label="lab_ifrs-full_BorrowingsRecognisedAsOfAcquisitionDate" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Borrowings recognised as of acquisition date</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_BorrowingsRecognisedAsOfAcquisitionDate" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_BorrowingsRecognisedAsOfAcquisitionDate"/>
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    <link:label id="lab_tef_PaymentsOfInterestAndOtherFinancialExpensesNetOfDividendsReceived_0ecc9bcf-b7fc-4e33-bf90-9be4b1f1531d_negatedTerseLabel_en-US" xlink:label="lab_tef_PaymentsOfInterestAndOtherFinancialExpensesNetOfDividendsReceived" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xml:lang="en-US">Net payments of interest and other financial expenses net of dividends received</link:label>
    <link:label id="lab_tef_PaymentsOfInterestAndOtherFinancialExpensesNetOfDividendsReceived_bdfea224-dda7-4050-af04-da974d9c5c53_negatedTotalLabel_en-US" xlink:label="lab_tef_PaymentsOfInterestAndOtherFinancialExpensesNetOfDividendsReceived" xlink:role="http://www.xbrl.org/2009/role/negatedTotalLabel" xlink:type="resource" xml:lang="en-US">Net payments of interest and other financial expenses net of dividends received</link:label>
    <link:label id="lab_tef_PaymentsOfInterestAndOtherFinancialExpensesNetOfDividendsReceived_label_en-US" xlink:label="lab_tef_PaymentsOfInterestAndOtherFinancialExpensesNetOfDividendsReceived" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Payments Of Interest And Other Financial Expenses, Net Of Dividends Received</link:label>
    <link:label id="lab_tef_PaymentsOfInterestAndOtherFinancialExpensesNetOfDividendsReceived_documentation_en-US" xlink:label="lab_tef_PaymentsOfInterestAndOtherFinancialExpensesNetOfDividendsReceived" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Payments Of Interest And Other Financial Expenses, Net Of Dividends Received</link:label>
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    <link:label id="lab_tef_TaxCreditExpectedDeductionsForFixedAssets_b66f7f7c-a762-4419-9f75-f60d4cbf4eef_terseLabel_en-US" xlink:label="lab_tef_TaxCreditExpectedDeductionsForFixedAssets" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Tax credit expected, deductions for fixed assets</link:label>
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    <link:label id="lab_tef_CurrentPayablesAndOtherCurrentLiabilities_6cf66fb9-8ad5-4303-be44-f5a23a3dab0c_terseLabel_en-US" xlink:label="lab_tef_CurrentPayablesAndOtherCurrentLiabilities" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Payables and other current liabilities</link:label>
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    <link:label id="lab_ifrs-full_ProportionOfVotingRightsHeldInJointVenture_e9ac7bf8-ea98-4256-93c2-4ce943e745d3_terseLabel_en-US" xlink:label="lab_ifrs-full_ProportionOfVotingRightsHeldInJointVenture" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Proportion of voting rights held in joint venture</link:label>
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    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_BondsIssuedUndiscountedCashFlows" xlink:to="lab_ifrs-full_BondsIssuedUndiscountedCashFlows" xlink:type="arc" order="1"/>
    <link:label id="lab_srt_CurrencyAxis_a9dc072c-a97b-4ead-bf32-c29559ca83df_terseLabel_en-US" xlink:label="lab_srt_CurrencyAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Currency [Axis]</link:label>
    <link:label id="lab_srt_CurrencyAxis_label_en-US" xlink:label="lab_srt_CurrencyAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Currency [Axis]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_srt_CurrencyAxis" xlink:href="https://xbrl.fasb.org/srt/2024/elts/srt-2024.xsd#srt_CurrencyAxis"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_srt_CurrencyAxis" xlink:to="lab_srt_CurrencyAxis" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_ChinaUnicomBroadbanOnlineLimitedCorp.Member_035220d1-e770-4597-b5fd-1cfe45812a8d_verboseLabel_en-US" xlink:label="lab_tef_ChinaUnicomBroadbanOnlineLimitedCorp.Member" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Sale of China Unicom shares (Note 12)</link:label>
    <link:label id="lab_tef_ChinaUnicomBroadbanOnlineLimitedCorp.Member_label_en-US" xlink:label="lab_tef_ChinaUnicomBroadbanOnlineLimitedCorp.Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">China Unicom Broadban Online Limited Corp. [Member]</link:label>
    <link:label id="lab_tef_ChinaUnicomBroadbanOnlineLimitedCorp.Member_documentation_en-US" xlink:label="lab_tef_ChinaUnicomBroadbanOnlineLimitedCorp.Member" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">China Unicom Broadban Online Limited Corp. [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_ChinaUnicomBroadbanOnlineLimitedCorp.Member" xlink:href="tef-20241231.xsd#tef_ChinaUnicomBroadbanOnlineLimitedCorp.Member"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_ChinaUnicomBroadbanOnlineLimitedCorp.Member" xlink:to="lab_tef_ChinaUnicomBroadbanOnlineLimitedCorp.Member" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_AmericanTowerCorperationMember_b9d87897-82bc-4423-9382-6dff309e9335_terseLabel_en-US" xlink:label="lab_tef_AmericanTowerCorperationMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">American Tower Cooperation</link:label>
    <link:label id="lab_tef_AmericanTowerCorperationMember_label_en-US" xlink:label="lab_tef_AmericanTowerCorperationMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">American Tower Corperation [Member]</link:label>
    <link:label id="lab_tef_AmericanTowerCorperationMember_documentation_en-US" xlink:label="lab_tef_AmericanTowerCorperationMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">American Tower Corperation</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_AmericanTowerCorperationMember" xlink:href="tef-20241231.xsd#tef_AmericanTowerCorperationMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_AmericanTowerCorperationMember" xlink:to="lab_tef_AmericanTowerCorperationMember" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_AlamoHoldCoSLAndOnnetFibraColombiaSASMember_d6150a1c-84b3-4c33-9d52-8e5a063af0d6_terseLabel_en-US" xlink:label="lab_tef_AlamoHoldCoSLAndOnnetFibraColombiaSASMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Alamo HoldCo S.L. and Onnet Fibra Colombia SAS</link:label>
    <link:label id="lab_tef_AlamoHoldCoSLAndOnnetFibraColombiaSASMember_label_en-US" xlink:label="lab_tef_AlamoHoldCoSLAndOnnetFibraColombiaSASMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Alamo HoldCo S.L. And Onnet Fibra Colombia SAS [Member]</link:label>
    <link:label id="lab_tef_AlamoHoldCoSLAndOnnetFibraColombiaSASMember_documentation_en-US" xlink:label="lab_tef_AlamoHoldCoSLAndOnnetFibraColombiaSASMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Alamo HoldCo S.L. And Onnet Fibra Colombia SAS</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_AlamoHoldCoSLAndOnnetFibraColombiaSASMember" xlink:href="tef-20241231.xsd#tef_AlamoHoldCoSLAndOnnetFibraColombiaSASMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_AlamoHoldCoSLAndOnnetFibraColombiaSASMember" xlink:to="lab_tef_AlamoHoldCoSLAndOnnetFibraColombiaSASMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_TreasurySharesMember_4ce1dc9b-8308-4d52-bfb9-b31af917af44_terseLabel_en-US" xlink:label="lab_ifrs-full_TreasurySharesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Treasury Shares</link:label>
    <link:label id="lab_ifrs-full_TreasurySharesMember_label_en-US" xlink:label="lab_ifrs-full_TreasurySharesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Treasury shares [member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_TreasurySharesMember" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_TreasurySharesMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_TreasurySharesMember" xlink:to="lab_ifrs-full_TreasurySharesMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_ExposureToCreditRiskOnLoanCommitmentsAndFinancialGuaranteeContracts_0765f649-a318-4629-9274-b391ffe3a810_terseLabel_en-US" xlink:label="lab_ifrs-full_ExposureToCreditRiskOnLoanCommitmentsAndFinancialGuaranteeContracts" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Exposure to credit risk on guarantees</link:label>
    <link:label id="lab_ifrs-full_ExposureToCreditRiskOnLoanCommitmentsAndFinancialGuaranteeContracts_label_en-US" xlink:label="lab_ifrs-full_ExposureToCreditRiskOnLoanCommitmentsAndFinancialGuaranteeContracts" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Exposure to credit risk on loan commitments and financial guarantee contracts</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_ExposureToCreditRiskOnLoanCommitmentsAndFinancialGuaranteeContracts" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_ExposureToCreditRiskOnLoanCommitmentsAndFinancialGuaranteeContracts"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_ExposureToCreditRiskOnLoanCommitmentsAndFinancialGuaranteeContracts" xlink:to="lab_ifrs-full_ExposureToCreditRiskOnLoanCommitmentsAndFinancialGuaranteeContracts" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_OtherProceedsPaymentsofFinancialInstruments_7ab0a162-f62a-4c10-b408-647b09c88276_terseLabel_en-US" xlink:label="lab_tef_OtherProceedsPaymentsofFinancialInstruments" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Other (proceeds)/payments</link:label>
    <link:label id="lab_tef_OtherProceedsPaymentsofFinancialInstruments_label_en-US" xlink:label="lab_tef_OtherProceedsPaymentsofFinancialInstruments" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Other (Proceeds) / Payments of Financial Instruments</link:label>
    <link:label id="lab_tef_OtherProceedsPaymentsofFinancialInstruments_documentation_en-US" xlink:label="lab_tef_OtherProceedsPaymentsofFinancialInstruments" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Other (Proceeds) / Payments of Financial Instruments</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_OtherProceedsPaymentsofFinancialInstruments" xlink:href="tef-20241231.xsd#tef_OtherProceedsPaymentsofFinancialInstruments"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_OtherProceedsPaymentsofFinancialInstruments" xlink:to="lab_tef_OtherProceedsPaymentsofFinancialInstruments" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_DisclosureOfDetailedInformationAboutBusinessCombinationsExplanatory_5ca10ff8-a73a-4d9e-96fa-736176090d7a_terseLabel_en-US" xlink:label="lab_ifrs-full_DisclosureOfDetailedInformationAboutBusinessCombinationsExplanatory" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Schedule of Fair Value of Assets and Liabilities Identified at the Acquisition Moment, and the Goodwill Generated</link:label>
    <link:label id="lab_ifrs-full_DisclosureOfDetailedInformationAboutBusinessCombinationsExplanatory_label_en-US" xlink:label="lab_ifrs-full_DisclosureOfDetailedInformationAboutBusinessCombinationsExplanatory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure of detailed information about business combination [text block]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_DisclosureOfDetailedInformationAboutBusinessCombinationsExplanatory" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_DisclosureOfDetailedInformationAboutBusinessCombinationsExplanatory"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DisclosureOfDetailedInformationAboutBusinessCombinationsExplanatory" xlink:to="lab_ifrs-full_DisclosureOfDetailedInformationAboutBusinessCombinationsExplanatory" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_TeleinformaticayComunicacionesMember_457ec31d-90e4-46fc-b13c-472ea0ef7519_terseLabel_en-US" xlink:label="lab_tef_TeleinformaticayComunicacionesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Teleinform&#225;tica y Comunicaciones, S.A.U. (Telyco) Promotion, marketing and distribution of telephone and telematic equipment and services</link:label>
    <link:label id="lab_tef_TeleinformaticayComunicacionesMember_label_en-US" xlink:label="lab_tef_TeleinformaticayComunicacionesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Teleinformatica y Comunicaciones [Member]</link:label>
    <link:label id="lab_tef_TeleinformaticayComunicacionesMember_documentation_en-US" xlink:label="lab_tef_TeleinformaticayComunicacionesMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Teleinformatica y Comunicaciones [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_TeleinformaticayComunicacionesMember" xlink:href="tef-20241231.xsd#tef_TeleinformaticayComunicacionesMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_TeleinformaticayComunicacionesMember" xlink:to="lab_tef_TeleinformaticayComunicacionesMember" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_InfraCoSpALoanMember_20841b38-fcf9-46ca-9ca7-1542ed23d645_terseLabel_en-US" xlink:label="lab_tef_InfraCoSpALoanMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Loan to InfraCo Chile (Note 12)</link:label>
    <link:label id="lab_tef_InfraCoSpALoanMember_label_en-US" xlink:label="lab_tef_InfraCoSpALoanMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">InfraCo, SpA - Loan [Member]</link:label>
    <link:label id="lab_tef_InfraCoSpALoanMember_documentation_en-US" xlink:label="lab_tef_InfraCoSpALoanMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">InfraCo, SpA - Loan</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_InfraCoSpALoanMember" xlink:href="tef-20241231.xsd#tef_InfraCoSpALoanMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_InfraCoSpALoanMember" xlink:to="lab_tef_InfraCoSpALoanMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_SignificantInvestmentsInAssociatesDomain_38c2fd4e-e10f-494f-b5ec-915c54ec5ae8_terseLabel_en-US" xlink:label="lab_ifrs-full_SignificantInvestmentsInAssociatesDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Associates</link:label>
    <link:label id="lab_ifrs-full_SignificantInvestmentsInAssociatesDomain_label_en-US" xlink:label="lab_ifrs-full_SignificantInvestmentsInAssociatesDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Associates [domain]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_SignificantInvestmentsInAssociatesDomain" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_SignificantInvestmentsInAssociatesDomain"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_SignificantInvestmentsInAssociatesDomain" xlink:to="lab_ifrs-full_SignificantInvestmentsInAssociatesDomain" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_StatementOfComprehensiveIncomeAbstract_79e7ea3f-58da-4be9-b88e-2ac26a2b95a1_terseLabel_en-US" xlink:label="lab_ifrs-full_StatementOfComprehensiveIncomeAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Impact on the consolidated income statement</link:label>
    <link:label id="lab_ifrs-full_StatementOfComprehensiveIncomeAbstract_label_en-US" xlink:label="lab_ifrs-full_StatementOfComprehensiveIncomeAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Statement of comprehensive income [abstract]</link:label>
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    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_StatementOfComprehensiveIncomeAbstract" xlink:to="lab_ifrs-full_StatementOfComprehensiveIncomeAbstract" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_TelefonicaEspanaFilialesMember_34f16881-9811-453f-befd-6ab64d5d7e03_terseLabel_en-US" xlink:label="lab_tef_TelefonicaEspanaFilialesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Telef&#243;nica Espa&#241;a Filiales</link:label>
    <link:label id="lab_tef_TelefonicaEspanaFilialesMember_label_en-US" xlink:label="lab_tef_TelefonicaEspanaFilialesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Telef&#243;nica Espa&#241;a Filiales [Member]</link:label>
    <link:label id="lab_tef_TelefonicaEspanaFilialesMember_documentation_en-US" xlink:label="lab_tef_TelefonicaEspanaFilialesMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Telef&#243;nica Espa&#241;a Filiales</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_TelefonicaEspanaFilialesMember" xlink:href="tef-20241231.xsd#tef_TelefonicaEspanaFilialesMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_TelefonicaEspanaFilialesMember" xlink:to="lab_tef_TelefonicaEspanaFilialesMember" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_MillicomInternationalCellularS.A.Member_fd487fa4-bc80-4f57-a1c5-935816d83e21_terseLabel_en-US" xlink:label="lab_tef_MillicomInternationalCellularS.A.Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Millicom International Cellular, S.A.</link:label>
    <link:label id="lab_tef_MillicomInternationalCellularS.A.Member_label_en-US" xlink:label="lab_tef_MillicomInternationalCellularS.A.Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Millicom International Cellular, S.A. [Member]</link:label>
    <link:label id="lab_tef_MillicomInternationalCellularS.A.Member_documentation_en-US" xlink:label="lab_tef_MillicomInternationalCellularS.A.Member" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Millicom International Cellular, S.A. [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_MillicomInternationalCellularS.A.Member" xlink:href="tef-20241231.xsd#tef_MillicomInternationalCellularS.A.Member"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_MillicomInternationalCellularS.A.Member" xlink:to="lab_tef_MillicomInternationalCellularS.A.Member" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_BroadcastingAwardPrice_f91cd5f5-5f08-4902-b19c-1162ede8164a_terseLabel_en-US" xlink:label="lab_tef_BroadcastingAwardPrice" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Broadcasting award price</link:label>
    <link:label id="lab_tef_BroadcastingAwardPrice_label_en-US" xlink:label="lab_tef_BroadcastingAwardPrice" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Broadcasting Award Price</link:label>
    <link:label id="lab_tef_BroadcastingAwardPrice_documentation_en-US" xlink:label="lab_tef_BroadcastingAwardPrice" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Broadcasting Award Price</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_BroadcastingAwardPrice" xlink:href="tef-20241231.xsd#tef_BroadcastingAwardPrice"/>
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    <link:label id="lab_ifrs-full_GainsLossesOnFinancialAssetsAtFairValueThroughProfitOrLoss_94be4b74-52b4-4b5d-9ed1-84a52148be77_terseLabel_en-US" xlink:label="lab_ifrs-full_GainsLossesOnFinancialAssetsAtFairValueThroughProfitOrLoss" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Changes in fair value of asset derivatives at fair value through profit or loss</link:label>
    <link:label id="lab_ifrs-full_GainsLossesOnFinancialAssetsAtFairValueThroughProfitOrLoss_label_en-US" xlink:label="lab_ifrs-full_GainsLossesOnFinancialAssetsAtFairValueThroughProfitOrLoss" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Gains (losses) on financial assets at fair value through profit or loss</link:label>
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    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_GainsLossesOnFinancialAssetsAtFairValueThroughProfitOrLoss" xlink:to="lab_ifrs-full_GainsLossesOnFinancialAssetsAtFairValueThroughProfitOrLoss" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_CustomerrelatedIntangibleAssetsMember_ea81fa67-80fd-4999-bdf1-5e916656a99e_terseLabel_en-US" xlink:label="lab_ifrs-full_CustomerrelatedIntangibleAssetsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Customer base</link:label>
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    <link:label id="lab_ifrs-full_CustomerrelatedIntangibleAssetsMember_label_en-US" xlink:label="lab_ifrs-full_CustomerrelatedIntangibleAssetsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Customer-related intangible assets [member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_CustomerrelatedIntangibleAssetsMember" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_CustomerrelatedIntangibleAssetsMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_CustomerrelatedIntangibleAssetsMember" xlink:to="lab_ifrs-full_CustomerrelatedIntangibleAssetsMember" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_RegulatoryOperationsAcquisitionOfDTSNumberOfInternationalRoutesToKeep_a8037867-9ded-4d4d-8ea1-2111dbbe5f09_terseLabel_en-US" xlink:label="lab_tef_RegulatoryOperationsAcquisitionOfDTSNumberOfInternationalRoutesToKeep" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Acquisition of DTS, number of international routes to keep</link:label>
    <link:label id="lab_tef_RegulatoryOperationsAcquisitionOfDTSNumberOfInternationalRoutesToKeep_label_en-US" xlink:label="lab_tef_RegulatoryOperationsAcquisitionOfDTSNumberOfInternationalRoutesToKeep" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Regulatory Operations, Acquisition Of DTS, Number Of International Routes To Keep</link:label>
    <link:label id="lab_tef_RegulatoryOperationsAcquisitionOfDTSNumberOfInternationalRoutesToKeep_documentation_en-US" xlink:label="lab_tef_RegulatoryOperationsAcquisitionOfDTSNumberOfInternationalRoutesToKeep" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Regulatory Operations, Acquisition Of DTS, Number Of International Routes To Keep</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_RegulatoryOperationsAcquisitionOfDTSNumberOfInternationalRoutesToKeep" xlink:href="tef-20241231.xsd#tef_RegulatoryOperationsAcquisitionOfDTSNumberOfInternationalRoutesToKeep"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_RegulatoryOperationsAcquisitionOfDTSNumberOfInternationalRoutesToKeep" xlink:to="lab_tef_RegulatoryOperationsAcquisitionOfDTSNumberOfInternationalRoutesToKeep" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_CommittedPaymentSubjectToCertainTargetsMember_b426eea7-52fa-478e-b772-a339e3a9708d_terseLabel_en-US" xlink:label="lab_tef_CommittedPaymentSubjectToCertainTargetsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Committed payment subject to certain targets</link:label>
    <link:label id="lab_tef_CommittedPaymentSubjectToCertainTargetsMember_label_en-US" xlink:label="lab_tef_CommittedPaymentSubjectToCertainTargetsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Committed Payment Subject To Certain Targets [Member]</link:label>
    <link:label id="lab_tef_CommittedPaymentSubjectToCertainTargetsMember_documentation_en-US" xlink:label="lab_tef_CommittedPaymentSubjectToCertainTargetsMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Committed Payment Subject To Certain Targets</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_CommittedPaymentSubjectToCertainTargetsMember" xlink:href="tef-20241231.xsd#tef_CommittedPaymentSubjectToCertainTargetsMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_CommittedPaymentSubjectToCertainTargetsMember" xlink:to="lab_tef_CommittedPaymentSubjectToCertainTargetsMember" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_StructuredFinancingDueMarch112026OneMember_6e7587c1-e04b-4582-b429-90bceb5db53c_terseLabel_en-US" xlink:label="lab_tef_StructuredFinancingDueMarch112026OneMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Structured Financing Due March 11, 2026, One</link:label>
    <link:label id="lab_tef_StructuredFinancingDueMarch112026OneMember_label_en-US" xlink:label="lab_tef_StructuredFinancingDueMarch112026OneMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Structured Financing Due March 11, 2026, One [Member]</link:label>
    <link:label id="lab_tef_StructuredFinancingDueMarch112026OneMember_documentation_en-US" xlink:label="lab_tef_StructuredFinancingDueMarch112026OneMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Structured Financing Due March 11, 2026, One</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_StructuredFinancingDueMarch112026OneMember" xlink:href="tef-20241231.xsd#tef_StructuredFinancingDueMarch112026OneMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_StructuredFinancingDueMarch112026OneMember" xlink:to="lab_tef_StructuredFinancingDueMarch112026OneMember" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_UniredColombiaS.A.SMember_e1f4af76-a0b9-48a1-ae7a-f262e68eb11b_terseLabel_en-US" xlink:label="lab_tef_UniredColombiaS.A.SMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Unired Colombia S.A.S Service provider related to telecommunications</link:label>
    <link:label id="lab_tef_UniredColombiaS.A.SMember_label_en-US" xlink:label="lab_tef_UniredColombiaS.A.SMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Unired Colombia S.A.S [Member]</link:label>
    <link:label id="lab_tef_UniredColombiaS.A.SMember_documentation_en-US" xlink:label="lab_tef_UniredColombiaS.A.SMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Unired Colombia S.A.S</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_UniredColombiaS.A.SMember" xlink:href="tef-20241231.xsd#tef_UniredColombiaS.A.SMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_UniredColombiaS.A.SMember" xlink:to="lab_tef_UniredColombiaS.A.SMember" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_ANATELMember_fe469beb-0f92-405e-be5c-c259b28bdf9c_terseLabel_en-US" xlink:label="lab_tef_ANATELMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">ANATEL</link:label>
    <link:label id="lab_tef_ANATELMember_label_en-US" xlink:label="lab_tef_ANATELMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">ANATEL [Member]</link:label>
    <link:label id="lab_tef_ANATELMember_documentation_en-US" xlink:label="lab_tef_ANATELMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">ANATEL [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_ANATELMember" xlink:href="tef-20241231.xsd#tef_ANATELMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_ANATELMember" xlink:to="lab_tef_ANATELMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_DilutedEarningsLossPerShare_1d469b92-992f-4f73-b09d-573426c4a310_terseLabel_en-US" xlink:label="lab_ifrs-full_DilutedEarningsLossPerShare" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Diluted earnings per share (in euros per share)</link:label>
    <link:label id="lab_ifrs-full_DilutedEarningsLossPerShare_label_en-US" xlink:label="lab_ifrs-full_DilutedEarningsLossPerShare" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Diluted earnings (loss) per share</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_DilutedEarningsLossPerShare" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_DilutedEarningsLossPerShare"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DilutedEarningsLossPerShare" xlink:to="lab_ifrs-full_DilutedEarningsLossPerShare" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_ShareBasedCompensationArrangementByShareBasedPaymentAwardCarbonDioxideEmissionNeutralizationRequiredHoldingPeriod_75019f43-947e-4624-977f-a03bc4f54a68_terseLabel_en-US" xlink:label="lab_tef_ShareBasedCompensationArrangementByShareBasedPaymentAwardCarbonDioxideEmissionNeutralizationRequiredHoldingPeriod" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Holding period for shares delivered under Plan</link:label>
    <link:label id="lab_tef_ShareBasedCompensationArrangementByShareBasedPaymentAwardCarbonDioxideEmissionNeutralizationRequiredHoldingPeriod_label_en-US" xlink:label="lab_tef_ShareBasedCompensationArrangementByShareBasedPaymentAwardCarbonDioxideEmissionNeutralizationRequiredHoldingPeriod" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Share-Based Compensation Arrangement By Share-Based Payment Award, Carbon Dioxide Emission Neutralization, Required Holding Period</link:label>
    <link:label id="lab_tef_ShareBasedCompensationArrangementByShareBasedPaymentAwardCarbonDioxideEmissionNeutralizationRequiredHoldingPeriod_documentation_en-US" xlink:label="lab_tef_ShareBasedCompensationArrangementByShareBasedPaymentAwardCarbonDioxideEmissionNeutralizationRequiredHoldingPeriod" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Share-Based Compensation Arrangement By Share-Based Payment Award, Carbon Dioxide Emission Neutralization, Required Holding Period</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_ShareBasedCompensationArrangementByShareBasedPaymentAwardCarbonDioxideEmissionNeutralizationRequiredHoldingPeriod" xlink:href="tef-20241231.xsd#tef_ShareBasedCompensationArrangementByShareBasedPaymentAwardCarbonDioxideEmissionNeutralizationRequiredHoldingPeriod"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_ShareBasedCompensationArrangementByShareBasedPaymentAwardCarbonDioxideEmissionNeutralizationRequiredHoldingPeriod" xlink:to="lab_tef_ShareBasedCompensationArrangementByShareBasedPaymentAwardCarbonDioxideEmissionNeutralizationRequiredHoldingPeriod" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_DirectorsRemunerationExpense_dfd68ba1-c3f9-4640-8d24-a655c7bc0bc9_terseLabel_en-US" xlink:label="lab_ifrs-full_DirectorsRemunerationExpense" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Directors' remuneration expense</link:label>
    <link:label id="lab_ifrs-full_DirectorsRemunerationExpense_label_en-US" xlink:label="lab_ifrs-full_DirectorsRemunerationExpense" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Directors' remuneration expense</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_DirectorsRemunerationExpense" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_DirectorsRemunerationExpense"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DirectorsRemunerationExpense" xlink:to="lab_ifrs-full_DirectorsRemunerationExpense" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_UnusedTaxLossesMember_e3085dbc-7c14-4861-8e24-076294c4b8c1_terseLabel_en-US" xlink:label="lab_ifrs-full_UnusedTaxLossesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Tax credits for loss carryforwards</link:label>
    <link:label id="lab_ifrs-full_UnusedTaxLossesMember_label_en-US" xlink:label="lab_ifrs-full_UnusedTaxLossesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Unused tax losses [member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_UnusedTaxLossesMember" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_UnusedTaxLossesMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_UnusedTaxLossesMember" xlink:to="lab_ifrs-full_UnusedTaxLossesMember" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_UndatedDeeplySubordinatedSecuritiesExercisableFromIssuerin2027Issued092419Member_d9f9575d-4005-4b51-98fa-81b2f6faeeee_terseLabel_en-US" xlink:label="lab_tef_UndatedDeeplySubordinatedSecuritiesExercisableFromIssuerin2027Issued092419Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Exercisable from issuer in 2027</link:label>
    <link:label id="lab_tef_UndatedDeeplySubordinatedSecuritiesExercisableFromIssuerin2027Issued092419Member_label_en-US" xlink:label="lab_tef_UndatedDeeplySubordinatedSecuritiesExercisableFromIssuerin2027Issued092419Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Undated Deeply Subordinated Securities, Exercisable From Issuer in 2027, Issued 09/24/19 [Member]</link:label>
    <link:label id="lab_tef_UndatedDeeplySubordinatedSecuritiesExercisableFromIssuerin2027Issued092419Member_documentation_en-US" xlink:label="lab_tef_UndatedDeeplySubordinatedSecuritiesExercisableFromIssuerin2027Issued092419Member" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Undated Deeply Subordinated Securities, Exercisable From Issuer in 2027, Issued 09/24/19 [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_UndatedDeeplySubordinatedSecuritiesExercisableFromIssuerin2027Issued092419Member" xlink:href="tef-20241231.xsd#tef_UndatedDeeplySubordinatedSecuritiesExercisableFromIssuerin2027Issued092419Member"/>
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    <link:label id="lab_tef_PontegadeaInversionesSLMember_a0952a5b-5c77-4ccf-b6f7-b1a3512ca2cc_terseLabel_en-US" xlink:label="lab_tef_PontegadeaInversionesSLMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Pontegadea Inversiones, S.L.</link:label>
    <link:label id="lab_tef_PontegadeaInversionesSLMember_label_en-US" xlink:label="lab_tef_PontegadeaInversionesSLMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Pontegadea Inversiones, S.L. [Member]</link:label>
    <link:label id="lab_tef_PontegadeaInversionesSLMember_documentation_en-US" xlink:label="lab_tef_PontegadeaInversionesSLMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Pontegadea Inversiones, S.L.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_PontegadeaInversionesSLMember" xlink:href="tef-20241231.xsd#tef_PontegadeaInversionesSLMember"/>
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    <link:label id="lab_tef_ProgrammingCommitmentsMember_0b7cdd3c-2f54-463a-8ede-90d3c1473cde_terseLabel_en-US" xlink:label="lab_tef_ProgrammingCommitmentsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Programming commitments</link:label>
    <link:label id="lab_tef_ProgrammingCommitmentsMember_label_en-US" xlink:label="lab_tef_ProgrammingCommitmentsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Programming Commitments [Member]</link:label>
    <link:label id="lab_tef_ProgrammingCommitmentsMember_documentation_en-US" xlink:label="lab_tef_ProgrammingCommitmentsMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Programming Commitments</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_ProgrammingCommitmentsMember" xlink:href="tef-20241231.xsd#tef_ProgrammingCommitmentsMember"/>
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    <link:label id="lab_ifrs-full_DisclosureOfOtherCurrentLiabilitiesExplanatory_121f1d38-1f73-4a75-a607-bf52251b5b85_terseLabel_en-US" xlink:label="lab_ifrs-full_DisclosureOfOtherCurrentLiabilitiesExplanatory" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Payables and other current liabilities</link:label>
    <link:label id="lab_ifrs-full_DisclosureOfOtherCurrentLiabilitiesExplanatory_label_en-US" xlink:label="lab_ifrs-full_DisclosureOfOtherCurrentLiabilitiesExplanatory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure of other current liabilities [text block]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_DisclosureOfOtherCurrentLiabilitiesExplanatory" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_DisclosureOfOtherCurrentLiabilitiesExplanatory"/>
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    <link:label id="lab_ifrs-full_DisclosureOfMaterialAccountingPolicyInformationExplanatory_8093f46c-f755-41a6-986e-212b2ec3b1f9_terseLabel_en-US" xlink:label="lab_ifrs-full_DisclosureOfMaterialAccountingPolicyInformationExplanatory" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Accounting Policies</link:label>
    <link:label id="lab_ifrs-full_DisclosureOfMaterialAccountingPolicyInformationExplanatory_label_en-US" xlink:label="lab_ifrs-full_DisclosureOfMaterialAccountingPolicyInformationExplanatory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure of material accounting policy information [text block]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_DisclosureOfMaterialAccountingPolicyInformationExplanatory" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_DisclosureOfMaterialAccountingPolicyInformationExplanatory"/>
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    <link:label id="lab_currency_UYU_8041cc08-a3b0-4c64-a44a-a0b11efc65d8_verboseLabel_en-US" xlink:label="lab_currency_UYU" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Uruguayan peso</link:label>
    <link:label id="lab_currency_UYU_0e5f6929-1ace-4f4f-b4d7-611b23f6cc7f_terseLabel_en-US" xlink:label="lab_currency_UYU" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">UYU</link:label>
    <link:label id="lab_currency_UYU_label_en-US" xlink:label="lab_currency_UYU" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Uruguay, Pesos</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_currency_UYU" xlink:href="https://xbrl.sec.gov/currency/2024/currency-2024.xsd#currency_UYU"/>
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    <link:label id="lab_tef_ChangesinCostofHedginginEquityRollForward_bdd8be0d-39b7-4b22-afca-d0399363b41a_terseLabel_en-US" xlink:label="lab_tef_ChangesinCostofHedginginEquityRollForward" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Changes in Cost of Hedging in Equity [Roll Forward]</link:label>
    <link:label id="lab_tef_ChangesinCostofHedginginEquityRollForward_label_en-US" xlink:label="lab_tef_ChangesinCostofHedginginEquityRollForward" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Changes in Cost of Hedging in Equity [Roll Forward]</link:label>
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    <link:label id="lab_tef_LiabilitiesAssumed_documentation_en-US" xlink:label="lab_tef_LiabilitiesAssumed" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Liabilities Assumed</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_LiabilitiesAssumed" xlink:href="tef-20241231.xsd#tef_LiabilitiesAssumed"/>
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    <link:label id="lab_tef_TELEF.EMISIONESJANUARY20171Member_4456c954-e89c-4ab0-a2e2-99b2bbcc1b2f_terseLabel_en-US" xlink:label="lab_tef_TELEF.EMISIONESJANUARY20171Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">TELEF. EMISIONES JANUARY 2017</link:label>
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    <link:label id="lab_tef_LegalReserveRequiredPercentageOfProfits_2e0e1f63-1b01-4e9d-8e95-7c964eec651e_terseLabel_en-US" xlink:label="lab_tef_LegalReserveRequiredPercentageOfProfits" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Legal reserve, required proportion of profits (as a percent)</link:label>
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    <link:label id="lab_tef_TelefonicaVenezolanaMember_b049296c-5bd4-48a6-90f3-13eb214db165_terseLabel_en-US" xlink:label="lab_tef_TelefonicaVenezolanaMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Telef&#243;nica Venezolana, C.A. Wireless communications operator</link:label>
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    <link:label id="lab_tef_ElectronicCommunicationRegulationHarmonizationOfLicensesPeriod_40a475de-a06f-4ad2-83cc-ac9bcae11b7e_terseLabel_en-US" xlink:label="lab_tef_ElectronicCommunicationRegulationHarmonizationOfLicensesPeriod" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">EECC, harmonization of licenses, period</link:label>
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    <link:label id="lab_tef_VivoVenturesFundoDeInvestimentoEmParticipacoesMultiestrategiaMember_8e0d9ff1-fc1d-42e6-b071-0a6446eb8b9f_terseLabel_en-US" xlink:label="lab_tef_VivoVenturesFundoDeInvestimentoEmParticipacoesMultiestrategiaMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Vivo ventures fundo de investimento em participacoes multiestrategia. Investment funds</link:label>
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    <link:label id="lab_tef_TelfinIreleandMember_8d17992c-c600-4322-a25c-ea0a6d075ea0_terseLabel_en-US" xlink:label="lab_tef_TelfinIreleandMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Deferred collection sale of T. Ireland</link:label>
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    <link:label id="lab_tef_Increasedecreasethroughothermovementsfinancialliabilities_47cd07f0-6394-4718-8e1f-1543f4d2a2ec_terseLabel_en-US" xlink:label="lab_tef_Increasedecreasethroughothermovementsfinancialliabilities" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Other movements</link:label>
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    <link:label id="lab_tef_FinanceIncomeMember_1af48475-5c58-4949-b366-03decf48f60b_terseLabel_en-US" xlink:label="lab_tef_FinanceIncomeMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Finance Income</link:label>
    <link:label id="lab_tef_FinanceIncomeMember_label_en-US" xlink:label="lab_tef_FinanceIncomeMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Finance Income [Member]</link:label>
    <link:label id="lab_tef_FinanceIncomeMember_documentation_en-US" xlink:label="lab_tef_FinanceIncomeMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Finance Income</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_FinanceIncomeMember" xlink:href="tef-20241231.xsd#tef_FinanceIncomeMember"/>
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    <link:label id="lab_ifrs-full_CategoriesOfFinancialAssetsDomain_67be34b5-fd78-407e-b27d-ddbb8e7bd375_terseLabel_en-US" xlink:label="lab_ifrs-full_CategoriesOfFinancialAssetsDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Categories of financial assets [domain]</link:label>
    <link:label id="lab_ifrs-full_CategoriesOfFinancialAssetsDomain_label_en-US" xlink:label="lab_ifrs-full_CategoriesOfFinancialAssetsDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Categories of financial assets [domain]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_CategoriesOfFinancialAssetsDomain" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_CategoriesOfFinancialAssetsDomain"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_CategoriesOfFinancialAssetsDomain" xlink:to="lab_ifrs-full_CategoriesOfFinancialAssetsDomain" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_ReconciliationOfChangesInPropertyPlantAndEquipmentAbstract_7d1868f0-3a3a-4c2e-99c6-d9c4e95d41bc_terseLabel_en-US" xlink:label="lab_ifrs-full_ReconciliationOfChangesInPropertyPlantAndEquipmentAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Reconciliation of changes in property, plant and equipment [abstract]</link:label>
    <link:label id="lab_ifrs-full_ReconciliationOfChangesInPropertyPlantAndEquipmentAbstract_label_en-US" xlink:label="lab_ifrs-full_ReconciliationOfChangesInPropertyPlantAndEquipmentAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Reconciliation of changes in property, plant and equipment [abstract]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_ReconciliationOfChangesInPropertyPlantAndEquipmentAbstract" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_ReconciliationOfChangesInPropertyPlantAndEquipmentAbstract"/>
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    <link:label id="lab_tef_CollarMember_dfd4b355-e55f-4d86-b939-613600ac311f_terseLabel_en-US" xlink:label="lab_tef_CollarMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Collars</link:label>
    <link:label id="lab_tef_CollarMember_label_en-US" xlink:label="lab_tef_CollarMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Collar [Member]</link:label>
    <link:label id="lab_tef_CollarMember_documentation_en-US" xlink:label="lab_tef_CollarMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Collar [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_CollarMember" xlink:href="tef-20241231.xsd#tef_CollarMember"/>
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    <link:label id="lab_tef_TelefonicaCybersecurityCloudTechChileSpAMember_2134c544-40f7-48c0-8679-7a963a7457cd_terseLabel_en-US" xlink:label="lab_tef_TelefonicaCybersecurityCloudTechChileSpAMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Telef&#243;nica Cybersecurity &amp; Cloud Tech Chile SpA. Cybersecurity, electronic information security and IT consulting</link:label>
    <link:label id="lab_tef_TelefonicaCybersecurityCloudTechChileSpAMember_label_en-US" xlink:label="lab_tef_TelefonicaCybersecurityCloudTechChileSpAMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Telefonica Cybersecurity &amp; Cloud Tech Chile SpA. [Member]</link:label>
    <link:label id="lab_tef_TelefonicaCybersecurityCloudTechChileSpAMember_documentation_en-US" xlink:label="lab_tef_TelefonicaCybersecurityCloudTechChileSpAMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Telefonica Cybersecurity &amp; Cloud Tech Chile SpA.</link:label>
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    <link:label id="lab_tef_IsidroFaineCasasMember_6a9cd455-ec55-4f34-b386-744ac5f8ed57_terseLabel_en-US" xlink:label="lab_tef_IsidroFaineCasasMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Mr. Isidro Fain&#233; Casas</link:label>
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    <link:label id="lab_tef_IsidroFaineCasasMember_documentation_en-US" xlink:label="lab_tef_IsidroFaineCasasMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Isidro Faine Casas [Member]</link:label>
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    <link:label id="lab_ifrs-full_DisclosureOfOtherNoncurrentLiabilitiesExplanatory_779d4f23-1e4f-41da-8e34-8cab1774ba65_terseLabel_en-US" xlink:label="lab_ifrs-full_DisclosureOfOtherNoncurrentLiabilitiesExplanatory" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Payables and Other Non-current Liabilities</link:label>
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    <link:label id="lab_tef_TelefonicaServiciosGlobalesMember_ebdc3312-2b82-4496-b6eb-3bca442e93c3_terseLabel_en-US" xlink:label="lab_tef_TelefonicaServiciosGlobalesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Telef&#243;nica Servicios Globales, S.L.U. Holding company</link:label>
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    <link:label id="lab_tef_TelefonicaServiciosGlobalesMember_documentation_en-US" xlink:label="lab_tef_TelefonicaServiciosGlobalesMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Telefonica Servicios Globales [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_TelefonicaServiciosGlobalesMember" xlink:href="tef-20241231.xsd#tef_TelefonicaServiciosGlobalesMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_TelefonicaServiciosGlobalesMember" xlink:to="lab_tef_TelefonicaServiciosGlobalesMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_ShareOfProfitLossOfAssociatesAndJointVenturesAccountedForUsingEquityMethod_08e7b5c5-d252-4d24-9604-8e30182d67a8_terseLabel_en-US" xlink:label="lab_ifrs-full_ShareOfProfitLossOfAssociatesAndJointVenturesAccountedForUsingEquityMethod" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Share of (loss) income of investments accounted for by the equity method</link:label>
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    <link:loc xlink:type="locator" xlink:label="loc_tef_DisclosureOfJointVenturesAndAssociatesTable" xlink:href="tef-20241231.xsd#tef_DisclosureOfJointVenturesAndAssociatesTable"/>
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    <link:label id="lab_tef_OtherProductsAndServicesMember_e1a4594b-f971-441e-a639-248b01474a4d_terseLabel_en-US" xlink:label="lab_tef_OtherProductsAndServicesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Other contractual liabilities</link:label>
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    <link:label id="lab_tef_OtherProductsAndServicesMember_documentation_en-US" xlink:label="lab_tef_OtherProductsAndServicesMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Other Products And Services [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_OtherProductsAndServicesMember" xlink:href="tef-20241231.xsd#tef_OtherProductsAndServicesMember"/>
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    <link:label id="lab_ifrs-full_SegmentsAxis_2642239a-e3bd-4311-b77b-8e129746bd85_terseLabel_en-US" xlink:label="lab_ifrs-full_SegmentsAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Segments [axis]</link:label>
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    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_SegmentsAxis" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_SegmentsAxis"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_SegmentsAxis" xlink:to="lab_ifrs-full_SegmentsAxis" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_DescriptionOfAccountingPolicyForLeasesExplanatory_20685c88-da72-4ddb-94c3-f24277ce9f90_terseLabel_en-US" xlink:label="lab_ifrs-full_DescriptionOfAccountingPolicyForLeasesExplanatory" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Lease agreements</link:label>
    <link:label id="lab_ifrs-full_DescriptionOfAccountingPolicyForLeasesExplanatory_label_en-US" xlink:label="lab_ifrs-full_DescriptionOfAccountingPolicyForLeasesExplanatory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Description of accounting policy for leases [text block]</link:label>
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    <link:loc xlink:type="locator" xlink:label="loc_tef_TreasuryShareAcquisitionPrice" xlink:href="tef-20241231.xsd#tef_TreasuryShareAcquisitionPrice"/>
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    <link:label id="lab_tef_AYYILDIZCommunicationsGmbHMember_ac6027a1-76f5-4588-b509-b359f25f1910_terseLabel_en-US" xlink:label="lab_tef_AYYILDIZCommunicationsGmbHMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">AY YILDIZ Communications GmbH Telecommunications service provider</link:label>
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    <link:loc xlink:type="locator" xlink:label="loc_tef_AYYILDIZCommunicationsGmbHMember" xlink:href="tef-20241231.xsd#tef_AYYILDIZCommunicationsGmbHMember"/>
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    <link:label id="lab_tef_TelefonicaBrasilS.A.Member_fb29f8b3-9b3b-431d-8e61-bd51a22ffb28_terseLabel_en-US" xlink:label="lab_tef_TelefonicaBrasilS.A.Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Telefonica Brasil, S.A.</link:label>
    <link:label id="lab_tef_TelefonicaBrasilS.A.Member_35c8bd39-1ba0-4927-a376-97a70bd0a063_verboseLabel_en-US" xlink:label="lab_tef_TelefonicaBrasilS.A.Member" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Telef&#244;nica Brasil, S.A.</link:label>
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    <link:label id="lab_tef_TelefonicaConsumerFinanceEstablecimientoFinancierodeCreditoSAMember_80fd9637-2460-4716-b956-a4bf84093a4e_verboseLabel_en-US" xlink:label="lab_tef_TelefonicaConsumerFinanceEstablecimientoFinancierodeCreditoSAMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Telef&#243;nica Consumer Finance, Establecimiento Financiero de Cr&#233;dito, S.A.</link:label>
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    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_TelefonicaConsumerFinanceEstablecimientoFinancierodeCreditoSAMember" xlink:to="lab_tef_TelefonicaConsumerFinanceEstablecimientoFinancierodeCreditoSAMember" xlink:type="arc" order="1"/>
    <link:label id="lab_currency_USD_6eed9b4c-90f9-45d8-905d-f19314312658_terseLabel_en-US" xlink:label="lab_currency_USD" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">U.S. dollar</link:label>
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    <link:label id="lab_ifrs-full_PropertyPlantAndEquipment_743b17e2-f30c-45ff-b434-9bbe2ac933e9_terseLabel_en-US" xlink:label="lab_ifrs-full_PropertyPlantAndEquipment" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Property, plant and equipment</link:label>
    <link:label id="lab_ifrs-full_PropertyPlantAndEquipment_bee7062e-b884-4ccc-8877-bbde797482fc_verboseLabel_en-US" xlink:label="lab_ifrs-full_PropertyPlantAndEquipment" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Fixed Assets</link:label>
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    <link:label id="lab_ifrs-full_PropertyPlantAndEquipment_ae9cdd38-df07-47ff-8036-c16c1a5fe4f0_periodEndLabel_en-US" xlink:label="lab_ifrs-full_PropertyPlantAndEquipment" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:type="resource" xml:lang="en-US">Property, plant and equipment at end of period</link:label>
    <link:label id="lab_ifrs-full_PropertyPlantAndEquipment_label_en-US" xlink:label="lab_ifrs-full_PropertyPlantAndEquipment" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Property, plant and equipment</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_PropertyPlantAndEquipment" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_PropertyPlantAndEquipment"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_PropertyPlantAndEquipment" xlink:to="lab_ifrs-full_PropertyPlantAndEquipment" xlink:type="arc" order="1"/>
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    <link:label id="lab_tef_ShareBasedCompensationArrangementByShareBasedPaymentAwardPercentageOfCarbonDioxideEmissionNeutralization_661ffe9e-7ccc-4b08-a1cb-eb5447c8a4c0_terseLabel_en-US" xlink:label="lab_tef_ShareBasedCompensationArrangementByShareBasedPaymentAwardPercentageOfCarbonDioxideEmissionNeutralization" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Delivery percent (CO2 emissions neutralization, maximum compliance)</link:label>
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    <link:loc xlink:type="locator" xlink:label="loc_tef_ShareBasedCompensationArrangementByShareBasedPaymentAwardPercentageOfCarbonDioxideEmissionNeutralization" xlink:href="tef-20241231.xsd#tef_ShareBasedCompensationArrangementByShareBasedPaymentAwardPercentageOfCarbonDioxideEmissionNeutralization"/>
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    <link:label id="lab_ifrs-full_AssetsAndLiabilitiesAxis_f926daa9-b140-472a-a3a6-5f59b38ed6b1_terseLabel_en-US" xlink:label="lab_ifrs-full_AssetsAndLiabilitiesAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Assets and liabilities [axis]</link:label>
    <link:label id="lab_ifrs-full_AssetsAndLiabilitiesAxis_label_en-US" xlink:label="lab_ifrs-full_AssetsAndLiabilitiesAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Assets and liabilities [axis]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_AssetsAndLiabilitiesAxis" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_AssetsAndLiabilitiesAxis"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_AssetsAndLiabilitiesAxis" xlink:to="lab_ifrs-full_AssetsAndLiabilitiesAxis" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_FiberToTheHomeJointVentureMember_96605c95-b900-4d40-8076-d6e44645a39c_terseLabel_en-US" xlink:label="lab_tef_FiberToTheHomeJointVentureMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">FTTH Joint Venture</link:label>
    <link:label id="lab_tef_FiberToTheHomeJointVentureMember_label_en-US" xlink:label="lab_tef_FiberToTheHomeJointVentureMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Fiber To The Home Joint Venture [Member]</link:label>
    <link:label id="lab_tef_FiberToTheHomeJointVentureMember_documentation_en-US" xlink:label="lab_tef_FiberToTheHomeJointVentureMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Fiber To The Home Joint Venture</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_FiberToTheHomeJointVentureMember" xlink:href="tef-20241231.xsd#tef_FiberToTheHomeJointVentureMember"/>
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    <link:label id="lab_tef_IndefiniteOption2Member_41752b06-a29e-4a03-a51c-2065945a3a70_terseLabel_en-US" xlink:label="lab_tef_IndefiniteOption2Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Indefinite, Option 2</link:label>
    <link:label id="lab_tef_IndefiniteOption2Member_label_en-US" xlink:label="lab_tef_IndefiniteOption2Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Indefinite, Option 2 [Member]</link:label>
    <link:label id="lab_tef_IndefiniteOption2Member_documentation_en-US" xlink:label="lab_tef_IndefiniteOption2Member" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Indefinite, Option 2 [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_IndefiniteOption2Member" xlink:href="tef-20241231.xsd#tef_IndefiniteOption2Member"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_IndefiniteOption2Member" xlink:to="lab_tef_IndefiniteOption2Member" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_PercentageOfShareholdersIssuedFreeOfChargeAllotmentRightsIssuedInCash_7bb6fd39-a408-429a-85ea-ace9f23369b0_terseLabel_en-US" xlink:label="lab_tef_PercentageOfShareholdersIssuedFreeOfChargeAllotmentRightsIssuedInCash" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Proportion of shareholders issued free-of-charge allotment rights issued in cash (as a percent)</link:label>
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    <link:label id="lab_tef_PercentageOfShareholdersIssuedFreeOfChargeAllotmentRightsIssuedInCash_documentation_en-US" xlink:label="lab_tef_PercentageOfShareholdersIssuedFreeOfChargeAllotmentRightsIssuedInCash" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Percentage Of Shareholders Issued Free-Of-Charge Allotment Rights Issued In Cash</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_PercentageOfShareholdersIssuedFreeOfChargeAllotmentRightsIssuedInCash" xlink:href="tef-20241231.xsd#tef_PercentageOfShareholdersIssuedFreeOfChargeAllotmentRightsIssuedInCash"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_PercentageOfShareholdersIssuedFreeOfChargeAllotmentRightsIssuedInCash" xlink:to="lab_tef_PercentageOfShareholdersIssuedFreeOfChargeAllotmentRightsIssuedInCash" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_InfraViaCapitalPartnersMember_335d0a60-ae73-4450-9657-fe96c56ddaef_terseLabel_en-US" xlink:label="lab_tef_InfraViaCapitalPartnersMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">InfraVia Capital Partners</link:label>
    <link:label id="lab_tef_InfraViaCapitalPartnersMember_label_en-US" xlink:label="lab_tef_InfraViaCapitalPartnersMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">InfraVia Capital Partners [Member]</link:label>
    <link:label id="lab_tef_InfraViaCapitalPartnersMember_documentation_en-US" xlink:label="lab_tef_InfraViaCapitalPartnersMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">InfraVia Capital Partners</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_InfraViaCapitalPartnersMember" xlink:href="tef-20241231.xsd#tef_InfraViaCapitalPartnersMember"/>
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    <link:label id="lab_tef_LongTermCapitalExpendituresRatio_9cc00207-6ab5-4325-aad5-7a1fdc627d9f_terseLabel_en-US" xlink:label="lab_tef_LongTermCapitalExpendituresRatio" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Long-term capital expenditure (CapEx) ratio (as a percent)</link:label>
    <link:label id="lab_tef_LongTermCapitalExpendituresRatio_label_en-US" xlink:label="lab_tef_LongTermCapitalExpendituresRatio" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Long-Term Capital Expenditures Ratio</link:label>
    <link:label id="lab_tef_LongTermCapitalExpendituresRatio_documentation_en-US" xlink:label="lab_tef_LongTermCapitalExpendituresRatio" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Long-Term Capital Expenditures Ratio</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_LongTermCapitalExpendituresRatio" xlink:href="tef-20241231.xsd#tef_LongTermCapitalExpendituresRatio"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_LongTermCapitalExpendituresRatio" xlink:to="lab_tef_LongTermCapitalExpendituresRatio" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_ClassesOfContingentLiabilitiesDomain_6aa28aca-ee8f-41e1-aa6f-10442c9537c0_terseLabel_en-US" xlink:label="lab_ifrs-full_ClassesOfContingentLiabilitiesDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Classes of contingent liabilities [domain]</link:label>
    <link:label id="lab_ifrs-full_ClassesOfContingentLiabilitiesDomain_label_en-US" xlink:label="lab_ifrs-full_ClassesOfContingentLiabilitiesDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Classes of contingent liabilities [domain]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_ClassesOfContingentLiabilitiesDomain" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_ClassesOfContingentLiabilitiesDomain"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_ClassesOfContingentLiabilitiesDomain" xlink:to="lab_ifrs-full_ClassesOfContingentLiabilitiesDomain" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_InternetParaTodosSACMember_eafc30dc-527e-4e42-99e9-fcaf44cf0340_terseLabel_en-US" xlink:label="lab_tef_InternetParaTodosSACMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Internet para todos S.A.C</link:label>
    <link:label id="lab_tef_InternetParaTodosSACMember_label_en-US" xlink:label="lab_tef_InternetParaTodosSACMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Internet Para Todos, S.A.C. [Member]</link:label>
    <link:label id="lab_tef_InternetParaTodosSACMember_documentation_en-US" xlink:label="lab_tef_InternetParaTodosSACMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Internet para Todos, S.A.C. [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_InternetParaTodosSACMember" xlink:href="tef-20241231.xsd#tef_InternetParaTodosSACMember"/>
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    <link:label id="lab_tef_IHackLabsLtdMember_75e579dd-ed0d-44b0-957d-1c6c523fcd36_terseLabel_en-US" xlink:label="lab_tef_IHackLabsLtdMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">iHackLabs Ltd.</link:label>
    <link:label id="lab_tef_IHackLabsLtdMember_label_en-US" xlink:label="lab_tef_IHackLabsLtdMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">iHackLabs Ltd. [Member]</link:label>
    <link:label id="lab_tef_IHackLabsLtdMember_documentation_en-US" xlink:label="lab_tef_IHackLabsLtdMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">iHackLabs Ltd.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_IHackLabsLtdMember" xlink:href="tef-20241231.xsd#tef_IHackLabsLtdMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_IHackLabsLtdMember" xlink:to="lab_tef_IHackLabsLtdMember" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_ExpiringIn2030Option7Member_25c2f98a-1797-4124-bba8-9cb243359bdf_terseLabel_en-US" xlink:label="lab_tef_ExpiringIn2030Option7Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Expiring in 2030, Option 7</link:label>
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    <link:label id="lab_tef_ExpiringIn2030Option7Member_documentation_en-US" xlink:label="lab_tef_ExpiringIn2030Option7Member" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Expiring in 2030, Option 7</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_ExpiringIn2030Option7Member" xlink:href="tef-20241231.xsd#tef_ExpiringIn2030Option7Member"/>
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    <link:label id="lab_dei_CityAreaCode_7b9a908c-c5fc-406a-9cd0-21c6574ea8b0_terseLabel_en-US" xlink:label="lab_dei_CityAreaCode" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">City Area Code</link:label>
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    <link:loc xlink:type="locator" xlink:label="loc_dei_CityAreaCode" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_CityAreaCode"/>
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    <link:label id="lab_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesTable_2972b54b-c0ae-41fd-86ec-5c18494498d2_terseLabel_en-US" xlink:label="lab_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Disclosure of subsidiaries [table]</link:label>
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    <link:label id="lab_dei_AuditorLocation_994e240b-a75e-4760-ad52-ffb37d2915d5_terseLabel_en-US" xlink:label="lab_dei_AuditorLocation" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Auditor Location</link:label>
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    <link:loc xlink:type="locator" xlink:label="loc_dei_AuditorLocation" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_AuditorLocation"/>
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    <link:label id="lab_tef_IncreaseDecreaseThroughRestructuringDeferredTaxLiabilityAsset_239374db-3d0d-4c8c-b94e-1ea6d7480978_negatedTerseLabel_en-US" xlink:label="lab_tef_IncreaseDecreaseThroughRestructuringDeferredTaxLiabilityAsset" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xml:lang="en-US">Increase (decrease) through restructuring, deferred tax liability (asset)</link:label>
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    <link:loc xlink:type="locator" xlink:label="loc_tef_IncreaseDecreaseThroughRestructuringDeferredTaxLiabilityAsset" xlink:href="tef-20241231.xsd#tef_IncreaseDecreaseThroughRestructuringDeferredTaxLiabilityAsset"/>
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    <link:label id="lab_ifrs-full_EquityAttributableToOwnersOfParent_4e2c5be0-4d0b-4112-ae84-abc08d3a1b69_terseLabel_en-US" xlink:label="lab_ifrs-full_EquityAttributableToOwnersOfParent" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Equity attributable to equity holders of the parent and other holders of equity instruments</link:label>
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    <link:label id="lab_ifrs-full_DeferredTaxExpenseIncome_47cd46cd-d409-4cc5-8b7a-84bd5961c7e7_terseLabel_en-US" xlink:label="lab_ifrs-full_DeferredTaxExpenseIncome" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Deferred tax expense</link:label>
    <link:label id="lab_ifrs-full_DeferredTaxExpenseIncome_label_en-US" xlink:label="lab_ifrs-full_DeferredTaxExpenseIncome" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Deferred tax expense (income)</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_DeferredTaxExpenseIncome" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_DeferredTaxExpenseIncome"/>
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    <link:label id="lab_ifrs-full_CurrentDividendPayables_77cc01c6-0544-4dd4-a93f-308e839d2a55_terseLabel_en-US" xlink:label="lab_ifrs-full_CurrentDividendPayables" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Dividends pending payment</link:label>
    <link:label id="lab_ifrs-full_CurrentDividendPayables_label_en-US" xlink:label="lab_ifrs-full_CurrentDividendPayables" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Current dividend payables</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_CurrentDividendPayables" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_CurrentDividendPayables"/>
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    <link:label id="lab_tef_SeniorNotesDue2036Member_e78bad51-db7f-4243-a321-6a8c63ab6a3b_terseLabel_en-US" xlink:label="lab_tef_SeniorNotesDue2036Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Senior notes due 2036</link:label>
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    <link:label id="lab_tef_SeniorNotesDue2036Member_documentation_en-US" xlink:label="lab_tef_SeniorNotesDue2036Member" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Senior Notes Due 2036</link:label>
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    <link:label id="lab_ifrs-full_DisclosureOfReconciliationOfChangesInLossAllowanceAndExplanationOfChangesInGrossCarryingAmountForFinancialInstrumentsLineItems_6cdca450-06bc-494e-9fd2-9d1c3cfaa5d8_terseLabel_en-US" xlink:label="lab_ifrs-full_DisclosureOfReconciliationOfChangesInLossAllowanceAndExplanationOfChangesInGrossCarryingAmountForFinancialInstrumentsLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Disclosure of reconciliation of changes in loss allowance and explanation of changes in gross carrying amount for financial instruments [line items]</link:label>
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    <link:label id="lab_tef_TelefonicaS.A.Member_7e166c9c-2b9e-464c-94f2-9549bd931ae6_terseLabel_en-US" xlink:label="lab_tef_TelefonicaS.A.Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Telef&#243;nica, S.A.</link:label>
    <link:label id="lab_tef_TelefonicaS.A.Member_23c7f642-cd51-4e13-954a-89e008316967_verboseLabel_en-US" xlink:label="lab_tef_TelefonicaS.A.Member" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Total Group</link:label>
    <link:label id="lab_tef_TelefonicaS.A.Member_label_en-US" xlink:label="lab_tef_TelefonicaS.A.Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Telefonica, S.A. [Member]</link:label>
    <link:label id="lab_tef_TelefonicaS.A.Member_documentation_en-US" xlink:label="lab_tef_TelefonicaS.A.Member" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Telefonica, S.A. [Member]</link:label>
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    <link:label id="lab_tef_Expiringin2025Option3Member_b3b838a8-5666-400a-8b9a-a4eaf35f0ec5_terseLabel_en-US" xlink:label="lab_tef_Expiringin2025Option3Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Expiring in 2025, Option 3</link:label>
    <link:label id="lab_tef_Expiringin2025Option3Member_label_en-US" xlink:label="lab_tef_Expiringin2025Option3Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Expiring in 2025, Option 3 [Member]</link:label>
    <link:label id="lab_tef_Expiringin2025Option3Member_documentation_en-US" xlink:label="lab_tef_Expiringin2025Option3Member" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Expiring in 2025, Option 3 [Member]</link:label>
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    <link:label id="lab_tef_Expiringin2043Member_32841c75-24a8-4f4b-982d-d18db9a3b950_terseLabel_en-US" xlink:label="lab_tef_Expiringin2043Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Expiring in 2043</link:label>
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    <link:label id="lab_tef_Expiringin2043Member_documentation_en-US" xlink:label="lab_tef_Expiringin2043Member" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Expiring in 2043 [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_Expiringin2043Member" xlink:href="tef-20241231.xsd#tef_Expiringin2043Member"/>
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    <link:label id="lab_tef_PercentageOfShareholdersIssuedFreeOfChargeAllotmentRightsIssuedInShares_cb50d48a-9011-4e62-ab31-be304ad8921a_terseLabel_en-US" xlink:label="lab_tef_PercentageOfShareholdersIssuedFreeOfChargeAllotmentRightsIssuedInShares" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Percentage of shareholders issued free-of-charge allotment rights issued in shares</link:label>
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    <link:label id="lab_tef_TelefonicaParticipacionesS.A.U.Member_32cc0a51-9d16-43a7-8dd4-443323d8c348_terseLabel_en-US" xlink:label="lab_tef_TelefonicaParticipacionesS.A.U.Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Telef&#243;nica Participaciones, S.A.U. Financial debt instrument issuer</link:label>
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    <link:label id="lab_tef_TelefonicaParticipacionesS.A.U.Member_documentation_en-US" xlink:label="lab_tef_TelefonicaParticipacionesS.A.U.Member" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Telefonica Participaciones S.A.U. [Member]</link:label>
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    <link:label id="lab_ifrs-full_MachineryMember_967093be-b343-47d1-a83d-01828c48e4da_terseLabel_en-US" xlink:label="lab_ifrs-full_MachineryMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Plant and machinery</link:label>
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    <link:loc xlink:type="locator" xlink:label="loc_tef_TitleOfIndividual1Domain" xlink:href="tef-20241231.xsd#tef_TitleOfIndividual1Domain"/>
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    <link:label id="lab_ifrs-full_DisclosureOfDebtSecuritiesExplanatory_5a5a54b2-db96-476a-ba4a-b5fe6e01eea3_verboseLabel_en-US" xlink:label="lab_ifrs-full_DisclosureOfDebtSecuritiesExplanatory" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Appendix III: Debentures and Bonds</link:label>
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    <link:label id="lab_ifrs-full_DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory_label_en-US" xlink:label="lab_ifrs-full_DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Description of accounting policy for impairment of assets [text block]</link:label>
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    <link:label id="lab_tef_A20082011InspectionProcedureMember_a7d0d516-0b06-4154-9585-ce37f9a99130_terseLabel_en-US" xlink:label="lab_tef_A20082011InspectionProcedureMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">2008-2011 Inspection Procedure</link:label>
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    <link:label id="lab_tef_WayraColombiaMember_3224bc95-650b-414f-99d9-4bf34f147002_terseLabel_en-US" xlink:label="lab_tef_WayraColombiaMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Wayra Colombia, S.A.S. Technological innovation based business project development</link:label>
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    <link:label id="lab_ifrs-full_EffectOfExchangeRateChangesOnCashAndCashEquivalents_18459741-b515-43dc-bb4e-4f371184dac0_terseLabel_en-US" xlink:label="lab_ifrs-full_EffectOfExchangeRateChangesOnCashAndCashEquivalents" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Effect of changes in exchange rates</link:label>
    <link:label id="lab_ifrs-full_EffectOfExchangeRateChangesOnCashAndCashEquivalents_label_en-US" xlink:label="lab_ifrs-full_EffectOfExchangeRateChangesOnCashAndCashEquivalents" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Effect of exchange rate changes on cash and cash equivalents</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_EffectOfExchangeRateChangesOnCashAndCashEquivalents" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_EffectOfExchangeRateChangesOnCashAndCashEquivalents"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_EffectOfExchangeRateChangesOnCashAndCashEquivalents" xlink:to="lab_ifrs-full_EffectOfExchangeRateChangesOnCashAndCashEquivalents" xlink:type="arc" order="1"/>
    <link:label id="lab_dei_AmendmentFlag_fa578bea-3932-4535-83b4-d686b9763f7f_terseLabel_en-US" xlink:label="lab_dei_AmendmentFlag" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Amendment Flag</link:label>
    <link:label id="lab_dei_AmendmentFlag_label_en-US" xlink:label="lab_dei_AmendmentFlag" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Amendment Flag</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_dei_AmendmentFlag" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_AmendmentFlag"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_AmendmentFlag" xlink:to="lab_dei_AmendmentFlag" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_NationalNetworkCoveragePercentage_56cca422-a29e-4f15-8014-ef2c94024d72_terseLabel_en-US" xlink:label="lab_tef_NationalNetworkCoveragePercentage" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">National Network Coverage, Percentage</link:label>
    <link:label id="lab_tef_NationalNetworkCoveragePercentage_label_en-US" xlink:label="lab_tef_NationalNetworkCoveragePercentage" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">National Network Coverage, Percentage</link:label>
    <link:label id="lab_tef_NationalNetworkCoveragePercentage_documentation_en-US" xlink:label="lab_tef_NationalNetworkCoveragePercentage" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">National Network Coverage, Percentage</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_NationalNetworkCoveragePercentage" xlink:href="tef-20241231.xsd#tef_NationalNetworkCoveragePercentage"/>
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    <link:label id="lab_tef_PaymentsofCouponRelatedtoUndatedDeeplySubordinatedDebtNetofTax_f9c44a0b-c1b4-4c54-a22a-03079e50fceb_terseLabel_en-US" xlink:label="lab_tef_PaymentsofCouponRelatedtoUndatedDeeplySubordinatedDebtNetofTax" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Payments on undated deeply subordinated securities</link:label>
    <link:label id="lab_tef_PaymentsofCouponRelatedtoUndatedDeeplySubordinatedDebtNetofTax_label_en-US" xlink:label="lab_tef_PaymentsofCouponRelatedtoUndatedDeeplySubordinatedDebtNetofTax" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Payments of Coupon Related to Undated Deeply Subordinated Debt, Net of Tax</link:label>
    <link:label id="lab_tef_PaymentsofCouponRelatedtoUndatedDeeplySubordinatedDebtNetofTax_documentation_en-US" xlink:label="lab_tef_PaymentsofCouponRelatedtoUndatedDeeplySubordinatedDebtNetofTax" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Payments of Coupon Related to Undated Deeply Subordinated Debt, Net of Tax</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_PaymentsofCouponRelatedtoUndatedDeeplySubordinatedDebtNetofTax" xlink:href="tef-20241231.xsd#tef_PaymentsofCouponRelatedtoUndatedDeeplySubordinatedDebtNetofTax"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_PaymentsofCouponRelatedtoUndatedDeeplySubordinatedDebtNetofTax" xlink:to="lab_tef_PaymentsofCouponRelatedtoUndatedDeeplySubordinatedDebtNetofTax" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethodThatWillNotBeReclassifiedToProfitOrLossNetOfTax_2f96ce64-04c4-4d4c-88ee-49802822c3a3_terseLabel_en-US" xlink:label="lab_ifrs-full_ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethodThatWillNotBeReclassifiedToProfitOrLossNetOfTax" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Share of (losses) recognized directly in equity of associates (Note 10)</link:label>
    <link:label id="lab_ifrs-full_ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethodThatWillNotBeReclassifiedToProfitOrLossNetOfTax_label_en-US" xlink:label="lab_ifrs-full_ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethodThatWillNotBeReclassifiedToProfitOrLossNetOfTax" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Share of other comprehensive income of associates and joint ventures accounted for using equity method that will not be reclassified to profit or loss, net of tax</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethodThatWillNotBeReclassifiedToProfitOrLossNetOfTax" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethodThatWillNotBeReclassifiedToProfitOrLossNetOfTax"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethodThatWillNotBeReclassifiedToProfitOrLossNetOfTax" xlink:to="lab_ifrs-full_ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethodThatWillNotBeReclassifiedToProfitOrLossNetOfTax" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_NoncurrentContractAssets_467bfc54-5a2c-45b1-9a22-1bdf26ec1ab4_terseLabel_en-US" xlink:label="lab_ifrs-full_NoncurrentContractAssets" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Contractual assets (Note 23)</link:label>
    <link:label id="lab_ifrs-full_NoncurrentContractAssets_label_en-US" xlink:label="lab_ifrs-full_NoncurrentContractAssets" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Non-current contract assets</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_NoncurrentContractAssets" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_NoncurrentContractAssets"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_NoncurrentContractAssets" xlink:to="lab_ifrs-full_NoncurrentContractAssets" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_RevenueAndOperatingIncome_ccfe14d8-a0d8-4777-b2af-b84e6308e2f6_totalLabel_en-US" xlink:label="lab_ifrs-full_RevenueAndOperatingIncome" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Operating results before depreciation and amortization</link:label>
    <link:label id="lab_ifrs-full_RevenueAndOperatingIncome_3548e41f-86a4-4237-9fc0-e101ea5a40f7_terseLabel_en-US" xlink:label="lab_ifrs-full_RevenueAndOperatingIncome" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Operating results before depreciation and amortization</link:label>
    <link:label id="lab_ifrs-full_RevenueAndOperatingIncome_label_en-US" xlink:label="lab_ifrs-full_RevenueAndOperatingIncome" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Revenue and other operating income</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_RevenueAndOperatingIncome" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_RevenueAndOperatingIncome"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_RevenueAndOperatingIncome" xlink:to="lab_ifrs-full_RevenueAndOperatingIncome" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_OperatingExpense_e3344832-ffbf-4ee0-b8b2-5b6e319e5000_terseLabel_en-US" xlink:label="lab_ifrs-full_OperatingExpense" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Expenses from operations</link:label>
    <link:label id="lab_ifrs-full_OperatingExpense_label_en-US" xlink:label="lab_ifrs-full_OperatingExpense" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Operating expense</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_OperatingExpense" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_OperatingExpense"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_OperatingExpense" xlink:to="lab_ifrs-full_OperatingExpense" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_FinanceIncomeCost_ff79fb09-18e3-40c3-a051-7f6c76e6e467_negatedLabel_en-US" xlink:label="lab_ifrs-full_FinanceIncomeCost" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US">Finance income (cost)</link:label>
    <link:label id="lab_ifrs-full_FinanceIncomeCost_label_en-US" xlink:label="lab_ifrs-full_FinanceIncomeCost" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Finance income (cost)</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_FinanceIncomeCost" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_FinanceIncomeCost"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_FinanceIncomeCost" xlink:to="lab_ifrs-full_FinanceIncomeCost" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_PSPSecondCycle20222024Member_2d7d1a3e-4a70-4a62-8718-643c2d7e3a38_terseLabel_en-US" xlink:label="lab_tef_PSPSecondCycle20222024Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">PSP - Second Cycle / 2022-2024</link:label>
    <link:label id="lab_tef_PSPSecondCycle20222024Member_label_en-US" xlink:label="lab_tef_PSPSecondCycle20222024Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">PSP - Second Cycle / 2022-2024 [Member]</link:label>
    <link:label id="lab_tef_PSPSecondCycle20222024Member_documentation_en-US" xlink:label="lab_tef_PSPSecondCycle20222024Member" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">PSP - Second Cycle / 2022-2024</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_PSPSecondCycle20222024Member" xlink:href="tef-20241231.xsd#tef_PSPSecondCycle20222024Member"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_PSPSecondCycle20222024Member" xlink:to="lab_tef_PSPSecondCycle20222024Member" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesIntangibleAssetsOtherThanGoodwill_f344ccf0-3e50-4727-8423-b619df58aa59_terseLabel_en-US" xlink:label="lab_ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesIntangibleAssetsOtherThanGoodwill" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Transla-tion differen-ces</link:label>
    <link:label id="lab_ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesIntangibleAssetsOtherThanGoodwill_label_en-US" xlink:label="lab_ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesIntangibleAssetsOtherThanGoodwill" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Increase (decrease) through net exchange differences, intangible assets other than goodwill</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesIntangibleAssetsOtherThanGoodwill" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesIntangibleAssetsOtherThanGoodwill"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesIntangibleAssetsOtherThanGoodwill" xlink:to="lab_ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesIntangibleAssetsOtherThanGoodwill" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_PercentageOfReasonablyPossibleIncreaseInActuarialAssumption_0dae8cb2-f5e9-4f32-855d-d0286c477195_terseLabel_en-US" xlink:label="lab_ifrs-full_PercentageOfReasonablyPossibleIncreaseInActuarialAssumption" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Percentage of possible increase in actuarial assumption</link:label>
    <link:label id="lab_ifrs-full_PercentageOfReasonablyPossibleIncreaseInActuarialAssumption_label_en-US" xlink:label="lab_ifrs-full_PercentageOfReasonablyPossibleIncreaseInActuarialAssumption" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Percentage of reasonably possible increase in actuarial assumption</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_PercentageOfReasonablyPossibleIncreaseInActuarialAssumption" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_PercentageOfReasonablyPossibleIncreaseInActuarialAssumption"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_PercentageOfReasonablyPossibleIncreaseInActuarialAssumption" xlink:to="lab_ifrs-full_PercentageOfReasonablyPossibleIncreaseInActuarialAssumption" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_IncomeTaxExpenseContinuingOperations_51dc37c2-1bef-4c62-9d35-6dc888453b3a_negatedTerseLabel_en-US" xlink:label="lab_ifrs-full_IncomeTaxExpenseContinuingOperations" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xml:lang="en-US">Corporate income tax</link:label>
    <link:label id="lab_ifrs-full_IncomeTaxExpenseContinuingOperations_6305d467-0925-4ac8-99eb-0af80f0a14bc_totalLabel_en-US" xlink:label="lab_ifrs-full_IncomeTaxExpenseContinuingOperations" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Corporate income tax</link:label>
    <link:label id="lab_ifrs-full_IncomeTaxExpenseContinuingOperations_5ff54e21-8f8f-4897-953a-e5b8cee6e152_terseLabel_en-US" xlink:label="lab_ifrs-full_IncomeTaxExpenseContinuingOperations" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Corporate income tax</link:label>
    <link:label id="lab_ifrs-full_IncomeTaxExpenseContinuingOperations_label_en-US" xlink:label="lab_ifrs-full_IncomeTaxExpenseContinuingOperations" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Tax expense (income)</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_IncomeTaxExpenseContinuingOperations" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_IncomeTaxExpenseContinuingOperations"/>
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    <link:label id="lab_dei_EntityAddressPostalZipCode_8afabdec-6406-4c6d-bca8-c1e61b5510e6_terseLabel_en-US" xlink:label="lab_dei_EntityAddressPostalZipCode" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Entity Address, Postal Zip Code</link:label>
    <link:label id="lab_dei_EntityAddressPostalZipCode_label_en-US" xlink:label="lab_dei_EntityAddressPostalZipCode" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Entity Address, Postal Zip Code</link:label>
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    <link:label id="lab_tef_TelefonicaHispanoamericaSAMember_e99edace-6afc-48dd-aa06-e09b0693de7c_terseLabel_en-US" xlink:label="lab_tef_TelefonicaHispanoamericaSAMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Telef&#243;nica Hispanoam&#233;rica, S.A.</link:label>
    <link:label id="lab_tef_TelefonicaHispanoamericaSAMember_label_en-US" xlink:label="lab_tef_TelefonicaHispanoamericaSAMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Telef&#243;nica Hispanoam&#233;rica, S.A. [Member]</link:label>
    <link:label id="lab_tef_TelefonicaHispanoamericaSAMember_documentation_en-US" xlink:label="lab_tef_TelefonicaHispanoamericaSAMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Telef&#243;nica Hispanoam&#233;rica, S.A.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_TelefonicaHispanoamericaSAMember" xlink:href="tef-20241231.xsd#tef_TelefonicaHispanoamericaSAMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_TelefonicaHispanoamericaSAMember" xlink:to="lab_tef_TelefonicaHispanoamericaSAMember" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_HedgesinEquityIncreaseDecreasefromTransfertoInitialValue_aa91cc86-200a-4651-9572-ff8925337a6b_terseLabel_en-US" xlink:label="lab_tef_HedgesinEquityIncreaseDecreasefromTransfertoInitialValue" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Transfer to the initial value of hedged item</link:label>
    <link:label id="lab_tef_HedgesinEquityIncreaseDecreasefromTransfertoInitialValue_label_en-US" xlink:label="lab_tef_HedgesinEquityIncreaseDecreasefromTransfertoInitialValue" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Hedges in Equity, Increase (Decrease) from Transfer to Initial Value</link:label>
    <link:label id="lab_tef_HedgesinEquityIncreaseDecreasefromTransfertoInitialValue_documentation_en-US" xlink:label="lab_tef_HedgesinEquityIncreaseDecreasefromTransfertoInitialValue" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Hedges in Equity, Increase (Decrease) from Transfer to Initial Value</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_HedgesinEquityIncreaseDecreasefromTransfertoInitialValue" xlink:href="tef-20241231.xsd#tef_HedgesinEquityIncreaseDecreasefromTransfertoInitialValue"/>
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    <link:label id="lab_tef_JointVentureServiceAgreementTransitionalServicesExtensionTerm_62da317a-7677-4db4-9951-9e5b757eac44_terseLabel_en-US" xlink:label="lab_tef_JointVentureServiceAgreementTransitionalServicesExtensionTerm" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Transitional services, extension term</link:label>
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    <link:label id="lab_tef_JointVentureServiceAgreementTransitionalServicesExtensionTerm_documentation_en-US" xlink:label="lab_tef_JointVentureServiceAgreementTransitionalServicesExtensionTerm" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Joint Venture, Service Agreement, Transitional Services, Extension Term</link:label>
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    <link:label id="lab_ifrs-full_IncreaseDecreaseThroughTransfersAndOtherChangesEquity_b24a2b1c-4858-4a0e-b2bc-a40ad6d56c4d_terseLabel_en-US" xlink:label="lab_ifrs-full_IncreaseDecreaseThroughTransfersAndOtherChangesEquity" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Other movements</link:label>
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    <link:label id="lab_tef_PrincipalPaymentsofLeaseLiabilities_32317801-b658-4bc7-8e50-50334dccf86c_negatedLabel_en-US" xlink:label="lab_tef_PrincipalPaymentsofLeaseLiabilities" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US">Lease principal payments (Note 20)</link:label>
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    <link:label id="lab_tef_PrincipalPaymentsofLeaseLiabilities_documentation_en-US" xlink:label="lab_tef_PrincipalPaymentsofLeaseLiabilities" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Principal Payments of Lease Liabilities</link:label>
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    <link:label id="lab_tef_FinanceIncomeCostExcludingForeignExchangeDifferencesAndHyperinflationaryAdjustments_66efa8ca-2365-490d-ad0a-091af18b770b_totalLabel_en-US" xlink:label="lab_tef_FinanceIncomeCostExcludingForeignExchangeDifferencesAndHyperinflationaryAdjustments" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Net finance costs excluding foreign exchange differences and inflation adjustments</link:label>
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    <link:label id="lab_tef_NexfibreMember_documentation_en-US" xlink:label="lab_tef_NexfibreMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Nexfibre</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_NexfibreMember" xlink:href="tef-20241231.xsd#tef_NexfibreMember"/>
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    <link:label id="lab_tef_BondT.Peru1stPrivateProgram1stSeriesAMember_d6ffc407-af00-45ef-b88f-2b4d1c8bec71_terseLabel_en-US" xlink:label="lab_tef_BondT.Peru1stPrivateProgram1stSeriesAMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Bond T. Peru 1st Private Program (1st Serie A)</link:label>
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    <link:label id="lab_tef_BondT.Peru1stPrivateProgram1stSeriesAMember_documentation_en-US" xlink:label="lab_tef_BondT.Peru1stPrivateProgram1stSeriesAMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Bond T. Peru 1st Private Program (1st Series A) [Member]</link:label>
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    <link:label id="lab_tef_InfrastructureContractsRecognisedAsOfAcquisitionDate_12654470-11ce-4576-87fa-7f383efbf957_terseLabel_en-US" xlink:label="lab_tef_InfrastructureContractsRecognisedAsOfAcquisitionDate" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Infrastructure contracts recognised as of acquisition date</link:label>
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    <link:label id="lab_tef_InfrastructureContractsRecognisedAsOfAcquisitionDate_documentation_en-US" xlink:label="lab_tef_InfrastructureContractsRecognisedAsOfAcquisitionDate" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Infrastructure contracts recognised as of acquisition date</link:label>
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    <link:label id="lab_tef_TotalTemporaryDifferenceMember_d5eff97e-e51c-481a-b858-0ea020061f8f_terseLabel_en-US" xlink:label="lab_tef_TotalTemporaryDifferenceMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Total temporary difference</link:label>
    <link:label id="lab_tef_TotalTemporaryDifferenceMember_label_en-US" xlink:label="lab_tef_TotalTemporaryDifferenceMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Total Temporary Difference [Member]</link:label>
    <link:label id="lab_tef_TotalTemporaryDifferenceMember_documentation_en-US" xlink:label="lab_tef_TotalTemporaryDifferenceMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Total Temporary Difference [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_TotalTemporaryDifferenceMember" xlink:href="tef-20241231.xsd#tef_TotalTemporaryDifferenceMember"/>
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    <link:label id="lab_tef_UndatedDeeplySubordinatedSecuritiesExercisableFromIssuerIn2031Issued09182024Member_61d9f717-cef3-478f-92be-6fa859068c51_terseLabel_en-US" xlink:label="lab_tef_UndatedDeeplySubordinatedSecuritiesExercisableFromIssuerIn2031Issued09182024Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Exercisable from issuer in 2031, issued 09/18/2024</link:label>
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    <link:label id="lab_tef_IncreaseDecreaseThroughTranslationDifferencesDeferredTaxLiability_031fb1d5-36ac-488f-aff7-dea3e3e7026d_terseLabel_en-US" xlink:label="lab_tef_IncreaseDecreaseThroughTranslationDifferencesDeferredTaxLiability" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Translation differences and inflation adjustments</link:label>
    <link:label id="lab_tef_IncreaseDecreaseThroughTranslationDifferencesDeferredTaxLiability_label_en-US" xlink:label="lab_tef_IncreaseDecreaseThroughTranslationDifferencesDeferredTaxLiability" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Increase (Decrease) Through Translation Differences, Deferred Tax Liability</link:label>
    <link:label id="lab_tef_IncreaseDecreaseThroughTranslationDifferencesDeferredTaxLiability_documentation_en-US" xlink:label="lab_tef_IncreaseDecreaseThroughTranslationDifferencesDeferredTaxLiability" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Increase (Decrease) Through Translation Differences, Deferred Tax Liability</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_IncreaseDecreaseThroughTranslationDifferencesDeferredTaxLiability" xlink:href="tef-20241231.xsd#tef_IncreaseDecreaseThroughTranslationDifferencesDeferredTaxLiability"/>
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    <link:label id="lab_tef_RatioOfOutstandingInvoices_57280554-10a0-4dd3-995c-e95892da7e42_terseLabel_en-US" xlink:label="lab_tef_RatioOfOutstandingInvoices" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Ratio of outstanding invoices</link:label>
    <link:label id="lab_tef_RatioOfOutstandingInvoices_label_en-US" xlink:label="lab_tef_RatioOfOutstandingInvoices" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Ratio Of Outstanding Invoices</link:label>
    <link:label id="lab_tef_RatioOfOutstandingInvoices_documentation_en-US" xlink:label="lab_tef_RatioOfOutstandingInvoices" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Ratio Of Outstanding Invoices</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_RatioOfOutstandingInvoices" xlink:href="tef-20241231.xsd#tef_RatioOfOutstandingInvoices"/>
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    <link:label id="lab_tef_EventsAfterReportingPeriodAbstract_c65aeb19-9887-4ef0-accb-f6731f7ad460_terseLabel_en-US" xlink:label="lab_tef_EventsAfterReportingPeriodAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Events After Reporting Period [Abstract]</link:label>
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    <link:label id="lab_tef_EventsAfterReportingPeriodAbstract_documentation_en-US" xlink:label="lab_tef_EventsAfterReportingPeriodAbstract" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Events After Reporting Period [Abstract]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_EventsAfterReportingPeriodAbstract" xlink:href="tef-20241231.xsd#tef_EventsAfterReportingPeriodAbstract"/>
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    <link:label id="lab_tef_PercentageOfCompoundInterestRatePenaltyDueToDamagesPenalty_fd98bf56-60e3-45ee-a76f-622df4b25bc0_terseLabel_en-US" xlink:label="lab_tef_PercentageOfCompoundInterestRatePenaltyDueToDamagesPenalty" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Damages penalty percentage</link:label>
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    <link:label id="lab_tef_PercentageOfCompoundInterestRatePenaltyDueToDamagesPenalty_documentation_en-US" xlink:label="lab_tef_PercentageOfCompoundInterestRatePenaltyDueToDamagesPenalty" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Percentage Of Compound Interest Rate Penalty Due To Damages Penalty</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_PercentageOfCompoundInterestRatePenaltyDueToDamagesPenalty" xlink:href="tef-20241231.xsd#tef_PercentageOfCompoundInterestRatePenaltyDueToDamagesPenalty"/>
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    <link:label id="lab_ifrs-full_AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment_4337c1d2-80e3-418d-acd0-dd60ccbf3e41_terseLabel_en-US" xlink:label="lab_ifrs-full_AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Additions</link:label>
    <link:label id="lab_ifrs-full_AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment_label_en-US" xlink:label="lab_ifrs-full_AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Additions other than through business combinations, property, plant and equipment</link:label>
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    <link:label id="lab_tef_TheSmartStepsDataTechnologyCompanyMember_documentation_en-US" xlink:label="lab_tef_TheSmartStepsDataTechnologyCompanyMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">The Smart Steps Data Technology Company</link:label>
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    <link:label id="lab_tef_OtherCurrentFinancialAssetsMember_label_en-US" xlink:label="lab_tef_OtherCurrentFinancialAssetsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Other current financial assets [Member]</link:label>
    <link:label id="lab_tef_OtherCurrentFinancialAssetsMember_documentation_en-US" xlink:label="lab_tef_OtherCurrentFinancialAssetsMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Other current financial assets</link:label>
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    <link:label id="lab_ifrs-full_KeyManagementPersonnelCompensationShorttermEmployeeBenefits_754bdf9e-d0a4-4ea1-a74d-fb662eb434e1_terseLabel_en-US" xlink:label="lab_ifrs-full_KeyManagementPersonnelCompensationShorttermEmployeeBenefits" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Short-term variable remuneration</link:label>
    <link:label id="lab_ifrs-full_KeyManagementPersonnelCompensationShorttermEmployeeBenefits_label_en-US" xlink:label="lab_ifrs-full_KeyManagementPersonnelCompensationShorttermEmployeeBenefits" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Key management personnel compensation, short-term employee benefits</link:label>
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    <link:label id="lab_ifrs-full_NetForeignExchangeLoss_e572c577-1555-4fbc-88a4-fdbfad8991cf_negatedTerseLabel_en-US" xlink:label="lab_ifrs-full_NetForeignExchangeLoss" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xml:lang="en-US">Exchange losses</link:label>
    <link:label id="lab_ifrs-full_NetForeignExchangeLoss_label_en-US" xlink:label="lab_ifrs-full_NetForeignExchangeLoss" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Net foreign exchange loss</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_NetForeignExchangeLoss" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_NetForeignExchangeLoss"/>
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    <link:label id="lab_ifrs-full_DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory_4a674886-1550-4c13-a018-f1da223a1e5b_terseLabel_en-US" xlink:label="lab_ifrs-full_DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Intangible assets</link:label>
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    <link:label id="lab_tef_ProvisionsMember_1eabf0db-21e5-4f15-b7ce-b38211ddce64_terseLabel_en-US" xlink:label="lab_tef_ProvisionsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Provisions</link:label>
    <link:label id="lab_tef_ProvisionsMember_label_en-US" xlink:label="lab_tef_ProvisionsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Provisions [Member]</link:label>
    <link:label id="lab_tef_ProvisionsMember_documentation_en-US" xlink:label="lab_tef_ProvisionsMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Provisions [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_ProvisionsMember" xlink:href="tef-20241231.xsd#tef_ProvisionsMember"/>
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    <link:label id="lab_tef_TransferfromtoInvestmentsEquityMethodInvestments_e45a07ce-6232-4e41-95b4-b34034697df8_terseLabel_en-US" xlink:label="lab_tef_TransferfromtoInvestmentsEquityMethodInvestments" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Transfers and others</link:label>
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    <link:loc xlink:type="locator" xlink:label="loc_tef_TransferfromtoInvestmentsEquityMethodInvestments" xlink:href="tef-20241231.xsd#tef_TransferfromtoInvestmentsEquityMethodInvestments"/>
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    <link:label id="lab_tef_DisclosureofSubsidiariesCashFlowTableTextBlock_4a17b292-c9e6-49f7-ad9f-276f77954ed3_terseLabel_en-US" xlink:label="lab_tef_DisclosureofSubsidiariesCashFlowTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Schedule of Subsidiary Cash Flows</link:label>
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    <link:label id="lab_tef_OtherCurrenciesVsEURMember_7f3c4302-d440-493b-ac04-44a7177356c0_terseLabel_en-US" xlink:label="lab_tef_OtherCurrenciesVsEURMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Other currencies vs EUR</link:label>
    <link:label id="lab_tef_OtherCurrenciesVsEURMember_label_en-US" xlink:label="lab_tef_OtherCurrenciesVsEURMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Other Currencies Vs. EUR [Member]</link:label>
    <link:label id="lab_tef_OtherCurrenciesVsEURMember_documentation_en-US" xlink:label="lab_tef_OtherCurrenciesVsEURMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Other Currencies Vs. EUR</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_OtherCurrenciesVsEURMember" xlink:href="tef-20241231.xsd#tef_OtherCurrenciesVsEURMember"/>
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    <link:label id="lab_ifrs-full_CurrencyRiskMember_49c8fad5-5a89-44bb-b2b7-b348297273ff_terseLabel_en-US" xlink:label="lab_ifrs-full_CurrencyRiskMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Foreign currency exchange risk</link:label>
    <link:label id="lab_ifrs-full_CurrencyRiskMember_75c07045-fefc-42db-a098-1302a2155576_verboseLabel_en-US" xlink:label="lab_ifrs-full_CurrencyRiskMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Exchange rate risk</link:label>
    <link:label id="lab_ifrs-full_CurrencyRiskMember_15ed20ab-3970-4810-993e-c1584a2eeedd_netLabel_en-US" xlink:label="lab_ifrs-full_CurrencyRiskMember" xlink:role="http://www.xbrl.org/2009/role/netLabel" xlink:type="resource" xml:lang="en-US">Exchange rate risk</link:label>
    <link:label id="lab_ifrs-full_CurrencyRiskMember_label_en-US" xlink:label="lab_ifrs-full_CurrencyRiskMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Currency risk [member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_CurrencyRiskMember" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_CurrencyRiskMember"/>
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    <link:label id="lab_tef_SharebasedCompensationArrangementbySharebasedPaymentAwardAwardVestingPeriod1_5a89a093-8ac1-46b6-912b-82a10fffe30c_terseLabel_en-US" xlink:label="lab_tef_SharebasedCompensationArrangementbySharebasedPaymentAwardAwardVestingPeriod1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Award vesting period</link:label>
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    <link:label id="lab_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems_204c02d1-9167-4141-b971-ea82a44cf264_terseLabel_en-US" xlink:label="lab_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Disclosure of transactions between related parties [line items]</link:label>
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    <link:label id="lab_ifrs-full_PropertyPlantAndEquipmentRecognisedAsOfAcquisitionDate_7fc48b68-5c98-4a0e-ae67-c4288c6d0e79_terseLabel_en-US" xlink:label="lab_ifrs-full_PropertyPlantAndEquipmentRecognisedAsOfAcquisitionDate" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Property, plant and equipment</link:label>
    <link:label id="lab_ifrs-full_PropertyPlantAndEquipmentRecognisedAsOfAcquisitionDate_label_en-US" xlink:label="lab_ifrs-full_PropertyPlantAndEquipmentRecognisedAsOfAcquisitionDate" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Property, plant and equipment recognised as of acquisition date</link:label>
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    <link:label id="lab_tef_MediaNetworksLatinAmericaMember_1a0cb234-636f-4260-a1c7-024a0e4d8229_terseLabel_en-US" xlink:label="lab_tef_MediaNetworksLatinAmericaMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Media Networks Latin America, S.A.C Telecommunications research activities and proyects</link:label>
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    <link:label id="lab_tef_AccretionToProvisionsOtherProvisions_71a986eb-8237-4c97-a90c-c2f506fd56fa_terseLabel_en-US" xlink:label="lab_tef_AccretionToProvisionsOtherProvisions" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Accretion</link:label>
    <link:label id="lab_tef_AccretionToProvisionsOtherProvisions_label_en-US" xlink:label="lab_tef_AccretionToProvisionsOtherProvisions" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Accretion To Provisions, Other Provisions</link:label>
    <link:label id="lab_tef_AccretionToProvisionsOtherProvisions_documentation_en-US" xlink:label="lab_tef_AccretionToProvisionsOtherProvisions" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Accretion To Provisions, Other Provisions</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_AccretionToProvisionsOtherProvisions" xlink:href="tef-20241231.xsd#tef_AccretionToProvisionsOtherProvisions"/>
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    <link:label id="lab_ifrs-full_DisclosureOfOtherProvisionsTable_7e4f9b93-7898-4a0c-861d-98a599b34f3f_terseLabel_en-US" xlink:label="lab_ifrs-full_DisclosureOfOtherProvisionsTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Disclosure of other provisions [table]</link:label>
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    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_DisclosureOfOtherProvisionsTable" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_DisclosureOfOtherProvisionsTable"/>
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    <link:label id="lab_tef_ExpectedFutureMinimumLeasePaymentsReceivableUnderNonCancellableSubleasesClassifiedAsOperatingLeaseAtPresentValue_60f8d545-cf55-49e5-9c5a-e61be959ffe2_terseLabel_en-US" xlink:label="lab_tef_ExpectedFutureMinimumLeasePaymentsReceivableUnderNonCancellableSubleasesClassifiedAsOperatingLeaseAtPresentValue" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Operating lease obligations, at present value</link:label>
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    <link:label id="lab_ifrs-full_ProfitLossBeforeTax_983a8233-186a-4d1f-806c-a631b05d96ea_totalLabel_en-US" xlink:label="lab_ifrs-full_ProfitLossBeforeTax" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">PROFIT (LOSS) BEFORE TAX</link:label>
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    <link:label id="lab_ifrs-full_ProfitLossBeforeTax_e07013ed-0c3f-4a69-aeaf-663b708c8fc8_verboseLabel_en-US" xlink:label="lab_ifrs-full_ProfitLossBeforeTax" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Result before taxation</link:label>
    <link:label id="lab_ifrs-full_ProfitLossBeforeTax_label_en-US" xlink:label="lab_ifrs-full_ProfitLossBeforeTax" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Profit (loss) before tax</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_ProfitLossBeforeTax" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_ProfitLossBeforeTax"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_ProfitLossBeforeTax" xlink:to="lab_ifrs-full_ProfitLossBeforeTax" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_RenewalOfRadioFrequenciesAssociatedWithTheProvisionOfPersonalMobileServicesTerm_ee888577-d40a-4702-9585-4c7d23147088_terseLabel_en-US" xlink:label="lab_tef_RenewalOfRadioFrequenciesAssociatedWithTheProvisionOfPersonalMobileServicesTerm" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Renewal of radio frequencies associated with the provision of personal mobile services, term</link:label>
    <link:label id="lab_tef_RenewalOfRadioFrequenciesAssociatedWithTheProvisionOfPersonalMobileServicesTerm_label_en-US" xlink:label="lab_tef_RenewalOfRadioFrequenciesAssociatedWithTheProvisionOfPersonalMobileServicesTerm" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Renewal Of Radio Frequencies Associated With The Provision Of Personal Mobile Services, Term</link:label>
    <link:label id="lab_tef_RenewalOfRadioFrequenciesAssociatedWithTheProvisionOfPersonalMobileServicesTerm_documentation_en-US" xlink:label="lab_tef_RenewalOfRadioFrequenciesAssociatedWithTheProvisionOfPersonalMobileServicesTerm" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Renewal Of Radio Frequencies Associated With The Provision Of Personal Mobile Services, Term</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_RenewalOfRadioFrequenciesAssociatedWithTheProvisionOfPersonalMobileServicesTerm" xlink:href="tef-20241231.xsd#tef_RenewalOfRadioFrequenciesAssociatedWithTheProvisionOfPersonalMobileServicesTerm"/>
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    <link:label id="lab_tef_TELEFEMISIONESMARCH2017Member_318f9b58-4caa-4d43-a0af-884064a8e392_terseLabel_en-US" xlink:label="lab_tef_TELEFEMISIONESMARCH2017Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">TELEF. EMISIONES MARCH 2017</link:label>
    <link:label id="lab_tef_TELEFEMISIONESMARCH2017Member_label_en-US" xlink:label="lab_tef_TELEFEMISIONESMARCH2017Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">TELEF. EMISIONES MARCH 2017 [Member]</link:label>
    <link:label id="lab_tef_TELEFEMISIONESMARCH2017Member_documentation_en-US" xlink:label="lab_tef_TELEFEMISIONESMARCH2017Member" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">TELEF. EMISIONES MARCH 2017</link:label>
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    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_TELEFEMISIONESMARCH2017Member" xlink:to="lab_tef_TELEFEMISIONESMARCH2017Member" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_CurrentPayablesOnSocialSecurityAndTaxesOtherThanIncomeTax_a390df34-5660-41ba-96aa-90bc82d08509_terseLabel_en-US" xlink:label="lab_ifrs-full_CurrentPayablesOnSocialSecurityAndTaxesOtherThanIncomeTax" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Social security</link:label>
    <link:label id="lab_ifrs-full_CurrentPayablesOnSocialSecurityAndTaxesOtherThanIncomeTax_label_en-US" xlink:label="lab_ifrs-full_CurrentPayablesOnSocialSecurityAndTaxesOtherThanIncomeTax" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Current payables on social security and taxes other than income tax</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_CurrentPayablesOnSocialSecurityAndTaxesOtherThanIncomeTax" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_CurrentPayablesOnSocialSecurityAndTaxesOtherThanIncomeTax"/>
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    <link:label id="lab_tef_BEIFinancingTranche1DueJune182029Member_6a4f9f49-464f-4892-93dc-27e15a0d9204_terseLabel_en-US" xlink:label="lab_tef_BEIFinancingTranche1DueJune182029Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">BEI Financing (Tranche 1) due June 18, 2029</link:label>
    <link:label id="lab_tef_BEIFinancingTranche1DueJune182029Member_label_en-US" xlink:label="lab_tef_BEIFinancingTranche1DueJune182029Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">BEI Financing (Tranche 1) Due June 18, 2029 [Member]</link:label>
    <link:label id="lab_tef_BEIFinancingTranche1DueJune182029Member_documentation_en-US" xlink:label="lab_tef_BEIFinancingTranche1DueJune182029Member" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">BEI Financing (Tranche 1) Due June 18, 2029</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_BEIFinancingTranche1DueJune182029Member" xlink:href="tef-20241231.xsd#tef_BEIFinancingTranche1DueJune182029Member"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_BEIFinancingTranche1DueJune182029Member" xlink:to="lab_tef_BEIFinancingTranche1DueJune182029Member" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_PercentageOfNetDebtAtFloatingRatesOrFixedRatesLessThanOneYear_29fdacfb-36f2-451c-ba1d-5ec089a599f2_terseLabel_en-US" xlink:label="lab_tef_PercentageOfNetDebtAtFloatingRatesOrFixedRatesLessThanOneYear" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Percentage of net debt at floating rates or at fixed rates maturing in under one year</link:label>
    <link:label id="lab_tef_PercentageOfNetDebtAtFloatingRatesOrFixedRatesLessThanOneYear_label_en-US" xlink:label="lab_tef_PercentageOfNetDebtAtFloatingRatesOrFixedRatesLessThanOneYear" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Percentage Of Net Debt At Floating Rates Or Fixed Rates Less Than One Year</link:label>
    <link:label id="lab_tef_PercentageOfNetDebtAtFloatingRatesOrFixedRatesLessThanOneYear_documentation_en-US" xlink:label="lab_tef_PercentageOfNetDebtAtFloatingRatesOrFixedRatesLessThanOneYear" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Percentage Of Net Debt At Floating Rates Or Fixed Rates Greater Than One Year</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_PercentageOfNetDebtAtFloatingRatesOrFixedRatesLessThanOneYear" xlink:href="tef-20241231.xsd#tef_PercentageOfNetDebtAtFloatingRatesOrFixedRatesLessThanOneYear"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_PercentageOfNetDebtAtFloatingRatesOrFixedRatesLessThanOneYear" xlink:to="lab_tef_PercentageOfNetDebtAtFloatingRatesOrFixedRatesLessThanOneYear" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_LongTermIncentivePlanSeniorExecutiveOfficersMember_8be742e4-f9c9-4fbf-b61e-8eee908f3aa1_terseLabel_en-US" xlink:label="lab_tef_LongTermIncentivePlanSeniorExecutiveOfficersMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Long term incentive plan senior executive officers</link:label>
    <link:label id="lab_tef_LongTermIncentivePlanSeniorExecutiveOfficersMember_label_en-US" xlink:label="lab_tef_LongTermIncentivePlanSeniorExecutiveOfficersMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Long Term Incentive Plan Senior Executive Officers [Member]</link:label>
    <link:label id="lab_tef_LongTermIncentivePlanSeniorExecutiveOfficersMember_documentation_en-US" xlink:label="lab_tef_LongTermIncentivePlanSeniorExecutiveOfficersMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Long Term Incentive Plan Senior Executive Officers</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_LongTermIncentivePlanSeniorExecutiveOfficersMember" xlink:href="tef-20241231.xsd#tef_LongTermIncentivePlanSeniorExecutiveOfficersMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_LongTermIncentivePlanSeniorExecutiveOfficersMember" xlink:to="lab_tef_LongTermIncentivePlanSeniorExecutiveOfficersMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_OtherComprehensiveIncomeBeforeTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans_935c8d82-b36e-444a-8952-4c511b640375_terseLabel_en-US" xlink:label="lab_ifrs-full_OtherComprehensiveIncomeBeforeTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Actuarial gains (losses) and impact of limit on assets for defined benefit pension plans</link:label>
    <link:label id="lab_ifrs-full_OtherComprehensiveIncomeBeforeTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans_label_en-US" xlink:label="lab_ifrs-full_OtherComprehensiveIncomeBeforeTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Other comprehensive income, before tax, gains (losses) on remeasurements of defined benefit plans</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_OtherComprehensiveIncomeBeforeTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_OtherComprehensiveIncomeBeforeTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans"/>
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    <link:label id="lab_tef_IncrementalMember_4e32193d-462a-47e9-b0df-b61ec0527db2_terseLabel_en-US" xlink:label="lab_tef_IncrementalMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Incremental acquisition (Note 5)</link:label>
    <link:label id="lab_tef_IncrementalMember_label_en-US" xlink:label="lab_tef_IncrementalMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Incremental [Member]</link:label>
    <link:label id="lab_tef_IncrementalMember_documentation_en-US" xlink:label="lab_tef_IncrementalMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Incremental</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_IncrementalMember" xlink:href="tef-20241231.xsd#tef_IncrementalMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_IncrementalMember" xlink:to="lab_tef_IncrementalMember" xlink:type="arc" order="1"/>
    <link:label id="lab_dei_EntityFileNumber_02ae8256-9de7-4c0d-96da-adab03bdf7d2_terseLabel_en-US" xlink:label="lab_dei_EntityFileNumber" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Entity File Number</link:label>
    <link:label id="lab_dei_EntityFileNumber_label_en-US" xlink:label="lab_dei_EntityFileNumber" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Entity File Number</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_dei_EntityFileNumber" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_EntityFileNumber"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityFileNumber" xlink:to="lab_dei_EntityFileNumber" xlink:type="arc" order="1"/>
    <link:label id="lab_srt_ConsolidatedEntitiesDomain_1d34af32-7646-49d3-8cb1-72c7c16eea04_terseLabel_en-US" xlink:label="lab_srt_ConsolidatedEntitiesDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Consolidated Entities [Domain]</link:label>
    <link:label id="lab_srt_ConsolidatedEntitiesDomain_label_en-US" xlink:label="lab_srt_ConsolidatedEntitiesDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Consolidated Entities [Domain]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_srt_ConsolidatedEntitiesDomain" xlink:href="https://xbrl.fasb.org/srt/2024/elts/srt-2024.xsd#srt_ConsolidatedEntitiesDomain"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_srt_ConsolidatedEntitiesDomain" xlink:to="lab_srt_ConsolidatedEntitiesDomain" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_SharebasedCompensationArrangementbySharebasedPaymentAwardPercentageofFulfillmentofTotalShareholderReturnObjective_23e83b06-b984-4426-9831-918fb5fd484a_terseLabel_en-US" xlink:label="lab_tef_SharebasedCompensationArrangementbySharebasedPaymentAwardPercentageofFulfillmentofTotalShareholderReturnObjective" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Delivery percent (fulfillment of TSR objective, in percentage)</link:label>
    <link:label id="lab_tef_SharebasedCompensationArrangementbySharebasedPaymentAwardPercentageofFulfillmentofTotalShareholderReturnObjective_label_en-US" xlink:label="lab_tef_SharebasedCompensationArrangementbySharebasedPaymentAwardPercentageofFulfillmentofTotalShareholderReturnObjective" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Share-based Compensation Arrangement by Share-based Payment Award, Percentage of Fulfillment of Total Shareholder Return Objective</link:label>
    <link:label id="lab_tef_SharebasedCompensationArrangementbySharebasedPaymentAwardPercentageofFulfillmentofTotalShareholderReturnObjective_documentation_en-US" xlink:label="lab_tef_SharebasedCompensationArrangementbySharebasedPaymentAwardPercentageofFulfillmentofTotalShareholderReturnObjective" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Share-based Compensation Arrangement by Share-based Payment Award, Percentage of Fulfillment of Total Shareholder Return Objective</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_SharebasedCompensationArrangementbySharebasedPaymentAwardPercentageofFulfillmentofTotalShareholderReturnObjective" xlink:href="tef-20241231.xsd#tef_SharebasedCompensationArrangementbySharebasedPaymentAwardPercentageofFulfillmentofTotalShareholderReturnObjective"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_SharebasedCompensationArrangementbySharebasedPaymentAwardPercentageofFulfillmentofTotalShareholderReturnObjective" xlink:to="lab_tef_SharebasedCompensationArrangementbySharebasedPaymentAwardPercentageofFulfillmentofTotalShareholderReturnObjective" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_TradeAndOtherPayablesTable_d12cb243-1792-4706-a92b-d4ab9781790b_terseLabel_en-US" xlink:label="lab_tef_TradeAndOtherPayablesTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Trade And Other Payables [Table]</link:label>
    <link:label id="lab_tef_TradeAndOtherPayablesTable_label_en-US" xlink:label="lab_tef_TradeAndOtherPayablesTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Trade And Other Payables [Table]</link:label>
    <link:label id="lab_tef_TradeAndOtherPayablesTable_documentation_en-US" xlink:label="lab_tef_TradeAndOtherPayablesTable" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Trade And Other Payables [Table]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_TradeAndOtherPayablesTable" xlink:href="tef-20241231.xsd#tef_TradeAndOtherPayablesTable"/>
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    <link:label id="lab_tef_ShortTermContractualLiabilitiesFromAssociatesAndJointVentures_2d91486b-b7c7-49c4-8f16-2f76044c9e1d_terseLabel_en-US" xlink:label="lab_tef_ShortTermContractualLiabilitiesFromAssociatesAndJointVentures" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Short-term contractual liabilities</link:label>
    <link:label id="lab_tef_ShortTermContractualLiabilitiesFromAssociatesAndJointVentures_label_en-US" xlink:label="lab_tef_ShortTermContractualLiabilitiesFromAssociatesAndJointVentures" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Short-Term Contractual Liabilities From Associates And Joint Ventures</link:label>
    <link:label id="lab_tef_ShortTermContractualLiabilitiesFromAssociatesAndJointVentures_documentation_en-US" xlink:label="lab_tef_ShortTermContractualLiabilitiesFromAssociatesAndJointVentures" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Short-Term Contractual Liabilities From Associates And Joint Ventures</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_ShortTermContractualLiabilitiesFromAssociatesAndJointVentures" xlink:href="tef-20241231.xsd#tef_ShortTermContractualLiabilitiesFromAssociatesAndJointVentures"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_ShortTermContractualLiabilitiesFromAssociatesAndJointVentures" xlink:to="lab_tef_ShortTermContractualLiabilitiesFromAssociatesAndJointVentures" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_NoncurrentLeaseLiabilitiesFromAssociatesAndJointVentures_d9e89da2-36b2-41af-8b09-c37c58cdaa38_terseLabel_en-US" xlink:label="lab_tef_NoncurrentLeaseLiabilitiesFromAssociatesAndJointVentures" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Non-current lease liabilities</link:label>
    <link:label id="lab_tef_NoncurrentLeaseLiabilitiesFromAssociatesAndJointVentures_label_en-US" xlink:label="lab_tef_NoncurrentLeaseLiabilitiesFromAssociatesAndJointVentures" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Noncurrent Lease Liabilities From Associates And Joint Ventures</link:label>
    <link:label id="lab_tef_NoncurrentLeaseLiabilitiesFromAssociatesAndJointVentures_documentation_en-US" xlink:label="lab_tef_NoncurrentLeaseLiabilitiesFromAssociatesAndJointVentures" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Noncurrent Lease Liabilities From Associates And Joint Ventures</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_NoncurrentLeaseLiabilitiesFromAssociatesAndJointVentures" xlink:href="tef-20241231.xsd#tef_NoncurrentLeaseLiabilitiesFromAssociatesAndJointVentures"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_NoncurrentLeaseLiabilitiesFromAssociatesAndJointVentures" xlink:to="lab_tef_NoncurrentLeaseLiabilitiesFromAssociatesAndJointVentures" xlink:type="arc" order="1"/>
    <link:label id="lab_dei_EntityAddressAddressLine1_cf612ca8-88d0-4158-b94b-a83a7368356b_terseLabel_en-US" xlink:label="lab_dei_EntityAddressAddressLine1" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Entity Address, Address Line One</link:label>
    <link:label id="lab_dei_EntityAddressAddressLine1_label_en-US" xlink:label="lab_dei_EntityAddressAddressLine1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Entity Address, Address Line One</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_dei_EntityAddressAddressLine1" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_EntityAddressAddressLine1"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityAddressAddressLine1" xlink:to="lab_dei_EntityAddressAddressLine1" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_RegulatoryOperationsSpecturmFrequencyUsageRightsExtendedTransitionPeriod_6ba52036-d1b2-426a-acbc-d22ebc3cb034_terseLabel_en-US" xlink:label="lab_tef_RegulatoryOperationsSpecturmFrequencyUsageRightsExtendedTransitionPeriod" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Specturm's frequency usage rights, extended transition period</link:label>
    <link:label id="lab_tef_RegulatoryOperationsSpecturmFrequencyUsageRightsExtendedTransitionPeriod_label_en-US" xlink:label="lab_tef_RegulatoryOperationsSpecturmFrequencyUsageRightsExtendedTransitionPeriod" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Regulatory Operations, Specturm Frequency Usage Rights, Extended Transition Period</link:label>
    <link:label id="lab_tef_RegulatoryOperationsSpecturmFrequencyUsageRightsExtendedTransitionPeriod_documentation_en-US" xlink:label="lab_tef_RegulatoryOperationsSpecturmFrequencyUsageRightsExtendedTransitionPeriod" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Regulatory Operations, Specturm Frequency Usage Rights, Extended Transition Period</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_RegulatoryOperationsSpecturmFrequencyUsageRightsExtendedTransitionPeriod" xlink:href="tef-20241231.xsd#tef_RegulatoryOperationsSpecturmFrequencyUsageRightsExtendedTransitionPeriod"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_RegulatoryOperationsSpecturmFrequencyUsageRightsExtendedTransitionPeriod" xlink:to="lab_tef_RegulatoryOperationsSpecturmFrequencyUsageRightsExtendedTransitionPeriod" xlink:type="arc" order="1"/>
    <link:label id="lab_dei_EntityAddressAddressLine3_3aa2acc9-4095-402f-98f3-913f8e1e3a00_terseLabel_en-US" xlink:label="lab_dei_EntityAddressAddressLine3" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Entity Address, Address Line Three</link:label>
    <link:label id="lab_dei_EntityAddressAddressLine3_label_en-US" xlink:label="lab_dei_EntityAddressAddressLine3" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Entity Address, Address Line Three</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_dei_EntityAddressAddressLine3" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_EntityAddressAddressLine3"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityAddressAddressLine3" xlink:to="lab_dei_EntityAddressAddressLine3" xlink:type="arc" order="1"/>
    <link:label id="lab_dei_EntityAddressAddressLine2_0330cda2-dd1f-43e8-9934-065cefaf424b_terseLabel_en-US" xlink:label="lab_dei_EntityAddressAddressLine2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Entity Address, Address Line Two</link:label>
    <link:label id="lab_dei_EntityAddressAddressLine2_label_en-US" xlink:label="lab_dei_EntityAddressAddressLine2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Entity Address, Address Line Two</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_dei_EntityAddressAddressLine2" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_EntityAddressAddressLine2"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityAddressAddressLine2" xlink:to="lab_dei_EntityAddressAddressLine2" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_ReasonforProvisionAxis_9b45777b-2ed7-4e81-9851-001d0db18fcb_terseLabel_en-US" xlink:label="lab_tef_ReasonforProvisionAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Reason for Provision [Axis]</link:label>
    <link:label id="lab_tef_ReasonforProvisionAxis_label_en-US" xlink:label="lab_tef_ReasonforProvisionAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Reason for Provision [Axis]</link:label>
    <link:label id="lab_tef_ReasonforProvisionAxis_documentation_en-US" xlink:label="lab_tef_ReasonforProvisionAxis" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Reason for Provision [Axis]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_ReasonforProvisionAxis" xlink:href="tef-20241231.xsd#tef_ReasonforProvisionAxis"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_ReasonforProvisionAxis" xlink:to="lab_tef_ReasonforProvisionAxis" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_RegulatoryOperationsSpeedofWholesaleFixedNetworkInfrastructuretoTransportLocalandLongDistancesTransmission_4c8e0093-b620-4505-9962-35a146ecda1d_terseLabel_en-US" xlink:label="lab_tef_RegulatoryOperationsSpeedofWholesaleFixedNetworkInfrastructuretoTransportLocalandLongDistancesTransmission" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Speed of wholesale fixed network infrastructure to transport local and long distance transmission (Mbit per second)</link:label>
    <link:label id="lab_tef_RegulatoryOperationsSpeedofWholesaleFixedNetworkInfrastructuretoTransportLocalandLongDistancesTransmission_label_en-US" xlink:label="lab_tef_RegulatoryOperationsSpeedofWholesaleFixedNetworkInfrastructuretoTransportLocalandLongDistancesTransmission" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Regulatory Operations, Speed of Wholesale Fixed Network Infrastructure to Transport Local and Long Distances Transmission</link:label>
    <link:label id="lab_tef_RegulatoryOperationsSpeedofWholesaleFixedNetworkInfrastructuretoTransportLocalandLongDistancesTransmission_documentation_en-US" xlink:label="lab_tef_RegulatoryOperationsSpeedofWholesaleFixedNetworkInfrastructuretoTransportLocalandLongDistancesTransmission" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Regulatory Operations, Speed of Wholesale Fixed Network Infrastructure to Transport Local and Long Distances Transmission</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_RegulatoryOperationsSpeedofWholesaleFixedNetworkInfrastructuretoTransportLocalandLongDistancesTransmission" xlink:href="tef-20241231.xsd#tef_RegulatoryOperationsSpeedofWholesaleFixedNetworkInfrastructuretoTransportLocalandLongDistancesTransmission"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_RegulatoryOperationsSpeedofWholesaleFixedNetworkInfrastructuretoTransportLocalandLongDistancesTransmission" xlink:to="lab_tef_RegulatoryOperationsSpeedofWholesaleFixedNetworkInfrastructuretoTransportLocalandLongDistancesTransmission" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_PercentageOfEquityOfJointVenture_93ec03a1-60fa-49b1-bad0-7d2163cada20_terseLabel_en-US" xlink:label="lab_tef_PercentageOfEquityOfJointVenture" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Equity of joint venture (in percent)</link:label>
    <link:label id="lab_tef_PercentageOfEquityOfJointVenture_label_en-US" xlink:label="lab_tef_PercentageOfEquityOfJointVenture" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Percentage Of Equity Of Joint Venture</link:label>
    <link:label id="lab_tef_PercentageOfEquityOfJointVenture_documentation_en-US" xlink:label="lab_tef_PercentageOfEquityOfJointVenture" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Percentage Of Equity Of Joint Venture</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_PercentageOfEquityOfJointVenture" xlink:href="tef-20241231.xsd#tef_PercentageOfEquityOfJointVenture"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_PercentageOfEquityOfJointVenture" xlink:to="lab_tef_PercentageOfEquityOfJointVenture" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_OtherJointVenturesMember_162b76f2-2da2-49d6-9fe5-a8bdbdcd69d0_terseLabel_en-US" xlink:label="lab_tef_OtherJointVenturesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Others</link:label>
    <link:label id="lab_tef_OtherJointVenturesMember_label_en-US" xlink:label="lab_tef_OtherJointVenturesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Other Joint Ventures [Member]</link:label>
    <link:label id="lab_tef_OtherJointVenturesMember_documentation_en-US" xlink:label="lab_tef_OtherJointVenturesMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Other Joint Ventures</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_OtherJointVenturesMember" xlink:href="tef-20241231.xsd#tef_OtherJointVenturesMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_OtherJointVenturesMember" xlink:to="lab_tef_OtherJointVenturesMember" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_InflationRate_96b2bcaf-6fb8-4103-b9fe-e339dc60ed5b_terseLabel_en-US" xlink:label="lab_tef_InflationRate" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Inflation rate (as a percent)</link:label>
    <link:label id="lab_tef_InflationRate_label_en-US" xlink:label="lab_tef_InflationRate" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Inflation Rate</link:label>
    <link:label id="lab_tef_InflationRate_documentation_en-US" xlink:label="lab_tef_InflationRate" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Inflation Rate</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_InflationRate" xlink:href="tef-20241231.xsd#tef_InflationRate"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_InflationRate" xlink:to="lab_tef_InflationRate" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_BondSerieTInUFCMember_9585d503-4a25-413e-ab48-87ecf63a2ccf_terseLabel_en-US" xlink:label="lab_tef_BondSerieTInUFCMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Bond Serie T In UFC</link:label>
    <link:label id="lab_tef_BondSerieTInUFCMember_label_en-US" xlink:label="lab_tef_BondSerieTInUFCMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Bond Serie T In UFC [Member]</link:label>
    <link:label id="lab_tef_BondSerieTInUFCMember_documentation_en-US" xlink:label="lab_tef_BondSerieTInUFCMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Bond F [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_BondSerieTInUFCMember" xlink:href="tef-20241231.xsd#tef_BondSerieTInUFCMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_BondSerieTInUFCMember" xlink:to="lab_tef_BondSerieTInUFCMember" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_UndatedDeeplySubordinatedSecuritiesExercisableFromIssuerIn2028Issued11232022Member_c5d2f4b2-08fd-4eab-b717-6652fe89f51e_terseLabel_en-US" xlink:label="lab_tef_UndatedDeeplySubordinatedSecuritiesExercisableFromIssuerIn2028Issued11232022Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Exercisable from issuer in 2028, issued 11/23/2022</link:label>
    <link:label id="lab_tef_UndatedDeeplySubordinatedSecuritiesExercisableFromIssuerIn2028Issued11232022Member_label_en-US" xlink:label="lab_tef_UndatedDeeplySubordinatedSecuritiesExercisableFromIssuerIn2028Issued11232022Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Undated Deeply Subordinated Securities, Exercisable From Issuer In 2028, Issued 11/23/2022 [Member]</link:label>
    <link:label id="lab_tef_UndatedDeeplySubordinatedSecuritiesExercisableFromIssuerIn2028Issued11232022Member_documentation_en-US" xlink:label="lab_tef_UndatedDeeplySubordinatedSecuritiesExercisableFromIssuerIn2028Issued11232022Member" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Undated Deeply Subordinated Securities, Exercisable From Issuer In 2028, Issued 11/23/2022</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_UndatedDeeplySubordinatedSecuritiesExercisableFromIssuerIn2028Issued11232022Member" xlink:href="tef-20241231.xsd#tef_UndatedDeeplySubordinatedSecuritiesExercisableFromIssuerIn2028Issued11232022Member"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_UndatedDeeplySubordinatedSecuritiesExercisableFromIssuerIn2028Issued11232022Member" xlink:to="lab_tef_UndatedDeeplySubordinatedSecuritiesExercisableFromIssuerIn2028Issued11232022Member" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_StateTaxAuthorityMember_33d370d0-615f-4f97-aa47-0e1a21f02160_terseLabel_en-US" xlink:label="lab_tef_StateTaxAuthorityMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">State taxes</link:label>
    <link:label id="lab_tef_StateTaxAuthorityMember_label_en-US" xlink:label="lab_tef_StateTaxAuthorityMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">State Tax Authority [Member]</link:label>
    <link:label id="lab_tef_StateTaxAuthorityMember_documentation_en-US" xlink:label="lab_tef_StateTaxAuthorityMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">State Tax Authority [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_StateTaxAuthorityMember" xlink:href="tef-20241231.xsd#tef_StateTaxAuthorityMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_StateTaxAuthorityMember" xlink:to="lab_tef_StateTaxAuthorityMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_ClassesOfAssetsAxis_a0faf381-f0d4-4617-8bd8-a290e514f5c8_terseLabel_en-US" xlink:label="lab_ifrs-full_ClassesOfAssetsAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Classes of assets [axis]</link:label>
    <link:label id="lab_ifrs-full_ClassesOfAssetsAxis_label_en-US" xlink:label="lab_ifrs-full_ClassesOfAssetsAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Classes of assets [axis]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_ClassesOfAssetsAxis" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_ClassesOfAssetsAxis"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_ClassesOfAssetsAxis" xlink:to="lab_ifrs-full_ClassesOfAssetsAxis" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_OtherExpenseByNature_03b7953f-e902-4343-8c52-6a76548242c9_negatedTerseLabel_en-US" xlink:label="lab_ifrs-full_OtherExpenseByNature" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xml:lang="en-US">Other expenses</link:label>
    <link:label id="lab_ifrs-full_OtherExpenseByNature_f392d60b-f7aa-4c52-87ad-115b0f240625_terseLabel_en-US" xlink:label="lab_ifrs-full_OtherExpenseByNature" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Other expenses</link:label>
    <link:label id="lab_ifrs-full_OtherExpenseByNature_70fa3710-9e18-4fd1-89a7-ae8feeb16e47_totalLabel_en-US" xlink:label="lab_ifrs-full_OtherExpenseByNature" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Total</link:label>
    <link:label id="lab_ifrs-full_OtherExpenseByNature_label_en-US" xlink:label="lab_ifrs-full_OtherExpenseByNature" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Other expenses, by nature</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_OtherExpenseByNature" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_OtherExpenseByNature"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_OtherExpenseByNature" xlink:to="lab_ifrs-full_OtherExpenseByNature" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_DerivativeFinancialLiabilitiesUndiscountedCashFlows_22fa5f08-ab42-4b20-ad79-a121874ee803_terseLabel_en-US" xlink:label="lab_ifrs-full_DerivativeFinancialLiabilitiesUndiscountedCashFlows" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Derivative instruments (Note 19)</link:label>
    <link:label id="lab_ifrs-full_DerivativeFinancialLiabilitiesUndiscountedCashFlows_label_en-US" xlink:label="lab_ifrs-full_DerivativeFinancialLiabilitiesUndiscountedCashFlows" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Derivative financial liabilities, undiscounted cash flows</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_DerivativeFinancialLiabilitiesUndiscountedCashFlows" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_DerivativeFinancialLiabilitiesUndiscountedCashFlows"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DerivativeFinancialLiabilitiesUndiscountedCashFlows" xlink:to="lab_ifrs-full_DerivativeFinancialLiabilitiesUndiscountedCashFlows" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_IncreaseDecreaseThroughTransfersCapitalizedCosts_15059da6-bb96-4c6f-88d9-b6644d335d31_terseLabel_en-US" xlink:label="lab_tef_IncreaseDecreaseThroughTransfersCapitalizedCosts" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Transfers</link:label>
    <link:label id="lab_tef_IncreaseDecreaseThroughTransfersCapitalizedCosts_label_en-US" xlink:label="lab_tef_IncreaseDecreaseThroughTransfersCapitalizedCosts" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Increase (Decrease) Through Transfers, Capitalized Costs</link:label>
    <link:label id="lab_tef_IncreaseDecreaseThroughTransfersCapitalizedCosts_documentation_en-US" xlink:label="lab_tef_IncreaseDecreaseThroughTransfersCapitalizedCosts" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Increase (Decrease) Through Transfers, Capitalized Costs</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_IncreaseDecreaseThroughTransfersCapitalizedCosts" xlink:href="tef-20241231.xsd#tef_IncreaseDecreaseThroughTransfersCapitalizedCosts"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_IncreaseDecreaseThroughTransfersCapitalizedCosts" xlink:to="lab_tef_IncreaseDecreaseThroughTransfersCapitalizedCosts" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_PeterLoscherMember_251a8dd1-6aa1-438f-b27d-a332b293a084_terseLabel_en-US" xlink:label="lab_tef_PeterLoscherMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Mr. Peter Loscher</link:label>
    <link:label id="lab_tef_PeterLoscherMember_label_en-US" xlink:label="lab_tef_PeterLoscherMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Peter Loscher [Member]</link:label>
    <link:label id="lab_tef_PeterLoscherMember_documentation_en-US" xlink:label="lab_tef_PeterLoscherMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Peter Loscher</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_PeterLoscherMember" xlink:href="tef-20241231.xsd#tef_PeterLoscherMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_PeterLoscherMember" xlink:to="lab_tef_PeterLoscherMember" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_SustainabilityLinkedBondsOfTelefonicaBrazilMember_08cdeca1-1414-48db-ac7e-7c91a51cdc81_terseLabel_en-US" xlink:label="lab_tef_SustainabilityLinkedBondsOfTelefonicaBrazilMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Sustainability linked bonds of Telef&#243;nica Brazil (Appendix III)</link:label>
    <link:label id="lab_tef_SustainabilityLinkedBondsOfTelefonicaBrazilMember_label_en-US" xlink:label="lab_tef_SustainabilityLinkedBondsOfTelefonicaBrazilMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Sustainability Linked Bonds of Telefonica Brazil [Member]</link:label>
    <link:label id="lab_tef_SustainabilityLinkedBondsOfTelefonicaBrazilMember_documentation_en-US" xlink:label="lab_tef_SustainabilityLinkedBondsOfTelefonicaBrazilMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Sustainability Linked Bonds of Telefonica Brazil</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_SustainabilityLinkedBondsOfTelefonicaBrazilMember" xlink:href="tef-20241231.xsd#tef_SustainabilityLinkedBondsOfTelefonicaBrazilMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_SustainabilityLinkedBondsOfTelefonicaBrazilMember" xlink:to="lab_tef_SustainabilityLinkedBondsOfTelefonicaBrazilMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_CurrentDerivativeFinancialAssets_abe8d2c4-95c5-4dc2-935d-aedc5856c831_negatedTerseLabel_en-US" xlink:label="lab_ifrs-full_CurrentDerivativeFinancialAssets" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xml:lang="en-US">Current derivative financial assets</link:label>
    <link:label id="lab_ifrs-full_CurrentDerivativeFinancialAssets_label_en-US" xlink:label="lab_ifrs-full_CurrentDerivativeFinancialAssets" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Current derivative financial assets</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_CurrentDerivativeFinancialAssets" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_CurrentDerivativeFinancialAssets"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_CurrentDerivativeFinancialAssets" xlink:to="lab_ifrs-full_CurrentDerivativeFinancialAssets" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_DisclosureOfClassesOfShareCapitalLineItems_eb1897da-a797-4dab-b01c-77aa4ca16c7b_terseLabel_en-US" xlink:label="lab_ifrs-full_DisclosureOfClassesOfShareCapitalLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Disclosure of classes of share capital [line items]</link:label>
    <link:label id="lab_ifrs-full_DisclosureOfClassesOfShareCapitalLineItems_label_en-US" xlink:label="lab_ifrs-full_DisclosureOfClassesOfShareCapitalLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure of classes of share capital [line items]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_DisclosureOfClassesOfShareCapitalLineItems" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_DisclosureOfClassesOfShareCapitalLineItems"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DisclosureOfClassesOfShareCapitalLineItems" xlink:to="lab_ifrs-full_DisclosureOfClassesOfShareCapitalLineItems" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_IntangibleAssetsOtherThanGoodwillNettingMember_48bbae11-d932-4f57-9385-76274fe82a2b_terseLabel_en-US" xlink:label="lab_tef_IntangibleAssetsOtherThanGoodwillNettingMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Intangible assets other than goodwill, netting</link:label>
    <link:label id="lab_tef_IntangibleAssetsOtherThanGoodwillNettingMember_label_en-US" xlink:label="lab_tef_IntangibleAssetsOtherThanGoodwillNettingMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Intangible Assets Other Than Goodwill, Netting [Member]</link:label>
    <link:label id="lab_tef_IntangibleAssetsOtherThanGoodwillNettingMember_documentation_en-US" xlink:label="lab_tef_IntangibleAssetsOtherThanGoodwillNettingMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Intangible Assets Other Than Goodwill, Netting</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_IntangibleAssetsOtherThanGoodwillNettingMember" xlink:href="tef-20241231.xsd#tef_IntangibleAssetsOtherThanGoodwillNettingMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_IntangibleAssetsOtherThanGoodwillNettingMember" xlink:to="lab_tef_IntangibleAssetsOtherThanGoodwillNettingMember" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_BorrowingsNettingMember_1f312a67-cf59-4ce9-a1ba-d9d0f75336d7_terseLabel_en-US" xlink:label="lab_tef_BorrowingsNettingMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Borrowings netting</link:label>
    <link:label id="lab_tef_BorrowingsNettingMember_label_en-US" xlink:label="lab_tef_BorrowingsNettingMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Borrowings, Netting [Member]</link:label>
    <link:label id="lab_tef_BorrowingsNettingMember_documentation_en-US" xlink:label="lab_tef_BorrowingsNettingMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Borrowings, Netting</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_BorrowingsNettingMember" xlink:href="tef-20241231.xsd#tef_BorrowingsNettingMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_BorrowingsNettingMember" xlink:to="lab_tef_BorrowingsNettingMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_ActuarialAssumptionOfExpectedRatesOfSalaryIncreases_bd41bd38-566a-45cf-89fe-a93b4f2d326b_verboseLabel_en-US" xlink:label="lab_ifrs-full_ActuarialAssumptionOfExpectedRatesOfSalaryIncreases" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Nominal rate of salary increase</link:label>
    <link:label id="lab_ifrs-full_ActuarialAssumptionOfExpectedRatesOfSalaryIncreases_label_en-US" xlink:label="lab_ifrs-full_ActuarialAssumptionOfExpectedRatesOfSalaryIncreases" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Actuarial assumption of expected rates of salary increases</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_ActuarialAssumptionOfExpectedRatesOfSalaryIncreases" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_ActuarialAssumptionOfExpectedRatesOfSalaryIncreases"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_ActuarialAssumptionOfExpectedRatesOfSalaryIncreases" xlink:to="lab_ifrs-full_ActuarialAssumptionOfExpectedRatesOfSalaryIncreases" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_TELEFEMISIONESAPRIL2016Member_265b78bc-db3a-484d-9c28-21b9b38e72ad_terseLabel_en-US" xlink:label="lab_tef_TELEFEMISIONESAPRIL2016Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">TELEF EMISIONES APRIL 2016</link:label>
    <link:label id="lab_tef_TELEFEMISIONESAPRIL2016Member_label_en-US" xlink:label="lab_tef_TELEFEMISIONESAPRIL2016Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">TELEF EMISIONES APRIL 2016 [Member]</link:label>
    <link:label id="lab_tef_TELEFEMISIONESAPRIL2016Member_documentation_en-US" xlink:label="lab_tef_TELEFEMISIONESAPRIL2016Member" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">TELEF EMISIONES APRIL 2016 [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_TELEFEMISIONESAPRIL2016Member" xlink:href="tef-20241231.xsd#tef_TELEFEMISIONESAPRIL2016Member"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_TELEFEMISIONESAPRIL2016Member" xlink:to="lab_tef_TELEFEMISIONESAPRIL2016Member" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_Transfersandothersrightofuseassets_d04d63fb-5b67-4085-8214-be585a14e862_negatedLabel_en-US" xlink:label="lab_tef_Transfersandothersrightofuseassets" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US">Transfers and others</link:label>
    <link:label id="lab_tef_Transfersandothersrightofuseassets_label_en-US" xlink:label="lab_tef_Transfersandothersrightofuseassets" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Transfers and others, right-of-use assets</link:label>
    <link:label id="lab_tef_Transfersandothersrightofuseassets_documentation_en-US" xlink:label="lab_tef_Transfersandothersrightofuseassets" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Transfers and others, right-of-use assets</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_Transfersandothersrightofuseassets" xlink:href="tef-20241231.xsd#tef_Transfersandothersrightofuseassets"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_Transfersandothersrightofuseassets" xlink:to="lab_tef_Transfersandothersrightofuseassets" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_NonCurrentFinancialAssetsAndOtherNonCurrentAssets_32add560-2518-4712-99d2-57d9b42dc2c5_verboseLabel_en-US" xlink:label="lab_tef_NonCurrentFinancialAssetsAndOtherNonCurrentAssets" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Financial assets and other non-current assets</link:label>
    <link:label id="lab_tef_NonCurrentFinancialAssetsAndOtherNonCurrentAssets_43daea15-0d40-4d1a-9640-154fe661ba3a_terseLabel_en-US" xlink:label="lab_tef_NonCurrentFinancialAssetsAndOtherNonCurrentAssets" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Financial assets and other non-currents assets</link:label>
    <link:label id="lab_tef_NonCurrentFinancialAssetsAndOtherNonCurrentAssets_35d12cfc-1c1b-4513-9c73-11eb890fc9ed_totalLabel_en-US" xlink:label="lab_tef_NonCurrentFinancialAssetsAndOtherNonCurrentAssets" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Total</link:label>
    <link:label id="lab_tef_NonCurrentFinancialAssetsAndOtherNonCurrentAssets_label_en-US" xlink:label="lab_tef_NonCurrentFinancialAssetsAndOtherNonCurrentAssets" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Non-Current Financial Assets And Other Non-Current Assets</link:label>
    <link:label id="lab_tef_NonCurrentFinancialAssetsAndOtherNonCurrentAssets_documentation_en-US" xlink:label="lab_tef_NonCurrentFinancialAssetsAndOtherNonCurrentAssets" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Non-Current Financial Assets And Other Non-Current Assets</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_NonCurrentFinancialAssetsAndOtherNonCurrentAssets" xlink:href="tef-20241231.xsd#tef_NonCurrentFinancialAssetsAndOtherNonCurrentAssets"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_NonCurrentFinancialAssetsAndOtherNonCurrentAssets" xlink:to="lab_tef_NonCurrentFinancialAssetsAndOtherNonCurrentAssets" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_BondC10Member_29656a87-8474-406e-9e0e-4ff8557c5958_terseLabel_en-US" xlink:label="lab_tef_BondC10Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Bond C10</link:label>
    <link:label id="lab_tef_BondC10Member_label_en-US" xlink:label="lab_tef_BondC10Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Bond C10 [Member]</link:label>
    <link:label id="lab_tef_BondC10Member_documentation_en-US" xlink:label="lab_tef_BondC10Member" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Bond C10 [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_BondC10Member" xlink:href="tef-20241231.xsd#tef_BondC10Member"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_BondC10Member" xlink:to="lab_tef_BondC10Member" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_TreasuryShareTradingPrice_3f06f484-8951-4c68-8677-761324ff5b15_terseLabel_en-US" xlink:label="lab_tef_TreasuryShareTradingPrice" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Trading price (EUR per share)</link:label>
    <link:label id="lab_tef_TreasuryShareTradingPrice_label_en-US" xlink:label="lab_tef_TreasuryShareTradingPrice" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Treasury Share Trading Price</link:label>
    <link:label id="lab_tef_TreasuryShareTradingPrice_documentation_en-US" xlink:label="lab_tef_TreasuryShareTradingPrice" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Treasury Share Trading Price</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_TreasuryShareTradingPrice" xlink:href="tef-20241231.xsd#tef_TreasuryShareTradingPrice"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_TreasuryShareTradingPrice" xlink:to="lab_tef_TreasuryShareTradingPrice" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_CurrentIncomeTaxesReceivable_17efdd81-83bc-440b-8441-48e686adcc2f_terseLabel_en-US" xlink:label="lab_tef_CurrentIncomeTaxesReceivable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Current income taxes receivable</link:label>
    <link:label id="lab_tef_CurrentIncomeTaxesReceivable_label_en-US" xlink:label="lab_tef_CurrentIncomeTaxesReceivable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Current Income Taxes Receivable</link:label>
    <link:label id="lab_tef_CurrentIncomeTaxesReceivable_documentation_en-US" xlink:label="lab_tef_CurrentIncomeTaxesReceivable" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Current Income Taxes Receivable</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_CurrentIncomeTaxesReceivable" xlink:href="tef-20241231.xsd#tef_CurrentIncomeTaxesReceivable"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_CurrentIncomeTaxesReceivable" xlink:to="lab_tef_CurrentIncomeTaxesReceivable" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_Revenue_7b2a1c61-248f-4283-9ffd-6a513429cf87_terseLabel_en-US" xlink:label="lab_ifrs-full_Revenue" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Revenues</link:label>
    <link:label id="lab_ifrs-full_Revenue_446854ce-7f3f-496d-98ab-5d1be6f12fff_verboseLabel_en-US" xlink:label="lab_ifrs-full_Revenue" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Revenue from operations</link:label>
    <link:label id="lab_ifrs-full_Revenue_3151a08c-7421-4f93-8cda-e78e5ed73363_totalLabel_en-US" xlink:label="lab_ifrs-full_Revenue" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Total</link:label>
    <link:label id="lab_ifrs-full_Revenue_label_en-US" xlink:label="lab_ifrs-full_Revenue" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Revenue</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_Revenue" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_Revenue"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_Revenue" xlink:to="lab_ifrs-full_Revenue" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_OtherTaxesReceivable_6bb0f66f-399c-4f02-8086-283dad49b96f_terseLabel_en-US" xlink:label="lab_tef_OtherTaxesReceivable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Other</link:label>
    <link:label id="lab_tef_OtherTaxesReceivable_label_en-US" xlink:label="lab_tef_OtherTaxesReceivable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Other Taxes Receivable</link:label>
    <link:label id="lab_tef_OtherTaxesReceivable_documentation_en-US" xlink:label="lab_tef_OtherTaxesReceivable" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Other Taxes Receivable</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_OtherTaxesReceivable" xlink:href="tef-20241231.xsd#tef_OtherTaxesReceivable"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_OtherTaxesReceivable" xlink:to="lab_tef_OtherTaxesReceivable" xlink:type="arc" order="1"/>
    <link:label id="lab_dei_DocumentInformationTable_dabe8b30-33f7-4ded-89e2-5935d277ecd1_terseLabel_en-US" xlink:label="lab_dei_DocumentInformationTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Document Information [Table]</link:label>
    <link:label id="lab_dei_DocumentInformationTable_label_en-US" xlink:label="lab_dei_DocumentInformationTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Document Information [Table]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_dei_DocumentInformationTable" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_DocumentInformationTable"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_DocumentInformationTable" xlink:to="lab_dei_DocumentInformationTable" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_DisclosureOfOffsettingOfFinancialLiabilitiesLineItems_ce2e5dd2-947f-41d8-8178-19896fbe65fb_terseLabel_en-US" xlink:label="lab_ifrs-full_DisclosureOfOffsettingOfFinancialLiabilitiesLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Disclosure of offsetting of financial liabilities [line items]</link:label>
    <link:label id="lab_ifrs-full_DisclosureOfOffsettingOfFinancialLiabilitiesLineItems_label_en-US" xlink:label="lab_ifrs-full_DisclosureOfOffsettingOfFinancialLiabilitiesLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure of offsetting of financial liabilities [line items]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_DisclosureOfOffsettingOfFinancialLiabilitiesLineItems" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_DisclosureOfOffsettingOfFinancialLiabilitiesLineItems"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DisclosureOfOffsettingOfFinancialLiabilitiesLineItems" xlink:to="lab_ifrs-full_DisclosureOfOffsettingOfFinancialLiabilitiesLineItems" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_IncreaseDecreaseinFinanceIncomeCostfromPriorYear_a0a9a10c-64e2-4181-a346-27f8913aebfc_negatedTerseLabel_en-US" xlink:label="lab_tef_IncreaseDecreaseinFinanceIncomeCostfromPriorYear" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xml:lang="en-US">Decrease in net financial results from prior year</link:label>
    <link:label id="lab_tef_IncreaseDecreaseinFinanceIncomeCostfromPriorYear_label_en-US" xlink:label="lab_tef_IncreaseDecreaseinFinanceIncomeCostfromPriorYear" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Increase (Decrease) in Finance Income (Cost) from Prior Year</link:label>
    <link:label id="lab_tef_IncreaseDecreaseinFinanceIncomeCostfromPriorYear_documentation_en-US" xlink:label="lab_tef_IncreaseDecreaseinFinanceIncomeCostfromPriorYear" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Increase (Decrease) in Finance Income (Cost) from Prior Year</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_IncreaseDecreaseinFinanceIncomeCostfromPriorYear" xlink:href="tef-20241231.xsd#tef_IncreaseDecreaseinFinanceIncomeCostfromPriorYear"/>
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    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_ScheduleofGrossCostAccumulatedDepreciationandImpairmentLossesofRightofUseAssetsTableTextBlock" xlink:to="lab_tef_ScheduleofGrossCostAccumulatedDepreciationandImpairmentLossesofRightofUseAssetsTableTextBlock" xlink:type="arc" order="1"/>
    <link:label id="lab_srt_RangeMember_f0dfafdf-e285-4232-885a-017f93f5257e_terseLabel_en-US" xlink:label="lab_srt_RangeMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Statistical Measurement [Domain]</link:label>
    <link:label id="lab_srt_RangeMember_label_en-US" xlink:label="lab_srt_RangeMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Statistical Measurement [Domain]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_srt_RangeMember" xlink:href="https://xbrl.fasb.org/srt/2024/elts/srt-2024.xsd#srt_RangeMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_srt_RangeMember" xlink:to="lab_srt_RangeMember" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_DiscountRateAppliedToCashFlowProjectionsBeforeTax_f04c51ae-fc69-4837-8624-068ec7cde869_terseLabel_en-US" xlink:label="lab_tef_DiscountRateAppliedToCashFlowProjectionsBeforeTax" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Before-tax discount rates applied to cash flow projections (as a percent)</link:label>
    <link:label id="lab_tef_DiscountRateAppliedToCashFlowProjectionsBeforeTax_label_en-US" xlink:label="lab_tef_DiscountRateAppliedToCashFlowProjectionsBeforeTax" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Discount Rate Applied To Cash Flow Projections, Before Tax</link:label>
    <link:label id="lab_tef_DiscountRateAppliedToCashFlowProjectionsBeforeTax_documentation_en-US" xlink:label="lab_tef_DiscountRateAppliedToCashFlowProjectionsBeforeTax" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Discount Rate Applied To Cash Flow Projections, Before Tax</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_DiscountRateAppliedToCashFlowProjectionsBeforeTax" xlink:href="tef-20241231.xsd#tef_DiscountRateAppliedToCashFlowProjectionsBeforeTax"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_DiscountRateAppliedToCashFlowProjectionsBeforeTax" xlink:to="lab_tef_DiscountRateAppliedToCashFlowProjectionsBeforeTax" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_PrincipalPaymentsonLeases_cadb95b2-cd48-4e4c-8021-c53cc0f802a1_negatedLabel_en-US" xlink:label="lab_tef_PrincipalPaymentsonLeases" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US">Principal payments (Note 28)</link:label>
    <link:label id="lab_tef_PrincipalPaymentsonLeases_label_en-US" xlink:label="lab_tef_PrincipalPaymentsonLeases" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Principal Payments on Leases</link:label>
    <link:label id="lab_tef_PrincipalPaymentsonLeases_documentation_en-US" xlink:label="lab_tef_PrincipalPaymentsonLeases" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Principal Payments on Leases</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_PrincipalPaymentsonLeases" xlink:href="tef-20241231.xsd#tef_PrincipalPaymentsonLeases"/>
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    <link:label id="lab_tef_DividendsPaidByTelefonicaS.A.Member_8a0db0e8-f155-4eba-a422-ba825b1d9b97_terseLabel_en-US" xlink:label="lab_tef_DividendsPaidByTelefonicaS.A.Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Dividends paid by Telefonica, S.A.</link:label>
    <link:label id="lab_tef_DividendsPaidByTelefonicaS.A.Member_label_en-US" xlink:label="lab_tef_DividendsPaidByTelefonicaS.A.Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Dividends Paid By Telefonica, S.A. [Member]</link:label>
    <link:label id="lab_tef_DividendsPaidByTelefonicaS.A.Member_documentation_en-US" xlink:label="lab_tef_DividendsPaidByTelefonicaS.A.Member" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Dividends Paid By Telefonica, S.A. [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_DividendsPaidByTelefonicaS.A.Member" xlink:href="tef-20241231.xsd#tef_DividendsPaidByTelefonicaS.A.Member"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_DividendsPaidByTelefonicaS.A.Member" xlink:to="lab_tef_DividendsPaidByTelefonicaS.A.Member" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_OtherTaxesPayable_8ec39cfa-c65f-4e0b-afa0-83dd7b8fc1c1_terseLabel_en-US" xlink:label="lab_tef_OtherTaxesPayable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Other</link:label>
    <link:label id="lab_tef_OtherTaxesPayable_label_en-US" xlink:label="lab_tef_OtherTaxesPayable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Other Taxes Payable</link:label>
    <link:label id="lab_tef_OtherTaxesPayable_documentation_en-US" xlink:label="lab_tef_OtherTaxesPayable" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Other Taxes Payable</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_OtherTaxesPayable" xlink:href="tef-20241231.xsd#tef_OtherTaxesPayable"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_OtherTaxesPayable" xlink:to="lab_tef_OtherTaxesPayable" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_OtherProductsAndServicesAndEliminationsMember_b98662e6-3c4d-41a6-9733-ae0dbeba6960_terseLabel_en-US" xlink:label="lab_tef_OtherProductsAndServicesAndEliminationsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Others and elims.</link:label>
    <link:label id="lab_tef_OtherProductsAndServicesAndEliminationsMember_label_en-US" xlink:label="lab_tef_OtherProductsAndServicesAndEliminationsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Other Products And Services And Eliminations [Member]</link:label>
    <link:label id="lab_tef_OtherProductsAndServicesAndEliminationsMember_documentation_en-US" xlink:label="lab_tef_OtherProductsAndServicesAndEliminationsMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Other Products And Services And Eliminations [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_OtherProductsAndServicesAndEliminationsMember" xlink:href="tef-20241231.xsd#tef_OtherProductsAndServicesAndEliminationsMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_OtherProductsAndServicesAndEliminationsMember" xlink:to="lab_tef_OtherProductsAndServicesAndEliminationsMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_OtherComprehensiveIncomeNetOfTaxCashFlowHedges_ffea81d5-332a-4204-83d4-8ceb563a1947_totalLabel_en-US" xlink:label="lab_ifrs-full_OtherComprehensiveIncomeNetOfTaxCashFlowHedges" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Other comprehensive income, hedges, net of tax</link:label>
    <link:label id="lab_ifrs-full_OtherComprehensiveIncomeNetOfTaxCashFlowHedges_label_en-US" xlink:label="lab_ifrs-full_OtherComprehensiveIncomeNetOfTaxCashFlowHedges" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Other comprehensive income, net of tax, cash flow hedges</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_OtherComprehensiveIncomeNetOfTaxCashFlowHedges" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_OtherComprehensiveIncomeNetOfTaxCashFlowHedges"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_OtherComprehensiveIncomeNetOfTaxCashFlowHedges" xlink:to="lab_ifrs-full_OtherComprehensiveIncomeNetOfTaxCashFlowHedges" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_ProprietaryOfficerMember_7c4131ca-c0ee-45b2-b4a2-8157e6a56c8f_terseLabel_en-US" xlink:label="lab_tef_ProprietaryOfficerMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Proprietary Member</link:label>
    <link:label id="lab_tef_ProprietaryOfficerMember_label_en-US" xlink:label="lab_tef_ProprietaryOfficerMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Proprietary Officer [Member]</link:label>
    <link:label id="lab_tef_ProprietaryOfficerMember_documentation_en-US" xlink:label="lab_tef_ProprietaryOfficerMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Proprietary Officer [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_ProprietaryOfficerMember" xlink:href="tef-20241231.xsd#tef_ProprietaryOfficerMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_ProprietaryOfficerMember" xlink:to="lab_tef_ProprietaryOfficerMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_AccountingProfit_7c12bc9d-481b-44b3-af73-2d386f2f251c_terseLabel_en-US" xlink:label="lab_ifrs-full_AccountingProfit" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Accounting profit before tax</link:label>
    <link:label id="lab_ifrs-full_AccountingProfit_label_en-US" xlink:label="lab_ifrs-full_AccountingProfit" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Accounting profit</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_AccountingProfit" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_AccountingProfit"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_AccountingProfit" xlink:to="lab_ifrs-full_AccountingProfit" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_ShareBasedCompensationArrangementByShareBasedPaymentAwardWeightedPayoutRatioLinkedToTotalShareholderReturn_7c2f8fef-70d3-4c18-a4fc-ee9e1c3cf5b7_terseLabel_en-US" xlink:label="lab_tef_ShareBasedCompensationArrangementByShareBasedPaymentAwardWeightedPayoutRatioLinkedToTotalShareholderReturn" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Weighted payout ratio linked to TSR</link:label>
    <link:label id="lab_tef_ShareBasedCompensationArrangementByShareBasedPaymentAwardWeightedPayoutRatioLinkedToTotalShareholderReturn_label_en-US" xlink:label="lab_tef_ShareBasedCompensationArrangementByShareBasedPaymentAwardWeightedPayoutRatioLinkedToTotalShareholderReturn" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Share-based Compensation Arrangement by Share-based Payment Award, Weighted Payout Ratio Linked To Total Shareholder Return</link:label>
    <link:label id="lab_tef_ShareBasedCompensationArrangementByShareBasedPaymentAwardWeightedPayoutRatioLinkedToTotalShareholderReturn_documentation_en-US" xlink:label="lab_tef_ShareBasedCompensationArrangementByShareBasedPaymentAwardWeightedPayoutRatioLinkedToTotalShareholderReturn" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Share-based Compensation Arrangement by Share-based Payment Award, Weighted Payout Ratio Linked To Total Shareholder Return</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_ShareBasedCompensationArrangementByShareBasedPaymentAwardWeightedPayoutRatioLinkedToTotalShareholderReturn" xlink:href="tef-20241231.xsd#tef_ShareBasedCompensationArrangementByShareBasedPaymentAwardWeightedPayoutRatioLinkedToTotalShareholderReturn"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_ShareBasedCompensationArrangementByShareBasedPaymentAwardWeightedPayoutRatioLinkedToTotalShareholderReturn" xlink:to="lab_tef_ShareBasedCompensationArrangementByShareBasedPaymentAwardWeightedPayoutRatioLinkedToTotalShareholderReturn" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_TelefonicaGermanyMember_53230ab7-e326-424f-b0a6-f5a467658688_terseLabel_en-US" xlink:label="lab_tef_TelefonicaGermanyMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Telef&#243;nica Germany</link:label>
    <link:label id="lab_tef_TelefonicaGermanyMember_ee4ddf8b-2cda-4e64-92cc-0a531a3b8e39_verboseLabel_en-US" xlink:label="lab_tef_TelefonicaGermanyMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Germany</link:label>
    <link:label id="lab_tef_TelefonicaGermanyMember_label_en-US" xlink:label="lab_tef_TelefonicaGermanyMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Telefonica Germany [Member]</link:label>
    <link:label id="lab_tef_TelefonicaGermanyMember_documentation_en-US" xlink:label="lab_tef_TelefonicaGermanyMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Telefonica Germany [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_TelefonicaGermanyMember" xlink:href="tef-20241231.xsd#tef_TelefonicaGermanyMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_TelefonicaGermanyMember" xlink:to="lab_tef_TelefonicaGermanyMember" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_DisclosureOfReconciliationOfAccountingProfitTableTextBlock_e1aca125-fdee-4105-ba56-d964922e0c56_terseLabel_en-US" xlink:label="lab_tef_DisclosureOfReconciliationOfAccountingProfitTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Schedule of Reconciliation of Book Profit before Taxes on Taxable Income</link:label>
    <link:label id="lab_tef_DisclosureOfReconciliationOfAccountingProfitTableTextBlock_label_en-US" xlink:label="lab_tef_DisclosureOfReconciliationOfAccountingProfitTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure Of Reconciliation Of Accounting Profit [Table Text Block]</link:label>
    <link:label id="lab_tef_DisclosureOfReconciliationOfAccountingProfitTableTextBlock_documentation_en-US" xlink:label="lab_tef_DisclosureOfReconciliationOfAccountingProfitTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Disclosure Of Reconciliation Of Accounting Profit [Table Text Block]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_DisclosureOfReconciliationOfAccountingProfitTableTextBlock" xlink:href="tef-20241231.xsd#tef_DisclosureOfReconciliationOfAccountingProfitTableTextBlock"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_DisclosureOfReconciliationOfAccountingProfitTableTextBlock" xlink:to="lab_tef_DisclosureOfReconciliationOfAccountingProfitTableTextBlock" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_RegulatoryOperationsConcessionsandLicensesFrequency_1aea4a0e-1b28-49bf-b932-c5381d272fab_terseLabel_en-US" xlink:label="lab_tef_RegulatoryOperationsConcessionsandLicensesFrequency" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Frequency</link:label>
    <link:label id="lab_tef_RegulatoryOperationsConcessionsandLicensesFrequency_label_en-US" xlink:label="lab_tef_RegulatoryOperationsConcessionsandLicensesFrequency" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Regulatory Operations, Concessions and Licenses Frequency</link:label>
    <link:label id="lab_tef_RegulatoryOperationsConcessionsandLicensesFrequency_documentation_en-US" xlink:label="lab_tef_RegulatoryOperationsConcessionsandLicensesFrequency" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Regulatory Operations, Concessions and Licenses Frequency</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_RegulatoryOperationsConcessionsandLicensesFrequency" xlink:href="tef-20241231.xsd#tef_RegulatoryOperationsConcessionsandLicensesFrequency"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_RegulatoryOperationsConcessionsandLicensesFrequency" xlink:to="lab_tef_RegulatoryOperationsConcessionsandLicensesFrequency" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_RevenueFromOperationsWithAssociatesAndJointVentures_b2a3940f-285d-4b14-acfa-f9a341704feb_terseLabel_en-US" xlink:label="lab_tef_RevenueFromOperationsWithAssociatesAndJointVentures" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Revenue from operations with associates and joint ventures</link:label>
    <link:label id="lab_tef_RevenueFromOperationsWithAssociatesAndJointVentures_label_en-US" xlink:label="lab_tef_RevenueFromOperationsWithAssociatesAndJointVentures" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Revenue From Operations With Associates And Joint Ventures</link:label>
    <link:label id="lab_tef_RevenueFromOperationsWithAssociatesAndJointVentures_documentation_en-US" xlink:label="lab_tef_RevenueFromOperationsWithAssociatesAndJointVentures" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Revenue From Operations With Associates And Joint Ventures</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_RevenueFromOperationsWithAssociatesAndJointVentures" xlink:href="tef-20241231.xsd#tef_RevenueFromOperationsWithAssociatesAndJointVentures"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_RevenueFromOperationsWithAssociatesAndJointVentures" xlink:to="lab_tef_RevenueFromOperationsWithAssociatesAndJointVentures" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_Expiringin2036Member_096ace6b-26b7-41e2-8f91-2f272a847447_terseLabel_en-US" xlink:label="lab_tef_Expiringin2036Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Expiring in 2036</link:label>
    <link:label id="lab_tef_Expiringin2036Member_label_en-US" xlink:label="lab_tef_Expiringin2036Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Expiring in 2036 [Member]</link:label>
    <link:label id="lab_tef_Expiringin2036Member_documentation_en-US" xlink:label="lab_tef_Expiringin2036Member" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Expiring in 2036 [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_Expiringin2036Member" xlink:href="tef-20241231.xsd#tef_Expiringin2036Member"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_Expiringin2036Member" xlink:to="lab_tef_Expiringin2036Member" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_SeniorManagementExcludingBoardDirectorsMember_6d52db3b-28ea-4a1e-a27d-ef14dd17e8c4_terseLabel_en-US" xlink:label="lab_tef_SeniorManagementExcludingBoardDirectorsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Senior Management (Excluding Board Directors)</link:label>
    <link:label id="lab_tef_SeniorManagementExcludingBoardDirectorsMember_label_en-US" xlink:label="lab_tef_SeniorManagementExcludingBoardDirectorsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Senior Management (Excluding Board Directors) [Member]</link:label>
    <link:label id="lab_tef_SeniorManagementExcludingBoardDirectorsMember_documentation_en-US" xlink:label="lab_tef_SeniorManagementExcludingBoardDirectorsMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Senior Management (Excluding Board Directors) [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_SeniorManagementExcludingBoardDirectorsMember" xlink:href="tef-20241231.xsd#tef_SeniorManagementExcludingBoardDirectorsMember"/>
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    <link:label id="lab_tef_LongTermFinancialAssets_1f914bb6-0dd6-4248-a960-d31b5581bfdf_terseLabel_en-US" xlink:label="lab_tef_LongTermFinancialAssets" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Long-term financial assets</link:label>
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    <link:label id="lab_tef_TelefonicaGlobalSolutionsUSAMember_ac889c76-8e99-49a7-9899-8ac29c37798c_terseLabel_en-US" xlink:label="lab_tef_TelefonicaGlobalSolutionsUSAMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Telefonica Global Solutions USA, Inc. Provision of telecommunications services</link:label>
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    <link:label id="lab_tef_MovistarProsegurAlarmasSLMember_82e7b24a-6723-46e2-85e5-2b698e479969_terseLabel_en-US" xlink:label="lab_tef_MovistarProsegurAlarmasSLMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Movistar Prosegur Alarmas</link:label>
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    <link:label id="lab_tef_MovistarProsegurAlarmasSLMember_documentation_en-US" xlink:label="lab_tef_MovistarProsegurAlarmasSLMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Movistar Prosegur Alarmas, S.L.</link:label>
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    <link:label id="lab_ifrs-full_HedgingInstrumentsAxis_88bb8ca4-bb20-4dae-b678-6862b15b2cbf_terseLabel_en-US" xlink:label="lab_ifrs-full_HedgingInstrumentsAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Hedging instruments [axis]</link:label>
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    <link:label id="lab_tef_TelefonicaChileSAMember_documentation_en-US" xlink:label="lab_tef_TelefonicaChileSAMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Telef&#243;nica Chile, S.A.</link:label>
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    <link:label id="lab_ifrs-full_AmountsRecognisedAsOfAcquisitionDateForEachMajorClassOfAssetsAcquiredAndLiabilitiesAssumedAbstract_0d6eb654-c84e-4fb5-9d40-74674165555d_terseLabel_en-US" xlink:label="lab_ifrs-full_AmountsRecognisedAsOfAcquisitionDateForEachMajorClassOfAssetsAcquiredAndLiabilitiesAssumedAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Purchase price allocation</link:label>
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    <link:loc xlink:type="locator" xlink:label="loc_tef_TelefonicaLuxembourgHoldingMember" xlink:href="tef-20241231.xsd#tef_TelefonicaLuxembourgHoldingMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_TelefonicaLuxembourgHoldingMember" xlink:to="lab_tef_TelefonicaLuxembourgHoldingMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_InvestmentsAccountedForUsingEquityMethodAbstract_430c80c9-0fc3-4ef5-8728-d714f9dec113_terseLabel_en-US" xlink:label="lab_ifrs-full_InvestmentsAccountedForUsingEquityMethodAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Investments accounted for by the equity method</link:label>
    <link:label id="lab_ifrs-full_InvestmentsAccountedForUsingEquityMethodAbstract_label_en-US" xlink:label="lab_ifrs-full_InvestmentsAccountedForUsingEquityMethodAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Investments accounted for using equity method [abstract]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_InvestmentsAccountedForUsingEquityMethodAbstract" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_InvestmentsAccountedForUsingEquityMethodAbstract"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_InvestmentsAccountedForUsingEquityMethodAbstract" xlink:to="lab_ifrs-full_InvestmentsAccountedForUsingEquityMethodAbstract" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_FonditelPensionesEntidadGestoradeFondosdePensionesMember_7c1d0123-f493-4bce-abf5-008196f64005_terseLabel_en-US" xlink:label="lab_tef_FonditelPensionesEntidadGestoradeFondosdePensionesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Fonditel Pensiones, Entidad Gestora de Fondos de Pensiones, S.A Administration of pension funds</link:label>
    <link:label id="lab_tef_FonditelPensionesEntidadGestoradeFondosdePensionesMember_label_en-US" xlink:label="lab_tef_FonditelPensionesEntidadGestoradeFondosdePensionesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Fonditel Pensiones, Entidad Gestora de Fondos de Pensiones [Member]</link:label>
    <link:label id="lab_tef_FonditelPensionesEntidadGestoradeFondosdePensionesMember_documentation_en-US" xlink:label="lab_tef_FonditelPensionesEntidadGestoradeFondosdePensionesMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Fonditel Pensiones, Entidad Gestora de Fondos de Pensiones [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_FonditelPensionesEntidadGestoradeFondosdePensionesMember" xlink:href="tef-20241231.xsd#tef_FonditelPensionesEntidadGestoradeFondosdePensionesMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_FonditelPensionesEntidadGestoradeFondosdePensionesMember" xlink:to="lab_tef_FonditelPensionesEntidadGestoradeFondosdePensionesMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_IncreaseDecreaseThroughTransfersAndOtherChangesOtherProvisions_a4ffaa45-1b3a-4c9c-bffa-aaf2983fb486_verboseLabel_en-US" xlink:label="lab_ifrs-full_IncreaseDecreaseThroughTransfersAndOtherChangesOtherProvisions" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Transfers</link:label>
    <link:label id="lab_ifrs-full_IncreaseDecreaseThroughTransfersAndOtherChangesOtherProvisions_label_en-US" xlink:label="lab_ifrs-full_IncreaseDecreaseThroughTransfersAndOtherChangesOtherProvisions" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Increase (decrease) through transfers and other changes, other provisions</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_IncreaseDecreaseThroughTransfersAndOtherChangesOtherProvisions" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_IncreaseDecreaseThroughTransfersAndOtherChangesOtherProvisions"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_IncreaseDecreaseThroughTransfersAndOtherChangesOtherProvisions" xlink:to="lab_ifrs-full_IncreaseDecreaseThroughTransfersAndOtherChangesOtherProvisions" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_GainsLossesOnCashFlowHedgesBeforeTax_94b93865-2496-4a5f-8a62-5815ee1d5cc4_terseLabel_en-US" xlink:label="lab_ifrs-full_GainsLossesOnCashFlowHedgesBeforeTax" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Gains (losses) on hedges</link:label>
    <link:label id="lab_ifrs-full_GainsLossesOnCashFlowHedgesBeforeTax_label_en-US" xlink:label="lab_ifrs-full_GainsLossesOnCashFlowHedgesBeforeTax" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Gains (losses) on cash flow hedges, before tax</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_GainsLossesOnCashFlowHedgesBeforeTax" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_GainsLossesOnCashFlowHedgesBeforeTax"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_GainsLossesOnCashFlowHedgesBeforeTax" xlink:to="lab_ifrs-full_GainsLossesOnCashFlowHedgesBeforeTax" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_CurrentTaxWithholdings_b05e8dba-337d-435f-8394-881a918b5da9_terseLabel_en-US" xlink:label="lab_tef_CurrentTaxWithholdings" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Tax withholdings</link:label>
    <link:label id="lab_tef_CurrentTaxWithholdings_label_en-US" xlink:label="lab_tef_CurrentTaxWithholdings" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Current Tax Withholdings</link:label>
    <link:label id="lab_tef_CurrentTaxWithholdings_documentation_en-US" xlink:label="lab_tef_CurrentTaxWithholdings" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Current Tax Withholdings</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_CurrentTaxWithholdings" xlink:href="tef-20241231.xsd#tef_CurrentTaxWithholdings"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_CurrentTaxWithholdings" xlink:to="lab_tef_CurrentTaxWithholdings" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_PurchaseAndOtherContractualObligations_46f29bc7-921b-42d6-b1f3-7af0da2ad83d_terseLabel_en-US" xlink:label="lab_tef_PurchaseAndOtherContractualObligations" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Purchase and other contractual obligations</link:label>
    <link:label id="lab_tef_PurchaseAndOtherContractualObligations_label_en-US" xlink:label="lab_tef_PurchaseAndOtherContractualObligations" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Purchase And Other Contractual Obligations</link:label>
    <link:label id="lab_tef_PurchaseAndOtherContractualObligations_documentation_en-US" xlink:label="lab_tef_PurchaseAndOtherContractualObligations" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Purchase And Other Contractual Obligations</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_PurchaseAndOtherContractualObligations" xlink:href="tef-20241231.xsd#tef_PurchaseAndOtherContractualObligations"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_PurchaseAndOtherContractualObligations" xlink:to="lab_tef_PurchaseAndOtherContractualObligations" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_ComputerSoftwareNettingMember_b47b2015-4d36-47fc-a33d-7ac8b07387e4_terseLabel_en-US" xlink:label="lab_tef_ComputerSoftwareNettingMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Software</link:label>
    <link:label id="lab_tef_ComputerSoftwareNettingMember_label_en-US" xlink:label="lab_tef_ComputerSoftwareNettingMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Computer Software, Netting [Member]</link:label>
    <link:label id="lab_tef_ComputerSoftwareNettingMember_documentation_en-US" xlink:label="lab_tef_ComputerSoftwareNettingMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Computer Software, Netting</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_ComputerSoftwareNettingMember" xlink:href="tef-20241231.xsd#tef_ComputerSoftwareNettingMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_ComputerSoftwareNettingMember" xlink:to="lab_tef_ComputerSoftwareNettingMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_EstimatedFinancialEffectOfContingentLiabilities_a736fd6e-def6-425b-96ac-c9c42d944436_terseLabel_en-US" xlink:label="lab_ifrs-full_EstimatedFinancialEffectOfContingentLiabilities" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Estimated financial effect of contingent liabilities</link:label>
    <link:label id="lab_ifrs-full_EstimatedFinancialEffectOfContingentLiabilities_label_en-US" xlink:label="lab_ifrs-full_EstimatedFinancialEffectOfContingentLiabilities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Estimated financial effect of contingent liabilities</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_EstimatedFinancialEffectOfContingentLiabilities" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_EstimatedFinancialEffectOfContingentLiabilities"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_EstimatedFinancialEffectOfContingentLiabilities" xlink:to="lab_ifrs-full_EstimatedFinancialEffectOfContingentLiabilities" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_DisclosureOfOperatingSegmentsTable_42aad03b-186c-4add-b6d9-fc3c754b6227_terseLabel_en-US" xlink:label="lab_ifrs-full_DisclosureOfOperatingSegmentsTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Disclosure of operating segments [table]</link:label>
    <link:label id="lab_ifrs-full_DisclosureOfOperatingSegmentsTable_label_en-US" xlink:label="lab_ifrs-full_DisclosureOfOperatingSegmentsTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure of operating segments [table]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_DisclosureOfOperatingSegmentsTable" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_DisclosureOfOperatingSegmentsTable"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DisclosureOfOperatingSegmentsTable" xlink:to="lab_ifrs-full_DisclosureOfOperatingSegmentsTable" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_ComponentsOfEquityDomain_d331dfba-edd1-4a24-a527-98c85c58cc4d_terseLabel_en-US" xlink:label="lab_ifrs-full_ComponentsOfEquityDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Components of equity [domain]</link:label>
    <link:label id="lab_ifrs-full_ComponentsOfEquityDomain_label_en-US" xlink:label="lab_ifrs-full_ComponentsOfEquityDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Components of equity [domain]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_ComponentsOfEquityDomain" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_ComponentsOfEquityDomain"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_ComponentsOfEquityDomain" xlink:to="lab_ifrs-full_ComponentsOfEquityDomain" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_CommitmentsLineItems_d4889d3c-2080-4cc2-8c26-4a468577a942_terseLabel_en-US" xlink:label="lab_tef_CommitmentsLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Commitments [Line Items]</link:label>
    <link:label id="lab_tef_CommitmentsLineItems_label_en-US" xlink:label="lab_tef_CommitmentsLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Commitments [Line Items]</link:label>
    <link:label id="lab_tef_CommitmentsLineItems_documentation_en-US" xlink:label="lab_tef_CommitmentsLineItems" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Commitments [Line Items]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_CommitmentsLineItems" xlink:href="tef-20241231.xsd#tef_CommitmentsLineItems"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_CommitmentsLineItems" xlink:to="lab_tef_CommitmentsLineItems" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_CommercialPapersIssued_de2fee60-bf68-4722-a9e6-48b16d672ec1_terseLabel_en-US" xlink:label="lab_ifrs-full_CommercialPapersIssued" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Commercial papers issued</link:label>
    <link:label id="lab_ifrs-full_CommercialPapersIssued_label_en-US" xlink:label="lab_ifrs-full_CommercialPapersIssued" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Commercial papers issued</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_CommercialPapersIssued" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_CommercialPapersIssued"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_CommercialPapersIssued" xlink:to="lab_ifrs-full_CommercialPapersIssued" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_BusinessPlanCashFlowTerm_5c6bcac4-82ea-4458-a8b9-a198dfaf926d_terseLabel_en-US" xlink:label="lab_tef_BusinessPlanCashFlowTerm" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Business plan, cash flow, term</link:label>
    <link:label id="lab_tef_BusinessPlanCashFlowTerm_label_en-US" xlink:label="lab_tef_BusinessPlanCashFlowTerm" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Business Plan, Cash Flow, Term</link:label>
    <link:label id="lab_tef_BusinessPlanCashFlowTerm_documentation_en-US" xlink:label="lab_tef_BusinessPlanCashFlowTerm" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Business Plan, Cash Flow, Term</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_BusinessPlanCashFlowTerm" xlink:href="tef-20241231.xsd#tef_BusinessPlanCashFlowTerm"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_BusinessPlanCashFlowTerm" xlink:to="lab_tef_BusinessPlanCashFlowTerm" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_CarlosOcanaOrbisMember_650ef756-5114-4810-a0d0-d49efff37f55_terseLabel_en-US" xlink:label="lab_tef_CarlosOcanaOrbisMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Mr. Carlos Ocana Orbis</link:label>
    <link:label id="lab_tef_CarlosOcanaOrbisMember_label_en-US" xlink:label="lab_tef_CarlosOcanaOrbisMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Carlos Ocana Orbis [Member]</link:label>
    <link:label id="lab_tef_CarlosOcanaOrbisMember_documentation_en-US" xlink:label="lab_tef_CarlosOcanaOrbisMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Carlos Ocana Orbis</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_CarlosOcanaOrbisMember" xlink:href="tef-20241231.xsd#tef_CarlosOcanaOrbisMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_CarlosOcanaOrbisMember" xlink:to="lab_tef_CarlosOcanaOrbisMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_DividendsPaid_39affaf7-9d17-4e21-b376-65c793cfbcc1_negatedTerseLabel_en-US" xlink:label="lab_ifrs-full_DividendsPaid" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xml:lang="en-US">Dividends and distribution of profit (Note 17)</link:label>
    <link:label id="lab_ifrs-full_DividendsPaid_label_en-US" xlink:label="lab_ifrs-full_DividendsPaid" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Dividends recognised as distributions to owners</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_DividendsPaid" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_DividendsPaid"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DividendsPaid" xlink:to="lab_ifrs-full_DividendsPaid" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_Expiringin2030Option3Member_e1e517ec-cfdd-4eeb-99f4-b82090bc0bc7_terseLabel_en-US" xlink:label="lab_tef_Expiringin2030Option3Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Expiring in 2030, Option 3</link:label>
    <link:label id="lab_tef_Expiringin2030Option3Member_label_en-US" xlink:label="lab_tef_Expiringin2030Option3Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Expiring in 2030, Option 3 [Member]</link:label>
    <link:label id="lab_tef_Expiringin2030Option3Member_documentation_en-US" xlink:label="lab_tef_Expiringin2030Option3Member" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Expiring in 2030, Option 3 [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_Expiringin2030Option3Member" xlink:href="tef-20241231.xsd#tef_Expiringin2030Option3Member"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_Expiringin2030Option3Member" xlink:to="lab_tef_Expiringin2030Option3Member" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesOtherProvisions_cab87a08-0da9-485b-8f75-6491af6fcc9a_terseLabel_en-US" xlink:label="lab_ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesOtherProvisions" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Translation differences and other</link:label>
    <link:label id="lab_ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesOtherProvisions_16b4626a-2be4-4ca9-956f-dac17358cdc8_verboseLabel_en-US" xlink:label="lab_ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesOtherProvisions" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Translation differences</link:label>
    <link:label id="lab_ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesOtherProvisions_label_en-US" xlink:label="lab_ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesOtherProvisions" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Increase (decrease) through net exchange differences, other provisions</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesOtherProvisions" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesOtherProvisions"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesOtherProvisions" xlink:to="lab_ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesOtherProvisions" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_DecreaseInIncomeDueToReasonablyPossibleIncreaseInActuarialAssumption_8493b3a4-9be5-4393-b366-f8252efe0bf9_terseLabel_en-US" xlink:label="lab_tef_DecreaseInIncomeDueToReasonablyPossibleIncreaseInActuarialAssumption" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Impact on income statement</link:label>
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    <link:label id="lab_tef_DecreaseInIncomeDueToReasonablyPossibleIncreaseInActuarialAssumption_label_en-US" xlink:label="lab_tef_DecreaseInIncomeDueToReasonablyPossibleIncreaseInActuarialAssumption" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Decrease In Income Due To Reasonably Possible Increase In Actuarial Assumption</link:label>
    <link:label id="lab_tef_DecreaseInIncomeDueToReasonablyPossibleIncreaseInActuarialAssumption_documentation_en-US" xlink:label="lab_tef_DecreaseInIncomeDueToReasonablyPossibleIncreaseInActuarialAssumption" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Decrease In Income Due To Reasonably Possible Increase In Actuarial Assumption</link:label>
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    <link:label id="lab_ifrs-full_ExpenseRecognisedDuringPeriodForBadAndDoubtfulDebtsForRelatedPartyTransaction_8c052a8a-b8cb-430d-9cfa-9ad80d6d2d60_terseLabel_en-US" xlink:label="lab_ifrs-full_ExpenseRecognisedDuringPeriodForBadAndDoubtfulDebtsForRelatedPartyTransaction" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Expense recognised during period for bad and doubtful debts for related party transaction</link:label>
    <link:label id="lab_ifrs-full_ExpenseRecognisedDuringPeriodForBadAndDoubtfulDebtsForRelatedPartyTransaction_label_en-US" xlink:label="lab_ifrs-full_ExpenseRecognisedDuringPeriodForBadAndDoubtfulDebtsForRelatedPartyTransaction" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Expense recognised during period for bad and doubtful debts for related party transaction</link:label>
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    <link:label id="lab_tef_InventoriesOwnContentMaximumProductionCyclePeriod_131f6607-8bfa-4112-a453-27debd9d56c3_terseLabel_en-US" xlink:label="lab_tef_InventoriesOwnContentMaximumProductionCyclePeriod" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Own content, maximum production cycle period</link:label>
    <link:label id="lab_tef_InventoriesOwnContentMaximumProductionCyclePeriod_label_en-US" xlink:label="lab_tef_InventoriesOwnContentMaximumProductionCyclePeriod" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Inventories, Own Content, Maximum Production Cycle Period</link:label>
    <link:label id="lab_tef_InventoriesOwnContentMaximumProductionCyclePeriod_documentation_en-US" xlink:label="lab_tef_InventoriesOwnContentMaximumProductionCyclePeriod" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Inventories, Own Content, Maximum Production Cycle Period</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_InventoriesOwnContentMaximumProductionCyclePeriod" xlink:href="tef-20241231.xsd#tef_InventoriesOwnContentMaximumProductionCyclePeriod"/>
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    <link:label id="lab_tef_HedgesinEquityIncreaseDecreasefromTranslationDifferences_8fef69e9-f2b6-4f36-b65d-720603bc574b_terseLabel_en-US" xlink:label="lab_tef_HedgesinEquityIncreaseDecreasefromTranslationDifferences" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Total translation differences</link:label>
    <link:label id="lab_tef_HedgesinEquityIncreaseDecreasefromTranslationDifferences_label_en-US" xlink:label="lab_tef_HedgesinEquityIncreaseDecreasefromTranslationDifferences" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Hedges in Equity, Increase (Decrease) from Translation Differences</link:label>
    <link:label id="lab_tef_HedgesinEquityIncreaseDecreasefromTranslationDifferences_documentation_en-US" xlink:label="lab_tef_HedgesinEquityIncreaseDecreasefromTranslationDifferences" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Hedges in Equity, Increase (Decrease) from Translation Differences</link:label>
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    <link:label id="lab_tef_IndependentOfficerMember_3caf8b86-a8a9-46dd-9b96-c857c84ff7ad_terseLabel_en-US" xlink:label="lab_tef_IndependentOfficerMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Independent Member</link:label>
    <link:label id="lab_tef_IndependentOfficerMember_label_en-US" xlink:label="lab_tef_IndependentOfficerMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Independent Officer [Member]</link:label>
    <link:label id="lab_tef_IndependentOfficerMember_documentation_en-US" xlink:label="lab_tef_IndependentOfficerMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Independent Officer [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_IndependentOfficerMember" xlink:href="tef-20241231.xsd#tef_IndependentOfficerMember"/>
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    <link:label id="lab_tef_TaxEffectMember_e2748c65-9c11-4b46-87fc-df04b3fc2081_terseLabel_en-US" xlink:label="lab_tef_TaxEffectMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Tax effect</link:label>
    <link:label id="lab_tef_TaxEffectMember_label_en-US" xlink:label="lab_tef_TaxEffectMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Tax Effect [Member]</link:label>
    <link:label id="lab_tef_TaxEffectMember_documentation_en-US" xlink:label="lab_tef_TaxEffectMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Tax Effect [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_TaxEffectMember" xlink:href="tef-20241231.xsd#tef_TaxEffectMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_TaxEffectMember" xlink:to="lab_tef_TaxEffectMember" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_InsuranceContractsDueFromAssociatesAndJointVenturesReceivables_f8bfa708-f5a4-43d0-8f12-f55f41746c33_verboseLabel_en-US" xlink:label="lab_tef_InsuranceContractsDueFromAssociatesAndJointVenturesReceivables" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Short-term insurance and reinsurance contracts assets from associates and joint ventures (Note 10)</link:label>
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    <link:label id="lab_tef_InsuranceContractsDueFromAssociatesAndJointVenturesReceivables_documentation_en-US" xlink:label="lab_tef_InsuranceContractsDueFromAssociatesAndJointVenturesReceivables" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Insurance Contracts Due From Associates And Joint Ventures, Receivables</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_InsuranceContractsDueFromAssociatesAndJointVenturesReceivables" xlink:href="tef-20241231.xsd#tef_InsuranceContractsDueFromAssociatesAndJointVenturesReceivables"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_InsuranceContractsDueFromAssociatesAndJointVenturesReceivables" xlink:to="lab_tef_InsuranceContractsDueFromAssociatesAndJointVenturesReceivables" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_HealthPlansMember_376c2e1c-d2bd-4d8d-b942-484fdeb03fe4_terseLabel_en-US" xlink:label="lab_tef_HealthPlansMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Health plans</link:label>
    <link:label id="lab_tef_HealthPlansMember_label_en-US" xlink:label="lab_tef_HealthPlansMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Health Plans [Member]</link:label>
    <link:label id="lab_tef_HealthPlansMember_documentation_en-US" xlink:label="lab_tef_HealthPlansMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Health Plans [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_HealthPlansMember" xlink:href="tef-20241231.xsd#tef_HealthPlansMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_HealthPlansMember" xlink:to="lab_tef_HealthPlansMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_OtherComprehensiveIncome_62600912-a8ae-4efd-b6cd-4139cd1979b9_totalLabel_en-US" xlink:label="lab_ifrs-full_OtherComprehensiveIncome" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Other comprehensive (loss) income</link:label>
    <link:label id="lab_ifrs-full_OtherComprehensiveIncome_894b9c31-884f-41a1-9b6c-3e7b7ab16514_verboseLabel_en-US" xlink:label="lab_ifrs-full_OtherComprehensiveIncome" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Other comprehensive income (loss) for the year</link:label>
    <link:label id="lab_ifrs-full_OtherComprehensiveIncome_57b7cfa0-aae8-434f-bcb3-85f6638ea711_netLabel_en-US" xlink:label="lab_ifrs-full_OtherComprehensiveIncome" xlink:role="http://www.xbrl.org/2009/role/netLabel" xlink:type="resource" xml:lang="en-US">Other comprehensive income (100% VMO2)</link:label>
    <link:label id="lab_ifrs-full_OtherComprehensiveIncome_label_en-US" xlink:label="lab_ifrs-full_OtherComprehensiveIncome" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Other comprehensive income</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_OtherComprehensiveIncome" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_OtherComprehensiveIncome"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_OtherComprehensiveIncome" xlink:to="lab_ifrs-full_OtherComprehensiveIncome" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_LegofDerivativeContractAxis_840f8838-f731-4be9-b754-d61462666cd3_terseLabel_en-US" xlink:label="lab_tef_LegofDerivativeContractAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Leg of Derivative Contract [Axis]</link:label>
    <link:label id="lab_tef_LegofDerivativeContractAxis_label_en-US" xlink:label="lab_tef_LegofDerivativeContractAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Leg of Derivative Contract [Axis]</link:label>
    <link:label id="lab_tef_LegofDerivativeContractAxis_documentation_en-US" xlink:label="lab_tef_LegofDerivativeContractAxis" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Leg of Derivative Contract [Axis]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_LegofDerivativeContractAxis" xlink:href="tef-20241231.xsd#tef_LegofDerivativeContractAxis"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_LegofDerivativeContractAxis" xlink:to="lab_tef_LegofDerivativeContractAxis" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_TribunalEconomicoAdministrativoCentralOverpaymentsin20082011Member_43bc5b14-4d27-471c-9200-fdba012af022_terseLabel_en-US" xlink:label="lab_tef_TribunalEconomicoAdministrativoCentralOverpaymentsin20082011Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Tribunal Economico-Administrativo Central - Overpayments in 2008-2011</link:label>
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    <link:label id="lab_tef_TribunalEconomicoAdministrativoCentralOverpaymentsin20082011Member_documentation_en-US" xlink:label="lab_tef_TribunalEconomicoAdministrativoCentralOverpaymentsin20082011Member" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Tribunal Economico-Administrativo Central - Overpayments in 2008-2011 [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_TribunalEconomicoAdministrativoCentralOverpaymentsin20082011Member" xlink:href="tef-20241231.xsd#tef_TribunalEconomicoAdministrativoCentralOverpaymentsin20082011Member"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_TribunalEconomicoAdministrativoCentralOverpaymentsin20082011Member" xlink:to="lab_tef_TribunalEconomicoAdministrativoCentralOverpaymentsin20082011Member" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_DeferredTaxLiabilitiesAssetsOffset_5043a055-c059-475b-9939-2a2a5c8308e7_terseLabel_en-US" xlink:label="lab_tef_DeferredTaxLiabilitiesAssetsOffset" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Deferred tax assets and liabilities offset</link:label>
    <link:label id="lab_tef_DeferredTaxLiabilitiesAssetsOffset_label_en-US" xlink:label="lab_tef_DeferredTaxLiabilitiesAssetsOffset" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Deferred Tax Liabilities (Assets) Offset</link:label>
    <link:label id="lab_tef_DeferredTaxLiabilitiesAssetsOffset_documentation_en-US" xlink:label="lab_tef_DeferredTaxLiabilitiesAssetsOffset" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Deferred Tax Liabilities (Assets) Offset</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_DeferredTaxLiabilitiesAssetsOffset" xlink:href="tef-20241231.xsd#tef_DeferredTaxLiabilitiesAssetsOffset"/>
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    <link:label id="lab_tef_GoodwillAmortizedForTaxProvisionMember_7d350b5a-0ccb-4e70-971c-78287af21984_terseLabel_en-US" xlink:label="lab_tef_GoodwillAmortizedForTaxProvisionMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Goodwill amortized for tax</link:label>
    <link:label id="lab_tef_GoodwillAmortizedForTaxProvisionMember_label_en-US" xlink:label="lab_tef_GoodwillAmortizedForTaxProvisionMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Goodwill Amortized For Tax Provision [Member]</link:label>
    <link:label id="lab_tef_GoodwillAmortizedForTaxProvisionMember_documentation_en-US" xlink:label="lab_tef_GoodwillAmortizedForTaxProvisionMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Goodwill Amortized For Tax Provision [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_GoodwillAmortizedForTaxProvisionMember" xlink:href="tef-20241231.xsd#tef_GoodwillAmortizedForTaxProvisionMember"/>
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    <link:label id="lab_tef_HedgingInstrumentsSoldMember_d472f222-912f-4b31-9cab-76203f8fa974_terseLabel_en-US" xlink:label="lab_tef_HedgingInstrumentsSoldMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Sold</link:label>
    <link:label id="lab_tef_HedgingInstrumentsSoldMember_label_en-US" xlink:label="lab_tef_HedgingInstrumentsSoldMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Hedging Instruments Sold [Member]</link:label>
    <link:label id="lab_tef_HedgingInstrumentsSoldMember_documentation_en-US" xlink:label="lab_tef_HedgingInstrumentsSoldMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Hedging Instruments Sold [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_HedgingInstrumentsSoldMember" xlink:href="tef-20241231.xsd#tef_HedgingInstrumentsSoldMember"/>
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    <link:label id="lab_ifrs-full_ContractLiabilities_eced3d92-ab36-4b17-aa28-b10793eec76c_periodStartLabel_en-US" xlink:label="lab_ifrs-full_ContractLiabilities" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:type="resource" xml:lang="en-US">Contract liabilities, beginning balance</link:label>
    <link:label id="lab_ifrs-full_ContractLiabilities_e56bc2c3-58c8-4a19-984e-05e0a10ddd29_periodEndLabel_en-US" xlink:label="lab_ifrs-full_ContractLiabilities" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:type="resource" xml:lang="en-US">Contract liabilities, ending balance</link:label>
    <link:label id="lab_ifrs-full_ContractLiabilities_label_en-US" xlink:label="lab_ifrs-full_ContractLiabilities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Contract liabilities</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_ContractLiabilities" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_ContractLiabilities"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_ContractLiabilities" xlink:to="lab_ifrs-full_ContractLiabilities" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_BilateralLoanDueMarch192025Member_76e135f5-0ffd-4e7d-88bd-eed806e2ab19_terseLabel_en-US" xlink:label="lab_tef_BilateralLoanDueMarch192025Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Bilateral loan due March 19, 2025</link:label>
    <link:label id="lab_tef_BilateralLoanDueMarch192025Member_label_en-US" xlink:label="lab_tef_BilateralLoanDueMarch192025Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Bilateral Loan Due March 19, 2025 [Member]</link:label>
    <link:label id="lab_tef_BilateralLoanDueMarch192025Member_documentation_en-US" xlink:label="lab_tef_BilateralLoanDueMarch192025Member" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Bilateral Loan Due March 19, 2025</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_BilateralLoanDueMarch192025Member" xlink:href="tef-20241231.xsd#tef_BilateralLoanDueMarch192025Member"/>
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    <link:label id="lab_tef_TotalUnusedTaxCreditsMember_30bdd0bb-7902-4f52-887e-d5949e761fec_terseLabel_en-US" xlink:label="lab_tef_TotalUnusedTaxCreditsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Total unused tax credits</link:label>
    <link:label id="lab_tef_TotalUnusedTaxCreditsMember_label_en-US" xlink:label="lab_tef_TotalUnusedTaxCreditsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Total Unused Tax Credits [Member]</link:label>
    <link:label id="lab_tef_TotalUnusedTaxCreditsMember_documentation_en-US" xlink:label="lab_tef_TotalUnusedTaxCreditsMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Total Unused Tax Credits [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_TotalUnusedTaxCreditsMember" xlink:href="tef-20241231.xsd#tef_TotalUnusedTaxCreditsMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_TotalUnusedTaxCreditsMember" xlink:to="lab_tef_TotalUnusedTaxCreditsMember" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_IncreaseDecreaseThroughBusinessCombinationsDeferredTaxAsset_df279878-e0bf-44d2-8bc1-45fba2f3e236_terseLabel_en-US" xlink:label="lab_tef_IncreaseDecreaseThroughBusinessCombinationsDeferredTaxAsset" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Additions</link:label>
    <link:label id="lab_tef_IncreaseDecreaseThroughBusinessCombinationsDeferredTaxAsset_label_en-US" xlink:label="lab_tef_IncreaseDecreaseThroughBusinessCombinationsDeferredTaxAsset" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Increase (Decrease) Through Business Combinations, Deferred Tax Asset</link:label>
    <link:label id="lab_tef_IncreaseDecreaseThroughBusinessCombinationsDeferredTaxAsset_documentation_en-US" xlink:label="lab_tef_IncreaseDecreaseThroughBusinessCombinationsDeferredTaxAsset" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Increase (Decrease) Through Business Combinations, Deferred Tax Asset</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_IncreaseDecreaseThroughBusinessCombinationsDeferredTaxAsset" xlink:href="tef-20241231.xsd#tef_IncreaseDecreaseThroughBusinessCombinationsDeferredTaxAsset"/>
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    <link:label id="lab_ifrs-full_IncomeTaxRelatingToCashFlowHedgesOfOtherComprehensiveIncome_fcf5ae93-c1fa-4bcd-8c58-e1d3014ce530_negatedTerseLabel_en-US" xlink:label="lab_ifrs-full_IncomeTaxRelatingToCashFlowHedgesOfOtherComprehensiveIncome" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xml:lang="en-US">Income tax impact</link:label>
    <link:label id="lab_ifrs-full_IncomeTaxRelatingToCashFlowHedgesOfOtherComprehensiveIncome_label_en-US" xlink:label="lab_ifrs-full_IncomeTaxRelatingToCashFlowHedgesOfOtherComprehensiveIncome" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Income tax relating to cash flow hedges included in other comprehensive income</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_IncomeTaxRelatingToCashFlowHedgesOfOtherComprehensiveIncome" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_IncomeTaxRelatingToCashFlowHedgesOfOtherComprehensiveIncome"/>
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    <link:label id="lab_tef_PercentageOfSharesTransferred_84db7263-ff83-4eb2-a661-3d75ec2aa6c5_terseLabel_en-US" xlink:label="lab_tef_PercentageOfSharesTransferred" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Percentage of shares transferred</link:label>
    <link:label id="lab_tef_PercentageOfSharesTransferred_label_en-US" xlink:label="lab_tef_PercentageOfSharesTransferred" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Percentage Of Shares Transferred</link:label>
    <link:label id="lab_tef_PercentageOfSharesTransferred_documentation_en-US" xlink:label="lab_tef_PercentageOfSharesTransferred" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Percentage Of Shares Transferred</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_PercentageOfSharesTransferred" xlink:href="tef-20241231.xsd#tef_PercentageOfSharesTransferred"/>
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    <link:label id="lab_ifrs-full_NoncontrollingInterests_fa607824-c816-4dce-9c2f-d4e0107ca47f_terseLabel_en-US" xlink:label="lab_ifrs-full_NoncontrollingInterests" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Equity attributable to non-controlling interests</link:label>
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    <link:label id="lab_ifrs-full_NoncontrollingInterests_db8056ec-2167-4274-9401-6b0b7b729a8d_periodEndLabel_en-US" xlink:label="lab_ifrs-full_NoncontrollingInterests" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:type="resource" xml:lang="en-US">Ending balance</link:label>
    <link:label id="lab_ifrs-full_NoncontrollingInterests_label_en-US" xlink:label="lab_ifrs-full_NoncontrollingInterests" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Non-controlling interests</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_NoncontrollingInterests" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_NoncontrollingInterests"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_NoncontrollingInterests" xlink:to="lab_ifrs-full_NoncontrollingInterests" xlink:type="arc" order="1"/>
    <link:label id="lab_srt_StatementGeographicalAxis_3f544f8b-13f7-4af1-8363-90a3cbfafb0b_terseLabel_en-US" xlink:label="lab_srt_StatementGeographicalAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Geographical [Axis]</link:label>
    <link:label id="lab_srt_StatementGeographicalAxis_label_en-US" xlink:label="lab_srt_StatementGeographicalAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Geographical [Axis]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_srt_StatementGeographicalAxis" xlink:href="https://xbrl.fasb.org/srt/2024/elts/srt-2024.xsd#srt_StatementGeographicalAxis"/>
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    <link:label id="lab_tef_Commercialpapersissuable_0eb0d93e-fc7e-4dfe-a5ce-efef3a097617_terseLabel_en-US" xlink:label="lab_tef_Commercialpapersissuable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Commercial papers issuable</link:label>
    <link:label id="lab_tef_Commercialpapersissuable_label_en-US" xlink:label="lab_tef_Commercialpapersissuable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Commercial papers issuable</link:label>
    <link:label id="lab_tef_Commercialpapersissuable_documentation_en-US" xlink:label="lab_tef_Commercialpapersissuable" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Commercial papers issuable</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_Commercialpapersissuable" xlink:href="tef-20241231.xsd#tef_Commercialpapersissuable"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_Commercialpapersissuable" xlink:to="lab_tef_Commercialpapersissuable" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_LatinAmericanCurrenciesVs.EURMember_66683ad0-a2bd-4eee-8115-0741bdd81256_terseLabel_en-US" xlink:label="lab_tef_LatinAmericanCurrenciesVs.EURMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Latin American currencies vs USD</link:label>
    <link:label id="lab_tef_LatinAmericanCurrenciesVs.EURMember_label_en-US" xlink:label="lab_tef_LatinAmericanCurrenciesVs.EURMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Latin American Currencies Vs. EUR [Member]</link:label>
    <link:label id="lab_tef_LatinAmericanCurrenciesVs.EURMember_documentation_en-US" xlink:label="lab_tef_LatinAmericanCurrenciesVs.EURMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Latin American Currencies Vs. EUR [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_LatinAmericanCurrenciesVs.EURMember" xlink:href="tef-20241231.xsd#tef_LatinAmericanCurrenciesVs.EURMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_LatinAmericanCurrenciesVs.EURMember" xlink:to="lab_tef_LatinAmericanCurrenciesVs.EURMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_UnusedTaxCreditsMember_fe7077b5-b2e0-447d-a256-1b625149349a_terseLabel_en-US" xlink:label="lab_ifrs-full_UnusedTaxCreditsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Unused tax deductions</link:label>
    <link:label id="lab_ifrs-full_UnusedTaxCreditsMember_label_en-US" xlink:label="lab_ifrs-full_UnusedTaxCreditsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Unused tax credits [member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_UnusedTaxCreditsMember" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_UnusedTaxCreditsMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_UnusedTaxCreditsMember" xlink:to="lab_ifrs-full_UnusedTaxCreditsMember" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_STFCMigrationAuthorizationProvisionMember_2115b424-e198-493b-96d9-a7129db53f55_terseLabel_en-US" xlink:label="lab_tef_STFCMigrationAuthorizationProvisionMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">STFC migration authorization provision</link:label>
    <link:label id="lab_tef_STFCMigrationAuthorizationProvisionMember_label_en-US" xlink:label="lab_tef_STFCMigrationAuthorizationProvisionMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">STFC Migration Authorization Provision [Member]</link:label>
    <link:label id="lab_tef_STFCMigrationAuthorizationProvisionMember_documentation_en-US" xlink:label="lab_tef_STFCMigrationAuthorizationProvisionMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">STFC Migration Authorization Provision</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_STFCMigrationAuthorizationProvisionMember" xlink:href="tef-20241231.xsd#tef_STFCMigrationAuthorizationProvisionMember"/>
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    <link:label id="lab_tef_Costofhedginginequity_06e248e7-2d8f-45a6-8b3c-97746fd5523a_periodStartLabel_en-US" xlink:label="lab_tef_Costofhedginginequity" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:type="resource" xml:lang="en-US">Balance of cost of hedging in equity at beginning of period</link:label>
    <link:label id="lab_tef_Costofhedginginequity_d456aa6b-b79d-458a-b9ce-dacfccd9a6cd_periodEndLabel_en-US" xlink:label="lab_tef_Costofhedginginequity" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:type="resource" xml:lang="en-US">Balance of cost of hedging in equity at end of period</link:label>
    <link:label id="lab_tef_Costofhedginginequity_label_en-US" xlink:label="lab_tef_Costofhedginginequity" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Cost of hedging in equity</link:label>
    <link:label id="lab_tef_Costofhedginginequity_documentation_en-US" xlink:label="lab_tef_Costofhedginginequity" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Cost of hedging in equity</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_Costofhedginginequity" xlink:href="tef-20241231.xsd#tef_Costofhedginginequity"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_Costofhedginginequity" xlink:to="lab_tef_Costofhedginginequity" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_OpeningBalanceAfterAdjustmentCumulativeEffectAtDateOfInitialApplicationMember_e5b1bf68-7da9-4fd5-ab14-e4fc984c3c74_terseLabel_en-US" xlink:label="lab_ifrs-full_OpeningBalanceAfterAdjustmentCumulativeEffectAtDateOfInitialApplicationMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Opening balance after adjustment, cumulative effect at date of initial application</link:label>
    <link:label id="lab_ifrs-full_OpeningBalanceAfterAdjustmentCumulativeEffectAtDateOfInitialApplicationMember_label_en-US" xlink:label="lab_ifrs-full_OpeningBalanceAfterAdjustmentCumulativeEffectAtDateOfInitialApplicationMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Opening balance after adjustment, cumulative effect at date of initial application [member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_OpeningBalanceAfterAdjustmentCumulativeEffectAtDateOfInitialApplicationMember" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_OpeningBalanceAfterAdjustmentCumulativeEffectAtDateOfInitialApplicationMember"/>
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    <link:label id="lab_ifrs-full_BorrowingsByNameAxis_36d5c5cc-0d23-4bd0-9cb4-bd093c640478_terseLabel_en-US" xlink:label="lab_ifrs-full_BorrowingsByNameAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Borrowings by name [axis]</link:label>
    <link:label id="lab_ifrs-full_BorrowingsByNameAxis_label_en-US" xlink:label="lab_ifrs-full_BorrowingsByNameAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Borrowings by name [axis]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_BorrowingsByNameAxis" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_BorrowingsByNameAxis"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_BorrowingsByNameAxis" xlink:to="lab_ifrs-full_BorrowingsByNameAxis" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_ExpiringIn2030Option6Member_eb0a5e58-43c8-4e69-80f3-5e9b16c188ff_terseLabel_en-US" xlink:label="lab_tef_ExpiringIn2030Option6Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Expiring in 2030, Option 6</link:label>
    <link:label id="lab_tef_ExpiringIn2030Option6Member_label_en-US" xlink:label="lab_tef_ExpiringIn2030Option6Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Expiring in 2030, Option 6 [Member]</link:label>
    <link:label id="lab_tef_ExpiringIn2030Option6Member_documentation_en-US" xlink:label="lab_tef_ExpiringIn2030Option6Member" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Expiring in 2030, Option 6</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_ExpiringIn2030Option6Member" xlink:href="tef-20241231.xsd#tef_ExpiringIn2030Option6Member"/>
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    <link:label id="lab_tef_PercentageOfOtherComprehensiveIncomeOfJointVenture_48de8f6f-8b67-4d7d-b14c-170966281941_terseLabel_en-US" xlink:label="lab_tef_PercentageOfOtherComprehensiveIncomeOfJointVenture" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Other comprehensive income of joint venture (in percent)</link:label>
    <link:label id="lab_tef_PercentageOfOtherComprehensiveIncomeOfJointVenture_label_en-US" xlink:label="lab_tef_PercentageOfOtherComprehensiveIncomeOfJointVenture" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Percentage Of Other Comprehensive Income Of Joint Venture</link:label>
    <link:label id="lab_tef_PercentageOfOtherComprehensiveIncomeOfJointVenture_documentation_en-US" xlink:label="lab_tef_PercentageOfOtherComprehensiveIncomeOfJointVenture" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Percentage Of Other Comprehensive Income Of Joint Venture</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_PercentageOfOtherComprehensiveIncomeOfJointVenture" xlink:href="tef-20241231.xsd#tef_PercentageOfOtherComprehensiveIncomeOfJointVenture"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_PercentageOfOtherComprehensiveIncomeOfJointVenture" xlink:to="lab_tef_PercentageOfOtherComprehensiveIncomeOfJointVenture" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_TypesOfHedgesDomain_d9bb1b26-84a4-4e06-b11b-a586323fea15_terseLabel_en-US" xlink:label="lab_ifrs-full_TypesOfHedgesDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Types of hedges [domain]</link:label>
    <link:label id="lab_ifrs-full_TypesOfHedgesDomain_label_en-US" xlink:label="lab_ifrs-full_TypesOfHedgesDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Types of hedges [domain]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_TypesOfHedgesDomain" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_TypesOfHedgesDomain"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_TypesOfHedgesDomain" xlink:to="lab_ifrs-full_TypesOfHedgesDomain" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_PercentageOfVotingEquityInterestsAcquired_587c0627-f418-4543-90b9-0523a076ffd5_terseLabel_en-US" xlink:label="lab_ifrs-full_PercentageOfVotingEquityInterestsAcquired" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Percentage of voting equity interests acquired</link:label>
    <link:label id="lab_ifrs-full_PercentageOfVotingEquityInterestsAcquired_cd0ab77c-f84b-4ed4-960a-03a3f447456d_netLabel_en-US" xlink:label="lab_ifrs-full_PercentageOfVotingEquityInterestsAcquired" xlink:role="http://www.xbrl.org/2009/role/netLabel" xlink:type="resource" xml:lang="en-US">% Acquisition</link:label>
    <link:label id="lab_ifrs-full_PercentageOfVotingEquityInterestsAcquired_label_en-US" xlink:label="lab_ifrs-full_PercentageOfVotingEquityInterestsAcquired" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Percentage of voting equity interests acquired</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_PercentageOfVotingEquityInterestsAcquired" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_PercentageOfVotingEquityInterestsAcquired"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_PercentageOfVotingEquityInterestsAcquired" xlink:to="lab_ifrs-full_PercentageOfVotingEquityInterestsAcquired" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_BondT.Peru4thProgram19thSeriesAMember_e7a59b5e-fc9a-4231-a9a2-f9a5dbf87322_terseLabel_en-US" xlink:label="lab_tef_BondT.Peru4thProgram19thSeriesAMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Bond T. Peru 4th Program (19th Serie A)</link:label>
    <link:label id="lab_tef_BondT.Peru4thProgram19thSeriesAMember_label_en-US" xlink:label="lab_tef_BondT.Peru4thProgram19thSeriesAMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Bond T. Peru 4th Program (19th Series A) [Member]</link:label>
    <link:label id="lab_tef_BondT.Peru4thProgram19thSeriesAMember_documentation_en-US" xlink:label="lab_tef_BondT.Peru4thProgram19thSeriesAMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Bond T. Peru 4th Program (19th Series A) [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_BondT.Peru4thProgram19thSeriesAMember" xlink:href="tef-20241231.xsd#tef_BondT.Peru4thProgram19thSeriesAMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_BondT.Peru4thProgram19thSeriesAMember" xlink:to="lab_tef_BondT.Peru4thProgram19thSeriesAMember" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_TelefonicaHoldingAtticusMember_4d876705-b18e-4d1e-b26b-96b198bbb429_terseLabel_en-US" xlink:label="lab_tef_TelefonicaHoldingAtticusMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Telef&#243;nica Holding Atticus, B.V. Holding company</link:label>
    <link:label id="lab_tef_TelefonicaHoldingAtticusMember_label_en-US" xlink:label="lab_tef_TelefonicaHoldingAtticusMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Telefonica Holding Atticus [Member]</link:label>
    <link:label id="lab_tef_TelefonicaHoldingAtticusMember_documentation_en-US" xlink:label="lab_tef_TelefonicaHoldingAtticusMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Telefonica Holding Atticus [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_TelefonicaHoldingAtticusMember" xlink:href="tef-20241231.xsd#tef_TelefonicaHoldingAtticusMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_TelefonicaHoldingAtticusMember" xlink:to="lab_tef_TelefonicaHoldingAtticusMember" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_IncreaseDecreaseInTaxExpenseDueToTemporaryDifferences_3b6b235e-2505-46bd-ab6c-b0570a8f6b9c_terseLabel_en-US" xlink:label="lab_tef_IncreaseDecreaseInTaxExpenseDueToTemporaryDifferences" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Increase/(decrease) in tax expense arising from temporary differences</link:label>
    <link:label id="lab_tef_IncreaseDecreaseInTaxExpenseDueToTemporaryDifferences_label_en-US" xlink:label="lab_tef_IncreaseDecreaseInTaxExpenseDueToTemporaryDifferences" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Increase (Decrease) In Tax Expense Due To Temporary Differences</link:label>
    <link:label id="lab_tef_IncreaseDecreaseInTaxExpenseDueToTemporaryDifferences_documentation_en-US" xlink:label="lab_tef_IncreaseDecreaseInTaxExpenseDueToTemporaryDifferences" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Increase (Decrease) In Tax Expense Due To Temporary Differences</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_IncreaseDecreaseInTaxExpenseDueToTemporaryDifferences" xlink:href="tef-20241231.xsd#tef_IncreaseDecreaseInTaxExpenseDueToTemporaryDifferences"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_IncreaseDecreaseInTaxExpenseDueToTemporaryDifferences" xlink:to="lab_tef_IncreaseDecreaseInTaxExpenseDueToTemporaryDifferences" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_PwCAuditoresS.L.Member_c07e52dc-9e37-4048-bec9-72dfa5bddb75_terseLabel_en-US" xlink:label="lab_tef_PwCAuditoresS.L.Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">PwC Auditores, S.L.</link:label>
    <link:label id="lab_tef_PwCAuditoresS.L.Member_label_en-US" xlink:label="lab_tef_PwCAuditoresS.L.Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">PwC Auditores, S.L. [Member]</link:label>
    <link:label id="lab_tef_PwCAuditoresS.L.Member_documentation_en-US" xlink:label="lab_tef_PwCAuditoresS.L.Member" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">PwC Auditores, S.L. [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_PwCAuditoresS.L.Member" xlink:href="tef-20241231.xsd#tef_PwCAuditoresS.L.Member"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_PwCAuditoresS.L.Member" xlink:to="lab_tef_PwCAuditoresS.L.Member" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_HedgedItemsthathaveCeasedtobeAdjustedforGainsandLossesMember_0ed90064-7bbd-43eb-9a83-968d13c7bd5e_terseLabel_en-US" xlink:label="lab_tef_HedgedItemsthathaveCeasedtobeAdjustedforGainsandLossesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Of which: accumulated amount of any hedge item that have ceased to be adjusted for gains and losses</link:label>
    <link:label id="lab_tef_HedgedItemsthathaveCeasedtobeAdjustedforGainsandLossesMember_label_en-US" xlink:label="lab_tef_HedgedItemsthathaveCeasedtobeAdjustedforGainsandLossesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Hedged Items that have Ceased to be Adjusted for Gains and Losses [Member]</link:label>
    <link:label id="lab_tef_HedgedItemsthathaveCeasedtobeAdjustedforGainsandLossesMember_documentation_en-US" xlink:label="lab_tef_HedgedItemsthathaveCeasedtobeAdjustedforGainsandLossesMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Hedged Items that have Ceased to be Adjusted for Gains and Losses [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_HedgedItemsthathaveCeasedtobeAdjustedforGainsandLossesMember" xlink:href="tef-20241231.xsd#tef_HedgedItemsthathaveCeasedtobeAdjustedforGainsandLossesMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_HedgedItemsthathaveCeasedtobeAdjustedforGainsandLossesMember" xlink:to="lab_tef_HedgedItemsthathaveCeasedtobeAdjustedforGainsandLossesMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_OtherRevenue_17db83e4-0f78-4051-b2e1-c9a88e5015d6_terseLabel_en-US" xlink:label="lab_ifrs-full_OtherRevenue" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Sale of goods</link:label>
    <link:label id="lab_ifrs-full_OtherRevenue_13d2d482-d3b1-4d88-87b1-4a54cfb2f676_verboseLabel_en-US" xlink:label="lab_ifrs-full_OtherRevenue" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Other financial income</link:label>
    <link:label id="lab_ifrs-full_OtherRevenue_label_en-US" xlink:label="lab_ifrs-full_OtherRevenue" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Other revenue</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_OtherRevenue" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_OtherRevenue"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_OtherRevenue" xlink:to="lab_ifrs-full_OtherRevenue" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_OtherFinancialAssetsMember_c05c34d0-f187-488b-81b9-b945364c601a_terseLabel_en-US" xlink:label="lab_tef_OtherFinancialAssetsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Other financial assets</link:label>
    <link:label id="lab_tef_OtherFinancialAssetsMember_label_en-US" xlink:label="lab_tef_OtherFinancialAssetsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Other Financial Assets [Member]</link:label>
    <link:label id="lab_tef_OtherFinancialAssetsMember_documentation_en-US" xlink:label="lab_tef_OtherFinancialAssetsMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Other Financial Assets [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_OtherFinancialAssetsMember" xlink:href="tef-20241231.xsd#tef_OtherFinancialAssetsMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_OtherFinancialAssetsMember" xlink:to="lab_tef_OtherFinancialAssetsMember" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_TreasurySharesAsAPercentofTotalShares_9b23933e-cf00-44cb-99c4-e40a05d82b94_terseLabel_en-US" xlink:label="lab_tef_TreasurySharesAsAPercentofTotalShares" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Proportion of total shares classified as treasury shares (as a percent)</link:label>
    <link:label id="lab_tef_TreasurySharesAsAPercentofTotalShares_label_en-US" xlink:label="lab_tef_TreasurySharesAsAPercentofTotalShares" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Treasury Shares As A Percent of Total Shares</link:label>
    <link:label id="lab_tef_TreasurySharesAsAPercentofTotalShares_documentation_en-US" xlink:label="lab_tef_TreasurySharesAsAPercentofTotalShares" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Treasury Shares As A Percent of Total Shares</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_TreasurySharesAsAPercentofTotalShares" xlink:href="tef-20241231.xsd#tef_TreasurySharesAsAPercentofTotalShares"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_TreasurySharesAsAPercentofTotalShares" xlink:to="lab_tef_TreasurySharesAsAPercentofTotalShares" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_MeasurementDomain_dcda3c5d-58da-448a-a2f3-1e1cbbe63508_terseLabel_en-US" xlink:label="lab_ifrs-full_MeasurementDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Measurement [domain]</link:label>
    <link:label id="lab_ifrs-full_MeasurementDomain_label_en-US" xlink:label="lab_ifrs-full_MeasurementDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Measurement [domain]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_MeasurementDomain" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_MeasurementDomain"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_MeasurementDomain" xlink:to="lab_ifrs-full_MeasurementDomain" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_DefinedBenefitPlanTypeDomain_707d1a90-8685-42ad-944d-5ca3091a4159_terseLabel_en-US" xlink:label="lab_tef_DefinedBenefitPlanTypeDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Defined Benefit Plan Type [Domain]</link:label>
    <link:label id="lab_tef_DefinedBenefitPlanTypeDomain_label_en-US" xlink:label="lab_tef_DefinedBenefitPlanTypeDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Defined Benefit Plan Type [Domain]</link:label>
    <link:label id="lab_tef_DefinedBenefitPlanTypeDomain_documentation_en-US" xlink:label="lab_tef_DefinedBenefitPlanTypeDomain" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">[Domain] for Defined Benefit Plan Type [Axis]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_DefinedBenefitPlanTypeDomain" xlink:href="tef-20241231.xsd#tef_DefinedBenefitPlanTypeDomain"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_DefinedBenefitPlanTypeDomain" xlink:to="lab_tef_DefinedBenefitPlanTypeDomain" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_BETernaAustriaGmbHMember_8b13d8d1-64fe-442f-8d61-f0c21cfcb2d5_terseLabel_en-US" xlink:label="lab_tef_BETernaAustriaGmbHMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">BE-terna Austria GmbH</link:label>
    <link:label id="lab_tef_BETernaAustriaGmbHMember_label_en-US" xlink:label="lab_tef_BETernaAustriaGmbHMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">BE-terna Austria GmbH [Member]</link:label>
    <link:label id="lab_tef_BETernaAustriaGmbHMember_documentation_en-US" xlink:label="lab_tef_BETernaAustriaGmbHMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">BE-terna Austria GmbH</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_BETernaAustriaGmbHMember" xlink:href="tef-20241231.xsd#tef_BETernaAustriaGmbHMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_BETernaAustriaGmbHMember" xlink:to="lab_tef_BETernaAustriaGmbHMember" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_CapitalRedemptionReserveRecorded_040173e1-7d59-4454-b509-62b0e153c5c0_terseLabel_en-US" xlink:label="lab_tef_CapitalRedemptionReserveRecorded" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Capital redemption reserve recorded</link:label>
    <link:label id="lab_tef_CapitalRedemptionReserveRecorded_label_en-US" xlink:label="lab_tef_CapitalRedemptionReserveRecorded" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Capital redemption reserve recorded</link:label>
    <link:label id="lab_tef_CapitalRedemptionReserveRecorded_documentation_en-US" xlink:label="lab_tef_CapitalRedemptionReserveRecorded" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Capital redemption reserve recorded</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_CapitalRedemptionReserveRecorded" xlink:href="tef-20241231.xsd#tef_CapitalRedemptionReserveRecorded"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_CapitalRedemptionReserveRecorded" xlink:to="lab_tef_CapitalRedemptionReserveRecorded" xlink:type="arc" order="1"/>
    <link:label id="lab_srt_ConsolidationItemsAxis_7d9c23e0-6c63-4ff1-a925-ec8beb945565_terseLabel_en-US" xlink:label="lab_srt_ConsolidationItemsAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Consolidation Items [Axis]</link:label>
    <link:label id="lab_srt_ConsolidationItemsAxis_label_en-US" xlink:label="lab_srt_ConsolidationItemsAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Consolidation Items [Axis]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_srt_ConsolidationItemsAxis" xlink:href="https://xbrl.fasb.org/srt/2024/elts/srt-2024.xsd#srt_ConsolidationItemsAxis"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_srt_ConsolidationItemsAxis" xlink:to="lab_srt_ConsolidationItemsAxis" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_OpalHoldcoLimitedMember_7769bf75-ceb1-47ce-8884-ca981105c324_terseLabel_en-US" xlink:label="lab_tef_OpalHoldcoLimitedMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Opal Holdco Limited</link:label>
    <link:label id="lab_tef_OpalHoldcoLimitedMember_label_en-US" xlink:label="lab_tef_OpalHoldcoLimitedMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Opal Holdco Limited [Member]</link:label>
    <link:label id="lab_tef_OpalHoldcoLimitedMember_documentation_en-US" xlink:label="lab_tef_OpalHoldcoLimitedMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Opal Holdco Limited</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_OpalHoldcoLimitedMember" xlink:href="tef-20241231.xsd#tef_OpalHoldcoLimitedMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_OpalHoldcoLimitedMember" xlink:to="lab_tef_OpalHoldcoLimitedMember" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_SecondDivisionOfSpanishFootballChampionshipLeagueMember_e3c21232-8c12-44c5-b473-3d85d877b6ff_terseLabel_en-US" xlink:label="lab_tef_SecondDivisionOfSpanishFootballChampionshipLeagueMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Second Division Of Spanish Football Championship League</link:label>
    <link:label id="lab_tef_SecondDivisionOfSpanishFootballChampionshipLeagueMember_label_en-US" xlink:label="lab_tef_SecondDivisionOfSpanishFootballChampionshipLeagueMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Second Division Of Spanish Football Championship League [Member]</link:label>
    <link:label id="lab_tef_SecondDivisionOfSpanishFootballChampionshipLeagueMember_documentation_en-US" xlink:label="lab_tef_SecondDivisionOfSpanishFootballChampionshipLeagueMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Second Division Of Spanish Football Championship League</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_SecondDivisionOfSpanishFootballChampionshipLeagueMember" xlink:href="tef-20241231.xsd#tef_SecondDivisionOfSpanishFootballChampionshipLeagueMember"/>
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    <link:label id="lab_tef_InvestmentSalesRatioMember_01c0b9bc-42ad-46eb-b924-ce4cdbdeaa3c_terseLabel_en-US" xlink:label="lab_tef_InvestmentSalesRatioMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Investment/Sales Ratio</link:label>
    <link:label id="lab_tef_InvestmentSalesRatioMember_label_en-US" xlink:label="lab_tef_InvestmentSalesRatioMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Investment/Sales Ratio [Member]</link:label>
    <link:label id="lab_tef_InvestmentSalesRatioMember_documentation_en-US" xlink:label="lab_tef_InvestmentSalesRatioMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Investment/Sales Ratio [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_InvestmentSalesRatioMember" xlink:href="tef-20241231.xsd#tef_InvestmentSalesRatioMember"/>
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    <link:label id="lab_ifrs-full_NoncurrentPayables_5a929445-983c-4c84-a398-30253e2542ec_totalLabel_en-US" xlink:label="lab_ifrs-full_NoncurrentPayables" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Payables</link:label>
    <link:label id="lab_ifrs-full_NoncurrentPayables_label_en-US" xlink:label="lab_ifrs-full_NoncurrentPayables" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Trade and other non-current payables</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_NoncurrentPayables" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_NoncurrentPayables"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_NoncurrentPayables" xlink:to="lab_ifrs-full_NoncurrentPayables" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_NumberOfOtherEquityInstrumentsOutstandingInSharebasedPaymentArrangement_262ca442-dae5-4376-b017-8fea1958ea74_verboseLabel_en-US" xlink:label="lab_ifrs-full_NumberOfOtherEquityInstrumentsOutstandingInSharebasedPaymentArrangement" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Number of shares outstanding (shares)</link:label>
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    <link:label id="lab_ifrs-full_NumberOfOtherEquityInstrumentsOutstandingInSharebasedPaymentArrangement_label_en-US" xlink:label="lab_ifrs-full_NumberOfOtherEquityInstrumentsOutstandingInSharebasedPaymentArrangement" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Number of other equity instruments outstanding in share-based payment arrangement</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_NumberOfOtherEquityInstrumentsOutstandingInSharebasedPaymentArrangement" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_NumberOfOtherEquityInstrumentsOutstandingInSharebasedPaymentArrangement"/>
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    <link:label id="lab_tef_LiabilityAssetOfDefinedBenefitPlansNetOfProvisions_f3a0a9a2-7647-4edf-9218-a69cdb8ae3c0_negatedTerseLabel_en-US" xlink:label="lab_tef_LiabilityAssetOfDefinedBenefitPlansNetOfProvisions" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xml:lang="en-US">Net assets</link:label>
    <link:label id="lab_tef_LiabilityAssetOfDefinedBenefitPlansNetOfProvisions_label_en-US" xlink:label="lab_tef_LiabilityAssetOfDefinedBenefitPlansNetOfProvisions" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Liability (Asset) Of Defined Benefit Plans, Net Of Provisions</link:label>
    <link:label id="lab_tef_LiabilityAssetOfDefinedBenefitPlansNetOfProvisions_documentation_en-US" xlink:label="lab_tef_LiabilityAssetOfDefinedBenefitPlansNetOfProvisions" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Liability (Asset) Of Defined Benefit Plans, Net Of Provisions</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_LiabilityAssetOfDefinedBenefitPlansNetOfProvisions" xlink:href="tef-20241231.xsd#tef_LiabilityAssetOfDefinedBenefitPlansNetOfProvisions"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_LiabilityAssetOfDefinedBenefitPlansNetOfProvisions" xlink:to="lab_tef_LiabilityAssetOfDefinedBenefitPlansNetOfProvisions" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_DisclosureOfTradeAndOtherReceivablesTable_7eaf1c79-6831-4da3-9b94-40157d446bb5_terseLabel_en-US" xlink:label="lab_tef_DisclosureOfTradeAndOtherReceivablesTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Disclosure of Trade and Other Receivables [Table]</link:label>
    <link:label id="lab_tef_DisclosureOfTradeAndOtherReceivablesTable_label_en-US" xlink:label="lab_tef_DisclosureOfTradeAndOtherReceivablesTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure Of Trade And Other Receivables [Table]</link:label>
    <link:label id="lab_tef_DisclosureOfTradeAndOtherReceivablesTable_documentation_en-US" xlink:label="lab_tef_DisclosureOfTradeAndOtherReceivablesTable" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Disclosure of trade and other receivables [Table]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_DisclosureOfTradeAndOtherReceivablesTable" xlink:href="tef-20241231.xsd#tef_DisclosureOfTradeAndOtherReceivablesTable"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_DisclosureOfTradeAndOtherReceivablesTable" xlink:to="lab_tef_DisclosureOfTradeAndOtherReceivablesTable" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_PerformanceSharePlan20242028Member_a325724b-a7a5-487a-b5ae-4450c2295953_terseLabel_en-US" xlink:label="lab_tef_PerformanceSharePlan20242028Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Performance Share Plan 2024-2028</link:label>
    <link:label id="lab_tef_PerformanceSharePlan20242028Member_label_en-US" xlink:label="lab_tef_PerformanceSharePlan20242028Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Performance Share Plan 2024-2028 [Member]</link:label>
    <link:label id="lab_tef_PerformanceSharePlan20242028Member_documentation_en-US" xlink:label="lab_tef_PerformanceSharePlan20242028Member" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Performance Share Plan 2024-2028</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_PerformanceSharePlan20242028Member" xlink:href="tef-20241231.xsd#tef_PerformanceSharePlan20242028Member"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_PerformanceSharePlan20242028Member" xlink:to="lab_tef_PerformanceSharePlan20242028Member" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_DisclosureOfTranslationDifferencesTableTextBlock_f65789e7-7188-46cc-ac82-06eea1c4c7d8_terseLabel_en-US" xlink:label="lab_tef_DisclosureOfTranslationDifferencesTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Schedule of Breakdown of Accumulated Contribution of Translation Differences</link:label>
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    <link:label id="lab_tef_DisclosureOfTranslationDifferencesTableTextBlock_documentation_en-US" xlink:label="lab_tef_DisclosureOfTranslationDifferencesTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Disclosure Of Translation Differences [Table Text Block]</link:label>
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    <link:label id="lab_ifrs-full_StatementOfChangesInEquityLineItems_55b60352-71fd-4bfa-871d-53035f46811c_terseLabel_en-US" xlink:label="lab_ifrs-full_StatementOfChangesInEquityLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Statement of changes in equity [line items]</link:label>
    <link:label id="lab_ifrs-full_StatementOfChangesInEquityLineItems_label_en-US" xlink:label="lab_ifrs-full_StatementOfChangesInEquityLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Statement of changes in equity [line items]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_StatementOfChangesInEquityLineItems" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_StatementOfChangesInEquityLineItems"/>
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    <link:label id="lab_ifrs-full_CurrentContractLiabilities_9a313f81-ac5e-4a00-9adc-7dfd1e23c566_terseLabel_en-US" xlink:label="lab_ifrs-full_CurrentContractLiabilities" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Contract liabilities (Note 23)</link:label>
    <link:label id="lab_ifrs-full_CurrentContractLiabilities_label_en-US" xlink:label="lab_ifrs-full_CurrentContractLiabilities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Current contract liabilities</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_CurrentContractLiabilities" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_CurrentContractLiabilities"/>
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    <link:label id="lab_ifrs-full_DisclosureOfDetailedInformationAboutHedgingInstrumentsLineItems_8bebe8fe-57bc-40f5-9718-d7490a8344fc_terseLabel_en-US" xlink:label="lab_ifrs-full_DisclosureOfDetailedInformationAboutHedgingInstrumentsLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Disclosure of detailed information about hedging instruments [line items]</link:label>
    <link:label id="lab_ifrs-full_DisclosureOfDetailedInformationAboutHedgingInstrumentsLineItems_label_en-US" xlink:label="lab_ifrs-full_DisclosureOfDetailedInformationAboutHedgingInstrumentsLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure of detailed information about hedging instruments [line items]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_DisclosureOfDetailedInformationAboutHedgingInstrumentsLineItems" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_DisclosureOfDetailedInformationAboutHedgingInstrumentsLineItems"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DisclosureOfDetailedInformationAboutHedgingInstrumentsLineItems" xlink:to="lab_ifrs-full_DisclosureOfDetailedInformationAboutHedgingInstrumentsLineItems" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_StatementOfCashFlowsAbstract_e4d3d994-4744-4c74-acfb-b3f73140a236_terseLabel_en-US" xlink:label="lab_ifrs-full_StatementOfCashFlowsAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Statement of cash flows [abstract]</link:label>
    <link:label id="lab_ifrs-full_StatementOfCashFlowsAbstract_label_en-US" xlink:label="lab_ifrs-full_StatementOfCashFlowsAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Statement of cash flows [abstract]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_StatementOfCashFlowsAbstract" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_StatementOfCashFlowsAbstract"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_StatementOfCashFlowsAbstract" xlink:to="lab_ifrs-full_StatementOfCashFlowsAbstract" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_CurrentTaxExpenseIncome_b256fb53-7e09-46f3-97fd-28b5bb0d7ee4_terseLabel_en-US" xlink:label="lab_ifrs-full_CurrentTaxExpenseIncome" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Current tax expense</link:label>
    <link:label id="lab_ifrs-full_CurrentTaxExpenseIncome_label_en-US" xlink:label="lab_ifrs-full_CurrentTaxExpenseIncome" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Current tax expense (income)</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_CurrentTaxExpenseIncome" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_CurrentTaxExpenseIncome"/>
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    <link:label id="lab_tef_FixedMember_7b97f70d-0a6d-49e3-86c8-934a516fc62b_terseLabel_en-US" xlink:label="lab_tef_FixedMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Fixed</link:label>
    <link:label id="lab_tef_FixedMember_label_en-US" xlink:label="lab_tef_FixedMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Fixed [Member]</link:label>
    <link:label id="lab_tef_FixedMember_documentation_en-US" xlink:label="lab_tef_FixedMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Fixed [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_FixedMember" xlink:href="tef-20241231.xsd#tef_FixedMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_FixedMember" xlink:to="lab_tef_FixedMember" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_Solar360SolucionesDeInstalacionYMantenimientoSLMember_aa3564a6-a009-4468-8f67-364de0b27537_terseLabel_en-US" xlink:label="lab_tef_Solar360SolucionesDeInstalacionYMantenimientoSLMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Solar360 Soluciones de Instalacion y Mantenimiento S.L. Marketing and management in the installation, sale and maintenance of photovoltaic equipment</link:label>
    <link:label id="lab_tef_Solar360SolucionesDeInstalacionYMantenimientoSLMember_label_en-US" xlink:label="lab_tef_Solar360SolucionesDeInstalacionYMantenimientoSLMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Solar360 Soluciones De Instalacion y Mantenimiento S.L. [Member]</link:label>
    <link:label id="lab_tef_Solar360SolucionesDeInstalacionYMantenimientoSLMember_documentation_en-US" xlink:label="lab_tef_Solar360SolucionesDeInstalacionYMantenimientoSLMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Solar360 Soluciones De Instalacion y Mantenimiento S.L.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_Solar360SolucionesDeInstalacionYMantenimientoSLMember" xlink:href="tef-20241231.xsd#tef_Solar360SolucionesDeInstalacionYMantenimientoSLMember"/>
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    <link:label id="lab_tef_HoldCoInfraCoSpAMember_5ca56cd9-87bb-46ab-86b4-f58094b836e1_terseLabel_en-US" xlink:label="lab_tef_HoldCoInfraCoSpAMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">HoldCo infraCo SpA</link:label>
    <link:label id="lab_tef_HoldCoInfraCoSpAMember_label_en-US" xlink:label="lab_tef_HoldCoInfraCoSpAMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">HoldCo infraCo SpA [Member]</link:label>
    <link:label id="lab_tef_HoldCoInfraCoSpAMember_documentation_en-US" xlink:label="lab_tef_HoldCoInfraCoSpAMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">HoldCo infraCo SpA</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_HoldCoInfraCoSpAMember" xlink:href="tef-20241231.xsd#tef_HoldCoInfraCoSpAMember"/>
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    <link:label id="lab_tef_RegulatoryOperationsLicenseAcquisitionConnectionExecutionTermMaximum_7ff7e7dc-cdd8-4794-ad5a-396e70aea1bd_terseLabel_en-US" xlink:label="lab_tef_RegulatoryOperationsLicenseAcquisitionConnectionExecutionTermMaximum" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">License acquisition, maximum connection execution term</link:label>
    <link:label id="lab_tef_RegulatoryOperationsLicenseAcquisitionConnectionExecutionTermMaximum_label_en-US" xlink:label="lab_tef_RegulatoryOperationsLicenseAcquisitionConnectionExecutionTermMaximum" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Regulatory Operations, License Acquisition, Connection Execution Term, Maximum</link:label>
    <link:label id="lab_tef_RegulatoryOperationsLicenseAcquisitionConnectionExecutionTermMaximum_documentation_en-US" xlink:label="lab_tef_RegulatoryOperationsLicenseAcquisitionConnectionExecutionTermMaximum" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Regulatory Operations, License Acquisition, Connection Execution Term, Maximum</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_RegulatoryOperationsLicenseAcquisitionConnectionExecutionTermMaximum" xlink:href="tef-20241231.xsd#tef_RegulatoryOperationsLicenseAcquisitionConnectionExecutionTermMaximum"/>
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    <link:label id="lab_tef_CurrentProvisionsForDismantlingOfAssets_773e125e-cd47-42e1-afe7-f2fbaa08887d_terseLabel_en-US" xlink:label="lab_tef_CurrentProvisionsForDismantlingOfAssets" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Dismantling of assets</link:label>
    <link:label id="lab_tef_CurrentProvisionsForDismantlingOfAssets_label_en-US" xlink:label="lab_tef_CurrentProvisionsForDismantlingOfAssets" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Current Provisions For Dismantling Of Assets</link:label>
    <link:label id="lab_tef_CurrentProvisionsForDismantlingOfAssets_documentation_en-US" xlink:label="lab_tef_CurrentProvisionsForDismantlingOfAssets" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Current Provisions For Dismantling of Assets</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_CurrentProvisionsForDismantlingOfAssets" xlink:href="tef-20241231.xsd#tef_CurrentProvisionsForDismantlingOfAssets"/>
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    <link:label id="lab_tef_SyndicatedLoanDueDecember042029Member_5431fdd1-fe2c-40d6-b203-5ee4210a91fe_terseLabel_en-US" xlink:label="lab_tef_SyndicatedLoanDueDecember042029Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Syndicated Loan Due December 04, 2029</link:label>
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    <link:label id="lab_tef_TalentForTheFutureSharePlan20242028Member_933cbe2e-dbe8-4729-ae5d-7d2fcbafb2fc_terseLabel_en-US" xlink:label="lab_tef_TalentForTheFutureSharePlan20242028Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Talent For The Future Share Plan 2024-2028</link:label>
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    <link:label id="lab_ifrs-full_SegmentsDomain_ddf7b956-bfbd-4608-99e8-d72ef7d66578_terseLabel_en-US" xlink:label="lab_ifrs-full_SegmentsDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Segments [domain]</link:label>
    <link:label id="lab_ifrs-full_SegmentsDomain_label_en-US" xlink:label="lab_ifrs-full_SegmentsDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Segments [domain]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_SegmentsDomain" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_SegmentsDomain"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_SegmentsDomain" xlink:to="lab_ifrs-full_SegmentsDomain" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory_40b2ece3-ca7b-4183-b6ea-a6421609d0f8_terseLabel_en-US" xlink:label="lab_ifrs-full_DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Derivative financial instruments and hedge accounting</link:label>
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    <link:label id="lab_tef_MobileFinancialServicesHoldingSPRLMember_950700f6-467a-4240-b951-3545f1c7d9ac_terseLabel_en-US" xlink:label="lab_tef_MobileFinancialServicesHoldingSPRLMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Mobile Financial Services Holding SPRL Financial services</link:label>
    <link:label id="lab_tef_MobileFinancialServicesHoldingSPRLMember_label_en-US" xlink:label="lab_tef_MobileFinancialServicesHoldingSPRLMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Mobile Financial Services Holding SPRL [Member]</link:label>
    <link:label id="lab_tef_MobileFinancialServicesHoldingSPRLMember_documentation_en-US" xlink:label="lab_tef_MobileFinancialServicesHoldingSPRLMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Mobile Financial Services Holding SPRL [Member]</link:label>
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    <link:label id="lab_ifrs-full_BankBorrowingsUndiscountedCashFlows_1fe885af-07b5-477e-982b-ebe7849f89bd_terseLabel_en-US" xlink:label="lab_ifrs-full_BankBorrowingsUndiscountedCashFlows" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Promissory notes &amp; commercial paper</link:label>
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    <link:label id="lab_ifrs-full_DisclosureOfIntangibleAssetsTable_5a6ba9f3-7cc1-4eb8-b397-063b6abd80c5_terseLabel_en-US" xlink:label="lab_ifrs-full_DisclosureOfIntangibleAssetsTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Disclosure of detailed information about intangible assets [table]</link:label>
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    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_DisclosureOfIntangibleAssetsTable" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_DisclosureOfIntangibleAssetsTable"/>
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    <link:label id="lab_tef_NoncurrentPayablesAndOtherNonCurrentLiabilitiesFromAssociatesAndJointVentures_9ea1d888-ed0a-47b3-9d94-4589d85413c5_terseLabel_en-US" xlink:label="lab_tef_NoncurrentPayablesAndOtherNonCurrentLiabilitiesFromAssociatesAndJointVentures" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Non-current payables and other liabilities (Note 21)</link:label>
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    <link:loc xlink:type="locator" xlink:label="loc_tef_NoncurrentPayablesAndOtherNonCurrentLiabilitiesFromAssociatesAndJointVentures" xlink:href="tef-20241231.xsd#tef_NoncurrentPayablesAndOtherNonCurrentLiabilitiesFromAssociatesAndJointVentures"/>
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    <link:label id="lab_ifrs-full_AcquisitionsThroughBusinessCombinationsPropertyPlantAndEquipment_ce2626b7-905f-43b3-8ec4-b180459af391_terseLabel_en-US" xlink:label="lab_ifrs-full_AcquisitionsThroughBusinessCombinationsPropertyPlantAndEquipment" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Business combina-tions</link:label>
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    <link:label id="lab_tef_TELEFEMISIONESMARCH20182Member_a00ea1f5-6b36-4135-87d7-156635344079_terseLabel_en-US" xlink:label="lab_tef_TELEFEMISIONESMARCH20182Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">TELEF. EMISIONES MARCH 2018</link:label>
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    <link:label id="lab_ifrs-full_DeferredTaxLiabilities_3b53da49-031e-434a-b5a2-860e4534160c_terseLabel_en-US" xlink:label="lab_ifrs-full_DeferredTaxLiabilities" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Deferred tax liabilities</link:label>
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    <link:label id="lab_ifrs-full_DeferredTaxLiabilities_label_en-US" xlink:label="lab_ifrs-full_DeferredTaxLiabilities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Deferred tax liabilities</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_DeferredTaxLiabilities" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_DeferredTaxLiabilities"/>
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    <link:label id="lab_tef_IPNETUSALLCMember_4b98862e-5f39-46fb-ab9e-f1437e6d4cfb_terseLabel_en-US" xlink:label="lab_tef_IPNETUSALLCMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">IPNET USA, LLC Software and systems resale, professional services and project management</link:label>
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    <link:label id="lab_tef_JoseMariaAbrilPerezMember_2cfb1512-0240-4a29-a4f1-7ecfe42fef0e_terseLabel_en-US" xlink:label="lab_tef_JoseMariaAbrilPerezMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Mr. Jos&#233; Mar&#237;a Abril P&#233;rez</link:label>
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    <link:label id="lab_ifrs-full_DisclosureOfBusinessCombinationsExplanatory_5cae52e4-dcae-44c9-9a53-5f5f9cb14e24_terseLabel_en-US" xlink:label="lab_ifrs-full_DisclosureOfBusinessCombinationsExplanatory" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Business Combinations</link:label>
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    <link:label id="lab_tef_TelefonicaTechIndiaPrivateLimitedMember_2cc1316b-9f3c-4d7e-99d4-110e9b9ccbed_terseLabel_en-US" xlink:label="lab_tef_TelefonicaTechIndiaPrivateLimitedMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Telef&#243;nica Tech India Private Limited</link:label>
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    <link:label id="lab_ifrs-full_DisclosureOfServiceConcessionArrangementsTable_452c56d1-e4ee-44b3-9d14-e840c03fe922_terseLabel_en-US" xlink:label="lab_ifrs-full_DisclosureOfServiceConcessionArrangementsTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Disclosure of detailed information about service concession arrangements [table]</link:label>
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    <link:label id="lab_ifrs-full_DisclosureOfMaturityAnalysisOfOperatingLeasePaymentsExplanatory_7761afcd-7764-4c4f-8c98-8e59084e600d_terseLabel_en-US" xlink:label="lab_ifrs-full_DisclosureOfMaturityAnalysisOfOperatingLeasePaymentsExplanatory" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Schedule of Maturity of Lease Liabilities</link:label>
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    <link:label id="lab_ifrs-full_InterestRateSwapContractMember_ba83103f-48a6-4a16-ae05-d3b5d3d45f4d_terseLabel_en-US" xlink:label="lab_ifrs-full_InterestRateSwapContractMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Interest rate swaps</link:label>
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    <link:label id="lab_tef_AllCurrenciesVs.EURMember_c9e8d2d6-e2bf-4fd0-b007-5491b9946466_terseLabel_en-US" xlink:label="lab_tef_AllCurrenciesVs.EURMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">All currencies vs EUR</link:label>
    <link:label id="lab_tef_AllCurrenciesVs.EURMember_label_en-US" xlink:label="lab_tef_AllCurrenciesVs.EURMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">All Currencies Vs. EUR [Member]</link:label>
    <link:label id="lab_tef_AllCurrenciesVs.EURMember_documentation_en-US" xlink:label="lab_tef_AllCurrenciesVs.EURMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">All Currencies Vs. EUR [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_AllCurrenciesVs.EURMember" xlink:href="tef-20241231.xsd#tef_AllCurrenciesVs.EURMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_AllCurrenciesVs.EURMember" xlink:to="lab_tef_AllCurrenciesVs.EURMember" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_OtherCommittedPaymentMember_c48aa9de-558a-4bae-b4ee-923f3959e0bb_terseLabel_en-US" xlink:label="lab_tef_OtherCommittedPaymentMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Other committed payment</link:label>
    <link:label id="lab_tef_OtherCommittedPaymentMember_label_en-US" xlink:label="lab_tef_OtherCommittedPaymentMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Other Committed Payment [Member]</link:label>
    <link:label id="lab_tef_OtherCommittedPaymentMember_documentation_en-US" xlink:label="lab_tef_OtherCommittedPaymentMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Other Committed Payment</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_OtherCommittedPaymentMember" xlink:href="tef-20241231.xsd#tef_OtherCommittedPaymentMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_OtherCommittedPaymentMember" xlink:to="lab_tef_OtherCommittedPaymentMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_DisclosureOfReservesWithinEquityTable_d9918524-a832-41cf-8737-d88af108da58_terseLabel_en-US" xlink:label="lab_ifrs-full_DisclosureOfReservesWithinEquityTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Disclosure of reserves within equity [table]</link:label>
    <link:label id="lab_ifrs-full_DisclosureOfReservesWithinEquityTable_label_en-US" xlink:label="lab_ifrs-full_DisclosureOfReservesWithinEquityTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure of reserves within equity [table]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_DisclosureOfReservesWithinEquityTable" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_DisclosureOfReservesWithinEquityTable"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DisclosureOfReservesWithinEquityTable" xlink:to="lab_ifrs-full_DisclosureOfReservesWithinEquityTable" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_RawMaterialsAndConsumablesUsed_e7935354-d2c7-4b5f-9ec1-83905add1c5c_negatedTerseLabel_en-US" xlink:label="lab_ifrs-full_RawMaterialsAndConsumablesUsed" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xml:lang="en-US">Supplies</link:label>
    <link:label id="lab_ifrs-full_RawMaterialsAndConsumablesUsed_label_en-US" xlink:label="lab_ifrs-full_RawMaterialsAndConsumablesUsed" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Raw materials and consumables used</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_RawMaterialsAndConsumablesUsed" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_RawMaterialsAndConsumablesUsed"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_RawMaterialsAndConsumablesUsed" xlink:to="lab_ifrs-full_RawMaterialsAndConsumablesUsed" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_BorrowingsAverageInterestRate_be2c3573-7bae-4d96-8cd1-96e7f8dc1be8_terseLabel_en-US" xlink:label="lab_tef_BorrowingsAverageInterestRate" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Average interest rate (as a percent)</link:label>
    <link:label id="lab_tef_BorrowingsAverageInterestRate_label_en-US" xlink:label="lab_tef_BorrowingsAverageInterestRate" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Borrowings, Average Interest Rate</link:label>
    <link:label id="lab_tef_BorrowingsAverageInterestRate_documentation_en-US" xlink:label="lab_tef_BorrowingsAverageInterestRate" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Borrowings, Average Interest Rate</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_BorrowingsAverageInterestRate" xlink:href="tef-20241231.xsd#tef_BorrowingsAverageInterestRate"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_BorrowingsAverageInterestRate" xlink:to="lab_tef_BorrowingsAverageInterestRate" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_DerivativesMember_d3f18007-fe94-4cea-9304-25f5f82fa0ec_terseLabel_en-US" xlink:label="lab_ifrs-full_DerivativesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Derivative instruments</link:label>
    <link:label id="lab_ifrs-full_DerivativesMember_827ee6eb-77d0-41b3-8324-7cf40105ef63_verboseLabel_en-US" xlink:label="lab_ifrs-full_DerivativesMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Long-term derivative financial assets (Note 19)</link:label>
    <link:label id="lab_ifrs-full_DerivativesMember_b3c6424d-16e8-4077-87df-234c2803426b_netLabel_en-US" xlink:label="lab_ifrs-full_DerivativesMember" xlink:role="http://www.xbrl.org/2009/role/netLabel" xlink:type="resource" xml:lang="en-US">Short-term derivative financial assets (Note 19)</link:label>
    <link:label id="lab_ifrs-full_DerivativesMember_label_en-US" xlink:label="lab_ifrs-full_DerivativesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Derivatives [member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_DerivativesMember" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_DerivativesMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DerivativesMember" xlink:to="lab_ifrs-full_DerivativesMember" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_SyndicatedBilateralLoanofTelxiusTelecomS.A.Member_8aef4bde-c1e9-4e64-b9d3-b3c0fcbdcd5e_terseLabel_en-US" xlink:label="lab_tef_SyndicatedBilateralLoanofTelxiusTelecomS.A.Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Syndicated bilateral loan of Telxius Telecom, S.A.</link:label>
    <link:label id="lab_tef_SyndicatedBilateralLoanofTelxiusTelecomS.A.Member_label_en-US" xlink:label="lab_tef_SyndicatedBilateralLoanofTelxiusTelecomS.A.Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Syndicated Bilateral Loan of Telxius Telecom, S.A. [Member]</link:label>
    <link:label id="lab_tef_SyndicatedBilateralLoanofTelxiusTelecomS.A.Member_documentation_en-US" xlink:label="lab_tef_SyndicatedBilateralLoanofTelxiusTelecomS.A.Member" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Syndicated Bilateral Loan of Telxius Telecom, S.A. [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_SyndicatedBilateralLoanofTelxiusTelecomS.A.Member" xlink:href="tef-20241231.xsd#tef_SyndicatedBilateralLoanofTelxiusTelecomS.A.Member"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_SyndicatedBilateralLoanofTelxiusTelecomS.A.Member" xlink:to="lab_tef_SyndicatedBilateralLoanofTelxiusTelecomS.A.Member" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations_ea0c7b41-a514-443a-9d4c-a923f8d8db1f_terseLabel_en-US" xlink:label="lab_ifrs-full_DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">New IFRS and interpretations of the International Financial Reporting Interpretations Committee (IFRIC)</link:label>
    <link:label id="lab_ifrs-full_DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations_label_en-US" xlink:label="lab_ifrs-full_DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure of expected impact of initial application of new standards or interpretations [text block]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations" xlink:to="lab_ifrs-full_DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_Weightedaverageexercisepriceofotherequityinstrumentsgrantedinsharebasedpaymentarrangements_0bb93d3f-0100-4f84-a2dd-cc269bfc30bc_terseLabel_en-US" xlink:label="lab_tef_Weightedaverageexercisepriceofotherequityinstrumentsgrantedinsharebasedpaymentarrangements" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Fair value of shares assigned (EUR per share)</link:label>
    <link:label id="lab_tef_Weightedaverageexercisepriceofotherequityinstrumentsgrantedinsharebasedpaymentarrangements_label_en-US" xlink:label="lab_tef_Weightedaverageexercisepriceofotherequityinstrumentsgrantedinsharebasedpaymentarrangements" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Weighted average exercise price of other equity instruments granted in share-based payment arrangements</link:label>
    <link:label id="lab_tef_Weightedaverageexercisepriceofotherequityinstrumentsgrantedinsharebasedpaymentarrangements_documentation_en-US" xlink:label="lab_tef_Weightedaverageexercisepriceofotherequityinstrumentsgrantedinsharebasedpaymentarrangements" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Weighted average exercise price of other equity instruments granted in share-based payment arrangements</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_Weightedaverageexercisepriceofotherequityinstrumentsgrantedinsharebasedpaymentarrangements" xlink:href="tef-20241231.xsd#tef_Weightedaverageexercisepriceofotherequityinstrumentsgrantedinsharebasedpaymentarrangements"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_Weightedaverageexercisepriceofotherequityinstrumentsgrantedinsharebasedpaymentarrangements" xlink:to="lab_tef_Weightedaverageexercisepriceofotherequityinstrumentsgrantedinsharebasedpaymentarrangements" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_DisclosureOfExpensesExplanatory_01b0b3d1-0071-48aa-a93d-f9e68158c1a1_terseLabel_en-US" xlink:label="lab_ifrs-full_DisclosureOfExpensesExplanatory" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Revenues and Expenses</link:label>
    <link:label id="lab_ifrs-full_DisclosureOfExpensesExplanatory_label_en-US" xlink:label="lab_ifrs-full_DisclosureOfExpensesExplanatory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure of expenses [text block]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_DisclosureOfExpensesExplanatory" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_DisclosureOfExpensesExplanatory"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DisclosureOfExpensesExplanatory" xlink:to="lab_ifrs-full_DisclosureOfExpensesExplanatory" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_AssociatesandJointVenturesMember_1ca1da48-a6bc-4fc3-9c3f-720f1ba7aa40_terseLabel_en-US" xlink:label="lab_tef_AssociatesandJointVenturesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Associates and Joint Ventures</link:label>
    <link:label id="lab_tef_AssociatesandJointVenturesMember_label_en-US" xlink:label="lab_tef_AssociatesandJointVenturesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Associates and Joint Ventures [Member]</link:label>
    <link:label id="lab_tef_AssociatesandJointVenturesMember_documentation_en-US" xlink:label="lab_tef_AssociatesandJointVenturesMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Associates and Joint Ventures [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_AssociatesandJointVenturesMember" xlink:href="tef-20241231.xsd#tef_AssociatesandJointVenturesMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_AssociatesandJointVenturesMember" xlink:to="lab_tef_AssociatesandJointVenturesMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_LaterThanFiveYearsMember_c2bd7d45-fa38-4bb1-984b-dee86b6d9771_terseLabel_en-US" xlink:label="lab_ifrs-full_LaterThanFiveYearsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Subsequent years</link:label>
    <link:label id="lab_ifrs-full_LaterThanFiveYearsMember_2a6373ca-d914-4eb6-b213-d4073184e34e_verboseLabel_en-US" xlink:label="lab_ifrs-full_LaterThanFiveYearsMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">More than five years</link:label>
    <link:label id="lab_ifrs-full_LaterThanFiveYearsMember_label_en-US" xlink:label="lab_ifrs-full_LaterThanFiveYearsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Later than five years [member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_LaterThanFiveYearsMember" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_LaterThanFiveYearsMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_LaterThanFiveYearsMember" xlink:to="lab_ifrs-full_LaterThanFiveYearsMember" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_OtherLongTermAssetsRecognisedAsOfAcquisitionDate_8d9be17c-dd5c-4d90-a2bc-700657323a3f_terseLabel_en-US" xlink:label="lab_tef_OtherLongTermAssetsRecognisedAsOfAcquisitionDate" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Other long term assets</link:label>
    <link:label id="lab_tef_OtherLongTermAssetsRecognisedAsOfAcquisitionDate_label_en-US" xlink:label="lab_tef_OtherLongTermAssetsRecognisedAsOfAcquisitionDate" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Other Long Term Assets Recognised As Of Acquisition Date</link:label>
    <link:label id="lab_tef_OtherLongTermAssetsRecognisedAsOfAcquisitionDate_documentation_en-US" xlink:label="lab_tef_OtherLongTermAssetsRecognisedAsOfAcquisitionDate" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Other Long Term Assets Recognised As Of Acquisition Date</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_OtherLongTermAssetsRecognisedAsOfAcquisitionDate" xlink:href="tef-20241231.xsd#tef_OtherLongTermAssetsRecognisedAsOfAcquisitionDate"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_OtherLongTermAssetsRecognisedAsOfAcquisitionDate" xlink:to="lab_tef_OtherLongTermAssetsRecognisedAsOfAcquisitionDate" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_DisclosureOfDerivativeFinancialInstrumentsExplanatory_c1000279-bbc5-48b9-87d4-453bf9c1a8d1_terseLabel_en-US" xlink:label="lab_ifrs-full_DisclosureOfDerivativeFinancialInstrumentsExplanatory" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Derivative Financial Instruments and Risk Management Policies</link:label>
    <link:label id="lab_ifrs-full_DisclosureOfDerivativeFinancialInstrumentsExplanatory_label_en-US" xlink:label="lab_ifrs-full_DisclosureOfDerivativeFinancialInstrumentsExplanatory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure of derivative financial instruments [text block]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_DisclosureOfDerivativeFinancialInstrumentsExplanatory" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_DisclosureOfDerivativeFinancialInstrumentsExplanatory"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DisclosureOfDerivativeFinancialInstrumentsExplanatory" xlink:to="lab_ifrs-full_DisclosureOfDerivativeFinancialInstrumentsExplanatory" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_RegulatoryOperationsLicenseAgreementPaymentToRenewSpectrumLicense_daba0fca-9b49-45ef-a0c8-4caa2f3522c7_terseLabel_en-US" xlink:label="lab_tef_RegulatoryOperationsLicenseAgreementPaymentToRenewSpectrumLicense" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Payment to renew spectrum license</link:label>
    <link:label id="lab_tef_RegulatoryOperationsLicenseAgreementPaymentToRenewSpectrumLicense_label_en-US" xlink:label="lab_tef_RegulatoryOperationsLicenseAgreementPaymentToRenewSpectrumLicense" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Regulatory Operations, License Agreement, Payment To Renew Spectrum License</link:label>
    <link:label id="lab_tef_RegulatoryOperationsLicenseAgreementPaymentToRenewSpectrumLicense_documentation_en-US" xlink:label="lab_tef_RegulatoryOperationsLicenseAgreementPaymentToRenewSpectrumLicense" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Regulatory Operations, License Agreement, Payment To Renew Spectrum License</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_RegulatoryOperationsLicenseAgreementPaymentToRenewSpectrumLicense" xlink:href="tef-20241231.xsd#tef_RegulatoryOperationsLicenseAgreementPaymentToRenewSpectrumLicense"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_RegulatoryOperationsLicenseAgreementPaymentToRenewSpectrumLicense" xlink:to="lab_tef_RegulatoryOperationsLicenseAgreementPaymentToRenewSpectrumLicense" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_ValuationAssumptionWeightedAverageCostOfCapitalImpairmentOfGoodwill_d700ce34-8ee0-4c66-9975-7f0ac9acd1b5_terseLabel_en-US" xlink:label="lab_tef_ValuationAssumptionWeightedAverageCostOfCapitalImpairmentOfGoodwill" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Valuation assumption, weighted average cost of capital, impairment of goodwill</link:label>
    <link:label id="lab_tef_ValuationAssumptionWeightedAverageCostOfCapitalImpairmentOfGoodwill_label_en-US" xlink:label="lab_tef_ValuationAssumptionWeightedAverageCostOfCapitalImpairmentOfGoodwill" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Valuation Assumption, Weighted Average Cost Of Capital, Impairment Of Goodwill</link:label>
    <link:label id="lab_tef_ValuationAssumptionWeightedAverageCostOfCapitalImpairmentOfGoodwill_documentation_en-US" xlink:label="lab_tef_ValuationAssumptionWeightedAverageCostOfCapitalImpairmentOfGoodwill" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Valuation Assumption, Weighted Average Cost Of Capital, Impairment Of Goodwill</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_ValuationAssumptionWeightedAverageCostOfCapitalImpairmentOfGoodwill" xlink:href="tef-20241231.xsd#tef_ValuationAssumptionWeightedAverageCostOfCapitalImpairmentOfGoodwill"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_ValuationAssumptionWeightedAverageCostOfCapitalImpairmentOfGoodwill" xlink:to="lab_tef_ValuationAssumptionWeightedAverageCostOfCapitalImpairmentOfGoodwill" xlink:type="arc" order="1"/>
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    <link:label id="lab_tef_ProportionOfOwnershipInterestInJointVentureDisposal_d1c00990-32d5-4dbd-a9be-14efabd1b33d_terseLabel_en-US" xlink:label="lab_tef_ProportionOfOwnershipInterestInJointVentureDisposal" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Proportion of ownership interest in joint venture, disposal</link:label>
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    <link:label id="lab_ifrs-full_DisclosureOfInformationAboutTermsAndConditionsOfHedgingInstrumentsAndHowTheyAffectFutureCashFlowsTable_5e3488e2-4cb1-4f7d-99ad-e21bfcf799c4_terseLabel_en-US" xlink:label="lab_ifrs-full_DisclosureOfInformationAboutTermsAndConditionsOfHedgingInstrumentsAndHowTheyAffectFutureCashFlowsTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [table]</link:label>
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    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DisclosureOfInformationAboutTermsAndConditionsOfHedgingInstrumentsAndHowTheyAffectFutureCashFlowsTable" xlink:to="lab_ifrs-full_DisclosureOfInformationAboutTermsAndConditionsOfHedgingInstrumentsAndHowTheyAffectFutureCashFlowsTable" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_ExpiringIn2041Option2Member_63b4869b-725a-4250-8d17-860a169d266e_terseLabel_en-US" xlink:label="lab_tef_ExpiringIn2041Option2Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Expiring In 2041, Option 2</link:label>
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    <link:label id="lab_tef_ExpiringIn2041Option2Member_documentation_en-US" xlink:label="lab_tef_ExpiringIn2041Option2Member" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Expiring In 2041, Option 2</link:label>
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    <link:label id="lab_ifrs-full_Cash_290584a8-528c-4ef7-a624-22890e94997b_terseLabel_en-US" xlink:label="lab_ifrs-full_Cash" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Cash on hand and at banks</link:label>
    <link:label id="lab_ifrs-full_Cash_label_en-US" xlink:label="lab_ifrs-full_Cash" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Cash</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_Cash" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_Cash"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_Cash" xlink:to="lab_ifrs-full_Cash" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_DisclosureOfFinancialLiabilitiesLineItems_7aa324f9-d2fe-4c91-8a0b-e7648ad9cf55_terseLabel_en-US" xlink:label="lab_ifrs-full_DisclosureOfFinancialLiabilitiesLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Disclosure of financial liabilities [line items]</link:label>
    <link:label id="lab_ifrs-full_DisclosureOfFinancialLiabilitiesLineItems_label_en-US" xlink:label="lab_ifrs-full_DisclosureOfFinancialLiabilitiesLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure of financial liabilities [line items]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_DisclosureOfFinancialLiabilitiesLineItems" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_DisclosureOfFinancialLiabilitiesLineItems"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DisclosureOfFinancialLiabilitiesLineItems" xlink:to="lab_ifrs-full_DisclosureOfFinancialLiabilitiesLineItems" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_ShareBasedCompensationArrangementByShareBasedPaymentAwardMaximumContributionPerMonthByEmployee_50943523-23d3-4ecb-83e4-cab39622b8c4_terseLabel_en-US" xlink:label="lab_tef_ShareBasedCompensationArrangementByShareBasedPaymentAwardMaximumContributionPerMonthByEmployee" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Maximum contribution per month by employee</link:label>
    <link:label id="lab_tef_ShareBasedCompensationArrangementByShareBasedPaymentAwardMaximumContributionPerMonthByEmployee_label_en-US" xlink:label="lab_tef_ShareBasedCompensationArrangementByShareBasedPaymentAwardMaximumContributionPerMonthByEmployee" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Share-based Compensation Arrangement by Share-based Payment Award, Maximum Contribution Per Month By Employee</link:label>
    <link:label id="lab_tef_ShareBasedCompensationArrangementByShareBasedPaymentAwardMaximumContributionPerMonthByEmployee_documentation_en-US" xlink:label="lab_tef_ShareBasedCompensationArrangementByShareBasedPaymentAwardMaximumContributionPerMonthByEmployee" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Share-based Compensation Arrangement by Share-based Payment Award, Maximum Contribution Per Month By Employee</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_ShareBasedCompensationArrangementByShareBasedPaymentAwardMaximumContributionPerMonthByEmployee" xlink:href="tef-20241231.xsd#tef_ShareBasedCompensationArrangementByShareBasedPaymentAwardMaximumContributionPerMonthByEmployee"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_ShareBasedCompensationArrangementByShareBasedPaymentAwardMaximumContributionPerMonthByEmployee" xlink:to="lab_tef_ShareBasedCompensationArrangementByShareBasedPaymentAwardMaximumContributionPerMonthByEmployee" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_UtiqSAMember_8364c935-032e-4537-b264-5557d4fdcc5f_terseLabel_en-US" xlink:label="lab_tef_UtiqSAMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Utiq, S.A.</link:label>
    <link:label id="lab_tef_UtiqSAMember_label_en-US" xlink:label="lab_tef_UtiqSAMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Utiq, S.A. [Member]</link:label>
    <link:label id="lab_tef_UtiqSAMember_documentation_en-US" xlink:label="lab_tef_UtiqSAMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Utiq, S.A.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_UtiqSAMember" xlink:href="tef-20241231.xsd#tef_UtiqSAMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_UtiqSAMember" xlink:to="lab_tef_UtiqSAMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_InterestRateRiskMember_e76dfebf-ecd1-439b-b05d-fe4567c3d2bb_verboseLabel_en-US" xlink:label="lab_ifrs-full_InterestRateRiskMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Interest rate risk</link:label>
    <link:label id="lab_ifrs-full_InterestRateRiskMember_bece3bb5-974e-4856-a39a-087158d9d9f9_terseLabel_en-US" xlink:label="lab_ifrs-full_InterestRateRiskMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Interest rate risk</link:label>
    <link:label id="lab_ifrs-full_InterestRateRiskMember_f53416e3-802c-4211-a8a6-4ae778fb192f_netLabel_en-US" xlink:label="lab_ifrs-full_InterestRateRiskMember" xlink:role="http://www.xbrl.org/2009/role/netLabel" xlink:type="resource" xml:lang="en-US">Interest rate risk</link:label>
    <link:label id="lab_ifrs-full_InterestRateRiskMember_label_en-US" xlink:label="lab_ifrs-full_InterestRateRiskMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Interest rate risk [member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_InterestRateRiskMember" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_InterestRateRiskMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_InterestRateRiskMember" xlink:to="lab_ifrs-full_InterestRateRiskMember" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_PayingLegMember_13e1f6ba-dddd-4b26-89f2-3678a36f9818_terseLabel_en-US" xlink:label="lab_tef_PayingLegMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Paying leg</link:label>
    <link:label id="lab_tef_PayingLegMember_label_en-US" xlink:label="lab_tef_PayingLegMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Paying Leg [Member]</link:label>
    <link:label id="lab_tef_PayingLegMember_documentation_en-US" xlink:label="lab_tef_PayingLegMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Paying Leg [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_PayingLegMember" xlink:href="tef-20241231.xsd#tef_PayingLegMember"/>
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    <link:label id="lab_tef_AngelVilaBoixMember_d5e67ccb-429e-4a55-a1f8-b8e63e15d1ae_terseLabel_en-US" xlink:label="lab_tef_AngelVilaBoixMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Mr. &#193;ngel Vil&#225; Boix</link:label>
    <link:label id="lab_tef_AngelVilaBoixMember_label_en-US" xlink:label="lab_tef_AngelVilaBoixMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Angel Vila Boix [Member]</link:label>
    <link:label id="lab_tef_AngelVilaBoixMember_documentation_en-US" xlink:label="lab_tef_AngelVilaBoixMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Angel Vila Boix [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_AngelVilaBoixMember" xlink:href="tef-20241231.xsd#tef_AngelVilaBoixMember"/>
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    <link:label id="lab_tef_OtherPossibleContingentLiabilities_dae7bd04-db94-4f10-b037-f1709c12c87c_terseLabel_en-US" xlink:label="lab_tef_OtherPossibleContingentLiabilities" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Other possible contingencies</link:label>
    <link:label id="lab_tef_OtherPossibleContingentLiabilities_label_en-US" xlink:label="lab_tef_OtherPossibleContingentLiabilities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Other possible contingent liabilities</link:label>
    <link:label id="lab_tef_OtherPossibleContingentLiabilities_documentation_en-US" xlink:label="lab_tef_OtherPossibleContingentLiabilities" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Other possible contingent liabilities</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_OtherPossibleContingentLiabilities" xlink:href="tef-20241231.xsd#tef_OtherPossibleContingentLiabilities"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_OtherPossibleContingentLiabilities" xlink:to="lab_tef_OtherPossibleContingentLiabilities" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_FixedInterestRateMember_f57bec9d-2cdd-491e-8b52-79cab373d703_terseLabel_en-US" xlink:label="lab_ifrs-full_FixedInterestRateMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Fixed interest rate</link:label>
    <link:label id="lab_ifrs-full_FixedInterestRateMember_c5a3ed73-afa3-467f-acc3-e01f9c15ef2a_verboseLabel_en-US" xlink:label="lab_ifrs-full_FixedInterestRateMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Fixed rate</link:label>
    <link:label id="lab_ifrs-full_FixedInterestRateMember_label_en-US" xlink:label="lab_ifrs-full_FixedInterestRateMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Fixed interest rate [member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_FixedInterestRateMember" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_FixedInterestRateMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_FixedInterestRateMember" xlink:to="lab_ifrs-full_FixedInterestRateMember" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_RegulatoryOperationsPercentageOfFixedAnnualProvisionofInvoicedOperatingIncome_1eea80ec-f1d5-4376-9e3f-9cdddaf2cffa_terseLabel_en-US" xlink:label="lab_tef_RegulatoryOperationsPercentageOfFixedAnnualProvisionofInvoicedOperatingIncome" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Percentage of fixed annual provision of invoiced operating income</link:label>
    <link:label id="lab_tef_RegulatoryOperationsPercentageOfFixedAnnualProvisionofInvoicedOperatingIncome_label_en-US" xlink:label="lab_tef_RegulatoryOperationsPercentageOfFixedAnnualProvisionofInvoicedOperatingIncome" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Regulatory Operations, Percentage Of Fixed Annual Provision of Invoiced Operating Income</link:label>
    <link:label id="lab_tef_RegulatoryOperationsPercentageOfFixedAnnualProvisionofInvoicedOperatingIncome_documentation_en-US" xlink:label="lab_tef_RegulatoryOperationsPercentageOfFixedAnnualProvisionofInvoicedOperatingIncome" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Regulatory Operations, Percentage Of Fixed Annual Provision of Invoiced Operating Income</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_RegulatoryOperationsPercentageOfFixedAnnualProvisionofInvoicedOperatingIncome" xlink:href="tef-20241231.xsd#tef_RegulatoryOperationsPercentageOfFixedAnnualProvisionofInvoicedOperatingIncome"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_RegulatoryOperationsPercentageOfFixedAnnualProvisionofInvoicedOperatingIncome" xlink:to="lab_tef_RegulatoryOperationsPercentageOfFixedAnnualProvisionofInvoicedOperatingIncome" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_DisclosureOfRevenueFromContractsWithCustomersExplanatory_06b70a14-0d38-4224-b9cf-487dd0c9abc2_terseLabel_en-US" xlink:label="lab_ifrs-full_DisclosureOfRevenueFromContractsWithCustomersExplanatory" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Breakdown of Contractual Assets and Liabilities, and Capitalized Costs</link:label>
    <link:label id="lab_ifrs-full_DisclosureOfRevenueFromContractsWithCustomersExplanatory_label_en-US" xlink:label="lab_ifrs-full_DisclosureOfRevenueFromContractsWithCustomersExplanatory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure of revenue from contracts with customers [text block]</link:label>
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    <link:label id="lab_tef_RegulationsOnDigitalServicesPossibleFineOnTotalWorldwideTurnoverFirstOffense_5ff4cf61-a013-4643-9c96-22675c5d2394_terseLabel_en-US" xlink:label="lab_tef_RegulationsOnDigitalServicesPossibleFineOnTotalWorldwideTurnoverFirstOffense" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Regulations on digital services, potential fine on total worldwide turnover, first offense</link:label>
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    <link:label id="lab_tef_RegulationsOnDigitalServicesPossibleFineOnTotalWorldwideTurnoverFirstOffense_documentation_en-US" xlink:label="lab_tef_RegulationsOnDigitalServicesPossibleFineOnTotalWorldwideTurnoverFirstOffense" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Regulations On Digital Services, Possible Fine On Total Worldwide Turnover, First Offense</link:label>
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    <link:label id="lab_tef_NumberOfClientsRecognisedAsOfAcquisitionDatePercentage_c6c82c32-f584-4a9e-96e1-75e84b3c47b4_terseLabel_en-US" xlink:label="lab_tef_NumberOfClientsRecognisedAsOfAcquisitionDatePercentage" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Number of clients recognised as of acquisition date, (in percentage of total customers)</link:label>
    <link:label id="lab_tef_NumberOfClientsRecognisedAsOfAcquisitionDatePercentage_label_en-US" xlink:label="lab_tef_NumberOfClientsRecognisedAsOfAcquisitionDatePercentage" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Number of clients recognised as of acquisition date, percentage</link:label>
    <link:label id="lab_tef_NumberOfClientsRecognisedAsOfAcquisitionDatePercentage_documentation_en-US" xlink:label="lab_tef_NumberOfClientsRecognisedAsOfAcquisitionDatePercentage" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Number Of Clients Recognised As Of Acquisition Date, Percentage</link:label>
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    <link:label id="lab_dei_CurrentFiscalYearEndDate_a3989f08-05f9-4524-b07e-5238a720eca8_terseLabel_en-US" xlink:label="lab_dei_CurrentFiscalYearEndDate" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Current Fiscal Year End Date</link:label>
    <link:label id="lab_dei_CurrentFiscalYearEndDate_label_en-US" xlink:label="lab_dei_CurrentFiscalYearEndDate" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Current Fiscal Year End Date</link:label>
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    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_CurrentFiscalYearEndDate" xlink:to="lab_dei_CurrentFiscalYearEndDate" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesIntangibleAssetsAndGoodwill_2a8a72dc-3adb-482d-b99e-e7719f7a8c88_terseLabel_en-US" xlink:label="lab_ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesIntangibleAssetsAndGoodwill" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Exchange rate impact</link:label>
    <link:label id="lab_ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesIntangibleAssetsAndGoodwill_label_en-US" xlink:label="lab_ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesIntangibleAssetsAndGoodwill" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Increase (decrease) through net exchange differences, intangible assets and goodwill</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesIntangibleAssetsAndGoodwill" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesIntangibleAssetsAndGoodwill"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesIntangibleAssetsAndGoodwill" xlink:to="lab_ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesIntangibleAssetsAndGoodwill" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_TelfisaGlobalMember_fb7b3f4b-8622-4346-866a-e7a5d309b20f_terseLabel_en-US" xlink:label="lab_tef_TelfisaGlobalMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Telfisa Global, B.V. Integrated cash management, consulting and financial support for Group companies</link:label>
    <link:label id="lab_tef_TelfisaGlobalMember_label_en-US" xlink:label="lab_tef_TelfisaGlobalMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Telfisa Global [Member]</link:label>
    <link:label id="lab_tef_TelfisaGlobalMember_documentation_en-US" xlink:label="lab_tef_TelfisaGlobalMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Telfisa Global [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_TelfisaGlobalMember" xlink:href="tef-20241231.xsd#tef_TelfisaGlobalMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_TelfisaGlobalMember" xlink:to="lab_tef_TelfisaGlobalMember" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_FinancialLiabilitiesThatArePartOfSupplierFinanceArrangementsForWhichSuppliersHaveNotReceivedPaymentMember_306d9f78-aa8a-483b-95f1-ab6e13705d1c_terseLabel_en-US" xlink:label="lab_tef_FinancialLiabilitiesThatArePartOfSupplierFinanceArrangementsForWhichSuppliersHaveNotReceivedPaymentMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Outstanding invoices</link:label>
    <link:label id="lab_tef_FinancialLiabilitiesThatArePartOfSupplierFinanceArrangementsForWhichSuppliersHaveNotReceivedPaymentMember_label_en-US" xlink:label="lab_tef_FinancialLiabilitiesThatArePartOfSupplierFinanceArrangementsForWhichSuppliersHaveNotReceivedPaymentMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Financial Liabilities That are Part of Supplier Finance Arrangements for Which Suppliers Have Not Received Payment [Member]</link:label>
    <link:label id="lab_tef_FinancialLiabilitiesThatArePartOfSupplierFinanceArrangementsForWhichSuppliersHaveNotReceivedPaymentMember_documentation_en-US" xlink:label="lab_tef_FinancialLiabilitiesThatArePartOfSupplierFinanceArrangementsForWhichSuppliersHaveNotReceivedPaymentMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Financial Liabilities That are Part of Supplier Finance Arrangements for Which Suppliers Have Not Received Payment</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_FinancialLiabilitiesThatArePartOfSupplierFinanceArrangementsForWhichSuppliersHaveNotReceivedPaymentMember" xlink:href="tef-20241231.xsd#tef_FinancialLiabilitiesThatArePartOfSupplierFinanceArrangementsForWhichSuppliersHaveNotReceivedPaymentMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_FinancialLiabilitiesThatArePartOfSupplierFinanceArrangementsForWhichSuppliersHaveNotReceivedPaymentMember" xlink:to="lab_tef_FinancialLiabilitiesThatArePartOfSupplierFinanceArrangementsForWhichSuppliersHaveNotReceivedPaymentMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems_fa170418-25c0-4d51-b4ea-e2245e3840e5_terseLabel_en-US" xlink:label="lab_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Disclosure of detailed information about borrowings [line items]</link:label>
    <link:label id="lab_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems_label_en-US" xlink:label="lab_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure of detailed information about borrowings [line items]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems" xlink:to="lab_ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_TelefonicaPeruMember_686f21f7-60ad-4457-b220-8f088e838545_terseLabel_en-US" xlink:label="lab_tef_TelefonicaPeruMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Telef&#243;nica Peru</link:label>
    <link:label id="lab_tef_TelefonicaPeruMember_label_en-US" xlink:label="lab_tef_TelefonicaPeruMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Telefonica Peru [Member]</link:label>
    <link:label id="lab_tef_TelefonicaPeruMember_documentation_en-US" xlink:label="lab_tef_TelefonicaPeruMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Telefonica Peru [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_TelefonicaPeruMember" xlink:href="tef-20241231.xsd#tef_TelefonicaPeruMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_TelefonicaPeruMember" xlink:to="lab_tef_TelefonicaPeruMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_DisclosureOfVoluntaryChangeInAccountingPolicyTable_300fcf53-c9d9-4a75-9487-65d27c4144c9_terseLabel_en-US" xlink:label="lab_ifrs-full_DisclosureOfVoluntaryChangeInAccountingPolicyTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Disclosure of voluntary change in accounting policy [table]</link:label>
    <link:label id="lab_ifrs-full_DisclosureOfVoluntaryChangeInAccountingPolicyTable_label_en-US" xlink:label="lab_ifrs-full_DisclosureOfVoluntaryChangeInAccountingPolicyTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure of voluntary change in accounting policy [table]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_DisclosureOfVoluntaryChangeInAccountingPolicyTable" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_DisclosureOfVoluntaryChangeInAccountingPolicyTable"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DisclosureOfVoluntaryChangeInAccountingPolicyTable" xlink:to="lab_ifrs-full_DisclosureOfVoluntaryChangeInAccountingPolicyTable" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_Expiringin2040Member_6285993a-8c60-4790-bfd8-e1c1f6bfc641_terseLabel_en-US" xlink:label="lab_tef_Expiringin2040Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Expiring in 2040</link:label>
    <link:label id="lab_tef_Expiringin2040Member_label_en-US" xlink:label="lab_tef_Expiringin2040Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Expiring in 2040 [Member]</link:label>
    <link:label id="lab_tef_Expiringin2040Member_documentation_en-US" xlink:label="lab_tef_Expiringin2040Member" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Expiring in 2040 [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_Expiringin2040Member" xlink:href="tef-20241231.xsd#tef_Expiringin2040Member"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_Expiringin2040Member" xlink:to="lab_tef_Expiringin2040Member" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_TelefonicaHispanoamericaMember_6a55f6b7-323f-4551-b04f-7b34813922cd_netLabel_en-US" xlink:label="lab_tef_TelefonicaHispanoamericaMember" xlink:role="http://www.xbrl.org/2009/role/netLabel" xlink:type="resource" xml:lang="en-US">Telefonica Hispanoamerica</link:label>
    <link:label id="lab_tef_TelefonicaHispanoamericaMember_e9e064df-d1c1-4d98-b103-68a1efcaaf3d_terseLabel_en-US" xlink:label="lab_tef_TelefonicaHispanoamericaMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Telef&#243;nica Hispanoam&#233;rica, S.A.U. Holding company</link:label>
    <link:label id="lab_tef_TelefonicaHispanoamericaMember_label_en-US" xlink:label="lab_tef_TelefonicaHispanoamericaMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Telefonica Hispanoamerica [Member]</link:label>
    <link:label id="lab_tef_TelefonicaHispanoamericaMember_documentation_en-US" xlink:label="lab_tef_TelefonicaHispanoamericaMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Telefonica Hispanoamerica [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_TelefonicaHispanoamericaMember" xlink:href="tef-20241231.xsd#tef_TelefonicaHispanoamericaMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_TelefonicaHispanoamericaMember" xlink:to="lab_tef_TelefonicaHispanoamericaMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_OtherNoncurrentAssets_18eccd08-d797-4c83-b100-1c12feba91d4_terseLabel_en-US" xlink:label="lab_ifrs-full_OtherNoncurrentAssets" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Other non-current assets</link:label>
    <link:label id="lab_ifrs-full_OtherNoncurrentAssets_d7a7319c-afaa-42eb-bcb2-83795175f336_totalLabel_en-US" xlink:label="lab_ifrs-full_OtherNoncurrentAssets" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Other non-current assets</link:label>
    <link:label id="lab_ifrs-full_OtherNoncurrentAssets_77da11a3-d102-4562-8cfe-a174a7812c58_verboseLabel_en-US" xlink:label="lab_ifrs-full_OtherNoncurrentAssets" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Others</link:label>
    <link:label id="lab_ifrs-full_OtherNoncurrentAssets_label_en-US" xlink:label="lab_ifrs-full_OtherNoncurrentAssets" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Other non-current assets</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_OtherNoncurrentAssets" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_OtherNoncurrentAssets"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_OtherNoncurrentAssets" xlink:to="lab_ifrs-full_OtherNoncurrentAssets" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_GoodwillMember_1ca010bd-36f8-4165-9f2d-784ffd29b4da_terseLabel_en-US" xlink:label="lab_ifrs-full_GoodwillMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Goodwill (Note 7)</link:label>
    <link:label id="lab_ifrs-full_GoodwillMember_label_en-US" xlink:label="lab_ifrs-full_GoodwillMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Goodwill [member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_GoodwillMember" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_GoodwillMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_GoodwillMember" xlink:to="lab_ifrs-full_GoodwillMember" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_PontelParticipacionesSLMember_3b0a34f1-0e8d-409a-9f46-c8c2e5e1b9a7_terseLabel_en-US" xlink:label="lab_tef_PontelParticipacionesSLMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Pontel Participaciones, S.L. Holding company</link:label>
    <link:label id="lab_tef_PontelParticipacionesSLMember_label_en-US" xlink:label="lab_tef_PontelParticipacionesSLMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Pontel Participaciones, SL [Member]</link:label>
    <link:label id="lab_tef_PontelParticipacionesSLMember_documentation_en-US" xlink:label="lab_tef_PontelParticipacionesSLMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Pontel Participaciones, SL [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_PontelParticipacionesSLMember" xlink:href="tef-20241231.xsd#tef_PontelParticipacionesSLMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_PontelParticipacionesSLMember" xlink:to="lab_tef_PontelParticipacionesSLMember" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_ExpiringIn2041Option1Member_f1c921d8-35e7-43ee-8cd6-0a659e55fe94_terseLabel_en-US" xlink:label="lab_tef_ExpiringIn2041Option1Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Expiring In 2041, Option 1</link:label>
    <link:label id="lab_tef_ExpiringIn2041Option1Member_label_en-US" xlink:label="lab_tef_ExpiringIn2041Option1Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Expiring In 2041, Option 1 [Member]</link:label>
    <link:label id="lab_tef_ExpiringIn2041Option1Member_documentation_en-US" xlink:label="lab_tef_ExpiringIn2041Option1Member" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Expiring In 2041, Option 1</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_ExpiringIn2041Option1Member" xlink:href="tef-20241231.xsd#tef_ExpiringIn2041Option1Member"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_ExpiringIn2041Option1Member" xlink:to="lab_tef_ExpiringIn2041Option1Member" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_LatinAmericanDenominatedBorrowingsMember_5a0b13fe-bc01-44c1-ba44-093c95a977c4_terseLabel_en-US" xlink:label="lab_tef_LatinAmericanDenominatedBorrowingsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Latin American denominated borrowings</link:label>
    <link:label id="lab_tef_LatinAmericanDenominatedBorrowingsMember_label_en-US" xlink:label="lab_tef_LatinAmericanDenominatedBorrowingsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Latin American Denominated Borrowings [Member]</link:label>
    <link:label id="lab_tef_LatinAmericanDenominatedBorrowingsMember_documentation_en-US" xlink:label="lab_tef_LatinAmericanDenominatedBorrowingsMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Latin American Denominated Borrowings</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_LatinAmericanDenominatedBorrowingsMember" xlink:href="tef-20241231.xsd#tef_LatinAmericanDenominatedBorrowingsMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_LatinAmericanDenominatedBorrowingsMember" xlink:to="lab_tef_LatinAmericanDenominatedBorrowingsMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_ContinuingOperationsMember_bbfcf3cf-03ee-4cb2-99e9-24d1af7025c5_terseLabel_en-US" xlink:label="lab_ifrs-full_ContinuingOperationsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Continuing operations, unless line item indicates otherwise [member]</link:label>
    <link:label id="lab_ifrs-full_ContinuingOperationsMember_label_en-US" xlink:label="lab_ifrs-full_ContinuingOperationsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Continuing operations, unless line item indicates otherwise [member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_ContinuingOperationsMember" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_ContinuingOperationsMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_ContinuingOperationsMember" xlink:to="lab_ifrs-full_ContinuingOperationsMember" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_WeightedAveragePaymentCoefficientPercent_0e5205fb-c9e8-404b-9bfd-20e47211ca41_terseLabel_en-US" xlink:label="lab_tef_WeightedAveragePaymentCoefficientPercent" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Weighted-average payment coefficient (as a percent)</link:label>
    <link:label id="lab_tef_WeightedAveragePaymentCoefficientPercent_label_en-US" xlink:label="lab_tef_WeightedAveragePaymentCoefficientPercent" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Weighted-Average Payment Coefficient, Percent</link:label>
    <link:label id="lab_tef_WeightedAveragePaymentCoefficientPercent_documentation_en-US" xlink:label="lab_tef_WeightedAveragePaymentCoefficientPercent" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Weighted-Average Payment Coefficient, Percent</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_WeightedAveragePaymentCoefficientPercent" xlink:href="tef-20241231.xsd#tef_WeightedAveragePaymentCoefficientPercent"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_WeightedAveragePaymentCoefficientPercent" xlink:to="lab_tef_WeightedAveragePaymentCoefficientPercent" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_Expiringin2033Option3Member_b8067de1-2dfb-4b92-a7fd-131ca47dc293_terseLabel_en-US" xlink:label="lab_tef_Expiringin2033Option3Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Expiring in 2033, Option 3</link:label>
    <link:label id="lab_tef_Expiringin2033Option3Member_label_en-US" xlink:label="lab_tef_Expiringin2033Option3Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Expiring in 2033, Option 3 [Member]</link:label>
    <link:label id="lab_tef_Expiringin2033Option3Member_documentation_en-US" xlink:label="lab_tef_Expiringin2033Option3Member" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Expiring in 2033, Option 3 [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_Expiringin2033Option3Member" xlink:href="tef-20241231.xsd#tef_Expiringin2033Option3Member"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_Expiringin2033Option3Member" xlink:to="lab_tef_Expiringin2033Option3Member" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_ProportionOfOwnershipInterestInJointVenture_b6491cbe-9c28-48e7-ae25-f73b81b656c5_terseLabel_en-US" xlink:label="lab_ifrs-full_ProportionOfOwnershipInterestInJointVenture" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Proportion of ownership interest in joint venture</link:label>
    <link:label id="lab_ifrs-full_ProportionOfOwnershipInterestInJointVenture_d6a73c94-2741-4252-b42f-20b9870990a2_verboseLabel_en-US" xlink:label="lab_ifrs-full_ProportionOfOwnershipInterestInJointVenture" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Proportion of holding (in percentage)</link:label>
    <link:label id="lab_ifrs-full_ProportionOfOwnershipInterestInJointVenture_label_en-US" xlink:label="lab_ifrs-full_ProportionOfOwnershipInterestInJointVenture" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Proportion of ownership interest in joint venture</link:label>
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    <link:label id="lab_tef_TelefonicaCybersecurityTechPerSACMember_5e6ec505-9f48-4a35-b804-7ee9688ed493_terseLabel_en-US" xlink:label="lab_tef_TelefonicaCybersecurityTechPerSACMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Telef&#243;nica Tech Per&#250; S.A.C. Cybersecurity, electronic information security and IT consulting</link:label>
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    <link:label id="lab_ifrs-full_DisclosureOfQuantitativeInformationAboutRightofuseAssetsTable_00f493cf-2213-4120-9bb8-4800ddc1bb68_terseLabel_en-US" xlink:label="lab_ifrs-full_DisclosureOfQuantitativeInformationAboutRightofuseAssetsTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Disclosure of quantitative information about right-of-use assets [table]</link:label>
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    <link:label id="lab_tef_O2InternationalHoldingsMember_8792dc46-db59-4257-a4b1-99e3cb787294_terseLabel_en-US" xlink:label="lab_tef_O2InternationalHoldingsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">O2 International Holdings Ltd. Holding company</link:label>
    <link:label id="lab_tef_O2InternationalHoldingsMember_label_en-US" xlink:label="lab_tef_O2InternationalHoldingsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">O2 International Holdings [Member]</link:label>
    <link:label id="lab_tef_O2InternationalHoldingsMember_documentation_en-US" xlink:label="lab_tef_O2InternationalHoldingsMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">O2 International Holdings [Member]</link:label>
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    <link:label id="lab_ifrs-full_DisclosureOfTransactionPriceAllocatedToRemainingPerformanceObligationsLineItems_70321d9f-d770-48f4-b57f-b010d49a2213_terseLabel_en-US" xlink:label="lab_ifrs-full_DisclosureOfTransactionPriceAllocatedToRemainingPerformanceObligationsLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Disclosure of transaction price allocated to remaining performance obligations [line items]</link:label>
    <link:label id="lab_ifrs-full_DisclosureOfTransactionPriceAllocatedToRemainingPerformanceObligationsLineItems_label_en-US" xlink:label="lab_ifrs-full_DisclosureOfTransactionPriceAllocatedToRemainingPerformanceObligationsLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure of transaction price allocated to remaining performance obligations [line items]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_DisclosureOfTransactionPriceAllocatedToRemainingPerformanceObligationsLineItems" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_DisclosureOfTransactionPriceAllocatedToRemainingPerformanceObligationsLineItems"/>
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    <link:label id="lab_ifrs-full_DisclosureOfHedgeAccountingLineItems_1cafea68-fc76-4625-9e40-77b69df2e1d6_terseLabel_en-US" xlink:label="lab_ifrs-full_DisclosureOfHedgeAccountingLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Disclosure of detailed information about hedges [line items]</link:label>
    <link:label id="lab_ifrs-full_DisclosureOfHedgeAccountingLineItems_label_en-US" xlink:label="lab_ifrs-full_DisclosureOfHedgeAccountingLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure of detailed information about hedges [line items]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_DisclosureOfHedgeAccountingLineItems" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_DisclosureOfHedgeAccountingLineItems"/>
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    <link:label id="lab_ifrs-full_GainsLossesOnFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncomeBeforeTax_0b94f62b-066b-449d-9270-c542f4723314_terseLabel_en-US" xlink:label="lab_ifrs-full_GainsLossesOnFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncomeBeforeTax" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">(Losses) gains from financial assets measured at Fair value through other comprehensive income</link:label>
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    <link:label id="lab_ifrs-full_DisclosureOfServiceConcessionArrangementsLineItems_9649dfcf-c512-44de-953c-bea239e942fe_terseLabel_en-US" xlink:label="lab_ifrs-full_DisclosureOfServiceConcessionArrangementsLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Disclosure of detailed information about service concession arrangements [line items]</link:label>
    <link:label id="lab_ifrs-full_DisclosureOfServiceConcessionArrangementsLineItems_label_en-US" xlink:label="lab_ifrs-full_DisclosureOfServiceConcessionArrangementsLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure of detailed information about service concession arrangements [line items]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_DisclosureOfServiceConcessionArrangementsLineItems" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_DisclosureOfServiceConcessionArrangementsLineItems"/>
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    <link:label id="lab_ifrs-full_ProvisionForDecommissioningRestorationAndRehabilitationCostsMember_0d333bc0-5066-4323-8851-a3c066b55510_terseLabel_en-US" xlink:label="lab_ifrs-full_ProvisionForDecommissioningRestorationAndRehabilitationCostsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Dismantling of assets</link:label>
    <link:label id="lab_ifrs-full_ProvisionForDecommissioningRestorationAndRehabilitationCostsMember_label_en-US" xlink:label="lab_ifrs-full_ProvisionForDecommissioningRestorationAndRehabilitationCostsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Provision for decommissioning, restoration and rehabilitation costs [member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_ProvisionForDecommissioningRestorationAndRehabilitationCostsMember" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_ProvisionForDecommissioningRestorationAndRehabilitationCostsMember"/>
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    <link:label id="lab_ifrs-full_ContributionsToPlanByEmployerNetDefinedBenefitLiabilityAsset_6295aa28-5bea-4638-b9d9-a57de954eda2_terseLabel_en-US" xlink:label="lab_ifrs-full_ContributionsToPlanByEmployerNetDefinedBenefitLiabilityAsset" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Company contributions</link:label>
    <link:label id="lab_ifrs-full_ContributionsToPlanByEmployerNetDefinedBenefitLiabilityAsset_label_en-US" xlink:label="lab_ifrs-full_ContributionsToPlanByEmployerNetDefinedBenefitLiabilityAsset" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Decrease (increase) in net defined benefit liability (asset) resulting from resulting from contributions to plan by employer</link:label>
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    <link:label id="lab_tef_OtherExternalPositionMember_39c3d758-4515-4d93-a803-a7afda44243c_terseLabel_en-US" xlink:label="lab_tef_OtherExternalPositionMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Other external</link:label>
    <link:label id="lab_tef_OtherExternalPositionMember_label_en-US" xlink:label="lab_tef_OtherExternalPositionMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Other External Position [Member]</link:label>
    <link:label id="lab_tef_OtherExternalPositionMember_documentation_en-US" xlink:label="lab_tef_OtherExternalPositionMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Other External Position [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_OtherExternalPositionMember" xlink:href="tef-20241231.xsd#tef_OtherExternalPositionMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_OtherExternalPositionMember" xlink:to="lab_tef_OtherExternalPositionMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_IssuedCapital_bc52336a-40c0-42bb-a776-1720b4f730ee_terseLabel_en-US" xlink:label="lab_ifrs-full_IssuedCapital" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Share capital amount</link:label>
    <link:label id="lab_ifrs-full_IssuedCapital_label_en-US" xlink:label="lab_ifrs-full_IssuedCapital" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Issued capital</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_IssuedCapital" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_IssuedCapital"/>
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    <link:label id="lab_ifrs-full_PropertyPlantAndEquipmentAbstract_fe65145c-c33e-4f6e-ad77-4f34fc303f33_terseLabel_en-US" xlink:label="lab_ifrs-full_PropertyPlantAndEquipmentAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Property, plant and equipment [abstract]</link:label>
    <link:label id="lab_ifrs-full_PropertyPlantAndEquipmentAbstract_label_en-US" xlink:label="lab_ifrs-full_PropertyPlantAndEquipmentAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Property, plant and equipment [abstract]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_PropertyPlantAndEquipmentAbstract" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_PropertyPlantAndEquipmentAbstract"/>
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    <link:label id="lab_tef_ExpiringIn2027Option1Member_3b554465-cdb0-4f42-949d-b8b404ca0cdb_terseLabel_en-US" xlink:label="lab_tef_ExpiringIn2027Option1Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Expiring in 2027, Option 1</link:label>
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    <link:label id="lab_tef_ExpiringIn2027Option1Member_documentation_en-US" xlink:label="lab_tef_ExpiringIn2027Option1Member" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Expiring in 2027, Option 1</link:label>
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    <link:label id="lab_tef_AdditionstoLeaseLiabilities_710e67f8-8229-4f1f-9497-7bdb3e209752_terseLabel_en-US" xlink:label="lab_tef_AdditionstoLeaseLiabilities" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Additions</link:label>
    <link:label id="lab_tef_AdditionstoLeaseLiabilities_label_en-US" xlink:label="lab_tef_AdditionstoLeaseLiabilities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Additions to Lease Liabilities</link:label>
    <link:label id="lab_tef_AdditionstoLeaseLiabilities_documentation_en-US" xlink:label="lab_tef_AdditionstoLeaseLiabilities" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Additions to Lease Liabilities</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_AdditionstoLeaseLiabilities" xlink:href="tef-20241231.xsd#tef_AdditionstoLeaseLiabilities"/>
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    <link:label id="lab_ifrs-full_ComprehensiveIncomeAttributableToAbstract_63c6e241-0b77-4786-bc90-d5bae21de405_terseLabel_en-US" xlink:label="lab_ifrs-full_ComprehensiveIncomeAttributableToAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Attributable to:</link:label>
    <link:label id="lab_ifrs-full_ComprehensiveIncomeAttributableToAbstract_label_en-US" xlink:label="lab_ifrs-full_ComprehensiveIncomeAttributableToAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Comprehensive income attributable to [abstract]</link:label>
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    <link:label id="lab_tef_TransferCostsUnderFinanceAgreementsRelatedPartyTransactions_554129d3-b97f-45cf-a06d-787c99329119_terseLabel_en-US" xlink:label="lab_tef_TransferCostsUnderFinanceAgreementsRelatedPartyTransactions" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Finance costs</link:label>
    <link:label id="lab_tef_TransferCostsUnderFinanceAgreementsRelatedPartyTransactions_label_en-US" xlink:label="lab_tef_TransferCostsUnderFinanceAgreementsRelatedPartyTransactions" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Transfer Costs Under Finance Agreements, Related Party Transactions</link:label>
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    <link:label id="lab_tef_DisclosureOfTradeAndOtherReceivablesLineItems_0cc7e2af-4519-465c-9c96-59a01f88d701_terseLabel_en-US" xlink:label="lab_tef_DisclosureOfTradeAndOtherReceivablesLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Disclosure of Trade and Other Receivables [Line Items]</link:label>
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    <link:label id="lab_tef_DisclosureOfTradeAndOtherReceivablesLineItems_documentation_en-US" xlink:label="lab_tef_DisclosureOfTradeAndOtherReceivablesLineItems" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">[Line Items] for Disclosure of trade and other receivables [Table]</link:label>
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    <link:label id="lab_ifrs-full_AdjustedWeightedAverageShares_19327af6-5704-4b12-bed3-bbf40cae689c_totalLabel_en-US" xlink:label="lab_ifrs-full_AdjustedWeightedAverageShares" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Weighted average number of ordinary shares outstanding for diluted earnings per share (excluding treasury shares) (in shares)</link:label>
    <link:label id="lab_ifrs-full_AdjustedWeightedAverageShares_label_en-US" xlink:label="lab_ifrs-full_AdjustedWeightedAverageShares" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Weighted average number of ordinary shares used in calculating diluted earnings per share</link:label>
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    <link:label id="lab_ifrs-full_ReconciliationOfChangesInIntangibleAssetsAndGoodwillAbstract_dfc00bc6-2345-44a3-b282-61633c57dc0a_terseLabel_en-US" xlink:label="lab_ifrs-full_ReconciliationOfChangesInIntangibleAssetsAndGoodwillAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Reconciliation of changes in intangible assets and goodwill [abstract]</link:label>
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    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_ReconciliationOfChangesInIntangibleAssetsAndGoodwillAbstract" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_ReconciliationOfChangesInIntangibleAssetsAndGoodwillAbstract"/>
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    <link:label id="lab_ifrs-full_BrandNamesMember_fc640c55-265b-4119-a12f-f31a48cd6c14_terseLabel_en-US" xlink:label="lab_ifrs-full_BrandNamesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Trademarks</link:label>
    <link:label id="lab_ifrs-full_BrandNamesMember_label_en-US" xlink:label="lab_ifrs-full_BrandNamesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Brand names [member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_BrandNamesMember" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_BrandNamesMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_BrandNamesMember" xlink:to="lab_ifrs-full_BrandNamesMember" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_NoncurrentPayablesAndOtherNoncurrentLiabilities_98bbc122-a73e-4b45-9ca7-5eb30b377ea4_terseLabel_en-US" xlink:label="lab_tef_NoncurrentPayablesAndOtherNoncurrentLiabilities" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Payables and other non-current liabilities</link:label>
    <link:label id="lab_tef_NoncurrentPayablesAndOtherNoncurrentLiabilities_1d356877-6163-4d83-a2fb-48de8b9e8e98_totalLabel_en-US" xlink:label="lab_tef_NoncurrentPayablesAndOtherNoncurrentLiabilities" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Total</link:label>
    <link:label id="lab_tef_NoncurrentPayablesAndOtherNoncurrentLiabilities_label_en-US" xlink:label="lab_tef_NoncurrentPayablesAndOtherNoncurrentLiabilities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Noncurrent Payables And Other Non-current Liabilities</link:label>
    <link:label id="lab_tef_NoncurrentPayablesAndOtherNoncurrentLiabilities_documentation_en-US" xlink:label="lab_tef_NoncurrentPayablesAndOtherNoncurrentLiabilities" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Noncurrent Payables And Other Non-current Liabilities</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_NoncurrentPayablesAndOtherNoncurrentLiabilities" xlink:href="tef-20241231.xsd#tef_NoncurrentPayablesAndOtherNoncurrentLiabilities"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_NoncurrentPayablesAndOtherNoncurrentLiabilities" xlink:to="lab_tef_NoncurrentPayablesAndOtherNoncurrentLiabilities" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_GreenBridgeInvestmentCompanyMember_d28ee1fb-c845-4dc8-9dae-e8d00825c1c9_terseLabel_en-US" xlink:label="lab_tef_GreenBridgeInvestmentCompanyMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Green Bridge Investment Company</link:label>
    <link:label id="lab_tef_GreenBridgeInvestmentCompanyMember_label_en-US" xlink:label="lab_tef_GreenBridgeInvestmentCompanyMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Green Bridge Investment Company [Member]</link:label>
    <link:label id="lab_tef_GreenBridgeInvestmentCompanyMember_documentation_en-US" xlink:label="lab_tef_GreenBridgeInvestmentCompanyMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Green Bridge Investment Company</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_GreenBridgeInvestmentCompanyMember" xlink:href="tef-20241231.xsd#tef_GreenBridgeInvestmentCompanyMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_GreenBridgeInvestmentCompanyMember" xlink:to="lab_tef_GreenBridgeInvestmentCompanyMember" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_Expiringin2023Option2Member_69ee07c8-d735-48b2-a197-ba9a8fd225fa_terseLabel_en-US" xlink:label="lab_tef_Expiringin2023Option2Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Expiring in 2023, Option 2</link:label>
    <link:label id="lab_tef_Expiringin2023Option2Member_label_en-US" xlink:label="lab_tef_Expiringin2023Option2Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Expiring in 2023, Option 2 [Member]</link:label>
    <link:label id="lab_tef_Expiringin2023Option2Member_documentation_en-US" xlink:label="lab_tef_Expiringin2023Option2Member" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Expiring in 2023, Option 2 [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_Expiringin2023Option2Member" xlink:href="tef-20241231.xsd#tef_Expiringin2023Option2Member"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_Expiringin2023Option2Member" xlink:to="lab_tef_Expiringin2023Option2Member" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_NominalAmountOfHedgingInstrument_65fa93b1-d7b9-4b1d-80cd-c964db357377_terseLabel_en-US" xlink:label="lab_ifrs-full_NominalAmountOfHedgingInstrument" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Nominal amount of hedging instrument</link:label>
    <link:label id="lab_ifrs-full_NominalAmountOfHedgingInstrument_label_en-US" xlink:label="lab_ifrs-full_NominalAmountOfHedgingInstrument" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Nominal amount of hedging instrument</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_NominalAmountOfHedgingInstrument" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_NominalAmountOfHedgingInstrument"/>
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    <link:label id="lab_tef_DisclosureOfBoardAndSeniorManagementCompensationTextBlock_65fdfbb7-bd0f-41a4-a629-dba0fb11059f_terseLabel_en-US" xlink:label="lab_tef_DisclosureOfBoardAndSeniorManagementCompensationTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Appendix II: Board and Senior Management Compensation</link:label>
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    <link:label id="lab_tef_DisclosureOfBoardAndSeniorManagementCompensationTextBlock_documentation_en-US" xlink:label="lab_tef_DisclosureOfBoardAndSeniorManagementCompensationTextBlock" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Disclosure Of Board And Senior Management Compensation [Text Block]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_DisclosureOfBoardAndSeniorManagementCompensationTextBlock" xlink:href="tef-20241231.xsd#tef_DisclosureOfBoardAndSeniorManagementCompensationTextBlock"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_DisclosureOfBoardAndSeniorManagementCompensationTextBlock" xlink:to="lab_tef_DisclosureOfBoardAndSeniorManagementCompensationTextBlock" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_ImpairmentLossRecognisedInProfitOrLoss_ca692a35-9e52-49f2-a7ba-5f0be7020f39_terseLabel_en-US" xlink:label="lab_ifrs-full_ImpairmentLossRecognisedInProfitOrLoss" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Allowances</link:label>
    <link:label id="lab_ifrs-full_ImpairmentLossRecognisedInProfitOrLoss_label_en-US" xlink:label="lab_ifrs-full_ImpairmentLossRecognisedInProfitOrLoss" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Impairment loss recognised in profit or loss</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_ImpairmentLossRecognisedInProfitOrLoss" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_ImpairmentLossRecognisedInProfitOrLoss"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_ImpairmentLossRecognisedInProfitOrLoss" xlink:to="lab_ifrs-full_ImpairmentLossRecognisedInProfitOrLoss" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_LegalReservePercentageOfShareCapital_e4c2c172-23c4-47d7-918d-870b8804e02e_terseLabel_en-US" xlink:label="lab_tef_LegalReservePercentageOfShareCapital" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Legal reserve, proportion of share capital (as a percent)</link:label>
    <link:label id="lab_tef_LegalReservePercentageOfShareCapital_label_en-US" xlink:label="lab_tef_LegalReservePercentageOfShareCapital" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Legal Reserve, Percentage Of Share Capital</link:label>
    <link:label id="lab_tef_LegalReservePercentageOfShareCapital_documentation_en-US" xlink:label="lab_tef_LegalReservePercentageOfShareCapital" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Legal Reserve, Percentage Of Share Capital</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_LegalReservePercentageOfShareCapital" xlink:href="tef-20241231.xsd#tef_LegalReservePercentageOfShareCapital"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_LegalReservePercentageOfShareCapital" xlink:to="lab_tef_LegalReservePercentageOfShareCapital" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_TaxExpenseOtherThanIncomeTaxExpense_0cfd8d9a-974c-4da5-b599-351cdb2e4a51_terseLabel_en-US" xlink:label="lab_ifrs-full_TaxExpenseOtherThanIncomeTaxExpense" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Taxes other than income tax</link:label>
    <link:label id="lab_ifrs-full_TaxExpenseOtherThanIncomeTaxExpense_label_en-US" xlink:label="lab_ifrs-full_TaxExpenseOtherThanIncomeTaxExpense" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Tax expense other than income tax expense</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_TaxExpenseOtherThanIncomeTaxExpense" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_TaxExpenseOtherThanIncomeTaxExpense"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_TaxExpenseOtherThanIncomeTaxExpense" xlink:to="lab_ifrs-full_TaxExpenseOtherThanIncomeTaxExpense" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_PaymentstoSuppliersTable_9bb13759-5c50-4782-9d36-757da63448f6_terseLabel_en-US" xlink:label="lab_tef_PaymentstoSuppliersTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Payments to Suppliers [Table]</link:label>
    <link:label id="lab_tef_PaymentstoSuppliersTable_label_en-US" xlink:label="lab_tef_PaymentstoSuppliersTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Payments to Suppliers [Table]</link:label>
    <link:label id="lab_tef_PaymentstoSuppliersTable_documentation_en-US" xlink:label="lab_tef_PaymentstoSuppliersTable" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Payments to Suppliers [Table]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_PaymentstoSuppliersTable" xlink:href="tef-20241231.xsd#tef_PaymentstoSuppliersTable"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_PaymentstoSuppliersTable" xlink:to="lab_tef_PaymentstoSuppliersTable" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_DisclosureOfIntangibleAssetsLineItems_d1a094ec-9d8a-4880-a6c4-a590b44e2e8b_terseLabel_en-US" xlink:label="lab_ifrs-full_DisclosureOfIntangibleAssetsLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Disclosure of detailed information about intangible assets [line items]</link:label>
    <link:label id="lab_ifrs-full_DisclosureOfIntangibleAssetsLineItems_label_en-US" xlink:label="lab_ifrs-full_DisclosureOfIntangibleAssetsLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure of detailed information about intangible assets [line items]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_DisclosureOfIntangibleAssetsLineItems" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_DisclosureOfIntangibleAssetsLineItems"/>
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    <link:label id="lab_tef_Expiringin2031Member_e9da4637-772e-4402-90cd-0dbc8ac167c6_terseLabel_en-US" xlink:label="lab_tef_Expiringin2031Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Expiring in 2031</link:label>
    <link:label id="lab_tef_Expiringin2031Member_label_en-US" xlink:label="lab_tef_Expiringin2031Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Expiring in 2031 [Member]</link:label>
    <link:label id="lab_tef_Expiringin2031Member_documentation_en-US" xlink:label="lab_tef_Expiringin2031Member" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Expiring in 2031 [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_Expiringin2031Member" xlink:href="tef-20241231.xsd#tef_Expiringin2031Member"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_Expiringin2031Member" xlink:to="lab_tef_Expiringin2031Member" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_DividendsTable_7c08f6d5-aff1-4814-8dcb-d9702feefa6e_terseLabel_en-US" xlink:label="lab_tef_DividendsTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Dividends [Table]</link:label>
    <link:label id="lab_tef_DividendsTable_label_en-US" xlink:label="lab_tef_DividendsTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Dividends [Table]</link:label>
    <link:label id="lab_tef_DividendsTable_documentation_en-US" xlink:label="lab_tef_DividendsTable" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Dividends [Table]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_DividendsTable" xlink:href="tef-20241231.xsd#tef_DividendsTable"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_DividendsTable" xlink:to="lab_tef_DividendsTable" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_IPNETServicosEmNuvemEDesenvolvimentoDeSistemasLtdaMember_77546d0f-1819-4e55-9423-cd8f23abd637_terseLabel_en-US" xlink:label="lab_tef_IPNETServicosEmNuvemEDesenvolvimentoDeSistemasLtdaMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">IPNET Servi&#231;os em Nuvem e Desenvolvimento de Sistemas Ltda Software and systems resale, professional services and project management</link:label>
    <link:label id="lab_tef_IPNETServicosEmNuvemEDesenvolvimentoDeSistemasLtdaMember_label_en-US" xlink:label="lab_tef_IPNETServicosEmNuvemEDesenvolvimentoDeSistemasLtdaMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">IPNET Servi&#231;os em Nuvem e Desenvolvimento de Sistemas Ltda [Member]</link:label>
    <link:label id="lab_tef_IPNETServicosEmNuvemEDesenvolvimentoDeSistemasLtdaMember_documentation_en-US" xlink:label="lab_tef_IPNETServicosEmNuvemEDesenvolvimentoDeSistemasLtdaMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">IPNET Servi&#231;os em Nuvem e Desenvolvimento de Sistemas Ltda</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_IPNETServicosEmNuvemEDesenvolvimentoDeSistemasLtdaMember" xlink:href="tef-20241231.xsd#tef_IPNETServicosEmNuvemEDesenvolvimentoDeSistemasLtdaMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_IPNETServicosEmNuvemEDesenvolvimentoDeSistemasLtdaMember" xlink:to="lab_tef_IPNETServicosEmNuvemEDesenvolvimentoDeSistemasLtdaMember" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_OtecelSAMember_b3f0f0b4-c583-4a85-bdcf-273845a14160_terseLabel_en-US" xlink:label="lab_tef_OtecelSAMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Otecel, S.A. Wireless communications services provider</link:label>
    <link:label id="lab_tef_OtecelSAMember_label_en-US" xlink:label="lab_tef_OtecelSAMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Otecel, S.A. [Member]</link:label>
    <link:label id="lab_tef_OtecelSAMember_documentation_en-US" xlink:label="lab_tef_OtecelSAMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Otecel, S.A.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_OtecelSAMember" xlink:href="tef-20241231.xsd#tef_OtecelSAMember"/>
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    <link:label id="lab_ifrs-full_DeferredTaxAssets_cb85e3ab-09fd-4529-98a4-596b0f1a2553_terseLabel_en-US" xlink:label="lab_ifrs-full_DeferredTaxAssets" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Deferred tax assets</link:label>
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    <link:label id="lab_ifrs-full_DeferredTaxAssets_e307cfd8-eb4e-4b3c-a2bc-513f9d769d62_periodEndLabel_en-US" xlink:label="lab_ifrs-full_DeferredTaxAssets" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:type="resource" xml:lang="en-US">Ending balance, deferred tax assets</link:label>
    <link:label id="lab_ifrs-full_DeferredTaxAssets_label_en-US" xlink:label="lab_ifrs-full_DeferredTaxAssets" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Deferred tax assets</link:label>
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    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DeferredTaxAssets" xlink:to="lab_ifrs-full_DeferredTaxAssets" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_TaxAmortizationFromGoodwillAssessment_fa454df5-5c5c-4725-9b7b-7acd89d75766_terseLabel_en-US" xlink:label="lab_tef_TaxAmortizationFromGoodwillAssessment" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Tax amortization from goodwill, assessment</link:label>
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    <link:label id="lab_tef_RegulatoryOperationsSpectrumLicenseAcquisitionAmount_label_en-US" xlink:label="lab_tef_RegulatoryOperationsSpectrumLicenseAcquisitionAmount" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Regulatory Operations, Spectrum License Acquisition, Amount</link:label>
    <link:label id="lab_tef_RegulatoryOperationsSpectrumLicenseAcquisitionAmount_documentation_en-US" xlink:label="lab_tef_RegulatoryOperationsSpectrumLicenseAcquisitionAmount" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Regulatory Operations, Spectrum License Acquisition, Amount</link:label>
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    <link:label id="lab_tef_BETernaApSDenmarkMember_ffaf7acb-a513-44da-9f8c-f666d5d6a236_terseLabel_en-US" xlink:label="lab_tef_BETernaApSDenmarkMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">BE-terna ApS (Denmark)</link:label>
    <link:label id="lab_tef_BETernaApSDenmarkMember_label_en-US" xlink:label="lab_tef_BETernaApSDenmarkMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">BE-terna ApS (Denmark) [Member]</link:label>
    <link:label id="lab_tef_BETernaApSDenmarkMember_documentation_en-US" xlink:label="lab_tef_BETernaApSDenmarkMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">BE-terna ApS (Denmark)</link:label>
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    <link:label id="lab_tef_AssociatesandJointVenturesAxis_45d79af0-1a99-456c-aa22-683e7012e988_terseLabel_en-US" xlink:label="lab_tef_AssociatesandJointVenturesAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Associates and Joint Ventures [Axis]</link:label>
    <link:label id="lab_tef_AssociatesandJointVenturesAxis_label_en-US" xlink:label="lab_tef_AssociatesandJointVenturesAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Associates and Joint Ventures [Axis]</link:label>
    <link:label id="lab_tef_AssociatesandJointVenturesAxis_documentation_en-US" xlink:label="lab_tef_AssociatesandJointVenturesAxis" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Associates and Joint Ventures [Axis]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_AssociatesandJointVenturesAxis" xlink:href="tef-20241231.xsd#tef_AssociatesandJointVenturesAxis"/>
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    <link:label id="lab_tef_Expiringin2033Option2Member_bdf546a7-3a52-4d31-8c01-615eff91fea7_terseLabel_en-US" xlink:label="lab_tef_Expiringin2033Option2Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Expiring in 2033, Option 2</link:label>
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    <link:label id="lab_tef_Expiringin2033Option2Member_documentation_en-US" xlink:label="lab_tef_Expiringin2033Option2Member" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Expiring in 2033, Option 2 [Member]</link:label>
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    <link:label id="lab_ifrs-full_ClassesOfFinancialAssetsDomain_d197e382-56e2-4e5d-aa0a-6ae1c52f283e_terseLabel_en-US" xlink:label="lab_ifrs-full_ClassesOfFinancialAssetsDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Classes of financial assets [domain]</link:label>
    <link:label id="lab_ifrs-full_ClassesOfFinancialAssetsDomain_label_en-US" xlink:label="lab_ifrs-full_ClassesOfFinancialAssetsDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Classes of financial assets [domain]</link:label>
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    <link:label id="lab_tef_TelefonicaGermany1.BeteiligungsgesellschaftMbHMember_1b12a13a-024d-46f1-abf2-c6d087404429_terseLabel_en-US" xlink:label="lab_tef_TelefonicaGermany1.BeteiligungsgesellschaftMbHMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Telef&#243;nica Germany 1. Beteiligungsgesellschaft mbH Holding company</link:label>
    <link:label id="lab_tef_TelefonicaGermany1.BeteiligungsgesellschaftMbHMember_label_en-US" xlink:label="lab_tef_TelefonicaGermany1.BeteiligungsgesellschaftMbHMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Telef&#243;nica Germany 1. Beteiligungsgesellschaft mbH [Member]</link:label>
    <link:label id="lab_tef_TelefonicaGermany1.BeteiligungsgesellschaftMbHMember_documentation_en-US" xlink:label="lab_tef_TelefonicaGermany1.BeteiligungsgesellschaftMbHMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Telef&#243;nica Germany 1. Beteiligungsgesellschaft mbH</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_TelefonicaGermany1.BeteiligungsgesellschaftMbHMember" xlink:href="tef-20241231.xsd#tef_TelefonicaGermany1.BeteiligungsgesellschaftMbHMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_TelefonicaGermany1.BeteiligungsgesellschaftMbHMember" xlink:to="lab_tef_TelefonicaGermany1.BeteiligungsgesellschaftMbHMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_RevenueFromSaleOfGoods_cac62e14-a2cb-44e4-a881-7195fdcd53f4_terseLabel_en-US" xlink:label="lab_ifrs-full_RevenueFromSaleOfGoods" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Sale of goods</link:label>
    <link:label id="lab_ifrs-full_RevenueFromSaleOfGoods_label_en-US" xlink:label="lab_ifrs-full_RevenueFromSaleOfGoods" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Revenue from sale of goods</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_RevenueFromSaleOfGoods" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_RevenueFromSaleOfGoods"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_RevenueFromSaleOfGoods" xlink:to="lab_ifrs-full_RevenueFromSaleOfGoods" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_SustainabilityLinkedFacilityOfTelefonicaGermanyMember_137beace-5f7c-42e0-ac3b-8e8523a42f3d_terseLabel_en-US" xlink:label="lab_tef_SustainabilityLinkedFacilityOfTelefonicaGermanyMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Sustainability linked facility of Telefonica Germany</link:label>
    <link:label id="lab_tef_SustainabilityLinkedFacilityOfTelefonicaGermanyMember_label_en-US" xlink:label="lab_tef_SustainabilityLinkedFacilityOfTelefonicaGermanyMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Sustainability Linked Facility of Telefonica Germany [Member]</link:label>
    <link:label id="lab_tef_SustainabilityLinkedFacilityOfTelefonicaGermanyMember_documentation_en-US" xlink:label="lab_tef_SustainabilityLinkedFacilityOfTelefonicaGermanyMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Sustainability Linked Facility of Telefonica Germany</link:label>
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    <link:label id="lab_tef_NumberOfClientsRecognisedAsOfAcquisitionDate_52fc373d-b649-4702-99d7-86261d30a8da_terseLabel_en-US" xlink:label="lab_tef_NumberOfClientsRecognisedAsOfAcquisitionDate" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Number of clients recognised as of acquisition date</link:label>
    <link:label id="lab_tef_NumberOfClientsRecognisedAsOfAcquisitionDate_label_en-US" xlink:label="lab_tef_NumberOfClientsRecognisedAsOfAcquisitionDate" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Number of clients recognised as of acquisition date</link:label>
    <link:label id="lab_tef_NumberOfClientsRecognisedAsOfAcquisitionDate_documentation_en-US" xlink:label="lab_tef_NumberOfClientsRecognisedAsOfAcquisitionDate" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Number of clients recognised as of acquisition date</link:label>
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    <link:label id="lab_tef_OtherCurrentFinancialAssetsShortTermInvestmentsMember_20041b6e-39d5-4bab-b346-b052789ee774_terseLabel_en-US" xlink:label="lab_tef_OtherCurrentFinancialAssetsShortTermInvestmentsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Other current financial assets - short-term investments</link:label>
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    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_OtherCurrentFinancialAssetsShortTermInvestmentsMember" xlink:to="lab_tef_OtherCurrentFinancialAssetsShortTermInvestmentsMember" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_OtherHeadingOfAssets_4b033c1d-cf38-408c-816d-cf555387c192_terseLabel_en-US" xlink:label="lab_tef_OtherHeadingOfAssets" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Other heading of assets</link:label>
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    <link:label id="lab_tef_OtherHeadingOfAssets_documentation_en-US" xlink:label="lab_tef_OtherHeadingOfAssets" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Other Heading Of Assets</link:label>
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    <link:label id="lab_tef_SharebasedCompensationArrangementbySharebasedPaymentAwardAwardVestingRightsPercentagePerformanceWithinMeanofPerformance_39884830-4bc9-42c7-aa75-48aa94c55937_terseLabel_en-US" xlink:label="lab_tef_SharebasedCompensationArrangementbySharebasedPaymentAwardAwardVestingRightsPercentagePerformanceWithinMeanofPerformance" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Delivery percent (if within median of performance)</link:label>
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    <link:label id="lab_tef_EquityinstrumentsMember_df73cc7e-da1b-454c-85ca-559b5ab40289_terseLabel_en-US" xlink:label="lab_tef_EquityinstrumentsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Equity instruments</link:label>
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    <link:label id="lab_tef_EquityinstrumentsMember_documentation_en-US" xlink:label="lab_tef_EquityinstrumentsMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Equity instruments [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_EquityinstrumentsMember" xlink:href="tef-20241231.xsd#tef_EquityinstrumentsMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_EquityinstrumentsMember" xlink:to="lab_tef_EquityinstrumentsMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_ImpairmentLossRecognisedInProfitOrLossGoodwill_faba9116-ceb4-43ad-9b6c-5500138121dc_terseLabel_en-US" xlink:label="lab_ifrs-full_ImpairmentLossRecognisedInProfitOrLossGoodwill" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Goodwill impairment (Note 7)</link:label>
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    <link:label id="lab_ifrs-full_ImpairmentLossRecognisedInProfitOrLossGoodwill_a3b41e0f-8e9a-4a15-9ee3-ce0e90bb364e_negatedLabel_en-US" xlink:label="lab_ifrs-full_ImpairmentLossRecognisedInProfitOrLossGoodwill" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US">Impairment losses in goodwill</link:label>
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    <link:label id="lab_tef_TelefonicaFactoringPeruSACMember_e022ecc6-7cb9-4b3b-b895-a6b2881f8a40_verboseLabel_en-US" xlink:label="lab_tef_TelefonicaFactoringPeruSACMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Telef&#243;nica Factoring Peru, S.A.C.</link:label>
    <link:label id="lab_tef_TelefonicaFactoringPeruSACMember_14a4e904-9526-45f1-9310-0b1df4dbdc86_terseLabel_en-US" xlink:label="lab_tef_TelefonicaFactoringPeruSACMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Telef&#243;nica Factoring Per&#250;, S.A.C. Factoring services provider</link:label>
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    <link:loc xlink:type="locator" xlink:label="loc_tef_TelefonicaFactoringPeruSACMember" xlink:href="tef-20241231.xsd#tef_TelefonicaFactoringPeruSACMember"/>
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    <link:label id="lab_ifrs-full_CurrentReceivablesDueFromJointVentures_2112e01c-5c59-4742-b456-8a12df66b2c9_netLabel_en-US" xlink:label="lab_ifrs-full_CurrentReceivablesDueFromJointVentures" xlink:role="http://www.xbrl.org/2009/role/netLabel" xlink:type="resource" xml:lang="en-US">Receivables and other assets from associates and joint ventures</link:label>
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    <link:label id="lab_ifrs-full_CurrentReceivablesDueFromJointVentures_8adbe29d-c106-43d2-81f4-3fa78a5deb9b_verboseLabel_en-US" xlink:label="lab_ifrs-full_CurrentReceivablesDueFromJointVentures" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Receivables from associates and joint ventures (Note 10)</link:label>
    <link:label id="lab_ifrs-full_CurrentReceivablesDueFromJointVentures_label_en-US" xlink:label="lab_ifrs-full_CurrentReceivablesDueFromJointVentures" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Current receivables due from joint ventures</link:label>
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    <link:label id="lab_ifrs-full_RangeDomain_6852d368-7f81-408e-9047-162092ab06e7_terseLabel_en-US" xlink:label="lab_ifrs-full_RangeDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Range [domain]</link:label>
    <link:label id="lab_ifrs-full_RangeDomain_label_en-US" xlink:label="lab_ifrs-full_RangeDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Range [domain]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_RangeDomain" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_RangeDomain"/>
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    <link:label id="lab_tef_Expiringin2032Member_352752b1-c56c-4dcf-a65f-43a7ee66812f_terseLabel_en-US" xlink:label="lab_tef_Expiringin2032Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Expiring in 2032</link:label>
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    <link:label id="lab_tef_Expiringin2032Member_documentation_en-US" xlink:label="lab_tef_Expiringin2032Member" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Expiring in 2032 [Member]</link:label>
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    <link:label id="lab_ifrs-full_BasicEarningsLossPerShare_9d891159-934d-45e6-91f1-0cf28f89045c_terseLabel_en-US" xlink:label="lab_ifrs-full_BasicEarningsLossPerShare" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Basic earnings per share (in euros per share)</link:label>
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    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_BasicEarningsLossPerShare" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_BasicEarningsLossPerShare"/>
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    <link:label id="lab_tef_TaxCreditExpectedDeductionsForInvestments_cd218d8e-ecef-41db-99ce-a70eaeea4a96_terseLabel_en-US" xlink:label="lab_tef_TaxCreditExpectedDeductionsForInvestments" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Tax credit expected, deductions for investments</link:label>
    <link:label id="lab_tef_TaxCreditExpectedDeductionsForInvestments_label_en-US" xlink:label="lab_tef_TaxCreditExpectedDeductionsForInvestments" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Tax Credit Expected, Deductions For Investments</link:label>
    <link:label id="lab_tef_TaxCreditExpectedDeductionsForInvestments_documentation_en-US" xlink:label="lab_tef_TaxCreditExpectedDeductionsForInvestments" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Tax Credit Expected, Deductions For Investments</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_TaxCreditExpectedDeductionsForInvestments" xlink:href="tef-20241231.xsd#tef_TaxCreditExpectedDeductionsForInvestments"/>
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    <link:label id="lab_tef_RegulatoryOperationsPercentageofTotalPopulationinServiceArea_03d50238-a2ec-4344-a993-f082d22be541_terseLabel_en-US" xlink:label="lab_tef_RegulatoryOperationsPercentageofTotalPopulationinServiceArea" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Population in service area (as a percent)</link:label>
    <link:label id="lab_tef_RegulatoryOperationsPercentageofTotalPopulationinServiceArea_label_en-US" xlink:label="lab_tef_RegulatoryOperationsPercentageofTotalPopulationinServiceArea" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Regulatory Operations, Percentage of Total Population in Service Area</link:label>
    <link:label id="lab_tef_RegulatoryOperationsPercentageofTotalPopulationinServiceArea_documentation_en-US" xlink:label="lab_tef_RegulatoryOperationsPercentageofTotalPopulationinServiceArea" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Regulatory Operations, Percentage of Total Population in Service Area</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_RegulatoryOperationsPercentageofTotalPopulationinServiceArea" xlink:href="tef-20241231.xsd#tef_RegulatoryOperationsPercentageofTotalPopulationinServiceArea"/>
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    <link:label id="lab_tef_ReversalOfDeferredTaxAssets_829abb7d-6bcf-45f5-bb61-ff5ec0607538_terseLabel_en-US" xlink:label="lab_tef_ReversalOfDeferredTaxAssets" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Reversal of deferred tax assets</link:label>
    <link:label id="lab_tef_ReversalOfDeferredTaxAssets_label_en-US" xlink:label="lab_tef_ReversalOfDeferredTaxAssets" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Reversal Of Deferred Tax Assets</link:label>
    <link:label id="lab_tef_ReversalOfDeferredTaxAssets_documentation_en-US" xlink:label="lab_tef_ReversalOfDeferredTaxAssets" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Reversal Of Deferred Tax Assets</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_ReversalOfDeferredTaxAssets" xlink:href="tef-20241231.xsd#tef_ReversalOfDeferredTaxAssets"/>
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    <link:label id="lab_tef_RegulatoryOperationsPossibleTermExtension_5a55e0bd-3d3f-4ad3-afa0-328e1671a0f2_terseLabel_en-US" xlink:label="lab_tef_RegulatoryOperationsPossibleTermExtension" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Possible term extension</link:label>
    <link:label id="lab_tef_RegulatoryOperationsPossibleTermExtension_label_en-US" xlink:label="lab_tef_RegulatoryOperationsPossibleTermExtension" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Regulatory Operations, Possible Term Extension</link:label>
    <link:label id="lab_tef_RegulatoryOperationsPossibleTermExtension_documentation_en-US" xlink:label="lab_tef_RegulatoryOperationsPossibleTermExtension" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Regulatory Operations, Possible Term Extension</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_RegulatoryOperationsPossibleTermExtension" xlink:href="tef-20241231.xsd#tef_RegulatoryOperationsPossibleTermExtension"/>
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    <link:label id="lab_ifrs-full_TypesOfContractsDomain_7a53dec8-14d5-41e2-906a-d73e69204d55_terseLabel_en-US" xlink:label="lab_ifrs-full_TypesOfContractsDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Types of contracts [domain]</link:label>
    <link:label id="lab_ifrs-full_TypesOfContractsDomain_label_en-US" xlink:label="lab_ifrs-full_TypesOfContractsDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Types of contracts [domain]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_TypesOfContractsDomain" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_TypesOfContractsDomain"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_TypesOfContractsDomain" xlink:to="lab_ifrs-full_TypesOfContractsDomain" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_TelefonicaGermanyGmbHCoOHGMember_796a7a40-a94c-468c-acc6-32206fa3f7cc_terseLabel_en-US" xlink:label="lab_tef_TelefonicaGermanyGmbHCoOHGMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Telef&#243;nica Germany GmbH &amp; Co. OHG Wireless communications services operator</link:label>
    <link:label id="lab_tef_TelefonicaGermanyGmbHCoOHGMember_label_en-US" xlink:label="lab_tef_TelefonicaGermanyGmbHCoOHGMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Telefonica Germany GmbH &amp; Co OHG [Member]</link:label>
    <link:label id="lab_tef_TelefonicaGermanyGmbHCoOHGMember_documentation_en-US" xlink:label="lab_tef_TelefonicaGermanyGmbHCoOHGMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Telefonica Germany GmbH &amp; Co OHG [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_TelefonicaGermanyGmbHCoOHGMember" xlink:href="tef-20241231.xsd#tef_TelefonicaGermanyGmbHCoOHGMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_TelefonicaGermanyGmbHCoOHGMember" xlink:to="lab_tef_TelefonicaGermanyGmbHCoOHGMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_DisposalGroupsClassifiedAsHeldForSaleMember_bbf34c5c-8805-49c6-8faf-1a56ee1d0a3f_terseLabel_en-US" xlink:label="lab_ifrs-full_DisposalGroupsClassifiedAsHeldForSaleMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Disposal groups classified as held for sale</link:label>
    <link:label id="lab_ifrs-full_DisposalGroupsClassifiedAsHeldForSaleMember_label_en-US" xlink:label="lab_ifrs-full_DisposalGroupsClassifiedAsHeldForSaleMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disposal groups classified as held for sale [member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_DisposalGroupsClassifiedAsHeldForSaleMember" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_DisposalGroupsClassifiedAsHeldForSaleMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DisposalGroupsClassifiedAsHeldForSaleMember" xlink:to="lab_ifrs-full_DisposalGroupsClassifiedAsHeldForSaleMember" xlink:type="arc" order="1"/>
    <link:label id="lab_srt_MinimumMember_78325592-8462-41d3-a908-f9938e672adc_terseLabel_en-US" xlink:label="lab_srt_MinimumMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Minimum</link:label>
    <link:label id="lab_srt_MinimumMember_label_en-US" xlink:label="lab_srt_MinimumMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Minimum [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_srt_MinimumMember" xlink:href="https://xbrl.fasb.org/srt/2024/elts/srt-2024.xsd#srt_MinimumMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_srt_MinimumMember" xlink:to="lab_srt_MinimumMember" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_BuendiaEstudiosBizkaiaSLMember_5550d3ac-312f-44d2-b9f6-1408303380ca_terseLabel_en-US" xlink:label="lab_tef_BuendiaEstudiosBizkaiaSLMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Buendia Estudios Bizkaia, S.L.</link:label>
    <link:label id="lab_tef_BuendiaEstudiosBizkaiaSLMember_label_en-US" xlink:label="lab_tef_BuendiaEstudiosBizkaiaSLMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Buendia Estudios Bizkaia, S.L. [Member]</link:label>
    <link:label id="lab_tef_BuendiaEstudiosBizkaiaSLMember_documentation_en-US" xlink:label="lab_tef_BuendiaEstudiosBizkaiaSLMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Buendia Estudios Bizkaia, S.L.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_BuendiaEstudiosBizkaiaSLMember" xlink:href="tef-20241231.xsd#tef_BuendiaEstudiosBizkaiaSLMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_BuendiaEstudiosBizkaiaSLMember" xlink:to="lab_tef_BuendiaEstudiosBizkaiaSLMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_DisclosureOfJointVenturesExplanatory_f44e24e4-070f-49dc-8082-e02c26f25ad7_terseLabel_en-US" xlink:label="lab_ifrs-full_DisclosureOfJointVenturesExplanatory" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Associates and Joint Ventures</link:label>
    <link:label id="lab_ifrs-full_DisclosureOfJointVenturesExplanatory_label_en-US" xlink:label="lab_ifrs-full_DisclosureOfJointVenturesExplanatory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure of joint ventures [text block]</link:label>
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    <link:label id="lab_tef_TaxCreditExpectedDeductionsForReversalOfTemporaryMeasures_b8209d1e-352d-4c44-8a46-bd7a0cbc5860_terseLabel_en-US" xlink:label="lab_tef_TaxCreditExpectedDeductionsForReversalOfTemporaryMeasures" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Tax credit expected, deductions for reversal of temporary measures</link:label>
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    <link:loc xlink:type="locator" xlink:label="loc_tef_TaxCreditExpectedDeductionsForReversalOfTemporaryMeasures" xlink:href="tef-20241231.xsd#tef_TaxCreditExpectedDeductionsForReversalOfTemporaryMeasures"/>
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    <link:label id="lab_ifrs-full_SupplierFinanceArrangementsAxis_74d69fe1-6d02-4f91-895c-9b958a352430_terseLabel_en-US" xlink:label="lab_ifrs-full_SupplierFinanceArrangementsAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Supplier finance arrangements [axis]</link:label>
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    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_SupplierFinanceArrangementsAxis" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_SupplierFinanceArrangementsAxis"/>
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    <link:label id="lab_tef_PeruRulingsinJuneandAugust2015Member_0ce25e3e-5ea5-4a2c-861c-f6d33ff63b6f_terseLabel_en-US" xlink:label="lab_tef_PeruRulingsinJuneandAugust2015Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Peru - Rulings in June and August 2015</link:label>
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    <link:label id="lab_tef_NumberOfMatchDayFirstPicksEachSeason_label_en-US" xlink:label="lab_tef_NumberOfMatchDayFirstPicksEachSeason" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Number Of Match Day First Picks Each Season</link:label>
    <link:label id="lab_tef_NumberOfMatchDayFirstPicksEachSeason_documentation_en-US" xlink:label="lab_tef_NumberOfMatchDayFirstPicksEachSeason" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Number Of Match Day First Picks Each Season</link:label>
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    <link:label id="lab_ifrs-full_DisclosureOfBasisOfConsolidationExplanatory_bccb6ce0-aa93-4870-b6ac-c66aa6761e0d_terseLabel_en-US" xlink:label="lab_ifrs-full_DisclosureOfBasisOfConsolidationExplanatory" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Appendix I: Scope of Consolidation</link:label>
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    <link:label id="lab_tef_VentenManagementLimitedMember_03d2484e-b26c-474a-8ba0-a1b670387645_terseLabel_en-US" xlink:label="lab_tef_VentenManagementLimitedMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Venten Management Limited</link:label>
    <link:label id="lab_tef_VentenManagementLimitedMember_label_en-US" xlink:label="lab_tef_VentenManagementLimitedMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Venten Management Limited [Member]</link:label>
    <link:label id="lab_tef_VentenManagementLimitedMember_documentation_en-US" xlink:label="lab_tef_VentenManagementLimitedMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Venten Management Limited [Member]</link:label>
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    <link:label id="lab_tef_AssociatesAndJointVenturesInWhichBBVAAndCaixabankHoldInterestMember_label_en-US" xlink:label="lab_tef_AssociatesAndJointVenturesInWhichBBVAAndCaixabankHoldInterestMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Associates And Joint Ventures In Which BBVA And Caixabank Hold Interest [Member]</link:label>
    <link:label id="lab_tef_AssociatesAndJointVenturesInWhichBBVAAndCaixabankHoldInterestMember_documentation_en-US" xlink:label="lab_tef_AssociatesAndJointVenturesInWhichBBVAAndCaixabankHoldInterestMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Associates And Joint Ventures In Which BBVA And Caixabank Hold Interest</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_AssociatesAndJointVenturesInWhichBBVAAndCaixabankHoldInterestMember" xlink:href="tef-20241231.xsd#tef_AssociatesAndJointVenturesInWhichBBVAAndCaixabankHoldInterestMember"/>
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    <link:label id="lab_tef_CurrencyLineItems_55219a80-9cee-43e3-b234-c42b1c120205_terseLabel_en-US" xlink:label="lab_tef_CurrencyLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Currency [Line Items]</link:label>
    <link:label id="lab_tef_CurrencyLineItems_label_en-US" xlink:label="lab_tef_CurrencyLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Currency [Line Items]</link:label>
    <link:label id="lab_tef_CurrencyLineItems_documentation_en-US" xlink:label="lab_tef_CurrencyLineItems" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Currency</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_CurrencyLineItems" xlink:href="tef-20241231.xsd#tef_CurrencyLineItems"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_CurrencyLineItems" xlink:to="lab_tef_CurrencyLineItems" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_O2WorldwideLimitedMember_f371cc8c-dbaf-48fd-9112-a8acf3ecc8fb_terseLabel_en-US" xlink:label="lab_tef_O2WorldwideLimitedMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">O2 Worldwide Limited Wireless telecommunications activities</link:label>
    <link:label id="lab_tef_O2WorldwideLimitedMember_label_en-US" xlink:label="lab_tef_O2WorldwideLimitedMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">O2 Worldwide Limited [Member]</link:label>
    <link:label id="lab_tef_O2WorldwideLimitedMember_documentation_en-US" xlink:label="lab_tef_O2WorldwideLimitedMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">O2 Worldwide Limited [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_O2WorldwideLimitedMember" xlink:href="tef-20241231.xsd#tef_O2WorldwideLimitedMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_O2WorldwideLimitedMember" xlink:to="lab_tef_O2WorldwideLimitedMember" xlink:type="arc" order="1"/>
    <link:label id="lab_srt_SubsidiariesMember_2f79df06-4b41-4f83-8d79-bc6ec1c7ca83_terseLabel_en-US" xlink:label="lab_srt_SubsidiariesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Subsidiaries</link:label>
    <link:label id="lab_srt_SubsidiariesMember_label_en-US" xlink:label="lab_srt_SubsidiariesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Subsidiaries [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_srt_SubsidiariesMember" xlink:href="https://xbrl.fasb.org/srt/2024/elts/srt-2024.xsd#srt_SubsidiariesMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_srt_SubsidiariesMember" xlink:to="lab_srt_SubsidiariesMember" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_CurrentAssetsRecognisedFromCostsToObtainOrFulfilContractsWithCustomers_2bcad428-0345-4a77-9784-82a556711ae6_terseLabel_en-US" xlink:label="lab_tef_CurrentAssetsRecognisedFromCostsToObtainOrFulfilContractsWithCustomers" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Capitalized costs (Note 23)</link:label>
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    <link:loc xlink:type="locator" xlink:label="loc_tef_CurrentAssetsRecognisedFromCostsToObtainOrFulfilContractsWithCustomers" xlink:href="tef-20241231.xsd#tef_CurrentAssetsRecognisedFromCostsToObtainOrFulfilContractsWithCustomers"/>
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    <link:label id="lab_tef_FonditelGestionSoc.GestoradeInstitucionesdeInversionColectivaMember_68e29ec1-7685-404e-94a4-56bbc303be96_terseLabel_en-US" xlink:label="lab_tef_FonditelGestionSoc.GestoradeInstitucionesdeInversionColectivaMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Fonditel Gesti&#243;n, Soc. Gestora de Instituciones de Inversi&#243;n Colectiva, S.A.U. Administration and representation of collective investment schemes</link:label>
    <link:label id="lab_tef_FonditelGestionSoc.GestoradeInstitucionesdeInversionColectivaMember_label_en-US" xlink:label="lab_tef_FonditelGestionSoc.GestoradeInstitucionesdeInversionColectivaMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Fonditel Gestion, Soc. Gestora de Instituciones de Inversion Colectiva [Member]</link:label>
    <link:label id="lab_tef_FonditelGestionSoc.GestoradeInstitucionesdeInversionColectivaMember_documentation_en-US" xlink:label="lab_tef_FonditelGestionSoc.GestoradeInstitucionesdeInversionColectivaMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Fonditel Gestion, Soc. Gestora de Instituciones de Inversion Colectiva [Member]</link:label>
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    <link:label id="lab_tef_TelefonicaGlobalSolutionsMexicoSAMember_3898cf70-455d-4897-b451-15d424576c83_terseLabel_en-US" xlink:label="lab_tef_TelefonicaGlobalSolutionsMexicoSAMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Telef&#243;nica Global Solutions M&#233;xico, S.A. de C.V. Carrying out research activities and projects in the field of telecommunications</link:label>
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    <link:label id="lab_tef_RenewalOfRadioFrequencies2015Member_640b9897-9838-40e6-9c4d-f826dd7f0e51_terseLabel_en-US" xlink:label="lab_tef_RenewalOfRadioFrequencies2015Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Renewal of Radio Frequencies 2015</link:label>
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    <link:label id="lab_ifrs-full_LaterThanThreeYearsMember_40f04845-6a13-4cf2-b2ed-bdad633e363a_verboseLabel_en-US" xlink:label="lab_ifrs-full_LaterThanThreeYearsMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Subsequent years</link:label>
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    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_LaterThanThreeYearsMember" xlink:to="lab_ifrs-full_LaterThanThreeYearsMember" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_OnnetFibraColombiaSASMember_de88e5d2-10ac-4460-9082-fcbf33793e38_terseLabel_en-US" xlink:label="lab_tef_OnnetFibraColombiaSASMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Onnet Fibra Colombia S.A.S.</link:label>
    <link:label id="lab_tef_OnnetFibraColombiaSASMember_label_en-US" xlink:label="lab_tef_OnnetFibraColombiaSASMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Onnet Fibra Colombia S.A.S. [Member]</link:label>
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    <link:label id="lab_ifrs-full_DisclosureOfHedgeAccountingTable_9243ef7e-3f45-4d09-9200-479f5fdb7355_terseLabel_en-US" xlink:label="lab_ifrs-full_DisclosureOfHedgeAccountingTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Disclosure of detailed information about hedges [table]</link:label>
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    <link:label id="lab_tef_ServicesMember_1a5d3d3e-aebb-48ff-804c-6b7031f975cc_terseLabel_en-US" xlink:label="lab_tef_ServicesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Contractual liabilities, services</link:label>
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    <link:label id="lab_tef_ServicesMember_documentation_en-US" xlink:label="lab_tef_ServicesMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Services [Member]</link:label>
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    <link:label id="lab_ifrs-full_AtFairValueMember_4dee54ea-7575-419b-822d-b07d4b1945ef_terseLabel_en-US" xlink:label="lab_ifrs-full_AtFairValueMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Fair value</link:label>
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    <link:label id="lab_dei_EntitiesTable_e49c41d7-04a5-4d5d-84d8-ee183db6a8e0_terseLabel_en-US" xlink:label="lab_dei_EntitiesTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Entities [Table]</link:label>
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    <link:label id="lab_tef_CashFlowStatementsAbstract_37106339-8a5d-42dc-b64f-c5637976a864_terseLabel_en-US" xlink:label="lab_tef_CashFlowStatementsAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Cash Flow Statements [Abstract]</link:label>
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    <link:label id="lab_ifrs-full_DisclosureOfNetDefinedBenefitLiabilityAssetLineItems_432f2ef7-84a5-4787-a30d-9ae988dad1d3_terseLabel_en-US" xlink:label="lab_ifrs-full_DisclosureOfNetDefinedBenefitLiabilityAssetLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Disclosure of net defined benefit liability (asset) [line items]</link:label>
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    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_DisclosureOfNetDefinedBenefitLiabilityAssetLineItems" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_DisclosureOfNetDefinedBenefitLiabilityAssetLineItems"/>
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    <link:label id="lab_tef_PeriodForTerminationOfSMPOperatorObligations_0ad87df7-20e7-44c1-a48f-254aa2132f22_terseLabel_en-US" xlink:label="lab_tef_PeriodForTerminationOfSMPOperatorObligations" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Period for termination of SMP operator obligations</link:label>
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    <link:label id="lab_tef_PeriodForTerminationOfSMPOperatorObligations_documentation_en-US" xlink:label="lab_tef_PeriodForTerminationOfSMPOperatorObligations" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Period For Termination Of SMP Operator Obligations</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_PeriodForTerminationOfSMPOperatorObligations" xlink:href="tef-20241231.xsd#tef_PeriodForTerminationOfSMPOperatorObligations"/>
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    <link:label id="lab_tef_Undiscountedoperatingleasepaymentstobepaid_1ec63058-a693-41ea-b927-7f27b2cf0d6b_terseLabel_en-US" xlink:label="lab_tef_Undiscountedoperatingleasepaymentstobepaid" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Undiscounted operating lease payments to be paid</link:label>
    <link:label id="lab_tef_Undiscountedoperatingleasepaymentstobepaid_label_en-US" xlink:label="lab_tef_Undiscountedoperatingleasepaymentstobepaid" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Undiscounted operating lease payments to be paid</link:label>
    <link:label id="lab_tef_Undiscountedoperatingleasepaymentstobepaid_documentation_en-US" xlink:label="lab_tef_Undiscountedoperatingleasepaymentstobepaid" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Undiscounted operating lease payments to be paid</link:label>
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    <link:label id="lab_tef_TelefonicaTechIrelandLimitedMember_5f5fb5b1-2a3f-4812-ac68-634361604337_terseLabel_en-US" xlink:label="lab_tef_TelefonicaTechIrelandLimitedMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Telefonica Tech Ireland Limited</link:label>
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    <link:label id="lab_tef_TelefnicaTechIncMember_ca995116-2846-4c22-a9aa-76eeedd415c7_terseLabel_en-US" xlink:label="lab_tef_TelefnicaTechIncMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Telef&#243;nica Tech Inc. Cybersecurity, electronic information security and IT consulting</link:label>
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    <link:label id="lab_tef_TelefnicaTechIncMember_documentation_en-US" xlink:label="lab_tef_TelefnicaTechIncMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Telef&#243;nica Tech Inc.</link:label>
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    <link:label id="lab_ifrs-full_UsefulLifeMeasuredAsPeriodOfTimeIntangibleAssetsOtherThanGoodwill_eaaa8b4a-4900-4aff-9218-1ff9ad39475a_terseLabel_en-US" xlink:label="lab_ifrs-full_UsefulLifeMeasuredAsPeriodOfTimeIntangibleAssetsOtherThanGoodwill" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Useful life measured as period of time, intangible assets other than goodwill</link:label>
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    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_UsefulLifeMeasuredAsPeriodOfTimeIntangibleAssetsOtherThanGoodwill" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_UsefulLifeMeasuredAsPeriodOfTimeIntangibleAssetsOtherThanGoodwill"/>
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    <link:label id="lab_ifrs-full_ShareOfProfitLossOfJointVenturesAccountedForUsingEquityMethod_ec51b3c6-f81f-4e81-8acb-d46ffaa11d2e_terseLabel_en-US" xlink:label="lab_ifrs-full_ShareOfProfitLossOfJointVenturesAccountedForUsingEquityMethod" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Share of (loss) income of investments accounted for by the equity method</link:label>
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    <link:label id="lab_tef_NumberOf5GBaseStations_00ccfa8b-e33c-4028-af86-616471080781_terseLabel_en-US" xlink:label="lab_tef_NumberOf5GBaseStations" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Number of 5G Base Stations</link:label>
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    <link:label id="lab_tef_NumberOf5GBaseStations_documentation_en-US" xlink:label="lab_tef_NumberOf5GBaseStations" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Number of 5G Base Stations</link:label>
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    <link:label id="lab_tef_TelefonicaTechBulgariaLimitedMember_b98de7cc-8a9e-4e11-9b2e-ebaddaffaf62_terseLabel_en-US" xlink:label="lab_tef_TelefonicaTechBulgariaLimitedMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Telef&#243;nica Tech Bulgaria Limited</link:label>
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    <link:label id="lab_ifrs-full_ReserveOfGainsAndLossesFromInvestmentsInEquityInstrumentsMember_2dcd0d7b-1266-4c8e-9ba1-9df06cd0d5be_terseLabel_en-US" xlink:label="lab_ifrs-full_ReserveOfGainsAndLossesFromInvestmentsInEquityInstrumentsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Equity of associa-tes and others</link:label>
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    <link:label id="lab_tef_ValuationAssumptionLongTermCapitalExpenditureRatioPercentage_e53a3520-6d9f-46e5-be31-bfe88ca0c4c5_terseLabel_en-US" xlink:label="lab_tef_ValuationAssumptionLongTermCapitalExpenditureRatioPercentage" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Valuation assumption, long-term capital expenditure ratio (in percentage)</link:label>
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    <link:label id="lab_tef_ValuationAssumptionLongTermCapitalExpenditureRatioPercentage_documentation_en-US" xlink:label="lab_tef_ValuationAssumptionLongTermCapitalExpenditureRatioPercentage" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Valuation Assumption, Long-Term Capital Expenditure Ratio, Percentage</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_ValuationAssumptionLongTermCapitalExpenditureRatioPercentage" xlink:href="tef-20241231.xsd#tef_ValuationAssumptionLongTermCapitalExpenditureRatioPercentage"/>
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    <link:label id="lab_tef_TELEFEMISIONESAPRIL20171Member_21ba59f5-b7b0-4a12-96ca-522bf50a0189_terseLabel_en-US" xlink:label="lab_tef_TELEFEMISIONESAPRIL20171Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">TELEF. EMISIONES APRIL 2017 1</link:label>
    <link:label id="lab_tef_TELEFEMISIONESAPRIL20171Member_label_en-US" xlink:label="lab_tef_TELEFEMISIONESAPRIL20171Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">TELEF. EMISIONES APRIL 2017 1 [Member]</link:label>
    <link:label id="lab_tef_TELEFEMISIONESAPRIL20171Member_documentation_en-US" xlink:label="lab_tef_TELEFEMISIONESAPRIL20171Member" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">TELEF. EMISIONES APRIL 2017 1</link:label>
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    <link:label id="lab_ifrs-full_SegmentConsolidationItemsDomain_65167d69-4f79-4c0a-844c-ceba10689831_terseLabel_en-US" xlink:label="lab_ifrs-full_SegmentConsolidationItemsDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Segment consolidation items [domain]</link:label>
    <link:label id="lab_ifrs-full_SegmentConsolidationItemsDomain_label_en-US" xlink:label="lab_ifrs-full_SegmentConsolidationItemsDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Segment consolidation items [domain]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_SegmentConsolidationItemsDomain" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_SegmentConsolidationItemsDomain"/>
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    <link:label id="lab_ifrs-full_BuildingsMember_5daa4d0e-d148-49d2-a9b7-93e9adafb682_verboseLabel_en-US" xlink:label="lab_ifrs-full_BuildingsMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Buildings</link:label>
    <link:label id="lab_ifrs-full_BuildingsMember_9ecce0ea-f6b9-45ed-b369-2593b895b1bc_terseLabel_en-US" xlink:label="lab_ifrs-full_BuildingsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Rights of use on buildings</link:label>
    <link:label id="lab_ifrs-full_BuildingsMember_label_en-US" xlink:label="lab_ifrs-full_BuildingsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Buildings [member]</link:label>
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    <link:label id="lab_ifrs-full_NonadjustingEventsAfterReportingPeriodDomain_be9ea4f2-4888-499d-a8b7-cf5a483d9edc_terseLabel_en-US" xlink:label="lab_ifrs-full_NonadjustingEventsAfterReportingPeriodDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Non-adjusting events after reporting period</link:label>
    <link:label id="lab_ifrs-full_NonadjustingEventsAfterReportingPeriodDomain_label_en-US" xlink:label="lab_ifrs-full_NonadjustingEventsAfterReportingPeriodDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Non-adjusting events after reporting period [domain]</link:label>
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    <link:label id="lab_tef_CurrentIndirectTaxesPayable_f52132a2-6395-4f83-9a3d-9a5f10d2d0c3_terseLabel_en-US" xlink:label="lab_tef_CurrentIndirectTaxesPayable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Indirect taxes</link:label>
    <link:label id="lab_tef_CurrentIndirectTaxesPayable_label_en-US" xlink:label="lab_tef_CurrentIndirectTaxesPayable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Current Indirect Taxes Payable</link:label>
    <link:label id="lab_tef_CurrentIndirectTaxesPayable_documentation_en-US" xlink:label="lab_tef_CurrentIndirectTaxesPayable" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Current Indirect Taxes Payable</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_CurrentIndirectTaxesPayable" xlink:href="tef-20241231.xsd#tef_CurrentIndirectTaxesPayable"/>
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    <link:label id="lab_tef_CustomerRelatedIntangibleAssetsNettingMember_edfdd442-db60-418a-8662-34e42f7455b9_terseLabel_en-US" xlink:label="lab_tef_CustomerRelatedIntangibleAssetsNettingMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Customer base</link:label>
    <link:label id="lab_tef_CustomerRelatedIntangibleAssetsNettingMember_label_en-US" xlink:label="lab_tef_CustomerRelatedIntangibleAssetsNettingMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Customer-related Intangible Assets, Netting [Member]</link:label>
    <link:label id="lab_tef_CustomerRelatedIntangibleAssetsNettingMember_documentation_en-US" xlink:label="lab_tef_CustomerRelatedIntangibleAssetsNettingMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Customer-related Intangible Assets, Netting</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_CustomerRelatedIntangibleAssetsNettingMember" xlink:href="tef-20241231.xsd#tef_CustomerRelatedIntangibleAssetsNettingMember"/>
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    <link:label id="lab_ifrs-full_OtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossNetOfTax_297b00d7-3539-4dda-8855-9b3c0d7c3a20_totalLabel_en-US" xlink:label="lab_ifrs-full_OtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossNetOfTax" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Total other comprehensive income (loss) recognized for the year that will not be reclassified subsequently to profit or loss</link:label>
    <link:label id="lab_ifrs-full_OtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossNetOfTax_label_en-US" xlink:label="lab_ifrs-full_OtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossNetOfTax" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Other comprehensive income that will not be reclassified to profit or loss, net of tax</link:label>
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    <link:label id="lab_tef_TELEFEMISIONESMARCH20181Member_c7e6dd1e-44cb-48bd-9275-c250a84fba00_terseLabel_en-US" xlink:label="lab_tef_TELEFEMISIONESMARCH20181Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">TELEF. EMISIONES MARCH 2018 1</link:label>
    <link:label id="lab_tef_TELEFEMISIONESMARCH20181Member_label_en-US" xlink:label="lab_tef_TELEFEMISIONESMARCH20181Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">TELEF. EMISIONES MARCH 2018 1 [Member]</link:label>
    <link:label id="lab_tef_TELEFEMISIONESMARCH20181Member_documentation_en-US" xlink:label="lab_tef_TELEFEMISIONESMARCH20181Member" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">TELEF. EMISIONES MARCH 2018 1</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_TELEFEMISIONESMARCH20181Member" xlink:href="tef-20241231.xsd#tef_TELEFEMISIONESMARCH20181Member"/>
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    <link:label id="lab_srt_CounterpartyNameAxis_525f3178-e40c-414f-a9e8-a3de78478cb4_terseLabel_en-US" xlink:label="lab_srt_CounterpartyNameAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Counterparty Name [Axis]</link:label>
    <link:label id="lab_srt_CounterpartyNameAxis_label_en-US" xlink:label="lab_srt_CounterpartyNameAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Counterparty Name [Axis]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_srt_CounterpartyNameAxis" xlink:href="https://xbrl.fasb.org/srt/2024/elts/srt-2024.xsd#srt_CounterpartyNameAxis"/>
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    <link:label id="lab_ifrs-full_MiscellaneousOtherOperatingExpense_89386c0e-5670-4cb1-8aa3-49d0a51857e9_terseLabel_en-US" xlink:label="lab_ifrs-full_MiscellaneousOtherOperatingExpense" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Other operating expenses</link:label>
    <link:label id="lab_ifrs-full_MiscellaneousOtherOperatingExpense_label_en-US" xlink:label="lab_ifrs-full_MiscellaneousOtherOperatingExpense" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Miscellaneous other operating expense</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_MiscellaneousOtherOperatingExpense" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_MiscellaneousOtherOperatingExpense"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_MiscellaneousOtherOperatingExpense" xlink:to="lab_ifrs-full_MiscellaneousOtherOperatingExpense" xlink:type="arc" order="1"/>
    <link:label id="lab_srt_ConsolidationItemsDomain_2bd603b9-321f-423e-8890-7c35fa236422_terseLabel_en-US" xlink:label="lab_srt_ConsolidationItemsDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Consolidation Items [Domain]</link:label>
    <link:label id="lab_srt_ConsolidationItemsDomain_label_en-US" xlink:label="lab_srt_ConsolidationItemsDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Consolidation Items [Domain]</link:label>
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    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_srt_ConsolidationItemsDomain" xlink:to="lab_srt_ConsolidationItemsDomain" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_CategoriesOfRelatedPartiesAxis_05251593-def1-4a2d-9bc7-5f9c8854658e_terseLabel_en-US" xlink:label="lab_ifrs-full_CategoriesOfRelatedPartiesAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Categories of related parties [axis]</link:label>
    <link:label id="lab_ifrs-full_CategoriesOfRelatedPartiesAxis_label_en-US" xlink:label="lab_ifrs-full_CategoriesOfRelatedPartiesAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Categories of related parties [axis]</link:label>
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    <link:label id="lab_ifrs-full_CounterpartiesDomain_label_en-US" xlink:label="lab_ifrs-full_CounterpartiesDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Counterparties [domain]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_CounterpartiesDomain" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_CounterpartiesDomain"/>
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    <link:label id="lab_tef_CashFlowsFromOperationsWithOtherEquityHolders_b54c91ba-6b36-4968-8b7b-d36684c14c55_negatedTerseLabel_en-US" xlink:label="lab_tef_CashFlowsFromOperationsWithOtherEquityHolders" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xml:lang="en-US">Operations with other equity holders</link:label>
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    <link:label id="lab_tef_DepositsMaturityInYearOne_63ccbedc-ec52-4ffe-8856-ba733645a4d6_terseLabel_en-US" xlink:label="lab_tef_DepositsMaturityInYearOne" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Deposits maturity 2024</link:label>
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    <link:label id="lab_tef_PaymentstoSuppliersLineItems_21ec88b0-4924-4dca-a1a3-a653d79e41f7_terseLabel_en-US" xlink:label="lab_tef_PaymentstoSuppliersLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Payments to Suppliers [Line Items]</link:label>
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    <link:label id="lab_tef_PaymentstoSuppliersLineItems_documentation_en-US" xlink:label="lab_tef_PaymentstoSuppliersLineItems" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">[Line Items] for Payments to Suppliers [Table]</link:label>
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    <link:label id="lab_tef_PercentageOfNetFinancialDebtHeld_9457ab79-4d19-42e5-8604-649a428c897d_terseLabel_en-US" xlink:label="lab_tef_PercentageOfNetFinancialDebtHeld" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Proportion of net financial debt held (as a percent)</link:label>
    <link:label id="lab_tef_PercentageOfNetFinancialDebtHeld_label_en-US" xlink:label="lab_tef_PercentageOfNetFinancialDebtHeld" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Percentage Of Net Financial Debt Held</link:label>
    <link:label id="lab_tef_PercentageOfNetFinancialDebtHeld_documentation_en-US" xlink:label="lab_tef_PercentageOfNetFinancialDebtHeld" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Percentage Of Net Financial Debt Held</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_PercentageOfNetFinancialDebtHeld" xlink:href="tef-20241231.xsd#tef_PercentageOfNetFinancialDebtHeld"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_PercentageOfNetFinancialDebtHeld" xlink:to="lab_tef_PercentageOfNetFinancialDebtHeld" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_TelefonicaOpenInnovationSLUMember_48a75f13-f839-4bde-b75a-84d2e9369936_terseLabel_en-US" xlink:label="lab_tef_TelefonicaOpenInnovationSLUMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Telefonica Open Innovation S.L.U. Talent identification and development in ICT.</link:label>
    <link:label id="lab_tef_TelefonicaOpenInnovationSLUMember_label_en-US" xlink:label="lab_tef_TelefonicaOpenInnovationSLUMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Telefonica Open Innovation S.L.U. [Member]</link:label>
    <link:label id="lab_tef_TelefonicaOpenInnovationSLUMember_documentation_en-US" xlink:label="lab_tef_TelefonicaOpenInnovationSLUMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Telefonica Open Innovation S.L.U.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_TelefonicaOpenInnovationSLUMember" xlink:href="tef-20241231.xsd#tef_TelefonicaOpenInnovationSLUMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_TelefonicaOpenInnovationSLUMember" xlink:to="lab_tef_TelefonicaOpenInnovationSLUMember" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_DisclosureOfCompensationAbstract_a30e2717-bd7f-496d-b3d1-32f5e4d777a2_terseLabel_en-US" xlink:label="lab_tef_DisclosureOfCompensationAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Disclosure Of Compensation [Abstract]</link:label>
    <link:label id="lab_tef_DisclosureOfCompensationAbstract_label_en-US" xlink:label="lab_tef_DisclosureOfCompensationAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure Of Compensation [Abstract]</link:label>
    <link:label id="lab_tef_DisclosureOfCompensationAbstract_documentation_en-US" xlink:label="lab_tef_DisclosureOfCompensationAbstract" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Disclosure Of Compensation [Abstract]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_DisclosureOfCompensationAbstract" xlink:href="tef-20241231.xsd#tef_DisclosureOfCompensationAbstract"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_DisclosureOfCompensationAbstract" xlink:to="lab_tef_DisclosureOfCompensationAbstract" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_RightofuseAssetsMember_00233c7d-a3a6-4cc9-85e1-1162a2b31fe6_terseLabel_en-US" xlink:label="lab_ifrs-full_RightofuseAssetsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Rights of use</link:label>
    <link:label id="lab_ifrs-full_RightofuseAssetsMember_label_en-US" xlink:label="lab_ifrs-full_RightofuseAssetsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Right-of-use assets [member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_RightofuseAssetsMember" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_RightofuseAssetsMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_RightofuseAssetsMember" xlink:to="lab_ifrs-full_RightofuseAssetsMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_TradingEquitySecuritiesMember_940221b2-80aa-4438-973e-ce1e81c03672_terseLabel_en-US" xlink:label="lab_ifrs-full_TradingEquitySecuritiesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Non trading accountant purposes</link:label>
    <link:label id="lab_ifrs-full_TradingEquitySecuritiesMember_label_en-US" xlink:label="lab_ifrs-full_TradingEquitySecuritiesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Trading equity securities [member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_TradingEquitySecuritiesMember" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_TradingEquitySecuritiesMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_TradingEquitySecuritiesMember" xlink:to="lab_ifrs-full_TradingEquitySecuritiesMember" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_AssetsAndLiabilitiesClassifiedAsHeldForSaleAbstract_62fd469b-b053-4add-be8f-43c3a2a9a9a2_terseLabel_en-US" xlink:label="lab_tef_AssetsAndLiabilitiesClassifiedAsHeldForSaleAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Assets And Liabilities Classified As Held For Sale [Abstract]</link:label>
    <link:label id="lab_tef_AssetsAndLiabilitiesClassifiedAsHeldForSaleAbstract_label_en-US" xlink:label="lab_tef_AssetsAndLiabilitiesClassifiedAsHeldForSaleAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Assets And Liabilities Classified As Held For Sale [Abstract]</link:label>
    <link:label id="lab_tef_AssetsAndLiabilitiesClassifiedAsHeldForSaleAbstract_documentation_en-US" xlink:label="lab_tef_AssetsAndLiabilitiesClassifiedAsHeldForSaleAbstract" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Assets And Liabilities Classified As Held For Sale [Abstract]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_AssetsAndLiabilitiesClassifiedAsHeldForSaleAbstract" xlink:href="tef-20241231.xsd#tef_AssetsAndLiabilitiesClassifiedAsHeldForSaleAbstract"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_AssetsAndLiabilitiesClassifiedAsHeldForSaleAbstract" xlink:to="lab_tef_AssetsAndLiabilitiesClassifiedAsHeldForSaleAbstract" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_MiscellaneousOtherProvisionsMember_57bf6cbf-e7c1-4857-b790-61e803cac40a_terseLabel_en-US" xlink:label="lab_ifrs-full_MiscellaneousOtherProvisionsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Other provisions</link:label>
    <link:label id="lab_ifrs-full_MiscellaneousOtherProvisionsMember_label_en-US" xlink:label="lab_ifrs-full_MiscellaneousOtherProvisionsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Miscellaneous other provisions [member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_MiscellaneousOtherProvisionsMember" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_MiscellaneousOtherProvisionsMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_MiscellaneousOtherProvisionsMember" xlink:to="lab_ifrs-full_MiscellaneousOtherProvisionsMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_CashAndCashEquivalents_88466c31-6188-4655-a3aa-cd81266cabbe_terseLabel_en-US" xlink:label="lab_ifrs-full_CashAndCashEquivalents" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Cash and cash equivalents</link:label>
    <link:label id="lab_ifrs-full_CashAndCashEquivalents_7aa5729f-baea-4380-80be-8f82a36596bc_periodStartLabel_en-US" xlink:label="lab_ifrs-full_CashAndCashEquivalents" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:type="resource" xml:lang="en-US">CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE PERIOD</link:label>
    <link:label id="lab_ifrs-full_CashAndCashEquivalents_07d12d78-7be4-43b1-bc85-ff71e1020448_periodEndLabel_en-US" xlink:label="lab_ifrs-full_CashAndCashEquivalents" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:type="resource" xml:lang="en-US">CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD</link:label>
    <link:label id="lab_ifrs-full_CashAndCashEquivalents_12fc01d0-54e6-4f50-aa1d-fec037c25012_totalLabel_en-US" xlink:label="lab_ifrs-full_CashAndCashEquivalents" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">CASH AND CASH EQUIVALENTS TOTAL</link:label>
    <link:label id="lab_ifrs-full_CashAndCashEquivalents_label_en-US" xlink:label="lab_ifrs-full_CashAndCashEquivalents" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Cash and cash equivalents</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_CashAndCashEquivalents" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_CashAndCashEquivalents"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_CashAndCashEquivalents" xlink:to="lab_ifrs-full_CashAndCashEquivalents" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_CreditDerivativeFairValue_48249058-3d82-4385-b6f5-7d8d5b4b333c_terseLabel_en-US" xlink:label="lab_ifrs-full_CreditDerivativeFairValue" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Credit derivative, fair value</link:label>
    <link:label id="lab_ifrs-full_CreditDerivativeFairValue_label_en-US" xlink:label="lab_ifrs-full_CreditDerivativeFairValue" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Credit derivative, fair value</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_CreditDerivativeFairValue" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_CreditDerivativeFairValue"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_CreditDerivativeFairValue" xlink:to="lab_ifrs-full_CreditDerivativeFairValue" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_LongTermContractualLiabilitiesFromAssociatesAndJointVentures_dc18e710-2124-4218-bc5f-0dab05782c87_terseLabel_en-US" xlink:label="lab_tef_LongTermContractualLiabilitiesFromAssociatesAndJointVentures" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Long-term contractual liabilities</link:label>
    <link:label id="lab_tef_LongTermContractualLiabilitiesFromAssociatesAndJointVentures_label_en-US" xlink:label="lab_tef_LongTermContractualLiabilitiesFromAssociatesAndJointVentures" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Long-Term Contractual Liabilities From Associates And Joint Ventures</link:label>
    <link:label id="lab_tef_LongTermContractualLiabilitiesFromAssociatesAndJointVentures_documentation_en-US" xlink:label="lab_tef_LongTermContractualLiabilitiesFromAssociatesAndJointVentures" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Long-Term Contractual Liabilities From Associates And Joint Ventures</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_LongTermContractualLiabilitiesFromAssociatesAndJointVentures" xlink:href="tef-20241231.xsd#tef_LongTermContractualLiabilitiesFromAssociatesAndJointVentures"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_LongTermContractualLiabilitiesFromAssociatesAndJointVentures" xlink:to="lab_tef_LongTermContractualLiabilitiesFromAssociatesAndJointVentures" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_TelefonicaDigitalEspanaMember_a1f3f160-4eb1-4af1-a705-2f03a1a5481c_terseLabel_en-US" xlink:label="lab_tef_TelefonicaDigitalEspanaMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Telefonica Digital Espana</link:label>
    <link:label id="lab_tef_TelefonicaDigitalEspanaMember_label_en-US" xlink:label="lab_tef_TelefonicaDigitalEspanaMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Telefonica Digital Espana [Member]</link:label>
    <link:label id="lab_tef_TelefonicaDigitalEspanaMember_documentation_en-US" xlink:label="lab_tef_TelefonicaDigitalEspanaMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Telefonica Digital Espana [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_TelefonicaDigitalEspanaMember" xlink:href="tef-20241231.xsd#tef_TelefonicaDigitalEspanaMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_TelefonicaDigitalEspanaMember" xlink:to="lab_tef_TelefonicaDigitalEspanaMember" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_HedgingInstrumentstoReceiveMember_a4b41c1c-9bd0-47e3-a416-7575d1c691e4_terseLabel_en-US" xlink:label="lab_tef_HedgingInstrumentstoReceiveMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Receive</link:label>
    <link:label id="lab_tef_HedgingInstrumentstoReceiveMember_label_en-US" xlink:label="lab_tef_HedgingInstrumentstoReceiveMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Hedging Instruments to Receive [Member]</link:label>
    <link:label id="lab_tef_HedgingInstrumentstoReceiveMember_documentation_en-US" xlink:label="lab_tef_HedgingInstrumentstoReceiveMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Hedging Instruments to Receive [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_HedgingInstrumentstoReceiveMember" xlink:href="tef-20241231.xsd#tef_HedgingInstrumentstoReceiveMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_HedgingInstrumentstoReceiveMember" xlink:to="lab_tef_HedgingInstrumentstoReceiveMember" xlink:type="arc" order="1"/>
    <link:label id="lab_dei_EntityWellKnownSeasonedIssuer_5c473b03-34b8-41cd-8112-615558b5eea6_terseLabel_en-US" xlink:label="lab_dei_EntityWellKnownSeasonedIssuer" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Entity Well-known Seasoned Issuer</link:label>
    <link:label id="lab_dei_EntityWellKnownSeasonedIssuer_label_en-US" xlink:label="lab_dei_EntityWellKnownSeasonedIssuer" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Entity Well-known Seasoned Issuer</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_dei_EntityWellKnownSeasonedIssuer" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_EntityWellKnownSeasonedIssuer"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityWellKnownSeasonedIssuer" xlink:to="lab_dei_EntityWellKnownSeasonedIssuer" xlink:type="arc" order="1"/>
    <link:label id="lab_currency_EUR_63f87b61-c519-4d51-8b93-7e9f08bdc597_terseLabel_en-US" xlink:label="lab_currency_EUR" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Euro</link:label>
    <link:label id="lab_currency_EUR_361d4030-43f1-4ec6-964d-2665adc8c3a7_verboseLabel_en-US" xlink:label="lab_currency_EUR" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">EUR</link:label>
    <link:label id="lab_currency_EUR_label_en-US" xlink:label="lab_currency_EUR" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Euro Member Countries, Euro</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_currency_EUR" xlink:href="https://xbrl.sec.gov/currency/2024/currency-2024.xsd#currency_EUR"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_currency_EUR" xlink:to="lab_currency_EUR" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_BETernaLjubijanaSloveniaMember_919de4b6-b8fe-4e7a-be3b-8c4fd487ab15_terseLabel_en-US" xlink:label="lab_tef_BETernaLjubijanaSloveniaMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">BE-terna Ljubijana (Slovenia)</link:label>
    <link:label id="lab_tef_BETernaLjubijanaSloveniaMember_label_en-US" xlink:label="lab_tef_BETernaLjubijanaSloveniaMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">BE-terna Ljubijana (Slovenia) [Member]</link:label>
    <link:label id="lab_tef_BETernaLjubijanaSloveniaMember_documentation_en-US" xlink:label="lab_tef_BETernaLjubijanaSloveniaMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">BE-terna Ljubijana (Slovenia)</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_BETernaLjubijanaSloveniaMember" xlink:href="tef-20241231.xsd#tef_BETernaLjubijanaSloveniaMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_BETernaLjubijanaSloveniaMember" xlink:to="lab_tef_BETernaLjubijanaSloveniaMember" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_TSRObjectiveMember_2ee86694-01d8-4786-b85c-f3f8c6da4a9e_terseLabel_en-US" xlink:label="lab_tef_TSRObjectiveMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">TSR objective</link:label>
    <link:label id="lab_tef_TSRObjectiveMember_label_en-US" xlink:label="lab_tef_TSRObjectiveMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">TSR Objective [Member]</link:label>
    <link:label id="lab_tef_TSRObjectiveMember_documentation_en-US" xlink:label="lab_tef_TSRObjectiveMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">TSR Objective [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_TSRObjectiveMember" xlink:href="tef-20241231.xsd#tef_TSRObjectiveMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_TSRObjectiveMember" xlink:to="lab_tef_TSRObjectiveMember" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_ScheduleOfNonCurrentPortionOfLongTermDebtTableTextBlock_125e955a-2709-4437-86a8-7983f7ab61f1_terseLabel_en-US" xlink:label="lab_tef_ScheduleOfNonCurrentPortionOfLongTermDebtTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Schedule of Non-Current Portion of Long Term Debt</link:label>
    <link:label id="lab_tef_ScheduleOfNonCurrentPortionOfLongTermDebtTableTextBlock_label_en-US" xlink:label="lab_tef_ScheduleOfNonCurrentPortionOfLongTermDebtTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Schedule Of Non-Current Portion Of Long Term Debt [Table Text Block]</link:label>
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    <link:label id="lab_ifrs-full_PresentValueOfDefinedBenefitObligationMember_0d16ff5e-6b75-4d8a-b2ab-d57ce23ef915_verboseLabel_en-US" xlink:label="lab_ifrs-full_PresentValueOfDefinedBenefitObligationMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Obligation</link:label>
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    <link:label id="lab_tef_TelefonicaMovilesdelUruguaySAMember_4a7ba1b9-16e4-4045-8cf0-1f251305ecec_verboseLabel_en-US" xlink:label="lab_tef_TelefonicaMovilesdelUruguaySAMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Telef&#243;nica Uruguay</link:label>
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    <link:label id="lab_tef_ShareBasedCompensationArrangementByShareBasedPaymentAwardCarbonDioxideEmissionNeutralizationAmountOfAdditionalSharesReceivedByExecutiveDirectors_8ceb05d7-1bef-436f-90d1-70f88be37b62_terseLabel_en-US" xlink:label="lab_tef_ShareBasedCompensationArrangementByShareBasedPaymentAwardCarbonDioxideEmissionNeutralizationAmountOfAdditionalSharesReceivedByExecutiveDirectors" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Amount of additional shares received by Executive Directors (in shares)</link:label>
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    <link:label id="lab_tef_NumberOfMicroSitesUnderOperation_f2cbb843-99aa-40ec-8aeb-a1c955cf3ec6_terseLabel_en-US" xlink:label="lab_tef_NumberOfMicroSitesUnderOperation" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Number of micro sites under operation</link:label>
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    <link:label id="lab_tef_EuropeanCouncilRecoveryAndResilienceMechanism_c52479f4-14c8-415c-82c2-a83b6be5b4f9_terseLabel_en-US" xlink:label="lab_tef_EuropeanCouncilRecoveryAndResilienceMechanism" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">European Council, recovery and resilience mechanism, funds</link:label>
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    <link:label id="lab_tef_BroadcastingAwardPricePerSeason_2b89c219-22f9-4be7-9aa3-425d75717ca7_terseLabel_en-US" xlink:label="lab_tef_BroadcastingAwardPricePerSeason" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Broadcasting award price per season</link:label>
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    <link:label id="lab_tef_BroadcastingAwardPricePerSeason_documentation_en-US" xlink:label="lab_tef_BroadcastingAwardPricePerSeason" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Broadcasting Award Price Per Season</link:label>
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    <link:label id="lab_tef_TelefonicaGlobalRoamingMember_0e8c019b-f898-45e3-9ece-dfaf6a4cad28_terseLabel_en-US" xlink:label="lab_tef_TelefonicaGlobalRoamingMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Telef&#243;nica Global Roaming, GmbH Optimization of network traffic</link:label>
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    <link:label id="lab_ifrs-full_DisclosureOfRelatedPartyExplanatory_c6a79c5b-8bf1-4df5-a112-1d86d3e8f41b_terseLabel_en-US" xlink:label="lab_ifrs-full_DisclosureOfRelatedPartyExplanatory" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Related Parties</link:label>
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    <link:label id="lab_tef_TelefonicaGermanyRetailGmbHMember_eedc5b24-5e40-4109-a152-83a9166ecd0d_terseLabel_en-US" xlink:label="lab_tef_TelefonicaGermanyRetailGmbHMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Telef&#243;nica Germany Retail GmbH Office machinery, computers, peripheral equipment and software</link:label>
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    <link:label id="lab_tef_FinancialInstrumentsExcludingDerivativesMember_f1bfb1fa-6e07-486d-9dae-734c1f5d01ee_verboseLabel_en-US" xlink:label="lab_tef_FinancialInstrumentsExcludingDerivativesMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">No derivatives instruments of accounting hedges</link:label>
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    <link:label id="lab_ifrs-full_DisclosureOfPropertyPlantAndEquipmentLineItems_f55dc0e6-9768-4258-b623-01f5b42892d7_terseLabel_en-US" xlink:label="lab_ifrs-full_DisclosureOfPropertyPlantAndEquipmentLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Disclosure of detailed information about property, plant and equipment [line items]</link:label>
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    <link:label id="lab_tef_OtherRisksMember_48d7cbc9-4953-4c36-8849-9172bc132fa7_terseLabel_en-US" xlink:label="lab_tef_OtherRisksMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Other derivatives</link:label>
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    <link:label id="lab_tef_TELEF.EMISIONESNOVEMBER2023Member_67dd046e-4fde-4151-b98b-aa659902ca85_terseLabel_en-US" xlink:label="lab_tef_TELEF.EMISIONESNOVEMBER2023Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">TELEF. EMISIONES NOVEMBER 2023</link:label>
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    <link:label id="lab_tef_PerpetualBidcoLimitedMember_03fa3526-74fa-4dd0-9e24-5c979116f63b_terseLabel_en-US" xlink:label="lab_tef_PerpetualBidcoLimitedMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Perpetual Bidco Limited</link:label>
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    <link:label id="lab_ifrs-full_PurchaseOfTreasuryShares_af3ff77a-2d23-4a71-92c1-6600fdbdbf09_terseLabel_en-US" xlink:label="lab_ifrs-full_PurchaseOfTreasuryShares" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Purchase of treasury shares</link:label>
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    <link:loc xlink:type="locator" xlink:label="loc_tef_OtherAdjustments" xlink:href="tef-20241231.xsd#tef_OtherAdjustments"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_OtherAdjustments" xlink:to="lab_tef_OtherAdjustments" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_AuditorsRemuneration_41eea24c-eaba-4c68-9354-4959ba5ee1cd_totalLabel_en-US" xlink:label="lab_ifrs-full_AuditorsRemuneration" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Total</link:label>
    <link:label id="lab_ifrs-full_AuditorsRemuneration_10312bf9-a3bc-438f-926b-bd1188462785_terseLabel_en-US" xlink:label="lab_ifrs-full_AuditorsRemuneration" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Auditor's remuneration</link:label>
    <link:label id="lab_ifrs-full_AuditorsRemuneration_label_en-US" xlink:label="lab_ifrs-full_AuditorsRemuneration" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Auditor's remuneration</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_AuditorsRemuneration" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_AuditorsRemuneration"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_AuditorsRemuneration" xlink:to="lab_ifrs-full_AuditorsRemuneration" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMember_0b5d1cf5-a4a9-4847-9d94-f946d47cc26c_terseLabel_en-US" xlink:label="lab_ifrs-full_FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Held for trading</link:label>
    <link:label id="lab_ifrs-full_FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMember_label_en-US" xlink:label="lab_ifrs-full_FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Financial assets at fair value through profit or loss, classified as held for trading, category [member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMember" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMember" xlink:to="lab_ifrs-full_FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTradingCategoryMember" xlink:type="arc" order="1"/>
    <link:label id="lab_dei_EntityAddressCityOrTown_15adae9e-6aa7-4ce7-bf4a-63e576bd0e16_terseLabel_en-US" xlink:label="lab_dei_EntityAddressCityOrTown" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Entity Address, City or Town</link:label>
    <link:label id="lab_dei_EntityAddressCityOrTown_label_en-US" xlink:label="lab_dei_EntityAddressCityOrTown" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Entity Address, City or Town</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_dei_EntityAddressCityOrTown" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_EntityAddressCityOrTown"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityAddressCityOrTown" xlink:to="lab_dei_EntityAddressCityOrTown" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_Dividends1Axis_ab0d80e2-d8ff-48cb-874d-63f65019861d_terseLabel_en-US" xlink:label="lab_tef_Dividends1Axis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Dividends [Axis]</link:label>
    <link:label id="lab_tef_Dividends1Axis_label_en-US" xlink:label="lab_tef_Dividends1Axis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Dividends1 [Axis]</link:label>
    <link:label id="lab_tef_Dividends1Axis_documentation_en-US" xlink:label="lab_tef_Dividends1Axis" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Dividends1 [Axis]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_Dividends1Axis" xlink:href="tef-20241231.xsd#tef_Dividends1Axis"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_Dividends1Axis" xlink:to="lab_tef_Dividends1Axis" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_DisclosureOfFairValueOfPlanAssetsTable_1531ec57-62c6-4fff-a386-23fdd81cdd92_terseLabel_en-US" xlink:label="lab_ifrs-full_DisclosureOfFairValueOfPlanAssetsTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Disclosure of fair value of plan assets [table]</link:label>
    <link:label id="lab_ifrs-full_DisclosureOfFairValueOfPlanAssetsTable_label_en-US" xlink:label="lab_ifrs-full_DisclosureOfFairValueOfPlanAssetsTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure of fair value of plan assets [table]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_DisclosureOfFairValueOfPlanAssetsTable" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_DisclosureOfFairValueOfPlanAssetsTable"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DisclosureOfFairValueOfPlanAssetsTable" xlink:to="lab_ifrs-full_DisclosureOfFairValueOfPlanAssetsTable" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_AmortisationIntangibleAssetsOtherThanGoodwill_638344f7-56e6-4d34-a422-646774f081c5_negatedTerseLabel_en-US" xlink:label="lab_ifrs-full_AmortisationIntangibleAssetsOtherThanGoodwill" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xml:lang="en-US">Amortization</link:label>
    <link:label id="lab_ifrs-full_AmortisationIntangibleAssetsOtherThanGoodwill_30f0691b-065d-4280-a848-01174e3ddf9e_terseLabel_en-US" xlink:label="lab_ifrs-full_AmortisationIntangibleAssetsOtherThanGoodwill" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Intangible assets (Note 6)</link:label>
    <link:label id="lab_ifrs-full_AmortisationIntangibleAssetsOtherThanGoodwill_label_en-US" xlink:label="lab_ifrs-full_AmortisationIntangibleAssetsOtherThanGoodwill" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Amortisation, intangible assets other than goodwill</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_AmortisationIntangibleAssetsOtherThanGoodwill" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_AmortisationIntangibleAssetsOtherThanGoodwill"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_AmortisationIntangibleAssetsOtherThanGoodwill" xlink:to="lab_ifrs-full_AmortisationIntangibleAssetsOtherThanGoodwill" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_RegulatoryOperationsLicenseAgreement5GProjectImplementationTermStageTwo_771159b5-42b4-419e-9d76-9abeebc93b54_terseLabel_en-US" xlink:label="lab_tef_RegulatoryOperationsLicenseAgreement5GProjectImplementationTermStageTwo" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">5G project, implementation term, stage two</link:label>
    <link:label id="lab_tef_RegulatoryOperationsLicenseAgreement5GProjectImplementationTermStageTwo_label_en-US" xlink:label="lab_tef_RegulatoryOperationsLicenseAgreement5GProjectImplementationTermStageTwo" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Regulatory Operations, License Agreement, 5G Project Implementation Term, Stage Two</link:label>
    <link:label id="lab_tef_RegulatoryOperationsLicenseAgreement5GProjectImplementationTermStageTwo_documentation_en-US" xlink:label="lab_tef_RegulatoryOperationsLicenseAgreement5GProjectImplementationTermStageTwo" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Regulatory Operations, License Agreement, 5G Project Implementation Term, Stage Two</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_RegulatoryOperationsLicenseAgreement5GProjectImplementationTermStageTwo" xlink:href="tef-20241231.xsd#tef_RegulatoryOperationsLicenseAgreement5GProjectImplementationTermStageTwo"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_RegulatoryOperationsLicenseAgreement5GProjectImplementationTermStageTwo" xlink:to="lab_tef_RegulatoryOperationsLicenseAgreement5GProjectImplementationTermStageTwo" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_OtherCurrentNonFinancialNonTradePayables_ea19c064-37c4-4312-8052-e2ef282cbf25_verboseLabel_en-US" xlink:label="lab_tef_OtherCurrentNonFinancialNonTradePayables" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Other non-financial non-trade payables</link:label>
    <link:label id="lab_tef_OtherCurrentNonFinancialNonTradePayables_label_en-US" xlink:label="lab_tef_OtherCurrentNonFinancialNonTradePayables" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Other Current Non-Financial Non-Trade Payables</link:label>
    <link:label id="lab_tef_OtherCurrentNonFinancialNonTradePayables_documentation_en-US" xlink:label="lab_tef_OtherCurrentNonFinancialNonTradePayables" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Other Non-Financial Non-Trade Payables</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_OtherCurrentNonFinancialNonTradePayables" xlink:href="tef-20241231.xsd#tef_OtherCurrentNonFinancialNonTradePayables"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_OtherCurrentNonFinancialNonTradePayables" xlink:to="lab_tef_OtherCurrentNonFinancialNonTradePayables" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_MeasurementAxis_6bee2463-8e39-4058-a551-5a6dba20b161_terseLabel_en-US" xlink:label="lab_ifrs-full_MeasurementAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Measurement [axis]</link:label>
    <link:label id="lab_ifrs-full_MeasurementAxis_label_en-US" xlink:label="lab_ifrs-full_MeasurementAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Measurement [axis]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_MeasurementAxis" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_MeasurementAxis"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_MeasurementAxis" xlink:to="lab_ifrs-full_MeasurementAxis" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_DescriptionOfAccountingPolicyForGoodwillExplanatory_63088496-af4a-496b-b262-1bceec72492a_terseLabel_en-US" xlink:label="lab_ifrs-full_DescriptionOfAccountingPolicyForGoodwillExplanatory" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Goodwill</link:label>
    <link:label id="lab_ifrs-full_DescriptionOfAccountingPolicyForGoodwillExplanatory_label_en-US" xlink:label="lab_ifrs-full_DescriptionOfAccountingPolicyForGoodwillExplanatory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Description of accounting policy for goodwill [text block]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_DescriptionOfAccountingPolicyForGoodwillExplanatory" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_DescriptionOfAccountingPolicyForGoodwillExplanatory"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DescriptionOfAccountingPolicyForGoodwillExplanatory" xlink:to="lab_ifrs-full_DescriptionOfAccountingPolicyForGoodwillExplanatory" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_ITTransformationServiceProjectMaximumExtensionTerm_f406570d-0838-4dd9-bf08-ba5ece90502e_terseLabel_en-US" xlink:label="lab_tef_ITTransformationServiceProjectMaximumExtensionTerm" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">IT Transformation Service Project, Maximum Extension Term</link:label>
    <link:label id="lab_tef_ITTransformationServiceProjectMaximumExtensionTerm_label_en-US" xlink:label="lab_tef_ITTransformationServiceProjectMaximumExtensionTerm" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">IT Transformation Service Project, Maximum Extension Term</link:label>
    <link:label id="lab_tef_ITTransformationServiceProjectMaximumExtensionTerm_documentation_en-US" xlink:label="lab_tef_ITTransformationServiceProjectMaximumExtensionTerm" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">IT Transformation Service Project, Maximum Extension Term</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_ITTransformationServiceProjectMaximumExtensionTerm" xlink:href="tef-20241231.xsd#tef_ITTransformationServiceProjectMaximumExtensionTerm"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_ITTransformationServiceProjectMaximumExtensionTerm" xlink:to="lab_tef_ITTransformationServiceProjectMaximumExtensionTerm" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_HedginginEquityDomain_b82f378f-7342-4ff4-b20e-547cbf80139e_terseLabel_en-US" xlink:label="lab_tef_HedginginEquityDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Hedging in Equity [Domain]</link:label>
    <link:label id="lab_tef_HedginginEquityDomain_label_en-US" xlink:label="lab_tef_HedginginEquityDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Hedging in Equity [Domain]</link:label>
    <link:label id="lab_tef_HedginginEquityDomain_documentation_en-US" xlink:label="lab_tef_HedginginEquityDomain" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">[Domain] for Hedging in Equity [Axis]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_HedginginEquityDomain" xlink:href="tef-20241231.xsd#tef_HedginginEquityDomain"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_HedginginEquityDomain" xlink:to="lab_tef_HedginginEquityDomain" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_DisclosureOfJointVenturesTable_ad11fabd-9c42-415d-9793-54e463334423_terseLabel_en-US" xlink:label="lab_ifrs-full_DisclosureOfJointVenturesTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Disclosure of joint ventures [table]</link:label>
    <link:label id="lab_ifrs-full_DisclosureOfJointVenturesTable_label_en-US" xlink:label="lab_ifrs-full_DisclosureOfJointVenturesTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure of joint ventures [table]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_DisclosureOfJointVenturesTable" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_DisclosureOfJointVenturesTable"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DisclosureOfJointVenturesTable" xlink:to="lab_ifrs-full_DisclosureOfJointVenturesTable" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_CivilProceedingsMember_483b14d3-9a2c-4f1e-999a-99965ad74402_terseLabel_en-US" xlink:label="lab_tef_CivilProceedingsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Civil Proceedings</link:label>
    <link:label id="lab_tef_CivilProceedingsMember_label_en-US" xlink:label="lab_tef_CivilProceedingsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Civil Proceedings [Member]</link:label>
    <link:label id="lab_tef_CivilProceedingsMember_documentation_en-US" xlink:label="lab_tef_CivilProceedingsMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Civil Proceedings [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_CivilProceedingsMember" xlink:href="tef-20241231.xsd#tef_CivilProceedingsMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_CivilProceedingsMember" xlink:to="lab_tef_CivilProceedingsMember" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_Expiringin2030Option4Member_61372859-a022-4809-8fff-f0e5f4e8ad17_terseLabel_en-US" xlink:label="lab_tef_Expiringin2030Option4Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Expiring in 2030, Option 4</link:label>
    <link:label id="lab_tef_Expiringin2030Option4Member_label_en-US" xlink:label="lab_tef_Expiringin2030Option4Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Expiring in 2030, Option 4 [Member]</link:label>
    <link:label id="lab_tef_Expiringin2030Option4Member_documentation_en-US" xlink:label="lab_tef_Expiringin2030Option4Member" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Expiring in 2030, Option 4 [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_Expiringin2030Option4Member" xlink:href="tef-20241231.xsd#tef_Expiringin2030Option4Member"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_Expiringin2030Option4Member" xlink:to="lab_tef_Expiringin2030Option4Member" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_DecreaseThroughDistributionsJointVenturesAndAssociates_a47ddfe1-eba3-4e29-b350-e7e29f7c0ec0_negatedLabel_en-US" xlink:label="lab_tef_DecreaseThroughDistributionsJointVenturesAndAssociates" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US">Dividends</link:label>
    <link:label id="lab_tef_DecreaseThroughDistributionsJointVenturesAndAssociates_label_en-US" xlink:label="lab_tef_DecreaseThroughDistributionsJointVenturesAndAssociates" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Decrease Through Distributions, Joint Ventures And Associates</link:label>
    <link:label id="lab_tef_DecreaseThroughDistributionsJointVenturesAndAssociates_documentation_en-US" xlink:label="lab_tef_DecreaseThroughDistributionsJointVenturesAndAssociates" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Decrease Through Distributions, Joint Ventures And Associates</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_DecreaseThroughDistributionsJointVenturesAndAssociates" xlink:href="tef-20241231.xsd#tef_DecreaseThroughDistributionsJointVenturesAndAssociates"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_DecreaseThroughDistributionsJointVenturesAndAssociates" xlink:to="lab_tef_DecreaseThroughDistributionsJointVenturesAndAssociates" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_KeyManagementPersonnelOfEntityOrParentMember_7a57ef54-2803-483b-aae4-9a7afe8da3a6_verboseLabel_en-US" xlink:label="lab_ifrs-full_KeyManagementPersonnelOfEntityOrParentMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Directors</link:label>
    <link:label id="lab_ifrs-full_KeyManagementPersonnelOfEntityOrParentMember_label_en-US" xlink:label="lab_ifrs-full_KeyManagementPersonnelOfEntityOrParentMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Key management personnel of entity or parent [member]</link:label>
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    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_KeyManagementPersonnelOfEntityOrParentMember" xlink:to="lab_ifrs-full_KeyManagementPersonnelOfEntityOrParentMember" xlink:type="arc" order="1"/>
    <link:label id="lab_dei_DocumentPeriodEndDate_95a19ab5-4ed5-4527-b360-741eed8fee82_terseLabel_en-US" xlink:label="lab_dei_DocumentPeriodEndDate" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Document Period End Date</link:label>
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    <link:label id="lab_ifrs-full_DilutiveEffectOfShareOptionsOnNumberOfOrdinaryShares_1c73fee5-0bed-4aab-86b2-a881910a8d19_terseLabel_en-US" xlink:label="lab_ifrs-full_DilutiveEffectOfShareOptionsOnNumberOfOrdinaryShares" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Telef&#243;nica, S.A. share option plans (in shares)</link:label>
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    <link:label id="lab_tef_GepromSoftwareEngineeringSAMember_58dd65a5-99e2-4978-83dc-97b209745512_terseLabel_en-US" xlink:label="lab_tef_GepromSoftwareEngineeringSAMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Geprom Software Engineering S.A. de C.V. Technical engineering services and other consultancy activities</link:label>
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    <link:label id="lab_tef_GepromSoftwareEngineeringSAMember_documentation_en-US" xlink:label="lab_tef_GepromSoftwareEngineeringSAMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Geprom Software Engineering S.A.</link:label>
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    <link:label id="lab_tef_Othercomprehensiveincomenetoftaxcashflowhedgescosts_94cb666e-d4d5-4359-b4f9-6eb204ac115b_totalLabel_en-US" xlink:label="lab_tef_Othercomprehensiveincomenetoftaxcashflowhedgescosts" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Other comprehensive income, hedges costs, net of tax</link:label>
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    <link:label id="lab_ifrs-full_ReserveOfGainsAndLossesOnFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncome_51346e08-d003-42aa-bfe1-1e1ca21d2831_terseLabel_en-US" xlink:label="lab_ifrs-full_ReserveOfGainsAndLossesOnFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncome" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Reserve of gains and losses on financial assets measured at fair value through other comprehensive income</link:label>
    <link:label id="lab_ifrs-full_ReserveOfGainsAndLossesOnFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncome_label_en-US" xlink:label="lab_ifrs-full_ReserveOfGainsAndLossesOnFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncome" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Reserve of gains and losses on financial assets measured at fair value through other comprehensive income</link:label>
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    <link:label id="lab_ifrs-full_JointVenturesAxis_847e9ed6-940c-4d75-be7d-594a47d31ae8_terseLabel_en-US" xlink:label="lab_ifrs-full_JointVenturesAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Joint ventures [axis]</link:label>
    <link:label id="lab_ifrs-full_JointVenturesAxis_label_en-US" xlink:label="lab_ifrs-full_JointVenturesAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Joint ventures [axis]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_JointVenturesAxis" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_JointVenturesAxis"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_JointVenturesAxis" xlink:to="lab_ifrs-full_JointVenturesAxis" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_BuendiaEstudiosUnoSLUMember_1e804411-9170-4046-9883-e6e17f577efe_terseLabel_en-US" xlink:label="lab_tef_BuendiaEstudiosUnoSLUMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Buendia Estudios Uno, S.L.U.</link:label>
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    <link:label id="lab_tef_BuendiaEstudiosUnoSLUMember_documentation_en-US" xlink:label="lab_tef_BuendiaEstudiosUnoSLUMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Buendia Estudios Uno, S.L.U.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_BuendiaEstudiosUnoSLUMember" xlink:href="tef-20241231.xsd#tef_BuendiaEstudiosUnoSLUMember"/>
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    <link:label id="lab_tef_BETernaBusinessSolutionsGmbHMember_90acae31-29e2-4fcb-b54d-1c1aba1f809d_terseLabel_en-US" xlink:label="lab_tef_BETernaBusinessSolutionsGmbHMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">BE-terna Business Solutions GmbH</link:label>
    <link:label id="lab_tef_BETernaBusinessSolutionsGmbHMember_label_en-US" xlink:label="lab_tef_BETernaBusinessSolutionsGmbHMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">BE-terna Business Solutions GmbH [Member]</link:label>
    <link:label id="lab_tef_BETernaBusinessSolutionsGmbHMember_documentation_en-US" xlink:label="lab_tef_BETernaBusinessSolutionsGmbHMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">BE-terna Business Solutions GmbH</link:label>
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    <link:label id="lab_tef_JointVentureServiceAgreementTransitionalServicesTerm_fb8b8979-a413-40fa-a5e3-acde20222db6_terseLabel_en-US" xlink:label="lab_tef_JointVentureServiceAgreementTransitionalServicesTerm" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Service agreement, transitional services, term</link:label>
    <link:label id="lab_tef_JointVentureServiceAgreementTransitionalServicesTerm_label_en-US" xlink:label="lab_tef_JointVentureServiceAgreementTransitionalServicesTerm" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Joint Venture, Service Agreement, Transitional Services, Term</link:label>
    <link:label id="lab_tef_JointVentureServiceAgreementTransitionalServicesTerm_documentation_en-US" xlink:label="lab_tef_JointVentureServiceAgreementTransitionalServicesTerm" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Joint Venture, Service Agreement, Transitional Services, Term</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_JointVentureServiceAgreementTransitionalServicesTerm" xlink:href="tef-20241231.xsd#tef_JointVentureServiceAgreementTransitionalServicesTerm"/>
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    <link:label id="lab_tef_TELEFEMISIONESAPRIL2022Member_dd4d686a-7394-4545-8416-61ddf6fc2f24_terseLabel_en-US" xlink:label="lab_tef_TELEFEMISIONESAPRIL2022Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">TELEF. EMISIONES APRIL 2022</link:label>
    <link:label id="lab_tef_TELEFEMISIONESAPRIL2022Member_label_en-US" xlink:label="lab_tef_TELEFEMISIONESAPRIL2022Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">TELEF. EMISIONES APRIL 2022 [Member]</link:label>
    <link:label id="lab_tef_TELEFEMISIONESAPRIL2022Member_documentation_en-US" xlink:label="lab_tef_TELEFEMISIONESAPRIL2022Member" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">TELEF. EMISIONES APRIL 2022</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_TELEFEMISIONESAPRIL2022Member" xlink:href="tef-20241231.xsd#tef_TELEFEMISIONESAPRIL2022Member"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_TELEFEMISIONESAPRIL2022Member" xlink:to="lab_tef_TELEFEMISIONESAPRIL2022Member" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_NoncurrentAssets_3f8e3c3b-49df-4b4b-82c8-e75a6fd0f7c4_totalLabel_en-US" xlink:label="lab_ifrs-full_NoncurrentAssets" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Non-current assets</link:label>
    <link:label id="lab_ifrs-full_NoncurrentAssets_9904554c-92c2-43aa-b71a-59644790f819_verboseLabel_en-US" xlink:label="lab_ifrs-full_NoncurrentAssets" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Fiber optic assets in Peru</link:label>
    <link:label id="lab_ifrs-full_NoncurrentAssets_label_en-US" xlink:label="lab_ifrs-full_NoncurrentAssets" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Non-current assets</link:label>
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    <link:label id="lab_tef_ScheduleOfCompositionOfPayablesAndOtherCurrentLiabilitiesTableTextBlock_53cd2de5-8df8-4ea6-b215-4e82e3cc63c9_terseLabel_en-US" xlink:label="lab_tef_ScheduleOfCompositionOfPayablesAndOtherCurrentLiabilitiesTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Schedule of Composition of Payables and Other Current Liabilities</link:label>
    <link:label id="lab_tef_ScheduleOfCompositionOfPayablesAndOtherCurrentLiabilitiesTableTextBlock_label_en-US" xlink:label="lab_tef_ScheduleOfCompositionOfPayablesAndOtherCurrentLiabilitiesTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Schedule Of Composition Of Payables And Other Current Liabilities [Table Text Block]</link:label>
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    <link:label id="lab_ifrs-full_ComprehensiveIncome_a8a1e93f-284b-4495-96d4-710a2c7b0ad7_terseLabel_en-US" xlink:label="lab_ifrs-full_ComprehensiveIncome" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Total comprehensive income (loss) for the year</link:label>
    <link:label id="lab_ifrs-full_ComprehensiveIncome_218aa6f4-cbae-4126-aac8-5ebe484beaca_totalLabel_en-US" xlink:label="lab_ifrs-full_ComprehensiveIncome" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Total comprehensive income (loss) for the year</link:label>
    <link:label id="lab_ifrs-full_ComprehensiveIncome_label_en-US" xlink:label="lab_ifrs-full_ComprehensiveIncome" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Comprehensive income</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_ComprehensiveIncome" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_ComprehensiveIncome"/>
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    <link:label id="lab_tef_ExpenseRelatedToLeasesIncludedInOperatingResults_4c2b218d-a0db-4ff7-be6c-4d4bedfd16c8_totalLabel_en-US" xlink:label="lab_tef_ExpenseRelatedToLeasesIncludedInOperatingResults" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Total lease expenses</link:label>
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    <link:label id="lab_tef_DAZNMember_24f38e26-c779-4fbe-a9ce-e5d291a24b75_terseLabel_en-US" xlink:label="lab_tef_DAZNMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">DAZN</link:label>
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    <link:label id="lab_tef_DAZNMember_documentation_en-US" xlink:label="lab_tef_DAZNMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">DAZN</link:label>
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    <link:label id="lab_tef_SeniorNotesDue2049Member_56dd1871-a10d-4491-ad72-d4635815ff7b_terseLabel_en-US" xlink:label="lab_tef_SeniorNotesDue2049Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Senior notes due 2049</link:label>
    <link:label id="lab_tef_SeniorNotesDue2049Member_label_en-US" xlink:label="lab_tef_SeniorNotesDue2049Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Senior Notes Due 2049 [Member]</link:label>
    <link:label id="lab_tef_SeniorNotesDue2049Member_documentation_en-US" xlink:label="lab_tef_SeniorNotesDue2049Member" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Senior Notes Due 2049</link:label>
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    <link:label id="lab_tef_CashTransferredWithdrawnAmountPercentage_787aa2ad-b7c3-4d1c-9685-047cf8c89fb8_terseLabel_en-US" xlink:label="lab_tef_CashTransferredWithdrawnAmountPercentage" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Withdrawn amount, percentage</link:label>
    <link:label id="lab_tef_CashTransferredWithdrawnAmountPercentage_label_en-US" xlink:label="lab_tef_CashTransferredWithdrawnAmountPercentage" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Cash Transferred, Withdrawn Amount, Percentage</link:label>
    <link:label id="lab_tef_CashTransferredWithdrawnAmountPercentage_documentation_en-US" xlink:label="lab_tef_CashTransferredWithdrawnAmountPercentage" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Cash Transferred, Withdrawn Amount, Percentage</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_CashTransferredWithdrawnAmountPercentage" xlink:href="tef-20241231.xsd#tef_CashTransferredWithdrawnAmountPercentage"/>
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    <link:label id="lab_tef_TransferFromEquityToProfitAndLossFromCashFlowHedgesNotExpectedtoHappen_ca14defa-d4f8-4a64-ae70-afb6bc03f75a_negatedTerseLabel_en-US" xlink:label="lab_tef_TransferFromEquityToProfitAndLossFromCashFlowHedgesNotExpectedtoHappen" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xml:lang="en-US">Transfer from equity of results of cash flow hedges - future cash flows that are no longer expected to happen</link:label>
    <link:label id="lab_tef_TransferFromEquityToProfitAndLossFromCashFlowHedgesNotExpectedtoHappen_label_en-US" xlink:label="lab_tef_TransferFromEquityToProfitAndLossFromCashFlowHedgesNotExpectedtoHappen" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Transfer From Equity To Profit And Loss From Cash Flow Hedges - Not Expected to Happen</link:label>
    <link:label id="lab_tef_TransferFromEquityToProfitAndLossFromCashFlowHedgesNotExpectedtoHappen_documentation_en-US" xlink:label="lab_tef_TransferFromEquityToProfitAndLossFromCashFlowHedgesNotExpectedtoHappen" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Transfer From Equity To Profit And Loss From Cash Flow Hedges - Not Expected to Happen</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_TransferFromEquityToProfitAndLossFromCashFlowHedgesNotExpectedtoHappen" xlink:href="tef-20241231.xsd#tef_TransferFromEquityToProfitAndLossFromCashFlowHedgesNotExpectedtoHappen"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_TransferFromEquityToProfitAndLossFromCashFlowHedgesNotExpectedtoHappen" xlink:to="lab_tef_TransferFromEquityToProfitAndLossFromCashFlowHedgesNotExpectedtoHappen" xlink:type="arc" order="1"/>
    <link:label id="lab_dei_DocumentTransitionReport_3b56ed2b-5c16-402a-9ae9-33b8cba3ec32_terseLabel_en-US" xlink:label="lab_dei_DocumentTransitionReport" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Document Transition Report</link:label>
    <link:label id="lab_dei_DocumentTransitionReport_label_en-US" xlink:label="lab_dei_DocumentTransitionReport" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Document Transition Report</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_dei_DocumentTransitionReport" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_DocumentTransitionReport"/>
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    <link:label id="lab_tef_TelefonicaGlobalServicesMember_f1a1972c-ab6c-4e68-89ca-a60e616e85c5_terseLabel_en-US" xlink:label="lab_tef_TelefonicaGlobalServicesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Telef&#243;nica Global Services, GmbH Purchasing services</link:label>
    <link:label id="lab_tef_TelefonicaGlobalServicesMember_label_en-US" xlink:label="lab_tef_TelefonicaGlobalServicesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Telefonica Global Services [Member]</link:label>
    <link:label id="lab_tef_TelefonicaGlobalServicesMember_documentation_en-US" xlink:label="lab_tef_TelefonicaGlobalServicesMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Telefonica Global Services [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_TelefonicaGlobalServicesMember" xlink:href="tef-20241231.xsd#tef_TelefonicaGlobalServicesMember"/>
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    <link:label id="lab_ifrs-full_ReserveOfExchangeDifferencesOnTranslationMember_0e10a691-e0fe-452f-95c2-c2be9dae5c61_terseLabel_en-US" xlink:label="lab_ifrs-full_ReserveOfExchangeDifferencesOnTranslationMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Translation differences</link:label>
    <link:label id="lab_ifrs-full_ReserveOfExchangeDifferencesOnTranslationMember_label_en-US" xlink:label="lab_ifrs-full_ReserveOfExchangeDifferencesOnTranslationMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Reserve of exchange differences on translation [member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_ReserveOfExchangeDifferencesOnTranslationMember" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_ReserveOfExchangeDifferencesOnTranslationMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_ReserveOfExchangeDifferencesOnTranslationMember" xlink:to="lab_ifrs-full_ReserveOfExchangeDifferencesOnTranslationMember" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_DeploymentOfFTTHInUKNumberOfHomes_684ee0b5-afa3-449f-acbf-0e0e343bb550_terseLabel_en-US" xlink:label="lab_tef_DeploymentOfFTTHInUKNumberOfHomes" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Deployment of FTTH in the UK, number of homes</link:label>
    <link:label id="lab_tef_DeploymentOfFTTHInUKNumberOfHomes_label_en-US" xlink:label="lab_tef_DeploymentOfFTTHInUKNumberOfHomes" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Deployment Of FTTH In UK, Number Of Homes</link:label>
    <link:label id="lab_tef_DeploymentOfFTTHInUKNumberOfHomes_documentation_en-US" xlink:label="lab_tef_DeploymentOfFTTHInUKNumberOfHomes" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Deployment Of FTTH In UK, Number Of Homes</link:label>
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    <link:label id="lab_tef_TelefonicaMovilesEspanaMember_158f5d72-dcd1-4e60-b42a-52db7ddaadb0_terseLabel_en-US" xlink:label="lab_tef_TelefonicaMovilesEspanaMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Telef&#243;nica M&#243;viles Espa&#241;a, S.A.U. Wireless communications services provider</link:label>
    <link:label id="lab_tef_TelefonicaMovilesEspanaMember_label_en-US" xlink:label="lab_tef_TelefonicaMovilesEspanaMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Telefonica Moviles Espana [Member]</link:label>
    <link:label id="lab_tef_TelefonicaMovilesEspanaMember_documentation_en-US" xlink:label="lab_tef_TelefonicaMovilesEspanaMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Telefonica Moviles Espana [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_TelefonicaMovilesEspanaMember" xlink:href="tef-20241231.xsd#tef_TelefonicaMovilesEspanaMember"/>
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    <link:label id="lab_tef_TenderOfferOfEquityInstrumentCashPerShare_7fb25483-a497-4635-92c6-c8c377443cc8_terseLabel_en-US" xlink:label="lab_tef_TenderOfferOfEquityInstrumentCashPerShare" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Tender offer of equity instrument (in eur per share)</link:label>
    <link:label id="lab_tef_TenderOfferOfEquityInstrumentCashPerShare_label_en-US" xlink:label="lab_tef_TenderOfferOfEquityInstrumentCashPerShare" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Tender Offer of Equity Instrument, Cash Per Share</link:label>
    <link:label id="lab_tef_TenderOfferOfEquityInstrumentCashPerShare_documentation_en-US" xlink:label="lab_tef_TenderOfferOfEquityInstrumentCashPerShare" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Tender Offer of Equity Instrument, Cash Per Share</link:label>
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    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_TenderOfferOfEquityInstrumentCashPerShare" xlink:to="lab_tef_TenderOfferOfEquityInstrumentCashPerShare" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_InvestmentsInSubsidiariesJointVenturesAndAssociates_2f5a2912-96a3-481c-9fa7-f45c826f8d11_terseLabel_en-US" xlink:label="lab_ifrs-full_InvestmentsInSubsidiariesJointVenturesAndAssociates" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Investments in associates</link:label>
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    <link:label id="lab_tef_VaubanCAAMember_d3803e69-27bb-4fbf-9210-6d7b79f91018_terseLabel_en-US" xlink:label="lab_tef_VaubanCAAMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Vauban/CAA</link:label>
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    <link:label id="lab_tef_VaubanCAAMember_documentation_en-US" xlink:label="lab_tef_VaubanCAAMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Vauban/CAA</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_VaubanCAAMember" xlink:href="tef-20241231.xsd#tef_VaubanCAAMember"/>
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    <link:label id="lab_ifrs-full_IncreaseDecreaseInDeferredTaxLiabilityAsset_a3e0972d-12d2-4335-b66b-64c513a559f8_negatedTerseLabel_en-US" xlink:label="lab_ifrs-full_IncreaseDecreaseInDeferredTaxLiabilityAsset" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xml:lang="en-US">Increase (decrease) in deferred tax liability (asset)</link:label>
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    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_IncreaseDecreaseInDeferredTaxLiabilityAsset" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_IncreaseDecreaseInDeferredTaxLiabilityAsset"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_IncreaseDecreaseInDeferredTaxLiabilityAsset" xlink:to="lab_ifrs-full_IncreaseDecreaseInDeferredTaxLiabilityAsset" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_IncreaseDecreaseThroughDisposalOfSubsidiary_47ebf241-63bf-48e2-bca7-2e637643446a_verboseLabel_en-US" xlink:label="lab_ifrs-full_IncreaseDecreaseThroughDisposalOfSubsidiary" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Increase (decrease) through disposal of subsidiary, equity</link:label>
    <link:label id="lab_ifrs-full_IncreaseDecreaseThroughDisposalOfSubsidiary_968718fc-592f-44de-bd73-41ff08adf3a5_terseLabel_en-US" xlink:label="lab_ifrs-full_IncreaseDecreaseThroughDisposalOfSubsidiary" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Sales of non-controlling interests and inclusion of companies</link:label>
    <link:label id="lab_ifrs-full_IncreaseDecreaseThroughDisposalOfSubsidiary_60171db0-cc40-4964-b5c9-49cfe41538cb_negatedTerseLabel_en-US" xlink:label="lab_ifrs-full_IncreaseDecreaseThroughDisposalOfSubsidiary" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xml:lang="en-US">Increase (decrease) through disposal of subsidiary, equity</link:label>
    <link:label id="lab_ifrs-full_IncreaseDecreaseThroughDisposalOfSubsidiary_label_en-US" xlink:label="lab_ifrs-full_IncreaseDecreaseThroughDisposalOfSubsidiary" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Increase (decrease) through disposal of subsidiary, equity</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_IncreaseDecreaseThroughDisposalOfSubsidiary" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_IncreaseDecreaseThroughDisposalOfSubsidiary"/>
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    <link:label id="lab_ifrs-full_CounterpartiesAxis_ef0a926b-6cc2-4c27-a15c-33d1a687b528_terseLabel_en-US" xlink:label="lab_ifrs-full_CounterpartiesAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Counterparties [axis]</link:label>
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    <link:label id="lab_tef_Expiringin2030Option5Member_bad0ee7e-ca1f-459c-ac4f-036d33a9fd15_terseLabel_en-US" xlink:label="lab_tef_Expiringin2030Option5Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Expiring in 2030, Option 5</link:label>
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    <link:label id="lab_tef_Expiringin2030Option5Member_documentation_en-US" xlink:label="lab_tef_Expiringin2030Option5Member" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Expiring in 2030, Option 5 [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_Expiringin2030Option5Member" xlink:href="tef-20241231.xsd#tef_Expiringin2030Option5Member"/>
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    <link:label id="lab_tef_KeyManagementPersonnelCompensationAttendanceFees_5adbe7a0-b7b4-48ad-bbe1-d4de288086ae_terseLabel_en-US" xlink:label="lab_tef_KeyManagementPersonnelCompensationAttendanceFees" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Allowances</link:label>
    <link:label id="lab_tef_KeyManagementPersonnelCompensationAttendanceFees_label_en-US" xlink:label="lab_tef_KeyManagementPersonnelCompensationAttendanceFees" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Key Management Personnel Compensation, Attendance Fees</link:label>
    <link:label id="lab_tef_KeyManagementPersonnelCompensationAttendanceFees_documentation_en-US" xlink:label="lab_tef_KeyManagementPersonnelCompensationAttendanceFees" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Key Management Personnel Compensation, Attendance Fees</link:label>
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    <link:label id="lab_ifrs-full_AcquisitiondateFairValueOfTotalConsiderationTransferred_e84ba0fa-eda2-4b6d-966d-4fc2346c945e_verboseLabel_en-US" xlink:label="lab_ifrs-full_AcquisitiondateFairValueOfTotalConsiderationTransferred" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Share purchase price</link:label>
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    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_AcquisitiondateFairValueOfTotalConsiderationTransferred" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_AcquisitiondateFairValueOfTotalConsiderationTransferred"/>
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    <link:label id="lab_tef_DaytonaMidcoSLMember_documentation_en-US" xlink:label="lab_tef_DaytonaMidcoSLMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Daytona Midco SL.</link:label>
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    <link:label id="lab_tef_ContingentLiabilitiesPercentPaid_4bb6c5b4-b216-41b0-a3b0-170edca3c03d_terseLabel_en-US" xlink:label="lab_tef_ContingentLiabilitiesPercentPaid" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Percent paid</link:label>
    <link:label id="lab_tef_ContingentLiabilitiesPercentPaid_label_en-US" xlink:label="lab_tef_ContingentLiabilitiesPercentPaid" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Contingent Liabilities, Percent Paid</link:label>
    <link:label id="lab_tef_ContingentLiabilitiesPercentPaid_documentation_en-US" xlink:label="lab_tef_ContingentLiabilitiesPercentPaid" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Contingent Liabilities, Percent Paid</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_ContingentLiabilitiesPercentPaid" xlink:href="tef-20241231.xsd#tef_ContingentLiabilitiesPercentPaid"/>
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    <link:label id="lab_tef_VodafoneEspanaMember_c0198f59-388c-443f-b7c8-370e1ae914e5_terseLabel_en-US" xlink:label="lab_tef_VodafoneEspanaMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Vodafone Espa&#241;a</link:label>
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    <link:label id="lab_ifrs-full_ReconciliationOfChangesInIntangibleAssetsOtherThanGoodwillAbstract_8838077d-8b27-44ec-9425-caf631812030_terseLabel_en-US" xlink:label="lab_ifrs-full_ReconciliationOfChangesInIntangibleAssetsOtherThanGoodwillAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Reconciliation of changes in intangible assets other than goodwill [abstract]</link:label>
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    <link:label id="lab_ifrs-full_CurrentTaxLiabilitiesCurrent_7a909759-7233-4a1f-ba42-4a722c0441b6_terseLabel_en-US" xlink:label="lab_ifrs-full_CurrentTaxLiabilitiesCurrent" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Current tax payables</link:label>
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    <link:label id="lab_tef_UsefulLivesOrAmortisationRatesIntangibleAssetsOtherThanGoodwillPeriod_e4b5fbb5-608b-436d-b082-0a56afc9bcf3_terseLabel_en-US" xlink:label="lab_tef_UsefulLivesOrAmortisationRatesIntangibleAssetsOtherThanGoodwillPeriod" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Amortization term length</link:label>
    <link:label id="lab_tef_UsefulLivesOrAmortisationRatesIntangibleAssetsOtherThanGoodwillPeriod_label_en-US" xlink:label="lab_tef_UsefulLivesOrAmortisationRatesIntangibleAssetsOtherThanGoodwillPeriod" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Useful Lives Or Amortisation Rates Intangible Assets Other Than Goodwill, Period</link:label>
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    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_UsefulLivesOrAmortisationRatesIntangibleAssetsOtherThanGoodwillPeriod" xlink:to="lab_tef_UsefulLivesOrAmortisationRatesIntangibleAssetsOtherThanGoodwillPeriod" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_SignificantInvestmentsInAssociatesAxis_2c94a74f-f448-4817-ba53-ff86d582bcc0_terseLabel_en-US" xlink:label="lab_ifrs-full_SignificantInvestmentsInAssociatesAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Associates [axis]</link:label>
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    <link:label id="lab_tef_BilateralLoanDueOctober312031Member_793bc613-1c33-44fa-98f1-27b2ef8a47fb_terseLabel_en-US" xlink:label="lab_tef_BilateralLoanDueOctober312031Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Bilateral Loan Due October 31, 2031</link:label>
    <link:label id="lab_tef_BilateralLoanDueOctober312031Member_label_en-US" xlink:label="lab_tef_BilateralLoanDueOctober312031Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Bilateral Loan Due October 31, 2031 [Member]</link:label>
    <link:label id="lab_tef_BilateralLoanDueOctober312031Member_documentation_en-US" xlink:label="lab_tef_BilateralLoanDueOctober312031Member" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Bilateral Loan Due October 31, 2031</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_BilateralLoanDueOctober312031Member" xlink:href="tef-20241231.xsd#tef_BilateralLoanDueOctober312031Member"/>
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    <link:label id="lab_tef_LaLigaAgreementTerm_d3c14663-fbb7-49e6-84a1-402caae200eb_terseLabel_en-US" xlink:label="lab_tef_LaLigaAgreementTerm" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">La Liga agreement, term</link:label>
    <link:label id="lab_tef_LaLigaAgreementTerm_label_en-US" xlink:label="lab_tef_LaLigaAgreementTerm" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">La Liga Agreement, Term</link:label>
    <link:label id="lab_tef_LaLigaAgreementTerm_documentation_en-US" xlink:label="lab_tef_LaLigaAgreementTerm" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">La Liga Agreement, Term</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_LaLigaAgreementTerm" xlink:href="tef-20241231.xsd#tef_LaLigaAgreementTerm"/>
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    <link:label id="lab_tef_TelefonicaDeutschlandHoldingA.G.Member_c89300af-a532-49d5-ad71-ff6a1eb68b3d_terseLabel_en-US" xlink:label="lab_tef_TelefonicaDeutschlandHoldingA.G.Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Telefonica Deutschland Holding A.G.</link:label>
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    <link:loc xlink:type="locator" xlink:label="loc_tef_TelefonicaDeutschlandHoldingA.G.Member" xlink:href="tef-20241231.xsd#tef_TelefonicaDeutschlandHoldingA.G.Member"/>
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    <link:label id="lab_dei_CoverAbstract_923c54ed-58ed-445f-8e47-ad2b554e2c47_terseLabel_en-US" xlink:label="lab_dei_CoverAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Cover [Abstract]</link:label>
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    <link:label id="lab_tef_TelefnicaHispamMember_236b2040-d6a7-4ae7-9676-d734ae4e10f8_terseLabel_en-US" xlink:label="lab_tef_TelefnicaHispamMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Telef&#243;nica Hispam</link:label>
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    <link:label id="lab_tef_TelefnicaHispamMember_label_en-US" xlink:label="lab_tef_TelefnicaHispamMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Telef&#243;nica Hispam [Member]</link:label>
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    <link:loc xlink:type="locator" xlink:label="loc_tef_TelefnicaHispamMember" xlink:href="tef-20241231.xsd#tef_TelefnicaHispamMember"/>
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    <link:loc xlink:type="locator" xlink:label="loc_tef_ValuationAssumptionPerpetuityGrowthRatePercentage" xlink:href="tef-20241231.xsd#tef_ValuationAssumptionPerpetuityGrowthRatePercentage"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_ValuationAssumptionPerpetuityGrowthRatePercentage" xlink:to="lab_tef_ValuationAssumptionPerpetuityGrowthRatePercentage" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_CurrentLiabilities_1c541768-ac2f-467f-8d2d-2f17c1809014_totalLabel_en-US" xlink:label="lab_ifrs-full_CurrentLiabilities" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Current liabilities</link:label>
    <link:label id="lab_ifrs-full_CurrentLiabilities_8481ac0d-2291-4b56-af56-868388d0590b_negatedTotalLabel_en-US" xlink:label="lab_ifrs-full_CurrentLiabilities" xlink:role="http://www.xbrl.org/2009/role/negatedTotalLabel" xlink:type="resource" xml:lang="en-US">Current liabilities</link:label>
    <link:label id="lab_ifrs-full_CurrentLiabilities_label_en-US" xlink:label="lab_ifrs-full_CurrentLiabilities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Current liabilities</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_CurrentLiabilities" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_CurrentLiabilities"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_CurrentLiabilities" xlink:to="lab_ifrs-full_CurrentLiabilities" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_CriteriaCaixaS.A.U.Member_2d70eaaa-a63b-4f06-8ecd-e181f851e683_terseLabel_en-US" xlink:label="lab_tef_CriteriaCaixaS.A.U.Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Criteria Caixa S.A.U.</link:label>
    <link:label id="lab_tef_CriteriaCaixaS.A.U.Member_label_en-US" xlink:label="lab_tef_CriteriaCaixaS.A.U.Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Criteria Caixa S.A.U. [Member]</link:label>
    <link:label id="lab_tef_CriteriaCaixaS.A.U.Member_documentation_en-US" xlink:label="lab_tef_CriteriaCaixaS.A.U.Member" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Criteria Caixa S.A.U.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_CriteriaCaixaS.A.U.Member" xlink:href="tef-20241231.xsd#tef_CriteriaCaixaS.A.U.Member"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_CriteriaCaixaS.A.U.Member" xlink:to="lab_tef_CriteriaCaixaS.A.U.Member" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_TerraNetworksPeruS.A.Member_5a84af07-b0e1-4533-ba7f-a5937585d711_terseLabel_en-US" xlink:label="lab_tef_TerraNetworksPeruS.A.Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Terra Networks Peru S.A.</link:label>
    <link:label id="lab_tef_TerraNetworksPeruS.A.Member_label_en-US" xlink:label="lab_tef_TerraNetworksPeruS.A.Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Terra Networks Peru S.A. [Member]</link:label>
    <link:label id="lab_tef_TerraNetworksPeruS.A.Member_documentation_en-US" xlink:label="lab_tef_TerraNetworksPeruS.A.Member" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Terra Networks Peru S.A. [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_TerraNetworksPeruS.A.Member" xlink:href="tef-20241231.xsd#tef_TerraNetworksPeruS.A.Member"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_TerraNetworksPeruS.A.Member" xlink:to="lab_tef_TerraNetworksPeruS.A.Member" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_IncomeTaxAuthority1Axis_7bf436b0-50e3-41c2-9d2a-333947c8cfd9_terseLabel_en-US" xlink:label="lab_tef_IncomeTaxAuthority1Axis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Income Tax Authority [Axis]</link:label>
    <link:label id="lab_tef_IncomeTaxAuthority1Axis_label_en-US" xlink:label="lab_tef_IncomeTaxAuthority1Axis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Income Tax Authority 1 [Axis]</link:label>
    <link:label id="lab_tef_IncomeTaxAuthority1Axis_documentation_en-US" xlink:label="lab_tef_IncomeTaxAuthority1Axis" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Income Tax Authority [Axis]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_IncomeTaxAuthority1Axis" xlink:href="tef-20241231.xsd#tef_IncomeTaxAuthority1Axis"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_IncomeTaxAuthority1Axis" xlink:to="lab_tef_IncomeTaxAuthority1Axis" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_HedginginEquityAxis_296d7baa-c7b0-4d7a-b942-d1c1c0d823af_terseLabel_en-US" xlink:label="lab_tef_HedginginEquityAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Hedging in Equity [Axis]</link:label>
    <link:label id="lab_tef_HedginginEquityAxis_label_en-US" xlink:label="lab_tef_HedginginEquityAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Hedging in Equity [Axis]</link:label>
    <link:label id="lab_tef_HedginginEquityAxis_documentation_en-US" xlink:label="lab_tef_HedginginEquityAxis" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Hedging in Equity [Axis]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_HedginginEquityAxis" xlink:href="tef-20241231.xsd#tef_HedginginEquityAxis"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_HedginginEquityAxis" xlink:to="lab_tef_HedginginEquityAxis" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_ITTransformationServiceProjectTerm_b1d235fe-2a04-4654-9518-f60f3d811323_terseLabel_en-US" xlink:label="lab_tef_ITTransformationServiceProjectTerm" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">IT Transformation Service Project Term</link:label>
    <link:label id="lab_tef_ITTransformationServiceProjectTerm_label_en-US" xlink:label="lab_tef_ITTransformationServiceProjectTerm" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">IT Transformation Service Project Term</link:label>
    <link:label id="lab_tef_ITTransformationServiceProjectTerm_documentation_en-US" xlink:label="lab_tef_ITTransformationServiceProjectTerm" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">IT Transformation Service Project Term</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_ITTransformationServiceProjectTerm" xlink:href="tef-20241231.xsd#tef_ITTransformationServiceProjectTerm"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_ITTransformationServiceProjectTerm" xlink:to="lab_tef_ITTransformationServiceProjectTerm" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_StatementOfChangesInEquityAbstract_4e93e598-fab8-4d7b-a468-2f179aa33028_terseLabel_en-US" xlink:label="lab_ifrs-full_StatementOfChangesInEquityAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Statement of changes in equity [abstract]</link:label>
    <link:label id="lab_ifrs-full_StatementOfChangesInEquityAbstract_label_en-US" xlink:label="lab_ifrs-full_StatementOfChangesInEquityAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Statement of changes in equity [abstract]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_StatementOfChangesInEquityAbstract" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_StatementOfChangesInEquityAbstract"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_StatementOfChangesInEquityAbstract" xlink:to="lab_ifrs-full_StatementOfChangesInEquityAbstract" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_RegulatoryOperationsPeriodofApplicableTariffsforServicesProvided_7161ef3f-42d9-4b1a-9db1-b25a2e7e7b65_terseLabel_en-US" xlink:label="lab_tef_RegulatoryOperationsPeriodofApplicableTariffsforServicesProvided" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Period of applicable tariffs for services provided</link:label>
    <link:label id="lab_tef_RegulatoryOperationsPeriodofApplicableTariffsforServicesProvided_label_en-US" xlink:label="lab_tef_RegulatoryOperationsPeriodofApplicableTariffsforServicesProvided" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Regulatory Operations, Period of Applicable Tariffs for Services Provided</link:label>
    <link:label id="lab_tef_RegulatoryOperationsPeriodofApplicableTariffsforServicesProvided_documentation_en-US" xlink:label="lab_tef_RegulatoryOperationsPeriodofApplicableTariffsforServicesProvided" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Regulatory Operations, Period of Applicable Tariffs for Services Provided</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_RegulatoryOperationsPeriodofApplicableTariffsforServicesProvided" xlink:href="tef-20241231.xsd#tef_RegulatoryOperationsPeriodofApplicableTariffsforServicesProvided"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_RegulatoryOperationsPeriodofApplicableTariffsforServicesProvided" xlink:to="lab_tef_RegulatoryOperationsPeriodofApplicableTariffsforServicesProvided" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_ActuarialAssumptionOfMedicalCostTrendRatesMember_5c060931-56a0-4795-bc03-8dfd18ec5870_terseLabel_en-US" xlink:label="lab_ifrs-full_ActuarialAssumptionOfMedicalCostTrendRatesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Growth rate</link:label>
    <link:label id="lab_ifrs-full_ActuarialAssumptionOfMedicalCostTrendRatesMember_label_en-US" xlink:label="lab_ifrs-full_ActuarialAssumptionOfMedicalCostTrendRatesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Actuarial assumption of medical cost trend rates [member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_ActuarialAssumptionOfMedicalCostTrendRatesMember" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_ActuarialAssumptionOfMedicalCostTrendRatesMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_ActuarialAssumptionOfMedicalCostTrendRatesMember" xlink:to="lab_ifrs-full_ActuarialAssumptionOfMedicalCostTrendRatesMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_InterestReceivable_119f2410-b526-412a-aa3c-88e6249a1bd6_terseLabel_en-US" xlink:label="lab_ifrs-full_InterestReceivable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Interest receivable</link:label>
    <link:label id="lab_ifrs-full_InterestReceivable_label_en-US" xlink:label="lab_ifrs-full_InterestReceivable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Interest receivable</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_InterestReceivable" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_InterestReceivable"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_InterestReceivable" xlink:to="lab_ifrs-full_InterestReceivable" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_IncreaseThroughBusinessCombinationsCapitalizedCosts_f20e1883-d545-40d3-a3ed-01290209b332_terseLabel_en-US" xlink:label="lab_tef_IncreaseThroughBusinessCombinationsCapitalizedCosts" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Additions</link:label>
    <link:label id="lab_tef_IncreaseThroughBusinessCombinationsCapitalizedCosts_label_en-US" xlink:label="lab_tef_IncreaseThroughBusinessCombinationsCapitalizedCosts" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Increase Through Business Combinations, Capitalized Costs</link:label>
    <link:label id="lab_tef_IncreaseThroughBusinessCombinationsCapitalizedCosts_documentation_en-US" xlink:label="lab_tef_IncreaseThroughBusinessCombinationsCapitalizedCosts" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Increase Through Business Combinations, Capitalized Costs</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_IncreaseThroughBusinessCombinationsCapitalizedCosts" xlink:href="tef-20241231.xsd#tef_IncreaseThroughBusinessCombinationsCapitalizedCosts"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_IncreaseThroughBusinessCombinationsCapitalizedCosts" xlink:to="lab_tef_IncreaseThroughBusinessCombinationsCapitalizedCosts" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_TaxLiabilitiesAdditions_01eadcab-9b05-4430-a596-573012c4b364_terseLabel_en-US" xlink:label="lab_tef_TaxLiabilitiesAdditions" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Tax liabilities additions</link:label>
    <link:label id="lab_tef_TaxLiabilitiesAdditions_label_en-US" xlink:label="lab_tef_TaxLiabilitiesAdditions" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Tax Liabilities Additions</link:label>
    <link:label id="lab_tef_TaxLiabilitiesAdditions_documentation_en-US" xlink:label="lab_tef_TaxLiabilitiesAdditions" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Tax Liabilities Additions</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_TaxLiabilitiesAdditions" xlink:href="tef-20241231.xsd#tef_TaxLiabilitiesAdditions"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_TaxLiabilitiesAdditions" xlink:to="lab_tef_TaxLiabilitiesAdditions" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_Currentinventoriesbroadcastandtransmissionrightsandothercontents_44d4eec5-42ee-4dc9-b3de-77cc57a4e570_terseLabel_en-US" xlink:label="lab_tef_Currentinventoriesbroadcastandtransmissionrightsandothercontents" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Audiovisual rights</link:label>
    <link:label id="lab_tef_Currentinventoriesbroadcastandtransmissionrightsandothercontents_label_en-US" xlink:label="lab_tef_Currentinventoriesbroadcastandtransmissionrightsandothercontents" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Current inventories, broadcast and transmission rights and other contents</link:label>
    <link:label id="lab_tef_Currentinventoriesbroadcastandtransmissionrightsandothercontents_documentation_en-US" xlink:label="lab_tef_Currentinventoriesbroadcastandtransmissionrightsandothercontents" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Current inventories, broadcast and transmission rights and other contents</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_Currentinventoriesbroadcastandtransmissionrightsandothercontents" xlink:href="tef-20241231.xsd#tef_Currentinventoriesbroadcastandtransmissionrightsandothercontents"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_Currentinventoriesbroadcastandtransmissionrightsandothercontents" xlink:to="lab_tef_Currentinventoriesbroadcastandtransmissionrightsandothercontents" xlink:type="arc" order="1"/>
    <link:label id="lab_country_VE_d0a9b752-0c74-477b-b271-d9bee803980a_terseLabel_en-US" xlink:label="lab_country_VE" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Venezuela</link:label>
    <link:label id="lab_country_VE_label_en-US" xlink:label="lab_country_VE" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">VENEZUELA</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_country_VE" xlink:href="https://xbrl.sec.gov/country/2024/country-2024.xsd#country_VE"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_country_VE" xlink:to="lab_country_VE" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_IncreaseDecreaseThroughBusinessCombinationsDeferredTaxLiability_3d013b69-57d5-48e2-b0dd-9b723645a5bb_terseLabel_en-US" xlink:label="lab_tef_IncreaseDecreaseThroughBusinessCombinationsDeferredTaxLiability" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Additions</link:label>
    <link:label id="lab_tef_IncreaseDecreaseThroughBusinessCombinationsDeferredTaxLiability_label_en-US" xlink:label="lab_tef_IncreaseDecreaseThroughBusinessCombinationsDeferredTaxLiability" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Increase (Decrease) Through Business Combinations, Deferred Tax Liability</link:label>
    <link:label id="lab_tef_IncreaseDecreaseThroughBusinessCombinationsDeferredTaxLiability_documentation_en-US" xlink:label="lab_tef_IncreaseDecreaseThroughBusinessCombinationsDeferredTaxLiability" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Increase (Decrease) Through Business Combinations, Deferred Tax Liability</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_IncreaseDecreaseThroughBusinessCombinationsDeferredTaxLiability" xlink:href="tef-20241231.xsd#tef_IncreaseDecreaseThroughBusinessCombinationsDeferredTaxLiability"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_IncreaseDecreaseThroughBusinessCombinationsDeferredTaxLiability" xlink:to="lab_tef_IncreaseDecreaseThroughBusinessCombinationsDeferredTaxLiability" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_DeferredTaxAssetAbstract_528b54cd-821e-445b-b603-80fa2057ab56_terseLabel_en-US" xlink:label="lab_tef_DeferredTaxAssetAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Deferred tax assets</link:label>
    <link:label id="lab_tef_DeferredTaxAssetAbstract_label_en-US" xlink:label="lab_tef_DeferredTaxAssetAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Deferred Tax Asset [Abstract]</link:label>
    <link:label id="lab_tef_DeferredTaxAssetAbstract_documentation_en-US" xlink:label="lab_tef_DeferredTaxAssetAbstract" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Deferred Tax Asset</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_DeferredTaxAssetAbstract" xlink:href="tef-20241231.xsd#tef_DeferredTaxAssetAbstract"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_DeferredTaxAssetAbstract" xlink:to="lab_tef_DeferredTaxAssetAbstract" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_FinancialLiabilitiesAtFairValue_513776d1-7db3-491e-980d-2e9acbdcdb1b_terseLabel_en-US" xlink:label="lab_ifrs-full_FinancialLiabilitiesAtFairValue" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Total fair value</link:label>
    <link:label id="lab_ifrs-full_FinancialLiabilitiesAtFairValue_label_en-US" xlink:label="lab_ifrs-full_FinancialLiabilitiesAtFairValue" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Financial liabilities, at fair value</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_FinancialLiabilitiesAtFairValue" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_FinancialLiabilitiesAtFairValue"/>
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    <link:label id="lab_ifrs-full_ProvisionForTaxesOtherThanIncomeTaxMember_b07967ae-fe04-498e-83a7-77d702820cdf_terseLabel_en-US" xlink:label="lab_ifrs-full_ProvisionForTaxesOtherThanIncomeTaxMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Tax proceedings</link:label>
    <link:label id="lab_ifrs-full_ProvisionForTaxesOtherThanIncomeTaxMember_0b11065b-ea75-497e-9dba-08510596a74b_verboseLabel_en-US" xlink:label="lab_ifrs-full_ProvisionForTaxesOtherThanIncomeTaxMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Tax proceedings</link:label>
    <link:label id="lab_ifrs-full_ProvisionForTaxesOtherThanIncomeTaxMember_label_en-US" xlink:label="lab_ifrs-full_ProvisionForTaxesOtherThanIncomeTaxMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Provision for taxes other than income tax [member]</link:label>
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    <link:label id="lab_ifrs-full_ComprehensiveIncomeAttributableToOwnersOfParent_70175ba2-2fba-4c0f-a347-afaad6f68196_terseLabel_en-US" xlink:label="lab_ifrs-full_ComprehensiveIncomeAttributableToOwnersOfParent" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Equity holders of the parent and other holders of equity instruments</link:label>
    <link:label id="lab_ifrs-full_ComprehensiveIncomeAttributableToOwnersOfParent_label_en-US" xlink:label="lab_ifrs-full_ComprehensiveIncomeAttributableToOwnersOfParent" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Comprehensive income, attributable to owners of parent</link:label>
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    <link:label id="lab_tef_TelefonicaUruguayMember_7c5f962a-e602-4bc7-a0fd-b35ded6721ae_terseLabel_en-US" xlink:label="lab_tef_TelefonicaUruguayMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Telef&#243;nica Uruguay</link:label>
    <link:label id="lab_tef_TelefonicaUruguayMember_label_en-US" xlink:label="lab_tef_TelefonicaUruguayMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Telefonica Uruguay [Member]</link:label>
    <link:label id="lab_tef_TelefonicaUruguayMember_documentation_en-US" xlink:label="lab_tef_TelefonicaUruguayMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Telefonica Uruguay</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_TelefonicaUruguayMember" xlink:href="tef-20241231.xsd#tef_TelefonicaUruguayMember"/>
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    <link:label id="lab_ifrs-full_GeographicalAreasDomain_0c301da3-8966-416d-9c06-3ca7fdc27052_terseLabel_en-US" xlink:label="lab_ifrs-full_GeographicalAreasDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Geographical areas [domain]</link:label>
    <link:label id="lab_ifrs-full_GeographicalAreasDomain_a5bcf356-557f-4076-93f0-2937497c1588_verboseLabel_en-US" xlink:label="lab_ifrs-full_GeographicalAreasDomain" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Geographical areas [Domain]</link:label>
    <link:label id="lab_ifrs-full_GeographicalAreasDomain_label_en-US" xlink:label="lab_ifrs-full_GeographicalAreasDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Geographical areas [domain]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_GeographicalAreasDomain" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_GeographicalAreasDomain"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_GeographicalAreasDomain" xlink:to="lab_ifrs-full_GeographicalAreasDomain" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_BorrowingsNumberOfExtension_7fb4675a-bb78-4d8e-90f0-f822ed75a6fc_terseLabel_en-US" xlink:label="lab_tef_BorrowingsNumberOfExtension" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Borrowings, number of extensions</link:label>
    <link:label id="lab_tef_BorrowingsNumberOfExtension_label_en-US" xlink:label="lab_tef_BorrowingsNumberOfExtension" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Borrowings, Number Of Extension</link:label>
    <link:label id="lab_tef_BorrowingsNumberOfExtension_documentation_en-US" xlink:label="lab_tef_BorrowingsNumberOfExtension" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Borrowings, Number Of Extension</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_BorrowingsNumberOfExtension" xlink:href="tef-20241231.xsd#tef_BorrowingsNumberOfExtension"/>
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    <link:label id="lab_ifrs-full_ProductsAndServicesAxis_5247a4a5-4293-4eff-bdcc-511c06fdad22_terseLabel_en-US" xlink:label="lab_ifrs-full_ProductsAndServicesAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Products and services [axis]</link:label>
    <link:label id="lab_ifrs-full_ProductsAndServicesAxis_label_en-US" xlink:label="lab_ifrs-full_ProductsAndServicesAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Products and services [axis]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_ProductsAndServicesAxis" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_ProductsAndServicesAxis"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_ProductsAndServicesAxis" xlink:to="lab_ifrs-full_ProductsAndServicesAxis" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_UnusedTaxLossesForWhichNoDeferredTaxAssetRecognised_a88e664f-c351-469d-b9ab-d384e3950a72_terseLabel_en-US" xlink:label="lab_ifrs-full_UnusedTaxLossesForWhichNoDeferredTaxAssetRecognised" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Tax loss carryforwards generated in the tax group</link:label>
    <link:label id="lab_ifrs-full_UnusedTaxLossesForWhichNoDeferredTaxAssetRecognised_label_en-US" xlink:label="lab_ifrs-full_UnusedTaxLossesForWhichNoDeferredTaxAssetRecognised" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Unused tax losses for which no deferred tax asset recognised</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_UnusedTaxLossesForWhichNoDeferredTaxAssetRecognised" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_UnusedTaxLossesForWhichNoDeferredTaxAssetRecognised"/>
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    <link:label id="lab_tef_RegistrationOfCompaniesLeaseLiabilities_249d986d-266b-44f9-b850-59aeeeb7afc1_terseLabel_en-US" xlink:label="lab_tef_RegistrationOfCompaniesLeaseLiabilities" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Business combinations</link:label>
    <link:label id="lab_tef_RegistrationOfCompaniesLeaseLiabilities_label_en-US" xlink:label="lab_tef_RegistrationOfCompaniesLeaseLiabilities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Registration Of Companies, Lease Liabilities</link:label>
    <link:label id="lab_tef_RegistrationOfCompaniesLeaseLiabilities_documentation_en-US" xlink:label="lab_tef_RegistrationOfCompaniesLeaseLiabilities" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Registration Of Companies, Lease Liabilities</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_RegistrationOfCompaniesLeaseLiabilities" xlink:href="tef-20241231.xsd#tef_RegistrationOfCompaniesLeaseLiabilities"/>
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    <link:label id="lab_ifrs-full_RevenueFromGovernmentGrants_0b4a8de6-96b7-4f3c-a2d2-b228283cb1f9_terseLabel_en-US" xlink:label="lab_ifrs-full_RevenueFromGovernmentGrants" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Government grants</link:label>
    <link:label id="lab_ifrs-full_RevenueFromGovernmentGrants_label_en-US" xlink:label="lab_ifrs-full_RevenueFromGovernmentGrants" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Income from government grants</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_RevenueFromGovernmentGrants" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_RevenueFromGovernmentGrants"/>
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    <link:label id="lab_tef_January232034Member_1c806ac5-894c-4165-b86f-458c26a8deea_terseLabel_en-US" xlink:label="lab_tef_January232034Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">January 23, 2034</link:label>
    <link:label id="lab_tef_January232034Member_label_en-US" xlink:label="lab_tef_January232034Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">January 23, 2034 [Member]</link:label>
    <link:label id="lab_tef_January232034Member_documentation_en-US" xlink:label="lab_tef_January232034Member" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">January 23, 2034</link:label>
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    <link:label id="lab_ifrs-full_NoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleOrAsHeldForDistributionToOwners_bf3a141f-507d-4adc-bfe3-25abb1bb8cd3_terseLabel_en-US" xlink:label="lab_ifrs-full_NoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleOrAsHeldForDistributionToOwners" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Non-current assets and disposal groups held for sale</link:label>
    <link:label id="lab_ifrs-full_NoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleOrAsHeldForDistributionToOwners_285251e5-de3a-416f-937f-55fb8cbfd9f0_totalLabel_en-US" xlink:label="lab_ifrs-full_NoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleOrAsHeldForDistributionToOwners" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Non-current assets and disposal groups held for sale</link:label>
    <link:label id="lab_ifrs-full_NoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleOrAsHeldForDistributionToOwners_label_en-US" xlink:label="lab_ifrs-full_NoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleOrAsHeldForDistributionToOwners" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Non-current assets or disposal groups classified as held for sale or as held for distribution to owners</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_NoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleOrAsHeldForDistributionToOwners" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_NoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleOrAsHeldForDistributionToOwners"/>
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    <link:label id="lab_tef_RatioOfPayments_a8ceeb87-fb7a-4007-923f-8a922282cb7f_terseLabel_en-US" xlink:label="lab_tef_RatioOfPayments" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Ratio of payments</link:label>
    <link:label id="lab_tef_RatioOfPayments_label_en-US" xlink:label="lab_tef_RatioOfPayments" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Ratio Of Payments</link:label>
    <link:label id="lab_tef_RatioOfPayments_documentation_en-US" xlink:label="lab_tef_RatioOfPayments" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Ratio Of Payments</link:label>
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    <link:label id="lab_tef_BETernaGmbHInnsbruckMember_ef68e216-63a8-4f2b-8780-7da63f37bc79_terseLabel_en-US" xlink:label="lab_tef_BETernaGmbHInnsbruckMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">BE-terna GmbH (Innsbruck)</link:label>
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    <link:label id="lab_tef_BETernaGmbHInnsbruckMember_documentation_en-US" xlink:label="lab_tef_BETernaGmbHInnsbruckMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">BE-terna GmbH (Innsbruck)</link:label>
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    <link:label id="lab_tef_UndatedDeeplySubordinatedSecuritiesExercisableFromIssuerIn2028Issued11242021Member_e895e451-9e14-4393-b57c-d0fb77ccfe61_terseLabel_en-US" xlink:label="lab_tef_UndatedDeeplySubordinatedSecuritiesExercisableFromIssuerIn2028Issued11242021Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Exercisable from issuer in 2028</link:label>
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    <link:label id="lab_ifrs-full_IncreaseThroughBusinessCombinationsContractAssets_0e08f89f-3b89-4cd4-9527-63e5ea8aba66_terseLabel_en-US" xlink:label="lab_ifrs-full_IncreaseThroughBusinessCombinationsContractAssets" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Additions</link:label>
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    <link:label id="lab_tef_BorrowingsTermExtension_4f167fc5-ae1b-400a-a42c-8c63d4a9dde7_terseLabel_en-US" xlink:label="lab_tef_BorrowingsTermExtension" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Borrowings, term extension</link:label>
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    <link:loc xlink:type="locator" xlink:label="loc_tef_BorrowingsTermExtension" xlink:href="tef-20241231.xsd#tef_BorrowingsTermExtension"/>
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    <link:label id="lab_tef_A1DecreaseInDiscountRateMember_1ccc2839-5ecf-489b-9002-6213fedfde1f_terseLabel_en-US" xlink:label="lab_tef_A1DecreaseInDiscountRateMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Present value of the obligation by reducing the rate by 1%</link:label>
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    <link:label id="lab_tef_EmployeeBenefitsAbstract_4709ab2a-66de-4769-9eb1-27420d37c686_terseLabel_en-US" xlink:label="lab_tef_EmployeeBenefitsAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Employee Benefits [Abstract]</link:label>
    <link:label id="lab_tef_EmployeeBenefitsAbstract_label_en-US" xlink:label="lab_tef_EmployeeBenefitsAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Employee Benefits [Abstract]</link:label>
    <link:label id="lab_tef_EmployeeBenefitsAbstract_documentation_en-US" xlink:label="lab_tef_EmployeeBenefitsAbstract" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Employee Benefits [Abstract]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_EmployeeBenefitsAbstract" xlink:href="tef-20241231.xsd#tef_EmployeeBenefitsAbstract"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_EmployeeBenefitsAbstract" xlink:to="lab_tef_EmployeeBenefitsAbstract" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_MajorCustomersDomain_66d0ceaa-fbba-4dc4-81f6-519a2d21610e_terseLabel_en-US" xlink:label="lab_ifrs-full_MajorCustomersDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Major customers [domain]</link:label>
    <link:label id="lab_ifrs-full_MajorCustomersDomain_label_en-US" xlink:label="lab_ifrs-full_MajorCustomersDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Major customers [domain]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_MajorCustomersDomain" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_MajorCustomersDomain"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_MajorCustomersDomain" xlink:to="lab_ifrs-full_MajorCustomersDomain" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_NoncurrentProvisionsAbstract_8c176795-00ce-495a-b381-e05dbc16acf6_terseLabel_en-US" xlink:label="lab_ifrs-full_NoncurrentProvisionsAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Non-current</link:label>
    <link:label id="lab_ifrs-full_NoncurrentProvisionsAbstract_label_en-US" xlink:label="lab_ifrs-full_NoncurrentProvisionsAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Non-current provisions [abstract]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_NoncurrentProvisionsAbstract" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_NoncurrentProvisionsAbstract"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_NoncurrentProvisionsAbstract" xlink:to="lab_ifrs-full_NoncurrentProvisionsAbstract" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_TypesOfRisksDomain_545acbdd-3fca-49be-8d61-771bdfda7191_terseLabel_en-US" xlink:label="lab_ifrs-full_TypesOfRisksDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Types of risks [domain]</link:label>
    <link:label id="lab_ifrs-full_TypesOfRisksDomain_label_en-US" xlink:label="lab_ifrs-full_TypesOfRisksDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Types of risks [domain]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_TypesOfRisksDomain" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_TypesOfRisksDomain"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_TypesOfRisksDomain" xlink:to="lab_ifrs-full_TypesOfRisksDomain" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_EBITDAMarginEstimateTerm_face9811-5a6e-4291-b612-186641fc8f0d_terseLabel_en-US" xlink:label="lab_tef_EBITDAMarginEstimateTerm" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">EBITDA margin estimate, term</link:label>
    <link:label id="lab_tef_EBITDAMarginEstimateTerm_label_en-US" xlink:label="lab_tef_EBITDAMarginEstimateTerm" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">EBITDA Margin Estimate, Term</link:label>
    <link:label id="lab_tef_EBITDAMarginEstimateTerm_documentation_en-US" xlink:label="lab_tef_EBITDAMarginEstimateTerm" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">EBITDA Margin Estimate, Term</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_EBITDAMarginEstimateTerm" xlink:href="tef-20241231.xsd#tef_EBITDAMarginEstimateTerm"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_EBITDAMarginEstimateTerm" xlink:to="lab_tef_EBITDAMarginEstimateTerm" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_TelefonicaFactoringChileSpAMember_22e91797-043d-4aa2-ad83-d505d4d189f3_verboseLabel_en-US" xlink:label="lab_tef_TelefonicaFactoringChileSpAMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Telef&#243;nica Factoring Chile, SpA.</link:label>
    <link:label id="lab_tef_TelefonicaFactoringChileSpAMember_d7e2dec1-5f30-4fc0-956f-fd747af4c48b_terseLabel_en-US" xlink:label="lab_tef_TelefonicaFactoringChileSpAMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Telef&#243;nica Factoring Chile, SpA. Factoring services provider</link:label>
    <link:label id="lab_tef_TelefonicaFactoringChileSpAMember_label_en-US" xlink:label="lab_tef_TelefonicaFactoringChileSpAMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Telefonica Factoring Chile, SpA. [Member]</link:label>
    <link:label id="lab_tef_TelefonicaFactoringChileSpAMember_documentation_en-US" xlink:label="lab_tef_TelefonicaFactoringChileSpAMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Telefonica Factoring Chile, SpA.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_TelefonicaFactoringChileSpAMember" xlink:href="tef-20241231.xsd#tef_TelefonicaFactoringChileSpAMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_TelefonicaFactoringChileSpAMember" xlink:to="lab_tef_TelefonicaFactoringChileSpAMember" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_TelefonicaInfrastructuraeSegurancaBrasilLtdaMember_45773990-4600-4301-8b85-83fb168abee6_terseLabel_en-US" xlink:label="lab_tef_TelefonicaInfrastructuraeSegurancaBrasilLtdaMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Telef&#244;nica Infraestructura e Seguran&#231;a Ltda. Security services and systems</link:label>
    <link:label id="lab_tef_TelefonicaInfrastructuraeSegurancaBrasilLtdaMember_label_en-US" xlink:label="lab_tef_TelefonicaInfrastructuraeSegurancaBrasilLtdaMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Telefonica Infrastructura e Seguranca Brasil Ltda [Member]</link:label>
    <link:label id="lab_tef_TelefonicaInfrastructuraeSegurancaBrasilLtdaMember_documentation_en-US" xlink:label="lab_tef_TelefonicaInfrastructuraeSegurancaBrasilLtdaMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Telefonica Infrastructura e Seguranca Brasil Ltda [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_TelefonicaInfrastructuraeSegurancaBrasilLtdaMember" xlink:href="tef-20241231.xsd#tef_TelefonicaInfrastructuraeSegurancaBrasilLtdaMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_TelefonicaInfrastructuraeSegurancaBrasilLtdaMember" xlink:to="lab_tef_TelefonicaInfrastructuraeSegurancaBrasilLtdaMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_ActuarialAssumptionsDomain_2c22e3a1-4f22-40ce-8d6b-3d07e690bbf8_terseLabel_en-US" xlink:label="lab_ifrs-full_ActuarialAssumptionsDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Actuarial assumptions [domain]</link:label>
    <link:label id="lab_ifrs-full_ActuarialAssumptionsDomain_label_en-US" xlink:label="lab_ifrs-full_ActuarialAssumptionsDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Actuarial assumptions [domain]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_ActuarialAssumptionsDomain" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_ActuarialAssumptionsDomain"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_ActuarialAssumptionsDomain" xlink:to="lab_ifrs-full_ActuarialAssumptionsDomain" xlink:type="arc" order="1"/>
    <link:label id="lab_country_UY_51d70806-cbc7-4b2f-b6dd-0d160401cdf7_terseLabel_en-US" xlink:label="lab_country_UY" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Uruguay</link:label>
    <link:label id="lab_country_UY_label_en-US" xlink:label="lab_country_UY" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">URUGUAY</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_country_UY" xlink:href="https://xbrl.sec.gov/country/2024/country-2024.xsd#country_UY"/>
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    <link:label id="lab_tef_IncreaseDecreaseThroughNetExchangeDifferencesNoncurrentFinancialAssets_3fe16935-2929-402f-b875-646fea9a1b1b_terseLabel_en-US" xlink:label="lab_tef_IncreaseDecreaseThroughNetExchangeDifferencesNoncurrentFinancialAssets" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Translation differences</link:label>
    <link:label id="lab_tef_IncreaseDecreaseThroughNetExchangeDifferencesNoncurrentFinancialAssets_label_en-US" xlink:label="lab_tef_IncreaseDecreaseThroughNetExchangeDifferencesNoncurrentFinancialAssets" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Increase (Decrease) Through Net Exchange Differences, Non-current Financial Assets</link:label>
    <link:label id="lab_tef_IncreaseDecreaseThroughNetExchangeDifferencesNoncurrentFinancialAssets_documentation_en-US" xlink:label="lab_tef_IncreaseDecreaseThroughNetExchangeDifferencesNoncurrentFinancialAssets" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Increase (Decrease) Through Net Exchange Differences, Non-current Financial Assets</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_IncreaseDecreaseThroughNetExchangeDifferencesNoncurrentFinancialAssets" xlink:href="tef-20241231.xsd#tef_IncreaseDecreaseThroughNetExchangeDifferencesNoncurrentFinancialAssets"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_IncreaseDecreaseThroughNetExchangeDifferencesNoncurrentFinancialAssets" xlink:to="lab_tef_IncreaseDecreaseThroughNetExchangeDifferencesNoncurrentFinancialAssets" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_LoansAndReceivablesCategoryMember_a75b9746-1b48-4769-b038-48bff532326c_terseLabel_en-US" xlink:label="lab_ifrs-full_LoansAndReceivablesCategoryMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Loans and receivables</link:label>
    <link:label id="lab_ifrs-full_LoansAndReceivablesCategoryMember_label_en-US" xlink:label="lab_ifrs-full_LoansAndReceivablesCategoryMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Loans and receivables, category [member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_LoansAndReceivablesCategoryMember" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_LoansAndReceivablesCategoryMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_LoansAndReceivablesCategoryMember" xlink:to="lab_ifrs-full_LoansAndReceivablesCategoryMember" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_LegalReserveIncreaseShareCapitalThresholdAllowableToIncreaseCapital_68e40025-0037-415c-9d0c-8377371df566_terseLabel_en-US" xlink:label="lab_tef_LegalReserveIncreaseShareCapitalThresholdAllowableToIncreaseCapital" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Legal reserve, increase share capital, threshold allowance to increase capital (in percentage)</link:label>
    <link:label id="lab_tef_LegalReserveIncreaseShareCapitalThresholdAllowableToIncreaseCapital_label_en-US" xlink:label="lab_tef_LegalReserveIncreaseShareCapitalThresholdAllowableToIncreaseCapital" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Legal Reserve, Increase Share Capital, Threshold Allowable To Increase Capital</link:label>
    <link:label id="lab_tef_LegalReserveIncreaseShareCapitalThresholdAllowableToIncreaseCapital_documentation_en-US" xlink:label="lab_tef_LegalReserveIncreaseShareCapitalThresholdAllowableToIncreaseCapital" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Legal Reserve, Increase Share Capital, Threshold Allowable To Increase Capital</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_LegalReserveIncreaseShareCapitalThresholdAllowableToIncreaseCapital" xlink:href="tef-20241231.xsd#tef_LegalReserveIncreaseShareCapitalThresholdAllowableToIncreaseCapital"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_LegalReserveIncreaseShareCapitalThresholdAllowableToIncreaseCapital" xlink:to="lab_tef_LegalReserveIncreaseShareCapitalThresholdAllowableToIncreaseCapital" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_TelefonicadelPeruS.A.Member_9cc40baa-d3f1-4eee-8b3d-3d80874d7406_terseLabel_en-US" xlink:label="lab_tef_TelefonicadelPeruS.A.Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Telef&#243;nica del&#160;Per&#250;, S.A.</link:label>
    <link:label id="lab_tef_TelefonicadelPeruS.A.Member_label_en-US" xlink:label="lab_tef_TelefonicadelPeruS.A.Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Telefonica del Peru, S.A. [Member]</link:label>
    <link:label id="lab_tef_TelefonicadelPeruS.A.Member_documentation_en-US" xlink:label="lab_tef_TelefonicadelPeruS.A.Member" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Telefonica del Peru, S.A. [Member]</link:label>
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    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_TelefonicadelPeruS.A.Member" xlink:to="lab_tef_TelefonicadelPeruS.A.Member" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_SyndicatedLoanDueDecember202029Member_ea074b3c-d043-420c-b95d-4d9850e9da6b_terseLabel_en-US" xlink:label="lab_tef_SyndicatedLoanDueDecember202029Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Syndicated Loan Due December 20, 2029</link:label>
    <link:label id="lab_tef_SyndicatedLoanDueDecember202029Member_label_en-US" xlink:label="lab_tef_SyndicatedLoanDueDecember202029Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Syndicated Loan Due December 20, 2029 [Member]</link:label>
    <link:label id="lab_tef_SyndicatedLoanDueDecember202029Member_documentation_en-US" xlink:label="lab_tef_SyndicatedLoanDueDecember202029Member" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Syndicated Loan Due December 20, 2029</link:label>
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    <link:label id="lab_ifrs-full_IntangibleAssetsAndGoodwill_5a04c577-cc17-4a9d-b50e-b902948666e8_periodStartLabel_en-US" xlink:label="lab_ifrs-full_IntangibleAssetsAndGoodwill" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:type="resource" xml:lang="en-US">Beginning balance</link:label>
    <link:label id="lab_ifrs-full_IntangibleAssetsAndGoodwill_67d4c0ef-76cd-46d5-97c0-aa01fb76f254_periodEndLabel_en-US" xlink:label="lab_ifrs-full_IntangibleAssetsAndGoodwill" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:type="resource" xml:lang="en-US">Ending balance</link:label>
    <link:label id="lab_ifrs-full_IntangibleAssetsAndGoodwill_b0caddfb-0def-4cfa-8a0c-eeb39ff80ead_terseLabel_en-US" xlink:label="lab_ifrs-full_IntangibleAssetsAndGoodwill" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Intangible assets and goodwill</link:label>
    <link:label id="lab_ifrs-full_IntangibleAssetsAndGoodwill_label_en-US" xlink:label="lab_ifrs-full_IntangibleAssetsAndGoodwill" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Intangible assets and goodwill</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_IntangibleAssetsAndGoodwill" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_IntangibleAssetsAndGoodwill"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_IntangibleAssetsAndGoodwill" xlink:to="lab_ifrs-full_IntangibleAssetsAndGoodwill" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_ProceedsPaymentsFromShareCapitalDecreaseIncreaseWithMinorityInterests_d306d36e-c150-4ad9-a5e6-358cc248b327_terseLabel_en-US" xlink:label="lab_tef_ProceedsPaymentsFromShareCapitalDecreaseIncreaseWithMinorityInterests" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">(Payments)/proceeds from share capital decrease/increase with minority interests</link:label>
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    <link:label id="lab_tef_ProceedsPaymentsFromShareCapitalDecreaseIncreaseWithMinorityInterests_documentation_en-US" xlink:label="lab_tef_ProceedsPaymentsFromShareCapitalDecreaseIncreaseWithMinorityInterests" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Proceeds (Payments) From Share Capital Decrease Increase With Minority Interests</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_ProceedsPaymentsFromShareCapitalDecreaseIncreaseWithMinorityInterests" xlink:href="tef-20241231.xsd#tef_ProceedsPaymentsFromShareCapitalDecreaseIncreaseWithMinorityInterests"/>
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    <link:label id="lab_tef_ShareBasedCompensationArrangementByShareBasedPaymentAwardPercentageOfFreeCashFlowGenerationMinimumComplianceMaximumThresholdPercent_documentation_en-US" xlink:label="lab_tef_ShareBasedCompensationArrangementByShareBasedPaymentAwardPercentageOfFreeCashFlowGenerationMinimumComplianceMaximumThresholdPercent" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Share-based Compensation Arrangement by Share-based Payment Award, Percentage of Free Cash Flow Generation Minimum Compliance, Maximum Threshold, Percent</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_ShareBasedCompensationArrangementByShareBasedPaymentAwardPercentageOfFreeCashFlowGenerationMinimumComplianceMaximumThresholdPercent" xlink:href="tef-20241231.xsd#tef_ShareBasedCompensationArrangementByShareBasedPaymentAwardPercentageOfFreeCashFlowGenerationMinimumComplianceMaximumThresholdPercent"/>
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    <link:label id="lab_tef_EquityFundsContributed_225a8eff-197d-4f4b-8e4a-107ddd7bb94d_terseLabel_en-US" xlink:label="lab_tef_EquityFundsContributed" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Equity funds contributed</link:label>
    <link:label id="lab_tef_EquityFundsContributed_label_en-US" xlink:label="lab_tef_EquityFundsContributed" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Equity Funds Contributed</link:label>
    <link:label id="lab_tef_EquityFundsContributed_documentation_en-US" xlink:label="lab_tef_EquityFundsContributed" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Equity Funds Contributed</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_EquityFundsContributed" xlink:href="tef-20241231.xsd#tef_EquityFundsContributed"/>
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    <link:label id="lab_ifrs-full_ReserveOfExchangeDifferencesOnTranslation_3c66ab4b-18aa-45bd-b20f-71caccf587c9_terseLabel_en-US" xlink:label="lab_ifrs-full_ReserveOfExchangeDifferencesOnTranslation" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Accumulated contribution of translation differences</link:label>
    <link:label id="lab_ifrs-full_ReserveOfExchangeDifferencesOnTranslation_label_en-US" xlink:label="lab_ifrs-full_ReserveOfExchangeDifferencesOnTranslation" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Reserve of exchange differences on translation</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_ReserveOfExchangeDifferencesOnTranslation" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_ReserveOfExchangeDifferencesOnTranslation"/>
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    <link:label id="lab_tef_TelefonicaSAMember_2f5e3809-9cca-4733-9781-9c061357fead_terseLabel_en-US" xlink:label="lab_tef_TelefonicaSAMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Telefonica, S.A.</link:label>
    <link:label id="lab_tef_TelefonicaSAMember_label_en-US" xlink:label="lab_tef_TelefonicaSAMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Telefonica, SA [Member]</link:label>
    <link:label id="lab_tef_TelefonicaSAMember_documentation_en-US" xlink:label="lab_tef_TelefonicaSAMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Telefonica, SA [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_TelefonicaSAMember" xlink:href="tef-20241231.xsd#tef_TelefonicaSAMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_TelefonicaSAMember" xlink:to="lab_tef_TelefonicaSAMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_TransfersUnderFinanceAgreementsFromEntityRelatedPartyTransactions_c9fc3877-4368-4db7-8b61-cfad5b942b56_terseLabel_en-US" xlink:label="lab_ifrs-full_TransfersUnderFinanceAgreementsFromEntityRelatedPartyTransactions" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Finance arrangements: loans, capital contributions and others (borrower)</link:label>
    <link:label id="lab_ifrs-full_TransfersUnderFinanceAgreementsFromEntityRelatedPartyTransactions_label_en-US" xlink:label="lab_ifrs-full_TransfersUnderFinanceAgreementsFromEntityRelatedPartyTransactions" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Transfers under finance agreements from entity, related party transactions</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_TransfersUnderFinanceAgreementsFromEntityRelatedPartyTransactions" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_TransfersUnderFinanceAgreementsFromEntityRelatedPartyTransactions"/>
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    <link:label id="lab_ifrs-full_TradeAndOtherCurrentPayables_da3db7a3-bd3e-4069-90a6-ee40c821b5bd_totalLabel_en-US" xlink:label="lab_ifrs-full_TradeAndOtherCurrentPayables" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Payables</link:label>
    <link:label id="lab_ifrs-full_TradeAndOtherCurrentPayables_label_en-US" xlink:label="lab_ifrs-full_TradeAndOtherCurrentPayables" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Trade and other current payables</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_TradeAndOtherCurrentPayables" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_TradeAndOtherCurrentPayables"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_TradeAndOtherCurrentPayables" xlink:to="lab_ifrs-full_TradeAndOtherCurrentPayables" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_DigitalDataCentreBidCoSLUMember_8069dbfc-dd06-4dd1-989b-142054cad7bc_terseLabel_en-US" xlink:label="lab_tef_DigitalDataCentreBidCoSLUMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Digital Data Centre BidCo, SLU.</link:label>
    <link:label id="lab_tef_DigitalDataCentreBidCoSLUMember_label_en-US" xlink:label="lab_tef_DigitalDataCentreBidCoSLUMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Digital Data Centre BidCo, SLU. [Member]</link:label>
    <link:label id="lab_tef_DigitalDataCentreBidCoSLUMember_documentation_en-US" xlink:label="lab_tef_DigitalDataCentreBidCoSLUMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Digital Data Centre BidCo, SLU.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_DigitalDataCentreBidCoSLUMember" xlink:href="tef-20241231.xsd#tef_DigitalDataCentreBidCoSLUMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_DigitalDataCentreBidCoSLUMember" xlink:to="lab_tef_DigitalDataCentreBidCoSLUMember" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_Bond144AMember_b6f84d3c-4fbf-470e-b263-0c2e4851f73d_terseLabel_en-US" xlink:label="lab_tef_Bond144AMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Bond 144 A</link:label>
    <link:label id="lab_tef_Bond144AMember_label_en-US" xlink:label="lab_tef_Bond144AMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Bond 144 A [Member]</link:label>
    <link:label id="lab_tef_Bond144AMember_documentation_en-US" xlink:label="lab_tef_Bond144AMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Bond 144 A</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_Bond144AMember" xlink:href="tef-20241231.xsd#tef_Bond144AMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_Bond144AMember" xlink:to="lab_tef_Bond144AMember" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_SalesOfPrepayCardsMember_ad99a607-d704-4cb4-8af6-4b17761c2fa7_terseLabel_en-US" xlink:label="lab_tef_SalesOfPrepayCardsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Contractual liabilities, sales of prepay cards</link:label>
    <link:label id="lab_tef_SalesOfPrepayCardsMember_label_en-US" xlink:label="lab_tef_SalesOfPrepayCardsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Sales Of Prepay Cards [Member]</link:label>
    <link:label id="lab_tef_SalesOfPrepayCardsMember_documentation_en-US" xlink:label="lab_tef_SalesOfPrepayCardsMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Sales Of Prepay Cards [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_SalesOfPrepayCardsMember" xlink:href="tef-20241231.xsd#tef_SalesOfPrepayCardsMember"/>
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    <link:label id="lab_ifrs-full_CategoriesOfAssetsRecognisedFromCostsToObtainOrFulfilContractsWithCustomersAxis_e271dfe2-3f35-443c-9faa-a6e4a5447891_terseLabel_en-US" xlink:label="lab_ifrs-full_CategoriesOfAssetsRecognisedFromCostsToObtainOrFulfilContractsWithCustomersAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Categories of assets recognised from costs to obtain or fulfil contracts with customers [axis]</link:label>
    <link:label id="lab_ifrs-full_CategoriesOfAssetsRecognisedFromCostsToObtainOrFulfilContractsWithCustomersAxis_label_en-US" xlink:label="lab_ifrs-full_CategoriesOfAssetsRecognisedFromCostsToObtainOrFulfilContractsWithCustomersAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Categories of assets recognised from costs to obtain or fulfil contracts with customers [axis]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_CategoriesOfAssetsRecognisedFromCostsToObtainOrFulfilContractsWithCustomersAxis" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_CategoriesOfAssetsRecognisedFromCostsToObtainOrFulfilContractsWithCustomersAxis"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_CategoriesOfAssetsRecognisedFromCostsToObtainOrFulfilContractsWithCustomersAxis" xlink:to="lab_ifrs-full_CategoriesOfAssetsRecognisedFromCostsToObtainOrFulfilContractsWithCustomersAxis" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_InsuranceContractsThatAreAssets_4f0ec72e-f5fc-4a20-9728-d030aa061b0f_terseLabel_en-US" xlink:label="lab_ifrs-full_InsuranceContractsThatAreAssets" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Short-term insurance and reinsurance contracts assets</link:label>
    <link:label id="lab_ifrs-full_InsuranceContractsThatAreAssets_label_en-US" xlink:label="lab_ifrs-full_InsuranceContractsThatAreAssets" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Insurance contracts that are assets</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_InsuranceContractsThatAreAssets" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_InsuranceContractsThatAreAssets"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_InsuranceContractsThatAreAssets" xlink:to="lab_ifrs-full_InsuranceContractsThatAreAssets" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_TelefonicaGlobalActivitiesMember_fe16a498-c6ac-4a0f-b620-09dfabc55eee_terseLabel_en-US" xlink:label="lab_tef_TelefonicaGlobalActivitiesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Telef&#243;nica Global Activities Holding, B.V. Holding Company</link:label>
    <link:label id="lab_tef_TelefonicaGlobalActivitiesMember_label_en-US" xlink:label="lab_tef_TelefonicaGlobalActivitiesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Telefonica Global Activities [Member]</link:label>
    <link:label id="lab_tef_TelefonicaGlobalActivitiesMember_documentation_en-US" xlink:label="lab_tef_TelefonicaGlobalActivitiesMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Telefonica Global Activities [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_TelefonicaGlobalActivitiesMember" xlink:href="tef-20241231.xsd#tef_TelefonicaGlobalActivitiesMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_TelefonicaGlobalActivitiesMember" xlink:to="lab_tef_TelefonicaGlobalActivitiesMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_LossesOnLitigationSettlements_10f9dde4-8325-4119-a237-2976bf312479_terseLabel_en-US" xlink:label="lab_ifrs-full_LossesOnLitigationSettlements" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Losses on litigation settlements</link:label>
    <link:label id="lab_ifrs-full_LossesOnLitigationSettlements_label_en-US" xlink:label="lab_ifrs-full_LossesOnLitigationSettlements" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Losses on litigation settlements</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_LossesOnLitigationSettlements" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_LossesOnLitigationSettlements"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_LossesOnLitigationSettlements" xlink:to="lab_ifrs-full_LossesOnLitigationSettlements" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_BETernaGmbHLeipzigMember_06aa51b9-d758-472d-ace5-00589764755c_terseLabel_en-US" xlink:label="lab_tef_BETernaGmbHLeipzigMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">BE-terna GmbH (Leipzig)</link:label>
    <link:label id="lab_tef_BETernaGmbHLeipzigMember_label_en-US" xlink:label="lab_tef_BETernaGmbHLeipzigMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">BE-terna GmbH (Leipzig) [Member]</link:label>
    <link:label id="lab_tef_BETernaGmbHLeipzigMember_documentation_en-US" xlink:label="lab_tef_BETernaGmbHLeipzigMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">BE-terna GmbH (Leipzig)</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_BETernaGmbHLeipzigMember" xlink:href="tef-20241231.xsd#tef_BETernaGmbHLeipzigMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_BETernaGmbHLeipzigMember" xlink:to="lab_tef_BETernaGmbHLeipzigMember" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_NumberOfTranchesForDividendsPayable_bdfe4417-b251-4813-87c3-c707ef9e1f75_terseLabel_en-US" xlink:label="lab_tef_NumberOfTranchesForDividendsPayable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Number of tranches for dividends payable</link:label>
    <link:label id="lab_tef_NumberOfTranchesForDividendsPayable_label_en-US" xlink:label="lab_tef_NumberOfTranchesForDividendsPayable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Number of tranches for dividends payable</link:label>
    <link:label id="lab_tef_NumberOfTranchesForDividendsPayable_documentation_en-US" xlink:label="lab_tef_NumberOfTranchesForDividendsPayable" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Number of tranches for dividends payable</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_NumberOfTranchesForDividendsPayable" xlink:href="tef-20241231.xsd#tef_NumberOfTranchesForDividendsPayable"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_NumberOfTranchesForDividendsPayable" xlink:to="lab_tef_NumberOfTranchesForDividendsPayable" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_TaxablePeriodAxis_77be37c0-1959-4615-a560-c41cbaa4d27d_terseLabel_en-US" xlink:label="lab_tef_TaxablePeriodAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Tax Period [Axis]</link:label>
    <link:label id="lab_tef_TaxablePeriodAxis_label_en-US" xlink:label="lab_tef_TaxablePeriodAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Taxable Period [Axis]</link:label>
    <link:label id="lab_tef_TaxablePeriodAxis_documentation_en-US" xlink:label="lab_tef_TaxablePeriodAxis" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Taxable Period</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_TaxablePeriodAxis" xlink:href="tef-20241231.xsd#tef_TaxablePeriodAxis"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_TaxablePeriodAxis" xlink:to="lab_tef_TaxablePeriodAxis" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_Increasedecreasethroughothermovementsfinancialinstruments_5823f762-b635-4da2-bea7-eaed178fcb73_terseLabel_en-US" xlink:label="lab_tef_Increasedecreasethroughothermovementsfinancialinstruments" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Other movements</link:label>
    <link:label id="lab_tef_Increasedecreasethroughothermovementsfinancialinstruments_label_en-US" xlink:label="lab_tef_Increasedecreasethroughothermovementsfinancialinstruments" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Increase (decrease) through other movements, financial instruments</link:label>
    <link:label id="lab_tef_Increasedecreasethroughothermovementsfinancialinstruments_documentation_en-US" xlink:label="lab_tef_Increasedecreasethroughothermovementsfinancialinstruments" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Increase (decrease) through other movements, financial instruments</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_Increasedecreasethroughothermovementsfinancialinstruments" xlink:href="tef-20241231.xsd#tef_Increasedecreasethroughothermovementsfinancialinstruments"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_Increasedecreasethroughothermovementsfinancialinstruments" xlink:to="lab_tef_Increasedecreasethroughothermovementsfinancialinstruments" xlink:type="arc" order="1"/>
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    <link:label id="lab_tef_ShareBasedPaymentArrangementTrancheDomain_0eab4d3c-fff9-4c80-ba81-5dfa20b7a1a6_terseLabel_en-US" xlink:label="lab_tef_ShareBasedPaymentArrangementTrancheDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Share-Based Payment Arrangement Tranche [Domain]</link:label>
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    <link:label id="lab_tef_NetProvisionBeforeAssetCeilingMember_documentation_en-US" xlink:label="lab_tef_NetProvisionBeforeAssetCeilingMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Net Provision Before Asset Ceiling [Member]</link:label>
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    <link:label id="lab_tef_TelefonicaEuropeB.V.Member_c73688e7-8f17-46d2-b123-f6cd1754c740_terseLabel_en-US" xlink:label="lab_tef_TelefonicaEuropeB.V.Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Telef&#243;nica Europe, B.V. Fund raising in capital markets</link:label>
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    <link:label id="lab_tef_ExpenseRelatedToLeasesIncludedInOperatingResultsAsSupplies_048609bb-ad1e-4177-8fb3-8224215c2bc6_totalLabel_en-US" xlink:label="lab_tef_ExpenseRelatedToLeasesIncludedInOperatingResultsAsSupplies" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Total expenses as supplies</link:label>
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    <link:label id="lab_tef_PromissoryNoteMember_label_en-US" xlink:label="lab_tef_PromissoryNoteMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Promissory note [Member]</link:label>
    <link:label id="lab_tef_PromissoryNoteMember_documentation_en-US" xlink:label="lab_tef_PromissoryNoteMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Promissory note</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_PromissoryNoteMember" xlink:href="tef-20241231.xsd#tef_PromissoryNoteMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_PromissoryNoteMember" xlink:to="lab_tef_PromissoryNoteMember" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_MariaLuisaGarciaBlancoMember_baedcc0a-9b6b-42e6-94c4-02332aa50bac_terseLabel_en-US" xlink:label="lab_tef_MariaLuisaGarciaBlancoMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Ms. Mar&#237;a Luisa Garc&#237;a Blanco</link:label>
    <link:label id="lab_tef_MariaLuisaGarciaBlancoMember_label_en-US" xlink:label="lab_tef_MariaLuisaGarciaBlancoMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Maria Luisa Garcia Blanco [Member]</link:label>
    <link:label id="lab_tef_MariaLuisaGarciaBlancoMember_documentation_en-US" xlink:label="lab_tef_MariaLuisaGarciaBlancoMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Maria Luisa Garcia Blanco [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_MariaLuisaGarciaBlancoMember" xlink:href="tef-20241231.xsd#tef_MariaLuisaGarciaBlancoMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_MariaLuisaGarciaBlancoMember" xlink:to="lab_tef_MariaLuisaGarciaBlancoMember" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_UseOfEstimatesPolicyTextBlock_43a4a22e-2579-4f32-ba7e-2bad481f18d8_terseLabel_en-US" xlink:label="lab_tef_UseOfEstimatesPolicyTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Use of estimates</link:label>
    <link:label id="lab_tef_UseOfEstimatesPolicyTextBlock_label_en-US" xlink:label="lab_tef_UseOfEstimatesPolicyTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Use Of Estimates [Policy Text Block]</link:label>
    <link:label id="lab_tef_UseOfEstimatesPolicyTextBlock_documentation_en-US" xlink:label="lab_tef_UseOfEstimatesPolicyTextBlock" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Use Of Estimates [Policy Text Block]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_UseOfEstimatesPolicyTextBlock" xlink:href="tef-20241231.xsd#tef_UseOfEstimatesPolicyTextBlock"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_UseOfEstimatesPolicyTextBlock" xlink:to="lab_tef_UseOfEstimatesPolicyTextBlock" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_TelefonicaChileMember_5a003648-4957-4ecb-a44c-98a03c12e6a7_terseLabel_en-US" xlink:label="lab_tef_TelefonicaChileMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Telefonica Chile</link:label>
    <link:label id="lab_tef_TelefonicaChileMember_label_en-US" xlink:label="lab_tef_TelefonicaChileMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Telefonica Chile [Member]</link:label>
    <link:label id="lab_tef_TelefonicaChileMember_documentation_en-US" xlink:label="lab_tef_TelefonicaChileMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Telefonica Chile [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_TelefonicaChileMember" xlink:href="tef-20241231.xsd#tef_TelefonicaChileMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_TelefonicaChileMember" xlink:to="lab_tef_TelefonicaChileMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_Level1OfFairValueHierarchyMember_0c4bb4a2-2c3b-4978-a04e-89b436dabb4a_terseLabel_en-US" xlink:label="lab_ifrs-full_Level1OfFairValueHierarchyMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Level 1 (Quoted prices)</link:label>
    <link:label id="lab_ifrs-full_Level1OfFairValueHierarchyMember_label_en-US" xlink:label="lab_ifrs-full_Level1OfFairValueHierarchyMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Level 1 of fair value hierarchy [member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_Level1OfFairValueHierarchyMember" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_Level1OfFairValueHierarchyMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_Level1OfFairValueHierarchyMember" xlink:to="lab_ifrs-full_Level1OfFairValueHierarchyMember" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_IncreaseDecreaseInCompanyMovementsDeferredTaxLiability_3210368e-32c7-480b-81ad-4138ac3d6f9f_terseLabel_en-US" xlink:label="lab_tef_IncreaseDecreaseInCompanyMovementsDeferredTaxLiability" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Company movements and others</link:label>
    <link:label id="lab_tef_IncreaseDecreaseInCompanyMovementsDeferredTaxLiability_label_en-US" xlink:label="lab_tef_IncreaseDecreaseInCompanyMovementsDeferredTaxLiability" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Increase (Decrease) In Company Movements, Deferred Tax Liability</link:label>
    <link:label id="lab_tef_IncreaseDecreaseInCompanyMovementsDeferredTaxLiability_documentation_en-US" xlink:label="lab_tef_IncreaseDecreaseInCompanyMovementsDeferredTaxLiability" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Increase (Decrease) In Company Movements, Deferred Tax Liability</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_IncreaseDecreaseInCompanyMovementsDeferredTaxLiability" xlink:href="tef-20241231.xsd#tef_IncreaseDecreaseInCompanyMovementsDeferredTaxLiability"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_IncreaseDecreaseInCompanyMovementsDeferredTaxLiability" xlink:to="lab_tef_IncreaseDecreaseInCompanyMovementsDeferredTaxLiability" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_NovaCasiopeaREMember_2a518d66-6c4f-4de2-94d5-6c2a62888990_terseLabel_en-US" xlink:label="lab_tef_NovaCasiopeaREMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Nova Casiopea RE S.A. Reinsurance</link:label>
    <link:label id="lab_tef_NovaCasiopeaREMember_label_en-US" xlink:label="lab_tef_NovaCasiopeaREMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Nova Casiopea RE [Member]</link:label>
    <link:label id="lab_tef_NovaCasiopeaREMember_documentation_en-US" xlink:label="lab_tef_NovaCasiopeaREMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Nova Casiopea RE [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_NovaCasiopeaREMember" xlink:href="tef-20241231.xsd#tef_NovaCasiopeaREMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_NovaCasiopeaREMember" xlink:to="lab_tef_NovaCasiopeaREMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_IncreaseThroughBusinessCombinationsContractLiabilities_68ecd341-b994-401e-8653-1dacde2f1ec6_terseLabel_en-US" xlink:label="lab_ifrs-full_IncreaseThroughBusinessCombinationsContractLiabilities" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Additions</link:label>
    <link:label id="lab_ifrs-full_IncreaseThroughBusinessCombinationsContractLiabilities_label_en-US" xlink:label="lab_ifrs-full_IncreaseThroughBusinessCombinationsContractLiabilities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Increase through business combinations, contract liabilities</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_IncreaseThroughBusinessCombinationsContractLiabilities" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_IncreaseThroughBusinessCombinationsContractLiabilities"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_IncreaseThroughBusinessCombinationsContractLiabilities" xlink:to="lab_ifrs-full_IncreaseThroughBusinessCombinationsContractLiabilities" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_BondT.Peru4thProgram19thSeriesCMember_6cab9929-d336-43c8-8146-6e943022159a_terseLabel_en-US" xlink:label="lab_tef_BondT.Peru4thProgram19thSeriesCMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Bond T. Peru 4th Program (19th Serie C)</link:label>
    <link:label id="lab_tef_BondT.Peru4thProgram19thSeriesCMember_label_en-US" xlink:label="lab_tef_BondT.Peru4thProgram19thSeriesCMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Bond T. Peru 4th Program (19th Series C) [Member]</link:label>
    <link:label id="lab_tef_BondT.Peru4thProgram19thSeriesCMember_documentation_en-US" xlink:label="lab_tef_BondT.Peru4thProgram19thSeriesCMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Bond T. Peru 4th Program (19th Series C) [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_BondT.Peru4thProgram19thSeriesCMember" xlink:href="tef-20241231.xsd#tef_BondT.Peru4thProgram19thSeriesCMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_BondT.Peru4thProgram19thSeriesCMember" xlink:to="lab_tef_BondT.Peru4thProgram19thSeriesCMember" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_Dividends1Domain_272a3042-6e07-43a9-b1b1-138dfb763c76_terseLabel_en-US" xlink:label="lab_tef_Dividends1Domain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Dividends [Domain]</link:label>
    <link:label id="lab_tef_Dividends1Domain_label_en-US" xlink:label="lab_tef_Dividends1Domain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Dividends1 [Domain]</link:label>
    <link:label id="lab_tef_Dividends1Domain_documentation_en-US" xlink:label="lab_tef_Dividends1Domain" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">[Domain] for Dividends1 [Axis]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_Dividends1Domain" xlink:href="tef-20241231.xsd#tef_Dividends1Domain"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_Dividends1Domain" xlink:to="lab_tef_Dividends1Domain" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_AssetsAbstract_fcd6ff6d-87d6-4db8-8a13-7140f26994f9_terseLabel_en-US" xlink:label="lab_ifrs-full_AssetsAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">ASSETS</link:label>
    <link:label id="lab_ifrs-full_AssetsAbstract_label_en-US" xlink:label="lab_ifrs-full_AssetsAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Assets [abstract]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_AssetsAbstract" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_AssetsAbstract"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_AssetsAbstract" xlink:to="lab_ifrs-full_AssetsAbstract" xlink:type="arc" order="1"/>
    <link:label id="lab_dei_IcfrAuditorAttestationFlag_76722cf2-1a70-44bd-ba0b-ee966b50034b_terseLabel_en-US" xlink:label="lab_dei_IcfrAuditorAttestationFlag" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">ICFR Auditor Attestation Flag</link:label>
    <link:label id="lab_dei_IcfrAuditorAttestationFlag_label_en-US" xlink:label="lab_dei_IcfrAuditorAttestationFlag" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">ICFR Auditor Attestation Flag</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_dei_IcfrAuditorAttestationFlag" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_IcfrAuditorAttestationFlag"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_IcfrAuditorAttestationFlag" xlink:to="lab_dei_IcfrAuditorAttestationFlag" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_TELEFEMISIONESJANUARY2017Member_64c15e07-83d7-48cf-aa97-c9728f254f80_terseLabel_en-US" xlink:label="lab_tef_TELEFEMISIONESJANUARY2017Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">TELEF. EMISIONES JANUARY 2017</link:label>
    <link:label id="lab_tef_TELEFEMISIONESJANUARY2017Member_label_en-US" xlink:label="lab_tef_TELEFEMISIONESJANUARY2017Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">TELEF. EMISIONES JANUARY 2017 [Member]</link:label>
    <link:label id="lab_tef_TELEFEMISIONESJANUARY2017Member_documentation_en-US" xlink:label="lab_tef_TELEFEMISIONESJANUARY2017Member" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">TELEF. EMISIONES JANUARY 2017</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_TELEFEMISIONESJANUARY2017Member" xlink:href="tef-20241231.xsd#tef_TELEFEMISIONESJANUARY2017Member"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_TELEFEMISIONESJANUARY2017Member" xlink:to="lab_tef_TELEFEMISIONESJANUARY2017Member" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_Expiringin2021Member_c7dce25c-f03f-4019-86f9-97b5ea502804_terseLabel_en-US" xlink:label="lab_tef_Expiringin2021Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Expiring in 2021</link:label>
    <link:label id="lab_tef_Expiringin2021Member_label_en-US" xlink:label="lab_tef_Expiringin2021Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Expiring in 2021 [Member]</link:label>
    <link:label id="lab_tef_Expiringin2021Member_documentation_en-US" xlink:label="lab_tef_Expiringin2021Member" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Expiring in 2021 [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_Expiringin2021Member" xlink:href="tef-20241231.xsd#tef_Expiringin2021Member"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_Expiringin2021Member" xlink:to="lab_tef_Expiringin2021Member" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_Expenserelatedtoshorttermleasesincludedinoperatingresultsassupplies_ed830368-194b-40a5-9a8c-c333145ac913_terseLabel_en-US" xlink:label="lab_tef_Expenserelatedtoshorttermleasesincludedinoperatingresultsassupplies" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Short-term leases included in operating results as supplies</link:label>
    <link:label id="lab_tef_Expenserelatedtoshorttermleasesincludedinoperatingresultsassupplies_label_en-US" xlink:label="lab_tef_Expenserelatedtoshorttermleasesincludedinoperatingresultsassupplies" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Expense related to short-term leases included in operating results as supplies</link:label>
    <link:label id="lab_tef_Expenserelatedtoshorttermleasesincludedinoperatingresultsassupplies_documentation_en-US" xlink:label="lab_tef_Expenserelatedtoshorttermleasesincludedinoperatingresultsassupplies" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Expense related to short-term leases included in operating results as supplies</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_Expenserelatedtoshorttermleasesincludedinoperatingresultsassupplies" xlink:href="tef-20241231.xsd#tef_Expenserelatedtoshorttermleasesincludedinoperatingresultsassupplies"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_Expenserelatedtoshorttermleasesincludedinoperatingresultsassupplies" xlink:to="lab_tef_Expenserelatedtoshorttermleasesincludedinoperatingresultsassupplies" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_OtherNoncurrentLiabilities_9ec53fdc-b37f-4758-a8b9-147959a1f62e_terseLabel_en-US" xlink:label="lab_ifrs-full_OtherNoncurrentLiabilities" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Other non current liabilities</link:label>
    <link:label id="lab_ifrs-full_OtherNoncurrentLiabilities_d6c18993-73de-4a35-9a8d-7c34b8e785be_negatedTerseLabel_en-US" xlink:label="lab_ifrs-full_OtherNoncurrentLiabilities" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xml:lang="en-US">Other non current liabilities</link:label>
    <link:label id="lab_ifrs-full_OtherNoncurrentLiabilities_f47363c7-4743-4d8a-a151-c8e92cf1dc42_totalLabel_en-US" xlink:label="lab_ifrs-full_OtherNoncurrentLiabilities" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Other non-current liabilities</link:label>
    <link:label id="lab_ifrs-full_OtherNoncurrentLiabilities_label_en-US" xlink:label="lab_ifrs-full_OtherNoncurrentLiabilities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Other non-current liabilities</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_OtherNoncurrentLiabilities" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_OtherNoncurrentLiabilities"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_OtherNoncurrentLiabilities" xlink:to="lab_ifrs-full_OtherNoncurrentLiabilities" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_BlueviaFibraSLUMember_3b44b24d-b5e9-4774-951e-e826b8eddf14_terseLabel_en-US" xlink:label="lab_tef_BlueviaFibraSLUMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Bluevia Fibra S.L.U.</link:label>
    <link:label id="lab_tef_BlueviaFibraSLUMember_label_en-US" xlink:label="lab_tef_BlueviaFibraSLUMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Bluevia Fibra, S.L.U. [Member]</link:label>
    <link:label id="lab_tef_BlueviaFibraSLUMember_documentation_en-US" xlink:label="lab_tef_BlueviaFibraSLUMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Bluevia Fibra, S.L.U.</link:label>
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    <link:label id="lab_tef_IntangibleAssetsAbstract_label_en-US" xlink:label="lab_tef_IntangibleAssetsAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Intangible Assets [Abstract]</link:label>
    <link:label id="lab_tef_IntangibleAssetsAbstract_documentation_en-US" xlink:label="lab_tef_IntangibleAssetsAbstract" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Intangible Assets [Abstract]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_IntangibleAssetsAbstract" xlink:href="tef-20241231.xsd#tef_IntangibleAssetsAbstract"/>
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    <link:label id="lab_ifrs-full_CashFlowsFromUsedInOperatingActivities_1834e412-75df-494e-8fa6-73c6c89e32ae_totalLabel_en-US" xlink:label="lab_ifrs-full_CashFlowsFromUsedInOperatingActivities" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Net cash flow provided by operating activities</link:label>
    <link:label id="lab_ifrs-full_CashFlowsFromUsedInOperatingActivities_fafc68dd-f846-44b8-9983-039255711407_terseLabel_en-US" xlink:label="lab_ifrs-full_CashFlowsFromUsedInOperatingActivities" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Net cash flow provided by operating activities</link:label>
    <link:label id="lab_ifrs-full_CashFlowsFromUsedInOperatingActivities_label_en-US" xlink:label="lab_ifrs-full_CashFlowsFromUsedInOperatingActivities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Cash flows from (used in) operating activities</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_CashFlowsFromUsedInOperatingActivities" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_CashFlowsFromUsedInOperatingActivities"/>
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    <link:label id="lab_currency_CLF_54532563-7e8b-462e-9c16-7bc269d4178d_terseLabel_en-US" xlink:label="lab_currency_CLF" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">UFC</link:label>
    <link:label id="lab_currency_CLF_label_en-US" xlink:label="lab_currency_CLF" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Unidad de Fomento (funds code)</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_currency_CLF" xlink:href="https://xbrl.sec.gov/currency/2024/currency-2024.xsd#currency_CLF"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_currency_CLF" xlink:to="lab_currency_CLF" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_Increasedecreasethroughmovementswithcounterpartyfinancialinstruments_03a6b0e8-4a66-412c-b7c4-a28f018e9695_terseLabel_en-US" xlink:label="lab_tef_Increasedecreasethroughmovementswithcounterpartyfinancialinstruments" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Movements with a corresponding entry under the income statement</link:label>
    <link:label id="lab_tef_Increasedecreasethroughmovementswithcounterpartyfinancialinstruments_label_en-US" xlink:label="lab_tef_Increasedecreasethroughmovementswithcounterpartyfinancialinstruments" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Increase (decrease) through movements with counterparty, financial instruments</link:label>
    <link:label id="lab_tef_Increasedecreasethroughmovementswithcounterpartyfinancialinstruments_documentation_en-US" xlink:label="lab_tef_Increasedecreasethroughmovementswithcounterpartyfinancialinstruments" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Increase (decrease) through movements with counterparty, financial instruments</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_Increasedecreasethroughmovementswithcounterpartyfinancialinstruments" xlink:href="tef-20241231.xsd#tef_Increasedecreasethroughmovementswithcounterpartyfinancialinstruments"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_Increasedecreasethroughmovementswithcounterpartyfinancialinstruments" xlink:to="lab_tef_Increasedecreasethroughmovementswithcounterpartyfinancialinstruments" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_NonadjustingEventsAfterReportingPeriodAxis_fa8e5120-238e-4833-8a07-826c0d8fafb6_terseLabel_en-US" xlink:label="lab_ifrs-full_NonadjustingEventsAfterReportingPeriodAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Non-adjusting events after reporting period [axis]</link:label>
    <link:label id="lab_ifrs-full_NonadjustingEventsAfterReportingPeriodAxis_label_en-US" xlink:label="lab_ifrs-full_NonadjustingEventsAfterReportingPeriodAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Non-adjusting events after reporting period [axis]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_NonadjustingEventsAfterReportingPeriodAxis" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_NonadjustingEventsAfterReportingPeriodAxis"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_NonadjustingEventsAfterReportingPeriodAxis" xlink:to="lab_ifrs-full_NonadjustingEventsAfterReportingPeriodAxis" xlink:type="arc" order="1"/>
    <link:label id="lab_currency_PEN_346cb0ff-548a-489c-a909-168d65047879_verboseLabel_en-US" xlink:label="lab_currency_PEN" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">New peruvian sol</link:label>
    <link:label id="lab_currency_PEN_ebc9ad2f-7e8f-4de2-82e4-4dc1528d2908_terseLabel_en-US" xlink:label="lab_currency_PEN" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">PEN</link:label>
    <link:label id="lab_currency_PEN_label_en-US" xlink:label="lab_currency_PEN" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Peru, Nuevos Soles</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_currency_PEN" xlink:href="https://xbrl.sec.gov/currency/2024/currency-2024.xsd#currency_PEN"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_currency_PEN" xlink:to="lab_currency_PEN" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_TelefonicaTechUKBusinessApplicationsLimitedMember_29c5c252-3b16-468e-b0f3-9f70fd5e03b9_terseLabel_en-US" xlink:label="lab_tef_TelefonicaTechUKBusinessApplicationsLimitedMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Telef&#243;nica Tech UK Business Applications Limited</link:label>
    <link:label id="lab_tef_TelefonicaTechUKBusinessApplicationsLimitedMember_label_en-US" xlink:label="lab_tef_TelefonicaTechUKBusinessApplicationsLimitedMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Telef&#243;nica Tech UK Business Applications Limited [Member]</link:label>
    <link:label id="lab_tef_TelefonicaTechUKBusinessApplicationsLimitedMember_documentation_en-US" xlink:label="lab_tef_TelefonicaTechUKBusinessApplicationsLimitedMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Telef&#243;nica Tech UK Business Applications Limited</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_TelefonicaTechUKBusinessApplicationsLimitedMember" xlink:href="tef-20241231.xsd#tef_TelefonicaTechUKBusinessApplicationsLimitedMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_TelefonicaTechUKBusinessApplicationsLimitedMember" xlink:to="lab_tef_TelefonicaTechUKBusinessApplicationsLimitedMember" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_TaxEffectOfOtherPermanentDifferences_2f13dcba-b960-4870-9d66-417420c139b4_terseLabel_en-US" xlink:label="lab_tef_TaxEffectOfOtherPermanentDifferences" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Permanent differences</link:label>
    <link:label id="lab_tef_TaxEffectOfOtherPermanentDifferences_bfe4b871-9629-46ce-adac-d2d3ec3d8783_negatedTerseLabel_en-US" xlink:label="lab_tef_TaxEffectOfOtherPermanentDifferences" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xml:lang="en-US">Tax effect of other permanent differences</link:label>
    <link:label id="lab_tef_TaxEffectOfOtherPermanentDifferences_label_en-US" xlink:label="lab_tef_TaxEffectOfOtherPermanentDifferences" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Tax Effect Of Other Permanent Differences</link:label>
    <link:label id="lab_tef_TaxEffectOfOtherPermanentDifferences_documentation_en-US" xlink:label="lab_tef_TaxEffectOfOtherPermanentDifferences" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Tax Effect Of Other Permanent Differences</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_TaxEffectOfOtherPermanentDifferences" xlink:href="tef-20241231.xsd#tef_TaxEffectOfOtherPermanentDifferences"/>
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    <link:label id="lab_tef_TCHIBOMobilfunkGmbHCo.Member_e74c3767-07bb-44df-acc6-af7cc79e0579_terseLabel_en-US" xlink:label="lab_tef_TCHIBOMobilfunkGmbHCo.Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">TCHIBO Mobilfunk GmbH &amp; Co. Marketing and sales of mobile services</link:label>
    <link:label id="lab_tef_TCHIBOMobilfunkGmbHCo.Member_label_en-US" xlink:label="lab_tef_TCHIBOMobilfunkGmbHCo.Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">TCHIBO Mobilfunk GmbH &amp; Co. [Member]</link:label>
    <link:label id="lab_tef_TCHIBOMobilfunkGmbHCo.Member_documentation_en-US" xlink:label="lab_tef_TCHIBOMobilfunkGmbHCo.Member" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">TCHIBO Mobilfunk GmbH &amp; Co.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_TCHIBOMobilfunkGmbHCo.Member" xlink:href="tef-20241231.xsd#tef_TCHIBOMobilfunkGmbHCo.Member"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_TCHIBOMobilfunkGmbHCo.Member" xlink:to="lab_tef_TCHIBOMobilfunkGmbHCo.Member" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_ActuarialAssumptionOfMedicalCostTrendRates_30a36cb3-bb28-4193-b0ac-982b8a23b00f_terseLabel_en-US" xlink:label="lab_ifrs-full_ActuarialAssumptionOfMedicalCostTrendRates" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Growth rate for medical costs</link:label>
    <link:label id="lab_ifrs-full_ActuarialAssumptionOfMedicalCostTrendRates_label_en-US" xlink:label="lab_ifrs-full_ActuarialAssumptionOfMedicalCostTrendRates" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Actuarial assumption of medical cost trend rates</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_ActuarialAssumptionOfMedicalCostTrendRates" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_ActuarialAssumptionOfMedicalCostTrendRates"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_ActuarialAssumptionOfMedicalCostTrendRates" xlink:to="lab_ifrs-full_ActuarialAssumptionOfMedicalCostTrendRates" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_SensitivityAnalysisChangeInExchangeRateDecreaseInConsolidatedEquity_cbecb0d1-ba7b-41dc-a7db-2f0635295acf_negatedTerseLabel_en-US" xlink:label="lab_tef_SensitivityAnalysisChangeInExchangeRateDecreaseInConsolidatedEquity" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xml:lang="en-US">Decrease in consolidated equity</link:label>
    <link:label id="lab_tef_SensitivityAnalysisChangeInExchangeRateDecreaseInConsolidatedEquity_label_en-US" xlink:label="lab_tef_SensitivityAnalysisChangeInExchangeRateDecreaseInConsolidatedEquity" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Sensitivity Analysis, Change In Exchange Rate, Decrease In Consolidated Equity</link:label>
    <link:label id="lab_tef_SensitivityAnalysisChangeInExchangeRateDecreaseInConsolidatedEquity_documentation_en-US" xlink:label="lab_tef_SensitivityAnalysisChangeInExchangeRateDecreaseInConsolidatedEquity" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Sensitivity Analysis, Change In Exchange Rate, Decrease In Consolidated Equity</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_SensitivityAnalysisChangeInExchangeRateDecreaseInConsolidatedEquity" xlink:href="tef-20241231.xsd#tef_SensitivityAnalysisChangeInExchangeRateDecreaseInConsolidatedEquity"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_SensitivityAnalysisChangeInExchangeRateDecreaseInConsolidatedEquity" xlink:to="lab_tef_SensitivityAnalysisChangeInExchangeRateDecreaseInConsolidatedEquity" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_Expiringin2025Option4Member_a5eb05c3-c6e6-4b9b-9d1f-c8cb4f64bb3b_terseLabel_en-US" xlink:label="lab_tef_Expiringin2025Option4Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Expiring in 2025, Option 4</link:label>
    <link:label id="lab_tef_Expiringin2025Option4Member_label_en-US" xlink:label="lab_tef_Expiringin2025Option4Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Expiring in 2025, Option 4 [Member]</link:label>
    <link:label id="lab_tef_Expiringin2025Option4Member_documentation_en-US" xlink:label="lab_tef_Expiringin2025Option4Member" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Expiring in 2025, Option 4 [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_Expiringin2025Option4Member" xlink:href="tef-20241231.xsd#tef_Expiringin2025Option4Member"/>
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    <link:label id="lab_currency_CLP_1f2df981-322d-4c76-9f84-add03e06afb4_terseLabel_en-US" xlink:label="lab_currency_CLP" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Chilean peso</link:label>
    <link:label id="lab_currency_CLP_019f525c-ed08-4399-b014-b2e9011d4fd1_verboseLabel_en-US" xlink:label="lab_currency_CLP" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">CLP</link:label>
    <link:label id="lab_currency_CLP_label_en-US" xlink:label="lab_currency_CLP" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Chile, Pesos</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_currency_CLP" xlink:href="https://xbrl.sec.gov/currency/2024/currency-2024.xsd#currency_CLP"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_currency_CLP" xlink:to="lab_currency_CLP" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_DisclosureOfClassesOfShareCapitalTable_4f10a494-a592-4c16-82ec-306c7eaa9214_terseLabel_en-US" xlink:label="lab_ifrs-full_DisclosureOfClassesOfShareCapitalTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Disclosure of classes of share capital [table]</link:label>
    <link:label id="lab_ifrs-full_DisclosureOfClassesOfShareCapitalTable_label_en-US" xlink:label="lab_ifrs-full_DisclosureOfClassesOfShareCapitalTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure of classes of share capital [table]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_DisclosureOfClassesOfShareCapitalTable" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_DisclosureOfClassesOfShareCapitalTable"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DisclosureOfClassesOfShareCapitalTable" xlink:to="lab_ifrs-full_DisclosureOfClassesOfShareCapitalTable" xlink:type="arc" order="1"/>
    <link:label id="lab_dei_ContactPersonnelName_89bf2985-3a7d-4f55-bf10-d1587ba60643_terseLabel_en-US" xlink:label="lab_dei_ContactPersonnelName" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Contact Personnel Name</link:label>
    <link:label id="lab_dei_ContactPersonnelName_label_en-US" xlink:label="lab_dei_ContactPersonnelName" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Contact Personnel Name</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_dei_ContactPersonnelName" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_ContactPersonnelName"/>
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    <link:label id="lab_tef_DisposalsofLeaseLiabilities_39bf6990-f3ef-4b1f-a340-d6e0a4f28c06_negatedTerseLabel_en-US" xlink:label="lab_tef_DisposalsofLeaseLiabilities" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xml:lang="en-US">Disposals</link:label>
    <link:label id="lab_tef_DisposalsofLeaseLiabilities_label_en-US" xlink:label="lab_tef_DisposalsofLeaseLiabilities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disposals of Lease Liabilities</link:label>
    <link:label id="lab_tef_DisposalsofLeaseLiabilities_documentation_en-US" xlink:label="lab_tef_DisposalsofLeaseLiabilities" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Disposals of Lease Liabilities</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_DisposalsofLeaseLiabilities" xlink:href="tef-20241231.xsd#tef_DisposalsofLeaseLiabilities"/>
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    <link:label id="lab_tef_ExpiringIn2027Option2Member_881c216b-abfb-4de5-93d1-0b89850d2e20_terseLabel_en-US" xlink:label="lab_tef_ExpiringIn2027Option2Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Expiring in 2027, Option 2</link:label>
    <link:label id="lab_tef_ExpiringIn2027Option2Member_label_en-US" xlink:label="lab_tef_ExpiringIn2027Option2Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Expiring in 2027, Option 2 [Member]</link:label>
    <link:label id="lab_tef_ExpiringIn2027Option2Member_documentation_en-US" xlink:label="lab_tef_ExpiringIn2027Option2Member" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Expiring in 2027, Option 2</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_ExpiringIn2027Option2Member" xlink:href="tef-20241231.xsd#tef_ExpiringIn2027Option2Member"/>
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    <link:label id="lab_ifrs-full_CurrentPrepaymentsAndOtherCurrentAssets_1731c04f-572b-4c77-8ac3-a4321650b54b_terseLabel_en-US" xlink:label="lab_ifrs-full_CurrentPrepaymentsAndOtherCurrentAssets" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Current prepayments and other current assets</link:label>
    <link:label id="lab_ifrs-full_CurrentPrepaymentsAndOtherCurrentAssets_label_en-US" xlink:label="lab_ifrs-full_CurrentPrepaymentsAndOtherCurrentAssets" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Current prepayments and other current assets</link:label>
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    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_CurrentPrepaymentsAndOtherCurrentAssets" xlink:to="lab_ifrs-full_CurrentPrepaymentsAndOtherCurrentAssets" xlink:type="arc" order="1"/>
    <link:label id="lab_srt_LitigationCaseAxis_291a24c3-7fcd-45bf-93dc-eb76a34ef11f_terseLabel_en-US" xlink:label="lab_srt_LitigationCaseAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Litigation Case [Axis]</link:label>
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    <link:loc xlink:type="locator" xlink:label="loc_srt_LitigationCaseAxis" xlink:href="https://xbrl.fasb.org/srt/2024/elts/srt-2024.xsd#srt_LitigationCaseAxis"/>
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    <link:label id="lab_tef_Expiringin2026Member_41b39981-5852-4288-82d4-ed0dca3f767a_terseLabel_en-US" xlink:label="lab_tef_Expiringin2026Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Expiring in 2026</link:label>
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    <link:label id="lab_tef_Expiringin2026Member_documentation_en-US" xlink:label="lab_tef_Expiringin2026Member" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Expiring in 2026 [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_Expiringin2026Member" xlink:href="tef-20241231.xsd#tef_Expiringin2026Member"/>
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    <link:label id="lab_tef_TelefonicaGlobalSolutionsGermanyGmbHMember_117fa59f-c6ed-40b7-80be-fe02a78bb0ab_terseLabel_en-US" xlink:label="lab_tef_TelefonicaGlobalSolutionsGermanyGmbHMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Telef&#243;nica Global Solutions Germany GmbH. International service provider</link:label>
    <link:label id="lab_tef_TelefonicaGlobalSolutionsGermanyGmbHMember_label_en-US" xlink:label="lab_tef_TelefonicaGlobalSolutionsGermanyGmbHMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Telefonica Global Solutions Germany GmbH [Member]</link:label>
    <link:label id="lab_tef_TelefonicaGlobalSolutionsGermanyGmbHMember_documentation_en-US" xlink:label="lab_tef_TelefonicaGlobalSolutionsGermanyGmbHMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Telefonica Global Solutions Germany GmbH</link:label>
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    <link:label id="lab_tef_DebtIssuancesMember_23127377-d022-40c3-bca7-98232b96d920_terseLabel_en-US" xlink:label="lab_tef_DebtIssuancesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Issues</link:label>
    <link:label id="lab_tef_DebtIssuancesMember_0a9134a3-aa7b-4681-a9b7-8cdab890e846_verboseLabel_en-US" xlink:label="lab_tef_DebtIssuancesMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Issues</link:label>
    <link:label id="lab_tef_DebtIssuancesMember_label_en-US" xlink:label="lab_tef_DebtIssuancesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Debt Issuances [Member]</link:label>
    <link:label id="lab_tef_DebtIssuancesMember_documentation_en-US" xlink:label="lab_tef_DebtIssuancesMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Debt Issuances [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_DebtIssuancesMember" xlink:href="tef-20241231.xsd#tef_DebtIssuancesMember"/>
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    <link:label id="lab_tef_DisposalsNoncurrentFinancialAssets_eaa5a85d-3d52-4556-9737-26e6b6d36df8_negatedTerseLabel_en-US" xlink:label="lab_tef_DisposalsNoncurrentFinancialAssets" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xml:lang="en-US">Disposals</link:label>
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    <link:label id="lab_ifrs-full_ComputerSoftwareMember_74690c10-0590-4560-a4c3-68b7bec985ef_terseLabel_en-US" xlink:label="lab_ifrs-full_ComputerSoftwareMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Software</link:label>
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    <link:label id="lab_tef_TELEFEMISIONESMARCH20172Member_a9ec0ebd-2662-4a75-ad78-9f8a46b11be6_terseLabel_en-US" xlink:label="lab_tef_TELEFEMISIONESMARCH20172Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">TELEF. EMISIONES MARCH 2017 2</link:label>
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    <link:label id="lab_tef_TELEFEMISIONESMARCH20172Member_documentation_en-US" xlink:label="lab_tef_TELEFEMISIONESMARCH20172Member" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">TELEF. EMISIONES MARCH 2017 2</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_TELEFEMISIONESMARCH20172Member" xlink:href="tef-20241231.xsd#tef_TELEFEMISIONESMARCH20172Member"/>
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    <link:label id="lab_tef_NumberOfSeason_feda7bee-d54e-4cc7-b52d-65a488ce35fb_terseLabel_en-US" xlink:label="lab_tef_NumberOfSeason" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Number of seasons</link:label>
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    <link:label id="lab_tef_NumberOfSeason_documentation_en-US" xlink:label="lab_tef_NumberOfSeason" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Number Of Season</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_NumberOfSeason" xlink:href="tef-20241231.xsd#tef_NumberOfSeason"/>
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    <link:label id="lab_tef_NumberOfShareAwardsInShareBasedPaymentArrangements_94c419ea-651f-409c-a8bb-016778f2ac32_negatedTerseLabel_en-US" xlink:label="lab_tef_NumberOfShareAwardsInShareBasedPaymentArrangements" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xml:lang="en-US">Employee share option plan (shares)</link:label>
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    <link:label id="lab_tef_NumberOfShareAwardsInShareBasedPaymentArrangements_documentation_en-US" xlink:label="lab_tef_NumberOfShareAwardsInShareBasedPaymentArrangements" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Number Of Share Awards In Share Based Payment Arrangements</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_NumberOfShareAwardsInShareBasedPaymentArrangements" xlink:href="tef-20241231.xsd#tef_NumberOfShareAwardsInShareBasedPaymentArrangements"/>
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    <link:label id="lab_tef_AermontGroupMember_b9962285-ef75-4de0-9254-720278720fd3_terseLabel_en-US" xlink:label="lab_tef_AermontGroupMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Aermont Group</link:label>
    <link:label id="lab_tef_AermontGroupMember_label_en-US" xlink:label="lab_tef_AermontGroupMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Aermont Group [Member]</link:label>
    <link:label id="lab_tef_AermontGroupMember_documentation_en-US" xlink:label="lab_tef_AermontGroupMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Aermont Group</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_AermontGroupMember" xlink:href="tef-20241231.xsd#tef_AermontGroupMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_AermontGroupMember" xlink:to="lab_tef_AermontGroupMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory_53aa3dad-c29d-4d19-9639-52d15262b2e3_terseLabel_en-US" xlink:label="lab_ifrs-full_DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Disclosure of Investments Accounted for Using Equity Method</link:label>
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    <link:label id="lab_ifrs-full_RevenueFromRenderingOfServices_08c4ca82-969a-412a-9a1a-8efa7eeda27a_terseLabel_en-US" xlink:label="lab_ifrs-full_RevenueFromRenderingOfServices" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Revenues from rendering of services</link:label>
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    <link:label id="lab_tef_InventoriesAbstract_c43cf986-f754-4901-959d-ef0a930f4ec7_terseLabel_en-US" xlink:label="lab_tef_InventoriesAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Inventories [Abstract]</link:label>
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    <link:loc xlink:type="locator" xlink:label="loc_tef_InventoriesAbstract" xlink:href="tef-20241231.xsd#tef_InventoriesAbstract"/>
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    <link:label id="lab_ifrs-full_OpeningBalanceBeforeAdjustmentCumulativeEffectAtDateOfInitialApplicationMember_6790301e-6721-47ad-be93-ae248fbf825e_terseLabel_en-US" xlink:label="lab_ifrs-full_OpeningBalanceBeforeAdjustmentCumulativeEffectAtDateOfInitialApplicationMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Opening balance before adjustment, cumulative effect at date of initial application</link:label>
    <link:label id="lab_ifrs-full_OpeningBalanceBeforeAdjustmentCumulativeEffectAtDateOfInitialApplicationMember_label_en-US" xlink:label="lab_ifrs-full_OpeningBalanceBeforeAdjustmentCumulativeEffectAtDateOfInitialApplicationMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Opening balance before adjustment, cumulative effect at date of initial application [member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_OpeningBalanceBeforeAdjustmentCumulativeEffectAtDateOfInitialApplicationMember" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_OpeningBalanceBeforeAdjustmentCumulativeEffectAtDateOfInitialApplicationMember"/>
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    <link:label id="lab_tef_AppendixVInterestBearingDebtAbstract_337767b6-665a-49d0-b233-90a0ce9905db_terseLabel_en-US" xlink:label="lab_tef_AppendixVInterestBearingDebtAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Appendix V: Interest-Bearing Debt [Abstract]</link:label>
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    <link:loc xlink:type="locator" xlink:label="loc_tef_AppendixVInterestBearingDebtAbstract" xlink:href="tef-20241231.xsd#tef_AppendixVInterestBearingDebtAbstract"/>
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    <link:label id="lab_tef_TelefonicaCapitalMember_e32c29a3-177a-40d7-9a2e-6c835c00b016_terseLabel_en-US" xlink:label="lab_tef_TelefonicaCapitalMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Telef&#243;nica Capital, S.A.U. Finance company</link:label>
    <link:label id="lab_tef_TelefonicaCapitalMember_label_en-US" xlink:label="lab_tef_TelefonicaCapitalMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Telefonica Capital [Member]</link:label>
    <link:label id="lab_tef_TelefonicaCapitalMember_documentation_en-US" xlink:label="lab_tef_TelefonicaCapitalMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Telefonica Capital [Member]</link:label>
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    <link:label id="lab_tef_TelefonicaParticipacionesMember_documentation_en-US" xlink:label="lab_tef_TelefonicaParticipacionesMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Telefonica Participaciones [Member]</link:label>
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    <link:label id="lab_tef_TelefonicaFactoringColombiaSAMember_0a7f4dcb-f165-446c-abde-2c7f716660d1_verboseLabel_en-US" xlink:label="lab_tef_TelefonicaFactoringColombiaSAMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Telef&#243;nica Factoring Colombia, S.A.</link:label>
    <link:label id="lab_tef_TelefonicaFactoringColombiaSAMember_16ac787b-c288-49c4-9f68-cb68f7cd455d_terseLabel_en-US" xlink:label="lab_tef_TelefonicaFactoringColombiaSAMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Telef&#243;nica Factoring Colombia, S.A. Factoring services provider</link:label>
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    <link:label id="lab_tef_TelefonicaFactoringColombiaSAMember_documentation_en-US" xlink:label="lab_tef_TelefonicaFactoringColombiaSAMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Telefonica Factoring Colombia, SA [Member]</link:label>
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    <link:label id="lab_ifrs-full_GrossCarryingAmountMember_label_en-US" xlink:label="lab_ifrs-full_GrossCarryingAmountMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Gross carrying amount [member]</link:label>
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    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_TELEFEMISIONESMAY20202Member" xlink:to="lab_tef_TELEFEMISIONESMAY20202Member" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_TaxEffectOfImpairmentOfGoodwill_da7b8ebd-57e1-444b-87df-156f9239ea56_negatedTerseLabel_en-US" xlink:label="lab_ifrs-full_TaxEffectOfImpairmentOfGoodwill" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xml:lang="en-US">Positive tax effect of impairment of goodwill</link:label>
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    <link:label id="lab_ifrs-full_CashEquivalents_3bebb8d8-612c-4d56-a4aa-e72f6e3a24ef_terseLabel_en-US" xlink:label="lab_ifrs-full_CashEquivalents" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Other cash equivalents</link:label>
    <link:label id="lab_ifrs-full_CashEquivalents_label_en-US" xlink:label="lab_ifrs-full_CashEquivalents" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Cash equivalents</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_CashEquivalents" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_CashEquivalents"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_CashEquivalents" xlink:to="lab_ifrs-full_CashEquivalents" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_TelefonicaGlobalTechnologyMember_0bf3c99d-9129-4ef1-9779-a5961c8a361f_terseLabel_en-US" xlink:label="lab_tef_TelefonicaGlobalTechnologyMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Telef&#243;nica Global Technology, S.A.U. Global management and operation of IT systems</link:label>
    <link:label id="lab_tef_TelefonicaGlobalTechnologyMember_label_en-US" xlink:label="lab_tef_TelefonicaGlobalTechnologyMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Telefonica Global Technology [Member]</link:label>
    <link:label id="lab_tef_TelefonicaGlobalTechnologyMember_documentation_en-US" xlink:label="lab_tef_TelefonicaGlobalTechnologyMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Telefonica Global Technology [Member]</link:label>
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    <link:label id="lab_tef_RenewalDomain_label_en-US" xlink:label="lab_tef_RenewalDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Renewal [Domain]</link:label>
    <link:label id="lab_tef_RenewalDomain_documentation_en-US" xlink:label="lab_tef_RenewalDomain" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Renewal [Domain]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_RenewalDomain" xlink:href="tef-20241231.xsd#tef_RenewalDomain"/>
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    <link:label id="lab_tef_TelefonicaComprasElectronicasMember_aed57ada-1278-46c6-87fd-3441941fdaf6_terseLabel_en-US" xlink:label="lab_tef_TelefonicaComprasElectronicasMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Telef&#243;nica Compras Electr&#243;nicas, S.L.U. Development and provision of information Society services</link:label>
    <link:label id="lab_tef_TelefonicaComprasElectronicasMember_label_en-US" xlink:label="lab_tef_TelefonicaComprasElectronicasMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Telefonica Compras Electronicas [Member]</link:label>
    <link:label id="lab_tef_TelefonicaComprasElectronicasMember_documentation_en-US" xlink:label="lab_tef_TelefonicaComprasElectronicasMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Telefonica Compras Electronicas [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_TelefonicaComprasElectronicasMember" xlink:href="tef-20241231.xsd#tef_TelefonicaComprasElectronicasMember"/>
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    <link:label id="lab_tef_ReceivablesforSubleasesMember_ce1db86d-09d5-4403-a570-cbf28073d24b_terseLabel_en-US" xlink:label="lab_tef_ReceivablesforSubleasesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Receivables for subleases</link:label>
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    <link:label id="lab_tef_OtherTelefonicaHispamCountriesMember_70020bc9-ffc6-42b6-bbe7-4870383961b5_terseLabel_en-US" xlink:label="lab_tef_OtherTelefonicaHispamCountriesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Others T. Hispam</link:label>
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    <link:label id="lab_tef_OtherTelefonicaHispamCountriesMember_documentation_en-US" xlink:label="lab_tef_OtherTelefonicaHispamCountriesMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Other Telefonica Hispam Countries</link:label>
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    <link:label id="lab_tef_InterestProceedsPaymentsofFinancialInstruments_629a289f-2dc2-4318-9cf0-62fcee99a848_terseLabel_en-US" xlink:label="lab_tef_InterestProceedsPaymentsofFinancialInstruments" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Interest (proceeds)/payments</link:label>
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    <link:label id="lab_tef_TelefonicadeEspanaMember_2620ea29-763c-4d4e-adf8-d20dfac8e9d3_terseLabel_en-US" xlink:label="lab_tef_TelefonicadeEspanaMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Telef&#243;nica de Espa&#241;a, S.A.U. Telecommunications service provider</link:label>
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    <link:label id="lab_srt_MaximumMember_8255b115-ba31-489f-bf97-74600a5c1466_terseLabel_en-US" xlink:label="lab_srt_MaximumMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Maximum</link:label>
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    <link:loc xlink:type="locator" xlink:label="loc_srt_MaximumMember" xlink:href="https://xbrl.fasb.org/srt/2024/elts/srt-2024.xsd#srt_MaximumMember"/>
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    <link:label id="lab_tef_BETernaGermanyGmbHMember_ca2742ea-a5de-4d45-8552-eda7b8093dbc_terseLabel_en-US" xlink:label="lab_tef_BETernaGermanyGmbHMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">BE-terna Germany GmbH</link:label>
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    <link:label id="lab_tef_TELEF.EMISIONESJANUARY2024.1Member_063e9717-c4fd-45e0-b434-14009b887dcf_terseLabel_en-US" xlink:label="lab_tef_TELEF.EMISIONESJANUARY2024.1Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Senior sustainable bond of Telef&#243;nica Emisiones 2024 (Appendix III)</link:label>
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    <link:label id="lab_ifrs-full_AssociatesMember_8e8464b8-64c6-4507-93cd-cc57dbbbd7d4_terseLabel_en-US" xlink:label="lab_ifrs-full_AssociatesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Associates</link:label>
    <link:label id="lab_ifrs-full_AssociatesMember_label_en-US" xlink:label="lab_ifrs-full_AssociatesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Total for all associates [member]</link:label>
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    <link:label id="lab_ifrs-full_OtherEquityInterestMember_90286658-508a-473e-8e8e-b9577c558926_terseLabel_en-US" xlink:label="lab_ifrs-full_OtherEquityInterestMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Other equity instru-ments</link:label>
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    <link:label id="lab_tef_DisclosureOfReconciliationOfChangesInFinancialLiabilitiesTableTextBlock_label_en-US" xlink:label="lab_tef_DisclosureOfReconciliationOfChangesInFinancialLiabilitiesTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure Of Reconciliation Of Changes In Financial Liabilities [Table Text Block]</link:label>
    <link:label id="lab_tef_DisclosureOfReconciliationOfChangesInFinancialLiabilitiesTableTextBlock_documentation_en-US" xlink:label="lab_tef_DisclosureOfReconciliationOfChangesInFinancialLiabilitiesTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Disclosure Of Reconciliation Of Changes In Financial Liabilities [Table Text Block]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_DisclosureOfReconciliationOfChangesInFinancialLiabilitiesTableTextBlock" xlink:href="tef-20241231.xsd#tef_DisclosureOfReconciliationOfChangesInFinancialLiabilitiesTableTextBlock"/>
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    <link:label id="lab_ifrs-full_ProfitLossOfAcquiree_218ddfaa-a730-4903-b010-80a05776d707_terseLabel_en-US" xlink:label="lab_ifrs-full_ProfitLossOfAcquiree" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Loss of acquiree since acquisition date</link:label>
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    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_ProfitLossOfAcquiree" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_ProfitLossOfAcquiree"/>
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    <link:label id="lab_ifrs-full_ParticipationInDefinedBenefitPlanThatSharesRisksBetweenGroupEntitiesRelatedPartyTransactions_f18c2837-9b36-4d4a-8696-b5457f420dc6_terseLabel_en-US" xlink:label="lab_ifrs-full_ParticipationInDefinedBenefitPlanThatSharesRisksBetweenGroupEntitiesRelatedPartyTransactions" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Contributions</link:label>
    <link:label id="lab_ifrs-full_ParticipationInDefinedBenefitPlanThatSharesRisksBetweenGroupEntitiesRelatedPartyTransactions_label_en-US" xlink:label="lab_ifrs-full_ParticipationInDefinedBenefitPlanThatSharesRisksBetweenGroupEntitiesRelatedPartyTransactions" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Participation in defined benefit plan that shares risks between group entities, related party transactions</link:label>
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    <link:label id="lab_ifrs-full_DisclosureOfFairValueOfPlanAssetsExplanatory_dc2feb4f-bb84-4e70-b900-d45a0ca81612_terseLabel_en-US" xlink:label="lab_ifrs-full_DisclosureOfFairValueOfPlanAssetsExplanatory" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Schedule of Movement in the Fair Value of Plan Assets</link:label>
    <link:label id="lab_ifrs-full_DisclosureOfFairValueOfPlanAssetsExplanatory_label_en-US" xlink:label="lab_ifrs-full_DisclosureOfFairValueOfPlanAssetsExplanatory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure of fair value of plan assets [text block]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_DisclosureOfFairValueOfPlanAssetsExplanatory" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_DisclosureOfFairValueOfPlanAssetsExplanatory"/>
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    <link:label id="lab_ifrs-full_NoncurrentDerivativeFinancialAssets_a0cf8c70-c969-4e2a-a487-7ecfb5fc20ce_negatedTerseLabel_en-US" xlink:label="lab_ifrs-full_NoncurrentDerivativeFinancialAssets" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xml:lang="en-US">Non-current derivative financial assets</link:label>
    <link:label id="lab_ifrs-full_NoncurrentDerivativeFinancialAssets_label_en-US" xlink:label="lab_ifrs-full_NoncurrentDerivativeFinancialAssets" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Non-current derivative financial assets</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_NoncurrentDerivativeFinancialAssets" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_NoncurrentDerivativeFinancialAssets"/>
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    <link:label id="lab_tef_TalentForTheFutureSharePlan20212025Member_f1b6bd47-e050-4109-8d7d-9f23eaa16817_terseLabel_en-US" xlink:label="lab_tef_TalentForTheFutureSharePlan20212025Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Talent for the Future Share Plan 2021-2025</link:label>
    <link:label id="lab_tef_TalentForTheFutureSharePlan20212025Member_label_en-US" xlink:label="lab_tef_TalentForTheFutureSharePlan20212025Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Talent For The Future Share Plan 2021-2025 [Member]</link:label>
    <link:label id="lab_tef_TalentForTheFutureSharePlan20212025Member_documentation_en-US" xlink:label="lab_tef_TalentForTheFutureSharePlan20212025Member" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Talent For The Future Share Plan 2021-2025</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_TalentForTheFutureSharePlan20212025Member" xlink:href="tef-20241231.xsd#tef_TalentForTheFutureSharePlan20212025Member"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_TalentForTheFutureSharePlan20212025Member" xlink:to="lab_tef_TalentForTheFutureSharePlan20212025Member" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_OtherShorttermProvisions_e037bf94-c6dc-4dc8-bc28-87794b2cc299_terseLabel_en-US" xlink:label="lab_ifrs-full_OtherShorttermProvisions" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Other provisions</link:label>
    <link:label id="lab_ifrs-full_OtherShorttermProvisions_442395e8-6b20-4cb8-a496-17c14eb7c5a2_verboseLabel_en-US" xlink:label="lab_ifrs-full_OtherShorttermProvisions" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Current</link:label>
    <link:label id="lab_ifrs-full_OtherShorttermProvisions_label_en-US" xlink:label="lab_ifrs-full_OtherShorttermProvisions" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Other current provisions</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_OtherShorttermProvisions" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_OtherShorttermProvisions"/>
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    <link:label id="lab_tef_ReconciliationOfCashAndCashEquivalentsWithTheStatementOfFinancialPositionAbstract_2c7a4901-3d4d-4c99-ba0e-05231f4a43ea_terseLabel_en-US" xlink:label="lab_tef_ReconciliationOfCashAndCashEquivalentsWithTheStatementOfFinancialPositionAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">RECONCILIATION OF CASH AND CASH EQUIVALENTS WITH THE STATEMENTS OF FINANCIAL POSITION</link:label>
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    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_ReconciliationOfCashAndCashEquivalentsWithTheStatementOfFinancialPositionAbstract" xlink:to="lab_tef_ReconciliationOfCashAndCashEquivalentsWithTheStatementOfFinancialPositionAbstract" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_TelefonicaIngenieriaDeSeguridadSAUMember_20fba208-8ac1-405a-a934-8ac99491c772_terseLabel_en-US" xlink:label="lab_tef_TelefonicaIngenieriaDeSeguridadSAUMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Telef&#243;nica Ingenier&#237;a de Seguridad, S.A.U. Security services and systems</link:label>
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    <link:label id="lab_tef_TelefonicaIngenieriaDeSeguridadSAUMember_documentation_en-US" xlink:label="lab_tef_TelefonicaIngenieriaDeSeguridadSAUMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Telef&#243;nica Ingenier&#237;a de Seguridad, S.A.U.</link:label>
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    <link:label id="lab_tef_IncreaseDecreaseInIncomeTaxesReceivableAsset_7a44db93-cde1-4fdc-ad8b-f60ff2bdb08d_negatedTerseLabel_en-US" xlink:label="lab_tef_IncreaseDecreaseInIncomeTaxesReceivableAsset" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xml:lang="en-US">Increase (decrease) in income taxes receivable</link:label>
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    <link:label id="lab_tef_NonCurrentProvisionsForOtherEmployeeBenefits_7161910a-04a0-4867-b7d3-2ec05dc8eba8_terseLabel_en-US" xlink:label="lab_tef_NonCurrentProvisionsForOtherEmployeeBenefits" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Other benefits</link:label>
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    <link:loc xlink:type="locator" xlink:label="loc_tef_NonCurrentProvisionsForOtherEmployeeBenefits" xlink:href="tef-20241231.xsd#tef_NonCurrentProvisionsForOtherEmployeeBenefits"/>
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    <link:label id="lab_tef_TelefonicaIndraSLMember_501ab3d0-dc67-45f0-97ea-62c74549c0db_terseLabel_en-US" xlink:label="lab_tef_TelefonicaIndraSLMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Telefonica Indra, S.L.</link:label>
    <link:label id="lab_tef_TelefonicaIndraSLMember_label_en-US" xlink:label="lab_tef_TelefonicaIndraSLMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Telefonica Indra, S.L. [Member]</link:label>
    <link:label id="lab_tef_TelefonicaIndraSLMember_documentation_en-US" xlink:label="lab_tef_TelefonicaIndraSLMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Telefonica Indra, S.L.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_TelefonicaIndraSLMember" xlink:href="tef-20241231.xsd#tef_TelefonicaIndraSLMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_TelefonicaIndraSLMember" xlink:to="lab_tef_TelefonicaIndraSLMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_ClassesOfFinancialInstrumentsDomain_e924402a-c40b-4299-9332-a4e5cb8cdb0f_terseLabel_en-US" xlink:label="lab_ifrs-full_ClassesOfFinancialInstrumentsDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Classes of financial instruments [domain]</link:label>
    <link:label id="lab_ifrs-full_ClassesOfFinancialInstrumentsDomain_label_en-US" xlink:label="lab_ifrs-full_ClassesOfFinancialInstrumentsDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Classes of financial instruments [domain]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_ClassesOfFinancialInstrumentsDomain" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_ClassesOfFinancialInstrumentsDomain"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_ClassesOfFinancialInstrumentsDomain" xlink:to="lab_ifrs-full_ClassesOfFinancialInstrumentsDomain" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_GainsLossesOnChangeInFairValueOfDerivatives_d088f58b-74a4-49ea-959d-2ac2083449bd_terseLabel_en-US" xlink:label="lab_ifrs-full_GainsLossesOnChangeInFairValueOfDerivatives" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Realised and unrealised gains on derivative instruments, net</link:label>
    <link:label id="lab_ifrs-full_GainsLossesOnChangeInFairValueOfDerivatives_dd4027d1-e1de-4043-b7ab-e913d863960b_totalLabel_en-US" xlink:label="lab_ifrs-full_GainsLossesOnChangeInFairValueOfDerivatives" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Subtotal</link:label>
    <link:label id="lab_ifrs-full_GainsLossesOnChangeInFairValueOfDerivatives_label_en-US" xlink:label="lab_ifrs-full_GainsLossesOnChangeInFairValueOfDerivatives" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Gains (losses) on change in fair value of derivatives</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_GainsLossesOnChangeInFairValueOfDerivatives" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_GainsLossesOnChangeInFairValueOfDerivatives"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_GainsLossesOnChangeInFairValueOfDerivatives" xlink:to="lab_ifrs-full_GainsLossesOnChangeInFairValueOfDerivatives" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_BusinessCombinationsAxis_e77505c8-965b-4f09-9bc6-c3a7521ba2f4_terseLabel_en-US" xlink:label="lab_ifrs-full_BusinessCombinationsAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Business combinations [axis]</link:label>
    <link:label id="lab_ifrs-full_BusinessCombinationsAxis_label_en-US" xlink:label="lab_ifrs-full_BusinessCombinationsAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Business combinations [axis]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_BusinessCombinationsAxis" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_BusinessCombinationsAxis"/>
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    <link:label id="lab_tef_ProportionOfOwnershipSharesHeld_34fd7d17-6902-4570-827d-4ac77432e2ec_terseLabel_en-US" xlink:label="lab_tef_ProportionOfOwnershipSharesHeld" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Proportion of ownership shares held</link:label>
    <link:label id="lab_tef_ProportionOfOwnershipSharesHeld_label_en-US" xlink:label="lab_tef_ProportionOfOwnershipSharesHeld" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Proportion Of Ownership Shares Held</link:label>
    <link:label id="lab_tef_ProportionOfOwnershipSharesHeld_documentation_en-US" xlink:label="lab_tef_ProportionOfOwnershipSharesHeld" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Proportion Of Ownership Shares Held</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_ProportionOfOwnershipSharesHeld" xlink:href="tef-20241231.xsd#tef_ProportionOfOwnershipSharesHeld"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_ProportionOfOwnershipSharesHeld" xlink:to="lab_tef_ProportionOfOwnershipSharesHeld" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_TradeAndOtherPayablesDeferredPayments_04d2d782-cc76-49ba-b400-a661d9f8618b_negatedLabel_en-US" xlink:label="lab_tef_TradeAndOtherPayablesDeferredPayments" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US">Other financed operational payments (Note 18)</link:label>
    <link:label id="lab_tef_TradeAndOtherPayablesDeferredPayments_label_en-US" xlink:label="lab_tef_TradeAndOtherPayablesDeferredPayments" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Trade And Other Payables, Deferred Payments</link:label>
    <link:label id="lab_tef_TradeAndOtherPayablesDeferredPayments_documentation_en-US" xlink:label="lab_tef_TradeAndOtherPayablesDeferredPayments" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Trade And Other Payables, Deferred Payments</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_TradeAndOtherPayablesDeferredPayments" xlink:href="tef-20241231.xsd#tef_TradeAndOtherPayablesDeferredPayments"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_TradeAndOtherPayablesDeferredPayments" xlink:to="lab_tef_TradeAndOtherPayablesDeferredPayments" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_IncreaseDecreaseInProvisionsForTerminationPlansDueToRetirements_62a4d756-a5ff-476e-aa8a-4da8240fda6c_terseLabel_en-US" xlink:label="lab_tef_IncreaseDecreaseInProvisionsForTerminationPlansDueToRetirements" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Retirements/amount applied</link:label>
    <link:label id="lab_tef_IncreaseDecreaseInProvisionsForTerminationPlansDueToRetirements_label_en-US" xlink:label="lab_tef_IncreaseDecreaseInProvisionsForTerminationPlansDueToRetirements" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Increase (Decrease) In Provisions For Termination Plans Due To Retirements</link:label>
    <link:label id="lab_tef_IncreaseDecreaseInProvisionsForTerminationPlansDueToRetirements_documentation_en-US" xlink:label="lab_tef_IncreaseDecreaseInProvisionsForTerminationPlansDueToRetirements" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Increase (Decrease) In Provisions For Termination Plans Due To Retirements</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_IncreaseDecreaseInProvisionsForTerminationPlansDueToRetirements" xlink:href="tef-20241231.xsd#tef_IncreaseDecreaseInProvisionsForTerminationPlansDueToRetirements"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_IncreaseDecreaseInProvisionsForTerminationPlansDueToRetirements" xlink:to="lab_tef_IncreaseDecreaseInProvisionsForTerminationPlansDueToRetirements" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_IncomeTaxAuthority1Domain_b3d940d3-e502-4815-9e0b-63a9a5b6025a_terseLabel_en-US" xlink:label="lab_tef_IncomeTaxAuthority1Domain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Income Tax Authority [Domain]</link:label>
    <link:label id="lab_tef_IncomeTaxAuthority1Domain_label_en-US" xlink:label="lab_tef_IncomeTaxAuthority1Domain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Income Tax Authority 1 [Domain]</link:label>
    <link:label id="lab_tef_IncomeTaxAuthority1Domain_documentation_en-US" xlink:label="lab_tef_IncomeTaxAuthority1Domain" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">[Domain] for Income Tax Authority [Axis]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_IncomeTaxAuthority1Domain" xlink:href="tef-20241231.xsd#tef_IncomeTaxAuthority1Domain"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_IncomeTaxAuthority1Domain" xlink:to="lab_tef_IncomeTaxAuthority1Domain" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_NetworkAndConnectivityCommitmentsMember_a7621227-e633-437a-a87d-e14b83424b34_terseLabel_en-US" xlink:label="lab_tef_NetworkAndConnectivityCommitmentsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Network and connectivity commitments</link:label>
    <link:label id="lab_tef_NetworkAndConnectivityCommitmentsMember_label_en-US" xlink:label="lab_tef_NetworkAndConnectivityCommitmentsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Network And Connectivity Commitments [Member]</link:label>
    <link:label id="lab_tef_NetworkAndConnectivityCommitmentsMember_documentation_en-US" xlink:label="lab_tef_NetworkAndConnectivityCommitmentsMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Network And Connectivity Commitments</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_NetworkAndConnectivityCommitmentsMember" xlink:href="tef-20241231.xsd#tef_NetworkAndConnectivityCommitmentsMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_NetworkAndConnectivityCommitmentsMember" xlink:to="lab_tef_NetworkAndConnectivityCommitmentsMember" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_DisclosureOfEquityAttributableToNoncontrollingInterestTableTextBlock_bcadc793-07ce-4a1d-92b2-302ca36e6437_terseLabel_en-US" xlink:label="lab_tef_DisclosureOfEquityAttributableToNoncontrollingInterestTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Schedule of Equity Attributable to Non-Controlling Interests</link:label>
    <link:label id="lab_tef_DisclosureOfEquityAttributableToNoncontrollingInterestTableTextBlock_label_en-US" xlink:label="lab_tef_DisclosureOfEquityAttributableToNoncontrollingInterestTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure Of Equity Attributable To Noncontrolling Interest [Table Text Block]</link:label>
    <link:label id="lab_tef_DisclosureOfEquityAttributableToNoncontrollingInterestTableTextBlock_documentation_en-US" xlink:label="lab_tef_DisclosureOfEquityAttributableToNoncontrollingInterestTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Disclosure Of Equity Attributable To Noncontrolling Interest [Table Text Block]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_DisclosureOfEquityAttributableToNoncontrollingInterestTableTextBlock" xlink:href="tef-20241231.xsd#tef_DisclosureOfEquityAttributableToNoncontrollingInterestTableTextBlock"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_DisclosureOfEquityAttributableToNoncontrollingInterestTableTextBlock" xlink:to="lab_tef_DisclosureOfEquityAttributableToNoncontrollingInterestTableTextBlock" xlink:type="arc" order="1"/>
    <link:label id="lab_srt_ScenarioForecastMember_9aa4e3ec-6964-4a20-82e8-8f4a6a78f21f_terseLabel_en-US" xlink:label="lab_srt_ScenarioForecastMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Forecast</link:label>
    <link:label id="lab_srt_ScenarioForecastMember_label_en-US" xlink:label="lab_srt_ScenarioForecastMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Forecast [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_srt_ScenarioForecastMember" xlink:href="https://xbrl.fasb.org/srt/2024/elts/srt-2024.xsd#srt_ScenarioForecastMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_srt_ScenarioForecastMember" xlink:to="lab_srt_ScenarioForecastMember" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_BorrowingsRemainingBorrowingCapacity_4491f2c3-e809-4db3-9540-5f254abd779f_terseLabel_en-US" xlink:label="lab_tef_BorrowingsRemainingBorrowingCapacity" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Available financing capacity</link:label>
    <link:label id="lab_tef_BorrowingsRemainingBorrowingCapacity_label_en-US" xlink:label="lab_tef_BorrowingsRemainingBorrowingCapacity" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Borrowings, Remaining Borrowing Capacity</link:label>
    <link:label id="lab_tef_BorrowingsRemainingBorrowingCapacity_documentation_en-US" xlink:label="lab_tef_BorrowingsRemainingBorrowingCapacity" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Borrowings, Remaining Borrowing Capacity</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_BorrowingsRemainingBorrowingCapacity" xlink:href="tef-20241231.xsd#tef_BorrowingsRemainingBorrowingCapacity"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_BorrowingsRemainingBorrowingCapacity" xlink:to="lab_tef_BorrowingsRemainingBorrowingCapacity" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_IncomeFromCapitalizationOfOwnWork_66473e48-b44f-4acb-a51e-389f0ede3261_terseLabel_en-US" xlink:label="lab_tef_IncomeFromCapitalizationOfOwnWork" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Own work capitalized</link:label>
    <link:label id="lab_tef_IncomeFromCapitalizationOfOwnWork_label_en-US" xlink:label="lab_tef_IncomeFromCapitalizationOfOwnWork" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Income From Capitalization Of Own Work</link:label>
    <link:label id="lab_tef_IncomeFromCapitalizationOfOwnWork_documentation_en-US" xlink:label="lab_tef_IncomeFromCapitalizationOfOwnWork" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Capitalization Of Own Work</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_IncomeFromCapitalizationOfOwnWork" xlink:href="tef-20241231.xsd#tef_IncomeFromCapitalizationOfOwnWork"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_IncomeFromCapitalizationOfOwnWork" xlink:to="lab_tef_IncomeFromCapitalizationOfOwnWork" xlink:type="arc" order="1"/>
    <link:label id="lab_srt_RepurchaseAgreementCounterpartyNameDomain_70a83971-d685-4183-9372-173767a64bdd_terseLabel_en-US" xlink:label="lab_srt_RepurchaseAgreementCounterpartyNameDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Counterparty Name [Domain]</link:label>
    <link:label id="lab_srt_RepurchaseAgreementCounterpartyNameDomain_label_en-US" xlink:label="lab_srt_RepurchaseAgreementCounterpartyNameDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Counterparty Name [Domain]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_srt_RepurchaseAgreementCounterpartyNameDomain" xlink:href="https://xbrl.fasb.org/srt/2024/elts/srt-2024.xsd#srt_RepurchaseAgreementCounterpartyNameDomain"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_srt_RepurchaseAgreementCounterpartyNameDomain" xlink:to="lab_srt_RepurchaseAgreementCounterpartyNameDomain" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_MajorCustomersAxis_062d68bd-25a7-4560-85da-1b8b990a4616_terseLabel_en-US" xlink:label="lab_ifrs-full_MajorCustomersAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Major customers [axis]</link:label>
    <link:label id="lab_ifrs-full_MajorCustomersAxis_label_en-US" xlink:label="lab_ifrs-full_MajorCustomersAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Major customers [axis]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_MajorCustomersAxis" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_MajorCustomersAxis"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_MajorCustomersAxis" xlink:to="lab_ifrs-full_MajorCustomersAxis" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_BondsIssued_02b24eb5-64b0-48b4-b4eb-92536c14b2ad_terseLabel_en-US" xlink:label="lab_ifrs-full_BondsIssued" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Bonds issued</link:label>
    <link:label id="lab_ifrs-full_BondsIssued_ba385683-b034-4f41-aa4d-24488258d9b9_verboseLabel_en-US" xlink:label="lab_ifrs-full_BondsIssued" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Debentures and bonds issued</link:label>
    <link:label id="lab_ifrs-full_BondsIssued_label_en-US" xlink:label="lab_ifrs-full_BondsIssued" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Bonds issued</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_BondsIssued" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_BondsIssued"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_BondsIssued" xlink:to="lab_ifrs-full_BondsIssued" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_SeniorNotesDue2030Member_77bad52b-a791-406c-8d21-6e93e6252a71_terseLabel_en-US" xlink:label="lab_tef_SeniorNotesDue2030Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Fixed rate senior notes due 2030</link:label>
    <link:label id="lab_tef_SeniorNotesDue2030Member_label_en-US" xlink:label="lab_tef_SeniorNotesDue2030Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Senior Notes Due 2030 [Member]</link:label>
    <link:label id="lab_tef_SeniorNotesDue2030Member_documentation_en-US" xlink:label="lab_tef_SeniorNotesDue2030Member" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Senior Notes Due 2030</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_SeniorNotesDue2030Member" xlink:href="tef-20241231.xsd#tef_SeniorNotesDue2030Member"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_SeniorNotesDue2030Member" xlink:to="lab_tef_SeniorNotesDue2030Member" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_IndefiniteOption8Member_d1ef8ded-7838-4138-8710-10314eaff85b_terseLabel_en-US" xlink:label="lab_tef_IndefiniteOption8Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Indefinite, Option 8</link:label>
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    <link:label id="lab_tef_IndefiniteOption8Member_documentation_en-US" xlink:label="lab_tef_IndefiniteOption8Member" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Indefinite, Option 8</link:label>
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    <link:label id="lab_ifrs-full_UnusedProvisionReversedOtherProvisions_0eb55545-4c54-471e-9cea-d03a4b505962_negatedTerseLabel_en-US" xlink:label="lab_ifrs-full_UnusedProvisionReversedOtherProvisions" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xml:lang="en-US">Other additions/reversal</link:label>
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    <link:label id="lab_tef_IncreaseDecreaseInEquityDueToDepreciationOfEuroToMajorCurrencies_262d3bee-b9cf-4967-933a-58af30ad7ec0_negatedTerseLabel_en-US" xlink:label="lab_tef_IncreaseDecreaseInEquityDueToDepreciationOfEuroToMajorCurrencies" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xml:lang="en-US">Increase (decrease) in equity due to depreciation of euro to major currencies</link:label>
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    <link:label id="lab_tef_RateCapMember_0d1b5280-cbb4-40df-9f5d-bfacf036e11f_terseLabel_en-US" xlink:label="lab_tef_RateCapMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Rate cap</link:label>
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    <link:label id="lab_ifrs-full_SubclassificationsOfAssetsLiabilitiesAndEquitiesAbstract_c7530a1c-c377-4ad3-b80c-fd53d4a2c8e2_terseLabel_en-US" xlink:label="lab_ifrs-full_SubclassificationsOfAssetsLiabilitiesAndEquitiesAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Subclassifications of assets, liabilities and equities [abstract]</link:label>
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    <link:label id="lab_tef_FranciscoJavierdePazMember_0c123e93-5d0d-4924-aec7-d9aa1a2c5a41_terseLabel_en-US" xlink:label="lab_tef_FranciscoJavierdePazMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Mr. Francisco Javier de Paz Mancho</link:label>
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    <link:label id="lab_tef_RegulatoryOperationsPercentageofGrossRevenueforOpenConcessionaireCompaniestoProvidePayTVServices_08be9212-4f6c-4ff0-be5f-cb330a5d2a22_terseLabel_en-US" xlink:label="lab_tef_RegulatoryOperationsPercentageofGrossRevenueforOpenConcessionaireCompaniestoProvidePayTVServices" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Percentage of gross revenue for open concessionaire companies to provide pay TV services</link:label>
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    <link:label id="lab_tef_RenewalAxis_label_en-US" xlink:label="lab_tef_RenewalAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Renewal [Axis]</link:label>
    <link:label id="lab_tef_RenewalAxis_documentation_en-US" xlink:label="lab_tef_RenewalAxis" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Renewal</link:label>
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    <link:label id="lab_ifrs-full_Goodwill_8a4dd784-9667-4eb9-937c-98555cecd851_terseLabel_en-US" xlink:label="lab_ifrs-full_Goodwill" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Goodwill</link:label>
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    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_Goodwill" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_Goodwill"/>
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    <link:label id="lab_tef_OutsideofParentCountryMember_e54312ae-2197-4a76-929a-75bfc5605541_terseLabel_en-US" xlink:label="lab_tef_OutsideofParentCountryMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Other</link:label>
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    <link:label id="lab_tef_TelefonicaEmisionesMember_48b55178-a3f3-4d48-9e31-4037bf356dfb_terseLabel_en-US" xlink:label="lab_tef_TelefonicaEmisionesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Telef&#243;nica Emisiones, S.A.U. Financial debt instrument issuer</link:label>
    <link:label id="lab_tef_TelefonicaEmisionesMember_label_en-US" xlink:label="lab_tef_TelefonicaEmisionesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Telefonica Emisiones [Member]</link:label>
    <link:label id="lab_tef_TelefonicaEmisionesMember_documentation_en-US" xlink:label="lab_tef_TelefonicaEmisionesMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Telefonica Emisiones [Member]</link:label>
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    <link:label id="lab_tef_TELEFEMISIONESOCTOBER2014Member_c7941e1d-f4cd-4582-b2b6-89a3d399a71f_terseLabel_en-US" xlink:label="lab_tef_TELEFEMISIONESOCTOBER2014Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">TELEF. EMISIONES OCTOBER 2014</link:label>
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    <link:label id="lab_tef_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfAdditionalSharesWhichMayBeGranted_7ac652b2-ac83-4513-91f2-2bf888590138_terseLabel_en-US" xlink:label="lab_tef_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfAdditionalSharesWhichMayBeGranted" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Number of shares which may be granted free of charge (shares)</link:label>
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    <link:label id="lab_ifrs-full_OtherTaxEffectsForReconciliationBetweenAccountingProfitAndTaxExpenseIncome_93538aff-7d6c-4f99-9be4-869861fc4259_terseLabel_en-US" xlink:label="lab_ifrs-full_OtherTaxEffectsForReconciliationBetweenAccountingProfitAndTaxExpenseIncome" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Other concepts</link:label>
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    <link:label id="lab_ifrs-full_ChangesInGoodwill_f0bb18a7-1a9b-4717-8da5-dc6c77bfac9b_terseLabel_en-US" xlink:label="lab_ifrs-full_ChangesInGoodwill" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Increase (decrease) in goodwill</link:label>
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    <link:label id="lab_tef_PSPFirstCycle20242026Member_06d33a7d-4c27-454f-a418-a416f809f9ee_terseLabel_en-US" xlink:label="lab_tef_PSPFirstCycle20242026Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">PSP - First Cycle / 2024-2026</link:label>
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    <link:label id="lab_tef_RegulatoryOperationsLicenseAmountsOfRegionsExcluded_32e848d5-ab59-4c89-8656-77ba09b079ef_terseLabel_en-US" xlink:label="lab_tef_RegulatoryOperationsLicenseAmountsOfRegionsExcluded" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Amount of regions excluded in national license</link:label>
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    <link:label id="lab_ifrs-full_InterestPaidClassifiedAsOperatingActivities_7df5d36a-6942-492c-a0a2-f0163a58062f_negatedTerseLabel_en-US" xlink:label="lab_ifrs-full_InterestPaidClassifiedAsOperatingActivities" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xml:lang="en-US">Net interest and other financial expenses paid</link:label>
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    <link:label id="lab_tef_TelfinIrelandMember_4553d5f9-5100-443b-9ac5-7e1bc794310a_terseLabel_en-US" xlink:label="lab_tef_TelfinIrelandMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Telfin Ireland</link:label>
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    <link:label id="lab_tef_TelfinIrelandMember_documentation_en-US" xlink:label="lab_tef_TelfinIrelandMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Telfin Ireland [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_TelfinIrelandMember" xlink:href="tef-20241231.xsd#tef_TelfinIrelandMember"/>
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    <link:label id="lab_tef_NonControllingInterestsOfTelxiusTelecomSAMember_4f7c6cdb-f3e5-4de4-b2bb-cb9aa023e5fe_terseLabel_en-US" xlink:label="lab_tef_NonControllingInterestsOfTelxiusTelecomSAMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Payments to non-controlling interests of Telxius Telecom, S.A.</link:label>
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    <link:label id="lab_tef_NonControllingInterestsOfTelxiusTelecomSAMember_documentation_en-US" xlink:label="lab_tef_NonControllingInterestsOfTelxiusTelecomSAMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Non-controlling Interests Of Telxius Telecom, S.A. y Pontel Participaciones, S.L. [Member]</link:label>
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    <link:label id="lab_tef_FranciscoJoseRiberasMember_3fd1ec0e-69f1-4dd6-85c4-2dcce70eb291_terseLabel_en-US" xlink:label="lab_tef_FranciscoJoseRiberasMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Mr. Francisco Jos&#233; Riberas Mera</link:label>
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    <link:label id="lab_tef_FranciscoJoseRiberasMember_documentation_en-US" xlink:label="lab_tef_FranciscoJoseRiberasMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Francisco Jose Riberas [Member]</link:label>
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    <link:label id="lab_tef_NumberOfCyclesOfThePerformanceSharePlanExercised_2b521851-5b75-4b0c-acb2-cf1e0150cc1d_terseLabel_en-US" xlink:label="lab_tef_NumberOfCyclesOfThePerformanceSharePlanExercised" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Number of cycles of the Performance Share Plan exercised</link:label>
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    <link:label id="lab_tef_Increasedecreasethroughmonetaryupdatingotherprovisions_658a9747-3b3a-4edf-a630-20f22c5e0ffe_terseLabel_en-US" xlink:label="lab_tef_Increasedecreasethroughmonetaryupdatingotherprovisions" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Monetary updating</link:label>
    <link:label id="lab_tef_Increasedecreasethroughmonetaryupdatingotherprovisions_label_en-US" xlink:label="lab_tef_Increasedecreasethroughmonetaryupdatingotherprovisions" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Increase (decrease) through monetary updating, other provisions</link:label>
    <link:label id="lab_tef_Increasedecreasethroughmonetaryupdatingotherprovisions_documentation_en-US" xlink:label="lab_tef_Increasedecreasethroughmonetaryupdatingotherprovisions" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Increase (decrease) through monetary updating, other provisions</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_Increasedecreasethroughmonetaryupdatingotherprovisions" xlink:href="tef-20241231.xsd#tef_Increasedecreasethroughmonetaryupdatingotherprovisions"/>
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    <link:label id="lab_tef_SensitivityAnalysisIncreaseInEquityDueToIncreaseInInterestRate_bfb72d36-acdc-4041-b2f0-e2ebceb02d31_terseLabel_en-US" xlink:label="lab_tef_SensitivityAnalysisIncreaseInEquityDueToIncreaseInInterestRate" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Increase in consolidated equity</link:label>
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    <link:label id="lab_tef_SensitivityAnalysisIncreaseInEquityDueToIncreaseInInterestRate_documentation_en-US" xlink:label="lab_tef_SensitivityAnalysisIncreaseInEquityDueToIncreaseInInterestRate" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Sensitivity Analysis, Increase In Equity Due To Increase In Interest Rate</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_SensitivityAnalysisIncreaseInEquityDueToIncreaseInInterestRate" xlink:href="tef-20241231.xsd#tef_SensitivityAnalysisIncreaseInEquityDueToIncreaseInInterestRate"/>
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    <link:label id="lab_tef_ExposureArisingFromLeasesNotYetCommencedToWhichLesseeIsCommitted_68706c06-03e6-42b4-9244-bb9f5820321b_terseLabel_en-US" xlink:label="lab_tef_ExposureArisingFromLeasesNotYetCommencedToWhichLesseeIsCommitted" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Lease liabilities not yet commenced</link:label>
    <link:label id="lab_tef_ExposureArisingFromLeasesNotYetCommencedToWhichLesseeIsCommitted_label_en-US" xlink:label="lab_tef_ExposureArisingFromLeasesNotYetCommencedToWhichLesseeIsCommitted" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Exposure Arising From Leases Not Yet Commenced To Which Lessee Is Committed</link:label>
    <link:label id="lab_tef_ExposureArisingFromLeasesNotYetCommencedToWhichLesseeIsCommitted_documentation_en-US" xlink:label="lab_tef_ExposureArisingFromLeasesNotYetCommencedToWhichLesseeIsCommitted" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Exposure Arising From Leases Not Yet Commenced To Which Lessee Is Committed</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_ExposureArisingFromLeasesNotYetCommencedToWhichLesseeIsCommitted" xlink:href="tef-20241231.xsd#tef_ExposureArisingFromLeasesNotYetCommencedToWhichLesseeIsCommitted"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_ExposureArisingFromLeasesNotYetCommencedToWhichLesseeIsCommitted" xlink:to="lab_tef_ExposureArisingFromLeasesNotYetCommencedToWhichLesseeIsCommitted" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_KeyManagementPersonnelCompensation_bf1a1986-4cbe-4bb2-8e57-cb53c1834998_terseLabel_en-US" xlink:label="lab_ifrs-full_KeyManagementPersonnelCompensation" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Total &#160;</link:label>
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    <link:label id="lab_ifrs-full_KeyManagementPersonnelCompensation_label_en-US" xlink:label="lab_ifrs-full_KeyManagementPersonnelCompensation" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Key management personnel compensation</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_KeyManagementPersonnelCompensation" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_KeyManagementPersonnelCompensation"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_KeyManagementPersonnelCompensation" xlink:to="lab_ifrs-full_KeyManagementPersonnelCompensation" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_OtherPropertyPlantAndEquipmentMember_7b95a47f-d13b-401d-b3e3-4b3b1ed3e20d_terseLabel_en-US" xlink:label="lab_ifrs-full_OtherPropertyPlantAndEquipmentMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Furniture, tools and other items</link:label>
    <link:label id="lab_ifrs-full_OtherPropertyPlantAndEquipmentMember_e69a5096-4ac3-4a70-9a4d-b617a68dc158_verboseLabel_en-US" xlink:label="lab_ifrs-full_OtherPropertyPlantAndEquipmentMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Property, plant and equipment</link:label>
    <link:label id="lab_ifrs-full_OtherPropertyPlantAndEquipmentMember_label_en-US" xlink:label="lab_ifrs-full_OtherPropertyPlantAndEquipmentMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Other property, plant and equipment [member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_OtherPropertyPlantAndEquipmentMember" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_OtherPropertyPlantAndEquipmentMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_OtherPropertyPlantAndEquipmentMember" xlink:to="lab_ifrs-full_OtherPropertyPlantAndEquipmentMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_NoncurrentPayablesToTradeSuppliers_1c2de7a4-821e-4f0f-88dd-a4c9128a67ad_terseLabel_en-US" xlink:label="lab_ifrs-full_NoncurrentPayablesToTradeSuppliers" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Trade payables</link:label>
    <link:label id="lab_ifrs-full_NoncurrentPayablesToTradeSuppliers_label_en-US" xlink:label="lab_ifrs-full_NoncurrentPayablesToTradeSuppliers" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Non-current trade payables</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_NoncurrentPayablesToTradeSuppliers" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_NoncurrentPayablesToTradeSuppliers"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_NoncurrentPayablesToTradeSuppliers" xlink:to="lab_ifrs-full_NoncurrentPayablesToTradeSuppliers" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_LocationInIncomeStatementAxis_37c1ed13-dce4-4911-9d0c-66c4eebfee26_terseLabel_en-US" xlink:label="lab_tef_LocationInIncomeStatementAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Income Statement Location [Axis]</link:label>
    <link:label id="lab_tef_LocationInIncomeStatementAxis_label_en-US" xlink:label="lab_tef_LocationInIncomeStatementAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Location In Income Statement [Axis]</link:label>
    <link:label id="lab_tef_LocationInIncomeStatementAxis_documentation_en-US" xlink:label="lab_tef_LocationInIncomeStatementAxis" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Income Statement Location [Axis]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_LocationInIncomeStatementAxis" xlink:href="tef-20241231.xsd#tef_LocationInIncomeStatementAxis"/>
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    <link:label id="lab_ifrs-full_ContractDurationAxis_a7703322-3793-4c79-97df-3c47967a5b25_terseLabel_en-US" xlink:label="lab_ifrs-full_ContractDurationAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Contract duration [axis]</link:label>
    <link:label id="lab_ifrs-full_ContractDurationAxis_label_en-US" xlink:label="lab_ifrs-full_ContractDurationAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Contract duration [axis]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_ContractDurationAxis" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_ContractDurationAxis"/>
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    <link:label id="lab_ifrs-full_BroadcastingRightsMember_647bda9c-75ad-487d-a8fd-2ca21e6bebf0_terseLabel_en-US" xlink:label="lab_ifrs-full_BroadcastingRightsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Broadcasting rights</link:label>
    <link:label id="lab_ifrs-full_BroadcastingRightsMember_label_en-US" xlink:label="lab_ifrs-full_BroadcastingRightsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Broadcasting rights [member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_BroadcastingRightsMember" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_BroadcastingRightsMember"/>
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    <link:label id="lab_tef_ProceedsFromFinancialInvestmentsNotIncludedUnderCashEquivalents_3a597493-87b8-48ea-a3aa-5ed0c100a035_terseLabel_en-US" xlink:label="lab_tef_ProceedsFromFinancialInvestmentsNotIncludedUnderCashEquivalents" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Proceeds on financial investments not included under cash equivalents</link:label>
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    <link:label id="lab_tef_ProceedsFromFinancialInvestmentsNotIncludedUnderCashEquivalents_documentation_en-US" xlink:label="lab_tef_ProceedsFromFinancialInvestmentsNotIncludedUnderCashEquivalents" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Proceeds From Financial Investments Not Included Under Cash Equivalents</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_ProceedsFromFinancialInvestmentsNotIncludedUnderCashEquivalents" xlink:href="tef-20241231.xsd#tef_ProceedsFromFinancialInvestmentsNotIncludedUnderCashEquivalents"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_ProceedsFromFinancialInvestmentsNotIncludedUnderCashEquivalents" xlink:to="lab_tef_ProceedsFromFinancialInvestmentsNotIncludedUnderCashEquivalents" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_InvestmentInTheDeploymentOfFTTHInUKFacilitiesAgreementWithBanks_1f623e76-3ce4-40f4-b13c-b3730cfc4cac_terseLabel_en-US" xlink:label="lab_tef_InvestmentInTheDeploymentOfFTTHInUKFacilitiesAgreementWithBanks" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Investment in the deployment of FTTH in the UK, facilities agreement with banks</link:label>
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    <link:loc xlink:type="locator" xlink:label="loc_tef_InvestmentInTheDeploymentOfFTTHInUKFacilitiesAgreementWithBanks" xlink:href="tef-20241231.xsd#tef_InvestmentInTheDeploymentOfFTTHInUKFacilitiesAgreementWithBanks"/>
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    <link:label id="lab_ifrs-full_ClassesOfFinancialLiabilitiesDomain_2d7dfce1-6db2-4cd8-ba09-466c12d59bf8_terseLabel_en-US" xlink:label="lab_ifrs-full_ClassesOfFinancialLiabilitiesDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Classes of financial liabilities [domain]</link:label>
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    <link:label id="lab_tef_TaxCreditsRecognized_dbb5a909-e77c-4eaf-aa33-3a94da6061b6_terseLabel_en-US" xlink:label="lab_tef_TaxCreditsRecognized" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Tax credits recognized</link:label>
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    <link:label id="lab_tef_TaxCreditsRecognized_documentation_en-US" xlink:label="lab_tef_TaxCreditsRecognized" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Tax Credits Recognized</link:label>
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    <link:label id="lab_tef_PeriodtoPayAllCommitments_22126d24-373b-42e9-a9e0-d545bbd57266_terseLabel_en-US" xlink:label="lab_tef_PeriodtoPayAllCommitments" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Period to pay all commitments</link:label>
    <link:label id="lab_tef_PeriodtoPayAllCommitments_label_en-US" xlink:label="lab_tef_PeriodtoPayAllCommitments" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Period to Pay All Commitments</link:label>
    <link:label id="lab_tef_PeriodtoPayAllCommitments_documentation_en-US" xlink:label="lab_tef_PeriodtoPayAllCommitments" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Period to Pay All Commitments</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_PeriodtoPayAllCommitments" xlink:href="tef-20241231.xsd#tef_PeriodtoPayAllCommitments"/>
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    <link:label id="lab_tef_Debentures2Member_31c52bd4-90d0-486e-b24b-bd20a2ef88ee_terseLabel_en-US" xlink:label="lab_tef_Debentures2Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Debentures 2</link:label>
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    <link:loc xlink:type="locator" xlink:label="loc_tef_Debentures2Member" xlink:href="tef-20241231.xsd#tef_Debentures2Member"/>
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    <link:label id="lab_tef_TelefonicaCentroamericaInversionesS.L.Member_cd96856e-a97d-4116-8b32-d482a10ae9cb_terseLabel_en-US" xlink:label="lab_tef_TelefonicaCentroamericaInversionesS.L.Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Telef&#243;nica Centroam&#233;rica Inversiones ,S.L. Communications services provider</link:label>
    <link:label id="lab_tef_TelefonicaCentroamericaInversionesS.L.Member_label_en-US" xlink:label="lab_tef_TelefonicaCentroamericaInversionesS.L.Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Telefonica Centroamerica Inversiones, S.L. [Member]</link:label>
    <link:label id="lab_tef_TelefonicaCentroamericaInversionesS.L.Member_documentation_en-US" xlink:label="lab_tef_TelefonicaCentroamericaInversionesS.L.Member" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Telefonica Centroamerica Inversiones, S.L. [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_TelefonicaCentroamericaInversionesS.L.Member" xlink:href="tef-20241231.xsd#tef_TelefonicaCentroamericaInversionesS.L.Member"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_TelefonicaCentroamericaInversionesS.L.Member" xlink:to="lab_tef_TelefonicaCentroamericaInversionesS.L.Member" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_InventoriesAudioVisualRightsConsumptionPeriod_a0392d1d-d3c1-494f-8b53-00479dd0ac9b_terseLabel_en-US" xlink:label="lab_tef_InventoriesAudioVisualRightsConsumptionPeriod" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Audio-visual rights, consumption period</link:label>
    <link:label id="lab_tef_InventoriesAudioVisualRightsConsumptionPeriod_label_en-US" xlink:label="lab_tef_InventoriesAudioVisualRightsConsumptionPeriod" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Inventories, Audio-Visual Rights, Consumption Period</link:label>
    <link:label id="lab_tef_InventoriesAudioVisualRightsConsumptionPeriod_documentation_en-US" xlink:label="lab_tef_InventoriesAudioVisualRightsConsumptionPeriod" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Inventories, Audio-Visual Rights, Consumption Period</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_InventoriesAudioVisualRightsConsumptionPeriod" xlink:href="tef-20241231.xsd#tef_InventoriesAudioVisualRightsConsumptionPeriod"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_InventoriesAudioVisualRightsConsumptionPeriod" xlink:to="lab_tef_InventoriesAudioVisualRightsConsumptionPeriod" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory_f213a15d-dcc7-4d7d-a444-5c5e5a44268f_terseLabel_en-US" xlink:label="lab_ifrs-full_DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Investment in associates and joint arrangements</link:label>
    <link:label id="lab_ifrs-full_DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory_label_en-US" xlink:label="lab_ifrs-full_DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Description of accounting policy for investment in associates and joint ventures [text block]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory" xlink:to="lab_ifrs-full_DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_TradeAndOtherCurrentPayablesToTradeSuppliers_4a959b2f-e1b2-47b1-867c-9de1b8330c25_terseLabel_en-US" xlink:label="lab_ifrs-full_TradeAndOtherCurrentPayablesToTradeSuppliers" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Trade payables</link:label>
    <link:label id="lab_ifrs-full_TradeAndOtherCurrentPayablesToTradeSuppliers_label_en-US" xlink:label="lab_ifrs-full_TradeAndOtherCurrentPayablesToTradeSuppliers" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Current trade payables</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_TradeAndOtherCurrentPayablesToTradeSuppliers" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_TradeAndOtherCurrentPayablesToTradeSuppliers"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_TradeAndOtherCurrentPayablesToTradeSuppliers" xlink:to="lab_ifrs-full_TradeAndOtherCurrentPayablesToTradeSuppliers" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_DisclosureOfDetailedInformationAboutPropertyPlantAndEquipmentExplanatory_e0443578-28d2-4e1f-a252-8dc881d1076d_terseLabel_en-US" xlink:label="lab_ifrs-full_DisclosureOfDetailedInformationAboutPropertyPlantAndEquipmentExplanatory" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Schedule of Estimated Useful Life of Depreciable Assets</link:label>
    <link:label id="lab_ifrs-full_DisclosureOfDetailedInformationAboutPropertyPlantAndEquipmentExplanatory_2f3b1ea3-bcd3-4087-ba46-3c97b5689d82_verboseLabel_en-US" xlink:label="lab_ifrs-full_DisclosureOfDetailedInformationAboutPropertyPlantAndEquipmentExplanatory" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Schedule of Property, Plant and Equipment</link:label>
    <link:label id="lab_ifrs-full_DisclosureOfDetailedInformationAboutPropertyPlantAndEquipmentExplanatory_label_en-US" xlink:label="lab_ifrs-full_DisclosureOfDetailedInformationAboutPropertyPlantAndEquipmentExplanatory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure of detailed information about property, plant and equipment [text block]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_DisclosureOfDetailedInformationAboutPropertyPlantAndEquipmentExplanatory" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_DisclosureOfDetailedInformationAboutPropertyPlantAndEquipmentExplanatory"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DisclosureOfDetailedInformationAboutPropertyPlantAndEquipmentExplanatory" xlink:to="lab_ifrs-full_DisclosureOfDetailedInformationAboutPropertyPlantAndEquipmentExplanatory" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_OtherEquitySecuritiesMember_32e17617-2405-47a7-b5a5-88b42f365a8e_terseLabel_en-US" xlink:label="lab_ifrs-full_OtherEquitySecuritiesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Others</link:label>
    <link:label id="lab_ifrs-full_OtherEquitySecuritiesMember_label_en-US" xlink:label="lab_ifrs-full_OtherEquitySecuritiesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Other equity securities [member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_OtherEquitySecuritiesMember" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_OtherEquitySecuritiesMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_OtherEquitySecuritiesMember" xlink:to="lab_ifrs-full_OtherEquitySecuritiesMember" xlink:type="arc" order="1"/>
    <link:label id="lab_currency_BRL_7ab8e561-7be8-411b-b2f0-9474d8019369_terseLabel_en-US" xlink:label="lab_currency_BRL" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Brazilian real</link:label>
    <link:label id="lab_currency_BRL_3abf354a-0b2b-4053-8ba9-53f02c6bbe47_verboseLabel_en-US" xlink:label="lab_currency_BRL" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">BRL</link:label>
    <link:label id="lab_currency_BRL_label_en-US" xlink:label="lab_currency_BRL" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Brazil, Brazil Real</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_currency_BRL" xlink:href="https://xbrl.sec.gov/currency/2024/currency-2024.xsd#currency_BRL"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_currency_BRL" xlink:to="lab_currency_BRL" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_CostsToObtainContractsWithCustomersMember_fe50a7a8-ea60-464f-b1e0-6d4e3d80c7e1_terseLabel_en-US" xlink:label="lab_ifrs-full_CostsToObtainContractsWithCustomersMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Of obtaining a contract</link:label>
    <link:label id="lab_ifrs-full_CostsToObtainContractsWithCustomersMember_label_en-US" xlink:label="lab_ifrs-full_CostsToObtainContractsWithCustomersMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Costs to obtain contracts with customers [member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_CostsToObtainContractsWithCustomersMember" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_CostsToObtainContractsWithCustomersMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_CostsToObtainContractsWithCustomersMember" xlink:to="lab_ifrs-full_CostsToObtainContractsWithCustomersMember" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_IPNETGroupMember_e8b7612f-3de2-423d-9fc4-03d49a5199f8_terseLabel_en-US" xlink:label="lab_tef_IPNETGroupMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">IPNET acquisition (Note 5)</link:label>
    <link:label id="lab_tef_IPNETGroupMember_label_en-US" xlink:label="lab_tef_IPNETGroupMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">IPNET Group [Member]</link:label>
    <link:label id="lab_tef_IPNETGroupMember_documentation_en-US" xlink:label="lab_tef_IPNETGroupMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">IPNET Group</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_IPNETGroupMember" xlink:href="tef-20241231.xsd#tef_IPNETGroupMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_IPNETGroupMember" xlink:to="lab_tef_IPNETGroupMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_ProfitLoss_fb6a2d3d-c55c-4a5a-8b1b-55ff32f98bb7_totalLabel_en-US" xlink:label="lab_ifrs-full_ProfitLoss" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">PROFIT (LOSS) FOR THE YEAR</link:label>
    <link:label id="lab_ifrs-full_ProfitLoss_ebb44f4e-5047-49fb-b55f-53e683736e22_terseLabel_en-US" xlink:label="lab_ifrs-full_ProfitLoss" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Profit (loss) for the year</link:label>
    <link:label id="lab_ifrs-full_ProfitLoss_label_en-US" xlink:label="lab_ifrs-full_ProfitLoss" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Profit (loss)</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_ProfitLoss" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_ProfitLoss"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_ProfitLoss" xlink:to="lab_ifrs-full_ProfitLoss" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_TerraNetworksMexicoS.A.deC.V.Member_c6909183-aa17-482d-bccc-5c4cd4f3234a_terseLabel_en-US" xlink:label="lab_tef_TerraNetworksMexicoS.A.deC.V.Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Terra Networks M&#233;xico, S.A. de C.V. ISP, portal and real-time financial information services</link:label>
    <link:label id="lab_tef_TerraNetworksMexicoS.A.deC.V.Member_label_en-US" xlink:label="lab_tef_TerraNetworksMexicoS.A.deC.V.Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Terra Networks Mexico S.A. de C.V. [Member]</link:label>
    <link:label id="lab_tef_TerraNetworksMexicoS.A.deC.V.Member_documentation_en-US" xlink:label="lab_tef_TerraNetworksMexicoS.A.deC.V.Member" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Terra Networks Mexico S.A. de C.V. [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_TerraNetworksMexicoS.A.deC.V.Member" xlink:href="tef-20241231.xsd#tef_TerraNetworksMexicoS.A.deC.V.Member"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_TerraNetworksMexicoS.A.deC.V.Member" xlink:to="lab_tef_TerraNetworksMexicoS.A.deC.V.Member" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_PurchasesOfGoodsRelatedPartyTransactions_83a4b311-b3e0-4aab-a0e6-1390e0dd3f18_terseLabel_en-US" xlink:label="lab_ifrs-full_PurchasesOfGoodsRelatedPartyTransactions" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Purchase of goods</link:label>
    <link:label id="lab_ifrs-full_PurchasesOfGoodsRelatedPartyTransactions_label_en-US" xlink:label="lab_ifrs-full_PurchasesOfGoodsRelatedPartyTransactions" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Purchases of goods, related party transactions</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_PurchasesOfGoodsRelatedPartyTransactions" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_PurchasesOfGoodsRelatedPartyTransactions"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_PurchasesOfGoodsRelatedPartyTransactions" xlink:to="lab_ifrs-full_PurchasesOfGoodsRelatedPartyTransactions" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_DividendsPaidToNoncontrollingInterests_acc40f04-6611-49b8-b9ff-b09c02badcb6_negatedTerseLabel_en-US" xlink:label="lab_ifrs-full_DividendsPaidToNoncontrollingInterests" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xml:lang="en-US">Dividends paid</link:label>
    <link:label id="lab_ifrs-full_DividendsPaidToNoncontrollingInterests_label_en-US" xlink:label="lab_ifrs-full_DividendsPaidToNoncontrollingInterests" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Dividends paid to non-controlling interests</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_DividendsPaidToNoncontrollingInterests" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_DividendsPaidToNoncontrollingInterests"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DividendsPaidToNoncontrollingInterests" xlink:to="lab_ifrs-full_DividendsPaidToNoncontrollingInterests" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed_672199f0-00f5-4443-9161-7d4799796497_terseLabel_en-US" xlink:label="lab_ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Net assets</link:label>
    <link:label id="lab_ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed_fcbfe8da-b7f5-4cdc-a998-c05c55a45383_totalLabel_en-US" xlink:label="lab_ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Fair value of net assets</link:label>
    <link:label id="lab_ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed_label_en-US" xlink:label="lab_ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Identifiable assets acquired (liabilities assumed)</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed" xlink:to="lab_ifrs-full_IdentifiableAssetsAcquiredLiabilitiesAssumed" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_GainsLossesFromFinancialAssetsMeasuredAtFairValueThroughComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossBeforeTax_47ea79f7-af6b-4fb8-a51c-4b7834cacdf8_terseLabel_en-US" xlink:label="lab_tef_GainsLossesFromFinancialAssetsMeasuredAtFairValueThroughComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossBeforeTax" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Gains (losses) from financial assets measured at fair value through comprehensive income</link:label>
    <link:label id="lab_tef_GainsLossesFromFinancialAssetsMeasuredAtFairValueThroughComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossBeforeTax_label_en-US" xlink:label="lab_tef_GainsLossesFromFinancialAssetsMeasuredAtFairValueThroughComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossBeforeTax" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Gains (Losses) From Financial Assets Measured At Fair Value Through Comprehensive Income That Will Not Be Reclassified To Profit Or Loss, Before Tax</link:label>
    <link:label id="lab_tef_GainsLossesFromFinancialAssetsMeasuredAtFairValueThroughComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossBeforeTax_documentation_en-US" xlink:label="lab_tef_GainsLossesFromFinancialAssetsMeasuredAtFairValueThroughComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossBeforeTax" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Gains (Losses) From Financial Assets Measured At Fair Value Through Comprehensive Income That Will Not Be Reclassified To Profit Or Loss, Before Tax</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_GainsLossesFromFinancialAssetsMeasuredAtFairValueThroughComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossBeforeTax" xlink:href="tef-20241231.xsd#tef_GainsLossesFromFinancialAssetsMeasuredAtFairValueThroughComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossBeforeTax"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_GainsLossesFromFinancialAssetsMeasuredAtFairValueThroughComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossBeforeTax" xlink:to="lab_tef_GainsLossesFromFinancialAssetsMeasuredAtFairValueThroughComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossBeforeTax" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_GrupoOiMobileBusinessMember_8b0bfb1d-2671-406b-9630-42fb222c9879_terseLabel_en-US" xlink:label="lab_tef_GrupoOiMobileBusinessMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Oi mobile assets acquisition (Note 2)</link:label>
    <link:label id="lab_tef_GrupoOiMobileBusinessMember_label_en-US" xlink:label="lab_tef_GrupoOiMobileBusinessMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Grupo Oi Mobile Business [Member]</link:label>
    <link:label id="lab_tef_GrupoOiMobileBusinessMember_documentation_en-US" xlink:label="lab_tef_GrupoOiMobileBusinessMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Grupo Oi Mobile Business</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_GrupoOiMobileBusinessMember" xlink:href="tef-20241231.xsd#tef_GrupoOiMobileBusinessMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_GrupoOiMobileBusinessMember" xlink:to="lab_tef_GrupoOiMobileBusinessMember" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_Expiringin2029Member_829f4e27-f135-4efd-b77d-560030d8a6b2_terseLabel_en-US" xlink:label="lab_tef_Expiringin2029Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Expiring in 2029</link:label>
    <link:label id="lab_tef_Expiringin2029Member_label_en-US" xlink:label="lab_tef_Expiringin2029Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Expiring in 2029 [Member]</link:label>
    <link:label id="lab_tef_Expiringin2029Member_documentation_en-US" xlink:label="lab_tef_Expiringin2029Member" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Expiring in 2029 [Member]</link:label>
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    <link:label id="lab_ifrs-full_ReserveOfCashFlowHedgesMember_ced5eb53-0d6f-4e3d-b78e-58d8aad59f6f_terseLabel_en-US" xlink:label="lab_ifrs-full_ReserveOfCashFlowHedgesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Hedges</link:label>
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    <link:label id="lab_tef_HousingServicesProvisionAgreementTerm_85f091d2-d140-43ef-baa2-23231683a9ac_terseLabel_en-US" xlink:label="lab_tef_HousingServicesProvisionAgreementTerm" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Housing services provision agreement term</link:label>
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    <link:label id="lab_ifrs-full_IncreaseDecreaseThroughTransferBetweenRevaluationReserveAndRetainedEarnings_6034a02a-9ab8-4d78-af3c-eb13d2498914_terseLabel_en-US" xlink:label="lab_ifrs-full_IncreaseDecreaseThroughTransferBetweenRevaluationReserveAndRetainedEarnings" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Increase through appropriation of retained earnings</link:label>
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    <link:label id="lab_tef_ProportionOfGrossDebt_documentation_en-US" xlink:label="lab_tef_ProportionOfGrossDebt" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Proportion Of Gross Debt</link:label>
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    <link:label id="lab_ifrs-full_CategoriesOfAssetsRecognisedFromCostsToObtainOrFulfilContractsWithCustomersDomain_cca4dbeb-be0f-4f3b-afaf-ca4b3d7c81f7_terseLabel_en-US" xlink:label="lab_ifrs-full_CategoriesOfAssetsRecognisedFromCostsToObtainOrFulfilContractsWithCustomersDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Categories of assets recognised from costs to obtain or fulfil contracts with customers [domain]</link:label>
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    <link:label id="lab_tef_AuditorsRemunerationTable_documentation_en-US" xlink:label="lab_tef_AuditorsRemunerationTable" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Auditors Remuneration [Table]</link:label>
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    <link:label id="lab_tef_Expiringin2030Member_07bd1cfc-b8b0-48da-bd26-5715057ee1fe_terseLabel_en-US" xlink:label="lab_tef_Expiringin2030Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Expiring in 2030</link:label>
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    <link:label id="lab_tef_Expiringin2030Member_documentation_en-US" xlink:label="lab_tef_Expiringin2030Member" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Expiring in 2030 [Member]</link:label>
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    <link:label id="lab_tef_DistributionbySegmentofRestructuringCostsTableTextBlock_2f121996-6fb5-4fac-b8ae-2c829bc3ed7d_terseLabel_en-US" xlink:label="lab_tef_DistributionbySegmentofRestructuringCostsTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Schedule of Distribution by Segment of Restructuring Costs</link:label>
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    <link:label id="lab_tef_DistributionbySegmentofRestructuringCostsTableTextBlock_documentation_en-US" xlink:label="lab_tef_DistributionbySegmentofRestructuringCostsTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Distribution by Segment of Restructuring Costs [Table Text Block]</link:label>
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    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_DistributionbySegmentofRestructuringCostsTableTextBlock" xlink:to="lab_tef_DistributionbySegmentofRestructuringCostsTableTextBlock" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_RetirementPlanType1Domain_18e5c7fe-94ff-4cc7-b25c-310e882d78da_terseLabel_en-US" xlink:label="lab_tef_RetirementPlanType1Domain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Retirement Plan Type1 [Domain]</link:label>
    <link:label id="lab_tef_RetirementPlanType1Domain_label_en-US" xlink:label="lab_tef_RetirementPlanType1Domain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Retirement Plan Type1 [Domain]</link:label>
    <link:label id="lab_tef_RetirementPlanType1Domain_documentation_en-US" xlink:label="lab_tef_RetirementPlanType1Domain" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">[Domain] for Retirement Plan Type1 [Axis]</link:label>
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    <link:label id="lab_ifrs-full_TypesOfInterestRatesAxis_c07e444c-9e10-4741-8add-6dfaa178e658_terseLabel_en-US" xlink:label="lab_ifrs-full_TypesOfInterestRatesAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Types of interest rates [axis]</link:label>
    <link:label id="lab_ifrs-full_TypesOfInterestRatesAxis_label_en-US" xlink:label="lab_ifrs-full_TypesOfInterestRatesAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Types of interest rates [axis]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_TypesOfInterestRatesAxis" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_TypesOfInterestRatesAxis"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_TypesOfInterestRatesAxis" xlink:to="lab_ifrs-full_TypesOfInterestRatesAxis" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_RevenueOfAcquiree_659bc70a-72cc-4395-9fab-9e0b43eba57a_terseLabel_en-US" xlink:label="lab_ifrs-full_RevenueOfAcquiree" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Revenue of acquiree since acquisition date</link:label>
    <link:label id="lab_ifrs-full_RevenueOfAcquiree_label_en-US" xlink:label="lab_ifrs-full_RevenueOfAcquiree" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Revenue of acquiree since acquisition date</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_RevenueOfAcquiree" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_RevenueOfAcquiree"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_RevenueOfAcquiree" xlink:to="lab_ifrs-full_RevenueOfAcquiree" xlink:type="arc" order="1"/>
    <link:label id="lab_dei_DocumentAccountingStandard_ef941a9d-aaa5-4cc7-b8d1-215fcf39160c_terseLabel_en-US" xlink:label="lab_dei_DocumentAccountingStandard" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Document Accounting Standard</link:label>
    <link:label id="lab_dei_DocumentAccountingStandard_label_en-US" xlink:label="lab_dei_DocumentAccountingStandard" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Document Accounting Standard</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_dei_DocumentAccountingStandard" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_DocumentAccountingStandard"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_DocumentAccountingStandard" xlink:to="lab_dei_DocumentAccountingStandard" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_AcquisitionsThroughBusinessCombinationsIntangibleAssetsAndGoodwill_f374971f-8548-45c8-b3b6-56b4b10c9559_terseLabel_en-US" xlink:label="lab_ifrs-full_AcquisitionsThroughBusinessCombinationsIntangibleAssetsAndGoodwill" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Additions</link:label>
    <link:label id="lab_ifrs-full_AcquisitionsThroughBusinessCombinationsIntangibleAssetsAndGoodwill_label_en-US" xlink:label="lab_ifrs-full_AcquisitionsThroughBusinessCombinationsIntangibleAssetsAndGoodwill" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Acquisitions through business combinations, intangible assets and goodwill</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_AcquisitionsThroughBusinessCombinationsIntangibleAssetsAndGoodwill" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_AcquisitionsThroughBusinessCombinationsIntangibleAssetsAndGoodwill"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_AcquisitionsThroughBusinessCombinationsIntangibleAssetsAndGoodwill" xlink:to="lab_ifrs-full_AcquisitionsThroughBusinessCombinationsIntangibleAssetsAndGoodwill" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_SensitivityAnalysisImpactOnEquityDueToChangesInInterestRateAbstract_cc1107df-786e-465b-bc41-3749f43b2c04_terseLabel_en-US" xlink:label="lab_tef_SensitivityAnalysisImpactOnEquityDueToChangesInInterestRateAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Impact on consolidated equity</link:label>
    <link:label id="lab_tef_SensitivityAnalysisImpactOnEquityDueToChangesInInterestRateAbstract_label_en-US" xlink:label="lab_tef_SensitivityAnalysisImpactOnEquityDueToChangesInInterestRateAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Sensitivity Analysis, Impact On Equity Due To Changes In Interest Rate [Abstract]</link:label>
    <link:label id="lab_tef_SensitivityAnalysisImpactOnEquityDueToChangesInInterestRateAbstract_documentation_en-US" xlink:label="lab_tef_SensitivityAnalysisImpactOnEquityDueToChangesInInterestRateAbstract" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Sensitivity Analysis, Impact On Equity Due To Changes In Interest Rate [Abstract]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_SensitivityAnalysisImpactOnEquityDueToChangesInInterestRateAbstract" xlink:href="tef-20241231.xsd#tef_SensitivityAnalysisImpactOnEquityDueToChangesInInterestRateAbstract"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_SensitivityAnalysisImpactOnEquityDueToChangesInInterestRateAbstract" xlink:to="lab_tef_SensitivityAnalysisImpactOnEquityDueToChangesInInterestRateAbstract" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_EliminationOfIntersegmentAmountsNettingMember_57795dae-8e5a-41a1-9e4f-e62a62cd791c_terseLabel_en-US" xlink:label="lab_tef_EliminationOfIntersegmentAmountsNettingMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Eliminations , netting</link:label>
    <link:label id="lab_tef_EliminationOfIntersegmentAmountsNettingMember_label_en-US" xlink:label="lab_tef_EliminationOfIntersegmentAmountsNettingMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Elimination Of Intersegment Amounts, Netting [Member]</link:label>
    <link:label id="lab_tef_EliminationOfIntersegmentAmountsNettingMember_documentation_en-US" xlink:label="lab_tef_EliminationOfIntersegmentAmountsNettingMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Elimination Of Intersegment Amounts, Netting</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_EliminationOfIntersegmentAmountsNettingMember" xlink:href="tef-20241231.xsd#tef_EliminationOfIntersegmentAmountsNettingMember"/>
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    <link:label id="lab_ifrs-full_SharePremiumMember_f76f5d87-8dc7-42c4-9c2f-dda31619080d_terseLabel_en-US" xlink:label="lab_ifrs-full_SharePremiumMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Share premium</link:label>
    <link:label id="lab_ifrs-full_SharePremiumMember_label_en-US" xlink:label="lab_ifrs-full_SharePremiumMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Share premium [member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_SharePremiumMember" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_SharePremiumMember"/>
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    <link:label id="lab_tef_Increasedecreasethroughtranslationdifferencesfinancialinstruments_ffea156e-56fe-4bd9-89e1-4aed8aa82383_terseLabel_en-US" xlink:label="lab_tef_Increasedecreasethroughtranslationdifferencesfinancialinstruments" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Translation differences</link:label>
    <link:label id="lab_tef_Increasedecreasethroughtranslationdifferencesfinancialinstruments_label_en-US" xlink:label="lab_tef_Increasedecreasethroughtranslationdifferencesfinancialinstruments" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Increase (decrease) through translation differences, financial instruments</link:label>
    <link:label id="lab_tef_Increasedecreasethroughtranslationdifferencesfinancialinstruments_documentation_en-US" xlink:label="lab_tef_Increasedecreasethroughtranslationdifferencesfinancialinstruments" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Increase (decrease) through translation differences, financial instruments</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_Increasedecreasethroughtranslationdifferencesfinancialinstruments" xlink:href="tef-20241231.xsd#tef_Increasedecreasethroughtranslationdifferencesfinancialinstruments"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_Increasedecreasethroughtranslationdifferencesfinancialinstruments" xlink:to="lab_tef_Increasedecreasethroughtranslationdifferencesfinancialinstruments" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_DebtSecurities_98ee9bf1-8734-461c-8bdd-305c595837d0_terseLabel_en-US" xlink:label="lab_ifrs-full_DebtSecurities" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Debt instruments issued</link:label>
    <link:label id="lab_ifrs-full_DebtSecurities_label_en-US" xlink:label="lab_ifrs-full_DebtSecurities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Debt instruments issued</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_DebtSecurities" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_DebtSecurities"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DebtSecurities" xlink:to="lab_ifrs-full_DebtSecurities" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_InventoriesOwnContentMaximumIncomeStatementChargePeriod_b19ae45c-9e60-4dc9-bc8a-8a5e01183d3b_terseLabel_en-US" xlink:label="lab_tef_InventoriesOwnContentMaximumIncomeStatementChargePeriod" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Own content, maximum income statement charge period</link:label>
    <link:label id="lab_tef_InventoriesOwnContentMaximumIncomeStatementChargePeriod_label_en-US" xlink:label="lab_tef_InventoriesOwnContentMaximumIncomeStatementChargePeriod" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Inventories, Own Content, Maximum Income Statement Charge Period</link:label>
    <link:label id="lab_tef_InventoriesOwnContentMaximumIncomeStatementChargePeriod_documentation_en-US" xlink:label="lab_tef_InventoriesOwnContentMaximumIncomeStatementChargePeriod" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Inventories, Own Content, Maximum Income Statement Charge Period</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_InventoriesOwnContentMaximumIncomeStatementChargePeriod" xlink:href="tef-20241231.xsd#tef_InventoriesOwnContentMaximumIncomeStatementChargePeriod"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_InventoriesOwnContentMaximumIncomeStatementChargePeriod" xlink:to="lab_tef_InventoriesOwnContentMaximumIncomeStatementChargePeriod" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_CommittedCreditFacilitiesAndBilateralLoans_8cc7ae01-960b-4c7f-83e4-9882895fcc6a_terseLabel_en-US" xlink:label="lab_tef_CommittedCreditFacilitiesAndBilateralLoans" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Committed Credit Facilities and Bilateral Loans</link:label>
    <link:label id="lab_tef_CommittedCreditFacilitiesAndBilateralLoans_label_en-US" xlink:label="lab_tef_CommittedCreditFacilitiesAndBilateralLoans" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Committed Credit Facilities and Bilateral Loans</link:label>
    <link:label id="lab_tef_CommittedCreditFacilitiesAndBilateralLoans_documentation_en-US" xlink:label="lab_tef_CommittedCreditFacilitiesAndBilateralLoans" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Committed Credit Facilities and Bilateral Loans</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_CommittedCreditFacilitiesAndBilateralLoans" xlink:href="tef-20241231.xsd#tef_CommittedCreditFacilitiesAndBilateralLoans"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_CommittedCreditFacilitiesAndBilateralLoans" xlink:to="lab_tef_CommittedCreditFacilitiesAndBilateralLoans" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_BETernaABSwedenMember_d5d8b3f5-a3c0-46c6-832d-267c7a1aa508_terseLabel_en-US" xlink:label="lab_tef_BETernaABSwedenMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">BE-terna AB (Sweden)</link:label>
    <link:label id="lab_tef_BETernaABSwedenMember_label_en-US" xlink:label="lab_tef_BETernaABSwedenMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">BE-terna AB (Sweden) [Member]</link:label>
    <link:label id="lab_tef_BETernaABSwedenMember_documentation_en-US" xlink:label="lab_tef_BETernaABSwedenMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">BE-terna AB (Sweden)</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_BETernaABSwedenMember" xlink:href="tef-20241231.xsd#tef_BETernaABSwedenMember"/>
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    <link:label id="lab_ifrs-full_DisclosureOfReconciliationOfChangesInIntangibleAssetsAndGoodwillLineItems_71c306a9-634c-46a4-b931-1334edbe6f49_terseLabel_en-US" xlink:label="lab_ifrs-full_DisclosureOfReconciliationOfChangesInIntangibleAssetsAndGoodwillLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Disclosure of reconciliation of changes in intangible assets and goodwill [line items]</link:label>
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    <link:label id="lab_tef_CelularDeTelefoniaSADeCVMember_ba498629-cf23-4c07-822e-f554a3b6516b_terseLabel_en-US" xlink:label="lab_tef_CelularDeTelefoniaSADeCVMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Celular de Telefon&#237;a S.A. de CV. Consulting services</link:label>
    <link:label id="lab_tef_CelularDeTelefoniaSADeCVMember_label_en-US" xlink:label="lab_tef_CelularDeTelefoniaSADeCVMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Celular de Telefon&#237;a S.A. de CV. [Member]</link:label>
    <link:label id="lab_tef_CelularDeTelefoniaSADeCVMember_documentation_en-US" xlink:label="lab_tef_CelularDeTelefoniaSADeCVMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Celular de Telefon&#237;a S.A. de CV.</link:label>
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    <link:label id="lab_tef_SensitivityAnalysisChangeInExchangeRateImpactOnConsolidatedEquityAbstract_ce3df730-ff56-4b86-b1d0-9caa827bd7e2_terseLabel_en-US" xlink:label="lab_tef_SensitivityAnalysisChangeInExchangeRateImpactOnConsolidatedEquityAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Impact on consolidated equity</link:label>
    <link:label id="lab_tef_SensitivityAnalysisChangeInExchangeRateImpactOnConsolidatedEquityAbstract_label_en-US" xlink:label="lab_tef_SensitivityAnalysisChangeInExchangeRateImpactOnConsolidatedEquityAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Sensitivity Analysis, Change In Exchange Rate, Impact On Consolidated Equity [Abstract]</link:label>
    <link:label id="lab_tef_SensitivityAnalysisChangeInExchangeRateImpactOnConsolidatedEquityAbstract_documentation_en-US" xlink:label="lab_tef_SensitivityAnalysisChangeInExchangeRateImpactOnConsolidatedEquityAbstract" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Sensitivity Analysis, Change In Exchange Rate, Impact On Consolidated Equity [Abstract]</link:label>
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    <link:label id="lab_tef_TelxiusTowersMember_14ed1c2b-b928-4a4a-9a81-7a1c734d0556_terseLabel_en-US" xlink:label="lab_tef_TelxiusTowersMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Sale of Telecommunications towers divisions of Telxius</link:label>
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    <link:label id="lab_tef_CashReceivedFromIncomeTaxesReceivable_985778e6-fd4c-4c5b-b04a-7203f2468434_terseLabel_en-US" xlink:label="lab_tef_CashReceivedFromIncomeTaxesReceivable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Cash received from income taxes receivable</link:label>
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    <link:label id="lab_tef_CashReceivedFromIncomeTaxesReceivable_documentation_en-US" xlink:label="lab_tef_CashReceivedFromIncomeTaxesReceivable" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Cash Received From Income Taxes Receivable</link:label>
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    <link:label id="lab_tef_EuropeanCommissionDelegatedActMaximumMobileTerminationRate_ac7efe2b-b793-42a5-b58f-76acb79e97b6_terseLabel_en-US" xlink:label="lab_tef_EuropeanCommissionDelegatedActMaximumMobileTerminationRate" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">EC maximum mobile termination rate</link:label>
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    <link:label id="lab_tef_EuropeanCommissionDelegatedActMaximumMobileTerminationRate_documentation_en-US" xlink:label="lab_tef_EuropeanCommissionDelegatedActMaximumMobileTerminationRate" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">European Commission Delegated Act, Maximum Mobile Termination Rate</link:label>
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    <link:label id="lab_ifrs-full_NoncurrentProvisions_6a66b0a0-f3f2-487b-b5b8-5cda81d8e3cb_totalLabel_en-US" xlink:label="lab_ifrs-full_NoncurrentProvisions" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Total</link:label>
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    <link:label id="lab_tef_TransfersandOthersofLeaseLiabilities_documentation_en-US" xlink:label="lab_tef_TransfersandOthersofLeaseLiabilities" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Transfers and Others of Lease Liabilities</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_TransfersandOthersofLeaseLiabilities" xlink:href="tef-20241231.xsd#tef_TransfersandOthersofLeaseLiabilities"/>
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    <link:label id="lab_tef_AuditorsOtherThanPWCMember_label_en-US" xlink:label="lab_tef_AuditorsOtherThanPWCMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Auditors Other Than PWC [Member]</link:label>
    <link:label id="lab_tef_AuditorsOtherThanPWCMember_documentation_en-US" xlink:label="lab_tef_AuditorsOtherThanPWCMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Auditors Other Than PWC</link:label>
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    <link:label id="lab_ifrs-full_FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMember_93cb349f-6877-4f38-b50f-4da734c71bdc_terseLabel_en-US" xlink:label="lab_ifrs-full_FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Financial assets at fair value through other comprehensive income, category [member]</link:label>
    <link:label id="lab_ifrs-full_FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMember_label_en-US" xlink:label="lab_ifrs-full_FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Financial assets at fair value through other comprehensive income, category [member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMember" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMember"/>
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    <link:label id="lab_tef_JoseMariaAlvarezPalleteLopezMember_b5f88f2e-f794-442e-90f8-7894afa0aed4_terseLabel_en-US" xlink:label="lab_tef_JoseMariaAlvarezPalleteLopezMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Mr. Jos&#233; Mar&#237;a &#193;lvarez-Pallete L&#243;pez</link:label>
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    <link:label id="lab_tef_BETernaSRLMember_a1eee649-50d5-4cc5-9bf0-bad5df7b87ae_terseLabel_en-US" xlink:label="lab_tef_BETernaSRLMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">BE-terna&#160;SRL</link:label>
    <link:label id="lab_tef_BETernaSRLMember_label_en-US" xlink:label="lab_tef_BETernaSRLMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">BE-terna&#160;SRL [Member]</link:label>
    <link:label id="lab_tef_BETernaSRLMember_documentation_en-US" xlink:label="lab_tef_BETernaSRLMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">BE-terna&#160;SRL</link:label>
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    <link:label id="lab_tef_BilateralLoanDueJune152033Member_ea778d13-2372-49a1-a7b5-12daeaee9f14_terseLabel_en-US" xlink:label="lab_tef_BilateralLoanDueJune152033Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Bilateral Loan Due June 15, 2033</link:label>
    <link:label id="lab_tef_BilateralLoanDueJune152033Member_label_en-US" xlink:label="lab_tef_BilateralLoanDueJune152033Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Bilateral Loan Due June 15, 2033 [Member]</link:label>
    <link:label id="lab_tef_BilateralLoanDueJune152033Member_documentation_en-US" xlink:label="lab_tef_BilateralLoanDueJune152033Member" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Bilateral Loan Due June 15, 2033</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_BilateralLoanDueJune152033Member" xlink:href="tef-20241231.xsd#tef_BilateralLoanDueJune152033Member"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_BilateralLoanDueJune152033Member" xlink:to="lab_tef_BilateralLoanDueJune152033Member" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_NonCurrentProvisionsForDismantlingOfAssets_7a83996c-a8ea-4f97-96ef-602e749d1121_terseLabel_en-US" xlink:label="lab_tef_NonCurrentProvisionsForDismantlingOfAssets" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Dismantling of assets</link:label>
    <link:label id="lab_tef_NonCurrentProvisionsForDismantlingOfAssets_label_en-US" xlink:label="lab_tef_NonCurrentProvisionsForDismantlingOfAssets" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Non-Current Provisions For Dismantling Of Assets</link:label>
    <link:label id="lab_tef_NonCurrentProvisionsForDismantlingOfAssets_documentation_en-US" xlink:label="lab_tef_NonCurrentProvisionsForDismantlingOfAssets" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Non-Current Provisions For Dismantling Of Assets</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_NonCurrentProvisionsForDismantlingOfAssets" xlink:href="tef-20241231.xsd#tef_NonCurrentProvisionsForDismantlingOfAssets"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_NonCurrentProvisionsForDismantlingOfAssets" xlink:to="lab_tef_NonCurrentProvisionsForDismantlingOfAssets" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_ShareBasedPaymentArrangementsAbstract_6c50e9aa-481b-46b4-bad0-b1baddeaa52d_terseLabel_en-US" xlink:label="lab_tef_ShareBasedPaymentArrangementsAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Share-Based Payment Arrangements [Abstract]</link:label>
    <link:label id="lab_tef_ShareBasedPaymentArrangementsAbstract_label_en-US" xlink:label="lab_tef_ShareBasedPaymentArrangementsAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Share-Based Payment Arrangements [Abstract]</link:label>
    <link:label id="lab_tef_ShareBasedPaymentArrangementsAbstract_documentation_en-US" xlink:label="lab_tef_ShareBasedPaymentArrangementsAbstract" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Share-Based Payment Arrangements [Abstract]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_ShareBasedPaymentArrangementsAbstract" xlink:href="tef-20241231.xsd#tef_ShareBasedPaymentArrangementsAbstract"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_ShareBasedPaymentArrangementsAbstract" xlink:to="lab_tef_ShareBasedPaymentArrangementsAbstract" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_FinancialLiabilitiesAtFairValueThroughOtherComprehensiveIncomeCategoryMember_171e5b4c-44bc-4a9f-8c76-c577ce343651_terseLabel_en-US" xlink:label="lab_tef_FinancialLiabilitiesAtFairValueThroughOtherComprehensiveIncomeCategoryMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Hedges</link:label>
    <link:label id="lab_tef_FinancialLiabilitiesAtFairValueThroughOtherComprehensiveIncomeCategoryMember_label_en-US" xlink:label="lab_tef_FinancialLiabilitiesAtFairValueThroughOtherComprehensiveIncomeCategoryMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Financial Liabilities At Fair Value Through Other Comprehensive Income, Category [Member]</link:label>
    <link:label id="lab_tef_FinancialLiabilitiesAtFairValueThroughOtherComprehensiveIncomeCategoryMember_documentation_en-US" xlink:label="lab_tef_FinancialLiabilitiesAtFairValueThroughOtherComprehensiveIncomeCategoryMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Financial Liabilities At Fair Value Through Other Comprehensive Income, Category [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_FinancialLiabilitiesAtFairValueThroughOtherComprehensiveIncomeCategoryMember" xlink:href="tef-20241231.xsd#tef_FinancialLiabilitiesAtFairValueThroughOtherComprehensiveIncomeCategoryMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_FinancialLiabilitiesAtFairValueThroughOtherComprehensiveIncomeCategoryMember" xlink:to="lab_tef_FinancialLiabilitiesAtFairValueThroughOtherComprehensiveIncomeCategoryMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities_d09f311c-ba01-4430-becc-83e0dd68b610_negatedTerseLabel_en-US" xlink:label="lab_ifrs-full_PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xml:lang="en-US">Financed operating payments and investments in property, plant and equipment and intangible assets payments</link:label>
    <link:label id="lab_ifrs-full_PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities_1dcf9f53-23cb-4d3f-abed-d8004bc35eaa_terseLabel_en-US" xlink:label="lab_ifrs-full_PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Payments of lease liabilities, classified as financing activities</link:label>
    <link:label id="lab_ifrs-full_PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities_11ad283a-b164-4ec6-9afd-5c06146aa8b7_negatedLabel_en-US" xlink:label="lab_ifrs-full_PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US">Financed operating payments and investments in property, plant and equipment and intangible assets payments</link:label>
    <link:label id="lab_ifrs-full_PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities_label_en-US" xlink:label="lab_ifrs-full_PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Payments of lease liabilities, classified as financing activities</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities" xlink:to="lab_ifrs-full_PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_SolangeSobralTargaMember_5b48d37c-7ff6-4e38-9f92-fdfe5f9a5ae5_terseLabel_en-US" xlink:label="lab_tef_SolangeSobralTargaMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Solange Sobral Targa</link:label>
    <link:label id="lab_tef_SolangeSobralTargaMember_label_en-US" xlink:label="lab_tef_SolangeSobralTargaMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Solange Sobral Targa [Member]</link:label>
    <link:label id="lab_tef_SolangeSobralTargaMember_documentation_en-US" xlink:label="lab_tef_SolangeSobralTargaMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Solange Sobral Targa</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_SolangeSobralTargaMember" xlink:href="tef-20241231.xsd#tef_SolangeSobralTargaMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_SolangeSobralTargaMember" xlink:to="lab_tef_SolangeSobralTargaMember" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_RevenueFromOtherSourcesRelatedPartyTransaction_275d2acd-8d75-43ec-b222-0faa2d09c6bd_terseLabel_en-US" xlink:label="lab_tef_RevenueFromOtherSourcesRelatedPartyTransaction" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Other income</link:label>
    <link:label id="lab_tef_RevenueFromOtherSourcesRelatedPartyTransaction_label_en-US" xlink:label="lab_tef_RevenueFromOtherSourcesRelatedPartyTransaction" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Revenue From Other Sources, Related Party Transaction</link:label>
    <link:label id="lab_tef_RevenueFromOtherSourcesRelatedPartyTransaction_documentation_en-US" xlink:label="lab_tef_RevenueFromOtherSourcesRelatedPartyTransaction" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Revenue From Other Sources, Related Party Transaction</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_RevenueFromOtherSourcesRelatedPartyTransaction" xlink:href="tef-20241231.xsd#tef_RevenueFromOtherSourcesRelatedPartyTransaction"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_RevenueFromOtherSourcesRelatedPartyTransaction" xlink:to="lab_tef_RevenueFromOtherSourcesRelatedPartyTransaction" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_DeferredTaxLiabilitiesRecognisedAsOfAcquisitionDate_16ad6494-4ab6-4ad1-a0e0-eba8516f8a58_negatedTerseLabel_en-US" xlink:label="lab_ifrs-full_DeferredTaxLiabilitiesRecognisedAsOfAcquisitionDate" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xml:lang="en-US">Deferred tax liabilities</link:label>
    <link:label id="lab_ifrs-full_DeferredTaxLiabilitiesRecognisedAsOfAcquisitionDate_label_en-US" xlink:label="lab_ifrs-full_DeferredTaxLiabilitiesRecognisedAsOfAcquisitionDate" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Deferred tax liabilities recognised as of acquisition date</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_DeferredTaxLiabilitiesRecognisedAsOfAcquisitionDate" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_DeferredTaxLiabilitiesRecognisedAsOfAcquisitionDate"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DeferredTaxLiabilitiesRecognisedAsOfAcquisitionDate" xlink:to="lab_ifrs-full_DeferredTaxLiabilitiesRecognisedAsOfAcquisitionDate" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_GeographicalAreasAxis_76309480-6b53-4fb3-a5d9-2f8b4ef3fe1b_terseLabel_en-US" xlink:label="lab_ifrs-full_GeographicalAreasAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Geographical areas [axis]</link:label>
    <link:label id="lab_ifrs-full_GeographicalAreasAxis_label_en-US" xlink:label="lab_ifrs-full_GeographicalAreasAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Geographical areas [axis]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_GeographicalAreasAxis" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_GeographicalAreasAxis"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_GeographicalAreasAxis" xlink:to="lab_ifrs-full_GeographicalAreasAxis" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_EntelPeruMember_61550a3d-a7c9-44b1-ace1-2105b01601fb_terseLabel_en-US" xlink:label="lab_tef_EntelPeruMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Entel Per&#250;</link:label>
    <link:label id="lab_tef_EntelPeruMember_label_en-US" xlink:label="lab_tef_EntelPeruMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Entel Per&#250; [Member]</link:label>
    <link:label id="lab_tef_EntelPeruMember_documentation_en-US" xlink:label="lab_tef_EntelPeruMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Entel Per&#250;</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_EntelPeruMember" xlink:href="tef-20241231.xsd#tef_EntelPeruMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_EntelPeruMember" xlink:to="lab_tef_EntelPeruMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_DisclosureOfReservesWithinEquityLineItems_e98c3459-2244-4d87-9e7c-b0f1598932c4_terseLabel_en-US" xlink:label="lab_ifrs-full_DisclosureOfReservesWithinEquityLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Disclosure of reserves within equity [line items]</link:label>
    <link:label id="lab_ifrs-full_DisclosureOfReservesWithinEquityLineItems_label_en-US" xlink:label="lab_ifrs-full_DisclosureOfReservesWithinEquityLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure of reserves within equity [line items]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_DisclosureOfReservesWithinEquityLineItems" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_DisclosureOfReservesWithinEquityLineItems"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DisclosureOfReservesWithinEquityLineItems" xlink:to="lab_ifrs-full_DisclosureOfReservesWithinEquityLineItems" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_UnearnedPremiumsLiability_7d54f96c-72e0-4e98-b12a-b8df653202ec_terseLabel_en-US" xlink:label="lab_tef_UnearnedPremiumsLiability" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Unearned premiums</link:label>
    <link:label id="lab_tef_UnearnedPremiumsLiability_label_en-US" xlink:label="lab_tef_UnearnedPremiumsLiability" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Unearned Premiums, Liability</link:label>
    <link:label id="lab_tef_UnearnedPremiumsLiability_documentation_en-US" xlink:label="lab_tef_UnearnedPremiumsLiability" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">The amount of liability for written premiums on insurance contracts that have not yet been earned. [Refer: Types of insurance contracts [member]]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_UnearnedPremiumsLiability" xlink:href="tef-20241231.xsd#tef_UnearnedPremiumsLiability"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_UnearnedPremiumsLiability" xlink:to="lab_tef_UnearnedPremiumsLiability" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_DisposalsRightofuseAssets_e4dc78df-a2ec-40ba-a16a-24e64e806af8_negatedTerseLabel_en-US" xlink:label="lab_ifrs-full_DisposalsRightofuseAssets" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xml:lang="en-US">Disposals</link:label>
    <link:label id="lab_ifrs-full_DisposalsRightofuseAssets_label_en-US" xlink:label="lab_ifrs-full_DisposalsRightofuseAssets" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disposals, right-of-use assets</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_DisposalsRightofuseAssets" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_DisposalsRightofuseAssets"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DisposalsRightofuseAssets" xlink:to="lab_ifrs-full_DisposalsRightofuseAssets" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_AdvisoryOrControlCommitteesMember_aa5a69e7-fedf-46b8-85e3-062ac30163e2_terseLabel_en-US" xlink:label="lab_tef_AdvisoryOrControlCommitteesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Advisory or control committees</link:label>
    <link:label id="lab_tef_AdvisoryOrControlCommitteesMember_label_en-US" xlink:label="lab_tef_AdvisoryOrControlCommitteesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Advisory Or Control Committees [Member]</link:label>
    <link:label id="lab_tef_AdvisoryOrControlCommitteesMember_documentation_en-US" xlink:label="lab_tef_AdvisoryOrControlCommitteesMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Advisory Or Control Committees [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_AdvisoryOrControlCommitteesMember" xlink:href="tef-20241231.xsd#tef_AdvisoryOrControlCommitteesMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_AdvisoryOrControlCommitteesMember" xlink:to="lab_tef_AdvisoryOrControlCommitteesMember" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_ExecutiveOfficer1Member_812fae62-a274-4aa7-ab69-f6ae97c8a41f_terseLabel_en-US" xlink:label="lab_tef_ExecutiveOfficer1Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Executive Member</link:label>
    <link:label id="lab_tef_ExecutiveOfficer1Member_label_en-US" xlink:label="lab_tef_ExecutiveOfficer1Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Executive Officer 1 [Member]</link:label>
    <link:label id="lab_tef_ExecutiveOfficer1Member_documentation_en-US" xlink:label="lab_tef_ExecutiveOfficer1Member" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Executive Officer 1 [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_ExecutiveOfficer1Member" xlink:href="tef-20241231.xsd#tef_ExecutiveOfficer1Member"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_ExecutiveOfficer1Member" xlink:to="lab_tef_ExecutiveOfficer1Member" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_PangeacoS.A.CMember_06863bac-23d7-4558-92da-75434d430484_terseLabel_en-US" xlink:label="lab_tef_PangeacoS.A.CMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Pangeaco, S.A.C Fibre rollout and capacity service provision</link:label>
    <link:label id="lab_tef_PangeacoS.A.CMember_label_en-US" xlink:label="lab_tef_PangeacoS.A.CMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Pangeaco, S.A.C [Member]</link:label>
    <link:label id="lab_tef_PangeacoS.A.CMember_documentation_en-US" xlink:label="lab_tef_PangeacoS.A.CMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Pangeaco, S.A.C</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_PangeacoS.A.CMember" xlink:href="tef-20241231.xsd#tef_PangeacoS.A.CMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_PangeacoS.A.CMember" xlink:to="lab_tef_PangeacoS.A.CMember" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_IncreaseDecreaseinFairValueofCostofHedginginEquity_16879bfb-0370-4582-9514-c311a25740fc_terseLabel_en-US" xlink:label="lab_tef_IncreaseDecreaseinFairValueofCostofHedginginEquity" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Changes in the fair value registered in equity</link:label>
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    <link:label id="lab_ifrs-full_NumberOfInstrumentsOtherEquityInstrumentsGranted_947b6bdb-873f-4642-9af7-446382f6313f_verboseLabel_en-US" xlink:label="lab_ifrs-full_NumberOfInstrumentsOtherEquityInstrumentsGranted" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Number of shares assigned (shares)</link:label>
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    <link:label id="lab_tef_TELEFEMISIONESMAY2020Member_65b304f6-2acf-4cf7-865f-ce4356592b85_terseLabel_en-US" xlink:label="lab_tef_TELEFEMISIONESMAY2020Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">TELEF EMISIONES MAY 2020</link:label>
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    <link:label id="lab_ifrs-full_OtherRelatedPartiesMember_4c10bec6-fd74-4c83-8aeb-15918b0cdd0a_terseLabel_en-US" xlink:label="lab_ifrs-full_OtherRelatedPartiesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Other Companies</link:label>
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    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_OtherRelatedPartiesMember" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_OtherRelatedPartiesMember"/>
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    <link:label id="lab_srt_StatementScenarioAxis_52e91af7-ffeb-4509-9340-610070e50e84_terseLabel_en-US" xlink:label="lab_srt_StatementScenarioAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Scenario [Axis]</link:label>
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    <link:label id="lab_ifrs-full_DisposalsPropertyPlantAndEquipment_58c58de8-87c2-491c-89e7-d9a9dc3b7df1_negatedTerseLabel_en-US" xlink:label="lab_ifrs-full_DisposalsPropertyPlantAndEquipment" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xml:lang="en-US">Dispo-sals</link:label>
    <link:label id="lab_ifrs-full_DisposalsPropertyPlantAndEquipment_label_en-US" xlink:label="lab_ifrs-full_DisposalsPropertyPlantAndEquipment" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disposals, property, plant and equipment</link:label>
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    <link:label id="lab_tef_HedgesinEquityContinuingHedges_278095e9-55e0-480f-b334-441bc21aba66_terseLabel_en-US" xlink:label="lab_tef_HedgesinEquityContinuingHedges" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Amounts remaining in equity for continuing hedges</link:label>
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    <link:label id="lab_ifrs-full_SignificantInvestmentsInSubsidiariesAxis_6f8287fc-a0ee-41dc-9fe3-519804cd8afe_terseLabel_en-US" xlink:label="lab_ifrs-full_SignificantInvestmentsInSubsidiariesAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Subsidiaries [axis]</link:label>
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    <link:label id="lab_ifrs-full_DisclosureOfPropertyPlantAndEquipmentExplanatory_d440b25b-76f6-470b-b586-70f3e726d6c8_terseLabel_en-US" xlink:label="lab_ifrs-full_DisclosureOfPropertyPlantAndEquipmentExplanatory" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Property, Plant and Equipment</link:label>
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    <link:label id="lab_ifrs-full_DisclosureOfInformationForIndividualAssetOrCashgeneratingUnitWithSignificantAmountOfGoodwillOrIntangibleAssetsWithIndefiniteUsefulLivesExplanatory_c7b37ff2-b275-46ba-b1f3-c2055397e9ab_terseLabel_en-US" xlink:label="lab_ifrs-full_DisclosureOfInformationForIndividualAssetOrCashgeneratingUnitWithSignificantAmountOfGoodwillOrIntangibleAssetsWithIndefiniteUsefulLivesExplanatory" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Schedule of Allocation of Goodwill to the Different Cash-Generating Units (CGUs)</link:label>
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    <link:label id="lab_ifrs-full_DepreciationRightofuseAssets_ed3dff7d-586e-4903-a410-31e7ec84cc4a_negatedTerseLabel_en-US" xlink:label="lab_ifrs-full_DepreciationRightofuseAssets" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xml:lang="en-US">Amorti-zation</link:label>
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    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_DepreciationRightofuseAssets" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_DepreciationRightofuseAssets"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DepreciationRightofuseAssets" xlink:to="lab_ifrs-full_DepreciationRightofuseAssets" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_IndefiniteOption5Member_09a104e0-45a5-4775-8ee0-9eef159a1cdb_terseLabel_en-US" xlink:label="lab_tef_IndefiniteOption5Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Indefinite, Option 5</link:label>
    <link:label id="lab_tef_IndefiniteOption5Member_label_en-US" xlink:label="lab_tef_IndefiniteOption5Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Indefinite, Option 5 [Member]</link:label>
    <link:label id="lab_tef_IndefiniteOption5Member_documentation_en-US" xlink:label="lab_tef_IndefiniteOption5Member" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Indefinite, Option 5 [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_IndefiniteOption5Member" xlink:href="tef-20241231.xsd#tef_IndefiniteOption5Member"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_IndefiniteOption5Member" xlink:to="lab_tef_IndefiniteOption5Member" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_ExpensesFromOperationsWithAssociatesAndJointVentures_239fc089-69ec-42d0-ba73-8e8ea7da7354_terseLabel_en-US" xlink:label="lab_tef_ExpensesFromOperationsWithAssociatesAndJointVentures" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Expenses from operations with associates and joint ventures</link:label>
    <link:label id="lab_tef_ExpensesFromOperationsWithAssociatesAndJointVentures_label_en-US" xlink:label="lab_tef_ExpensesFromOperationsWithAssociatesAndJointVentures" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Expenses From Operations With Associates And Joint Ventures</link:label>
    <link:label id="lab_tef_ExpensesFromOperationsWithAssociatesAndJointVentures_documentation_en-US" xlink:label="lab_tef_ExpensesFromOperationsWithAssociatesAndJointVentures" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Expenses From Operations With Associates And Joint Ventures</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_ExpensesFromOperationsWithAssociatesAndJointVentures" xlink:href="tef-20241231.xsd#tef_ExpensesFromOperationsWithAssociatesAndJointVentures"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_ExpensesFromOperationsWithAssociatesAndJointVentures" xlink:to="lab_tef_ExpensesFromOperationsWithAssociatesAndJointVentures" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_PercentageOfOperationFinanced_5051bc6f-8360-4486-9f3b-66285eec2c18_terseLabel_en-US" xlink:label="lab_tef_PercentageOfOperationFinanced" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Percentage of operation financed</link:label>
    <link:label id="lab_tef_PercentageOfOperationFinanced_label_en-US" xlink:label="lab_tef_PercentageOfOperationFinanced" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Percentage Of Operation Financed</link:label>
    <link:label id="lab_tef_PercentageOfOperationFinanced_documentation_en-US" xlink:label="lab_tef_PercentageOfOperationFinanced" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Percentage Of Operation Financed</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_PercentageOfOperationFinanced" xlink:href="tef-20241231.xsd#tef_PercentageOfOperationFinanced"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_PercentageOfOperationFinanced" xlink:to="lab_tef_PercentageOfOperationFinanced" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_IncomeTaxRelatingToShareOfGainsLossesRecognizedDirectlyInEquityOfAssociatesAndOthers_7cf304eb-53f6-4d86-b12e-6a95ea2c3c53_negatedTerseLabel_en-US" xlink:label="lab_tef_IncomeTaxRelatingToShareOfGainsLossesRecognizedDirectlyInEquityOfAssociatesAndOthers" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xml:lang="en-US">Income tax impact</link:label>
    <link:label id="lab_tef_IncomeTaxRelatingToShareOfGainsLossesRecognizedDirectlyInEquityOfAssociatesAndOthers_label_en-US" xlink:label="lab_tef_IncomeTaxRelatingToShareOfGainsLossesRecognizedDirectlyInEquityOfAssociatesAndOthers" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Income Tax Relating To Share Of Gains (Losses) Recognized Directly In Equity Of Associates And Others</link:label>
    <link:label id="lab_tef_IncomeTaxRelatingToShareOfGainsLossesRecognizedDirectlyInEquityOfAssociatesAndOthers_documentation_en-US" xlink:label="lab_tef_IncomeTaxRelatingToShareOfGainsLossesRecognizedDirectlyInEquityOfAssociatesAndOthers" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Income Tax Relating To Share Of Gains (Losses) Recognized Directly In Equity Of Associates And Others</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_IncomeTaxRelatingToShareOfGainsLossesRecognizedDirectlyInEquityOfAssociatesAndOthers" xlink:href="tef-20241231.xsd#tef_IncomeTaxRelatingToShareOfGainsLossesRecognizedDirectlyInEquityOfAssociatesAndOthers"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_IncomeTaxRelatingToShareOfGainsLossesRecognizedDirectlyInEquityOfAssociatesAndOthers" xlink:to="lab_tef_IncomeTaxRelatingToShareOfGainsLossesRecognizedDirectlyInEquityOfAssociatesAndOthers" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_OtherDividendsMember_e658e12f-c329-4d41-a63c-4d11c84ec240_terseLabel_en-US" xlink:label="lab_tef_OtherDividendsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Others</link:label>
    <link:label id="lab_tef_OtherDividendsMember_label_en-US" xlink:label="lab_tef_OtherDividendsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Other Dividends [Member]</link:label>
    <link:label id="lab_tef_OtherDividendsMember_documentation_en-US" xlink:label="lab_tef_OtherDividendsMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Other Dividends [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_OtherDividendsMember" xlink:href="tef-20241231.xsd#tef_OtherDividendsMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_OtherDividendsMember" xlink:to="lab_tef_OtherDividendsMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_CumulativeEffectAtDateOfInitialApplicationAxis_a3c856a5-0b23-460b-a391-7043591bfc20_terseLabel_en-US" xlink:label="lab_ifrs-full_CumulativeEffectAtDateOfInitialApplicationAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Cumulative effect at date of initial application [axis]</link:label>
    <link:label id="lab_ifrs-full_CumulativeEffectAtDateOfInitialApplicationAxis_label_en-US" xlink:label="lab_ifrs-full_CumulativeEffectAtDateOfInitialApplicationAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Cumulative effect at date of initial application [axis]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_CumulativeEffectAtDateOfInitialApplicationAxis" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_CumulativeEffectAtDateOfInitialApplicationAxis"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_CumulativeEffectAtDateOfInitialApplicationAxis" xlink:to="lab_ifrs-full_CumulativeEffectAtDateOfInitialApplicationAxis" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_ShorttermEmployeeBenefitsAccruals_19cae7fe-5406-4204-97d1-798d79c51f9c_verboseLabel_en-US" xlink:label="lab_ifrs-full_ShorttermEmployeeBenefitsAccruals" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Accrued employee benefits</link:label>
    <link:label id="lab_ifrs-full_ShorttermEmployeeBenefitsAccruals_label_en-US" xlink:label="lab_ifrs-full_ShorttermEmployeeBenefitsAccruals" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Short-term employee benefits accruals</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_ShorttermEmployeeBenefitsAccruals" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_ShorttermEmployeeBenefitsAccruals"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_ShorttermEmployeeBenefitsAccruals" xlink:to="lab_ifrs-full_ShorttermEmployeeBenefitsAccruals" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_IncomeTaxRelatingtoReclassificationofGainsLossesonCashFlowHedges_0081526c-7cd6-4a69-9c0a-5321f00ffc84_negatedTerseLabel_en-US" xlink:label="lab_tef_IncomeTaxRelatingtoReclassificationofGainsLossesonCashFlowHedges" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xml:lang="en-US">Income tax impact</link:label>
    <link:label id="lab_tef_IncomeTaxRelatingtoReclassificationofGainsLossesonCashFlowHedges_label_en-US" xlink:label="lab_tef_IncomeTaxRelatingtoReclassificationofGainsLossesonCashFlowHedges" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Income Tax Relating to Reclassification of Gains (Losses) on Cash Flow Hedges</link:label>
    <link:label id="lab_tef_IncomeTaxRelatingtoReclassificationofGainsLossesonCashFlowHedges_documentation_en-US" xlink:label="lab_tef_IncomeTaxRelatingtoReclassificationofGainsLossesonCashFlowHedges" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Income Tax Relating to Reclassification of Gains (Losses) on Cash Flow Hedges</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_IncomeTaxRelatingtoReclassificationofGainsLossesonCashFlowHedges" xlink:href="tef-20241231.xsd#tef_IncomeTaxRelatingtoReclassificationofGainsLossesonCashFlowHedges"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_IncomeTaxRelatingtoReclassificationofGainsLossesonCashFlowHedges" xlink:to="lab_tef_IncomeTaxRelatingtoReclassificationofGainsLossesonCashFlowHedges" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_CategoriesOfRelatedPartiesDomain_28cdb747-f27f-4216-829e-b11464a0bae9_terseLabel_en-US" xlink:label="lab_ifrs-full_CategoriesOfRelatedPartiesDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Categories of related parties</link:label>
    <link:label id="lab_ifrs-full_CategoriesOfRelatedPartiesDomain_label_en-US" xlink:label="lab_ifrs-full_CategoriesOfRelatedPartiesDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Categories of related parties [domain]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_CategoriesOfRelatedPartiesDomain" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_CategoriesOfRelatedPartiesDomain"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_CategoriesOfRelatedPartiesDomain" xlink:to="lab_ifrs-full_CategoriesOfRelatedPartiesDomain" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_CurrentPayablesForPurchaseOfNoncurrentAssets_2485e4b8-4824-401e-a024-68a2d5024e57_terseLabel_en-US" xlink:label="lab_ifrs-full_CurrentPayablesForPurchaseOfNoncurrentAssets" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Payables to suppliers of property, plant and equipment</link:label>
    <link:label id="lab_ifrs-full_CurrentPayablesForPurchaseOfNoncurrentAssets_label_en-US" xlink:label="lab_ifrs-full_CurrentPayablesForPurchaseOfNoncurrentAssets" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Current payables for purchase of non-current assets</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_CurrentPayablesForPurchaseOfNoncurrentAssets" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_CurrentPayablesForPurchaseOfNoncurrentAssets"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_CurrentPayablesForPurchaseOfNoncurrentAssets" xlink:to="lab_ifrs-full_CurrentPayablesForPurchaseOfNoncurrentAssets" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_TelefonicaTechCommunicationCollaborationLimitedMember_f5c867c1-a681-46fd-9f20-b6b1d5d7f5d9_terseLabel_en-US" xlink:label="lab_tef_TelefonicaTechCommunicationCollaborationLimitedMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Telefonica Tech Communication &amp; Collaboration Limited</link:label>
    <link:label id="lab_tef_TelefonicaTechCommunicationCollaborationLimitedMember_label_en-US" xlink:label="lab_tef_TelefonicaTechCommunicationCollaborationLimitedMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Telefonica Tech Communication &amp; Collaboration Limited [Member]</link:label>
    <link:label id="lab_tef_TelefonicaTechCommunicationCollaborationLimitedMember_documentation_en-US" xlink:label="lab_tef_TelefonicaTechCommunicationCollaborationLimitedMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Telefonica Tech Communication &amp; Collaboration Limited</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_TelefonicaTechCommunicationCollaborationLimitedMember" xlink:href="tef-20241231.xsd#tef_TelefonicaTechCommunicationCollaborationLimitedMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_TelefonicaTechCommunicationCollaborationLimitedMember" xlink:to="lab_tef_TelefonicaTechCommunicationCollaborationLimitedMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_Provisions_140fd9e0-9f01-44d6-aecd-1dbefd7f8976_totalLabel_en-US" xlink:label="lab_ifrs-full_Provisions" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Total</link:label>
    <link:label id="lab_ifrs-full_Provisions_label_en-US" xlink:label="lab_ifrs-full_Provisions" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Provisions</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_Provisions" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_Provisions"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_Provisions" xlink:to="lab_ifrs-full_Provisions" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_ShorttermContractsMember_969375a1-d5dc-4c5d-a29e-373839208756_terseLabel_en-US" xlink:label="lab_ifrs-full_ShorttermContractsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Short-term contracts</link:label>
    <link:label id="lab_ifrs-full_ShorttermContractsMember_label_en-US" xlink:label="lab_ifrs-full_ShorttermContractsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Short-term contracts [member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_ShorttermContractsMember" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_ShorttermContractsMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_ShorttermContractsMember" xlink:to="lab_ifrs-full_ShorttermContractsMember" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_AuditInformationAbstract_label_en-US" xlink:label="lab_tef_AuditInformationAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Audit Information [Abstract]</link:label>
    <link:label id="lab_tef_AuditInformationAbstract_documentation_en-US" xlink:label="lab_tef_AuditInformationAbstract" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Audit Information</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_AuditInformationAbstract" xlink:href="tef-20241231.xsd#tef_AuditInformationAbstract"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_AuditInformationAbstract" xlink:to="lab_tef_AuditInformationAbstract" xlink:type="arc" order="1"/>
    <link:label id="lab_srt_ConsolidatedEntitiesAxis_56eb52ef-1763-44db-bedf-f6cda123a0fd_terseLabel_en-US" xlink:label="lab_srt_ConsolidatedEntitiesAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Consolidated Entities [Axis]</link:label>
    <link:label id="lab_srt_ConsolidatedEntitiesAxis_label_en-US" xlink:label="lab_srt_ConsolidatedEntitiesAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Consolidated Entities [Axis]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_srt_ConsolidatedEntitiesAxis" xlink:href="https://xbrl.fasb.org/srt/2024/elts/srt-2024.xsd#srt_ConsolidatedEntitiesAxis"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_srt_ConsolidatedEntitiesAxis" xlink:to="lab_srt_ConsolidatedEntitiesAxis" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_FirstCycleMember_65a8d37f-4cc9-40b0-9b7c-bca8cf526f3c_terseLabel_en-US" xlink:label="lab_tef_FirstCycleMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">First cycle</link:label>
    <link:label id="lab_tef_FirstCycleMember_label_en-US" xlink:label="lab_tef_FirstCycleMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">First Cycle [Member]</link:label>
    <link:label id="lab_tef_FirstCycleMember_documentation_en-US" xlink:label="lab_tef_FirstCycleMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">First Cycle [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_FirstCycleMember" xlink:href="tef-20241231.xsd#tef_FirstCycleMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_FirstCycleMember" xlink:to="lab_tef_FirstCycleMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_DebtSecuritiesMember_e0dcb2b8-49f0-4754-9b9c-999088956c1d_verboseLabel_en-US" xlink:label="lab_ifrs-full_DebtSecuritiesMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Debt instruments</link:label>
    <link:label id="lab_ifrs-full_DebtSecuritiesMember_c1f9e72f-71f4-4778-9f2f-61fa625013d3_terseLabel_en-US" xlink:label="lab_ifrs-full_DebtSecuritiesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Underlying debt</link:label>
    <link:label id="lab_ifrs-full_DebtSecuritiesMember_label_en-US" xlink:label="lab_ifrs-full_DebtSecuritiesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Debt securities [member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_DebtSecuritiesMember" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_DebtSecuritiesMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DebtSecuritiesMember" xlink:to="lab_ifrs-full_DebtSecuritiesMember" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_LaLigaTVBarChannelMember_f89f2eb3-31e4-4ed0-8eb3-7afc1c17d74a_terseLabel_en-US" xlink:label="lab_tef_LaLigaTVBarChannelMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">LaLiga TV Bar Channel</link:label>
    <link:label id="lab_tef_LaLigaTVBarChannelMember_label_en-US" xlink:label="lab_tef_LaLigaTVBarChannelMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">LaLiga TV Bar Channel [Member]</link:label>
    <link:label id="lab_tef_LaLigaTVBarChannelMember_documentation_en-US" xlink:label="lab_tef_LaLigaTVBarChannelMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">LaLiga TV Bar Channel</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_LaLigaTVBarChannelMember" xlink:href="tef-20241231.xsd#tef_LaLigaTVBarChannelMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_LaLigaTVBarChannelMember" xlink:to="lab_tef_LaLigaTVBarChannelMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_CommitmentsInRelationToJointVentures_7310c827-6e73-4195-9c14-6878727954cb_terseLabel_en-US" xlink:label="lab_ifrs-full_CommitmentsInRelationToJointVentures" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Commitments in relation to joint ventures</link:label>
    <link:label id="lab_ifrs-full_CommitmentsInRelationToJointVentures_label_en-US" xlink:label="lab_ifrs-full_CommitmentsInRelationToJointVentures" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Commitments in relation to joint ventures</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_CommitmentsInRelationToJointVentures" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_CommitmentsInRelationToJointVentures"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_CommitmentsInRelationToJointVentures" xlink:to="lab_ifrs-full_CommitmentsInRelationToJointVentures" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_EffectOfChangesInConsolidationMethodsAndOthersOnCashAndCashEquivalents_a6545116-bc18-43ec-a1ae-c30138dcf918_terseLabel_en-US" xlink:label="lab_tef_EffectOfChangesInConsolidationMethodsAndOthersOnCashAndCashEquivalents" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Effect of changes in consolidation methods and others</link:label>
    <link:label id="lab_tef_EffectOfChangesInConsolidationMethodsAndOthersOnCashAndCashEquivalents_label_en-US" xlink:label="lab_tef_EffectOfChangesInConsolidationMethodsAndOthersOnCashAndCashEquivalents" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Effect Of Changes In Consolidation Methods And Others On Cash And Cash Equivalents</link:label>
    <link:label id="lab_tef_EffectOfChangesInConsolidationMethodsAndOthersOnCashAndCashEquivalents_documentation_en-US" xlink:label="lab_tef_EffectOfChangesInConsolidationMethodsAndOthersOnCashAndCashEquivalents" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Effect Of Changes In Consolidation Methods And Others On Cash And Cash Equivalents</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_EffectOfChangesInConsolidationMethodsAndOthersOnCashAndCashEquivalents" xlink:href="tef-20241231.xsd#tef_EffectOfChangesInConsolidationMethodsAndOthersOnCashAndCashEquivalents"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_EffectOfChangesInConsolidationMethodsAndOthersOnCashAndCashEquivalents" xlink:to="lab_tef_EffectOfChangesInConsolidationMethodsAndOthersOnCashAndCashEquivalents" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_BETernaAGSwitzerlandMember_a9a6cd8a-0001-4323-aae6-e89bfd74d280_terseLabel_en-US" xlink:label="lab_tef_BETernaAGSwitzerlandMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">BE-terna AG (Switzerland)</link:label>
    <link:label id="lab_tef_BETernaAGSwitzerlandMember_label_en-US" xlink:label="lab_tef_BETernaAGSwitzerlandMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">BE-terna AG (Switzerland) [Member]</link:label>
    <link:label id="lab_tef_BETernaAGSwitzerlandMember_documentation_en-US" xlink:label="lab_tef_BETernaAGSwitzerlandMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">BE-terna AG (Switzerland)</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_BETernaAGSwitzerlandMember" xlink:href="tef-20241231.xsd#tef_BETernaAGSwitzerlandMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_BETernaAGSwitzerlandMember" xlink:to="lab_tef_BETernaAGSwitzerlandMember" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_FUSTFISTELandEBCTaxAuthoritiesMember_752d76a1-076c-48bf-adca-7f33e851d092_terseLabel_en-US" xlink:label="lab_tef_FUSTFISTELandEBCTaxAuthoritiesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">FUST</link:label>
    <link:label id="lab_tef_FUSTFISTELandEBCTaxAuthoritiesMember_label_en-US" xlink:label="lab_tef_FUSTFISTELandEBCTaxAuthoritiesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">FUST, FISTEL and EBC Tax Authorities [Member]</link:label>
    <link:label id="lab_tef_FUSTFISTELandEBCTaxAuthoritiesMember_documentation_en-US" xlink:label="lab_tef_FUSTFISTELandEBCTaxAuthoritiesMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">FUST, FISTEL and EBC Tax Authorities [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_FUSTFISTELandEBCTaxAuthoritiesMember" xlink:href="tef-20241231.xsd#tef_FUSTFISTELandEBCTaxAuthoritiesMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_FUSTFISTELandEBCTaxAuthoritiesMember" xlink:to="lab_tef_FUSTFISTELandEBCTaxAuthoritiesMember" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_TerraNetworksBrasilMember_e55c9eab-0111-4db8-8b86-5f95ff35cdbd_terseLabel_en-US" xlink:label="lab_tef_TerraNetworksBrasilMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Terra Networks Brasil, Ltda. ISP and portal</link:label>
    <link:label id="lab_tef_TerraNetworksBrasilMember_label_en-US" xlink:label="lab_tef_TerraNetworksBrasilMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Terra Networks Brasil [Member]</link:label>
    <link:label id="lab_tef_TerraNetworksBrasilMember_documentation_en-US" xlink:label="lab_tef_TerraNetworksBrasilMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Terra Networks Brasil [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_TerraNetworksBrasilMember" xlink:href="tef-20241231.xsd#tef_TerraNetworksBrasilMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_TerraNetworksBrasilMember" xlink:to="lab_tef_TerraNetworksBrasilMember" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_CurrentIncomeTaxesPayable_c4791cc2-608b-467f-a061-45950888ac89_terseLabel_en-US" xlink:label="lab_tef_CurrentIncomeTaxesPayable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Current income taxes payable</link:label>
    <link:label id="lab_tef_CurrentIncomeTaxesPayable_label_en-US" xlink:label="lab_tef_CurrentIncomeTaxesPayable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Current Income Taxes Payable</link:label>
    <link:label id="lab_tef_CurrentIncomeTaxesPayable_documentation_en-US" xlink:label="lab_tef_CurrentIncomeTaxesPayable" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Current Income Taxes Payable</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_CurrentIncomeTaxesPayable" xlink:href="tef-20241231.xsd#tef_CurrentIncomeTaxesPayable"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_CurrentIncomeTaxesPayable" xlink:to="lab_tef_CurrentIncomeTaxesPayable" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_Gainslossesoncashflowhedgescostsbeforetax_8929a1b4-f4cd-4803-8386-137e6286f807_terseLabel_en-US" xlink:label="lab_tef_Gainslossesoncashflowhedgescostsbeforetax" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Gains (losses) on hedges costs</link:label>
    <link:label id="lab_tef_Gainslossesoncashflowhedgescostsbeforetax_label_en-US" xlink:label="lab_tef_Gainslossesoncashflowhedgescostsbeforetax" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Gains (losses) on cash flow hedges costs, before tax</link:label>
    <link:label id="lab_tef_Gainslossesoncashflowhedgescostsbeforetax_documentation_en-US" xlink:label="lab_tef_Gainslossesoncashflowhedgescostsbeforetax" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Gains (losses) on cash flow hedges costs, before tax</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_Gainslossesoncashflowhedgescostsbeforetax" xlink:href="tef-20241231.xsd#tef_Gainslossesoncashflowhedgescostsbeforetax"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_Gainslossesoncashflowhedgescostsbeforetax" xlink:to="lab_tef_Gainslossesoncashflowhedgescostsbeforetax" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_BilateralLoanDueSeptember292033Member_590d36d9-8dab-4972-bf20-b0f0d05ea50b_terseLabel_en-US" xlink:label="lab_tef_BilateralLoanDueSeptember292033Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Bilateral Loan Due September 29, 2033</link:label>
    <link:label id="lab_tef_BilateralLoanDueSeptember292033Member_label_en-US" xlink:label="lab_tef_BilateralLoanDueSeptember292033Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Bilateral Loan Due September 29, 2033 [Member]</link:label>
    <link:label id="lab_tef_BilateralLoanDueSeptember292033Member_documentation_en-US" xlink:label="lab_tef_BilateralLoanDueSeptember292033Member" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Bilateral Loan Due September 29, 2033</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_BilateralLoanDueSeptember292033Member" xlink:href="tef-20241231.xsd#tef_BilateralLoanDueSeptember292033Member"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_BilateralLoanDueSeptember292033Member" xlink:to="lab_tef_BilateralLoanDueSeptember292033Member" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_OtherLongtermProvisions_9475c972-a1c6-448d-82c7-01833f0e3507_terseLabel_en-US" xlink:label="lab_ifrs-full_OtherLongtermProvisions" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Other provisions</link:label>
    <link:label id="lab_ifrs-full_OtherLongtermProvisions_6ac449f8-3ccb-4e10-bd80-71d2b0d16072_verboseLabel_en-US" xlink:label="lab_ifrs-full_OtherLongtermProvisions" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Non-current (see Note 12)</link:label>
    <link:label id="lab_ifrs-full_OtherLongtermProvisions_label_en-US" xlink:label="lab_ifrs-full_OtherLongtermProvisions" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Other non-current provisions</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_OtherLongtermProvisions" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_OtherLongtermProvisions"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_OtherLongtermProvisions" xlink:to="lab_ifrs-full_OtherLongtermProvisions" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_NumberOfCashGeneratingUnits_a19535e8-4732-4f02-b318-01f26f8ce836_terseLabel_en-US" xlink:label="lab_tef_NumberOfCashGeneratingUnits" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Number of cash generating units</link:label>
    <link:label id="lab_tef_NumberOfCashGeneratingUnits_label_en-US" xlink:label="lab_tef_NumberOfCashGeneratingUnits" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Number of Cash Generating Units</link:label>
    <link:label id="lab_tef_NumberOfCashGeneratingUnits_documentation_en-US" xlink:label="lab_tef_NumberOfCashGeneratingUnits" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Number of Cash Generating Units</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_NumberOfCashGeneratingUnits" xlink:href="tef-20241231.xsd#tef_NumberOfCashGeneratingUnits"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_NumberOfCashGeneratingUnits" xlink:to="lab_tef_NumberOfCashGeneratingUnits" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_DisclosureOfDepreciationAndAmortizationExpenseTableTextBlock_cc5e8f5e-1616-466a-960a-cacd7cf35732_terseLabel_en-US" xlink:label="lab_tef_DisclosureOfDepreciationAndAmortizationExpenseTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Schedule of Breakdown of Depreciation and Amortization</link:label>
    <link:label id="lab_tef_DisclosureOfDepreciationAndAmortizationExpenseTableTextBlock_label_en-US" xlink:label="lab_tef_DisclosureOfDepreciationAndAmortizationExpenseTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure Of Depreciation And Amortization Expense [Table Text Block]</link:label>
    <link:label id="lab_tef_DisclosureOfDepreciationAndAmortizationExpenseTableTextBlock_documentation_en-US" xlink:label="lab_tef_DisclosureOfDepreciationAndAmortizationExpenseTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Disclosure Of Depreciation And Amortization Expense [Table Text Block]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_DisclosureOfDepreciationAndAmortizationExpenseTableTextBlock" xlink:href="tef-20241231.xsd#tef_DisclosureOfDepreciationAndAmortizationExpenseTableTextBlock"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_DisclosureOfDepreciationAndAmortizationExpenseTableTextBlock" xlink:to="lab_tef_DisclosureOfDepreciationAndAmortizationExpenseTableTextBlock" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_StatementOfChangesInEquityTable_abb1874e-34e9-475b-b756-bb3d7ecfa239_terseLabel_en-US" xlink:label="lab_ifrs-full_StatementOfChangesInEquityTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Statement of changes in equity [table]</link:label>
    <link:label id="lab_ifrs-full_StatementOfChangesInEquityTable_label_en-US" xlink:label="lab_ifrs-full_StatementOfChangesInEquityTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Statement of changes in equity [table]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_StatementOfChangesInEquityTable" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_StatementOfChangesInEquityTable"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_StatementOfChangesInEquityTable" xlink:to="lab_ifrs-full_StatementOfChangesInEquityTable" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_NewPromissoryNoteDebtMember_20026ea1-f75e-4a45-a9bb-cb689b859e72_terseLabel_en-US" xlink:label="lab_tef_NewPromissoryNoteDebtMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">New Promissory Note Debt</link:label>
    <link:label id="lab_tef_NewPromissoryNoteDebtMember_label_en-US" xlink:label="lab_tef_NewPromissoryNoteDebtMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">New Promissory Note Debt [Member]</link:label>
    <link:label id="lab_tef_NewPromissoryNoteDebtMember_documentation_en-US" xlink:label="lab_tef_NewPromissoryNoteDebtMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">New Promissory Note Debt</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_NewPromissoryNoteDebtMember" xlink:href="tef-20241231.xsd#tef_NewPromissoryNoteDebtMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_NewPromissoryNoteDebtMember" xlink:to="lab_tef_NewPromissoryNoteDebtMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_GainsLossesOnDisposalsOfOtherNoncurrentAssets_93b407e2-6f5b-4af1-b98e-943a51b15378_terseLabel_en-US" xlink:label="lab_ifrs-full_GainsLossesOnDisposalsOfOtherNoncurrentAssets" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Gain on disposal of intangible assets</link:label>
    <link:label id="lab_ifrs-full_GainsLossesOnDisposalsOfOtherNoncurrentAssets_label_en-US" xlink:label="lab_ifrs-full_GainsLossesOnDisposalsOfOtherNoncurrentAssets" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Gains (losses) on disposals of other non-current assets</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_GainsLossesOnDisposalsOfOtherNoncurrentAssets" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_GainsLossesOnDisposalsOfOtherNoncurrentAssets"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_GainsLossesOnDisposalsOfOtherNoncurrentAssets" xlink:to="lab_ifrs-full_GainsLossesOnDisposalsOfOtherNoncurrentAssets" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_GoodwillAndIntangibleAssetsMember_f9dc61f5-e680-4ebb-8e51-e8fbca941409_terseLabel_en-US" xlink:label="lab_tef_GoodwillAndIntangibleAssetsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Goodwill and intangible assets</link:label>
    <link:label id="lab_tef_GoodwillAndIntangibleAssetsMember_label_en-US" xlink:label="lab_tef_GoodwillAndIntangibleAssetsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Goodwill And Intangible Assets [Member]</link:label>
    <link:label id="lab_tef_GoodwillAndIntangibleAssetsMember_documentation_en-US" xlink:label="lab_tef_GoodwillAndIntangibleAssetsMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Goodwill And Intangible Assets [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_GoodwillAndIntangibleAssetsMember" xlink:href="tef-20241231.xsd#tef_GoodwillAndIntangibleAssetsMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_GoodwillAndIntangibleAssetsMember" xlink:to="lab_tef_GoodwillAndIntangibleAssetsMember" xlink:type="arc" order="1"/>
    <link:label id="lab_dei_DocumentInformationLineItems_ee5b599b-b694-49ea-a0fc-7d9fd7a93b46_terseLabel_en-US" xlink:label="lab_dei_DocumentInformationLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Document Information [Line Items]</link:label>
    <link:label id="lab_dei_DocumentInformationLineItems_label_en-US" xlink:label="lab_dei_DocumentInformationLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Document Information [Line Items]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_dei_DocumentInformationLineItems" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_DocumentInformationLineItems"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_DocumentInformationLineItems" xlink:to="lab_dei_DocumentInformationLineItems" xlink:type="arc" order="1"/>
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    <link:label id="lab_tef_RegulationsOnDigitalServicesPossibleFineOnTotalWorldwideTurnoverRepeatOffense_documentation_en-US" xlink:label="lab_tef_RegulationsOnDigitalServicesPossibleFineOnTotalWorldwideTurnoverRepeatOffense" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Regulations On Digital Services, Possible Fine On Total Worldwide Turnover, Repeat Offense</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_RegulationsOnDigitalServicesPossibleFineOnTotalWorldwideTurnoverRepeatOffense" xlink:href="tef-20241231.xsd#tef_RegulationsOnDigitalServicesPossibleFineOnTotalWorldwideTurnoverRepeatOffense"/>
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    <link:label id="lab_ifrs-full_DisclosureOfAssetsRecognisedFromCostsToObtainOrFulfilContractsWithCustomersTable_e28cb599-48e2-4c46-a00d-7d3f1deabd4e_terseLabel_en-US" xlink:label="lab_ifrs-full_DisclosureOfAssetsRecognisedFromCostsToObtainOrFulfilContractsWithCustomersTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Disclosure of assets recognised from costs to obtain or fulfil contracts with customers [table]</link:label>
    <link:label id="lab_ifrs-full_DisclosureOfAssetsRecognisedFromCostsToObtainOrFulfilContractsWithCustomersTable_label_en-US" xlink:label="lab_ifrs-full_DisclosureOfAssetsRecognisedFromCostsToObtainOrFulfilContractsWithCustomersTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure of assets recognised from costs to obtain or fulfil contracts with customers [table]</link:label>
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    <link:label id="lab_tef_Law182022Member_0f3d94bb-3a63-4642-8ec4-e157f854d8b7_terseLabel_en-US" xlink:label="lab_tef_Law182022Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Law 18/2022</link:label>
    <link:label id="lab_tef_Law182022Member_label_en-US" xlink:label="lab_tef_Law182022Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Law 18/2022 [Member]</link:label>
    <link:label id="lab_tef_Law182022Member_documentation_en-US" xlink:label="lab_tef_Law182022Member" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Law 18/2022</link:label>
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    <link:label id="lab_tef_TelefonicaGermanyHoldingsLimitedMember_d0ca5e38-d134-4e0b-828e-045a2d7e850d_terseLabel_en-US" xlink:label="lab_tef_TelefonicaGermanyHoldingsLimitedMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Telef&#243;nica Germany Holdings Limited</link:label>
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    <link:label id="lab_tef_TelefonicaGermanyHoldingsLimitedMember_documentation_en-US" xlink:label="lab_tef_TelefonicaGermanyHoldingsLimitedMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Telef&#243;nica Germany Holdings Limited</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_TelefonicaGermanyHoldingsLimitedMember" xlink:href="tef-20241231.xsd#tef_TelefonicaGermanyHoldingsLimitedMember"/>
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    <link:label id="lab_ifrs-full_Level3OfFairValueHierarchyMember_09f13795-5a6a-4050-be40-27c783d1b2df_terseLabel_en-US" xlink:label="lab_ifrs-full_Level3OfFairValueHierarchyMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Level 3 (Inputs not based on observable market data)</link:label>
    <link:label id="lab_ifrs-full_Level3OfFairValueHierarchyMember_label_en-US" xlink:label="lab_ifrs-full_Level3OfFairValueHierarchyMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Level 3 of fair value hierarchy [member]</link:label>
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    <link:label id="lab_tef_TelefonicaBrasilClaroSAAndTIMSAMember_a4ef86c1-9bc7-4c92-985b-632897238be3_terseLabel_en-US" xlink:label="lab_tef_TelefonicaBrasilClaroSAAndTIMSAMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Telef&#243;nica Brasil, Claro S.A. And TIM S.A.</link:label>
    <link:label id="lab_tef_TelefonicaBrasilClaroSAAndTIMSAMember_label_en-US" xlink:label="lab_tef_TelefonicaBrasilClaroSAAndTIMSAMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Telef&#243;nica Brasil, Claro S.A. And TIM S.A. [Member]</link:label>
    <link:label id="lab_tef_TelefonicaBrasilClaroSAAndTIMSAMember_documentation_en-US" xlink:label="lab_tef_TelefonicaBrasilClaroSAAndTIMSAMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Telef&#243;nica Brasil, Claro S.A. And TIM S.A.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_TelefonicaBrasilClaroSAAndTIMSAMember" xlink:href="tef-20241231.xsd#tef_TelefonicaBrasilClaroSAAndTIMSAMember"/>
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    <link:label id="lab_tef_TELEFEMISIONESMAY2022Member_38c5e648-6ebe-4040-91d1-ba459fdf0026_terseLabel_en-US" xlink:label="lab_tef_TELEFEMISIONESMAY2022Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">TELEF. EMISIONES MAY 2022</link:label>
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    <link:label id="lab_tef_TELEFEMISIONESMAY2022Member_documentation_en-US" xlink:label="lab_tef_TELEFEMISIONESMAY2022Member" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">TELEF. EMISIONES MAY 2022</link:label>
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    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_TELEFEMISIONESMAY2022Member" xlink:to="lab_tef_TELEFEMISIONESMAY2022Member" xlink:type="arc" order="1"/>
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    <link:label id="lab_tef_PercentageOfResultForThePeriodOfJointVenture_22e44769-6656-4b67-9349-96cb6ec13fd7_terseLabel_en-US" xlink:label="lab_tef_PercentageOfResultForThePeriodOfJointVenture" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Result for the period of joint venture (in percent)</link:label>
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    <link:label id="lab_tef_PercentageOfResultForThePeriodOfJointVenture_documentation_en-US" xlink:label="lab_tef_PercentageOfResultForThePeriodOfJointVenture" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Percentage Of Result For The Period Of Joint Venture</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_PercentageOfResultForThePeriodOfJointVenture" xlink:href="tef-20241231.xsd#tef_PercentageOfResultForThePeriodOfJointVenture"/>
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    <link:label id="lab_tef_Gainlossonchangeinfairvalueofhedginginstrument_22d4dcf9-55b9-467c-ae57-f947e7e22bb7_terseLabel_en-US" xlink:label="lab_tef_Gainlossonchangeinfairvalueofhedginginstrument" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Changes in fair value of the hedging instrument</link:label>
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    <link:label id="lab_tef_Gainlossonchangeinfairvalueofhedginginstrument_documentation_en-US" xlink:label="lab_tef_Gainlossonchangeinfairvalueofhedginginstrument" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Gain (loss) on change in fair value of hedging instrument</link:label>
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    <link:label id="lab_tef_PrincipalandInterestPaymentsofLeaseLiabilities_109251e3-6d72-428a-9042-a566f32a20e3_negatedTotalLabel_en-US" xlink:label="lab_tef_PrincipalandInterestPaymentsofLeaseLiabilities" xlink:role="http://www.xbrl.org/2009/role/negatedTotalLabel" xlink:type="resource" xml:lang="en-US">Principal and interests payments</link:label>
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    <link:label id="lab_tef_PrincipalandInterestPaymentsofLeaseLiabilities_documentation_en-US" xlink:label="lab_tef_PrincipalandInterestPaymentsofLeaseLiabilities" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Principal and Interest Payments of Lease Liabilities</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_PrincipalandInterestPaymentsofLeaseLiabilities" xlink:href="tef-20241231.xsd#tef_PrincipalandInterestPaymentsofLeaseLiabilities"/>
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    <link:label id="lab_tef_PriceRenewalRenewalOfRadioFrequenciesAssociatedWithTheProvisionOfPersonalMobileServicesPercentage_2761ae65-26e1-47b1-bc82-cd50d05a8dcf_terseLabel_en-US" xlink:label="lab_tef_PriceRenewalRenewalOfRadioFrequenciesAssociatedWithTheProvisionOfPersonalMobileServicesPercentage" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Price renewal, renewal of radio frequencies associated with the provision of personal mobile services (in percentage)</link:label>
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    <link:loc xlink:type="locator" xlink:label="loc_tef_PriceRenewalRenewalOfRadioFrequenciesAssociatedWithTheProvisionOfPersonalMobileServicesPercentage" xlink:href="tef-20241231.xsd#tef_PriceRenewalRenewalOfRadioFrequenciesAssociatedWithTheProvisionOfPersonalMobileServicesPercentage"/>
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    <link:label id="lab_tef_TelefonicaCorreduriaDeSegurosYReasegurosCompaniaDeMediacionMember_c819eb37-7ad9-4f44-96ea-989c3a136921_terseLabel_en-US" xlink:label="lab_tef_TelefonicaCorreduriaDeSegurosYReasegurosCompaniaDeMediacionMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Telef&#243;nica Corredur&#237;a de Seguros y Reaseguros Compa&#241;&#237;a de Mediaci&#243;n, S.A. Distribution, promotion or preparation of insurance contracts</link:label>
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    <link:label id="lab_tef_TelefonicaCorreduriaDeSegurosYReasegurosCompaniaDeMediacionMember_documentation_en-US" xlink:label="lab_tef_TelefonicaCorreduriaDeSegurosYReasegurosCompaniaDeMediacionMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Telefonica Correduria de Seguros y Reaseguros Compa&#241;ia de Mediacion</link:label>
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    <link:label id="lab_ifrs-full_DeferredTaxAssetsRecognisedAsOfAcquisitionDate_df95cc27-03a0-46bf-9481-dbd9491e3813_terseLabel_en-US" xlink:label="lab_ifrs-full_DeferredTaxAssetsRecognisedAsOfAcquisitionDate" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Other current assets</link:label>
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    <link:label id="lab_tef_DerivativeAssetsLiabilitiesNetRollForward_label_en-US" xlink:label="lab_tef_DerivativeAssetsLiabilitiesNetRollForward" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Derivative Assets/ Liabilities, Net [Roll Forward]</link:label>
    <link:label id="lab_tef_DerivativeAssetsLiabilitiesNetRollForward_documentation_en-US" xlink:label="lab_tef_DerivativeAssetsLiabilitiesNetRollForward" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Derivative Assets/ Liabilities, Net [Roll Forward]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_DerivativeAssetsLiabilitiesNetRollForward" xlink:href="tef-20241231.xsd#tef_DerivativeAssetsLiabilitiesNetRollForward"/>
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    <link:label id="lab_tef_ValuationAssumptionEBITDAMarginPercentage_c7f5263c-b84d-43f1-9eb0-aa8a380b6a25_terseLabel_en-US" xlink:label="lab_tef_ValuationAssumptionEBITDAMarginPercentage" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Valuation assumption, EBITDA margin (in percentage)</link:label>
    <link:label id="lab_tef_ValuationAssumptionEBITDAMarginPercentage_label_en-US" xlink:label="lab_tef_ValuationAssumptionEBITDAMarginPercentage" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Valuation Assumption, EBITDA Margin, Percentage</link:label>
    <link:label id="lab_tef_ValuationAssumptionEBITDAMarginPercentage_documentation_en-US" xlink:label="lab_tef_ValuationAssumptionEBITDAMarginPercentage" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Valuation Assumption, EBITDA Margin, Percentage</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_ValuationAssumptionEBITDAMarginPercentage" xlink:href="tef-20241231.xsd#tef_ValuationAssumptionEBITDAMarginPercentage"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_ValuationAssumptionEBITDAMarginPercentage" xlink:to="lab_tef_ValuationAssumptionEBITDAMarginPercentage" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_TelxiusCablePeruS.A.C.Member_8ab51fd4-9f83-4a4a-9fe6-408fb66b785b_terseLabel_en-US" xlink:label="lab_tef_TelxiusCablePeruS.A.C.Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Telxius Cable Per&#250;, S.A.C.</link:label>
    <link:label id="lab_tef_TelxiusCablePeruS.A.C.Member_label_en-US" xlink:label="lab_tef_TelxiusCablePeruS.A.C.Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Telxius Cable Peru S.A.C. [Member]</link:label>
    <link:label id="lab_tef_TelxiusCablePeruS.A.C.Member_documentation_en-US" xlink:label="lab_tef_TelxiusCablePeruS.A.C.Member" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Telxius Cable Peru S.A.C. [Member]</link:label>
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    <link:label id="lab_ifrs-full_FairValueHedgesMember_f5e45165-aa1b-4b60-b505-31d03ca7b136_terseLabel_en-US" xlink:label="lab_ifrs-full_FairValueHedgesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Fair value hedges</link:label>
    <link:label id="lab_ifrs-full_FairValueHedgesMember_label_en-US" xlink:label="lab_ifrs-full_FairValueHedgesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Fair value hedges [member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_FairValueHedgesMember" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_FairValueHedgesMember"/>
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    <link:label id="lab_tef_SustainabilityLinkedFacilityOfTelefonicaSAMember_bc6b6aaa-bc68-4ca2-a3d3-6041cb976d18_terseLabel_en-US" xlink:label="lab_tef_SustainabilityLinkedFacilityOfTelefonicaSAMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Sustainability linked facilities of Telef&#243;nica, S.A.</link:label>
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    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_SustainabilityLinkedFacilityOfTelefonicaSAMember" xlink:to="lab_tef_SustainabilityLinkedFacilityOfTelefonicaSAMember" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_ComtelComunicacionesTelefonicasSAMember_1e3783aa-a569-42cd-8e78-d3b4ca4b0fa9_terseLabel_en-US" xlink:label="lab_tef_ComtelComunicacionesTelefonicasSAMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Comtel Comunicaciones Telef&#243;nicas, S.A.</link:label>
    <link:label id="lab_tef_ComtelComunicacionesTelefonicasSAMember_label_en-US" xlink:label="lab_tef_ComtelComunicacionesTelefonicasSAMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Comtel Comunicaciones Telef&#243;nicas, S.A. [Member]</link:label>
    <link:label id="lab_tef_ComtelComunicacionesTelefonicasSAMember_documentation_en-US" xlink:label="lab_tef_ComtelComunicacionesTelefonicasSAMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Comtel Comunicaciones Telef&#243;nicas, S.A.</link:label>
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    <link:label id="lab_tef_MovistarConsumerFinanceColombiaSASMember_2504fef1-e6f5-45db-86fb-22b60268830f_terseLabel_en-US" xlink:label="lab_tef_MovistarConsumerFinanceColombiaSASMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Movistar Consumer Finance Colombia SAS.</link:label>
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    <link:label id="lab_tef_MovistarConsumerFinanceColombiaSASMember_documentation_en-US" xlink:label="lab_tef_MovistarConsumerFinanceColombiaSASMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Movistar Consumer Finance Colombia SAS.</link:label>
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    <link:label id="lab_ifrs-full_AccumulatedImpairmentMember_960e04eb-304c-4d3d-a83c-28337231d91f_terseLabel_en-US" xlink:label="lab_ifrs-full_AccumulatedImpairmentMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Impairment losses</link:label>
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    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_AccumulatedImpairmentMember" xlink:to="lab_ifrs-full_AccumulatedImpairmentMember" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_CommitmentsTable_983cf05f-9628-412d-87fe-ae0a5dc3f58d_terseLabel_en-US" xlink:label="lab_tef_CommitmentsTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Commitments [Table]</link:label>
    <link:label id="lab_tef_CommitmentsTable_label_en-US" xlink:label="lab_tef_CommitmentsTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Commitments [Table]</link:label>
    <link:label id="lab_tef_CommitmentsTable_documentation_en-US" xlink:label="lab_tef_CommitmentsTable" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Commitments [Table]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_CommitmentsTable" xlink:href="tef-20241231.xsd#tef_CommitmentsTable"/>
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    <link:label id="lab_tef_TotalExpensesRelatedPartyTransaction_8413751e-fa93-473a-a542-0da82c5e46a6_totalLabel_en-US" xlink:label="lab_tef_TotalExpensesRelatedPartyTransaction" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Total costs</link:label>
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    <link:loc xlink:type="locator" xlink:label="loc_tef_TotalExpensesRelatedPartyTransaction" xlink:href="tef-20241231.xsd#tef_TotalExpensesRelatedPartyTransaction"/>
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    <link:label id="lab_ifrs-full_CategoriesOfFinancialAssetsAxis_99a7d43e-cecf-4437-8c75-8ec2ff595c7c_terseLabel_en-US" xlink:label="lab_ifrs-full_CategoriesOfFinancialAssetsAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Categories of financial assets [axis]</link:label>
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    <link:label id="lab_tef_TelefonicaChileS.A.Member_e8a8a00f-5aa3-4017-bfef-cc532b755204_terseLabel_en-US" xlink:label="lab_tef_TelefonicaChileS.A.Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Telef&#243;nica Chile, S.A. Local and international long distance telephony services provider</link:label>
    <link:label id="lab_tef_TelefonicaChileS.A.Member_label_en-US" xlink:label="lab_tef_TelefonicaChileS.A.Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Telefonica Chile, S.A. [Member]</link:label>
    <link:label id="lab_tef_TelefonicaChileS.A.Member_documentation_en-US" xlink:label="lab_tef_TelefonicaChileS.A.Member" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Telefonica Chile, S.A. [Member]</link:label>
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    <link:label id="lab_tef_DecreaseThroughDisposalsfromPriorYearsContractLiabilities_44800279-7731-484e-ae71-9af8e9e6257d_negatedTerseLabel_en-US" xlink:label="lab_tef_DecreaseThroughDisposalsfromPriorYearsContractLiabilities" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xml:lang="en-US">Disposals (previous years)</link:label>
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    <link:label id="lab_tef_GarnishmentsProvisionMember_b313d116-993f-4244-8b90-34deb7447fcf_terseLabel_en-US" xlink:label="lab_tef_GarnishmentsProvisionMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Garnishments</link:label>
    <link:label id="lab_tef_GarnishmentsProvisionMember_label_en-US" xlink:label="lab_tef_GarnishmentsProvisionMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Garnishments Provision [Member]</link:label>
    <link:label id="lab_tef_GarnishmentsProvisionMember_documentation_en-US" xlink:label="lab_tef_GarnishmentsProvisionMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Garnishments Provision [Member]</link:label>
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    <link:label id="lab_currency_GBP_ef3c14ae-77ef-4d8f-a218-c4f7a42b2178_terseLabel_en-US" xlink:label="lab_currency_GBP" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Pound sterling</link:label>
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    <link:loc xlink:type="locator" xlink:label="loc_currency_GBP" xlink:href="https://xbrl.sec.gov/currency/2024/currency-2024.xsd#currency_GBP"/>
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    <link:label id="lab_tef_NumberOfBondsIssued_1698ca49-19c5-4336-8955-632842636701_terseLabel_en-US" xlink:label="lab_tef_NumberOfBondsIssued" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Number of bonds issued</link:label>
    <link:label id="lab_tef_NumberOfBondsIssued_label_en-US" xlink:label="lab_tef_NumberOfBondsIssued" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Number Of Bonds Issued</link:label>
    <link:label id="lab_tef_NumberOfBondsIssued_documentation_en-US" xlink:label="lab_tef_NumberOfBondsIssued" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Number Of Bonds Issued</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_NumberOfBondsIssued" xlink:href="tef-20241231.xsd#tef_NumberOfBondsIssued"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_NumberOfBondsIssued" xlink:to="lab_tef_NumberOfBondsIssued" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_ClientCoveragePercentage_77e42343-ca00-47a6-901e-981a43ac0b37_terseLabel_en-US" xlink:label="lab_tef_ClientCoveragePercentage" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Client Coverage Percentage</link:label>
    <link:label id="lab_tef_ClientCoveragePercentage_label_en-US" xlink:label="lab_tef_ClientCoveragePercentage" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Client Coverage Percentage</link:label>
    <link:label id="lab_tef_ClientCoveragePercentage_documentation_en-US" xlink:label="lab_tef_ClientCoveragePercentage" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Client Coverage Percentage</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_ClientCoveragePercentage" xlink:href="tef-20241231.xsd#tef_ClientCoveragePercentage"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_ClientCoveragePercentage" xlink:to="lab_tef_ClientCoveragePercentage" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_PangeaMember_30e1e0a1-2838-47f6-b15e-cda1d34b860e_terseLabel_en-US" xlink:label="lab_tef_PangeaMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Pangea</link:label>
    <link:label id="lab_tef_PangeaMember_label_en-US" xlink:label="lab_tef_PangeaMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Pangea [Member]</link:label>
    <link:label id="lab_tef_PangeaMember_documentation_en-US" xlink:label="lab_tef_PangeaMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Pangea</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_PangeaMember" xlink:href="tef-20241231.xsd#tef_PangeaMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_PangeaMember" xlink:to="lab_tef_PangeaMember" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_ServicesAgreementsMember_cf7a6375-78cb-463b-a1fb-3b2475c2f54e_terseLabel_en-US" xlink:label="lab_tef_ServicesAgreementsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Services agreements</link:label>
    <link:label id="lab_tef_ServicesAgreementsMember_label_en-US" xlink:label="lab_tef_ServicesAgreementsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Services Agreements [Member]</link:label>
    <link:label id="lab_tef_ServicesAgreementsMember_documentation_en-US" xlink:label="lab_tef_ServicesAgreementsMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Services Agreements</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_ServicesAgreementsMember" xlink:href="tef-20241231.xsd#tef_ServicesAgreementsMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_ServicesAgreementsMember" xlink:to="lab_tef_ServicesAgreementsMember" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_ReconciliationShareOfLossOfVMO2Member_5bb69ed6-3035-404e-9752-fcd0a4bbd65c_terseLabel_en-US" xlink:label="lab_tef_ReconciliationShareOfLossOfVMO2Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Reconciliation Share Of Loss Of VMO2</link:label>
    <link:label id="lab_tef_ReconciliationShareOfLossOfVMO2Member_label_en-US" xlink:label="lab_tef_ReconciliationShareOfLossOfVMO2Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Reconciliation Share Of Loss Of VMO2 [Member]</link:label>
    <link:label id="lab_tef_ReconciliationShareOfLossOfVMO2Member_documentation_en-US" xlink:label="lab_tef_ReconciliationShareOfLossOfVMO2Member" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Reconciliation Share Of Loss Of VMO2</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_ReconciliationShareOfLossOfVMO2Member" xlink:href="tef-20241231.xsd#tef_ReconciliationShareOfLossOfVMO2Member"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_ReconciliationShareOfLossOfVMO2Member" xlink:to="lab_tef_ReconciliationShareOfLossOfVMO2Member" xlink:type="arc" order="1"/>
    <link:label id="lab_srt_CondensedCashFlowStatementsCaptionsLineItems_47a4a333-cc22-41f0-a954-ea5ad0f2fa63_terseLabel_en-US" xlink:label="lab_srt_CondensedCashFlowStatementsCaptionsLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Condensed Cash Flow Statements, Captions [Line Items]</link:label>
    <link:label id="lab_srt_CondensedCashFlowStatementsCaptionsLineItems_label_en-US" xlink:label="lab_srt_CondensedCashFlowStatementsCaptionsLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Condensed Cash Flow Statements, Captions [Line Items]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_srt_CondensedCashFlowStatementsCaptionsLineItems" xlink:href="https://xbrl.fasb.org/srt/2024/elts/srt-2024.xsd#srt_CondensedCashFlowStatementsCaptionsLineItems"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_srt_CondensedCashFlowStatementsCaptionsLineItems" xlink:to="lab_srt_CondensedCashFlowStatementsCaptionsLineItems" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_TaxCreditExpectedDeductionsForDoubleTaxation_a8e52dd4-1598-47a7-b8a9-f55ce5d41163_terseLabel_en-US" xlink:label="lab_tef_TaxCreditExpectedDeductionsForDoubleTaxation" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Tax credit expected, deductions for double taxation</link:label>
    <link:label id="lab_tef_TaxCreditExpectedDeductionsForDoubleTaxation_label_en-US" xlink:label="lab_tef_TaxCreditExpectedDeductionsForDoubleTaxation" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Tax Credit Expected, Deductions For Double Taxation</link:label>
    <link:label id="lab_tef_TaxCreditExpectedDeductionsForDoubleTaxation_documentation_en-US" xlink:label="lab_tef_TaxCreditExpectedDeductionsForDoubleTaxation" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Tax Credit Expected, Deductions For Double Taxation</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_TaxCreditExpectedDeductionsForDoubleTaxation" xlink:href="tef-20241231.xsd#tef_TaxCreditExpectedDeductionsForDoubleTaxation"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_TaxCreditExpectedDeductionsForDoubleTaxation" xlink:to="lab_tef_TaxCreditExpectedDeductionsForDoubleTaxation" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_ProceedsFromIssuingOtherEquityInstruments_41eb147f-d9ac-4d14-a769-4d4e00572ee7_terseLabel_en-US" xlink:label="lab_ifrs-full_ProceedsFromIssuingOtherEquityInstruments" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Operations with other equity holders</link:label>
    <link:label id="lab_ifrs-full_ProceedsFromIssuingOtherEquityInstruments_label_en-US" xlink:label="lab_ifrs-full_ProceedsFromIssuingOtherEquityInstruments" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Proceeds from issuing other equity instruments</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_ProceedsFromIssuingOtherEquityInstruments" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_ProceedsFromIssuingOtherEquityInstruments"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_ProceedsFromIssuingOtherEquityInstruments" xlink:to="lab_ifrs-full_ProceedsFromIssuingOtherEquityInstruments" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_IncreaseDecreaseInTaxExpenseDueToDecisionsWithTaxAuthorities_a8b3c7f8-9c68-468a-af69-16fcab15d8b0_negatedLabel_en-US" xlink:label="lab_tef_IncreaseDecreaseInTaxExpenseDueToDecisionsWithTaxAuthorities" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US">Reduction to tax expense due to decisions with tax authorities</link:label>
    <link:label id="lab_tef_IncreaseDecreaseInTaxExpenseDueToDecisionsWithTaxAuthorities_label_en-US" xlink:label="lab_tef_IncreaseDecreaseInTaxExpenseDueToDecisionsWithTaxAuthorities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Increase (Decrease) In Tax Expense Due To Decisions With Tax Authorities</link:label>
    <link:label id="lab_tef_IncreaseDecreaseInTaxExpenseDueToDecisionsWithTaxAuthorities_documentation_en-US" xlink:label="lab_tef_IncreaseDecreaseInTaxExpenseDueToDecisionsWithTaxAuthorities" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Increase (Decrease) In Tax Expense Due To Decisions With Tax Authorities</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_IncreaseDecreaseInTaxExpenseDueToDecisionsWithTaxAuthorities" xlink:href="tef-20241231.xsd#tef_IncreaseDecreaseInTaxExpenseDueToDecisionsWithTaxAuthorities"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_IncreaseDecreaseInTaxExpenseDueToDecisionsWithTaxAuthorities" xlink:to="lab_tef_IncreaseDecreaseInTaxExpenseDueToDecisionsWithTaxAuthorities" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_InfraCoSpAMember_36e0bc58-0721-4f94-a620-9e680d37fb43_terseLabel_en-US" xlink:label="lab_tef_InfraCoSpAMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">HoldCo Infraco SpA. (Onnet Fibra Chile)</link:label>
    <link:label id="lab_tef_InfraCoSpAMember_a0f5a0bc-ff01-4095-b70b-c2dea653d9a6_verboseLabel_en-US" xlink:label="lab_tef_InfraCoSpAMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Capital increase of InfraCo Chile (Note 10)</link:label>
    <link:label id="lab_tef_InfraCoSpAMember_label_en-US" xlink:label="lab_tef_InfraCoSpAMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">InfraCo, SpA [Member]</link:label>
    <link:label id="lab_tef_InfraCoSpAMember_documentation_en-US" xlink:label="lab_tef_InfraCoSpAMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">InfraCo, SpA</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_InfraCoSpAMember" xlink:href="tef-20241231.xsd#tef_InfraCoSpAMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_InfraCoSpAMember" xlink:to="lab_tef_InfraCoSpAMember" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_InfrastructureContractsRecognisedAsOfAcquisitionDatePercentage_863a68bc-d3cf-4d69-b65b-f24c0aa3e69c_terseLabel_en-US" xlink:label="lab_tef_InfrastructureContractsRecognisedAsOfAcquisitionDatePercentage" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Infrastructure contracts recognised as of acquisition date, percentage</link:label>
    <link:label id="lab_tef_InfrastructureContractsRecognisedAsOfAcquisitionDatePercentage_label_en-US" xlink:label="lab_tef_InfrastructureContractsRecognisedAsOfAcquisitionDatePercentage" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Infrastructure contracts recognised as of acquisition date, percentage</link:label>
    <link:label id="lab_tef_InfrastructureContractsRecognisedAsOfAcquisitionDatePercentage_documentation_en-US" xlink:label="lab_tef_InfrastructureContractsRecognisedAsOfAcquisitionDatePercentage" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Infrastructure Contracts Recognised As Of Acquisition Date, Percentage</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_InfrastructureContractsRecognisedAsOfAcquisitionDatePercentage" xlink:href="tef-20241231.xsd#tef_InfrastructureContractsRecognisedAsOfAcquisitionDatePercentage"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_InfrastructureContractsRecognisedAsOfAcquisitionDatePercentage" xlink:to="lab_tef_InfrastructureContractsRecognisedAsOfAcquisitionDatePercentage" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_PurchaseOfPropertyPlantAndEquipmentIntangibleAssetsOtherThanGoodwillInvestmentPropertyAndOtherNoncurrentAssets_c6cc7ed3-93e5-4f05-990c-2de2091370a3_negatedTerseLabel_en-US" xlink:label="lab_ifrs-full_PurchaseOfPropertyPlantAndEquipmentIntangibleAssetsOtherThanGoodwillInvestmentPropertyAndOtherNoncurrentAssets" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xml:lang="en-US">Payments on investments in property, plant and equipment and intangible assets</link:label>
    <link:label id="lab_ifrs-full_PurchaseOfPropertyPlantAndEquipmentIntangibleAssetsOtherThanGoodwillInvestmentPropertyAndOtherNoncurrentAssets_label_en-US" xlink:label="lab_ifrs-full_PurchaseOfPropertyPlantAndEquipmentIntangibleAssetsOtherThanGoodwillInvestmentPropertyAndOtherNoncurrentAssets" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Purchase of property, plant and equipment, intangible assets other than goodwill, investment property and other non-current assets</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_PurchaseOfPropertyPlantAndEquipmentIntangibleAssetsOtherThanGoodwillInvestmentPropertyAndOtherNoncurrentAssets" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_PurchaseOfPropertyPlantAndEquipmentIntangibleAssetsOtherThanGoodwillInvestmentPropertyAndOtherNoncurrentAssets"/>
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    <link:label id="lab_ifrs-full_FinancialLiabilitiesThatArePartOfSupplierFinanceArrangementsForWhichSuppliersHaveReceivedPaymentMember_3e9683f5-3bf0-44eb-b637-dcad86051ce8_terseLabel_en-US" xlink:label="lab_ifrs-full_FinancialLiabilitiesThatArePartOfSupplierFinanceArrangementsForWhichSuppliersHaveReceivedPaymentMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Total payments</link:label>
    <link:label id="lab_ifrs-full_FinancialLiabilitiesThatArePartOfSupplierFinanceArrangementsForWhichSuppliersHaveReceivedPaymentMember_label_en-US" xlink:label="lab_ifrs-full_FinancialLiabilitiesThatArePartOfSupplierFinanceArrangementsForWhichSuppliersHaveReceivedPaymentMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Financial liabilities that are part of supplier finance arrangements for which suppliers have received payment [member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_FinancialLiabilitiesThatArePartOfSupplierFinanceArrangementsForWhichSuppliersHaveReceivedPaymentMember" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_FinancialLiabilitiesThatArePartOfSupplierFinanceArrangementsForWhichSuppliersHaveReceivedPaymentMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_FinancialLiabilitiesThatArePartOfSupplierFinanceArrangementsForWhichSuppliersHaveReceivedPaymentMember" xlink:to="lab_ifrs-full_FinancialLiabilitiesThatArePartOfSupplierFinanceArrangementsForWhichSuppliersHaveReceivedPaymentMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_PaymentsToAcquireOrRedeemEntitysShares_aec1234a-062b-4878-960c-dca21ccc2c20_negatedTerseLabel_en-US" xlink:label="lab_ifrs-full_PaymentsToAcquireOrRedeemEntitysShares" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xml:lang="en-US">Acquisition and payment of undated deeply subordinated securities (Note 17.c)</link:label>
    <link:label id="lab_ifrs-full_PaymentsToAcquireOrRedeemEntitysShares_label_en-US" xlink:label="lab_ifrs-full_PaymentsToAcquireOrRedeemEntitysShares" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Payments to acquire or redeem entity's shares</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_PaymentsToAcquireOrRedeemEntitysShares" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_PaymentsToAcquireOrRedeemEntitysShares"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_PaymentsToAcquireOrRedeemEntitysShares" xlink:to="lab_ifrs-full_PaymentsToAcquireOrRedeemEntitysShares" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_CurrentProvisionsForOtherEmployeeBenefits_0dd51b8a-f765-4083-bae6-22eb9ae30ca4_terseLabel_en-US" xlink:label="lab_tef_CurrentProvisionsForOtherEmployeeBenefits" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Other benefits</link:label>
    <link:label id="lab_tef_CurrentProvisionsForOtherEmployeeBenefits_label_en-US" xlink:label="lab_tef_CurrentProvisionsForOtherEmployeeBenefits" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Current Provisions For Other Employee Benefits</link:label>
    <link:label id="lab_tef_CurrentProvisionsForOtherEmployeeBenefits_documentation_en-US" xlink:label="lab_tef_CurrentProvisionsForOtherEmployeeBenefits" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Current Provisions For Other Employee Benefits</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_CurrentProvisionsForOtherEmployeeBenefits" xlink:href="tef-20241231.xsd#tef_CurrentProvisionsForOtherEmployeeBenefits"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_CurrentProvisionsForOtherEmployeeBenefits" xlink:to="lab_tef_CurrentProvisionsForOtherEmployeeBenefits" xlink:type="arc" order="1"/>
    <link:label id="lab_dei_AuditorName_55651d10-ab2e-425d-a0a1-b39c6ba61fe1_terseLabel_en-US" xlink:label="lab_dei_AuditorName" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Auditor Name</link:label>
    <link:label id="lab_dei_AuditorName_label_en-US" xlink:label="lab_dei_AuditorName" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Auditor Name</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_dei_AuditorName" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_AuditorName"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_AuditorName" xlink:to="lab_dei_AuditorName" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_NoncurrentFinancialAssets_5bd1a76f-8cb0-4433-8b64-83aa6e7cb638_terseLabel_en-US" xlink:label="lab_ifrs-full_NoncurrentFinancialAssets" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Non-current financial assets</link:label>
    <link:label id="lab_ifrs-full_NoncurrentFinancialAssets_3a3340df-c2f0-4e28-8cbd-e1ccf098f5f1_periodStartLabel_en-US" xlink:label="lab_ifrs-full_NoncurrentFinancialAssets" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:type="resource" xml:lang="en-US">Non-current financial assets, beginning balance</link:label>
    <link:label id="lab_ifrs-full_NoncurrentFinancialAssets_10fd0305-039a-43e5-8f14-39453b4b6a54_periodEndLabel_en-US" xlink:label="lab_ifrs-full_NoncurrentFinancialAssets" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:type="resource" xml:lang="en-US">Non-current financial assets, ending balance</link:label>
    <link:label id="lab_ifrs-full_NoncurrentFinancialAssets_label_en-US" xlink:label="lab_ifrs-full_NoncurrentFinancialAssets" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Non-current financial assets</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_NoncurrentFinancialAssets" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_NoncurrentFinancialAssets"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_NoncurrentFinancialAssets" xlink:to="lab_ifrs-full_NoncurrentFinancialAssets" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_QUAMGmbHMember_f41d6caf-e7be-4942-913c-48509e2200c9_terseLabel_en-US" xlink:label="lab_tef_QUAMGmbHMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">QUAM GmbH. IT facilities management activities</link:label>
    <link:label id="lab_tef_QUAMGmbHMember_label_en-US" xlink:label="lab_tef_QUAMGmbHMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">QUAM GmbH [Member]</link:label>
    <link:label id="lab_tef_QUAMGmbHMember_documentation_en-US" xlink:label="lab_tef_QUAMGmbHMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">QUAM GmbH</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_QUAMGmbHMember" xlink:href="tef-20241231.xsd#tef_QUAMGmbHMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_QUAMGmbHMember" xlink:to="lab_tef_QUAMGmbHMember" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_ViceChairmanMember_379e4a58-b0d5-40be-9c7a-ac641ce0d6bd_terseLabel_en-US" xlink:label="lab_tef_ViceChairmanMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Vice chairman</link:label>
    <link:label id="lab_tef_ViceChairmanMember_label_en-US" xlink:label="lab_tef_ViceChairmanMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Vice Chairman [Member]</link:label>
    <link:label id="lab_tef_ViceChairmanMember_documentation_en-US" xlink:label="lab_tef_ViceChairmanMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Vice Chairman [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_ViceChairmanMember" xlink:href="tef-20241231.xsd#tef_ViceChairmanMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_ViceChairmanMember" xlink:to="lab_tef_ViceChairmanMember" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_MasterServicesAgreementInitialTerm_397bfb2a-92b6-4baa-bd6d-3f6fd241b8ea_terseLabel_en-US" xlink:label="lab_tef_MasterServicesAgreementInitialTerm" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Master services agreement, initial term</link:label>
    <link:label id="lab_tef_MasterServicesAgreementInitialTerm_label_en-US" xlink:label="lab_tef_MasterServicesAgreementInitialTerm" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Master Services Agreement, Initial Term</link:label>
    <link:label id="lab_tef_MasterServicesAgreementInitialTerm_documentation_en-US" xlink:label="lab_tef_MasterServicesAgreementInitialTerm" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Master Services Agreement, Initial Term</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_MasterServicesAgreementInitialTerm" xlink:href="tef-20241231.xsd#tef_MasterServicesAgreementInitialTerm"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_MasterServicesAgreementInitialTerm" xlink:to="lab_tef_MasterServicesAgreementInitialTerm" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_IncomeStatementAbstract_5e614f5b-4d78-4048-8e4c-f7b470f949ab_terseLabel_en-US" xlink:label="lab_ifrs-full_IncomeStatementAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Profit or loss [abstract]</link:label>
    <link:label id="lab_ifrs-full_IncomeStatementAbstract_label_en-US" xlink:label="lab_ifrs-full_IncomeStatementAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Profit or loss [abstract]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_IncomeStatementAbstract" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_IncomeStatementAbstract"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_IncomeStatementAbstract" xlink:to="lab_ifrs-full_IncomeStatementAbstract" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_MaturityAnalysisForNonderivativeFinancialLiabilities_7cda0c54-ae9a-4c6b-ad34-21c4ff5c2a9b_verboseLabel_en-US" xlink:label="lab_ifrs-full_MaturityAnalysisForNonderivativeFinancialLiabilities" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Schedule of Maturity of Debentures and Bonds</link:label>
    <link:label id="lab_ifrs-full_MaturityAnalysisForNonderivativeFinancialLiabilities_label_en-US" xlink:label="lab_ifrs-full_MaturityAnalysisForNonderivativeFinancialLiabilities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure of maturity analysis for non-derivative financial liabilities [text block]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_MaturityAnalysisForNonderivativeFinancialLiabilities" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_MaturityAnalysisForNonderivativeFinancialLiabilities"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_MaturityAnalysisForNonderivativeFinancialLiabilities" xlink:to="lab_ifrs-full_MaturityAnalysisForNonderivativeFinancialLiabilities" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_TELEFEMISIONESMARCH2019Member_b748d4ee-5356-49a1-8447-c06c880de6f4_terseLabel_en-US" xlink:label="lab_tef_TELEFEMISIONESMARCH2019Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">TELEF. EMISIONES MARCH 2019</link:label>
    <link:label id="lab_tef_TELEFEMISIONESMARCH2019Member_label_en-US" xlink:label="lab_tef_TELEFEMISIONESMARCH2019Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">TELEF. EMISIONES MARCH 2019 [Member]</link:label>
    <link:label id="lab_tef_TELEFEMISIONESMARCH2019Member_documentation_en-US" xlink:label="lab_tef_TELEFEMISIONESMARCH2019Member" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">TELEF. EMISIONES MARCH 2019</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_TELEFEMISIONESMARCH2019Member" xlink:href="tef-20241231.xsd#tef_TELEFEMISIONESMARCH2019Member"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_TELEFEMISIONESMARCH2019Member" xlink:to="lab_tef_TELEFEMISIONESMARCH2019Member" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_ActuarialAssumptionOfDiscountRates_e79fc4b4-4eef-418d-80ea-c4b0813b230b_terseLabel_en-US" xlink:label="lab_ifrs-full_ActuarialAssumptionOfDiscountRates" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Discount rate</link:label>
    <link:label id="lab_ifrs-full_ActuarialAssumptionOfDiscountRates_label_en-US" xlink:label="lab_ifrs-full_ActuarialAssumptionOfDiscountRates" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Actuarial assumption of discount rates</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_ActuarialAssumptionOfDiscountRates" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_ActuarialAssumptionOfDiscountRates"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_ActuarialAssumptionOfDiscountRates" xlink:to="lab_ifrs-full_ActuarialAssumptionOfDiscountRates" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_LandMember_434ed27b-e3c4-4b54-8b58-bb1b94f9d113_terseLabel_en-US" xlink:label="lab_ifrs-full_LandMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Rights of use on land and natural properties</link:label>
    <link:label id="lab_ifrs-full_LandMember_label_en-US" xlink:label="lab_ifrs-full_LandMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Land [member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_LandMember" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_LandMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_LandMember" xlink:to="lab_ifrs-full_LandMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_WeightedAverageShares_cb49ea66-05b2-4940-acc4-4304c3edc611_terseLabel_en-US" xlink:label="lab_ifrs-full_WeightedAverageShares" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Weighted average number of ordinary shares (excluding treasury shares) for basic earnings per share (in shares)</link:label>
    <link:label id="lab_ifrs-full_WeightedAverageShares_label_en-US" xlink:label="lab_ifrs-full_WeightedAverageShares" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Weighted average number of ordinary shares used in calculating basic earnings per share</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_WeightedAverageShares" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_WeightedAverageShares"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_WeightedAverageShares" xlink:to="lab_ifrs-full_WeightedAverageShares" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_Borrowings_6548872c-b58d-496b-b569-a743f40e5468_periodStartLabel_en-US" xlink:label="lab_ifrs-full_Borrowings" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:type="resource" xml:lang="en-US">Carrying value of deeply subordinated securities, beginning balance</link:label>
    <link:label id="lab_ifrs-full_Borrowings_f7959972-e8a8-47b4-adbd-32395a201246_periodEndLabel_en-US" xlink:label="lab_ifrs-full_Borrowings" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:type="resource" xml:lang="en-US">Carrying value of deeply subordinated securities, ending balance</link:label>
    <link:label id="lab_ifrs-full_Borrowings_99d3a940-c350-42b5-9af3-93d948277d3b_terseLabel_en-US" xlink:label="lab_ifrs-full_Borrowings" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Borrowings</link:label>
    <link:label id="lab_ifrs-full_Borrowings_24abcbd3-7917-4e4b-be4a-f61a08819bd5_totalLabel_en-US" xlink:label="lab_ifrs-full_Borrowings" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Total Issues</link:label>
    <link:label id="lab_ifrs-full_Borrowings_7967133a-0ba1-496f-b916-7bf8f40a558e_netLabel_en-US" xlink:label="lab_ifrs-full_Borrowings" xlink:role="http://www.xbrl.org/2009/role/netLabel" xlink:type="resource" xml:lang="en-US">Outstanding balance</link:label>
    <link:label id="lab_ifrs-full_Borrowings_6d61c389-aa21-4cce-a6b3-879d379ea2d6_verboseLabel_en-US" xlink:label="lab_ifrs-full_Borrowings" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Borrowings</link:label>
    <link:label id="lab_ifrs-full_Borrowings_label_en-US" xlink:label="lab_ifrs-full_Borrowings" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Borrowings</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_Borrowings" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_Borrowings"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_Borrowings" xlink:to="lab_ifrs-full_Borrowings" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_IncreaseDecreaseInFinancialAssets_018d5990-cd1f-456b-b42b-20798b80ba68_terseLabel_en-US" xlink:label="lab_ifrs-full_IncreaseDecreaseInFinancialAssets" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Increase in financial assets</link:label>
    <link:label id="lab_ifrs-full_IncreaseDecreaseInFinancialAssets_label_en-US" xlink:label="lab_ifrs-full_IncreaseDecreaseInFinancialAssets" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Increase (decrease) in financial assets</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_IncreaseDecreaseInFinancialAssets" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_IncreaseDecreaseInFinancialAssets"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_IncreaseDecreaseInFinancialAssets" xlink:to="lab_ifrs-full_IncreaseDecreaseInFinancialAssets" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_LongtermDeposits_2a289eae-7a72-4dd8-beb1-4ec8d80ff858_terseLabel_en-US" xlink:label="lab_ifrs-full_LongtermDeposits" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Long-term deposits</link:label>
    <link:label id="lab_ifrs-full_LongtermDeposits_label_en-US" xlink:label="lab_ifrs-full_LongtermDeposits" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Long-term deposits</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_LongtermDeposits" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_LongtermDeposits"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_LongtermDeposits" xlink:to="lab_ifrs-full_LongtermDeposits" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_HybridBondMember_8f9d6098-2b9e-41c3-8a6a-3876f5eb9488_terseLabel_en-US" xlink:label="lab_tef_HybridBondMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Hybrid Bond</link:label>
    <link:label id="lab_tef_HybridBondMember_label_en-US" xlink:label="lab_tef_HybridBondMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Hybrid Bond [Member]</link:label>
    <link:label id="lab_tef_HybridBondMember_documentation_en-US" xlink:label="lab_tef_HybridBondMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Hybrid Bond</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_HybridBondMember" xlink:href="tef-20241231.xsd#tef_HybridBondMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_HybridBondMember" xlink:to="lab_tef_HybridBondMember" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_Currentinventoriesmobileterminalandotherequipments_88be1aa5-080d-4305-b99d-5849140e466c_terseLabel_en-US" xlink:label="lab_tef_Currentinventoriesmobileterminalandotherequipments" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Mobile terminals and other equipments</link:label>
    <link:label id="lab_tef_Currentinventoriesmobileterminalandotherequipments_label_en-US" xlink:label="lab_tef_Currentinventoriesmobileterminalandotherequipments" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Current inventories, mobile terminal and other equipments</link:label>
    <link:label id="lab_tef_Currentinventoriesmobileterminalandotherequipments_documentation_en-US" xlink:label="lab_tef_Currentinventoriesmobileterminalandotherequipments" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Current inventories, mobile terminal and other equipments</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_Currentinventoriesmobileterminalandotherequipments" xlink:href="tef-20241231.xsd#tef_Currentinventoriesmobileterminalandotherequipments"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_Currentinventoriesmobileterminalandotherequipments" xlink:to="lab_tef_Currentinventoriesmobileterminalandotherequipments" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_TaxAssociatedWithSaleOfInfraCoSpAMember_bf497498-7d39-474d-bc4b-08fb473d4627_terseLabel_en-US" xlink:label="lab_tef_TaxAssociatedWithSaleOfInfraCoSpAMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Tax associated with the sale of InfraCo</link:label>
    <link:label id="lab_tef_TaxAssociatedWithSaleOfInfraCoSpAMember_label_en-US" xlink:label="lab_tef_TaxAssociatedWithSaleOfInfraCoSpAMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Tax Associated with Sale of InfraCo, SpA [Member]</link:label>
    <link:label id="lab_tef_TaxAssociatedWithSaleOfInfraCoSpAMember_documentation_en-US" xlink:label="lab_tef_TaxAssociatedWithSaleOfInfraCoSpAMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Tax Associated with Sale of InfraCo, SpA</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_TaxAssociatedWithSaleOfInfraCoSpAMember" xlink:href="tef-20241231.xsd#tef_TaxAssociatedWithSaleOfInfraCoSpAMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_TaxAssociatedWithSaleOfInfraCoSpAMember" xlink:to="lab_tef_TaxAssociatedWithSaleOfInfraCoSpAMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_ServicesReceivedRelatedPartyTransactions_a0fbe26d-32d4-4d2a-ad3c-a904e6331d74_terseLabel_en-US" xlink:label="lab_ifrs-full_ServicesReceivedRelatedPartyTransactions" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Receipt of services</link:label>
    <link:label id="lab_ifrs-full_ServicesReceivedRelatedPartyTransactions_label_en-US" xlink:label="lab_ifrs-full_ServicesReceivedRelatedPartyTransactions" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Services received, related party transactions</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_ServicesReceivedRelatedPartyTransactions" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_ServicesReceivedRelatedPartyTransactions"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_ServicesReceivedRelatedPartyTransactions" xlink:to="lab_ifrs-full_ServicesReceivedRelatedPartyTransactions" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_TEFGermanyMember_3b62a3e9-b362-47ed-9ac7-e2a279ccfbf5_terseLabel_en-US" xlink:label="lab_tef_TEFGermanyMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">TEF Germany</link:label>
    <link:label id="lab_tef_TEFGermanyMember_label_en-US" xlink:label="lab_tef_TEFGermanyMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">TEF Germany [Member]</link:label>
    <link:label id="lab_tef_TEFGermanyMember_documentation_en-US" xlink:label="lab_tef_TEFGermanyMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">TEF Germany</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_TEFGermanyMember" xlink:href="tef-20241231.xsd#tef_TEFGermanyMember"/>
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    <link:label id="lab_tef_ThirdCycleMember_5118991f-923c-404c-85f6-c517c44835c7_terseLabel_en-US" xlink:label="lab_tef_ThirdCycleMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Third cycle</link:label>
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    <link:label id="lab_ifrs-full_ComprehensiveIncomeAttributableToNoncontrollingInterests_c23a844a-3998-4485-a44e-c334b470b06b_terseLabel_en-US" xlink:label="lab_ifrs-full_ComprehensiveIncomeAttributableToNoncontrollingInterests" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Non-controlling interests</link:label>
    <link:label id="lab_ifrs-full_ComprehensiveIncomeAttributableToNoncontrollingInterests_label_en-US" xlink:label="lab_ifrs-full_ComprehensiveIncomeAttributableToNoncontrollingInterests" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Comprehensive income, attributable to non-controlling interests</link:label>
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    <link:label id="lab_tef_IncreaseDecreaseThroughJudicialDepositsOtherProvisions_e0764654-68d6-4333-9218-5ce31fa9182c_terseLabel_en-US" xlink:label="lab_tef_IncreaseDecreaseThroughJudicialDepositsOtherProvisions" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Movements with a corresponding entry under operating income</link:label>
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    <link:label id="lab_tef_IncreaseDecreaseThroughJudicialDepositsOtherProvisions_documentation_en-US" xlink:label="lab_tef_IncreaseDecreaseThroughJudicialDepositsOtherProvisions" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Increase (Decrease) Through Judicial Deposits, Other Provisions</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_IncreaseDecreaseThroughJudicialDepositsOtherProvisions" xlink:href="tef-20241231.xsd#tef_IncreaseDecreaseThroughJudicialDepositsOtherProvisions"/>
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    <link:label id="lab_tef_BilateralLoanDueJuly312034Member_576aa163-cc48-4f3d-bf83-55c7d689a6ff_terseLabel_en-US" xlink:label="lab_tef_BilateralLoanDueJuly312034Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Bilateral Loan Due July 31, 2034</link:label>
    <link:label id="lab_tef_BilateralLoanDueJuly312034Member_label_en-US" xlink:label="lab_tef_BilateralLoanDueJuly312034Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Bilateral Loan Due July 31, 2034 [Member]</link:label>
    <link:label id="lab_tef_BilateralLoanDueJuly312034Member_documentation_en-US" xlink:label="lab_tef_BilateralLoanDueJuly312034Member" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Bilateral Loan Due July 31, 2034</link:label>
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    <link:label id="lab_tef_DisclosureOfProvisionsForTaxProceedingsTableTextBlock_c74ae372-2678-4857-981a-282a09970bfa_terseLabel_en-US" xlink:label="lab_tef_DisclosureOfProvisionsForTaxProceedingsTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Disclosure of Provisions for Tax Proceedings</link:label>
    <link:label id="lab_tef_DisclosureOfProvisionsForTaxProceedingsTableTextBlock_label_en-US" xlink:label="lab_tef_DisclosureOfProvisionsForTaxProceedingsTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure Of Provisions For Tax Proceedings [Table Text Block]</link:label>
    <link:label id="lab_tef_DisclosureOfProvisionsForTaxProceedingsTableTextBlock_documentation_en-US" xlink:label="lab_tef_DisclosureOfProvisionsForTaxProceedingsTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Disclosure Of Provisions For Tax Proceedings [Table Text Block]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_DisclosureOfProvisionsForTaxProceedingsTableTextBlock" xlink:href="tef-20241231.xsd#tef_DisclosureOfProvisionsForTaxProceedingsTableTextBlock"/>
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    <link:label id="lab_tef_InfrafibreGermanyGmbHMember_18098ad6-ee44-4403-a4d2-94cc38223820_terseLabel_en-US" xlink:label="lab_tef_InfrafibreGermanyGmbHMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Infrafibre Germany GmbH</link:label>
    <link:label id="lab_tef_InfrafibreGermanyGmbHMember_label_en-US" xlink:label="lab_tef_InfrafibreGermanyGmbHMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Infrafibre Germany GmbH [Member]</link:label>
    <link:label id="lab_tef_InfrafibreGermanyGmbHMember_documentation_en-US" xlink:label="lab_tef_InfrafibreGermanyGmbHMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Infrafibre Germany GmbH</link:label>
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    <link:label id="lab_tef_TelefonicaMovilesChileS.A.Member_96531959-6c09-42d5-a60d-28ad362367f9_terseLabel_en-US" xlink:label="lab_tef_TelefonicaMovilesChileS.A.Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Telef&#243;nica M&#243;viles Chile, S.A. Wireless communications services operator</link:label>
    <link:label id="lab_tef_TelefonicaMovilesChileS.A.Member_d0cf2ca7-52be-478f-bc78-6e407bbacac6_verboseLabel_en-US" xlink:label="lab_tef_TelefonicaMovilesChileS.A.Member" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Telef&#243;nica M&#243;viles Chile, S.A.</link:label>
    <link:label id="lab_tef_TelefonicaMovilesChileS.A.Member_label_en-US" xlink:label="lab_tef_TelefonicaMovilesChileS.A.Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Telef&#243;nica M&#243;viles Chile, S.A. [Member]</link:label>
    <link:label id="lab_tef_TelefonicaMovilesChileS.A.Member_documentation_en-US" xlink:label="lab_tef_TelefonicaMovilesChileS.A.Member" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Telefonica Moviles Chile, S.A. [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_TelefonicaMovilesChileS.A.Member" xlink:href="tef-20241231.xsd#tef_TelefonicaMovilesChileS.A.Member"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_TelefonicaMovilesChileS.A.Member" xlink:to="lab_tef_TelefonicaMovilesChileS.A.Member" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_AudertisAuditServicesSLMember_8dc42a28-a0bf-45cf-8da2-3cf1f4a2bef1_terseLabel_en-US" xlink:label="lab_tef_AudertisAuditServicesSLMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Audertis Audit Services S.L.U. Provision of audit services in the areas of security, privacy and data protection</link:label>
    <link:label id="lab_tef_AudertisAuditServicesSLMember_label_en-US" xlink:label="lab_tef_AudertisAuditServicesSLMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Audertis Audit Services SL [Member]</link:label>
    <link:label id="lab_tef_AudertisAuditServicesSLMember_documentation_en-US" xlink:label="lab_tef_AudertisAuditServicesSLMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Audertis Audit Services SL</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_AudertisAuditServicesSLMember" xlink:href="tef-20241231.xsd#tef_AudertisAuditServicesSLMember"/>
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    <link:label id="lab_ifrs-full_CreditDerivativeNominalAmount_0aedd1ee-538a-49bc-a0bd-56992f9e3b65_terseLabel_en-US" xlink:label="lab_ifrs-full_CreditDerivativeNominalAmount" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Nominal amount of hedging instrument</link:label>
    <link:label id="lab_ifrs-full_CreditDerivativeNominalAmount_label_en-US" xlink:label="lab_ifrs-full_CreditDerivativeNominalAmount" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Credit derivative, nominal amount</link:label>
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    <link:label id="lab_tef_MorganStanleyMember_033b226e-dd25-400c-9a81-ae882608672f_terseLabel_en-US" xlink:label="lab_tef_MorganStanleyMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Morgan Stanley</link:label>
    <link:label id="lab_tef_MorganStanleyMember_label_en-US" xlink:label="lab_tef_MorganStanleyMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Morgan Stanley [Member]</link:label>
    <link:label id="lab_tef_MorganStanleyMember_documentation_en-US" xlink:label="lab_tef_MorganStanleyMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Morgan Stanley</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_MorganStanleyMember" xlink:href="tef-20241231.xsd#tef_MorganStanleyMember"/>
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    <link:label id="lab_srt_CumulativeEffectPeriodOfAdoptionAxis_d453bec5-9fca-49c8-8565-21ddbbe08577_terseLabel_en-US" xlink:label="lab_srt_CumulativeEffectPeriodOfAdoptionAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Cumulative Effect, Period of Adoption [Axis]</link:label>
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    <link:loc xlink:type="locator" xlink:label="loc_srt_CumulativeEffectPeriodOfAdoptionAxis" xlink:href="https://xbrl.fasb.org/srt/2024/elts/srt-2024.xsd#srt_CumulativeEffectPeriodOfAdoptionAxis"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_srt_CumulativeEffectPeriodOfAdoptionAxis" xlink:to="lab_srt_CumulativeEffectPeriodOfAdoptionAxis" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_GainsLossesArisingFromSaleAndLeasebackTransactions_2cc10eac-2b56-4e88-9bcc-c4820a67cd7f_terseLabel_en-US" xlink:label="lab_ifrs-full_GainsLossesArisingFromSaleAndLeasebackTransactions" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Capital gains arising from sale and leaseback transactions</link:label>
    <link:label id="lab_ifrs-full_GainsLossesArisingFromSaleAndLeasebackTransactions_label_en-US" xlink:label="lab_ifrs-full_GainsLossesArisingFromSaleAndLeasebackTransactions" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Gains (losses) arising from sale and leaseback transactions</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_GainsLossesArisingFromSaleAndLeasebackTransactions" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_GainsLossesArisingFromSaleAndLeasebackTransactions"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_GainsLossesArisingFromSaleAndLeasebackTransactions" xlink:to="lab_ifrs-full_GainsLossesArisingFromSaleAndLeasebackTransactions" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_LaterThanOneYearAndNotLaterThanTwoYearsMember_f29fdfb7-ed50-4c53-a8fd-970e63d16739_terseLabel_en-US" xlink:label="lab_ifrs-full_LaterThanOneYearAndNotLaterThanTwoYearsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">2026</link:label>
    <link:label id="lab_ifrs-full_LaterThanOneYearAndNotLaterThanTwoYearsMember_fd7be4ce-4a67-4c79-954f-16e53b3c3aa6_verboseLabel_en-US" xlink:label="lab_ifrs-full_LaterThanOneYearAndNotLaterThanTwoYearsMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">2026</link:label>
    <link:label id="lab_ifrs-full_LaterThanOneYearAndNotLaterThanTwoYearsMember_label_en-US" xlink:label="lab_ifrs-full_LaterThanOneYearAndNotLaterThanTwoYearsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Later than one year and not later than two years [member]</link:label>
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    <link:label id="lab_tef_PurchaseOfAssetsRelatedPartyTransactions_30202d88-f89b-46a8-9286-b929d10a50ac_terseLabel_en-US" xlink:label="lab_tef_PurchaseOfAssetsRelatedPartyTransactions" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Purchase of assets</link:label>
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    <link:label id="lab_ifrs-full_DepreciationAndAmortisationExpense_9c37119f-0066-4684-95c3-de12d98f54a0_negatedTerseLabel_en-US" xlink:label="lab_ifrs-full_DepreciationAndAmortisationExpense" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xml:lang="en-US">Depreciation and amortization</link:label>
    <link:label id="lab_ifrs-full_DepreciationAndAmortisationExpense_b417e6b7-ca6b-4489-8bb9-4da0a52ca1a9_totalLabel_en-US" xlink:label="lab_ifrs-full_DepreciationAndAmortisationExpense" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Total</link:label>
    <link:label id="lab_ifrs-full_DepreciationAndAmortisationExpense_label_en-US" xlink:label="lab_ifrs-full_DepreciationAndAmortisationExpense" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Depreciation and amortisation expense</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_DepreciationAndAmortisationExpense" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_DepreciationAndAmortisationExpense"/>
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    <link:label id="lab_tef_IncreaseDecreaseThroughNetExchangeDifferencesDeferredTaxAsset_2aaf2b3c-31bb-410e-b5b9-ae149f7d3596_terseLabel_en-US" xlink:label="lab_tef_IncreaseDecreaseThroughNetExchangeDifferencesDeferredTaxAsset" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Transfers</link:label>
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    <link:label id="lab_tef_IncreaseDecreaseThroughNetExchangeDifferencesDeferredTaxAsset_documentation_en-US" xlink:label="lab_tef_IncreaseDecreaseThroughNetExchangeDifferencesDeferredTaxAsset" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Increase (Decrease) Through Net Exchange Differences, Deferred Tax Asset</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_IncreaseDecreaseThroughNetExchangeDifferencesDeferredTaxAsset" xlink:href="tef-20241231.xsd#tef_IncreaseDecreaseThroughNetExchangeDifferencesDeferredTaxAsset"/>
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    <link:label id="lab_tef_NumberOfMatches_e5614440-548c-44ee-8cb2-e4e97535a8a0_terseLabel_en-US" xlink:label="lab_tef_NumberOfMatches" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Number of matches</link:label>
    <link:label id="lab_tef_NumberOfMatches_label_en-US" xlink:label="lab_tef_NumberOfMatches" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Number Of Matches</link:label>
    <link:label id="lab_tef_NumberOfMatches_documentation_en-US" xlink:label="lab_tef_NumberOfMatches" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Number Of Matches</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_NumberOfMatches" xlink:href="tef-20241231.xsd#tef_NumberOfMatches"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_NumberOfMatches" xlink:to="lab_tef_NumberOfMatches" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_DisclosureOfAdditionalInformationExplanatory_f1c7b999-fa05-418a-828a-abe795b13973_terseLabel_en-US" xlink:label="lab_ifrs-full_DisclosureOfAdditionalInformationExplanatory" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Other Information</link:label>
    <link:label id="lab_ifrs-full_DisclosureOfAdditionalInformationExplanatory_label_en-US" xlink:label="lab_ifrs-full_DisclosureOfAdditionalInformationExplanatory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure of additional information [text block]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_DisclosureOfAdditionalInformationExplanatory" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_DisclosureOfAdditionalInformationExplanatory"/>
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    <link:label id="lab_tef_TelefonicaRentingSAMember_7c52c7e1-f937-447d-a17f-d06b1fb61733_terseLabel_en-US" xlink:label="lab_tef_TelefonicaRentingSAMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Telef&#243;nica Renting, S.A.</link:label>
    <link:label id="lab_tef_TelefonicaRentingSAMember_label_en-US" xlink:label="lab_tef_TelefonicaRentingSAMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Telefonica Renting, S.A. [Member]</link:label>
    <link:label id="lab_tef_TelefonicaRentingSAMember_documentation_en-US" xlink:label="lab_tef_TelefonicaRentingSAMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Telefonica Renting, S.A.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_TelefonicaRentingSAMember" xlink:href="tef-20241231.xsd#tef_TelefonicaRentingSAMember"/>
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    <link:label id="lab_tef_FloorMember_e805d20e-2123-4f4b-8117-0f65d2849285_terseLabel_en-US" xlink:label="lab_tef_FloorMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Floors</link:label>
    <link:label id="lab_tef_FloorMember_label_en-US" xlink:label="lab_tef_FloorMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Floor [Member]</link:label>
    <link:label id="lab_tef_FloorMember_documentation_en-US" xlink:label="lab_tef_FloorMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Floor [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_FloorMember" xlink:href="tef-20241231.xsd#tef_FloorMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_FloorMember" xlink:to="lab_tef_FloorMember" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_UnbilledMember_7905110a-e959-46d9-81b0-37618e850858_terseLabel_en-US" xlink:label="lab_tef_UnbilledMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Unbilled receivables</link:label>
    <link:label id="lab_tef_UnbilledMember_label_en-US" xlink:label="lab_tef_UnbilledMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Unbilled [Member]</link:label>
    <link:label id="lab_tef_UnbilledMember_documentation_en-US" xlink:label="lab_tef_UnbilledMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Unbilled [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_UnbilledMember" xlink:href="tef-20241231.xsd#tef_UnbilledMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_UnbilledMember" xlink:to="lab_tef_UnbilledMember" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_RegulatoryOperationsAcquisitionOfDTSNewEntityCommitmentsTerm_73c0d1c1-737d-4549-9363-8334927db0d6_terseLabel_en-US" xlink:label="lab_tef_RegulatoryOperationsAcquisitionOfDTSNewEntityCommitmentsTerm" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Acquisition of DTS, new entity commitments term</link:label>
    <link:label id="lab_tef_RegulatoryOperationsAcquisitionOfDTSNewEntityCommitmentsTerm_label_en-US" xlink:label="lab_tef_RegulatoryOperationsAcquisitionOfDTSNewEntityCommitmentsTerm" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Regulatory Operations, Acquisition Of DTS, New Entity Commitments Term</link:label>
    <link:label id="lab_tef_RegulatoryOperationsAcquisitionOfDTSNewEntityCommitmentsTerm_documentation_en-US" xlink:label="lab_tef_RegulatoryOperationsAcquisitionOfDTSNewEntityCommitmentsTerm" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Regulatory Operations, Acquisition Of DTS, New Entity Commitments Term</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_RegulatoryOperationsAcquisitionOfDTSNewEntityCommitmentsTerm" xlink:href="tef-20241231.xsd#tef_RegulatoryOperationsAcquisitionOfDTSNewEntityCommitmentsTerm"/>
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    <link:label id="lab_tef_OtherAssetRecognisedAsOfAcquisitionDate_80cae5bb-151a-4283-8521-5e403c588254_terseLabel_en-US" xlink:label="lab_tef_OtherAssetRecognisedAsOfAcquisitionDate" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Other assets</link:label>
    <link:label id="lab_tef_OtherAssetRecognisedAsOfAcquisitionDate_label_en-US" xlink:label="lab_tef_OtherAssetRecognisedAsOfAcquisitionDate" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Other Asset Recognised As Of Acquisition Date</link:label>
    <link:label id="lab_tef_OtherAssetRecognisedAsOfAcquisitionDate_documentation_en-US" xlink:label="lab_tef_OtherAssetRecognisedAsOfAcquisitionDate" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Other Asset Recognised As Of Acquisition Date</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_OtherAssetRecognisedAsOfAcquisitionDate" xlink:href="tef-20241231.xsd#tef_OtherAssetRecognisedAsOfAcquisitionDate"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_OtherAssetRecognisedAsOfAcquisitionDate" xlink:to="lab_tef_OtherAssetRecognisedAsOfAcquisitionDate" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_FinancialInstrumentsNotDesignatedasHedgingInstrumentsFairValue_5d5b7366-469b-4836-957b-b8e344268d9c_terseLabel_en-US" xlink:label="lab_tef_FinancialInstrumentsNotDesignatedasHedgingInstrumentsFairValue" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Underlying debt, at fair value</link:label>
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    <link:label id="lab_tef_FinancialInstrumentsNotDesignatedasHedgingInstrumentsFairValue_documentation_en-US" xlink:label="lab_tef_FinancialInstrumentsNotDesignatedasHedgingInstrumentsFairValue" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Financial Instruments Not Designated as Hedging Instruments, Fair Value</link:label>
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    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_FinancialInstrumentsNotDesignatedasHedgingInstrumentsFairValue" xlink:to="lab_tef_FinancialInstrumentsNotDesignatedasHedgingInstrumentsFairValue" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_CurrentProvisionsAbstract_676a28af-1882-45d2-9be1-e5e64d48ee06_terseLabel_en-US" xlink:label="lab_ifrs-full_CurrentProvisionsAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Current</link:label>
    <link:label id="lab_ifrs-full_CurrentProvisionsAbstract_label_en-US" xlink:label="lab_ifrs-full_CurrentProvisionsAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Current provisions [abstract]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_CurrentProvisionsAbstract" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_CurrentProvisionsAbstract"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_CurrentProvisionsAbstract" xlink:to="lab_ifrs-full_CurrentProvisionsAbstract" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_TelefonicaMovilesGuatemalaTelefonicaCelulardeNicaraguaTelefonicaMovilesPanamaMember_d6dcd539-5bea-4987-ad13-f0b9f193f504_terseLabel_en-US" xlink:label="lab_tef_TelefonicaMovilesGuatemalaTelefonicaCelulardeNicaraguaTelefonicaMovilesPanamaMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Telefonica Moviles Guatemala &amp; Telefonica Celular de Nicaragua &amp; Telefonica Moviles Panama</link:label>
    <link:label id="lab_tef_TelefonicaMovilesGuatemalaTelefonicaCelulardeNicaraguaTelefonicaMovilesPanamaMember_label_en-US" xlink:label="lab_tef_TelefonicaMovilesGuatemalaTelefonicaCelulardeNicaraguaTelefonicaMovilesPanamaMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Telefonica Moviles Guatemala &amp; Telefonica Celular de Nicaragua &amp; Telefonica Moviles Panama [Member]</link:label>
    <link:label id="lab_tef_TelefonicaMovilesGuatemalaTelefonicaCelulardeNicaraguaTelefonicaMovilesPanamaMember_documentation_en-US" xlink:label="lab_tef_TelefonicaMovilesGuatemalaTelefonicaCelulardeNicaraguaTelefonicaMovilesPanamaMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Telefonica Moviles Guatemala &amp; Telefonica Celular de Nicaragua &amp; Telefonica Moviles Panama [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_TelefonicaMovilesGuatemalaTelefonicaCelulardeNicaraguaTelefonicaMovilesPanamaMember" xlink:href="tef-20241231.xsd#tef_TelefonicaMovilesGuatemalaTelefonicaCelulardeNicaraguaTelefonicaMovilesPanamaMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_TelefonicaMovilesGuatemalaTelefonicaCelulardeNicaraguaTelefonicaMovilesPanamaMember" xlink:to="lab_tef_TelefonicaMovilesGuatemalaTelefonicaCelulardeNicaraguaTelefonicaMovilesPanamaMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_CharacteristicsOfDefinedBenefitPlansDomain_98689c09-0c4a-46bf-b69d-f12ee77bd512_terseLabel_en-US" xlink:label="lab_ifrs-full_CharacteristicsOfDefinedBenefitPlansDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Characteristics of defined benefit plans [domain]</link:label>
    <link:label id="lab_ifrs-full_CharacteristicsOfDefinedBenefitPlansDomain_label_en-US" xlink:label="lab_ifrs-full_CharacteristicsOfDefinedBenefitPlansDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Characteristics of defined benefit plans [domain]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_CharacteristicsOfDefinedBenefitPlansDomain" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_CharacteristicsOfDefinedBenefitPlansDomain"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_CharacteristicsOfDefinedBenefitPlansDomain" xlink:to="lab_ifrs-full_CharacteristicsOfDefinedBenefitPlansDomain" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_Gainslossesondebtinstrumentsandotherassetsatfairvaluethroughprofitorloss_94e5579f-5e19-488b-ace0-a98ddab0ec23_terseLabel_en-US" xlink:label="lab_tef_Gainslossesondebtinstrumentsandotherassetsatfairvaluethroughprofitorloss" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Changes in the fair value of debt instruments and other assets at fair value to profit or loss</link:label>
    <link:label id="lab_tef_Gainslossesondebtinstrumentsandotherassetsatfairvaluethroughprofitorloss_label_en-US" xlink:label="lab_tef_Gainslossesondebtinstrumentsandotherassetsatfairvaluethroughprofitorloss" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Gains (losses) on debt instruments and other assets at fair value through profit or loss</link:label>
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    <link:loc xlink:type="locator" xlink:label="loc_tef_Gainslossesondebtinstrumentsandotherassetsatfairvaluethroughprofitorloss" xlink:href="tef-20241231.xsd#tef_Gainslossesondebtinstrumentsandotherassetsatfairvaluethroughprofitorloss"/>
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    <link:label id="lab_tef_BancoBilbaoVizcayaArgentariaMember_a0477099-5867-47d4-abb1-7db3a63d5035_terseLabel_en-US" xlink:label="lab_tef_BancoBilbaoVizcayaArgentariaMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">BBVA</link:label>
    <link:label id="lab_tef_BancoBilbaoVizcayaArgentariaMember_label_en-US" xlink:label="lab_tef_BancoBilbaoVizcayaArgentariaMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Banco Bilbao Vizcaya Argentaria [Member]</link:label>
    <link:label id="lab_tef_BancoBilbaoVizcayaArgentariaMember_documentation_en-US" xlink:label="lab_tef_BancoBilbaoVizcayaArgentariaMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Bilbao Vizcaya Argentaria [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_BancoBilbaoVizcayaArgentariaMember" xlink:href="tef-20241231.xsd#tef_BancoBilbaoVizcayaArgentariaMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_BancoBilbaoVizcayaArgentariaMember" xlink:to="lab_tef_BancoBilbaoVizcayaArgentariaMember" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_CurrentReceivablesAndOtherCurrentAssets_9faa04b6-431a-48ef-922e-2d15ac22ebe9_terseLabel_en-US" xlink:label="lab_tef_CurrentReceivablesAndOtherCurrentAssets" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Receivables and other current assets</link:label>
    <link:label id="lab_tef_CurrentReceivablesAndOtherCurrentAssets_dd0818c6-84f2-4403-9e5c-0ffced6dee9a_totalLabel_en-US" xlink:label="lab_tef_CurrentReceivablesAndOtherCurrentAssets" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Total</link:label>
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    <link:label id="lab_tef_CurrentReceivablesAndOtherCurrentAssets_documentation_en-US" xlink:label="lab_tef_CurrentReceivablesAndOtherCurrentAssets" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Current Receivables And Other Current Assets</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_CurrentReceivablesAndOtherCurrentAssets" xlink:href="tef-20241231.xsd#tef_CurrentReceivablesAndOtherCurrentAssets"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_CurrentReceivablesAndOtherCurrentAssets" xlink:to="lab_tef_CurrentReceivablesAndOtherCurrentAssets" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_GovertisAdvisoryServicesSLMember_10becc99-c2bb-4665-a92b-a5013b68699d_terseLabel_en-US" xlink:label="lab_tef_GovertisAdvisoryServicesSLMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Govertis Advisory Services S.L.U. Cybersecurity, electronic information security and IT consulting</link:label>
    <link:label id="lab_tef_GovertisAdvisoryServicesSLMember_label_en-US" xlink:label="lab_tef_GovertisAdvisoryServicesSLMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Govertis Advisory Services SL [Member]</link:label>
    <link:label id="lab_tef_GovertisAdvisoryServicesSLMember_documentation_en-US" xlink:label="lab_tef_GovertisAdvisoryServicesSLMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Govertis Advisory Services SL</link:label>
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    <link:label id="lab_tef_JointVentureServiceAgreementOngoingServicesTerm_a2d889df-7208-4982-bc7b-7812acf22c88_terseLabel_en-US" xlink:label="lab_tef_JointVentureServiceAgreementOngoingServicesTerm" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Service agreement, ongoing services, term</link:label>
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    <link:label id="lab_tef_JointVentureServiceAgreementOngoingServicesTerm_documentation_en-US" xlink:label="lab_tef_JointVentureServiceAgreementOngoingServicesTerm" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Joint Venture, Service Agreement, Ongoing Services, Term</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_JointVentureServiceAgreementOngoingServicesTerm" xlink:href="tef-20241231.xsd#tef_JointVentureServiceAgreementOngoingServicesTerm"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_JointVentureServiceAgreementOngoingServicesTerm" xlink:to="lab_tef_JointVentureServiceAgreementOngoingServicesTerm" xlink:type="arc" order="1"/>
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    <link:label id="lab_tef_OperacionesTecnologicasyComercialesS.A.S.Member_0cbdfd37-3361-4a2c-8d32-93a0212acd96_terseLabel_en-US" xlink:label="lab_tef_OperacionesTecnologicasyComercialesS.A.S.Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Operaciones Tecnol&#243;gicas y Comerciales S.A.S Communications services operator</link:label>
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    <link:label id="lab_tef_OperacionesTecnologicasyComercialesS.A.S.Member_documentation_en-US" xlink:label="lab_tef_OperacionesTecnologicasyComercialesS.A.S.Member" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Operaciones Tecnologicas y Comerciales S.A.S. [Member]</link:label>
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    <link:label id="lab_tef_IncreaseDecreaseThroughChangeInTranslationDifferencesEquity_documentation_en-US" xlink:label="lab_tef_IncreaseDecreaseThroughChangeInTranslationDifferencesEquity" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Increase (Decrease) Through Change In Translation Differences, Equity</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_IncreaseDecreaseThroughChangeInTranslationDifferencesEquity" xlink:href="tef-20241231.xsd#tef_IncreaseDecreaseThroughChangeInTranslationDifferencesEquity"/>
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    <link:label id="lab_ifrs-full_DisclosureOfTradeAndOtherReceivablesExplanatory_06bb3b9b-dfa7-4c62-8fa0-7f4d06d3d1c1_terseLabel_en-US" xlink:label="lab_ifrs-full_DisclosureOfTradeAndOtherReceivablesExplanatory" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Schedule of Accounts Receivable Balances</link:label>
    <link:label id="lab_ifrs-full_DisclosureOfTradeAndOtherReceivablesExplanatory_label_en-US" xlink:label="lab_ifrs-full_DisclosureOfTradeAndOtherReceivablesExplanatory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure of trade and other receivables [text block]</link:label>
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    <link:label id="lab_tef_SyndicatedLoanDueDecember172026Member_17c4a04f-2947-4ff9-800b-c56965bf7d59_terseLabel_en-US" xlink:label="lab_tef_SyndicatedLoanDueDecember172026Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Syndicated Loan Due December 17, 2026</link:label>
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    <link:label id="lab_tef_SyndicatedLoanDueDecember172026Member_documentation_en-US" xlink:label="lab_tef_SyndicatedLoanDueDecember172026Member" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Syndicated Loan Due December 17, 2026</link:label>
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    <link:label id="lab_ifrs-full_InsuranceRevenue_cd9ed090-4200-443c-bd72-5de11402d49d_terseLabel_en-US" xlink:label="lab_ifrs-full_InsuranceRevenue" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Insurance revenue</link:label>
    <link:label id="lab_ifrs-full_InsuranceRevenue_label_en-US" xlink:label="lab_ifrs-full_InsuranceRevenue" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Insurance revenue</link:label>
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    <link:label id="lab_tef_HedgesinEquityIncreaseDecreasefromOtherMovements_637196ea-db37-4baa-9d44-f882c79ec989_terseLabel_en-US" xlink:label="lab_tef_HedgesinEquityIncreaseDecreasefromOtherMovements" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Other movements</link:label>
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    <link:label id="lab_ifrs-full_DisclosureOfContingentLiabilitiesLineItems_7bfc32fd-c845-4c7a-a89a-f414b0980ded_terseLabel_en-US" xlink:label="lab_ifrs-full_DisclosureOfContingentLiabilitiesLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Disclosure of contingent liabilities [line items]</link:label>
    <link:label id="lab_ifrs-full_DisclosureOfContingentLiabilitiesLineItems_label_en-US" xlink:label="lab_ifrs-full_DisclosureOfContingentLiabilitiesLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure of contingent liabilities [line items]</link:label>
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    <link:label id="lab_tef_LoansAndOtherPayablesMember_84baa8da-3302-41ce-acde-9659e9447bb3_terseLabel_en-US" xlink:label="lab_tef_LoansAndOtherPayablesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Loans and other payables</link:label>
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    <link:label id="lab_tef_LoansAndOtherPayablesMember_documentation_en-US" xlink:label="lab_tef_LoansAndOtherPayablesMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Loans And Other Payables [Member]</link:label>
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    <link:label id="lab_tef_PaymentsForOperations_documentation_en-US" xlink:label="lab_tef_PaymentsForOperations" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Payments For Operations</link:label>
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    <link:label id="lab_tef_TELEFEMISIONESSEPTEMBER2018Member_b863167e-3bd9-4898-81f3-d3000c5d04bf_terseLabel_en-US" xlink:label="lab_tef_TELEFEMISIONESSEPTEMBER2018Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">TELEF. EMISIONES SEPTEMBER 2018</link:label>
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    <link:label id="lab_tef_CornerstoneTelecommunicationsInfrastructureLimitedMember_02f61cfd-e8a3-4a8a-984b-509126ea8cc1_terseLabel_en-US" xlink:label="lab_tef_CornerstoneTelecommunicationsInfrastructureLimitedMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Cornerstone Telecommunications Infrastructure Limited</link:label>
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    <link:label id="lab_tef_RegulatoryOperationsLicenseAgreement5GProjectImplementationTermStageOne_f93fe528-a401-409f-a072-ceffd2fe46e2_terseLabel_en-US" xlink:label="lab_tef_RegulatoryOperationsLicenseAgreement5GProjectImplementationTermStageOne" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">5G project, implementation term, stage one</link:label>
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    <link:label id="lab_tef_DeferredTaxAssetsMember_documentation_en-US" xlink:label="lab_tef_DeferredTaxAssetsMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Deferred Tax Assets [Member]</link:label>
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    <link:label id="lab_tef_TelxiusCableBoliviaSAMember_016faf9c-1d25-447d-a575-c53318136ad6_terseLabel_en-US" xlink:label="lab_tef_TelxiusCableBoliviaSAMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Telxius Cable Bolivia, S.A. Establishment and operation of any kind of communications infrastructure and/or network</link:label>
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    <link:label id="lab_tef_TelefonicaFactoringDoBrasilLtdMember_b5a23ef1-2b8e-458e-98fc-ccc3e5218fad_verboseLabel_en-US" xlink:label="lab_tef_TelefonicaFactoringDoBrasilLtdMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Telef&#243;nica Factoring do Brasil, Ltda.</link:label>
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    <link:label id="lab_tef_DisclosureofleasesAbstract_25216929-9dce-479c-b8e3-bcc83b9714d2_terseLabel_en-US" xlink:label="lab_tef_DisclosureofleasesAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Disclosure of leases [Abstract]</link:label>
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    <link:label id="lab_ifrs-full_LaterThanTwoYearsAndNotLaterThanThreeYearsMember_2b7e255b-11e1-488f-ad4b-2a78eacd7e1d_terseLabel_en-US" xlink:label="lab_ifrs-full_LaterThanTwoYearsAndNotLaterThanThreeYearsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">2027</link:label>
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    <link:label id="lab_tef_SecondCycleMember_documentation_en-US" xlink:label="lab_tef_SecondCycleMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Second Cycle [Member]</link:label>
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    <link:label id="lab_tef_FinancingDomain_documentation_en-US" xlink:label="lab_tef_FinancingDomain" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Financing [Domain]</link:label>
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    <link:label id="lab_ifrs-full_ExplanationOfSignificantChangesInContractAssetsAndContractLiabilitiesExplanatory_a7dbce17-a02b-4daa-b2f8-abfc777a6711_terseLabel_en-US" xlink:label="lab_ifrs-full_ExplanationOfSignificantChangesInContractAssetsAndContractLiabilitiesExplanatory" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Movement of contractual assets and contractual liabilities</link:label>
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    <link:label id="lab_tef_RegulatoryOperationsFrequencyRangeOwnedbyTelefonica_53435a31-23cb-48b7-883c-c7216538b33a_terseLabel_en-US" xlink:label="lab_tef_RegulatoryOperationsFrequencyRangeOwnedbyTelefonica" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Frequency range owned by Telefonica (GHz)</link:label>
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    <link:label id="lab_tef_TelefonicaFinanzasMember_documentation_en-US" xlink:label="lab_tef_TelefonicaFinanzasMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Telefonica Finanzas [Member]</link:label>
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    <link:label id="lab_ifrs-full_DisclosureOfBusinessCombinationsLineItems_37be47de-0801-46ec-8ad4-960e7af85d1a_terseLabel_en-US" xlink:label="lab_ifrs-full_DisclosureOfBusinessCombinationsLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Disclosure of detailed information about business combination [line items]</link:label>
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    <link:label id="lab_tef_TerminationOfContractMember_9a6db503-7f62-45e7-801e-af8a5a47641b_terseLabel_en-US" xlink:label="lab_tef_TerminationOfContractMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Provision for fines for canceling lease agreements</link:label>
    <link:label id="lab_tef_TerminationOfContractMember_label_en-US" xlink:label="lab_tef_TerminationOfContractMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Termination Of Contract [Member]</link:label>
    <link:label id="lab_tef_TerminationOfContractMember_documentation_en-US" xlink:label="lab_tef_TerminationOfContractMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Termination Of Contract</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_TerminationOfContractMember" xlink:href="tef-20241231.xsd#tef_TerminationOfContractMember"/>
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    <link:label id="lab_ifrs-full_CurrentServiceCostNetDefinedBenefitLiabilityAsset_8a6130f4-506c-4303-af93-43b5ec24cd19_terseLabel_en-US" xlink:label="lab_ifrs-full_CurrentServiceCostNetDefinedBenefitLiabilityAsset" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Current service cost</link:label>
    <link:label id="lab_ifrs-full_CurrentServiceCostNetDefinedBenefitLiabilityAsset_label_en-US" xlink:label="lab_ifrs-full_CurrentServiceCostNetDefinedBenefitLiabilityAsset" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Increase in net defined benefit liability (asset) resulting from current service cost</link:label>
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    <link:label id="lab_tef_IndefiniteOption1Member_3dfd9409-b6c9-4ced-b360-fbbdbc959eed_terseLabel_en-US" xlink:label="lab_tef_IndefiniteOption1Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Indefinite, Option 1</link:label>
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    <link:label id="lab_ifrs-full_PastDueStatusAxis_be8a30df-1349-414e-8ee5-d4748280ff63_terseLabel_en-US" xlink:label="lab_ifrs-full_PastDueStatusAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Past due status [axis]</link:label>
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    <link:label id="lab_ifrs-full_ChangesInEquity_777cf817-6c7f-4fbf-a3d3-faf6b1cb60c7_terseLabel_en-US" xlink:label="lab_ifrs-full_ChangesInEquity" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Adjustment on initial application of new reporting (Note 17)</link:label>
    <link:label id="lab_ifrs-full_ChangesInEquity_395172da-cdeb-409b-a1bf-cd6ff7dfdfd9_negatedTerseLabel_en-US" xlink:label="lab_ifrs-full_ChangesInEquity" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xml:lang="en-US">Adjustment on initial application of new reporting (Note 17)</link:label>
    <link:label id="lab_ifrs-full_ChangesInEquity_label_en-US" xlink:label="lab_ifrs-full_ChangesInEquity" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Increase (decrease) in equity</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_ChangesInEquity" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_ChangesInEquity"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_ChangesInEquity" xlink:to="lab_ifrs-full_ChangesInEquity" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_LexburgEnterprisesLimitedMember_49c148c9-5a94-4d1a-b528-31a45aca7378_terseLabel_en-US" xlink:label="lab_tef_LexburgEnterprisesLimitedMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Lexburg Enterprises Limited</link:label>
    <link:label id="lab_tef_LexburgEnterprisesLimitedMember_label_en-US" xlink:label="lab_tef_LexburgEnterprisesLimitedMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Lexburg Enterprises Limited [Member]</link:label>
    <link:label id="lab_tef_LexburgEnterprisesLimitedMember_documentation_en-US" xlink:label="lab_tef_LexburgEnterprisesLimitedMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Lexburg Enterprises Limited [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_LexburgEnterprisesLimitedMember" xlink:href="tef-20241231.xsd#tef_LexburgEnterprisesLimitedMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_LexburgEnterprisesLimitedMember" xlink:to="lab_tef_LexburgEnterprisesLimitedMember" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_PegasoPcsSADeCVMember_7939d9f9-bb36-4548-86fd-7996a54fa38a_terseLabel_en-US" xlink:label="lab_tef_PegasoPcsSADeCVMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Pegaso Pcs S.A. de C.V. Communications services operator</link:label>
    <link:label id="lab_tef_PegasoPcsSADeCVMember_label_en-US" xlink:label="lab_tef_PegasoPcsSADeCVMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Pegaso Pcs S.A. de CV [Member]</link:label>
    <link:label id="lab_tef_PegasoPcsSADeCVMember_documentation_en-US" xlink:label="lab_tef_PegasoPcsSADeCVMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Pegaso Pcs S.A. de CV</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_PegasoPcsSADeCVMember" xlink:href="tef-20241231.xsd#tef_PegasoPcsSADeCVMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_PegasoPcsSADeCVMember" xlink:to="lab_tef_PegasoPcsSADeCVMember" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_InvestmentInTheDeploymentOfFTTHInUKPartnerFinancing_36c0c844-9d75-41c8-b635-07e0e916369f_terseLabel_en-US" xlink:label="lab_tef_InvestmentInTheDeploymentOfFTTHInUKPartnerFinancing" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Investment in the deployment of FTTH in the UK, partner financing</link:label>
    <link:label id="lab_tef_InvestmentInTheDeploymentOfFTTHInUKPartnerFinancing_label_en-US" xlink:label="lab_tef_InvestmentInTheDeploymentOfFTTHInUKPartnerFinancing" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Investment In The Deployment Of FTTH In UK, Partner Financing</link:label>
    <link:label id="lab_tef_InvestmentInTheDeploymentOfFTTHInUKPartnerFinancing_documentation_en-US" xlink:label="lab_tef_InvestmentInTheDeploymentOfFTTHInUKPartnerFinancing" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Investment In The Deployment Of FTTH In UK, Partner Financing</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_InvestmentInTheDeploymentOfFTTHInUKPartnerFinancing" xlink:href="tef-20241231.xsd#tef_InvestmentInTheDeploymentOfFTTHInUKPartnerFinancing"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_InvestmentInTheDeploymentOfFTTHInUKPartnerFinancing" xlink:to="lab_tef_InvestmentInTheDeploymentOfFTTHInUKPartnerFinancing" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_SensitivityAnalysisDecreaseInNetIncomeDueToIncreaseInInterestRate_5dd47c51-789d-4371-b31c-d1dc1d7589d3_negatedTerseLabel_en-US" xlink:label="lab_tef_SensitivityAnalysisDecreaseInNetIncomeDueToIncreaseInInterestRate" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xml:lang="en-US">Decrease in consolidated income</link:label>
    <link:label id="lab_tef_SensitivityAnalysisDecreaseInNetIncomeDueToIncreaseInInterestRate_label_en-US" xlink:label="lab_tef_SensitivityAnalysisDecreaseInNetIncomeDueToIncreaseInInterestRate" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Sensitivity Analysis, Decrease In Net Income Due To Increase In Interest Rate</link:label>
    <link:label id="lab_tef_SensitivityAnalysisDecreaseInNetIncomeDueToIncreaseInInterestRate_documentation_en-US" xlink:label="lab_tef_SensitivityAnalysisDecreaseInNetIncomeDueToIncreaseInInterestRate" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Sensitivity Analysis, Decrease In Net Income Due To Increase In Interest Rate</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_SensitivityAnalysisDecreaseInNetIncomeDueToIncreaseInInterestRate" xlink:href="tef-20241231.xsd#tef_SensitivityAnalysisDecreaseInNetIncomeDueToIncreaseInInterestRate"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_SensitivityAnalysisDecreaseInNetIncomeDueToIncreaseInInterestRate" xlink:to="lab_tef_SensitivityAnalysisDecreaseInNetIncomeDueToIncreaseInInterestRate" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_IncreaseDecreaseInRightofuseAssets_2b850cbd-89c1-4d14-81bb-ddb9c821e455_terseLabel_en-US" xlink:label="lab_ifrs-full_IncreaseDecreaseInRightofuseAssets" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">First application of IAS 21</link:label>
    <link:label id="lab_ifrs-full_IncreaseDecreaseInRightofuseAssets_label_en-US" xlink:label="lab_ifrs-full_IncreaseDecreaseInRightofuseAssets" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Increase (decrease) in right-of-use assets</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_IncreaseDecreaseInRightofuseAssets" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_IncreaseDecreaseInRightofuseAssets"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_IncreaseDecreaseInRightofuseAssets" xlink:to="lab_ifrs-full_IncreaseDecreaseInRightofuseAssets" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_NoncontrollingInterestsOfTelefonicaDeutschlandMember_ec36e48f-f45b-481b-aef1-dd57bf96e8d2_terseLabel_en-US" xlink:label="lab_tef_NoncontrollingInterestsOfTelefonicaDeutschlandMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Non-controlling interests of Telefonica Deutschland</link:label>
    <link:label id="lab_tef_NoncontrollingInterestsOfTelefonicaDeutschlandMember_label_en-US" xlink:label="lab_tef_NoncontrollingInterestsOfTelefonicaDeutschlandMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Non-controlling Interests Of Telefonica Deutschland [Member]</link:label>
    <link:label id="lab_tef_NoncontrollingInterestsOfTelefonicaDeutschlandMember_documentation_en-US" xlink:label="lab_tef_NoncontrollingInterestsOfTelefonicaDeutschlandMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Non-controlling Interests Of Telefonica Deutschland [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_NoncontrollingInterestsOfTelefonicaDeutschlandMember" xlink:href="tef-20241231.xsd#tef_NoncontrollingInterestsOfTelefonicaDeutschlandMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_NoncontrollingInterestsOfTelefonicaDeutschlandMember" xlink:to="lab_tef_NoncontrollingInterestsOfTelefonicaDeutschlandMember" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_DisclosureOfCashFlowItemsFinancingActivitiesProceedsOnIssuanceOfDebenturesAndBondsAndAdditionalInformationTableTextBlock_0bb4a780-21bb-47c2-878a-61acd99b8fd0_terseLabel_en-US" xlink:label="lab_tef_DisclosureOfCashFlowItemsFinancingActivitiesProceedsOnIssuanceOfDebenturesAndBondsAndAdditionalInformationTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Schedule of Financing Activities: Proceeds on Issuance of Debentures and Bonds and Additional Information</link:label>
    <link:label id="lab_tef_DisclosureOfCashFlowItemsFinancingActivitiesProceedsOnIssuanceOfDebenturesAndBondsAndAdditionalInformationTableTextBlock_label_en-US" xlink:label="lab_tef_DisclosureOfCashFlowItemsFinancingActivitiesProceedsOnIssuanceOfDebenturesAndBondsAndAdditionalInformationTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure Of Cash Flow Items, Financing Activities, Proceeds On Issuance Of Debentures And Bonds And Additional Information [Table Text Block]</link:label>
    <link:label id="lab_tef_DisclosureOfCashFlowItemsFinancingActivitiesProceedsOnIssuanceOfDebenturesAndBondsAndAdditionalInformationTableTextBlock_documentation_en-US" xlink:label="lab_tef_DisclosureOfCashFlowItemsFinancingActivitiesProceedsOnIssuanceOfDebenturesAndBondsAndAdditionalInformationTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Disclosure Of Cash Flow Items, Financing Activities, Proceeds On Issuance Of Debentures And Bonds And Additional Information [Table Text Block]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_DisclosureOfCashFlowItemsFinancingActivitiesProceedsOnIssuanceOfDebenturesAndBondsAndAdditionalInformationTableTextBlock" xlink:href="tef-20241231.xsd#tef_DisclosureOfCashFlowItemsFinancingActivitiesProceedsOnIssuanceOfDebenturesAndBondsAndAdditionalInformationTableTextBlock"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_DisclosureOfCashFlowItemsFinancingActivitiesProceedsOnIssuanceOfDebenturesAndBondsAndAdditionalInformationTableTextBlock" xlink:to="lab_tef_DisclosureOfCashFlowItemsFinancingActivitiesProceedsOnIssuanceOfDebenturesAndBondsAndAdditionalInformationTableTextBlock" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_HedgingInstrumentNonCurrentLiabilities_907fa59b-2201-49ed-98e3-b59d042d15a9_terseLabel_en-US" xlink:label="lab_tef_HedgingInstrumentNonCurrentLiabilities" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Non-current financial liabilities</link:label>
    <link:label id="lab_tef_HedgingInstrumentNonCurrentLiabilities_label_en-US" xlink:label="lab_tef_HedgingInstrumentNonCurrentLiabilities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Hedging Instrument, Non-Current Liabilities</link:label>
    <link:label id="lab_tef_HedgingInstrumentNonCurrentLiabilities_documentation_en-US" xlink:label="lab_tef_HedgingInstrumentNonCurrentLiabilities" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Hedging Instrument, Non-Current Liabilities</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_HedgingInstrumentNonCurrentLiabilities" xlink:href="tef-20241231.xsd#tef_HedgingInstrumentNonCurrentLiabilities"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_HedgingInstrumentNonCurrentLiabilities" xlink:to="lab_tef_HedgingInstrumentNonCurrentLiabilities" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_OtherFinanceCost_add3701b-ca13-47ba-9dbe-422f4750de22_negatedTerseLabel_en-US" xlink:label="lab_ifrs-full_OtherFinanceCost" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xml:lang="en-US">Other financial expenses</link:label>
    <link:label id="lab_ifrs-full_OtherFinanceCost_label_en-US" xlink:label="lab_ifrs-full_OtherFinanceCost" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Other finance cost</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_OtherFinanceCost" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_OtherFinanceCost"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_OtherFinanceCost" xlink:to="lab_ifrs-full_OtherFinanceCost" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_CashTransferredRetainedAmount_887d3839-a17d-4fdf-ba94-db4872c577d6_terseLabel_en-US" xlink:label="lab_tef_CashTransferredRetainedAmount" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Cash transferred, retained amount</link:label>
    <link:label id="lab_tef_CashTransferredRetainedAmount_label_en-US" xlink:label="lab_tef_CashTransferredRetainedAmount" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Cash Transferred, Retained Amount</link:label>
    <link:label id="lab_tef_CashTransferredRetainedAmount_documentation_en-US" xlink:label="lab_tef_CashTransferredRetainedAmount" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Cash Transferred, Retained Amount</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_CashTransferredRetainedAmount" xlink:href="tef-20241231.xsd#tef_CashTransferredRetainedAmount"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_CashTransferredRetainedAmount" xlink:to="lab_tef_CashTransferredRetainedAmount" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_FinancialAssetsAtFairValueThroughProfitOrLossMandatorilyMeasuredAtFairValueCategoryMember_0e1783ce-bb02-425d-a32b-9bbda6221f80_terseLabel_en-US" xlink:label="lab_ifrs-full_FinancialAssetsAtFairValueThroughProfitOrLossMandatorilyMeasuredAtFairValueCategoryMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Fair value option</link:label>
    <link:label id="lab_ifrs-full_FinancialAssetsAtFairValueThroughProfitOrLossMandatorilyMeasuredAtFairValueCategoryMember_label_en-US" xlink:label="lab_ifrs-full_FinancialAssetsAtFairValueThroughProfitOrLossMandatorilyMeasuredAtFairValueCategoryMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Financial assets at fair value through profit or loss, mandatorily measured at fair value, category [member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_FinancialAssetsAtFairValueThroughProfitOrLossMandatorilyMeasuredAtFairValueCategoryMember" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_FinancialAssetsAtFairValueThroughProfitOrLossMandatorilyMeasuredAtFairValueCategoryMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_FinancialAssetsAtFairValueThroughProfitOrLossMandatorilyMeasuredAtFairValueCategoryMember" xlink:to="lab_ifrs-full_FinancialAssetsAtFairValueThroughProfitOrLossMandatorilyMeasuredAtFairValueCategoryMember" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_DesignatedAsHedgingInstrumentNettingMember_248c0b47-e852-4bc1-bf2a-ed8de6659b12_verboseLabel_en-US" xlink:label="lab_tef_DesignatedAsHedgingInstrumentNettingMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Designated as hedging instrument</link:label>
    <link:label id="lab_tef_DesignatedAsHedgingInstrumentNettingMember_label_en-US" xlink:label="lab_tef_DesignatedAsHedgingInstrumentNettingMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Designated as Hedging Instrument, Netting [Member]</link:label>
    <link:label id="lab_tef_DesignatedAsHedgingInstrumentNettingMember_documentation_en-US" xlink:label="lab_tef_DesignatedAsHedgingInstrumentNettingMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Designated as Hedging Instrument1 [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_DesignatedAsHedgingInstrumentNettingMember" xlink:href="tef-20241231.xsd#tef_DesignatedAsHedgingInstrumentNettingMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_DesignatedAsHedgingInstrumentNettingMember" xlink:to="lab_tef_DesignatedAsHedgingInstrumentNettingMember" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_Debentures1Member_4a5f1c44-2636-43d4-a59b-fdfe661bb3d5_terseLabel_en-US" xlink:label="lab_tef_Debentures1Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Debentures 1</link:label>
    <link:label id="lab_tef_Debentures1Member_label_en-US" xlink:label="lab_tef_Debentures1Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Debentures 1 [Member]</link:label>
    <link:label id="lab_tef_Debentures1Member_documentation_en-US" xlink:label="lab_tef_Debentures1Member" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Debentures 1</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_Debentures1Member" xlink:href="tef-20241231.xsd#tef_Debentures1Member"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_Debentures1Member" xlink:to="lab_tef_Debentures1Member" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_TaxRefundInterestReceivableFromTaxPaid_e07cd65a-3097-469e-814a-6526b03ba698_terseLabel_en-US" xlink:label="lab_tef_TaxRefundInterestReceivableFromTaxPaid" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Tax refund, interest receivable from tax paid</link:label>
    <link:label id="lab_tef_TaxRefundInterestReceivableFromTaxPaid_label_en-US" xlink:label="lab_tef_TaxRefundInterestReceivableFromTaxPaid" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Tax Refund, Interest Receivable From Tax Paid</link:label>
    <link:label id="lab_tef_TaxRefundInterestReceivableFromTaxPaid_documentation_en-US" xlink:label="lab_tef_TaxRefundInterestReceivableFromTaxPaid" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Tax Refund, Interest Receivable From Tax Paid</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_TaxRefundInterestReceivableFromTaxPaid" xlink:href="tef-20241231.xsd#tef_TaxRefundInterestReceivableFromTaxPaid"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_TaxRefundInterestReceivableFromTaxPaid" xlink:to="lab_tef_TaxRefundInterestReceivableFromTaxPaid" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_IndefiniteOption6Member_0663e079-d2fa-4e0f-8ea9-813a6bb24606_terseLabel_en-US" xlink:label="lab_tef_IndefiniteOption6Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Indefinite, Option 6</link:label>
    <link:label id="lab_tef_IndefiniteOption6Member_label_en-US" xlink:label="lab_tef_IndefiniteOption6Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Indefinite, Option 6 [Member]</link:label>
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    <link:loc xlink:type="locator" xlink:label="loc_tef_IndefiniteOption6Member" xlink:href="tef-20241231.xsd#tef_IndefiniteOption6Member"/>
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    <link:label id="lab_ifrs-full_TaxExpenseIncomeAtApplicableTaxRate_945b5a0c-dbe9-4fe3-8816-137173ce5d30_terseLabel_en-US" xlink:label="lab_ifrs-full_TaxExpenseIncomeAtApplicableTaxRate" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Tax expense at prevailing statutory rate</link:label>
    <link:label id="lab_ifrs-full_TaxExpenseIncomeAtApplicableTaxRate_label_en-US" xlink:label="lab_ifrs-full_TaxExpenseIncomeAtApplicableTaxRate" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Tax expense (income) at applicable tax rate</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_TaxExpenseIncomeAtApplicableTaxRate" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_TaxExpenseIncomeAtApplicableTaxRate"/>
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    <link:label id="lab_tef_LongTermFinancialInstrumentOfPegasoPCSMember_5a408629-6cd4-43f4-bd26-5a6e0949d934_terseLabel_en-US" xlink:label="lab_tef_LongTermFinancialInstrumentOfPegasoPCSMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Long-term financial instruments of Pegaso PCS</link:label>
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    <link:label id="lab_tef_LongTermFinancialInstrumentOfPegasoPCSMember_documentation_en-US" xlink:label="lab_tef_LongTermFinancialInstrumentOfPegasoPCSMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Long Term Financial Instrument Of Pegaso PCS</link:label>
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    <link:label id="lab_tef_PercentageOfTotalCommitmentsOfJointVenture_documentation_en-US" xlink:label="lab_tef_PercentageOfTotalCommitmentsOfJointVenture" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Percentage Of Total Commitments Of Joint Venture</link:label>
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    <link:label id="lab_tef_CurrentProvisionsForTerminationPlans_5f73a510-3f4a-4b05-8cdb-b26c5066c6aa_terseLabel_en-US" xlink:label="lab_tef_CurrentProvisionsForTerminationPlans" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Termination plans</link:label>
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    <link:label id="lab_ifrs-full_LaterThanFourYearsAndNotLaterThanFiveYearsMember_d9f25c27-2346-4780-811a-a63783c068de_terseLabel_en-US" xlink:label="lab_ifrs-full_LaterThanFourYearsAndNotLaterThanFiveYearsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">2029</link:label>
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    <link:label id="lab_tef_CommitmentTypeDomain_9548b855-421c-40b4-9402-f72a18d75b97_terseLabel_en-US" xlink:label="lab_tef_CommitmentTypeDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Commitment Type [Domain]</link:label>
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    <link:label id="lab_tef_CommitmentTypeDomain_documentation_en-US" xlink:label="lab_tef_CommitmentTypeDomain" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Commitment Type [Domain]</link:label>
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    <link:label id="lab_ifrs-full_GoodwillExpectedDeductibleForTaxPurposes_cdd78e31-b85e-460c-b5da-aa1ab8bb232c_terseLabel_en-US" xlink:label="lab_ifrs-full_GoodwillExpectedDeductibleForTaxPurposes" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Amortized goodwill for tax purposes</link:label>
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    <link:label id="lab_tef_Expiringin2023Member_7963b973-1e8e-4cb6-b562-9a3cd95ad1b8_terseLabel_en-US" xlink:label="lab_tef_Expiringin2023Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Expiring in 2023</link:label>
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    <link:label id="lab_tef_EPlusMember_603038b5-a821-47df-855b-c490dcca1249_terseLabel_en-US" xlink:label="lab_tef_EPlusMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">E-Plus Service GmbH Wireless communications services operator</link:label>
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    <link:label id="lab_tef_EPlusMember_documentation_en-US" xlink:label="lab_tef_EPlusMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">E-Plus [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_EPlusMember" xlink:href="tef-20241231.xsd#tef_EPlusMember"/>
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    <link:label id="lab_tef_TenderOfferofEquityInstrument_f10a0686-95f4-4edc-8c8a-633e4f1a74cc_terseLabel_en-US" xlink:label="lab_tef_TenderOfferofEquityInstrument" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Tender Offer</link:label>
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    <link:label id="lab_tef_TenderOfferofEquityInstrument_documentation_en-US" xlink:label="lab_tef_TenderOfferofEquityInstrument" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Tender Offer of Equity Instrument</link:label>
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    <link:label id="lab_ifrs-full_NoncurrentPrepayments_b9964080-b231-4d19-a58a-4e20bd53a222_terseLabel_en-US" xlink:label="lab_ifrs-full_NoncurrentPrepayments" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Prepayments</link:label>
    <link:label id="lab_ifrs-full_NoncurrentPrepayments_label_en-US" xlink:label="lab_ifrs-full_NoncurrentPrepayments" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Non-current prepayments</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_NoncurrentPrepayments" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_NoncurrentPrepayments"/>
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    <link:label id="lab_tef_IncreaseDecreaseThroughTranslationDifferencesAndInflationAdjustmentsDeferredTaxAsset_3934d482-27ee-4398-a7de-1a6f495ad71b_terseLabel_en-US" xlink:label="lab_tef_IncreaseDecreaseThroughTranslationDifferencesAndInflationAdjustmentsDeferredTaxAsset" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Translation differences and inflation adjustments</link:label>
    <link:label id="lab_tef_IncreaseDecreaseThroughTranslationDifferencesAndInflationAdjustmentsDeferredTaxAsset_label_en-US" xlink:label="lab_tef_IncreaseDecreaseThroughTranslationDifferencesAndInflationAdjustmentsDeferredTaxAsset" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Increase (Decrease) Through Translation Differences and Inflation Adjustments, Deferred Tax Asset</link:label>
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    <link:label id="lab_tef_IndividualSuspensionPlanMember_6f813ee5-d1f6-4fc0-88c8-dc0935085e4e_terseLabel_en-US" xlink:label="lab_tef_IndividualSuspensionPlanMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Individual Suspension Plan</link:label>
    <link:label id="lab_tef_IndividualSuspensionPlanMember_label_en-US" xlink:label="lab_tef_IndividualSuspensionPlanMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Individual Suspension Plan [Member]</link:label>
    <link:label id="lab_tef_IndividualSuspensionPlanMember_documentation_en-US" xlink:label="lab_tef_IndividualSuspensionPlanMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Individual Suspension Plan [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_IndividualSuspensionPlanMember" xlink:href="tef-20241231.xsd#tef_IndividualSuspensionPlanMember"/>
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    <link:label id="lab_ifrs-full_NetDefinedBenefitLiabilityAssetAxis_dfa2ffe8-18b0-43fc-8c3a-9496ec4f2c0e_terseLabel_en-US" xlink:label="lab_ifrs-full_NetDefinedBenefitLiabilityAssetAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Net defined benefit liability (asset) [axis]</link:label>
    <link:label id="lab_ifrs-full_NetDefinedBenefitLiabilityAssetAxis_label_en-US" xlink:label="lab_ifrs-full_NetDefinedBenefitLiabilityAssetAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Net defined benefit liability (asset) [axis]</link:label>
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    <link:label id="lab_tef_PegasoPCSSADeCVMember_ad2437fa-481f-42a8-8a92-776507bec846_terseLabel_en-US" xlink:label="lab_tef_PegasoPCSSADeCVMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Pegaso PCS S.A. de CV</link:label>
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    <link:loc xlink:type="locator" xlink:label="loc_tef_PegasoPCSSADeCVMember" xlink:href="tef-20241231.xsd#tef_PegasoPCSSADeCVMember"/>
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    <link:label id="lab_tef_A0.5DecreaseInDiscountRateMember_477c7d08-e3c1-44f4-85a7-2e301370227d_terseLabel_en-US" xlink:label="lab_tef_A0.5DecreaseInDiscountRateMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Present value of the obligation by reducing the discount rate by 0.5%</link:label>
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    <link:label id="lab_tef_AccountsReceivableRecognisedAsOfAcquisitionDate_62ebf443-c3be-498e-b5fb-b953f926fe76_terseLabel_en-US" xlink:label="lab_tef_AccountsReceivableRecognisedAsOfAcquisitionDate" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Accounts receivable</link:label>
    <link:label id="lab_tef_AccountsReceivableRecognisedAsOfAcquisitionDate_label_en-US" xlink:label="lab_tef_AccountsReceivableRecognisedAsOfAcquisitionDate" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Accounts Receivable Recognised As Of Acquisition Date</link:label>
    <link:label id="lab_tef_AccountsReceivableRecognisedAsOfAcquisitionDate_documentation_en-US" xlink:label="lab_tef_AccountsReceivableRecognisedAsOfAcquisitionDate" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Accounts Receivable Recognised As Of Acquisition Date</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_AccountsReceivableRecognisedAsOfAcquisitionDate" xlink:href="tef-20241231.xsd#tef_AccountsReceivableRecognisedAsOfAcquisitionDate"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_AccountsReceivableRecognisedAsOfAcquisitionDate" xlink:to="lab_tef_AccountsReceivableRecognisedAsOfAcquisitionDate" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_Expiringin2028Option2Member_cb14beb7-75e8-4ab0-8bd5-29fd398522ab_terseLabel_en-US" xlink:label="lab_tef_Expiringin2028Option2Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Expiring in 2028, Option 2</link:label>
    <link:label id="lab_tef_Expiringin2028Option2Member_label_en-US" xlink:label="lab_tef_Expiringin2028Option2Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Expiring in 2028, Option 2 [Member]</link:label>
    <link:label id="lab_tef_Expiringin2028Option2Member_documentation_en-US" xlink:label="lab_tef_Expiringin2028Option2Member" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Expiring in 2028, Option 2 [Member]</link:label>
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    <link:label id="lab_tef_CommitmentToFundInvestment_6620f756-e224-413f-a302-77d797511d2b_terseLabel_en-US" xlink:label="lab_tef_CommitmentToFundInvestment" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Commitment to fund investment</link:label>
    <link:label id="lab_tef_CommitmentToFundInvestment_label_en-US" xlink:label="lab_tef_CommitmentToFundInvestment" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Commitment To Fund Investment</link:label>
    <link:label id="lab_tef_CommitmentToFundInvestment_documentation_en-US" xlink:label="lab_tef_CommitmentToFundInvestment" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Commitment To Fund Investment</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_CommitmentToFundInvestment" xlink:href="tef-20241231.xsd#tef_CommitmentToFundInvestment"/>
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    <link:label id="lab_ifrs-full_RevenueFromInterest_373cd12d-4795-47b2-b0a2-6ed8fed6d9ee_terseLabel_en-US" xlink:label="lab_ifrs-full_RevenueFromInterest" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Interest income</link:label>
    <link:label id="lab_ifrs-full_RevenueFromInterest_label_en-US" xlink:label="lab_ifrs-full_RevenueFromInterest" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Interest income</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_RevenueFromInterest" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_RevenueFromInterest"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_RevenueFromInterest" xlink:to="lab_ifrs-full_RevenueFromInterest" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_DerivativeInstrumentsIncludingNettingAdjustmentsMember_fd378f14-9fd5-4513-965a-160eb326c166_terseLabel_en-US" xlink:label="lab_tef_DerivativeInstrumentsIncludingNettingAdjustmentsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Derivative instruments, including netting adjustments</link:label>
    <link:label id="lab_tef_DerivativeInstrumentsIncludingNettingAdjustmentsMember_label_en-US" xlink:label="lab_tef_DerivativeInstrumentsIncludingNettingAdjustmentsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Derivative Instruments, Including Netting Adjustments [Member]</link:label>
    <link:label id="lab_tef_DerivativeInstrumentsIncludingNettingAdjustmentsMember_documentation_en-US" xlink:label="lab_tef_DerivativeInstrumentsIncludingNettingAdjustmentsMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Derivative Instruments, Including Netting Adjustments</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_DerivativeInstrumentsIncludingNettingAdjustmentsMember" xlink:href="tef-20241231.xsd#tef_DerivativeInstrumentsIncludingNettingAdjustmentsMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_DerivativeInstrumentsIncludingNettingAdjustmentsMember" xlink:to="lab_tef_DerivativeInstrumentsIncludingNettingAdjustmentsMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_ChangesInPropertyPlantAndEquipment_d0d5be35-1968-41c2-8edf-49410851cd96_terseLabel_en-US" xlink:label="lab_ifrs-full_ChangesInPropertyPlantAndEquipment" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">First applica-tion of IAS 21</link:label>
    <link:label id="lab_ifrs-full_ChangesInPropertyPlantAndEquipment_label_en-US" xlink:label="lab_ifrs-full_ChangesInPropertyPlantAndEquipment" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Increase (decrease) in property, plant and equipment</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_ChangesInPropertyPlantAndEquipment" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_ChangesInPropertyPlantAndEquipment"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_ChangesInPropertyPlantAndEquipment" xlink:to="lab_ifrs-full_ChangesInPropertyPlantAndEquipment" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_TelefonicaBroadcastServicesMember_f8b05925-ee58-4449-a18a-e5f654b2f8e9_terseLabel_en-US" xlink:label="lab_tef_TelefonicaBroadcastServicesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Telef&#243;nica Broadcast Services, S.L.U. DSNG-based transmission and operation services</link:label>
    <link:label id="lab_tef_TelefonicaBroadcastServicesMember_label_en-US" xlink:label="lab_tef_TelefonicaBroadcastServicesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Telefonica Broadcast Services [Member]</link:label>
    <link:label id="lab_tef_TelefonicaBroadcastServicesMember_documentation_en-US" xlink:label="lab_tef_TelefonicaBroadcastServicesMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Telefonica Broadcast Services [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_TelefonicaBroadcastServicesMember" xlink:href="tef-20241231.xsd#tef_TelefonicaBroadcastServicesMember"/>
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    <link:label id="lab_tef_IncreaseDecreaseThroughUndatedDeeplySubordinatedSecurities_7aea4826-824c-404b-b3a5-e7486b851d14_terseLabel_en-US" xlink:label="lab_tef_IncreaseDecreaseThroughUndatedDeeplySubordinatedSecurities" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Undated deeply subordinated securities and notes mandatorily convertible&#160;(Note 17)</link:label>
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    <link:label id="lab_tef_IncreaseDecreaseThroughUndatedDeeplySubordinatedSecurities_documentation_en-US" xlink:label="lab_tef_IncreaseDecreaseThroughUndatedDeeplySubordinatedSecurities" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Increase (Decrease) Through Undated Deeply Subordinated Securities</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_IncreaseDecreaseThroughUndatedDeeplySubordinatedSecurities" xlink:href="tef-20241231.xsd#tef_IncreaseDecreaseThroughUndatedDeeplySubordinatedSecurities"/>
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    <link:label id="lab_tef_PaymentsforInvestmentsinSpectrumLicenses_b0842bff-d290-4d18-8982-29e9f91cde13_negatedLabel_en-US" xlink:label="lab_tef_PaymentsforInvestmentsinSpectrumLicenses" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US">Payments for investments in spectrum use licenses financed without explicit interest (Notes 2 and 21)</link:label>
    <link:label id="lab_tef_PaymentsforInvestmentsinSpectrumLicenses_label_en-US" xlink:label="lab_tef_PaymentsforInvestmentsinSpectrumLicenses" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Payments for Investments in Spectrum Licenses</link:label>
    <link:label id="lab_tef_PaymentsforInvestmentsinSpectrumLicenses_documentation_en-US" xlink:label="lab_tef_PaymentsforInvestmentsinSpectrumLicenses" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Payments for Investments in Spectrum Licenses</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_PaymentsforInvestmentsinSpectrumLicenses" xlink:href="tef-20241231.xsd#tef_PaymentsforInvestmentsinSpectrumLicenses"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_PaymentsforInvestmentsinSpectrumLicenses" xlink:to="lab_tef_PaymentsforInvestmentsinSpectrumLicenses" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_RateHypotheticalDomain_aa436e37-11dd-4006-98b9-3d0cd2d1bd6f_terseLabel_en-US" xlink:label="lab_tef_RateHypotheticalDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Rate Hypothetical [Domain]</link:label>
    <link:label id="lab_tef_RateHypotheticalDomain_label_en-US" xlink:label="lab_tef_RateHypotheticalDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Rate Hypothetical [Domain]</link:label>
    <link:label id="lab_tef_RateHypotheticalDomain_documentation_en-US" xlink:label="lab_tef_RateHypotheticalDomain" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">[Domain] for Rate Hypothetical [Axis]</link:label>
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    <link:label id="lab_tef_A1IncreaseInDiscountRateMember_87b272ab-e559-4356-a741-abf1525f19b9_terseLabel_en-US" xlink:label="lab_tef_A1IncreaseInDiscountRateMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Present value of the obligation by increasing the rate by 1%</link:label>
    <link:label id="lab_tef_A1IncreaseInDiscountRateMember_label_en-US" xlink:label="lab_tef_A1IncreaseInDiscountRateMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">1% Increase In Discount Rate [Member]</link:label>
    <link:label id="lab_tef_A1IncreaseInDiscountRateMember_documentation_en-US" xlink:label="lab_tef_A1IncreaseInDiscountRateMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">1% Increase In Discount Rate [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_A1IncreaseInDiscountRateMember" xlink:href="tef-20241231.xsd#tef_A1IncreaseInDiscountRateMember"/>
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    <link:label id="lab_tef_TaxPayablesAbstract_e5ae606d-e735-4b62-8973-1e81ae4a6d5c_terseLabel_en-US" xlink:label="lab_tef_TaxPayablesAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Tax payables</link:label>
    <link:label id="lab_tef_TaxPayablesAbstract_label_en-US" xlink:label="lab_tef_TaxPayablesAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Tax Payables [Abstract]</link:label>
    <link:label id="lab_tef_TaxPayablesAbstract_documentation_en-US" xlink:label="lab_tef_TaxPayablesAbstract" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Tax Payables</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_TaxPayablesAbstract" xlink:href="tef-20241231.xsd#tef_TaxPayablesAbstract"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_TaxPayablesAbstract" xlink:to="lab_tef_TaxPayablesAbstract" xlink:type="arc" order="1"/>
    <link:label id="lab_srt_WeightedAverageMember_c91c4c92-10de-4135-a523-ac799517b845_terseLabel_en-US" xlink:label="lab_srt_WeightedAverageMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Weighted average</link:label>
    <link:label id="lab_srt_WeightedAverageMember_label_en-US" xlink:label="lab_srt_WeightedAverageMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Weighted Average [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_srt_WeightedAverageMember" xlink:href="https://xbrl.fasb.org/srt/2024/elts/srt-2024.xsd#srt_WeightedAverageMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_srt_WeightedAverageMember" xlink:to="lab_srt_WeightedAverageMember" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_TelxiusTelecomSAMember_370cae9d-e76a-4a2a-a5d0-82e70b0d10a0_terseLabel_en-US" xlink:label="lab_tef_TelxiusTelecomSAMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Telxius Telecom, S.A.</link:label>
    <link:label id="lab_tef_TelxiusTelecomSAMember_label_en-US" xlink:label="lab_tef_TelxiusTelecomSAMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Telxius Telecom, S.A. [Member]</link:label>
    <link:label id="lab_tef_TelxiusTelecomSAMember_documentation_en-US" xlink:label="lab_tef_TelxiusTelecomSAMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Telxius Telecom, SA [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_TelxiusTelecomSAMember" xlink:href="tef-20241231.xsd#tef_TelxiusTelecomSAMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_TelxiusTelecomSAMember" xlink:to="lab_tef_TelxiusTelecomSAMember" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_Additionspropertyplantandequipment_bc039e4f-f18f-43f8-8ec1-f964a3367397_terseLabel_en-US" xlink:label="lab_tef_Additionspropertyplantandequipment" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Total additions of property, plant and equipment</link:label>
    <link:label id="lab_tef_Additionspropertyplantandequipment_label_en-US" xlink:label="lab_tef_Additionspropertyplantandequipment" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Additions, property, plant and equipment</link:label>
    <link:label id="lab_tef_Additionspropertyplantandequipment_documentation_en-US" xlink:label="lab_tef_Additionspropertyplantandequipment" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Additions, property, plant and equipment</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_Additionspropertyplantandequipment" xlink:href="tef-20241231.xsd#tef_Additionspropertyplantandequipment"/>
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    <link:label id="lab_tef_RepublicOfColombiaMember_0ca06693-1849-4d7e-81e3-1c55c70ab52f_terseLabel_en-US" xlink:label="lab_tef_RepublicOfColombiaMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Republic of Colombia</link:label>
    <link:label id="lab_tef_RepublicOfColombiaMember_label_en-US" xlink:label="lab_tef_RepublicOfColombiaMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Republic of Colombia [Member]</link:label>
    <link:label id="lab_tef_RepublicOfColombiaMember_documentation_en-US" xlink:label="lab_tef_RepublicOfColombiaMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Republic of Colombia</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_RepublicOfColombiaMember" xlink:href="tef-20241231.xsd#tef_RepublicOfColombiaMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_RepublicOfColombiaMember" xlink:to="lab_tef_RepublicOfColombiaMember" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_SharebasedCompensationArrangementbySharebasedPaymentAwardPercentageofFreeCashFlowGeneration_069f0ad8-ab33-47f5-a2d4-0f78508cbb5b_terseLabel_en-US" xlink:label="lab_tef_SharebasedCompensationArrangementbySharebasedPaymentAwardPercentageofFreeCashFlowGeneration" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Delivery percent (free cash flow generation, maximum compliance, in percentage)</link:label>
    <link:label id="lab_tef_SharebasedCompensationArrangementbySharebasedPaymentAwardPercentageofFreeCashFlowGeneration_label_en-US" xlink:label="lab_tef_SharebasedCompensationArrangementbySharebasedPaymentAwardPercentageofFreeCashFlowGeneration" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Share-based Compensation Arrangement by Share-based Payment Award, Percentage of Free Cash Flow Generation</link:label>
    <link:label id="lab_tef_SharebasedCompensationArrangementbySharebasedPaymentAwardPercentageofFreeCashFlowGeneration_documentation_en-US" xlink:label="lab_tef_SharebasedCompensationArrangementbySharebasedPaymentAwardPercentageofFreeCashFlowGeneration" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Share-based Compensation Arrangement by Share-based Payment Award, Percentage of Free Cash Flow Generation</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_SharebasedCompensationArrangementbySharebasedPaymentAwardPercentageofFreeCashFlowGeneration" xlink:href="tef-20241231.xsd#tef_SharebasedCompensationArrangementbySharebasedPaymentAwardPercentageofFreeCashFlowGeneration"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_SharebasedCompensationArrangementbySharebasedPaymentAwardPercentageofFreeCashFlowGeneration" xlink:to="lab_tef_SharebasedCompensationArrangementbySharebasedPaymentAwardPercentageofFreeCashFlowGeneration" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_NumberOfExclusiveRightsRemainingSeason_f08b4544-3fa1-475c-8dad-dc893ad65c53_terseLabel_en-US" xlink:label="lab_tef_NumberOfExclusiveRightsRemainingSeason" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Number of exclusive rights, remaining season</link:label>
    <link:label id="lab_tef_NumberOfExclusiveRightsRemainingSeason_label_en-US" xlink:label="lab_tef_NumberOfExclusiveRightsRemainingSeason" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Number Of Exclusive Rights, Remaining Season</link:label>
    <link:label id="lab_tef_NumberOfExclusiveRightsRemainingSeason_documentation_en-US" xlink:label="lab_tef_NumberOfExclusiveRightsRemainingSeason" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Number Of Exclusive Rights, Remaining Season</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_NumberOfExclusiveRightsRemainingSeason" xlink:href="tef-20241231.xsd#tef_NumberOfExclusiveRightsRemainingSeason"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_NumberOfExclusiveRightsRemainingSeason" xlink:to="lab_tef_NumberOfExclusiveRightsRemainingSeason" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_TradeAndOtherCurrentPayablesToRelatedParties_351aee50-cbb1-4230-a8d1-e525fd8339aa_netLabel_en-US" xlink:label="lab_ifrs-full_TradeAndOtherCurrentPayablesToRelatedParties" xlink:role="http://www.xbrl.org/2009/role/netLabel" xlink:type="resource" xml:lang="en-US">Payables and other liabilities to associates and joint ventures</link:label>
    <link:label id="lab_ifrs-full_TradeAndOtherCurrentPayablesToRelatedParties_10df7874-2c12-4770-ba90-12b6167ea27a_terseLabel_en-US" xlink:label="lab_ifrs-full_TradeAndOtherCurrentPayablesToRelatedParties" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Current payables to related parties</link:label>
    <link:label id="lab_ifrs-full_TradeAndOtherCurrentPayablesToRelatedParties_e64b0b91-b690-40f7-b9e4-5739e8681ccd_verboseLabel_en-US" xlink:label="lab_ifrs-full_TradeAndOtherCurrentPayablesToRelatedParties" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Payables to associates and joint ventures (Note 10)</link:label>
    <link:label id="lab_ifrs-full_TradeAndOtherCurrentPayablesToRelatedParties_label_en-US" xlink:label="lab_ifrs-full_TradeAndOtherCurrentPayablesToRelatedParties" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Current payables to related parties</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_TradeAndOtherCurrentPayablesToRelatedParties" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_TradeAndOtherCurrentPayablesToRelatedParties"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_TradeAndOtherCurrentPayablesToRelatedParties" xlink:to="lab_ifrs-full_TradeAndOtherCurrentPayablesToRelatedParties" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_DisclosureOfIncomeTaxExplanatory_eebcf87f-a679-42de-b20e-ef5fdf4cad62_terseLabel_en-US" xlink:label="lab_ifrs-full_DisclosureOfIncomeTaxExplanatory" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Tax Matters</link:label>
    <link:label id="lab_ifrs-full_DisclosureOfIncomeTaxExplanatory_label_en-US" xlink:label="lab_ifrs-full_DisclosureOfIncomeTaxExplanatory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure of income tax [text block]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_DisclosureOfIncomeTaxExplanatory" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_DisclosureOfIncomeTaxExplanatory"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DisclosureOfIncomeTaxExplanatory" xlink:to="lab_ifrs-full_DisclosureOfIncomeTaxExplanatory" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_DisposalProportionOfIndirectOwnershipInterestInSubsidiary_2fbdda6f-7d3b-4b93-9743-82fdde33a7b4_terseLabel_en-US" xlink:label="lab_tef_DisposalProportionOfIndirectOwnershipInterestInSubsidiary" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Disposal, indirect ownership</link:label>
    <link:label id="lab_tef_DisposalProportionOfIndirectOwnershipInterestInSubsidiary_label_en-US" xlink:label="lab_tef_DisposalProportionOfIndirectOwnershipInterestInSubsidiary" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disposal, Proportion Of Indirect Ownership Interest In Subsidiary</link:label>
    <link:label id="lab_tef_DisposalProportionOfIndirectOwnershipInterestInSubsidiary_documentation_en-US" xlink:label="lab_tef_DisposalProportionOfIndirectOwnershipInterestInSubsidiary" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Disposal, Proportion Of Indirect Ownership Interest In Subsidiary</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_DisposalProportionOfIndirectOwnershipInterestInSubsidiary" xlink:href="tef-20241231.xsd#tef_DisposalProportionOfIndirectOwnershipInterestInSubsidiary"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_DisposalProportionOfIndirectOwnershipInterestInSubsidiary" xlink:to="lab_tef_DisposalProportionOfIndirectOwnershipInterestInSubsidiary" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_InterestPayable_a2576005-5413-4b56-afa8-88f53c98a78f_terseLabel_en-US" xlink:label="lab_ifrs-full_InterestPayable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Interest payable</link:label>
    <link:label id="lab_ifrs-full_InterestPayable_label_en-US" xlink:label="lab_ifrs-full_InterestPayable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Interest payable</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_InterestPayable" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_InterestPayable"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_InterestPayable" xlink:to="lab_ifrs-full_InterestPayable" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_FiberAssetsInColombiaMember_ffb31f7b-dff1-48d6-b4b7-905581e4ccad_terseLabel_en-US" xlink:label="lab_tef_FiberAssetsInColombiaMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Sale of fiber assets of Colombia Telecomunicaciones</link:label>
    <link:label id="lab_tef_FiberAssetsInColombiaMember_label_en-US" xlink:label="lab_tef_FiberAssetsInColombiaMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Fiber Assets in Colombia [Member]</link:label>
    <link:label id="lab_tef_FiberAssetsInColombiaMember_documentation_en-US" xlink:label="lab_tef_FiberAssetsInColombiaMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Fiber Assets in Colombia</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_FiberAssetsInColombiaMember" xlink:href="tef-20241231.xsd#tef_FiberAssetsInColombiaMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_FiberAssetsInColombiaMember" xlink:to="lab_tef_FiberAssetsInColombiaMember" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_WayraArgentinaMember_685d5f2b-ca25-4b4a-a5ef-19ab9e0a77ce_terseLabel_en-US" xlink:label="lab_tef_WayraArgentinaMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Wayra Argentina, S.A. Talent identification and development in ICT</link:label>
    <link:label id="lab_tef_WayraArgentinaMember_label_en-US" xlink:label="lab_tef_WayraArgentinaMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Wayra Argentina [Member]</link:label>
    <link:label id="lab_tef_WayraArgentinaMember_documentation_en-US" xlink:label="lab_tef_WayraArgentinaMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Wayra Argentina [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_WayraArgentinaMember" xlink:href="tef-20241231.xsd#tef_WayraArgentinaMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_WayraArgentinaMember" xlink:to="lab_tef_WayraArgentinaMember" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_InterestRateAndCurrencyRiskMember_3c6163e2-92da-48fd-84f2-cce79b42170d_terseLabel_en-US" xlink:label="lab_tef_InterestRateAndCurrencyRiskMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Interest rate and exchange rate risk</link:label>
    <link:label id="lab_tef_InterestRateAndCurrencyRiskMember_6cc6d341-e0ec-4a77-b6cf-5f6a6973e92f_verboseLabel_en-US" xlink:label="lab_tef_InterestRateAndCurrencyRiskMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Interest rate and exchange rate risk</link:label>
    <link:label id="lab_tef_InterestRateAndCurrencyRiskMember_label_en-US" xlink:label="lab_tef_InterestRateAndCurrencyRiskMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Interest Rate And Currency Risk [Member]</link:label>
    <link:label id="lab_tef_InterestRateAndCurrencyRiskMember_documentation_en-US" xlink:label="lab_tef_InterestRateAndCurrencyRiskMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Interest Rate And Currency Risk [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_InterestRateAndCurrencyRiskMember" xlink:href="tef-20241231.xsd#tef_InterestRateAndCurrencyRiskMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_InterestRateAndCurrencyRiskMember" xlink:to="lab_tef_InterestRateAndCurrencyRiskMember" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_RegulatoryProceedingsProvisionMember_6c25bb97-e105-446b-a10e-a9df60bc5020_terseLabel_en-US" xlink:label="lab_tef_RegulatoryProceedingsProvisionMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Regulatory proceedings</link:label>
    <link:label id="lab_tef_RegulatoryProceedingsProvisionMember_730a63d7-d772-4eb0-9a3b-fd9b0f23a2e1_verboseLabel_en-US" xlink:label="lab_tef_RegulatoryProceedingsProvisionMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Regulatory proceedings</link:label>
    <link:label id="lab_tef_RegulatoryProceedingsProvisionMember_label_en-US" xlink:label="lab_tef_RegulatoryProceedingsProvisionMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Regulatory Proceedings Provision [Member]</link:label>
    <link:label id="lab_tef_RegulatoryProceedingsProvisionMember_documentation_en-US" xlink:label="lab_tef_RegulatoryProceedingsProvisionMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Regulatory Proceedings Provision [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_RegulatoryProceedingsProvisionMember" xlink:href="tef-20241231.xsd#tef_RegulatoryProceedingsProvisionMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_RegulatoryProceedingsProvisionMember" xlink:to="lab_tef_RegulatoryProceedingsProvisionMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_DividendsReceivedFromJointVenturesClassifiedAsInvestingActivities_42b09200-f350-43bd-a7cb-ccbc62eb89be_terseLabel_en-US" xlink:label="lab_ifrs-full_DividendsReceivedFromJointVenturesClassifiedAsInvestingActivities" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Dividends received from joint ventures, classified as investing activities</link:label>
    <link:label id="lab_ifrs-full_DividendsReceivedFromJointVenturesClassifiedAsInvestingActivities_label_en-US" xlink:label="lab_ifrs-full_DividendsReceivedFromJointVenturesClassifiedAsInvestingActivities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Dividends received from joint ventures, classified as investing activities</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_DividendsReceivedFromJointVenturesClassifiedAsInvestingActivities" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_DividendsReceivedFromJointVenturesClassifiedAsInvestingActivities"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DividendsReceivedFromJointVenturesClassifiedAsInvestingActivities" xlink:to="lab_ifrs-full_DividendsReceivedFromJointVenturesClassifiedAsInvestingActivities" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_LibertyGlobalMember_7f72d1fe-8ab0-4b5c-af1a-aa379ebe710f_terseLabel_en-US" xlink:label="lab_tef_LibertyGlobalMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Liberty Global</link:label>
    <link:label id="lab_tef_LibertyGlobalMember_label_en-US" xlink:label="lab_tef_LibertyGlobalMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Liberty Global [Member]</link:label>
    <link:label id="lab_tef_LibertyGlobalMember_documentation_en-US" xlink:label="lab_tef_LibertyGlobalMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Liberty Global</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_LibertyGlobalMember" xlink:href="tef-20241231.xsd#tef_LibertyGlobalMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_LibertyGlobalMember" xlink:to="lab_tef_LibertyGlobalMember" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_SensitivityAnalysisChangeInExchangeRateIncreaseInConsolidatedEquity_d54822af-a840-4aca-ae5f-13a246d49292_terseLabel_en-US" xlink:label="lab_tef_SensitivityAnalysisChangeInExchangeRateIncreaseInConsolidatedEquity" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Increase in consolidated equity</link:label>
    <link:label id="lab_tef_SensitivityAnalysisChangeInExchangeRateIncreaseInConsolidatedEquity_label_en-US" xlink:label="lab_tef_SensitivityAnalysisChangeInExchangeRateIncreaseInConsolidatedEquity" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Sensitivity Analysis, Change In Exchange Rate, Increase In Consolidated Equity</link:label>
    <link:label id="lab_tef_SensitivityAnalysisChangeInExchangeRateIncreaseInConsolidatedEquity_documentation_en-US" xlink:label="lab_tef_SensitivityAnalysisChangeInExchangeRateIncreaseInConsolidatedEquity" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Sensitivity Analysis, Change In Exchange Rate, Increase In Consolidated Equity</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_SensitivityAnalysisChangeInExchangeRateIncreaseInConsolidatedEquity" xlink:href="tef-20241231.xsd#tef_SensitivityAnalysisChangeInExchangeRateIncreaseInConsolidatedEquity"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_SensitivityAnalysisChangeInExchangeRateIncreaseInConsolidatedEquity" xlink:to="lab_tef_SensitivityAnalysisChangeInExchangeRateIncreaseInConsolidatedEquity" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_LevelsOfFairValueHierarchyDomain_da5f7396-1f50-407b-9aff-5f83ec4f8874_terseLabel_en-US" xlink:label="lab_ifrs-full_LevelsOfFairValueHierarchyDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Levels of fair value hierarchy [domain]</link:label>
    <link:label id="lab_ifrs-full_LevelsOfFairValueHierarchyDomain_label_en-US" xlink:label="lab_ifrs-full_LevelsOfFairValueHierarchyDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Levels of fair value hierarchy [domain]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_LevelsOfFairValueHierarchyDomain" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_LevelsOfFairValueHierarchyDomain"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_LevelsOfFairValueHierarchyDomain" xlink:to="lab_ifrs-full_LevelsOfFairValueHierarchyDomain" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_RangeAxis_e04a1a07-ca26-4691-ba06-32f8537aac21_terseLabel_en-US" xlink:label="lab_ifrs-full_RangeAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Range [axis]</link:label>
    <link:label id="lab_ifrs-full_RangeAxis_label_en-US" xlink:label="lab_ifrs-full_RangeAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Range [axis]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_RangeAxis" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_RangeAxis"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_RangeAxis" xlink:to="lab_ifrs-full_RangeAxis" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_TelefonicaInternationalHoldingMember_7b8c5c7b-dd46-48fc-83cd-979ed963d27d_terseLabel_en-US" xlink:label="lab_tef_TelefonicaInternationalHoldingMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Telef&#243;nica International Holding, B.V Holding company</link:label>
    <link:label id="lab_tef_TelefonicaInternationalHoldingMember_label_en-US" xlink:label="lab_tef_TelefonicaInternationalHoldingMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Telefonica International Holding [Member]</link:label>
    <link:label id="lab_tef_TelefonicaInternationalHoldingMember_documentation_en-US" xlink:label="lab_tef_TelefonicaInternationalHoldingMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Telefonica International Holding [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_TelefonicaInternationalHoldingMember" xlink:href="tef-20241231.xsd#tef_TelefonicaInternationalHoldingMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_TelefonicaInternationalHoldingMember" xlink:to="lab_tef_TelefonicaInternationalHoldingMember" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_NetRepatriationOfFundsLoanPayments_813b0ee5-c354-410c-afee-64d22d1ea8ea_terseLabel_en-US" xlink:label="lab_tef_NetRepatriationOfFundsLoanPayments" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Net repatriation of funds, loan payments</link:label>
    <link:label id="lab_tef_NetRepatriationOfFundsLoanPayments_label_en-US" xlink:label="lab_tef_NetRepatriationOfFundsLoanPayments" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Net Repatriation Of Funds, Loan Payments</link:label>
    <link:label id="lab_tef_NetRepatriationOfFundsLoanPayments_documentation_en-US" xlink:label="lab_tef_NetRepatriationOfFundsLoanPayments" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Net Repatriation Of Funds, Offset, Loan Payments</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_NetRepatriationOfFundsLoanPayments" xlink:href="tef-20241231.xsd#tef_NetRepatriationOfFundsLoanPayments"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_NetRepatriationOfFundsLoanPayments" xlink:to="lab_tef_NetRepatriationOfFundsLoanPayments" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_MovementsofRightsofUseTableTextBlock_e8313dab-5d00-4be9-b763-b43853ad63f1_terseLabel_en-US" xlink:label="lab_tef_MovementsofRightsofUseTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Schedule of Movements of Rights of Use</link:label>
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    <link:label id="lab_tef_MovementsofRightsofUseTableTextBlock_documentation_en-US" xlink:label="lab_tef_MovementsofRightsofUseTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Movements of Rights of Use [Table Text Block]</link:label>
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    <link:label id="lab_ifrs-full_IncreaseDecreaseThroughChangesInForeignExchangeRatesNetDefinedBenefitLiabilityAsset_71bcbf6a-9e4f-4dd9-9bf1-189618285a1c_negatedTerseLabel_en-US" xlink:label="lab_ifrs-full_IncreaseDecreaseThroughChangesInForeignExchangeRatesNetDefinedBenefitLiabilityAsset" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xml:lang="en-US">Translation differences</link:label>
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    <link:label id="lab_ifrs-full_OtherProvisions_1d90125d-d1e1-42a9-b163-2f65ce406901_totalLabel_en-US" xlink:label="lab_ifrs-full_OtherProvisions" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Other provisions</link:label>
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    <link:label id="lab_ifrs-full_OtherProvisions_fd574143-2502-4d1a-8eb9-7bcec0602940_terseLabel_en-US" xlink:label="lab_ifrs-full_OtherProvisions" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Other provisions</link:label>
    <link:label id="lab_ifrs-full_OtherProvisions_label_en-US" xlink:label="lab_ifrs-full_OtherProvisions" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Other provisions</link:label>
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    <link:label id="lab_ifrs-full_DefinedBenefitPlansDomain_08075140-41bc-411f-b16e-01eaa0d9618c_terseLabel_en-US" xlink:label="lab_ifrs-full_DefinedBenefitPlansDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Defined benefit plans [domain]</link:label>
    <link:label id="lab_ifrs-full_DefinedBenefitPlansDomain_label_en-US" xlink:label="lab_ifrs-full_DefinedBenefitPlansDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Defined benefit plans [domain]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_DefinedBenefitPlansDomain" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_DefinedBenefitPlansDomain"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DefinedBenefitPlansDomain" xlink:to="lab_ifrs-full_DefinedBenefitPlansDomain" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_DisclosureOfTermsAndConditionsOfSharebasedPaymentArrangementTable_e347bbae-c840-4009-bdc7-a7890db67a76_terseLabel_en-US" xlink:label="lab_ifrs-full_DisclosureOfTermsAndConditionsOfSharebasedPaymentArrangementTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Disclosure of terms and conditions of share-based payment arrangement [table]</link:label>
    <link:label id="lab_ifrs-full_DisclosureOfTermsAndConditionsOfSharebasedPaymentArrangementTable_label_en-US" xlink:label="lab_ifrs-full_DisclosureOfTermsAndConditionsOfSharebasedPaymentArrangementTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure of terms and conditions of share-based payment arrangement [table]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_DisclosureOfTermsAndConditionsOfSharebasedPaymentArrangementTable" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_DisclosureOfTermsAndConditionsOfSharebasedPaymentArrangementTable"/>
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    <link:label id="lab_tef_TradeAndOtherPayablesLineItems_24d652f6-47fb-4ab2-ad90-cf12b02ae0c8_terseLabel_en-US" xlink:label="lab_tef_TradeAndOtherPayablesLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Trade And Other Payables [Line Items]</link:label>
    <link:label id="lab_tef_TradeAndOtherPayablesLineItems_label_en-US" xlink:label="lab_tef_TradeAndOtherPayablesLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Trade And Other Payables [Line Items]</link:label>
    <link:label id="lab_tef_TradeAndOtherPayablesLineItems_documentation_en-US" xlink:label="lab_tef_TradeAndOtherPayablesLineItems" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">[Line Items] for Trade And Other Payables [Table]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_TradeAndOtherPayablesLineItems" xlink:href="tef-20241231.xsd#tef_TradeAndOtherPayablesLineItems"/>
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    <link:label id="lab_tef_ProceedsfromFavorableTaxAppeal_d271f09e-0135-46d4-a1ae-8a4574c104d7_terseLabel_en-US" xlink:label="lab_tef_ProceedsfromFavorableTaxAppeal" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Proceeds from favorable tax appeal</link:label>
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    <link:label id="lab_tef_ProceedsfromFavorableTaxAppeal_documentation_en-US" xlink:label="lab_tef_ProceedsfromFavorableTaxAppeal" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Proceeds from Favorable Tax Appeal</link:label>
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    <link:label id="lab_tef_TelefonicaSolucionesdeInformaticayCom.deEspanaMember_28462aae-7485-44ff-8a2d-057d6858b13a_terseLabel_en-US" xlink:label="lab_tef_TelefonicaSolucionesdeInformaticayCom.deEspanaMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Telef&#243;nica Soluciones de Inform&#225;tica y Com. de Espa&#241;a S.A.U. Telecommunications systems, networks and infrastructure engineering</link:label>
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    <link:label id="lab_tef_TelefonicaSolucionesdeInformaticayCom.deEspanaMember_documentation_en-US" xlink:label="lab_tef_TelefonicaSolucionesdeInformaticayCom.deEspanaMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Telefonica Soluciones de Informatica y Com. de Espana [Member]</link:label>
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    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_TelefonicaSolucionesdeInformaticayCom.deEspanaMember" xlink:to="lab_tef_TelefonicaSolucionesdeInformaticayCom.deEspanaMember" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_MasterServicesAgreementRenewalPeriodTerm_94269f0d-c2b1-471a-a7ce-7c66dc555fab_terseLabel_en-US" xlink:label="lab_tef_MasterServicesAgreementRenewalPeriodTerm" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Master services agreement, renewal period, term</link:label>
    <link:label id="lab_tef_MasterServicesAgreementRenewalPeriodTerm_label_en-US" xlink:label="lab_tef_MasterServicesAgreementRenewalPeriodTerm" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Master Services Agreement, Renewal Period, Term</link:label>
    <link:label id="lab_tef_MasterServicesAgreementRenewalPeriodTerm_documentation_en-US" xlink:label="lab_tef_MasterServicesAgreementRenewalPeriodTerm" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Master Services Agreement, Renewal Period, Term</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_MasterServicesAgreementRenewalPeriodTerm" xlink:href="tef-20241231.xsd#tef_MasterServicesAgreementRenewalPeriodTerm"/>
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    <link:label id="lab_tef_Gainlossonchangeinfairvalueofhedginginstrumenteffectiveportion_67a6abe2-afce-41de-a848-2cafa7ebc423_terseLabel_en-US" xlink:label="lab_tef_Gainlossonchangeinfairvalueofhedginginstrumenteffectiveportion" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Changes in the fair value of hedges item for the hedged risk</link:label>
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    <link:loc xlink:type="locator" xlink:label="loc_tef_Gainlossonchangeinfairvalueofhedginginstrumenteffectiveportion" xlink:href="tef-20241231.xsd#tef_Gainlossonchangeinfairvalueofhedginginstrumenteffectiveportion"/>
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    <link:label id="lab_ifrs-full_DisclosureOfCashFlowStatementExplanatory_ab323480-02a2-43a2-b3f4-52f83e07edaf_terseLabel_en-US" xlink:label="lab_ifrs-full_DisclosureOfCashFlowStatementExplanatory" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Cash Flow Detail</link:label>
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    <link:label id="lab_tef_SensitivityAnalysisOfChangesInForeignCurrencyExchangeRatesLineItems_ede78b97-04ce-4050-8e54-b05185e91764_terseLabel_en-US" xlink:label="lab_tef_SensitivityAnalysisOfChangesInForeignCurrencyExchangeRatesLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Sensitivity Analysis Of Changes In Foreign Currency Exchange Rates [Line Items]</link:label>
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    <link:label id="lab_tef_SensitivityAnalysisOfChangesInForeignCurrencyExchangeRatesLineItems_documentation_en-US" xlink:label="lab_tef_SensitivityAnalysisOfChangesInForeignCurrencyExchangeRatesLineItems" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">[Line Items] for Sensitivity Analysis Of Changes In Foreign Currency Exchange Rates [Table]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_SensitivityAnalysisOfChangesInForeignCurrencyExchangeRatesLineItems" xlink:href="tef-20241231.xsd#tef_SensitivityAnalysisOfChangesInForeignCurrencyExchangeRatesLineItems"/>
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    <link:label id="lab_ifrs-full_TradeAndOtherPayablesToRelatedParties_774424c7-836a-40fd-a777-cbe3b3ccf9bc_terseLabel_en-US" xlink:label="lab_ifrs-full_TradeAndOtherPayablesToRelatedParties" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Payables and other liabilities</link:label>
    <link:label id="lab_ifrs-full_TradeAndOtherPayablesToRelatedParties_label_en-US" xlink:label="lab_ifrs-full_TradeAndOtherPayablesToRelatedParties" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Payables to related parties</link:label>
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    <link:label id="lab_dei_SecurityExchangeName_22afba49-e11a-4f95-9440-99d3a8cf35fc_terseLabel_en-US" xlink:label="lab_dei_SecurityExchangeName" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Security Exchange Name</link:label>
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    <link:loc xlink:type="locator" xlink:label="loc_dei_SecurityExchangeName" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_SecurityExchangeName"/>
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    <link:label id="lab_tef_TreasurySharesMarketValue_b505b5ce-b576-4ff9-b392-802e6a197c12_terseLabel_en-US" xlink:label="lab_tef_TreasurySharesMarketValue" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Market value</link:label>
    <link:label id="lab_tef_TreasurySharesMarketValue_label_en-US" xlink:label="lab_tef_TreasurySharesMarketValue" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Treasury Shares, Market Value</link:label>
    <link:label id="lab_tef_TreasurySharesMarketValue_documentation_en-US" xlink:label="lab_tef_TreasurySharesMarketValue" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Treasury Shares, Market Value</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_TreasurySharesMarketValue" xlink:href="tef-20241231.xsd#tef_TreasurySharesMarketValue"/>
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    <link:label id="lab_tef_PlantandMachineryMember_bd631e95-fc87-4a8f-9e47-89929ec0cad3_terseLabel_en-US" xlink:label="lab_tef_PlantandMachineryMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Rights of use on plant and machinery</link:label>
    <link:label id="lab_tef_PlantandMachineryMember_label_en-US" xlink:label="lab_tef_PlantandMachineryMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Plant and Machinery [Member]</link:label>
    <link:label id="lab_tef_PlantandMachineryMember_documentation_en-US" xlink:label="lab_tef_PlantandMachineryMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Plant and Machinery [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_PlantandMachineryMember" xlink:href="tef-20241231.xsd#tef_PlantandMachineryMember"/>
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    <link:label id="lab_tef_Expiringin2025Option2Member_eb524096-68da-4db8-928b-190723a1af52_terseLabel_en-US" xlink:label="lab_tef_Expiringin2025Option2Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Expiring in 2025, Option 2</link:label>
    <link:label id="lab_tef_Expiringin2025Option2Member_label_en-US" xlink:label="lab_tef_Expiringin2025Option2Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Expiring in 2025, Option 2 [Member]</link:label>
    <link:label id="lab_tef_Expiringin2025Option2Member_documentation_en-US" xlink:label="lab_tef_Expiringin2025Option2Member" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Expiring in 2025, Option 2 [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_Expiringin2025Option2Member" xlink:href="tef-20241231.xsd#tef_Expiringin2025Option2Member"/>
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    <link:label id="lab_tef_TelefonicaInfraSLMember_2939acd6-4158-4428-af13-ead9b9c047fb_terseLabel_en-US" xlink:label="lab_tef_TelefonicaInfraSLMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Telef&#243;nica Infra, S.L.U. Holding company</link:label>
    <link:label id="lab_tef_TelefonicaInfraSLMember_label_en-US" xlink:label="lab_tef_TelefonicaInfraSLMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Telefonica Infra, S.L. [Member]</link:label>
    <link:label id="lab_tef_TelefonicaInfraSLMember_documentation_en-US" xlink:label="lab_tef_TelefonicaInfraSLMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Telefonica Infra, S.L.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_TelefonicaInfraSLMember" xlink:href="tef-20241231.xsd#tef_TelefonicaInfraSLMember"/>
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    <link:label id="lab_tef_PensionPlansMember_cd6561d4-cc2e-466c-91f5-ec0f403e5716_terseLabel_en-US" xlink:label="lab_tef_PensionPlansMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Pension plans</link:label>
    <link:label id="lab_tef_PensionPlansMember_label_en-US" xlink:label="lab_tef_PensionPlansMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Pension Plans [Member]</link:label>
    <link:label id="lab_tef_PensionPlansMember_documentation_en-US" xlink:label="lab_tef_PensionPlansMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Pension Plans [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_PensionPlansMember" xlink:href="tef-20241231.xsd#tef_PensionPlansMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_PensionPlansMember" xlink:to="lab_tef_PensionPlansMember" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_ExpiringIn2040Option7Member_e7ed078a-8cba-479a-80bf-f31cbeaa088d_terseLabel_en-US" xlink:label="lab_tef_ExpiringIn2040Option7Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Expiring in 2040, Option 7</link:label>
    <link:label id="lab_tef_ExpiringIn2040Option7Member_label_en-US" xlink:label="lab_tef_ExpiringIn2040Option7Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Expiring in 2040, Option 7 [Member]</link:label>
    <link:label id="lab_tef_ExpiringIn2040Option7Member_documentation_en-US" xlink:label="lab_tef_ExpiringIn2040Option7Member" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Expiring in 2040, Option 7</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_ExpiringIn2040Option7Member" xlink:href="tef-20241231.xsd#tef_ExpiringIn2040Option7Member"/>
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    <link:label id="lab_ifrs-full_ProvisionsForEmployeeBenefits_3e52ad93-6b34-47c8-981d-ac90c14d16da_totalLabel_en-US" xlink:label="lab_ifrs-full_ProvisionsForEmployeeBenefits" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Employee benefits</link:label>
    <link:label id="lab_ifrs-full_ProvisionsForEmployeeBenefits_36febe22-fca5-4376-bdd8-5020f06f4fcc_terseLabel_en-US" xlink:label="lab_ifrs-full_ProvisionsForEmployeeBenefits" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Provisions for employee benefits</link:label>
    <link:label id="lab_ifrs-full_ProvisionsForEmployeeBenefits_label_en-US" xlink:label="lab_ifrs-full_ProvisionsForEmployeeBenefits" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Provisions for employee benefits</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_ProvisionsForEmployeeBenefits" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_ProvisionsForEmployeeBenefits"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_ProvisionsForEmployeeBenefits" xlink:to="lab_ifrs-full_ProvisionsForEmployeeBenefits" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_EarningsPerShareExplanatory_203269de-e510-4d03-a308-c0431e6fe330_terseLabel_en-US" xlink:label="lab_ifrs-full_EarningsPerShareExplanatory" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Schedule of Earnings Per Share</link:label>
    <link:label id="lab_ifrs-full_EarningsPerShareExplanatory_label_en-US" xlink:label="lab_ifrs-full_EarningsPerShareExplanatory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Earnings per share [text block]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_EarningsPerShareExplanatory" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_EarningsPerShareExplanatory"/>
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    <link:label id="lab_tef_RegulatoryOperationsConcessionsandLicenseBandwidth_0e295194-36f3-4422-aa5b-3eafa217374f_terseLabel_en-US" xlink:label="lab_tef_RegulatoryOperationsConcessionsandLicenseBandwidth" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Bandwidth (MHz)</link:label>
    <link:label id="lab_tef_RegulatoryOperationsConcessionsandLicenseBandwidth_label_en-US" xlink:label="lab_tef_RegulatoryOperationsConcessionsandLicenseBandwidth" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Regulatory Operations, Concessions and License Bandwidth</link:label>
    <link:label id="lab_tef_RegulatoryOperationsConcessionsandLicenseBandwidth_documentation_en-US" xlink:label="lab_tef_RegulatoryOperationsConcessionsandLicenseBandwidth" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Regulatory Operations, Concessions and License Bandwidth</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_RegulatoryOperationsConcessionsandLicenseBandwidth" xlink:href="tef-20241231.xsd#tef_RegulatoryOperationsConcessionsandLicenseBandwidth"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_RegulatoryOperationsConcessionsandLicenseBandwidth" xlink:to="lab_tef_RegulatoryOperationsConcessionsandLicenseBandwidth" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_TelefonicaTechUKHoldingsLimitedMember_e95f2cfe-9c0e-4b1e-9c6d-5a1afeabe4fd_terseLabel_en-US" xlink:label="lab_tef_TelefonicaTechUKHoldingsLimitedMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Telefonica Tech UK Holdings Limited</link:label>
    <link:label id="lab_tef_TelefonicaTechUKHoldingsLimitedMember_label_en-US" xlink:label="lab_tef_TelefonicaTechUKHoldingsLimitedMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Telefonica Tech UK Holdings Limited [Member]</link:label>
    <link:label id="lab_tef_TelefonicaTechUKHoldingsLimitedMember_documentation_en-US" xlink:label="lab_tef_TelefonicaTechUKHoldingsLimitedMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Telefonica Tech UK Holdings Limited</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_TelefonicaTechUKHoldingsLimitedMember" xlink:href="tef-20241231.xsd#tef_TelefonicaTechUKHoldingsLimitedMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_TelefonicaTechUKHoldingsLimitedMember" xlink:to="lab_tef_TelefonicaTechUKHoldingsLimitedMember" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_GrowthRateUsedToExtrapolateCashFlowProjectionsMember_a953e068-45d7-461c-901f-77de926a3f20_terseLabel_en-US" xlink:label="lab_tef_GrowthRateUsedToExtrapolateCashFlowProjectionsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Perpetuity growth rates</link:label>
    <link:label id="lab_tef_GrowthRateUsedToExtrapolateCashFlowProjectionsMember_label_en-US" xlink:label="lab_tef_GrowthRateUsedToExtrapolateCashFlowProjectionsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Growth Rate Used To Extrapolate Cash Flow Projections [Member]</link:label>
    <link:label id="lab_tef_GrowthRateUsedToExtrapolateCashFlowProjectionsMember_documentation_en-US" xlink:label="lab_tef_GrowthRateUsedToExtrapolateCashFlowProjectionsMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Growth Rate Used To Extrapolate Cash Flow Projections [Member]</link:label>
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    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_GrowthRateUsedToExtrapolateCashFlowProjectionsMember" xlink:to="lab_tef_GrowthRateUsedToExtrapolateCashFlowProjectionsMember" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_DividendsLineItems_6b8e29c6-58da-4d33-85d4-636df255479b_terseLabel_en-US" xlink:label="lab_tef_DividendsLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Dividends [Line Items]</link:label>
    <link:label id="lab_tef_DividendsLineItems_label_en-US" xlink:label="lab_tef_DividendsLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Dividends [Line Items]</link:label>
    <link:label id="lab_tef_DividendsLineItems_documentation_en-US" xlink:label="lab_tef_DividendsLineItems" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">[Line Items] for Dividends [Table]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_DividendsLineItems" xlink:href="tef-20241231.xsd#tef_DividendsLineItems"/>
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    <link:label id="lab_ifrs-full_CurrentContractAssets_7b69daa5-d186-4cab-bd20-8060ac1a92a9_terseLabel_en-US" xlink:label="lab_ifrs-full_CurrentContractAssets" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Contractual assets (Note 23)</link:label>
    <link:label id="lab_ifrs-full_CurrentContractAssets_label_en-US" xlink:label="lab_ifrs-full_CurrentContractAssets" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Current contract assets</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_CurrentContractAssets" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_CurrentContractAssets"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_CurrentContractAssets" xlink:to="lab_ifrs-full_CurrentContractAssets" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_StatementOfFinancialPositionAbstract_6fa3b2f0-ab36-4454-8697-70309c979c41_terseLabel_en-US" xlink:label="lab_ifrs-full_StatementOfFinancialPositionAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Balance sheet position</link:label>
    <link:label id="lab_ifrs-full_StatementOfFinancialPositionAbstract_label_en-US" xlink:label="lab_ifrs-full_StatementOfFinancialPositionAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Statement of financial position [abstract]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_StatementOfFinancialPositionAbstract" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_StatementOfFinancialPositionAbstract"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_StatementOfFinancialPositionAbstract" xlink:to="lab_ifrs-full_StatementOfFinancialPositionAbstract" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_IncreaseDecreaseInFinanceIncomeDueToDecisionsWithTaxAuthorities_ff903a85-3f91-4e70-84f7-9e3040499b56_terseLabel_en-US" xlink:label="lab_tef_IncreaseDecreaseInFinanceIncomeDueToDecisionsWithTaxAuthorities" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Increase (reduction) to finance income due to decisions with tax authorities</link:label>
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    <link:label id="lab_tef_IncreaseDecreaseInFinanceIncomeDueToDecisionsWithTaxAuthorities_documentation_en-US" xlink:label="lab_tef_IncreaseDecreaseInFinanceIncomeDueToDecisionsWithTaxAuthorities" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Increase (Decrease) In Finance Income Due To Decisions With Tax Authorities</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_IncreaseDecreaseInFinanceIncomeDueToDecisionsWithTaxAuthorities" xlink:href="tef-20241231.xsd#tef_IncreaseDecreaseInFinanceIncomeDueToDecisionsWithTaxAuthorities"/>
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    <link:label id="lab_ifrs-full_GainsLossesOnFinancialLiabilitiesAtFairValueThroughProfitOrLoss_605db778-512c-4466-b919-1e7bb3dc74f4_terseLabel_en-US" xlink:label="lab_ifrs-full_GainsLossesOnFinancialLiabilitiesAtFairValueThroughProfitOrLoss" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Changes in fair value of liability derivatives at fair value through profit or loss</link:label>
    <link:label id="lab_ifrs-full_GainsLossesOnFinancialLiabilitiesAtFairValueThroughProfitOrLoss_label_en-US" xlink:label="lab_ifrs-full_GainsLossesOnFinancialLiabilitiesAtFairValueThroughProfitOrLoss" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Gains (losses) on financial liabilities at fair value through profit or loss</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_GainsLossesOnFinancialLiabilitiesAtFairValueThroughProfitOrLoss" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_GainsLossesOnFinancialLiabilitiesAtFairValueThroughProfitOrLoss"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_GainsLossesOnFinancialLiabilitiesAtFairValueThroughProfitOrLoss" xlink:to="lab_ifrs-full_GainsLossesOnFinancialLiabilitiesAtFairValueThroughProfitOrLoss" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_DisclosureOfGeographicalAreasTable_45814609-e016-46f8-809d-95fe1f228c71_terseLabel_en-US" xlink:label="lab_ifrs-full_DisclosureOfGeographicalAreasTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Disclosure of geographical areas [table]</link:label>
    <link:label id="lab_ifrs-full_DisclosureOfGeographicalAreasTable_label_en-US" xlink:label="lab_ifrs-full_DisclosureOfGeographicalAreasTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure of geographical areas [table]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_DisclosureOfGeographicalAreasTable" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_DisclosureOfGeographicalAreasTable"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DisclosureOfGeographicalAreasTable" xlink:to="lab_ifrs-full_DisclosureOfGeographicalAreasTable" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_IncreaseDecreaseInSharesOutstandingFromCapitalIncreaseReduction_4980d734-dcfe-4bf4-85e1-410c9afc24eb_terseLabel_en-US" xlink:label="lab_tef_IncreaseDecreaseInSharesOutstandingFromCapitalIncreaseReduction" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Capital reduction (shares)</link:label>
    <link:label id="lab_tef_IncreaseDecreaseInSharesOutstandingFromCapitalIncreaseReduction_label_en-US" xlink:label="lab_tef_IncreaseDecreaseInSharesOutstandingFromCapitalIncreaseReduction" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Increase (Decrease) In Shares Outstanding From Capital Increase (Reduction)</link:label>
    <link:label id="lab_tef_IncreaseDecreaseInSharesOutstandingFromCapitalIncreaseReduction_documentation_en-US" xlink:label="lab_tef_IncreaseDecreaseInSharesOutstandingFromCapitalIncreaseReduction" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Increase (Decrease) In Shares Outstanding From Capital Increase (Reduction)</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_IncreaseDecreaseInSharesOutstandingFromCapitalIncreaseReduction" xlink:href="tef-20241231.xsd#tef_IncreaseDecreaseInSharesOutstandingFromCapitalIncreaseReduction"/>
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    <link:label id="lab_tef_ProyectoWayraMember_1042ab1b-e6be-403a-9d75-64d19d51cabf_terseLabel_en-US" xlink:label="lab_tef_ProyectoWayraMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Proyecto Wayra, C.A. Commercial, industrial and mercantile activities</link:label>
    <link:label id="lab_tef_ProyectoWayraMember_label_en-US" xlink:label="lab_tef_ProyectoWayraMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Proyecto Wayra [Member]</link:label>
    <link:label id="lab_tef_ProyectoWayraMember_documentation_en-US" xlink:label="lab_tef_ProyectoWayraMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Proyecto Wayra [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_ProyectoWayraMember" xlink:href="tef-20241231.xsd#tef_ProyectoWayraMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_ProyectoWayraMember" xlink:to="lab_tef_ProyectoWayraMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_DisclosureOfTransactionPriceAllocatedToRemainingPerformanceObligationsExplanatory_8f82de03-69f4-4f55-a62b-e70f34905f63_terseLabel_en-US" xlink:label="lab_ifrs-full_DisclosureOfTransactionPriceAllocatedToRemainingPerformanceObligationsExplanatory" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Maturity schedule of contractual liabilities</link:label>
    <link:label id="lab_ifrs-full_DisclosureOfTransactionPriceAllocatedToRemainingPerformanceObligationsExplanatory_label_en-US" xlink:label="lab_ifrs-full_DisclosureOfTransactionPriceAllocatedToRemainingPerformanceObligationsExplanatory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure of transaction price allocated to remaining performance obligations [text block]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_DisclosureOfTransactionPriceAllocatedToRemainingPerformanceObligationsExplanatory" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_DisclosureOfTransactionPriceAllocatedToRemainingPerformanceObligationsExplanatory"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DisclosureOfTransactionPriceAllocatedToRemainingPerformanceObligationsExplanatory" xlink:to="lab_ifrs-full_DisclosureOfTransactionPriceAllocatedToRemainingPerformanceObligationsExplanatory" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_AuditorsRemunerationForAuditRelatedServices_1f263c62-d828-42f3-8dea-61e3816e9d7c_terseLabel_en-US" xlink:label="lab_tef_AuditorsRemunerationForAuditRelatedServices" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Audit-related services</link:label>
    <link:label id="lab_tef_AuditorsRemunerationForAuditRelatedServices_label_en-US" xlink:label="lab_tef_AuditorsRemunerationForAuditRelatedServices" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Auditors Remuneration For Audit Related Services</link:label>
    <link:label id="lab_tef_AuditorsRemunerationForAuditRelatedServices_documentation_en-US" xlink:label="lab_tef_AuditorsRemunerationForAuditRelatedServices" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Auditors Remuneration For Audit Related Services</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_AuditorsRemunerationForAuditRelatedServices" xlink:href="tef-20241231.xsd#tef_AuditorsRemunerationForAuditRelatedServices"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_AuditorsRemunerationForAuditRelatedServices" xlink:to="lab_tef_AuditorsRemunerationForAuditRelatedServices" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_TradeAndOtherPayablesUndiscountedCashFlows_2fa8669a-07e2-46cd-8456-70e0cc4ac143_terseLabel_en-US" xlink:label="lab_ifrs-full_TradeAndOtherPayablesUndiscountedCashFlows" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Loans and other payables</link:label>
    <link:label id="lab_ifrs-full_TradeAndOtherPayablesUndiscountedCashFlows_label_en-US" xlink:label="lab_ifrs-full_TradeAndOtherPayablesUndiscountedCashFlows" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Trade and other payables, undiscounted cash flows</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_TradeAndOtherPayablesUndiscountedCashFlows" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_TradeAndOtherPayablesUndiscountedCashFlows"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_TradeAndOtherPayablesUndiscountedCashFlows" xlink:to="lab_ifrs-full_TradeAndOtherPayablesUndiscountedCashFlows" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_NumberOfEmployeesWithDisabilities_608b1fb4-2612-4322-b024-91fdd7e0d3fb_terseLabel_en-US" xlink:label="lab_tef_NumberOfEmployeesWithDisabilities" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Number of employees with disabilities</link:label>
    <link:label id="lab_tef_NumberOfEmployeesWithDisabilities_label_en-US" xlink:label="lab_tef_NumberOfEmployeesWithDisabilities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Number Of Employees With Disabilities</link:label>
    <link:label id="lab_tef_NumberOfEmployeesWithDisabilities_documentation_en-US" xlink:label="lab_tef_NumberOfEmployeesWithDisabilities" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Number Of Employees With Disabilities</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_NumberOfEmployeesWithDisabilities" xlink:href="tef-20241231.xsd#tef_NumberOfEmployeesWithDisabilities"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_NumberOfEmployeesWithDisabilities" xlink:to="lab_tef_NumberOfEmployeesWithDisabilities" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_AppendixIIIDebenturesandBondsAbstract_7fe93269-5c18-489f-875f-b29ca7eb3a75_terseLabel_en-US" xlink:label="lab_tef_AppendixIIIDebenturesandBondsAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Appendix III: Debentures and Bonds [Abstract]</link:label>
    <link:label id="lab_tef_AppendixIIIDebenturesandBondsAbstract_label_en-US" xlink:label="lab_tef_AppendixIIIDebenturesandBondsAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Appendix III: Debentures and Bonds [Abstract]</link:label>
    <link:label id="lab_tef_AppendixIIIDebenturesandBondsAbstract_documentation_en-US" xlink:label="lab_tef_AppendixIIIDebenturesandBondsAbstract" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Appendix III: Debentures and Bonds [Abstract]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_AppendixIIIDebenturesandBondsAbstract" xlink:href="tef-20241231.xsd#tef_AppendixIIIDebenturesandBondsAbstract"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_AppendixIIIDebenturesandBondsAbstract" xlink:to="lab_tef_AppendixIIIDebenturesandBondsAbstract" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_RelevantMarketRecommendationMarketsSusceptibleToExAnteRegulation_6ef634f7-dc74-44a2-9efc-7dfcf8c7cf82_terseLabel_en-US" xlink:label="lab_tef_RelevantMarketRecommendationMarketsSusceptibleToExAnteRegulation" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Relevant Market Recommendation, markets susceptible to ex ante regulation</link:label>
    <link:label id="lab_tef_RelevantMarketRecommendationMarketsSusceptibleToExAnteRegulation_label_en-US" xlink:label="lab_tef_RelevantMarketRecommendationMarketsSusceptibleToExAnteRegulation" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Relevant Market Recommendation, Markets Susceptible To Ex Ante Regulation</link:label>
    <link:label id="lab_tef_RelevantMarketRecommendationMarketsSusceptibleToExAnteRegulation_documentation_en-US" xlink:label="lab_tef_RelevantMarketRecommendationMarketsSusceptibleToExAnteRegulation" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Relevant Market Recommendation, Markets Susceptible To Ex Ante Regulation</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_RelevantMarketRecommendationMarketsSusceptibleToExAnteRegulation" xlink:href="tef-20241231.xsd#tef_RelevantMarketRecommendationMarketsSusceptibleToExAnteRegulation"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_RelevantMarketRecommendationMarketsSusceptibleToExAnteRegulation" xlink:to="lab_tef_RelevantMarketRecommendationMarketsSusceptibleToExAnteRegulation" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_JointVenturesWhereEntityIsVenturerMember_875d4eab-9164-49df-9fcb-b887e6cf2533_terseLabel_en-US" xlink:label="lab_ifrs-full_JointVenturesWhereEntityIsVenturerMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Joint ventures</link:label>
    <link:label id="lab_ifrs-full_JointVenturesWhereEntityIsVenturerMember_label_en-US" xlink:label="lab_ifrs-full_JointVenturesWhereEntityIsVenturerMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Joint ventures where entity is venturer [member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_JointVenturesWhereEntityIsVenturerMember" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_JointVenturesWhereEntityIsVenturerMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_JointVenturesWhereEntityIsVenturerMember" xlink:to="lab_ifrs-full_JointVenturesWhereEntityIsVenturerMember" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_FiBrasilInfraestructuraEFibraOticaSAMember_950309ea-522d-4f40-87ea-c2885c9c7652_terseLabel_en-US" xlink:label="lab_tef_FiBrasilInfraestructuraEFibraOticaSAMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">FiBrasil Infraestructura e Fibra &#211;tica, S.A.</link:label>
    <link:label id="lab_tef_FiBrasilInfraestructuraEFibraOticaSAMember_label_en-US" xlink:label="lab_tef_FiBrasilInfraestructuraEFibraOticaSAMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">FiBrasil Infraestructura E Fibra Otica S.A. [Member]</link:label>
    <link:label id="lab_tef_FiBrasilInfraestructuraEFibraOticaSAMember_documentation_en-US" xlink:label="lab_tef_FiBrasilInfraestructuraEFibraOticaSAMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">FiBrasil Infraestructura E Fibra Otica S.A.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_FiBrasilInfraestructuraEFibraOticaSAMember" xlink:href="tef-20241231.xsd#tef_FiBrasilInfraestructuraEFibraOticaSAMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_FiBrasilInfraestructuraEFibraOticaSAMember" xlink:to="lab_tef_FiBrasilInfraestructuraEFibraOticaSAMember" xlink:type="arc" order="1"/>
    <link:label id="lab_dei_EntityDomain_abd3df52-bb3f-4df2-b57f-76550aab2aca_terseLabel_en-US" xlink:label="lab_dei_EntityDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Entity [Domain]</link:label>
    <link:label id="lab_dei_EntityDomain_label_en-US" xlink:label="lab_dei_EntityDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Entity [Domain]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_dei_EntityDomain" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_EntityDomain"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityDomain" xlink:to="lab_dei_EntityDomain" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_OtherAssetsMember_d8101b06-4f4a-4a43-aaec-29ecf8390dd7_terseLabel_en-US" xlink:label="lab_ifrs-full_OtherAssetsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Other rights of use</link:label>
    <link:label id="lab_ifrs-full_OtherAssetsMember_label_en-US" xlink:label="lab_ifrs-full_OtherAssetsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Other assets [member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_OtherAssetsMember" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_OtherAssetsMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_OtherAssetsMember" xlink:to="lab_ifrs-full_OtherAssetsMember" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_ContinuingAndDiscontinuedOperationsLineItems_73f99914-c1e3-4759-8d07-46f5405cde7e_terseLabel_en-US" xlink:label="lab_tef_ContinuingAndDiscontinuedOperationsLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Continuing And Discontinued Operations [Line Items]</link:label>
    <link:label id="lab_tef_ContinuingAndDiscontinuedOperationsLineItems_label_en-US" xlink:label="lab_tef_ContinuingAndDiscontinuedOperationsLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Continuing And Discontinued Operations [Line Items]</link:label>
    <link:label id="lab_tef_ContinuingAndDiscontinuedOperationsLineItems_documentation_en-US" xlink:label="lab_tef_ContinuingAndDiscontinuedOperationsLineItems" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">[Line Items] for Continuing And Discontinued Operations [Table]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_ContinuingAndDiscontinuedOperationsLineItems" xlink:href="tef-20241231.xsd#tef_ContinuingAndDiscontinuedOperationsLineItems"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_ContinuingAndDiscontinuedOperationsLineItems" xlink:to="lab_tef_ContinuingAndDiscontinuedOperationsLineItems" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_TelefonicaEducacionDigitalMember_e8540115-e316-4ec2-92ac-f786d0b17b4a_terseLabel_en-US" xlink:label="lab_tef_TelefonicaEducacionDigitalMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Telef&#243;nica Educaci&#243;n Digital, S.L.U. Vertical e-learning portal</link:label>
    <link:label id="lab_tef_TelefonicaEducacionDigitalMember_label_en-US" xlink:label="lab_tef_TelefonicaEducacionDigitalMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Telefonica Educacion Digital [Member]</link:label>
    <link:label id="lab_tef_TelefonicaEducacionDigitalMember_documentation_en-US" xlink:label="lab_tef_TelefonicaEducacionDigitalMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Telefonica Educacion Digital [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_TelefonicaEducacionDigitalMember" xlink:href="tef-20241231.xsd#tef_TelefonicaEducacionDigitalMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_TelefonicaEducacionDigitalMember" xlink:to="lab_tef_TelefonicaEducacionDigitalMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_OtherTemporaryDifferencesMember_f056f0c9-537e-42a3-a68a-d7c3741fb4a0_terseLabel_en-US" xlink:label="lab_ifrs-full_OtherTemporaryDifferencesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Other concepts</link:label>
    <link:label id="lab_ifrs-full_OtherTemporaryDifferencesMember_label_en-US" xlink:label="lab_ifrs-full_OtherTemporaryDifferencesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Other temporary differences [member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_OtherTemporaryDifferencesMember" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_OtherTemporaryDifferencesMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_OtherTemporaryDifferencesMember" xlink:to="lab_ifrs-full_OtherTemporaryDifferencesMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_ConsiderationPaidReceived_91a3411f-97f6-4be9-83c6-242f2c13666c_negatedTerseLabel_en-US" xlink:label="lab_ifrs-full_ConsiderationPaidReceived" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xml:lang="en-US">Consideration received</link:label>
    <link:label id="lab_ifrs-full_ConsiderationPaidReceived_label_en-US" xlink:label="lab_ifrs-full_ConsiderationPaidReceived" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Consideration paid (received)</link:label>
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    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_ConsiderationPaidReceived" xlink:to="lab_ifrs-full_ConsiderationPaidReceived" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_FairValueOfInvestmentsInJointVenturesOtherVenturer_a0f6cd1e-41e7-43ea-a0bd-97ecb3c8a707_terseLabel_en-US" xlink:label="lab_tef_FairValueOfInvestmentsInJointVenturesOtherVenturer" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">50% attributable to Telef&#243;nica Group</link:label>
    <link:label id="lab_tef_FairValueOfInvestmentsInJointVenturesOtherVenturer_label_en-US" xlink:label="lab_tef_FairValueOfInvestmentsInJointVenturesOtherVenturer" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Fair Value Of Investments In Joint Ventures, Other Venturer</link:label>
    <link:label id="lab_tef_FairValueOfInvestmentsInJointVenturesOtherVenturer_documentation_en-US" xlink:label="lab_tef_FairValueOfInvestmentsInJointVenturesOtherVenturer" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Fair Value Of Investments In Joint Ventures, Other Venturer</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_FairValueOfInvestmentsInJointVenturesOtherVenturer" xlink:href="tef-20241231.xsd#tef_FairValueOfInvestmentsInJointVenturesOtherVenturer"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_FairValueOfInvestmentsInJointVenturesOtherVenturer" xlink:to="lab_tef_FairValueOfInvestmentsInJointVenturesOtherVenturer" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_DisclosureoftheCompositionofPayablesandOtherNonCurrentLiabilitiesTableTextBlock_cfa50bf8-7971-4f37-9e46-df6d5c5e0aa7_terseLabel_en-US" xlink:label="lab_tef_DisclosureoftheCompositionofPayablesandOtherNonCurrentLiabilitiesTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Schedule of Composition of Payables and Other Non-Current Liabilities</link:label>
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    <link:loc xlink:type="locator" xlink:label="loc_tef_DisclosureoftheCompositionofPayablesandOtherNonCurrentLiabilitiesTableTextBlock" xlink:href="tef-20241231.xsd#tef_DisclosureoftheCompositionofPayablesandOtherNonCurrentLiabilitiesTableTextBlock"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_DisclosureoftheCompositionofPayablesandOtherNonCurrentLiabilitiesTableTextBlock" xlink:to="lab_tef_DisclosureoftheCompositionofPayablesandOtherNonCurrentLiabilitiesTableTextBlock" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_PaymentOnBorrowings_4ca6956b-b994-4642-a66e-26c7a931b416_terseLabel_en-US" xlink:label="lab_tef_PaymentOnBorrowings" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Payment on borrowings</link:label>
    <link:label id="lab_tef_PaymentOnBorrowings_label_en-US" xlink:label="lab_tef_PaymentOnBorrowings" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Payment On Borrowings</link:label>
    <link:label id="lab_tef_PaymentOnBorrowings_documentation_en-US" xlink:label="lab_tef_PaymentOnBorrowings" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Payment On Borrowings</link:label>
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    <link:label id="lab_tef_RegulatoryOperationsLicenseAcquisitionExtendableConnectionExecutionTerm_bdef13f4-ac9b-479c-bb32-2f83ae5b6148_terseLabel_en-US" xlink:label="lab_tef_RegulatoryOperationsLicenseAcquisitionExtendableConnectionExecutionTerm" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">License acquisition, extendable connection execution term</link:label>
    <link:label id="lab_tef_RegulatoryOperationsLicenseAcquisitionExtendableConnectionExecutionTerm_label_en-US" xlink:label="lab_tef_RegulatoryOperationsLicenseAcquisitionExtendableConnectionExecutionTerm" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Regulatory Operations, License Acquisition, Extendable Connection Execution Term</link:label>
    <link:label id="lab_tef_RegulatoryOperationsLicenseAcquisitionExtendableConnectionExecutionTerm_documentation_en-US" xlink:label="lab_tef_RegulatoryOperationsLicenseAcquisitionExtendableConnectionExecutionTerm" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Regulatory Operations, License Acquisition, Extendable Connection Execution Term</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_RegulatoryOperationsLicenseAcquisitionExtendableConnectionExecutionTerm" xlink:href="tef-20241231.xsd#tef_RegulatoryOperationsLicenseAcquisitionExtendableConnectionExecutionTerm"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_RegulatoryOperationsLicenseAcquisitionExtendableConnectionExecutionTerm" xlink:to="lab_tef_RegulatoryOperationsLicenseAcquisitionExtendableConnectionExecutionTerm" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_TelefonicaDigitalLtd.Member_553a0a35-d197-4ffe-8e79-aad36d564e1e_terseLabel_en-US" xlink:label="lab_tef_TelefonicaDigitalLtd.Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Telef&#243;nica Digital Ltd. Developer Telco Services</link:label>
    <link:label id="lab_tef_TelefonicaDigitalLtd.Member_label_en-US" xlink:label="lab_tef_TelefonicaDigitalLtd.Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Telefonica Digital Ltd. [Member]</link:label>
    <link:label id="lab_tef_TelefonicaDigitalLtd.Member_documentation_en-US" xlink:label="lab_tef_TelefonicaDigitalLtd.Member" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Telefonica Digital Ltd. [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_TelefonicaDigitalLtd.Member" xlink:href="tef-20241231.xsd#tef_TelefonicaDigitalLtd.Member"/>
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    <link:label id="lab_ifrs-full_DisclosureOfBusinessCombinationsTable_e4cd99ff-84ac-4d18-a1bb-26cb29a5ea84_terseLabel_en-US" xlink:label="lab_ifrs-full_DisclosureOfBusinessCombinationsTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Disclosure of detailed information about business combination [table]</link:label>
    <link:label id="lab_ifrs-full_DisclosureOfBusinessCombinationsTable_label_en-US" xlink:label="lab_ifrs-full_DisclosureOfBusinessCombinationsTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure of detailed information about business combination [table]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_DisclosureOfBusinessCombinationsTable" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_DisclosureOfBusinessCombinationsTable"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DisclosureOfBusinessCombinationsTable" xlink:to="lab_ifrs-full_DisclosureOfBusinessCombinationsTable" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_ProvisionForDismantlingOfAssets_162df93d-e020-4a7e-b9f6-defd52c7bda1_totalLabel_en-US" xlink:label="lab_tef_ProvisionForDismantlingOfAssets" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Dismantling of assets</link:label>
    <link:label id="lab_tef_ProvisionForDismantlingOfAssets_label_en-US" xlink:label="lab_tef_ProvisionForDismantlingOfAssets" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Provision For Dismantling Of Assets</link:label>
    <link:label id="lab_tef_ProvisionForDismantlingOfAssets_documentation_en-US" xlink:label="lab_tef_ProvisionForDismantlingOfAssets" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Provision For Dismantling Of Assets</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_ProvisionForDismantlingOfAssets" xlink:href="tef-20241231.xsd#tef_ProvisionForDismantlingOfAssets"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_ProvisionForDismantlingOfAssets" xlink:to="lab_tef_ProvisionForDismantlingOfAssets" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_DisclosureOfFinancialInstrumentsExplanatory_f43d7927-8219-44c8-97ab-fc193e5b593b_terseLabel_en-US" xlink:label="lab_ifrs-full_DisclosureOfFinancialInstrumentsExplanatory" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Breakdown of Financial Assets</link:label>
    <link:label id="lab_ifrs-full_DisclosureOfFinancialInstrumentsExplanatory_a5b88b3f-5601-4a9a-90ca-a105cbedee58_verboseLabel_en-US" xlink:label="lab_ifrs-full_DisclosureOfFinancialInstrumentsExplanatory" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Appendix IV: Financial Instruments</link:label>
    <link:label id="lab_ifrs-full_DisclosureOfFinancialInstrumentsExplanatory_label_en-US" xlink:label="lab_ifrs-full_DisclosureOfFinancialInstrumentsExplanatory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure of financial instruments [text block]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_DisclosureOfFinancialInstrumentsExplanatory" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_DisclosureOfFinancialInstrumentsExplanatory"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DisclosureOfFinancialInstrumentsExplanatory" xlink:to="lab_ifrs-full_DisclosureOfFinancialInstrumentsExplanatory" xlink:type="arc" order="1"/>
    <link:label id="lab_dei_EntityAddressCountry_0fce11e2-5be2-44a6-919b-2a4d323e5ec6_terseLabel_en-US" xlink:label="lab_dei_EntityAddressCountry" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Entity Address, Country</link:label>
    <link:label id="lab_dei_EntityAddressCountry_label_en-US" xlink:label="lab_dei_EntityAddressCountry" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Entity Address, Country</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_dei_EntityAddressCountry" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_EntityAddressCountry"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityAddressCountry" xlink:to="lab_dei_EntityAddressCountry" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_CashOutflowForLeases_f79d153e-579f-4ee1-90f0-e646a15bb0ed_negatedTerseLabel_en-US" xlink:label="lab_ifrs-full_CashOutflowForLeases" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xml:lang="en-US">Lease principal payments</link:label>
    <link:label id="lab_ifrs-full_CashOutflowForLeases_label_en-US" xlink:label="lab_ifrs-full_CashOutflowForLeases" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Cash outflow for leases</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_CashOutflowForLeases" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_CashOutflowForLeases"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_CashOutflowForLeases" xlink:to="lab_ifrs-full_CashOutflowForLeases" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_TelxiusTowersTaxMember_371c87d7-246a-49cc-b08b-237d01fc476a_terseLabel_en-US" xlink:label="lab_tef_TelxiusTowersTaxMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Tax associated with the sale of the tower division of Telxius</link:label>
    <link:label id="lab_tef_TelxiusTowersTaxMember_label_en-US" xlink:label="lab_tef_TelxiusTowersTaxMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Telxius Towers - Tax [Member]</link:label>
    <link:label id="lab_tef_TelxiusTowersTaxMember_documentation_en-US" xlink:label="lab_tef_TelxiusTowersTaxMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Telxius Towers - Tax</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_TelxiusTowersTaxMember" xlink:href="tef-20241231.xsd#tef_TelxiusTowersTaxMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_TelxiusTowersTaxMember" xlink:to="lab_tef_TelxiusTowersTaxMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_CurrentMember_dc787c74-ea92-4f4a-8e27-81bb627a6cc4_terseLabel_en-US" xlink:label="lab_ifrs-full_CurrentMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Amount not overdue invoiced</link:label>
    <link:label id="lab_ifrs-full_CurrentMember_label_en-US" xlink:label="lab_ifrs-full_CurrentMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Current [member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_CurrentMember" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_CurrentMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_CurrentMember" xlink:to="lab_ifrs-full_CurrentMember" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_ExpiringIn2040Option6Member_37a026ff-05d8-4b45-a318-0bb6862a0930_terseLabel_en-US" xlink:label="lab_tef_ExpiringIn2040Option6Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Expiring in 2040, Option 6</link:label>
    <link:label id="lab_tef_ExpiringIn2040Option6Member_label_en-US" xlink:label="lab_tef_ExpiringIn2040Option6Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Expiring in 2040, Option 6 [Member]</link:label>
    <link:label id="lab_tef_ExpiringIn2040Option6Member_documentation_en-US" xlink:label="lab_tef_ExpiringIn2040Option6Member" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Expiring in 2040, Option 6</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_ExpiringIn2040Option6Member" xlink:href="tef-20241231.xsd#tef_ExpiringIn2040Option6Member"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_ExpiringIn2040Option6Member" xlink:to="lab_tef_ExpiringIn2040Option6Member" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_DepreciationExpense_18aa3495-27fb-4564-92e3-b47c5d2567aa_terseLabel_en-US" xlink:label="lab_ifrs-full_DepreciationExpense" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Property, plant and equipment (Note 8)</link:label>
    <link:label id="lab_ifrs-full_DepreciationExpense_label_en-US" xlink:label="lab_ifrs-full_DepreciationExpense" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Depreciation expense</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_DepreciationExpense" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_DepreciationExpense"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DepreciationExpense" xlink:to="lab_ifrs-full_DepreciationExpense" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_CashAndCashEquivalentsRecognisedAsOfAcquisitionDate_7d9038c0-1f9d-4bb8-ac21-fc2565545b66_terseLabel_en-US" xlink:label="lab_ifrs-full_CashAndCashEquivalentsRecognisedAsOfAcquisitionDate" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Cash and cash equivalents</link:label>
    <link:label id="lab_ifrs-full_CashAndCashEquivalentsRecognisedAsOfAcquisitionDate_label_en-US" xlink:label="lab_ifrs-full_CashAndCashEquivalentsRecognisedAsOfAcquisitionDate" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Cash and cash equivalents recognised as of acquisition date</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_CashAndCashEquivalentsRecognisedAsOfAcquisitionDate" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_CashAndCashEquivalentsRecognisedAsOfAcquisitionDate"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_CashAndCashEquivalentsRecognisedAsOfAcquisitionDate" xlink:to="lab_ifrs-full_CashAndCashEquivalentsRecognisedAsOfAcquisitionDate" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_IncreaseDecreaseThroughNetExchangeDifferencesDeferredTaxLiability_7a785bac-b7bb-45a7-a183-b67d3fe032e6_terseLabel_en-US" xlink:label="lab_tef_IncreaseDecreaseThroughNetExchangeDifferencesDeferredTaxLiability" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Transfers</link:label>
    <link:label id="lab_tef_IncreaseDecreaseThroughNetExchangeDifferencesDeferredTaxLiability_label_en-US" xlink:label="lab_tef_IncreaseDecreaseThroughNetExchangeDifferencesDeferredTaxLiability" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Increase (Decrease) Through Net Exchange Differences, Deferred Tax Liability</link:label>
    <link:label id="lab_tef_IncreaseDecreaseThroughNetExchangeDifferencesDeferredTaxLiability_documentation_en-US" xlink:label="lab_tef_IncreaseDecreaseThroughNetExchangeDifferencesDeferredTaxLiability" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Increase (Decrease) Through Net Exchange Differences, Deferred Tax Liability</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_IncreaseDecreaseThroughNetExchangeDifferencesDeferredTaxLiability" xlink:href="tef-20241231.xsd#tef_IncreaseDecreaseThroughNetExchangeDifferencesDeferredTaxLiability"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_IncreaseDecreaseThroughNetExchangeDifferencesDeferredTaxLiability" xlink:to="lab_tef_IncreaseDecreaseThroughNetExchangeDifferencesDeferredTaxLiability" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_DeploymentOfFTTHInUKNumberOfHomesExpansion_d316c53a-617a-4a1c-afe9-c2ad5cffd616_terseLabel_en-US" xlink:label="lab_tef_DeploymentOfFTTHInUKNumberOfHomesExpansion" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Deployment of FTTH in the UK, number of homes, expansion</link:label>
    <link:label id="lab_tef_DeploymentOfFTTHInUKNumberOfHomesExpansion_label_en-US" xlink:label="lab_tef_DeploymentOfFTTHInUKNumberOfHomesExpansion" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Deployment Of FTTH In UK, Number Of Homes, Expansion</link:label>
    <link:label id="lab_tef_DeploymentOfFTTHInUKNumberOfHomesExpansion_documentation_en-US" xlink:label="lab_tef_DeploymentOfFTTHInUKNumberOfHomesExpansion" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Deployment Of FTTH In UK, Number Of Homes, Expansion</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_DeploymentOfFTTHInUKNumberOfHomesExpansion" xlink:href="tef-20241231.xsd#tef_DeploymentOfFTTHInUKNumberOfHomesExpansion"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_DeploymentOfFTTHInUKNumberOfHomesExpansion" xlink:to="lab_tef_DeploymentOfFTTHInUKNumberOfHomesExpansion" xlink:type="arc" order="1"/>
    <link:label id="lab_srt_ScheduleOfCondensedFinancialStatementsTableTextBlock_7e40ac03-a971-4854-83f2-645713c612a8_terseLabel_en-US" xlink:label="lab_srt_ScheduleOfCondensedFinancialStatementsTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Schedule of Condensed Financial Statements of Non-controlling Interests</link:label>
    <link:label id="lab_srt_ScheduleOfCondensedFinancialStatementsTableTextBlock_label_en-US" xlink:label="lab_srt_ScheduleOfCondensedFinancialStatementsTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Condensed Financial Statements [Table Text Block]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_srt_ScheduleOfCondensedFinancialStatementsTableTextBlock" xlink:href="https://xbrl.fasb.org/srt/2024/elts/srt-2024.xsd#srt_ScheduleOfCondensedFinancialStatementsTableTextBlock"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_srt_ScheduleOfCondensedFinancialStatementsTableTextBlock" xlink:to="lab_srt_ScheduleOfCondensedFinancialStatementsTableTextBlock" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_TradeReceivablesRecognisedAsOfAcquisitionDate_50aaa387-0b5a-47a9-81a8-e60edea981ea_terseLabel_en-US" xlink:label="lab_tef_TradeReceivablesRecognisedAsOfAcquisitionDate" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Trade receivables</link:label>
    <link:label id="lab_tef_TradeReceivablesRecognisedAsOfAcquisitionDate_label_en-US" xlink:label="lab_tef_TradeReceivablesRecognisedAsOfAcquisitionDate" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Trade receivables recognised as of acquisition date</link:label>
    <link:label id="lab_tef_TradeReceivablesRecognisedAsOfAcquisitionDate_documentation_en-US" xlink:label="lab_tef_TradeReceivablesRecognisedAsOfAcquisitionDate" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Trade receivables recognised as of acquisition date</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_TradeReceivablesRecognisedAsOfAcquisitionDate" xlink:href="tef-20241231.xsd#tef_TradeReceivablesRecognisedAsOfAcquisitionDate"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_TradeReceivablesRecognisedAsOfAcquisitionDate" xlink:to="lab_tef_TradeReceivablesRecognisedAsOfAcquisitionDate" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_AllOtherSegmentsMember_becb5b24-0109-4a89-a683-f9ae6a70623a_terseLabel_en-US" xlink:label="lab_ifrs-full_AllOtherSegmentsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Other companies</link:label>
    <link:label id="lab_ifrs-full_AllOtherSegmentsMember_a94a3039-aa01-4a8f-98fe-87b1973f190c_verboseLabel_en-US" xlink:label="lab_ifrs-full_AllOtherSegmentsMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Others</link:label>
    <link:label id="lab_ifrs-full_AllOtherSegmentsMember_label_en-US" xlink:label="lab_ifrs-full_AllOtherSegmentsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">All other segments [member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_AllOtherSegmentsMember" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_AllOtherSegmentsMember"/>
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    <link:label id="lab_tef_TelefonicaTechUKDataAIMSLimitedMember_documentation_en-US" xlink:label="lab_tef_TelefonicaTechUKDataAIMSLimitedMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Telef&#243;nica Tech UK Data &amp; AI MS Limited</link:label>
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    <link:label id="lab_ifrs-full_LaterThanThreeMonthsAndNotLaterThanSixMonthsMember_31e172c1-7411-44b3-982e-d8846dcf50c4_terseLabel_en-US" xlink:label="lab_ifrs-full_LaterThanThreeMonthsAndNotLaterThanSixMonthsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Between 90 and 180 days</link:label>
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    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_LaterThanThreeMonthsAndNotLaterThanSixMonthsMember" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_LaterThanThreeMonthsAndNotLaterThanSixMonthsMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_LaterThanThreeMonthsAndNotLaterThanSixMonthsMember" xlink:to="lab_ifrs-full_LaterThanThreeMonthsAndNotLaterThanSixMonthsMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_ReclassificationAdjustmentsOnCashFlowHedgesBeforeTax_940ab125-d6a4-4de8-b5e3-c503d00ca6e2_negatedTerseLabel_en-US" xlink:label="lab_ifrs-full_ReclassificationAdjustmentsOnCashFlowHedgesBeforeTax" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xml:lang="en-US">Reclassification of (gains) losses included in the income statement (Note 19)</link:label>
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    <link:label id="lab_ifrs-full_LaterThanOneYearMember_5b89a1d3-81b2-407d-8a03-33fd324c3e7f_verboseLabel_en-US" xlink:label="lab_ifrs-full_LaterThanOneYearMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">More than 360 days</link:label>
    <link:label id="lab_ifrs-full_LaterThanOneYearMember_9386c5e6-0962-4a2f-9891-b8d4314f4872_terseLabel_en-US" xlink:label="lab_ifrs-full_LaterThanOneYearMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Non-current total</link:label>
    <link:label id="lab_ifrs-full_LaterThanOneYearMember_1181344c-4921-4686-b9a6-36c5b6cec9fd_netLabel_en-US" xlink:label="lab_ifrs-full_LaterThanOneYearMember" xlink:role="http://www.xbrl.org/2009/role/netLabel" xlink:type="resource" xml:lang="en-US">More than 1 year</link:label>
    <link:label id="lab_ifrs-full_LaterThanOneYearMember_label_en-US" xlink:label="lab_ifrs-full_LaterThanOneYearMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Later than one year [member]</link:label>
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    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_LaterThanOneYearMember" xlink:to="lab_ifrs-full_LaterThanOneYearMember" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_BilateralLoanDueDecember162031Member_03a312aa-09c4-49e7-84d8-b1283a718cf6_terseLabel_en-US" xlink:label="lab_tef_BilateralLoanDueDecember162031Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Bilateral Loan Due December 16, 2031</link:label>
    <link:label id="lab_tef_BilateralLoanDueDecember162031Member_label_en-US" xlink:label="lab_tef_BilateralLoanDueDecember162031Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Bilateral Loan Due December 16, 2031 [Member]</link:label>
    <link:label id="lab_tef_BilateralLoanDueDecember162031Member_documentation_en-US" xlink:label="lab_tef_BilateralLoanDueDecember162031Member" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Bilateral Loan Due December 16, 2031</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_BilateralLoanDueDecember162031Member" xlink:href="tef-20241231.xsd#tef_BilateralLoanDueDecember162031Member"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_BilateralLoanDueDecember162031Member" xlink:to="lab_tef_BilateralLoanDueDecember162031Member" xlink:type="arc" order="1"/>
    <link:label id="lab_country_BR_fd83acca-aa60-493f-a8e0-6843d175f9ed_terseLabel_en-US" xlink:label="lab_country_BR" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Brazil</link:label>
    <link:label id="lab_country_BR_label_en-US" xlink:label="lab_country_BR" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">BRAZIL</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_country_BR" xlink:href="https://xbrl.sec.gov/country/2024/country-2024.xsd#country_BR"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_country_BR" xlink:to="lab_country_BR" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_WholesaleAccessServicesAgreementTerm_4f2d916e-63d8-4df8-b6a9-9afbb1ad84b3_terseLabel_en-US" xlink:label="lab_tef_WholesaleAccessServicesAgreementTerm" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Wholesale access services agreement, term</link:label>
    <link:label id="lab_tef_WholesaleAccessServicesAgreementTerm_label_en-US" xlink:label="lab_tef_WholesaleAccessServicesAgreementTerm" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Wholesale Access Services Agreement, Term</link:label>
    <link:label id="lab_tef_WholesaleAccessServicesAgreementTerm_documentation_en-US" xlink:label="lab_tef_WholesaleAccessServicesAgreementTerm" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Wholesale Access Services Agreement, Term</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_WholesaleAccessServicesAgreementTerm" xlink:href="tef-20241231.xsd#tef_WholesaleAccessServicesAgreementTerm"/>
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    <link:label id="lab_tef_ShareBasedCompensationArrangementByShareBasedPaymentAwardCarbonDioxideEmissionNeutralizationComplianceAmountOfSharesDeliveredPercent_bad828ce-fcae-4aa1-a176-52a6944ac873_terseLabel_en-US" xlink:label="lab_tef_ShareBasedCompensationArrangementByShareBasedPaymentAwardCarbonDioxideEmissionNeutralizationComplianceAmountOfSharesDeliveredPercent" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Number of shares delivered under the plan to the Executive Directors and other Participants (in shares)</link:label>
    <link:label id="lab_tef_ShareBasedCompensationArrangementByShareBasedPaymentAwardCarbonDioxideEmissionNeutralizationComplianceAmountOfSharesDeliveredPercent_label_en-US" xlink:label="lab_tef_ShareBasedCompensationArrangementByShareBasedPaymentAwardCarbonDioxideEmissionNeutralizationComplianceAmountOfSharesDeliveredPercent" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Share-Based Compensation Arrangement By Share-Based Payment Award, Carbon Dioxide Emission Neutralization Compliance, Amount Of Shares Delivered, Percent</link:label>
    <link:label id="lab_tef_ShareBasedCompensationArrangementByShareBasedPaymentAwardCarbonDioxideEmissionNeutralizationComplianceAmountOfSharesDeliveredPercent_documentation_en-US" xlink:label="lab_tef_ShareBasedCompensationArrangementByShareBasedPaymentAwardCarbonDioxideEmissionNeutralizationComplianceAmountOfSharesDeliveredPercent" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Share-Based Compensation Arrangement By Share-Based Payment Award, Carbon Dioxide Emission Neutralization Compliance, Amount Of Shares Delivered, Percent</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_ShareBasedCompensationArrangementByShareBasedPaymentAwardCarbonDioxideEmissionNeutralizationComplianceAmountOfSharesDeliveredPercent" xlink:href="tef-20241231.xsd#tef_ShareBasedCompensationArrangementByShareBasedPaymentAwardCarbonDioxideEmissionNeutralizationComplianceAmountOfSharesDeliveredPercent"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_ShareBasedCompensationArrangementByShareBasedPaymentAwardCarbonDioxideEmissionNeutralizationComplianceAmountOfSharesDeliveredPercent" xlink:to="lab_tef_ShareBasedCompensationArrangementByShareBasedPaymentAwardCarbonDioxideEmissionNeutralizationComplianceAmountOfSharesDeliveredPercent" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_EquityAttributabletoNonControllingInterestsRollForward_3c888d2d-6bc5-4be7-9a45-f0c5b4cb396a_terseLabel_en-US" xlink:label="lab_tef_EquityAttributabletoNonControllingInterestsRollForward" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Equity Attributable to Non-Controlling Interests [Roll Forward]</link:label>
    <link:label id="lab_tef_EquityAttributabletoNonControllingInterestsRollForward_label_en-US" xlink:label="lab_tef_EquityAttributabletoNonControllingInterestsRollForward" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Equity Attributable to Non-Controlling Interests [Roll Forward]</link:label>
    <link:label id="lab_tef_EquityAttributabletoNonControllingInterestsRollForward_documentation_en-US" xlink:label="lab_tef_EquityAttributabletoNonControllingInterestsRollForward" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Equity Attributable to Non-Controlling Interests [Roll Forward]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_EquityAttributabletoNonControllingInterestsRollForward" xlink:href="tef-20241231.xsd#tef_EquityAttributabletoNonControllingInterestsRollForward"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_EquityAttributabletoNonControllingInterestsRollForward" xlink:to="lab_tef_EquityAttributabletoNonControllingInterestsRollForward" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_ProceedsFromSalesOfInvestmentProperty_947838bc-8701-4e5a-a72e-c9102153f7af_terseLabel_en-US" xlink:label="lab_ifrs-full_ProceedsFromSalesOfInvestmentProperty" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Proceeds from sale of portfolio of data centers</link:label>
    <link:label id="lab_ifrs-full_ProceedsFromSalesOfInvestmentProperty_label_en-US" xlink:label="lab_ifrs-full_ProceedsFromSalesOfInvestmentProperty" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Proceeds from sales of investment property</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_ProceedsFromSalesOfInvestmentProperty" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_ProceedsFromSalesOfInvestmentProperty"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_ProceedsFromSalesOfInvestmentProperty" xlink:to="lab_ifrs-full_ProceedsFromSalesOfInvestmentProperty" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_GainsLossesOnAdjustmentsToItemsHedgedByFairValueHedges_085fb549-7594-4127-9d94-62eaac215e0c_terseLabel_en-US" xlink:label="lab_tef_GainsLossesOnAdjustmentsToItemsHedgedByFairValueHedges" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Gain/(loss) on adjustment to items hedged by fair value hedges</link:label>
    <link:label id="lab_tef_GainsLossesOnAdjustmentsToItemsHedgedByFairValueHedges_label_en-US" xlink:label="lab_tef_GainsLossesOnAdjustmentsToItemsHedgedByFairValueHedges" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Gains (Losses) On Adjustments To Items Hedged By Fair Value Hedges</link:label>
    <link:label id="lab_tef_GainsLossesOnAdjustmentsToItemsHedgedByFairValueHedges_documentation_en-US" xlink:label="lab_tef_GainsLossesOnAdjustmentsToItemsHedgedByFairValueHedges" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Gains (Losses) On Adjustments To Items Hedged By Fair Value Hedges</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_GainsLossesOnAdjustmentsToItemsHedgedByFairValueHedges" xlink:href="tef-20241231.xsd#tef_GainsLossesOnAdjustmentsToItemsHedgedByFairValueHedges"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_GainsLossesOnAdjustmentsToItemsHedgedByFairValueHedges" xlink:to="lab_tef_GainsLossesOnAdjustmentsToItemsHedgedByFairValueHedges" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_TranslationDifferencesAndInflationRightOfUseAssets_c767939c-93a0-4807-9bc7-e80c55666535_terseLabel_en-US" xlink:label="lab_tef_TranslationDifferencesAndInflationRightOfUseAssets" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Translation differences and inflation adjustments</link:label>
    <link:label id="lab_tef_TranslationDifferencesAndInflationRightOfUseAssets_label_en-US" xlink:label="lab_tef_TranslationDifferencesAndInflationRightOfUseAssets" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Translation differences and inflation, right-of-use assets</link:label>
    <link:label id="lab_tef_TranslationDifferencesAndInflationRightOfUseAssets_documentation_en-US" xlink:label="lab_tef_TranslationDifferencesAndInflationRightOfUseAssets" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Translation differences and inflation, right-of-use assets</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_TranslationDifferencesAndInflationRightOfUseAssets" xlink:href="tef-20241231.xsd#tef_TranslationDifferencesAndInflationRightOfUseAssets"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_TranslationDifferencesAndInflationRightOfUseAssets" xlink:to="lab_tef_TranslationDifferencesAndInflationRightOfUseAssets" xlink:type="arc" order="1"/>
    <link:label id="lab_dei_EntityInteractiveDataCurrent_dde7771d-45c1-4ef7-87e4-bc61c0fe0625_terseLabel_en-US" xlink:label="lab_dei_EntityInteractiveDataCurrent" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Entity Interactive Data Current</link:label>
    <link:label id="lab_dei_EntityInteractiveDataCurrent_label_en-US" xlink:label="lab_dei_EntityInteractiveDataCurrent" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Entity Interactive Data Current</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_dei_EntityInteractiveDataCurrent" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_EntityInteractiveDataCurrent"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityInteractiveDataCurrent" xlink:to="lab_dei_EntityInteractiveDataCurrent" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_SustainabilityLinkedFacilitiesOfColombiaTelecomunicacionesMember_ba234be0-28cf-4204-9c64-82caa5611919_terseLabel_en-US" xlink:label="lab_tef_SustainabilityLinkedFacilitiesOfColombiaTelecomunicacionesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Sustainability linked facilities of Colombia Telecomunicaciones</link:label>
    <link:label id="lab_tef_SustainabilityLinkedFacilitiesOfColombiaTelecomunicacionesMember_label_en-US" xlink:label="lab_tef_SustainabilityLinkedFacilitiesOfColombiaTelecomunicacionesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Sustainability Linked Facilities of Colombia Telecomunicaciones [Member]</link:label>
    <link:label id="lab_tef_SustainabilityLinkedFacilitiesOfColombiaTelecomunicacionesMember_documentation_en-US" xlink:label="lab_tef_SustainabilityLinkedFacilitiesOfColombiaTelecomunicacionesMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Sustainability Linked Facilities of Colombia Telecomunicaciones</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_SustainabilityLinkedFacilitiesOfColombiaTelecomunicacionesMember" xlink:href="tef-20241231.xsd#tef_SustainabilityLinkedFacilitiesOfColombiaTelecomunicacionesMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_SustainabilityLinkedFacilitiesOfColombiaTelecomunicacionesMember" xlink:to="lab_tef_SustainabilityLinkedFacilitiesOfColombiaTelecomunicacionesMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_CharacteristicsOfDefinedBenefitPlansAxis_722f15af-97e0-470b-90cf-c3dd745d3031_terseLabel_en-US" xlink:label="lab_ifrs-full_CharacteristicsOfDefinedBenefitPlansAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Characteristics of defined benefit plans [axis]</link:label>
    <link:label id="lab_ifrs-full_CharacteristicsOfDefinedBenefitPlansAxis_label_en-US" xlink:label="lab_ifrs-full_CharacteristicsOfDefinedBenefitPlansAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Characteristics of defined benefit plans [axis]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_CharacteristicsOfDefinedBenefitPlansAxis" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_CharacteristicsOfDefinedBenefitPlansAxis"/>
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    <link:label id="lab_ifrs-full_FinancialAssetsAtFairValue_c095dc5b-cf74-4f6f-a21f-61a772cc2fd6_totalLabel_en-US" xlink:label="lab_ifrs-full_FinancialAssetsAtFairValue" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Financial assets, fair value</link:label>
    <link:label id="lab_ifrs-full_FinancialAssetsAtFairValue_label_en-US" xlink:label="lab_ifrs-full_FinancialAssetsAtFairValue" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Financial assets, at fair value</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_FinancialAssetsAtFairValue" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_FinancialAssetsAtFairValue"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_FinancialAssetsAtFairValue" xlink:to="lab_ifrs-full_FinancialAssetsAtFairValue" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_ExpiringIn2040Option2Member_4083df1c-ac52-4b13-a689-dd358884446f_terseLabel_en-US" xlink:label="lab_tef_ExpiringIn2040Option2Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Expiring in 2040, Option 2</link:label>
    <link:label id="lab_tef_ExpiringIn2040Option2Member_label_en-US" xlink:label="lab_tef_ExpiringIn2040Option2Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Expiring in 2040, Option 2 [Member]</link:label>
    <link:label id="lab_tef_ExpiringIn2040Option2Member_documentation_en-US" xlink:label="lab_tef_ExpiringIn2040Option2Member" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Expiring in 2040, Option 2</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_ExpiringIn2040Option2Member" xlink:href="tef-20241231.xsd#tef_ExpiringIn2040Option2Member"/>
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    <link:label id="lab_tef_NumberOfMatchDaySecondPickEachSeason_e485e774-717a-4a61-b21a-5f6f55e8906e_terseLabel_en-US" xlink:label="lab_tef_NumberOfMatchDaySecondPickEachSeason" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Number of second picks</link:label>
    <link:label id="lab_tef_NumberOfMatchDaySecondPickEachSeason_label_en-US" xlink:label="lab_tef_NumberOfMatchDaySecondPickEachSeason" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Number Of Match Day Second Pick Each Season</link:label>
    <link:label id="lab_tef_NumberOfMatchDaySecondPickEachSeason_documentation_en-US" xlink:label="lab_tef_NumberOfMatchDaySecondPickEachSeason" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Number Of Match Day Second Pick Each Season</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_NumberOfMatchDaySecondPickEachSeason" xlink:href="tef-20241231.xsd#tef_NumberOfMatchDaySecondPickEachSeason"/>
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    <link:label id="lab_tef_ActuarialAssumptionsUsedInValuingDefinedBenefitPlansTableTextBlock_9428d8d9-da5a-4e10-8288-93a4ad6ad0ae_terseLabel_en-US" xlink:label="lab_tef_ActuarialAssumptionsUsedInValuingDefinedBenefitPlansTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Schedule of Main Actuarial Assumptions Used in Valuing Plans</link:label>
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    <link:loc xlink:type="locator" xlink:label="loc_tef_ActuarialAssumptionsUsedInValuingDefinedBenefitPlansTableTextBlock" xlink:href="tef-20241231.xsd#tef_ActuarialAssumptionsUsedInValuingDefinedBenefitPlansTableTextBlock"/>
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    <link:label id="lab_tef_TelefonicaMovilesArgentinaS.A.Member_600a231b-b467-4eb5-b2be-0d631629fe1e_terseLabel_en-US" xlink:label="lab_tef_TelefonicaMovilesArgentinaS.A.Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Telef&#243;nica M&#243;viles Argentina, S.A. Telecommunications service provider</link:label>
    <link:label id="lab_tef_TelefonicaMovilesArgentinaS.A.Member_label_en-US" xlink:label="lab_tef_TelefonicaMovilesArgentinaS.A.Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Telefonica Moviles Argentina S.A. [Member]</link:label>
    <link:label id="lab_tef_TelefonicaMovilesArgentinaS.A.Member_documentation_en-US" xlink:label="lab_tef_TelefonicaMovilesArgentinaS.A.Member" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Telefonica Moviles Argentina S.A. [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_TelefonicaMovilesArgentinaS.A.Member" xlink:href="tef-20241231.xsd#tef_TelefonicaMovilesArgentinaS.A.Member"/>
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    <link:label id="lab_ifrs-full_CorporateInformationAndStatementOfIFRSComplianceAbstract_f9cc1f88-068e-4471-b0d0-937d0f7c458a_terseLabel_en-US" xlink:label="lab_ifrs-full_CorporateInformationAndStatementOfIFRSComplianceAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Corporate Information And Statement Of IFRS Compliance [Abstract]</link:label>
    <link:label id="lab_ifrs-full_CorporateInformationAndStatementOfIFRSComplianceAbstract_label_en-US" xlink:label="lab_ifrs-full_CorporateInformationAndStatementOfIFRSComplianceAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Corporate information and statement of IFRS compliance [abstract]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_CorporateInformationAndStatementOfIFRSComplianceAbstract" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_CorporateInformationAndStatementOfIFRSComplianceAbstract"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_CorporateInformationAndStatementOfIFRSComplianceAbstract" xlink:to="lab_ifrs-full_CorporateInformationAndStatementOfIFRSComplianceAbstract" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_IntangibleAssetsOtherThanGoodwill_7ab53558-9d9a-4037-af61-20db6ec23654_terseLabel_en-US" xlink:label="lab_ifrs-full_IntangibleAssetsOtherThanGoodwill" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Intangible assets</link:label>
    <link:label id="lab_ifrs-full_IntangibleAssetsOtherThanGoodwill_a17e3daa-1a8b-4320-8467-20112b2456cc_periodStartLabel_en-US" xlink:label="lab_ifrs-full_IntangibleAssetsOtherThanGoodwill" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:type="resource" xml:lang="en-US">Beginning balance</link:label>
    <link:label id="lab_ifrs-full_IntangibleAssetsOtherThanGoodwill_6e0bbef8-ba12-4b6d-a597-d08c7d24e1f6_periodEndLabel_en-US" xlink:label="lab_ifrs-full_IntangibleAssetsOtherThanGoodwill" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:type="resource" xml:lang="en-US">Ending balance</link:label>
    <link:label id="lab_ifrs-full_IntangibleAssetsOtherThanGoodwill_label_en-US" xlink:label="lab_ifrs-full_IntangibleAssetsOtherThanGoodwill" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Intangible assets other than goodwill</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_IntangibleAssetsOtherThanGoodwill" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_IntangibleAssetsOtherThanGoodwill"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_IntangibleAssetsOtherThanGoodwill" xlink:to="lab_ifrs-full_IntangibleAssetsOtherThanGoodwill" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_DisclosureOfTermsAndConditionsOfSharebasedPaymentArrangementLineItems_ab5514c0-e7a8-42bb-8d33-7cb91ef0222b_terseLabel_en-US" xlink:label="lab_ifrs-full_DisclosureOfTermsAndConditionsOfSharebasedPaymentArrangementLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Disclosure of terms and conditions of share-based payment arrangement [line items]</link:label>
    <link:label id="lab_ifrs-full_DisclosureOfTermsAndConditionsOfSharebasedPaymentArrangementLineItems_label_en-US" xlink:label="lab_ifrs-full_DisclosureOfTermsAndConditionsOfSharebasedPaymentArrangementLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure of terms and conditions of share-based payment arrangement [line items]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_DisclosureOfTermsAndConditionsOfSharebasedPaymentArrangementLineItems" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_DisclosureOfTermsAndConditionsOfSharebasedPaymentArrangementLineItems"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DisclosureOfTermsAndConditionsOfSharebasedPaymentArrangementLineItems" xlink:to="lab_ifrs-full_DisclosureOfTermsAndConditionsOfSharebasedPaymentArrangementLineItems" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_AssetsRecognisedFromCostsToObtainOrFulfilContractsWithCustomers_2d4eba6d-487a-4548-a308-0bcc4381bde6_periodStartLabel_en-US" xlink:label="lab_ifrs-full_AssetsRecognisedFromCostsToObtainOrFulfilContractsWithCustomers" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:type="resource" xml:lang="en-US">Capitalized costs, beginning balance</link:label>
    <link:label id="lab_ifrs-full_AssetsRecognisedFromCostsToObtainOrFulfilContractsWithCustomers_244e9b6e-0787-45f2-9249-2ce10afa651a_periodEndLabel_en-US" xlink:label="lab_ifrs-full_AssetsRecognisedFromCostsToObtainOrFulfilContractsWithCustomers" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:type="resource" xml:lang="en-US">Capitalized costs, ending balance</link:label>
    <link:label id="lab_ifrs-full_AssetsRecognisedFromCostsToObtainOrFulfilContractsWithCustomers_label_en-US" xlink:label="lab_ifrs-full_AssetsRecognisedFromCostsToObtainOrFulfilContractsWithCustomers" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Assets recognised from costs to obtain or fulfil contracts with customers</link:label>
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    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_AssetsRecognisedFromCostsToObtainOrFulfilContractsWithCustomers" xlink:to="lab_ifrs-full_AssetsRecognisedFromCostsToObtainOrFulfilContractsWithCustomers" xlink:type="arc" order="1"/>
    <link:label id="lab_country_CO_aabfbdd8-9774-4351-b30f-8422a922a9c5_terseLabel_en-US" xlink:label="lab_country_CO" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Colombia</link:label>
    <link:label id="lab_country_CO_label_en-US" xlink:label="lab_country_CO" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">COLOMBIA</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_country_CO" xlink:href="https://xbrl.sec.gov/country/2024/country-2024.xsd#country_CO"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_country_CO" xlink:to="lab_country_CO" xlink:type="arc" order="1"/>
    <link:label id="lab_country_CL_fbd350ee-aac3-4a93-b1db-7438409b3bd8_terseLabel_en-US" xlink:label="lab_country_CL" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Chile</link:label>
    <link:label id="lab_country_CL_label_en-US" xlink:label="lab_country_CL" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">CHILE</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_country_CL" xlink:href="https://xbrl.sec.gov/country/2024/country-2024.xsd#country_CL"/>
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    <link:label id="lab_tef_NumberOfMatchWeekendsPerSeasonTotal_1ecf220c-85bd-4173-902d-543120d74430_terseLabel_en-US" xlink:label="lab_tef_NumberOfMatchWeekendsPerSeasonTotal" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Number of match-weekends per season, total</link:label>
    <link:label id="lab_tef_NumberOfMatchWeekendsPerSeasonTotal_label_en-US" xlink:label="lab_tef_NumberOfMatchWeekendsPerSeasonTotal" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Number Of Match-Weekends Per Season, Total</link:label>
    <link:label id="lab_tef_NumberOfMatchWeekendsPerSeasonTotal_documentation_en-US" xlink:label="lab_tef_NumberOfMatchWeekendsPerSeasonTotal" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Number Of Match-Weekends Per Season, Total</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_NumberOfMatchWeekendsPerSeasonTotal" xlink:href="tef-20241231.xsd#tef_NumberOfMatchWeekendsPerSeasonTotal"/>
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    <link:label id="lab_tef_IncreaseDecreaseInIntangibleAssetsAndPropertyPlantAndEquipmentDueToInflation_9966b9c0-9011-4bd2-9b8a-9fee7ee2f043_terseLabel_en-US" xlink:label="lab_tef_IncreaseDecreaseInIntangibleAssetsAndPropertyPlantAndEquipmentDueToInflation" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Increase intangible and fixed assets</link:label>
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    <link:loc xlink:type="locator" xlink:label="loc_tef_IncreaseDecreaseInIntangibleAssetsAndPropertyPlantAndEquipmentDueToInflation" xlink:href="tef-20241231.xsd#tef_IncreaseDecreaseInIntangibleAssetsAndPropertyPlantAndEquipmentDueToInflation"/>
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    <link:label id="lab_ifrs-full_ClassesOfShareCapitalAxis_25eacb4d-dccf-45d0-91df-6be5d1535899_terseLabel_en-US" xlink:label="lab_ifrs-full_ClassesOfShareCapitalAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Classes of share capital [axis]</link:label>
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    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_ClassesOfShareCapitalAxis" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_ClassesOfShareCapitalAxis"/>
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    <link:label id="lab_tef_ProvisionsRollForward_b55358af-d074-4b0d-b179-c2e98dcd4e28_terseLabel_en-US" xlink:label="lab_tef_ProvisionsRollForward" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Provisions [Roll Forward]</link:label>
    <link:label id="lab_tef_ProvisionsRollForward_label_en-US" xlink:label="lab_tef_ProvisionsRollForward" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Provisions [Roll Forward]</link:label>
    <link:label id="lab_tef_ProvisionsRollForward_documentation_en-US" xlink:label="lab_tef_ProvisionsRollForward" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Provisions [Roll Forward]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_ProvisionsRollForward" xlink:href="tef-20241231.xsd#tef_ProvisionsRollForward"/>
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    <link:label id="lab_tef_PromissoryNotesAndCommercialPaperMember_45588bfe-22ff-45e7-b3af-4bfd4a69963d_verboseLabel_en-US" xlink:label="lab_tef_PromissoryNotesAndCommercialPaperMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Promissory notes and commercial paper</link:label>
    <link:label id="lab_tef_PromissoryNotesAndCommercialPaperMember_label_en-US" xlink:label="lab_tef_PromissoryNotesAndCommercialPaperMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Promissory Notes And Commercial Paper [Member]</link:label>
    <link:label id="lab_tef_PromissoryNotesAndCommercialPaperMember_documentation_en-US" xlink:label="lab_tef_PromissoryNotesAndCommercialPaperMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Promissory Notes And Commercial Paper [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_PromissoryNotesAndCommercialPaperMember" xlink:href="tef-20241231.xsd#tef_PromissoryNotesAndCommercialPaperMember"/>
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    <link:label id="lab_ifrs-full_DescriptionOfInitialApplicationOfStandardsOrInterpretations_ff64f283-17a0-48d7-9ffe-adb8fd40a06d_terseLabel_en-US" xlink:label="lab_ifrs-full_DescriptionOfInitialApplicationOfStandardsOrInterpretations" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Schedule of IFRS and Amendments to Existing Standards Published but not Mandatory</link:label>
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    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_DescriptionOfInitialApplicationOfStandardsOrInterpretations" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_DescriptionOfInitialApplicationOfStandardsOrInterpretations"/>
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    <link:label id="lab_tef_TBSCBarcelonaProduccionesSLUMember_169a9e01-2881-47f8-9d64-c6232d701e32_terseLabel_en-US" xlink:label="lab_tef_TBSCBarcelonaProduccionesSLUMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">TBSC Barcelona Producciones, SLU</link:label>
    <link:label id="lab_tef_TBSCBarcelonaProduccionesSLUMember_label_en-US" xlink:label="lab_tef_TBSCBarcelonaProduccionesSLUMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">TBSC Barcelona Producciones, SLU [Member]</link:label>
    <link:label id="lab_tef_TBSCBarcelonaProduccionesSLUMember_documentation_en-US" xlink:label="lab_tef_TBSCBarcelonaProduccionesSLUMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">TBSC Barcelona Producciones, SLU</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_TBSCBarcelonaProduccionesSLUMember" xlink:href="tef-20241231.xsd#tef_TBSCBarcelonaProduccionesSLUMember"/>
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    <link:label id="lab_ifrs-full_ShareOfProfitLossOfContinuingOperationsOfAssociatesAndJointVenturesAccountedForUsingEquityMethod_ca399425-644c-45e6-9c48-ea346e0aecb6_verboseLabel_en-US" xlink:label="lab_ifrs-full_ShareOfProfitLossOfContinuingOperationsOfAssociatesAndJointVenturesAccountedForUsingEquityMethod" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">(Loss) income</link:label>
    <link:label id="lab_ifrs-full_ShareOfProfitLossOfContinuingOperationsOfAssociatesAndJointVenturesAccountedForUsingEquityMethod_label_en-US" xlink:label="lab_ifrs-full_ShareOfProfitLossOfContinuingOperationsOfAssociatesAndJointVenturesAccountedForUsingEquityMethod" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Share of profit (loss) from continuing operations of associates and joint ventures accounted for using equity method</link:label>
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    <link:label id="lab_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_bf50aec8-3910-4429-8bd0-0c14ff7a63fa_terseLabel_en-US" xlink:label="lab_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Carrying amount, accumulated depreciation, amortisation and impairment and gross carrying amount [axis]</link:label>
    <link:label id="lab_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_label_en-US" xlink:label="lab_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Carrying amount, accumulated depreciation, amortisation and impairment and gross carrying amount [axis]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis"/>
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    <link:label id="lab_country_AR_aea47ce8-d6ee-4838-900a-6e5f82f1e9f9_terseLabel_en-US" xlink:label="lab_country_AR" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Argentina</link:label>
    <link:label id="lab_country_AR_label_en-US" xlink:label="lab_country_AR" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">ARGENTINA</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_country_AR" xlink:href="https://xbrl.sec.gov/country/2024/country-2024.xsd#country_AR"/>
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    <link:label id="lab_tef_RightsofUseAbstract_66f1b686-d3c9-48b8-9576-65ec64b9a104_terseLabel_en-US" xlink:label="lab_tef_RightsofUseAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Rights of Use [Abstract]</link:label>
    <link:label id="lab_tef_RightsofUseAbstract_label_en-US" xlink:label="lab_tef_RightsofUseAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Rights of Use [Abstract]</link:label>
    <link:label id="lab_tef_RightsofUseAbstract_documentation_en-US" xlink:label="lab_tef_RightsofUseAbstract" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Rights of Use [Abstract]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_RightsofUseAbstract" xlink:href="tef-20241231.xsd#tef_RightsofUseAbstract"/>
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    <link:label id="lab_tef_AuditorNameAxis_e2932e3a-2058-4846-a628-8d6bc3d9bb63_terseLabel_en-US" xlink:label="lab_tef_AuditorNameAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Auditor Name [Axis]</link:label>
    <link:label id="lab_tef_AuditorNameAxis_label_en-US" xlink:label="lab_tef_AuditorNameAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Auditor Name [Axis]</link:label>
    <link:label id="lab_tef_AuditorNameAxis_documentation_en-US" xlink:label="lab_tef_AuditorNameAxis" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Auditor Name [Axis]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_AuditorNameAxis" xlink:href="tef-20241231.xsd#tef_AuditorNameAxis"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_AuditorNameAxis" xlink:to="lab_tef_AuditorNameAxis" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_DisclosureOfDetailedInformationAboutHedgedItemsTable_96f41d40-5f7d-4218-91f6-a1e09a6d9576_terseLabel_en-US" xlink:label="lab_ifrs-full_DisclosureOfDetailedInformationAboutHedgedItemsTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Disclosure of detailed information about hedged items [table]</link:label>
    <link:label id="lab_ifrs-full_DisclosureOfDetailedInformationAboutHedgedItemsTable_label_en-US" xlink:label="lab_ifrs-full_DisclosureOfDetailedInformationAboutHedgedItemsTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure of detailed information about hedged items [table]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_DisclosureOfDetailedInformationAboutHedgedItemsTable" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_DisclosureOfDetailedInformationAboutHedgedItemsTable"/>
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    <link:label id="lab_tef_CurrentCreditsMember_ca5dc8d8-a250-4508-91bf-7908c4c24f51_terseLabel_en-US" xlink:label="lab_tef_CurrentCreditsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Short-term credits</link:label>
    <link:label id="lab_tef_CurrentCreditsMember_label_en-US" xlink:label="lab_tef_CurrentCreditsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Current Credits [Member]</link:label>
    <link:label id="lab_tef_CurrentCreditsMember_documentation_en-US" xlink:label="lab_tef_CurrentCreditsMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Current Credits</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_CurrentCreditsMember" xlink:href="tef-20241231.xsd#tef_CurrentCreditsMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_CurrentCreditsMember" xlink:to="lab_tef_CurrentCreditsMember" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_Group3GUMTSHoldingMember_ab5b52b4-288c-4123-89b7-599738f196d3_terseLabel_en-US" xlink:label="lab_tef_Group3GUMTSHoldingMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Group 3G UMTS Holding GmbH Holding Company</link:label>
    <link:label id="lab_tef_Group3GUMTSHoldingMember_label_en-US" xlink:label="lab_tef_Group3GUMTSHoldingMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Group 3G UMTS Holding [Member]</link:label>
    <link:label id="lab_tef_Group3GUMTSHoldingMember_documentation_en-US" xlink:label="lab_tef_Group3GUMTSHoldingMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Group 3G UMTS Holding [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_Group3GUMTSHoldingMember" xlink:href="tef-20241231.xsd#tef_Group3GUMTSHoldingMember"/>
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    <link:label id="lab_ifrs-full_RentalExpense_06286ed8-363d-475b-8873-6fb595c988f9_terseLabel_en-US" xlink:label="lab_ifrs-full_RentalExpense" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Leases included in Other expenses</link:label>
    <link:label id="lab_ifrs-full_RentalExpense_label_en-US" xlink:label="lab_ifrs-full_RentalExpense" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Rental expense</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_RentalExpense" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_RentalExpense"/>
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    <link:label id="lab_tef_DisclosureOfTheCompositionOfOtherIncomeTableTextBlock_c27b86c2-e08e-48ac-8663-e7217f83452c_terseLabel_en-US" xlink:label="lab_tef_DisclosureOfTheCompositionOfOtherIncomeTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Schedule of Breakdown of Other Income</link:label>
    <link:label id="lab_tef_DisclosureOfTheCompositionOfOtherIncomeTableTextBlock_label_en-US" xlink:label="lab_tef_DisclosureOfTheCompositionOfOtherIncomeTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure Of The Composition Of Other Income [Table Text Block]</link:label>
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    <link:label id="lab_ifrs-full_ProfitLossFromContinuingOperationsAttributableToOrdinaryEquityHoldersOfParentEntity_834aa562-5087-4797-ad7c-d15845fb3e83_terseLabel_en-US" xlink:label="lab_ifrs-full_ProfitLossFromContinuingOperationsAttributableToOrdinaryEquityHoldersOfParentEntity" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">(Loss) profit attributable to ordinary equity holders of the parent company</link:label>
    <link:label id="lab_ifrs-full_ProfitLossFromContinuingOperationsAttributableToOrdinaryEquityHoldersOfParentEntity_label_en-US" xlink:label="lab_ifrs-full_ProfitLossFromContinuingOperationsAttributableToOrdinaryEquityHoldersOfParentEntity" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Profit (loss) from continuing operations attributable to ordinary equity holders of parent entity, used in calculating basic earnings per share</link:label>
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    <link:label id="lab_tef_TelefonicaChileHoldingsMember_61ab3e3c-8d4d-49e6-b53a-d78e52702147_terseLabel_en-US" xlink:label="lab_tef_TelefonicaChileHoldingsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Telef&#243;nica Chile Holdings, S.L.U. Holding Company</link:label>
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    <link:label id="lab_tef_TelefonicaChileHoldingsMember_documentation_en-US" xlink:label="lab_tef_TelefonicaChileHoldingsMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Telefonica Chile Holdings [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_TelefonicaChileHoldingsMember" xlink:href="tef-20241231.xsd#tef_TelefonicaChileHoldingsMember"/>
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    <link:label id="lab_ifrs-full_EquityAttributableToOwnersOfParentMember_ebd6bb4c-f229-41f5-a66d-470915c6641c_terseLabel_en-US" xlink:label="lab_ifrs-full_EquityAttributableToOwnersOfParentMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Total</link:label>
    <link:label id="lab_ifrs-full_EquityAttributableToOwnersOfParentMember_b70bb4b2-74c8-44f9-b6f9-1b8ffa923ed3_verboseLabel_en-US" xlink:label="lab_ifrs-full_EquityAttributableToOwnersOfParentMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Equity attributable to owners of parent</link:label>
    <link:label id="lab_ifrs-full_EquityAttributableToOwnersOfParentMember_label_en-US" xlink:label="lab_ifrs-full_EquityAttributableToOwnersOfParentMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Equity attributable to owners of parent [member]</link:label>
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    <link:label id="lab_ifrs-full_AverageForeignExchangeRate_c4be27f8-4e00-439e-9387-d236926b136d_terseLabel_en-US" xlink:label="lab_ifrs-full_AverageForeignExchangeRate" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Average foreign exchange rate</link:label>
    <link:label id="lab_ifrs-full_AverageForeignExchangeRate_label_en-US" xlink:label="lab_ifrs-full_AverageForeignExchangeRate" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Average foreign exchange rate</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_AverageForeignExchangeRate" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_AverageForeignExchangeRate"/>
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    <link:label id="lab_tef_PaymentsOfSpectrumLicenses_58d251a9-44a7-4105-94d5-155fde324f2d_negatedTerseLabel_en-US" xlink:label="lab_tef_PaymentsOfSpectrumLicenses" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xml:lang="en-US">Financed spectrum licenses payments (Note 21)</link:label>
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    <link:label id="lab_tef_PaymentsOfSpectrumLicenses_documentation_en-US" xlink:label="lab_tef_PaymentsOfSpectrumLicenses" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Payments Of Spectrum Licenses</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_PaymentsOfSpectrumLicenses" xlink:href="tef-20241231.xsd#tef_PaymentsOfSpectrumLicenses"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_PaymentsOfSpectrumLicenses" xlink:to="lab_tef_PaymentsOfSpectrumLicenses" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_TreasurySharesActivityRollForward_a13b5abb-4a49-4d75-bd39-59e6d5662d4e_terseLabel_en-US" xlink:label="lab_tef_TreasurySharesActivityRollForward" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Treasury Shares Activity [Roll Forward]</link:label>
    <link:label id="lab_tef_TreasurySharesActivityRollForward_label_en-US" xlink:label="lab_tef_TreasurySharesActivityRollForward" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Treasury Shares Activity [Roll Forward]</link:label>
    <link:label id="lab_tef_TreasurySharesActivityRollForward_documentation_en-US" xlink:label="lab_tef_TreasurySharesActivityRollForward" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Treasury Shares Activity [Roll Forward]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_TreasurySharesActivityRollForward" xlink:href="tef-20241231.xsd#tef_TreasurySharesActivityRollForward"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_TreasurySharesActivityRollForward" xlink:to="lab_tef_TreasurySharesActivityRollForward" xlink:type="arc" order="1"/>
    <link:label id="lab_dei_AuditorFirmId_0278fe95-31e6-46ec-b24c-2357381e0b92_terseLabel_en-US" xlink:label="lab_dei_AuditorFirmId" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Auditor Firm ID</link:label>
    <link:label id="lab_dei_AuditorFirmId_label_en-US" xlink:label="lab_dei_AuditorFirmId" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Auditor Firm ID</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_dei_AuditorFirmId" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_AuditorFirmId"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_AuditorFirmId" xlink:to="lab_dei_AuditorFirmId" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_BroadcastingAwardPriceTwoThousandTwentyFourAndTwentyFiveSeason_a2078319-40c3-41d2-808e-4595be122eda_terseLabel_en-US" xlink:label="lab_tef_BroadcastingAwardPriceTwoThousandTwentyFourAndTwentyFiveSeason" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Broadcasting award price, 2024/2025 season</link:label>
    <link:label id="lab_tef_BroadcastingAwardPriceTwoThousandTwentyFourAndTwentyFiveSeason_label_en-US" xlink:label="lab_tef_BroadcastingAwardPriceTwoThousandTwentyFourAndTwentyFiveSeason" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Broadcasting Award Price, Two Thousand Twenty Four And Twenty Five Season</link:label>
    <link:label id="lab_tef_BroadcastingAwardPriceTwoThousandTwentyFourAndTwentyFiveSeason_documentation_en-US" xlink:label="lab_tef_BroadcastingAwardPriceTwoThousandTwentyFourAndTwentyFiveSeason" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Broadcasting Award Price, Two Thousand Twenty Four And Twenty Five Season</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_BroadcastingAwardPriceTwoThousandTwentyFourAndTwentyFiveSeason" xlink:href="tef-20241231.xsd#tef_BroadcastingAwardPriceTwoThousandTwentyFourAndTwentyFiveSeason"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_BroadcastingAwardPriceTwoThousandTwentyFourAndTwentyFiveSeason" xlink:to="lab_tef_BroadcastingAwardPriceTwoThousandTwentyFourAndTwentyFiveSeason" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_Assets_6730dc39-7cdf-4166-8be5-cde3484348e3_totalLabel_en-US" xlink:label="lab_ifrs-full_Assets" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Total assets</link:label>
    <link:label id="lab_ifrs-full_Assets_b18975fb-4da9-4830-9efb-252e76807757_terseLabel_en-US" xlink:label="lab_ifrs-full_Assets" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Total allocated assets</link:label>
    <link:label id="lab_ifrs-full_Assets_label_en-US" xlink:label="lab_ifrs-full_Assets" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Assets</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_Assets" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_Assets"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_Assets" xlink:to="lab_ifrs-full_Assets" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_RegulatoryOperationsSpeedofNetworkInfrastructureAccessforDataTransmissioninCopperPairsorCoaxialCables_da6f560a-4102-41f7-a651-f616fe25dc77_terseLabel_en-US" xlink:label="lab_tef_RegulatoryOperationsSpeedofNetworkInfrastructureAccessforDataTransmissioninCopperPairsorCoaxialCables" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Speed of network infrastructure access for data transmission in copper pairs or coaxial cables (Mbit per second)</link:label>
    <link:label id="lab_tef_RegulatoryOperationsSpeedofNetworkInfrastructureAccessforDataTransmissioninCopperPairsorCoaxialCables_label_en-US" xlink:label="lab_tef_RegulatoryOperationsSpeedofNetworkInfrastructureAccessforDataTransmissioninCopperPairsorCoaxialCables" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Regulatory Operations, Speed of Network Infrastructure Access for Data Transmission in Copper Pairs or Coaxial Cables</link:label>
    <link:label id="lab_tef_RegulatoryOperationsSpeedofNetworkInfrastructureAccessforDataTransmissioninCopperPairsorCoaxialCables_documentation_en-US" xlink:label="lab_tef_RegulatoryOperationsSpeedofNetworkInfrastructureAccessforDataTransmissioninCopperPairsorCoaxialCables" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Regulatory Operations, Speed of Network Infrastructure Access for Data Transmission in Copper Pairs or Coaxial Cables</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_RegulatoryOperationsSpeedofNetworkInfrastructureAccessforDataTransmissioninCopperPairsorCoaxialCables" xlink:href="tef-20241231.xsd#tef_RegulatoryOperationsSpeedofNetworkInfrastructureAccessforDataTransmissioninCopperPairsorCoaxialCables"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_RegulatoryOperationsSpeedofNetworkInfrastructureAccessforDataTransmissioninCopperPairsorCoaxialCables" xlink:to="lab_tef_RegulatoryOperationsSpeedofNetworkInfrastructureAccessforDataTransmissioninCopperPairsorCoaxialCables" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_NotLaterThanOneYearMember_23e0ca0d-ba1e-4d11-82ef-62fec6bc5e11_verboseLabel_en-US" xlink:label="lab_ifrs-full_NotLaterThanOneYearMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">2025</link:label>
    <link:label id="lab_ifrs-full_NotLaterThanOneYearMember_899cde8f-ee53-4578-bc36-820155c693fb_terseLabel_en-US" xlink:label="lab_ifrs-full_NotLaterThanOneYearMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Less than 1 year</link:label>
    <link:label id="lab_ifrs-full_NotLaterThanOneYearMember_d2b39b52-97cb-47c0-aa67-29973fbb39a8_netLabel_en-US" xlink:label="lab_ifrs-full_NotLaterThanOneYearMember" xlink:role="http://www.xbrl.org/2009/role/netLabel" xlink:type="resource" xml:lang="en-US">Less than 1 year</link:label>
    <link:label id="lab_ifrs-full_NotLaterThanOneYearMember_label_en-US" xlink:label="lab_ifrs-full_NotLaterThanOneYearMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Not later than one year [member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_NotLaterThanOneYearMember" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_NotLaterThanOneYearMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_NotLaterThanOneYearMember" xlink:to="lab_ifrs-full_NotLaterThanOneYearMember" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_HispanoamericaMember_cbb5e079-e406-4dfd-aa56-baa91660aa82_terseLabel_en-US" xlink:label="lab_tef_HispanoamericaMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Latin America</link:label>
    <link:label id="lab_tef_HispanoamericaMember_label_en-US" xlink:label="lab_tef_HispanoamericaMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Hispanoamerica [Member]</link:label>
    <link:label id="lab_tef_HispanoamericaMember_documentation_en-US" xlink:label="lab_tef_HispanoamericaMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Hispanoamerica [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_HispanoamericaMember" xlink:href="tef-20241231.xsd#tef_HispanoamericaMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_HispanoamericaMember" xlink:to="lab_tef_HispanoamericaMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_ExpenseFromEquitysettledSharebasedPaymentTransactionsInWhichGoodsOrServicesReceivedDidNotQualifyForRecognitionAsAssets_d52a6953-797c-449d-b668-584cb1ad4ccb_terseLabel_en-US" xlink:label="lab_ifrs-full_ExpenseFromEquitysettledSharebasedPaymentTransactionsInWhichGoodsOrServicesReceivedDidNotQualifyForRecognitionAsAssets" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Share-based compensation</link:label>
    <link:label id="lab_ifrs-full_ExpenseFromEquitysettledSharebasedPaymentTransactionsInWhichGoodsOrServicesReceivedDidNotQualifyForRecognitionAsAssets_label_en-US" xlink:label="lab_ifrs-full_ExpenseFromEquitysettledSharebasedPaymentTransactionsInWhichGoodsOrServicesReceivedDidNotQualifyForRecognitionAsAssets" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Expense from equity-settled share-based payment transactions</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_ExpenseFromEquitysettledSharebasedPaymentTransactionsInWhichGoodsOrServicesReceivedDidNotQualifyForRecognitionAsAssets" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_ExpenseFromEquitysettledSharebasedPaymentTransactionsInWhichGoodsOrServicesReceivedDidNotQualifyForRecognitionAsAssets"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_ExpenseFromEquitysettledSharebasedPaymentTransactionsInWhichGoodsOrServicesReceivedDidNotQualifyForRecognitionAsAssets" xlink:to="lab_ifrs-full_ExpenseFromEquitysettledSharebasedPaymentTransactionsInWhichGoodsOrServicesReceivedDidNotQualifyForRecognitionAsAssets" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_ProceedsFromIssuingShares_70fe77d0-4ae2-47cd-98f4-b53b03d8ea5d_terseLabel_en-US" xlink:label="lab_ifrs-full_ProceedsFromIssuingShares" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">(Payments)/proceeds from share capital (decrease)/increase with minority interest</link:label>
    <link:label id="lab_ifrs-full_ProceedsFromIssuingShares_label_en-US" xlink:label="lab_ifrs-full_ProceedsFromIssuingShares" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Proceeds from issuing shares</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_ProceedsFromIssuingShares" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_ProceedsFromIssuingShares"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_ProceedsFromIssuingShares" xlink:to="lab_ifrs-full_ProceedsFromIssuingShares" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_OtherLiabilitiesAssociatesAndJointVentures_af092dbb-166e-488f-9858-5a99a2911ffb_terseLabel_en-US" xlink:label="lab_tef_OtherLiabilitiesAssociatesAndJointVentures" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Short-term insurance and reinsurance contracts liabilities and other liabilities to associates and joint ventures (Note 10)</link:label>
    <link:label id="lab_tef_OtherLiabilitiesAssociatesAndJointVentures_label_en-US" xlink:label="lab_tef_OtherLiabilitiesAssociatesAndJointVentures" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Other Liabilities, Associates And Joint Ventures</link:label>
    <link:label id="lab_tef_OtherLiabilitiesAssociatesAndJointVentures_documentation_en-US" xlink:label="lab_tef_OtherLiabilitiesAssociatesAndJointVentures" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Other Liabilities, Associates And Joint Ventures</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_OtherLiabilitiesAssociatesAndJointVentures" xlink:href="tef-20241231.xsd#tef_OtherLiabilitiesAssociatesAndJointVentures"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_OtherLiabilitiesAssociatesAndJointVentures" xlink:to="lab_tef_OtherLiabilitiesAssociatesAndJointVentures" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_OtherLiabilitiesRecognisedAsOfAcquisitionDate_3fd5e454-44dc-400b-bb87-26a73798adb8_negatedTerseLabel_en-US" xlink:label="lab_tef_OtherLiabilitiesRecognisedAsOfAcquisitionDate" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xml:lang="en-US">Other liabilities</link:label>
    <link:label id="lab_tef_OtherLiabilitiesRecognisedAsOfAcquisitionDate_label_en-US" xlink:label="lab_tef_OtherLiabilitiesRecognisedAsOfAcquisitionDate" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Other Liabilities Recognised As Of Acquisition Date</link:label>
    <link:label id="lab_tef_OtherLiabilitiesRecognisedAsOfAcquisitionDate_documentation_en-US" xlink:label="lab_tef_OtherLiabilitiesRecognisedAsOfAcquisitionDate" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Other Liabilities Recognised As Of Acquisition Date</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_OtherLiabilitiesRecognisedAsOfAcquisitionDate" xlink:href="tef-20241231.xsd#tef_OtherLiabilitiesRecognisedAsOfAcquisitionDate"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_OtherLiabilitiesRecognisedAsOfAcquisitionDate" xlink:to="lab_tef_OtherLiabilitiesRecognisedAsOfAcquisitionDate" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_ShareBasedCompensationArrangementByShareBasedPaymentAwardCarbonDioxideEmissionNeutralizationValueOfSharesToBeMaintainedByDirectorsNumberOfYearsOfGrossFixedRemuneration_52dbc1ea-1acd-4a16-984d-15b5d8eb1af1_terseLabel_en-US" xlink:label="lab_tef_ShareBasedCompensationArrangementByShareBasedPaymentAwardCarbonDioxideEmissionNeutralizationValueOfSharesToBeMaintainedByDirectorsNumberOfYearsOfGrossFixedRemuneration" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Number of years of gross fixed remuneration based on which the Directors need to maintain an amount of shares</link:label>
    <link:label id="lab_tef_ShareBasedCompensationArrangementByShareBasedPaymentAwardCarbonDioxideEmissionNeutralizationValueOfSharesToBeMaintainedByDirectorsNumberOfYearsOfGrossFixedRemuneration_label_en-US" xlink:label="lab_tef_ShareBasedCompensationArrangementByShareBasedPaymentAwardCarbonDioxideEmissionNeutralizationValueOfSharesToBeMaintainedByDirectorsNumberOfYearsOfGrossFixedRemuneration" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Share-Based Compensation Arrangement By Share-Based Payment Award, Carbon Dioxide Emission Neutralization, Value Of Shares To Be Maintained By Directors, Number Of Years Of Gross Fixed Remuneration</link:label>
    <link:label id="lab_tef_ShareBasedCompensationArrangementByShareBasedPaymentAwardCarbonDioxideEmissionNeutralizationValueOfSharesToBeMaintainedByDirectorsNumberOfYearsOfGrossFixedRemuneration_documentation_en-US" xlink:label="lab_tef_ShareBasedCompensationArrangementByShareBasedPaymentAwardCarbonDioxideEmissionNeutralizationValueOfSharesToBeMaintainedByDirectorsNumberOfYearsOfGrossFixedRemuneration" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Share-Based Compensation Arrangement By Share-Based Payment Award, Carbon Dioxide Emission Neutralization, Value Of Shares To Be Maintained By Directors, Number Of Years Of Gross Fixed Remuneration</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_ShareBasedCompensationArrangementByShareBasedPaymentAwardCarbonDioxideEmissionNeutralizationValueOfSharesToBeMaintainedByDirectorsNumberOfYearsOfGrossFixedRemuneration" xlink:href="tef-20241231.xsd#tef_ShareBasedCompensationArrangementByShareBasedPaymentAwardCarbonDioxideEmissionNeutralizationValueOfSharesToBeMaintainedByDirectorsNumberOfYearsOfGrossFixedRemuneration"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_ShareBasedCompensationArrangementByShareBasedPaymentAwardCarbonDioxideEmissionNeutralizationValueOfSharesToBeMaintainedByDirectorsNumberOfYearsOfGrossFixedRemuneration" xlink:to="lab_tef_ShareBasedCompensationArrangementByShareBasedPaymentAwardCarbonDioxideEmissionNeutralizationValueOfSharesToBeMaintainedByDirectorsNumberOfYearsOfGrossFixedRemuneration" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_AliancaAtlanticaHoldingMember_768b50c9-b5cd-4528-a5f3-882cc32bfd31_terseLabel_en-US" xlink:label="lab_tef_AliancaAtlanticaHoldingMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Alian&#231;a Atl&#226;ntica Holding B.V. Holding company</link:label>
    <link:label id="lab_tef_AliancaAtlanticaHoldingMember_label_en-US" xlink:label="lab_tef_AliancaAtlanticaHoldingMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Alianca Atlantica Holding [Member]</link:label>
    <link:label id="lab_tef_AliancaAtlanticaHoldingMember_documentation_en-US" xlink:label="lab_tef_AliancaAtlanticaHoldingMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Alianca Atlantica Holding [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_AliancaAtlanticaHoldingMember" xlink:href="tef-20241231.xsd#tef_AliancaAtlanticaHoldingMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_AliancaAtlanticaHoldingMember" xlink:to="lab_tef_AliancaAtlanticaHoldingMember" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_Expiringin2028Member_4c98fa78-0c36-4ee3-8956-ea9745e25536_terseLabel_en-US" xlink:label="lab_tef_Expiringin2028Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Expiring in 2028</link:label>
    <link:label id="lab_tef_Expiringin2028Member_label_en-US" xlink:label="lab_tef_Expiringin2028Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Expiring in 2028 [Member]</link:label>
    <link:label id="lab_tef_Expiringin2028Member_documentation_en-US" xlink:label="lab_tef_Expiringin2028Member" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Expiring in 2028 [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_Expiringin2028Member" xlink:href="tef-20241231.xsd#tef_Expiringin2028Member"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_Expiringin2028Member" xlink:to="lab_tef_Expiringin2028Member" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_IncreaseDecreaseThroughTransfersIntangibleAssetsAndGoodwill_53895140-e30c-425b-b2ce-19a03dcde017_terseLabel_en-US" xlink:label="lab_ifrs-full_IncreaseDecreaseThroughTransfersIntangibleAssetsAndGoodwill" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Transfers</link:label>
    <link:label id="lab_ifrs-full_IncreaseDecreaseThroughTransfersIntangibleAssetsAndGoodwill_label_en-US" xlink:label="lab_ifrs-full_IncreaseDecreaseThroughTransfersIntangibleAssetsAndGoodwill" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Increase (decrease) through transfers, intangible assets and goodwill</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_IncreaseDecreaseThroughTransfersIntangibleAssetsAndGoodwill" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_IncreaseDecreaseThroughTransfersIntangibleAssetsAndGoodwill"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_IncreaseDecreaseThroughTransfersIntangibleAssetsAndGoodwill" xlink:to="lab_ifrs-full_IncreaseDecreaseThroughTransfersIntangibleAssetsAndGoodwill" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_AnnualVarianceOfAverageExchangeRate_218e04c2-d02b-476f-a2c4-4d82607b1b3e_terseLabel_en-US" xlink:label="lab_tef_AnnualVarianceOfAverageExchangeRate" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Variation of average exchange rate (in percentage)</link:label>
    <link:label id="lab_tef_AnnualVarianceOfAverageExchangeRate_label_en-US" xlink:label="lab_tef_AnnualVarianceOfAverageExchangeRate" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Annual Variance Of Average Exchange Rate</link:label>
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    <link:label id="lab_tef_TaxYear2011To2021Member_fea5c866-4330-43a9-8783-0df4d30362f5_terseLabel_en-US" xlink:label="lab_tef_TaxYear2011To2021Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Tax Year 2011 to 2021</link:label>
    <link:label id="lab_tef_TaxYear2011To2021Member_label_en-US" xlink:label="lab_tef_TaxYear2011To2021Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Tax Year 2011 to 2021 [Member]</link:label>
    <link:label id="lab_tef_TaxYear2011To2021Member_documentation_en-US" xlink:label="lab_tef_TaxYear2011To2021Member" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Tax Year 2011 to 2021</link:label>
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    <link:label id="lab_ifrs-full_ProportionOfOwnershipInterestInSubsidiary_edac5986-6503-4291-a71f-cfc12bf73674_terseLabel_en-US" xlink:label="lab_ifrs-full_ProportionOfOwnershipInterestInSubsidiary" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Proportion of ownership interest (as a percent)</link:label>
    <link:label id="lab_ifrs-full_ProportionOfOwnershipInterestInSubsidiary_label_en-US" xlink:label="lab_ifrs-full_ProportionOfOwnershipInterestInSubsidiary" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Proportion of ownership interest in subsidiary</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_ProportionOfOwnershipInterestInSubsidiary" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_ProportionOfOwnershipInterestInSubsidiary"/>
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    <link:label id="lab_tef_JointVentureNumberOfOperatorsWithControl_6f2a6868-7a5a-4a7a-9490-315095cfa3d1_terseLabel_en-US" xlink:label="lab_tef_JointVentureNumberOfOperatorsWithControl" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Joint venture, number of operators with control</link:label>
    <link:label id="lab_tef_JointVentureNumberOfOperatorsWithControl_label_en-US" xlink:label="lab_tef_JointVentureNumberOfOperatorsWithControl" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Joint Venture, Number Of Operators With Control</link:label>
    <link:label id="lab_tef_JointVentureNumberOfOperatorsWithControl_documentation_en-US" xlink:label="lab_tef_JointVentureNumberOfOperatorsWithControl" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Joint Venture, Number Of Operators With Control</link:label>
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    <link:label id="lab_tef_KeyManagementPersonnelCompensationFixedCompensation_documentation_en-US" xlink:label="lab_tef_KeyManagementPersonnelCompensationFixedCompensation" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Key Management Personnel Compensation, Fixed Compensation</link:label>
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    <link:label id="lab_ifrs-full_IncreaseDecreaseThroughLossOfControlOfSubsidiaryDeferredTaxLiabilityAsset_967f8d22-3d72-4f92-b95d-c7c292fccd91_terseLabel_en-US" xlink:label="lab_ifrs-full_IncreaseDecreaseThroughLossOfControlOfSubsidiaryDeferredTaxLiabilityAsset" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Reversals</link:label>
    <link:label id="lab_ifrs-full_IncreaseDecreaseThroughLossOfControlOfSubsidiaryDeferredTaxLiabilityAsset_label_en-US" xlink:label="lab_ifrs-full_IncreaseDecreaseThroughLossOfControlOfSubsidiaryDeferredTaxLiabilityAsset" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Increase (decrease) through loss of control of subsidiary, deferred tax liability (asset)</link:label>
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    <link:label id="lab_tef_AdditionOfDeferredTaxAsset_3a0d364e-3a9f-4262-a91b-e04e293535c3_terseLabel_en-US" xlink:label="lab_tef_AdditionOfDeferredTaxAsset" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Addition deferred tax asset</link:label>
    <link:label id="lab_tef_AdditionOfDeferredTaxAsset_label_en-US" xlink:label="lab_tef_AdditionOfDeferredTaxAsset" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Addition Of Deferred Tax Asset</link:label>
    <link:label id="lab_tef_AdditionOfDeferredTaxAsset_documentation_en-US" xlink:label="lab_tef_AdditionOfDeferredTaxAsset" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Addition Of Deferred Tax Asset</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_AdditionOfDeferredTaxAsset" xlink:href="tef-20241231.xsd#tef_AdditionOfDeferredTaxAsset"/>
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    <link:label id="lab_tef_OtherAssociatesMember_a863d8ef-b50b-43c7-8b57-6a345c68c4ee_terseLabel_en-US" xlink:label="lab_tef_OtherAssociatesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Others</link:label>
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    <link:label id="lab_tef_OtherAssociatesMember_documentation_en-US" xlink:label="lab_tef_OtherAssociatesMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Other Associates [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_OtherAssociatesMember" xlink:href="tef-20241231.xsd#tef_OtherAssociatesMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_OtherAssociatesMember" xlink:to="lab_tef_OtherAssociatesMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_ClassesOfShareCapitalDomain_7b345f23-571a-4964-a730-fee5b748622f_terseLabel_en-US" xlink:label="lab_ifrs-full_ClassesOfShareCapitalDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Classes of share capital [domain]</link:label>
    <link:label id="lab_ifrs-full_ClassesOfShareCapitalDomain_label_en-US" xlink:label="lab_ifrs-full_ClassesOfShareCapitalDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Classes of share capital [domain]</link:label>
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    <link:label id="lab_tef_TEBVFEB_03EMTNFIXEDTRANCHEBMember_23061bbd-e97e-44c5-abfa-b0f21204cc6d_terseLabel_en-US" xlink:label="lab_tef_TEBVFEB_03EMTNFIXEDTRANCHEBMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">TEBV FEB_03 EMTN FIXED TRANCHE B</link:label>
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    <link:label id="lab_tef_TelefonicaServiciosIntegralesdeDistribucionMember_8a093017-6274-4802-8c1b-02e563681aa7_terseLabel_en-US" xlink:label="lab_tef_TelefonicaServiciosIntegralesdeDistribucionMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Telef&#243;nica Servicios Integrales de Distribuci&#243;n S.A.U. Logistic service provider</link:label>
    <link:label id="lab_tef_TelefonicaServiciosIntegralesdeDistribucionMember_label_en-US" xlink:label="lab_tef_TelefonicaServiciosIntegralesdeDistribucionMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Telefonica Servicios Integrales de Distribucion [Member]</link:label>
    <link:label id="lab_tef_TelefonicaServiciosIntegralesdeDistribucionMember_documentation_en-US" xlink:label="lab_tef_TelefonicaServiciosIntegralesdeDistribucionMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Telefonica Servicios Integrales de Distribucion [Member]</link:label>
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    <link:label id="lab_tef_LossOnDisposalOfFixedAssetsLossesOnOperationsClassifiedAsHeldForSaleAndSaleOfAssets_232f191e-6df0-47a7-b862-23f290e4a6a0_terseLabel_en-US" xlink:label="lab_tef_LossOnDisposalOfFixedAssetsLossesOnOperationsClassifiedAsHeldForSaleAndSaleOfAssets" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Losses on disposal of fixed assets, losses on operations classified as held for sale and sale of assets</link:label>
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    <link:label id="lab_tef_RegulatoryOperationsLicenseAgreementNumberOfConcessionRenewalProcesses_3bfcecc6-fdaf-4d3c-95ac-b3aa27258399_terseLabel_en-US" xlink:label="lab_tef_RegulatoryOperationsLicenseAgreementNumberOfConcessionRenewalProcesses" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Number of concession renewal processes</link:label>
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    <link:label id="lab_tef_TelefonicaTechSLMember_c51ecb25-bc46-4c93-b745-a19f48e8d6ed_terseLabel_en-US" xlink:label="lab_tef_TelefonicaTechSLMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Telef&#243;nica Tech S.L.U. Holding company</link:label>
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    <link:label id="lab_tef_TelefonicaTechSLMember_documentation_en-US" xlink:label="lab_tef_TelefonicaTechSLMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Telefonica Tech S.L.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_TelefonicaTechSLMember" xlink:href="tef-20241231.xsd#tef_TelefonicaTechSLMember"/>
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    <link:label id="lab_tef_Expenserelatedtoleasesincludedinoperatingresultsasexternalserviceslowvalueassets_52b61fb0-2d37-437e-a805-a4446ad25a69_terseLabel_en-US" xlink:label="lab_tef_Expenserelatedtoleasesincludedinoperatingresultsasexternalserviceslowvalueassets" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Leases of low-value assets included in external services</link:label>
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    <link:label id="lab_country_ES_eb0e0abe-0cd7-458b-8615-063ddc489a64_terseLabel_en-US" xlink:label="lab_country_ES" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Spain</link:label>
    <link:label id="lab_country_ES_label_en-US" xlink:label="lab_country_ES" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">SPAIN</link:label>
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    <link:label id="lab_ifrs-full_ChangesInIntangibleAssetsOtherThanGoodwill_b03a48b6-ba5d-4ce9-baac-79957f1e2638_terseLabel_en-US" xlink:label="lab_ifrs-full_ChangesInIntangibleAssetsOtherThanGoodwill" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">First applica-tion of IAS 21</link:label>
    <link:label id="lab_ifrs-full_ChangesInIntangibleAssetsOtherThanGoodwill_label_en-US" xlink:label="lab_ifrs-full_ChangesInIntangibleAssetsOtherThanGoodwill" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Increase (decrease) in intangible assets other than goodwill</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_ChangesInIntangibleAssetsOtherThanGoodwill" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_ChangesInIntangibleAssetsOtherThanGoodwill"/>
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    <link:label id="lab_tef_NumberOfThirdPartySites_e5599050-9eea-4c16-982c-cfe50aa89871_terseLabel_en-US" xlink:label="lab_tef_NumberOfThirdPartySites" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Number of third party sites</link:label>
    <link:label id="lab_tef_NumberOfThirdPartySites_label_en-US" xlink:label="lab_tef_NumberOfThirdPartySites" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Number Of Third Party Sites</link:label>
    <link:label id="lab_tef_NumberOfThirdPartySites_documentation_en-US" xlink:label="lab_tef_NumberOfThirdPartySites" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Number Of Third Party Sites</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_NumberOfThirdPartySites" xlink:href="tef-20241231.xsd#tef_NumberOfThirdPartySites"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_NumberOfThirdPartySites" xlink:to="lab_tef_NumberOfThirdPartySites" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_IncomeTaxRelatingToFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncome_3544f5c8-451a-481e-bdfd-4a2dcdc06056_negatedTerseLabel_en-US" xlink:label="lab_ifrs-full_IncomeTaxRelatingToFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncome" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xml:lang="en-US">Income tax impact</link:label>
    <link:label id="lab_ifrs-full_IncomeTaxRelatingToFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncome_label_en-US" xlink:label="lab_ifrs-full_IncomeTaxRelatingToFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncome" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Income tax relating to financial assets measured at fair value through other comprehensive income included in other comprehensive income</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_IncomeTaxRelatingToFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncome" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_IncomeTaxRelatingToFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncome"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_IncomeTaxRelatingToFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncome" xlink:to="lab_ifrs-full_IncomeTaxRelatingToFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncome" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_RegulatoryOperationsLicenseAgreement5GProjectImplementationTermStageThree_ba7a05a9-5ef4-4525-989a-82d7f3eaf571_terseLabel_en-US" xlink:label="lab_tef_RegulatoryOperationsLicenseAgreement5GProjectImplementationTermStageThree" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">5G project, implementation term, stage three</link:label>
    <link:label id="lab_tef_RegulatoryOperationsLicenseAgreement5GProjectImplementationTermStageThree_label_en-US" xlink:label="lab_tef_RegulatoryOperationsLicenseAgreement5GProjectImplementationTermStageThree" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Regulatory Operations, License Agreement, 5G Project Implementation Term, Stage Three</link:label>
    <link:label id="lab_tef_RegulatoryOperationsLicenseAgreement5GProjectImplementationTermStageThree_documentation_en-US" xlink:label="lab_tef_RegulatoryOperationsLicenseAgreement5GProjectImplementationTermStageThree" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Regulatory Operations, License Agreement, 5G Project Implementation Term, Stage Three</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_RegulatoryOperationsLicenseAgreement5GProjectImplementationTermStageThree" xlink:href="tef-20241231.xsd#tef_RegulatoryOperationsLicenseAgreement5GProjectImplementationTermStageThree"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_RegulatoryOperationsLicenseAgreement5GProjectImplementationTermStageThree" xlink:to="lab_tef_RegulatoryOperationsLicenseAgreement5GProjectImplementationTermStageThree" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_ReasonforProvisionDomain_e52cda04-784e-4b6f-8966-4ed65dc4d0c2_terseLabel_en-US" xlink:label="lab_tef_ReasonforProvisionDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Reason for Provision [Domain]</link:label>
    <link:label id="lab_tef_ReasonforProvisionDomain_label_en-US" xlink:label="lab_tef_ReasonforProvisionDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Reason for Provision [Domain]</link:label>
    <link:label id="lab_tef_ReasonforProvisionDomain_documentation_en-US" xlink:label="lab_tef_ReasonforProvisionDomain" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">[Domain] for Reason for Provision [Axis]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_ReasonforProvisionDomain" xlink:href="tef-20241231.xsd#tef_ReasonforProvisionDomain"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_ReasonforProvisionDomain" xlink:to="lab_tef_ReasonforProvisionDomain" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_LongTermPurchaseCommitment_edb1dc24-534e-4177-adf0-861925fddaf4_terseLabel_en-US" xlink:label="lab_tef_LongTermPurchaseCommitment" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Purchase commitment amount</link:label>
    <link:label id="lab_tef_LongTermPurchaseCommitment_label_en-US" xlink:label="lab_tef_LongTermPurchaseCommitment" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Long Term Purchase Commitment</link:label>
    <link:label id="lab_tef_LongTermPurchaseCommitment_documentation_en-US" xlink:label="lab_tef_LongTermPurchaseCommitment" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Long Term Purchase Commitment</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_LongTermPurchaseCommitment" xlink:href="tef-20241231.xsd#tef_LongTermPurchaseCommitment"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_LongTermPurchaseCommitment" xlink:to="lab_tef_LongTermPurchaseCommitment" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_DiscountRateAppliedToCashFlowProjectionsMember_202dfe54-31a6-4852-9e13-92867a5b96bc_terseLabel_en-US" xlink:label="lab_tef_DiscountRateAppliedToCashFlowProjectionsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Discount rate</link:label>
    <link:label id="lab_tef_DiscountRateAppliedToCashFlowProjectionsMember_label_en-US" xlink:label="lab_tef_DiscountRateAppliedToCashFlowProjectionsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Discount Rate Applied To Cash Flow Projections [Member]</link:label>
    <link:label id="lab_tef_DiscountRateAppliedToCashFlowProjectionsMember_documentation_en-US" xlink:label="lab_tef_DiscountRateAppliedToCashFlowProjectionsMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Discount Rate Applied To Cash Flow Projections [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_DiscountRateAppliedToCashFlowProjectionsMember" xlink:href="tef-20241231.xsd#tef_DiscountRateAppliedToCashFlowProjectionsMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_DiscountRateAppliedToCashFlowProjectionsMember" xlink:to="lab_tef_DiscountRateAppliedToCashFlowProjectionsMember" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_TelxiusCableUSAInc.Member_bbc25094-444e-42cb-ba23-ac93e7a5137d_terseLabel_en-US" xlink:label="lab_tef_TelxiusCableUSAInc.Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Telxius Cable USA, Inc. High bandwidth communications services</link:label>
    <link:label id="lab_tef_TelxiusCableUSAInc.Member_label_en-US" xlink:label="lab_tef_TelxiusCableUSAInc.Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Telxius Cable USA Inc. [Member]</link:label>
    <link:label id="lab_tef_TelxiusCableUSAInc.Member_documentation_en-US" xlink:label="lab_tef_TelxiusCableUSAInc.Member" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Telxius Cable USA Inc. [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_TelxiusCableUSAInc.Member" xlink:href="tef-20241231.xsd#tef_TelxiusCableUSAInc.Member"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_TelxiusCableUSAInc.Member" xlink:to="lab_tef_TelxiusCableUSAInc.Member" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_UndatedDeeplySubordinatedSecuritiesExercisableFromIssuerin2025Issued031419Member_8844ce30-487b-4040-9102-86e9ce53acaf_terseLabel_en-US" xlink:label="lab_tef_UndatedDeeplySubordinatedSecuritiesExercisableFromIssuerin2025Issued031419Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Exercisable from issuer in 2025</link:label>
    <link:label id="lab_tef_UndatedDeeplySubordinatedSecuritiesExercisableFromIssuerin2025Issued031419Member_label_en-US" xlink:label="lab_tef_UndatedDeeplySubordinatedSecuritiesExercisableFromIssuerin2025Issued031419Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Undated Deeply Subordinated Securities, Exercisable From Issuer in 2025, Issued 03/14/19 [Member]</link:label>
    <link:label id="lab_tef_UndatedDeeplySubordinatedSecuritiesExercisableFromIssuerin2025Issued031419Member_documentation_en-US" xlink:label="lab_tef_UndatedDeeplySubordinatedSecuritiesExercisableFromIssuerin2025Issued031419Member" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Undated Deeply Subordinated Securities, Exercisable From Issuer in 2025, Issued 03/14/19 [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_UndatedDeeplySubordinatedSecuritiesExercisableFromIssuerin2025Issued031419Member" xlink:href="tef-20241231.xsd#tef_UndatedDeeplySubordinatedSecuritiesExercisableFromIssuerin2025Issued031419Member"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_UndatedDeeplySubordinatedSecuritiesExercisableFromIssuerin2025Issued031419Member" xlink:to="lab_tef_UndatedDeeplySubordinatedSecuritiesExercisableFromIssuerin2025Issued031419Member" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_PastDueStatusDomain_4fc6d880-4101-4437-8657-79ae2e25aaf2_terseLabel_en-US" xlink:label="lab_ifrs-full_PastDueStatusDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Past due status [domain]</link:label>
    <link:label id="lab_ifrs-full_PastDueStatusDomain_label_en-US" xlink:label="lab_ifrs-full_PastDueStatusDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Past due status [domain]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_PastDueStatusDomain" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_PastDueStatusDomain"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_PastDueStatusDomain" xlink:to="lab_ifrs-full_PastDueStatusDomain" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_CurrentProvisionsForEmployeeBenefits_97b66a62-0796-4df3-9a4e-5c078b30ce60_totalLabel_en-US" xlink:label="lab_ifrs-full_CurrentProvisionsForEmployeeBenefits" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Employee benefits</link:label>
    <link:label id="lab_ifrs-full_CurrentProvisionsForEmployeeBenefits_label_en-US" xlink:label="lab_ifrs-full_CurrentProvisionsForEmployeeBenefits" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Current provisions for employee benefits</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_CurrentProvisionsForEmployeeBenefits" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_CurrentProvisionsForEmployeeBenefits"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_CurrentProvisionsForEmployeeBenefits" xlink:to="lab_ifrs-full_CurrentProvisionsForEmployeeBenefits" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_NoncurrentContractLiabilities_8cfcac03-c417-4298-8e1e-ae7ffd2a1c83_terseLabel_en-US" xlink:label="lab_ifrs-full_NoncurrentContractLiabilities" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Contractual liabilities (Note 23)</link:label>
    <link:label id="lab_ifrs-full_NoncurrentContractLiabilities_label_en-US" xlink:label="lab_ifrs-full_NoncurrentContractLiabilities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Non-current contract liabilities</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_NoncurrentContractLiabilities" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_NoncurrentContractLiabilities"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_NoncurrentContractLiabilities" xlink:to="lab_ifrs-full_NoncurrentContractLiabilities" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_ParValuePerShare_6b0e3f6d-cd47-4783-af0b-18811141f9fa_terseLabel_en-US" xlink:label="lab_ifrs-full_ParValuePerShare" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Par value per share (EUR per share)</link:label>
    <link:label id="lab_ifrs-full_ParValuePerShare_label_en-US" xlink:label="lab_ifrs-full_ParValuePerShare" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Par value per share</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_ParValuePerShare" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_ParValuePerShare"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_ParValuePerShare" xlink:to="lab_ifrs-full_ParValuePerShare" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_FinancialInstrumentsFairValue_9f486ab6-7a72-4cef-863b-f76442fa786d_terseLabel_en-US" xlink:label="lab_tef_FinancialInstrumentsFairValue" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Financial instruments, at fair value</link:label>
    <link:label id="lab_tef_FinancialInstrumentsFairValue_label_en-US" xlink:label="lab_tef_FinancialInstrumentsFairValue" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Financial Instruments, Fair Value</link:label>
    <link:label id="lab_tef_FinancialInstrumentsFairValue_documentation_en-US" xlink:label="lab_tef_FinancialInstrumentsFairValue" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Financial Instruments, Fair Value</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_FinancialInstrumentsFairValue" xlink:href="tef-20241231.xsd#tef_FinancialInstrumentsFairValue"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_FinancialInstrumentsFairValue" xlink:to="lab_tef_FinancialInstrumentsFairValue" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_TelefonicaGermanyNextGmbHMember_453351b2-d47b-41b7-9b48-e6609a37afe6_terseLabel_en-US" xlink:label="lab_tef_TelefonicaGermanyNextGmbHMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Telef&#243;nica Germany Business Sales GmbH Technological and consulting services in Big Data provider</link:label>
    <link:label id="lab_tef_TelefonicaGermanyNextGmbHMember_label_en-US" xlink:label="lab_tef_TelefonicaGermanyNextGmbHMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Telefonica Germany Next GmbH [Member]</link:label>
    <link:label id="lab_tef_TelefonicaGermanyNextGmbHMember_documentation_en-US" xlink:label="lab_tef_TelefonicaGermanyNextGmbHMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Telefonica Germany Next GmbH [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_TelefonicaGermanyNextGmbHMember" xlink:href="tef-20241231.xsd#tef_TelefonicaGermanyNextGmbHMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_TelefonicaGermanyNextGmbHMember" xlink:to="lab_tef_TelefonicaGermanyNextGmbHMember" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_NumberOfFreeOfChargeAllotmentRights_57e37008-7550-4d4c-a0fa-cccc36bcb372_terseLabel_en-US" xlink:label="lab_tef_NumberOfFreeOfChargeAllotmentRights" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Number of free-of-charge allotment rights per share</link:label>
    <link:label id="lab_tef_NumberOfFreeOfChargeAllotmentRights_label_en-US" xlink:label="lab_tef_NumberOfFreeOfChargeAllotmentRights" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Number Of Free-Of-Charge Allotment Rights</link:label>
    <link:label id="lab_tef_NumberOfFreeOfChargeAllotmentRights_documentation_en-US" xlink:label="lab_tef_NumberOfFreeOfChargeAllotmentRights" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Number Of Free-Of-Charge Allotment Rights</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_NumberOfFreeOfChargeAllotmentRights" xlink:href="tef-20241231.xsd#tef_NumberOfFreeOfChargeAllotmentRights"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_NumberOfFreeOfChargeAllotmentRights" xlink:to="lab_tef_NumberOfFreeOfChargeAllotmentRights" xlink:type="arc" order="1"/>
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    <link:label id="lab_tef_PaymentsToSuppliersForGoodsAndServicesToTotalPercentage_4321a67f-abac-4c01-896c-342bafaaf3df_terseLabel_en-US" xlink:label="lab_tef_PaymentsToSuppliersForGoodsAndServicesToTotalPercentage" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Percentage of total payments</link:label>
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    <link:label id="lab_ifrs-full_OtherIntangibleAssetsMember_7e1a3549-de0d-466f-8e5a-5526ee6af8d3_terseLabel_en-US" xlink:label="lab_ifrs-full_OtherIntangibleAssetsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Other intangible assets</link:label>
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    <link:label id="lab_tef_LongTermCapitalExpendituresRatioMember_04dc3b61-8666-441a-adb9-1f1448c3c3a0_terseLabel_en-US" xlink:label="lab_tef_LongTermCapitalExpendituresRatioMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Ratio of CapEx/Revenues</link:label>
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    <link:label id="lab_tef_LongTermCapitalExpendituresRatioMember_documentation_en-US" xlink:label="lab_tef_LongTermCapitalExpendituresRatioMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Long-Term Capital Expenditures Ratio [Member]</link:label>
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    <link:label id="lab_tef_SensitivityAnalysisChangeInExchangeRateImpactOnNetIncomeAbstract_20907f22-5b25-4259-99bc-7067da724970_terseLabel_en-US" xlink:label="lab_tef_SensitivityAnalysisChangeInExchangeRateImpactOnNetIncomeAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Impact on the consolidated income statement</link:label>
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    <link:label id="lab_tef_SensitivityAnalysisChangeInExchangeRateImpactOnNetIncomeAbstract_documentation_en-US" xlink:label="lab_tef_SensitivityAnalysisChangeInExchangeRateImpactOnNetIncomeAbstract" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Sensitivity Analysis, Change In Exchange Rate, Impact On Net Income [Abstract]</link:label>
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    <link:label id="lab_tef_VivaEEducacaoDigitalSAMember_911e1298-5081-4495-8b5c-04d6fca73bf1_terseLabel_en-US" xlink:label="lab_tef_VivaEEducacaoDigitalSAMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">VivaE Educa&#231;&#227;o Digital S.A</link:label>
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    <link:label id="lab_tef_VivaEEducacaoDigitalSAMember_documentation_en-US" xlink:label="lab_tef_VivaEEducacaoDigitalSAMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">VivaE Educa&#231;&#227;o Digital S.A</link:label>
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    <link:label id="lab_tef_TelefonicaInternationalHoldingBVMember_8f275a29-0073-46a2-b226-bebd8c5d992f_terseLabel_en-US" xlink:label="lab_tef_TelefonicaInternationalHoldingBVMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Telef&#243;nica International Holding, B.V.</link:label>
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    <link:label id="lab_tef_TelefonicaInternationalHoldingBVMember_documentation_en-US" xlink:label="lab_tef_TelefonicaInternationalHoldingBVMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Telef&#243;nica International Holding, B.V.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_TelefonicaInternationalHoldingBVMember" xlink:href="tef-20241231.xsd#tef_TelefonicaInternationalHoldingBVMember"/>
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    <link:label id="lab_ifrs-full_DisclosureOfTaxReceivablesAndPayablesExplanatory_118a7284-b9f3-4539-9428-a0a09ea7f40c_terseLabel_en-US" xlink:label="lab_ifrs-full_DisclosureOfTaxReceivablesAndPayablesExplanatory" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Schedule of Tax Payables and Receivables</link:label>
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    <link:label id="lab_tef_RedemptionofEquityInstrument_86d87550-dd78-406b-80f1-cfd0be48c617_negatedLabel_en-US" xlink:label="lab_tef_RedemptionofEquityInstrument" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US">Redemption</link:label>
    <link:label id="lab_tef_RedemptionofEquityInstrument_label_en-US" xlink:label="lab_tef_RedemptionofEquityInstrument" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Redemption of Equity Instrument</link:label>
    <link:label id="lab_tef_RedemptionofEquityInstrument_documentation_en-US" xlink:label="lab_tef_RedemptionofEquityInstrument" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Redemption of Equity Instrument</link:label>
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    <link:label id="lab_ifrs-full_DecreaseThroughWriteoffFinancialAssets_8d6279b4-b840-4dcf-a7d7-534fc62cb924_terseLabel_en-US" xlink:label="lab_ifrs-full_DecreaseThroughWriteoffFinancialAssets" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Amounts applied</link:label>
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    <link:label id="lab_ifrs-full_ProfitLossFromOperatingActivities_93751d0d-c4b7-471e-a34f-3e5fde8cf112_totalLabel_en-US" xlink:label="lab_ifrs-full_ProfitLossFromOperatingActivities" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">OPERATING INCOME</link:label>
    <link:label id="lab_ifrs-full_ProfitLossFromOperatingActivities_fb0a5cc8-6649-4a46-a465-07f2209ea36e_terseLabel_en-US" xlink:label="lab_ifrs-full_ProfitLossFromOperatingActivities" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Operating income</link:label>
    <link:label id="lab_ifrs-full_ProfitLossFromOperatingActivities_label_en-US" xlink:label="lab_ifrs-full_ProfitLossFromOperatingActivities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Profit (loss) from operating activities</link:label>
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    <link:label id="lab_tef_TELEF.EMISIONESMARCH20192Member_67a68f9a-5572-4217-853c-304762f8a1da_terseLabel_en-US" xlink:label="lab_tef_TELEF.EMISIONESMARCH20192Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">TELEF. EMISIONES MARCH 2019</link:label>
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    <link:label id="lab_tef_TELEF.EMISIONESMARCH20192Member_documentation_en-US" xlink:label="lab_tef_TELEF.EMISIONESMARCH20192Member" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">TELEF. EMISIONES MARCH 2019,2 [Member]</link:label>
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    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_TELEF.EMISIONESMARCH20192Member" xlink:to="lab_tef_TELEF.EMISIONESMARCH20192Member" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_ContractAssetsAndLiabilitiesTable_aec73d9c-e165-458c-9787-7d71d743937c_terseLabel_en-US" xlink:label="lab_tef_ContractAssetsAndLiabilitiesTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Contract Assets And Liabilities [Table]</link:label>
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    <link:label id="lab_tef_ContractAssetsAndLiabilitiesTable_documentation_en-US" xlink:label="lab_tef_ContractAssetsAndLiabilitiesTable" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Contract Assets And Liabilities [Table]</link:label>
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    <link:label id="lab_ifrs-full_FinanceCosts_43e2ff1f-e8f3-4310-88be-41e6e8a73f8a_negatedLabel_en-US" xlink:label="lab_ifrs-full_FinanceCosts" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US">Financial expenses</link:label>
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    <link:label id="lab_ifrs-full_FinanceCosts_11428452-b8d0-4717-b017-43af4ac7d4cc_negatedTotalLabel_en-US" xlink:label="lab_ifrs-full_FinanceCosts" xlink:role="http://www.xbrl.org/2009/role/negatedTotalLabel" xlink:type="resource" xml:lang="en-US">Subtotal</link:label>
    <link:label id="lab_ifrs-full_FinanceCosts_label_en-US" xlink:label="lab_ifrs-full_FinanceCosts" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Finance costs</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_FinanceCosts" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_FinanceCosts"/>
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    <link:label id="lab_tef_PurchaseOfRealEstateUnitsToTotalNetworkPercentage_250541ab-2078-4f8e-91ad-2f89fb85a746_terseLabel_en-US" xlink:label="lab_tef_PurchaseOfRealEstateUnitsToTotalNetworkPercentage" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Purchase of real estate units, to total network (in percentage)</link:label>
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    <link:label id="lab_tef_PurchaseOfRealEstateUnitsToTotalNetworkPercentage_documentation_en-US" xlink:label="lab_tef_PurchaseOfRealEstateUnitsToTotalNetworkPercentage" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Purchase Of Real Estate Units, To Total Network, Percentage</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_PurchaseOfRealEstateUnitsToTotalNetworkPercentage" xlink:href="tef-20241231.xsd#tef_PurchaseOfRealEstateUnitsToTotalNetworkPercentage"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_PurchaseOfRealEstateUnitsToTotalNetworkPercentage" xlink:to="lab_tef_PurchaseOfRealEstateUnitsToTotalNetworkPercentage" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_TelefonicaMovilesElSalvadorMember_561c0e3b-cc82-4f07-b45f-f9e176469d72_terseLabel_en-US" xlink:label="lab_tef_TelefonicaMovilesElSalvadorMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Sale of Telef&#243;nica M&#243;viles El Salvador</link:label>
    <link:label id="lab_tef_TelefonicaMovilesElSalvadorMember_label_en-US" xlink:label="lab_tef_TelefonicaMovilesElSalvadorMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Telefonica Moviles El Salvador [Member]</link:label>
    <link:label id="lab_tef_TelefonicaMovilesElSalvadorMember_documentation_en-US" xlink:label="lab_tef_TelefonicaMovilesElSalvadorMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Telefonica Moviles El Salvador [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_TelefonicaMovilesElSalvadorMember" xlink:href="tef-20241231.xsd#tef_TelefonicaMovilesElSalvadorMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_TelefonicaMovilesElSalvadorMember" xlink:to="lab_tef_TelefonicaMovilesElSalvadorMember" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_HedgingInstrumentstoPayMember_b365b7e0-4909-4d94-81eb-e07e8dbd6328_terseLabel_en-US" xlink:label="lab_tef_HedgingInstrumentstoPayMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Pay</link:label>
    <link:label id="lab_tef_HedgingInstrumentstoPayMember_label_en-US" xlink:label="lab_tef_HedgingInstrumentstoPayMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Hedging Instruments to Pay [Member]</link:label>
    <link:label id="lab_tef_HedgingInstrumentstoPayMember_documentation_en-US" xlink:label="lab_tef_HedgingInstrumentstoPayMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Hedging Instruments to Pay [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_HedgingInstrumentstoPayMember" xlink:href="tef-20241231.xsd#tef_HedgingInstrumentstoPayMember"/>
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    <link:label id="lab_tef_TreasurySharesDisposal_03e56bcd-f85f-43a4-bca6-171ff1a824fa_negatedTerseLabel_en-US" xlink:label="lab_tef_TreasurySharesDisposal" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xml:lang="en-US">Sales (in shares)</link:label>
    <link:label id="lab_tef_TreasurySharesDisposal_label_en-US" xlink:label="lab_tef_TreasurySharesDisposal" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Treasury Shares, Disposal</link:label>
    <link:label id="lab_tef_TreasurySharesDisposal_documentation_en-US" xlink:label="lab_tef_TreasurySharesDisposal" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Treasury Shares, Disposal</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_TreasurySharesDisposal" xlink:href="tef-20241231.xsd#tef_TreasurySharesDisposal"/>
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    <link:label id="lab_ifrs-full_OtherCashPaymentsFromOperatingActivities_749e4b8c-f3d0-4bb0-81a4-4eca2fbb0a72_negatedTerseLabel_en-US" xlink:label="lab_ifrs-full_OtherCashPaymentsFromOperatingActivities" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xml:lang="en-US">Payments related to cancellation of commitments</link:label>
    <link:label id="lab_ifrs-full_OtherCashPaymentsFromOperatingActivities_label_en-US" xlink:label="lab_ifrs-full_OtherCashPaymentsFromOperatingActivities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Other cash payments from operating activities</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_OtherCashPaymentsFromOperatingActivities" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_OtherCashPaymentsFromOperatingActivities"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_OtherCashPaymentsFromOperatingActivities" xlink:to="lab_ifrs-full_OtherCashPaymentsFromOperatingActivities" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_AcquisitionsThroughBusinessCombinationsIntangibleAssetsOtherThanGoodwill_8daddbe8-14c4-4abc-b5a5-0a043cd4b4be_terseLabel_en-US" xlink:label="lab_ifrs-full_AcquisitionsThroughBusinessCombinationsIntangibleAssetsOtherThanGoodwill" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Business combina-tions</link:label>
    <link:label id="lab_ifrs-full_AcquisitionsThroughBusinessCombinationsIntangibleAssetsOtherThanGoodwill_label_en-US" xlink:label="lab_ifrs-full_AcquisitionsThroughBusinessCombinationsIntangibleAssetsOtherThanGoodwill" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Acquisitions through business combinations, intangible assets other than goodwill</link:label>
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    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_AcquisitionsThroughBusinessCombinationsIntangibleAssetsOtherThanGoodwill" xlink:to="lab_ifrs-full_AcquisitionsThroughBusinessCombinationsIntangibleAssetsOtherThanGoodwill" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_DisclosureOfInventoriesExplanatory_34f4ef96-fcee-49bc-9fb2-041fe4eec535_terseLabel_en-US" xlink:label="lab_ifrs-full_DisclosureOfInventoriesExplanatory" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Inventories</link:label>
    <link:label id="lab_ifrs-full_DisclosureOfInventoriesExplanatory_label_en-US" xlink:label="lab_ifrs-full_DisclosureOfInventoriesExplanatory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure of inventories [text block]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_DisclosureOfInventoriesExplanatory" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_DisclosureOfInventoriesExplanatory"/>
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    <link:label id="lab_country_DE_5dfc0be9-a0d0-4b8c-9fcf-bd625d578993_terseLabel_en-US" xlink:label="lab_country_DE" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Germany</link:label>
    <link:label id="lab_country_DE_label_en-US" xlink:label="lab_country_DE" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">GERMANY</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_country_DE" xlink:href="https://xbrl.sec.gov/country/2024/country-2024.xsd#country_DE"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_country_DE" xlink:to="lab_country_DE" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_CashFlowsFromUsedInFinancingActivities_9f5ec024-6ce9-41ea-ac9a-7dd0d8d8a730_totalLabel_en-US" xlink:label="lab_ifrs-full_CashFlowsFromUsedInFinancingActivities" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Net cash used in financing activities</link:label>
    <link:label id="lab_ifrs-full_CashFlowsFromUsedInFinancingActivities_51e42ead-a7df-45f6-8163-1838d43f58ed_verboseLabel_en-US" xlink:label="lab_ifrs-full_CashFlowsFromUsedInFinancingActivities" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Net cash flow used in financing activities</link:label>
    <link:label id="lab_ifrs-full_CashFlowsFromUsedInFinancingActivities_label_en-US" xlink:label="lab_ifrs-full_CashFlowsFromUsedInFinancingActivities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Cash flows from (used in) financing activities</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_CashFlowsFromUsedInFinancingActivities" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_CashFlowsFromUsedInFinancingActivities"/>
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    <link:label id="lab_ifrs-full_NoncurrentLeaseLiabilities_2570efdd-086a-4952-80b1-670073a54d45_terseLabel_en-US" xlink:label="lab_ifrs-full_NoncurrentLeaseLiabilities" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Non-current lease liabilities</link:label>
    <link:label id="lab_ifrs-full_NoncurrentLeaseLiabilities_label_en-US" xlink:label="lab_ifrs-full_NoncurrentLeaseLiabilities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Non-current lease liabilities</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_NoncurrentLeaseLiabilities" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_NoncurrentLeaseLiabilities"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_NoncurrentLeaseLiabilities" xlink:to="lab_ifrs-full_NoncurrentLeaseLiabilities" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_PropertyPlantAndEquipmentIncludingRightofuseAssets_e617a58a-5cf8-4442-b365-bb44ce183847_terseLabel_en-US" xlink:label="lab_ifrs-full_PropertyPlantAndEquipmentIncludingRightofuseAssets" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Fixed assets</link:label>
    <link:label id="lab_ifrs-full_PropertyPlantAndEquipmentIncludingRightofuseAssets_label_en-US" xlink:label="lab_ifrs-full_PropertyPlantAndEquipmentIncludingRightofuseAssets" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Property, plant and equipment including right-of-use assets</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_PropertyPlantAndEquipmentIncludingRightofuseAssets" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_PropertyPlantAndEquipmentIncludingRightofuseAssets"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_PropertyPlantAndEquipmentIncludingRightofuseAssets" xlink:to="lab_ifrs-full_PropertyPlantAndEquipmentIncludingRightofuseAssets" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_PeriodCoveringProjectedCashFlowsForCalculationOfImpairment_ffdce33a-cc8b-46ba-ab12-60d78750ed06_terseLabel_en-US" xlink:label="lab_tef_PeriodCoveringProjectedCashFlowsForCalculationOfImpairment" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Period covering projected cash flows for calculation of impairment</link:label>
    <link:label id="lab_tef_PeriodCoveringProjectedCashFlowsForCalculationOfImpairment_label_en-US" xlink:label="lab_tef_PeriodCoveringProjectedCashFlowsForCalculationOfImpairment" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Period covering projected cash flows for calculation of impairment</link:label>
    <link:label id="lab_tef_PeriodCoveringProjectedCashFlowsForCalculationOfImpairment_documentation_en-US" xlink:label="lab_tef_PeriodCoveringProjectedCashFlowsForCalculationOfImpairment" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Period covering projected cash flows for calculation of impairment</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_PeriodCoveringProjectedCashFlowsForCalculationOfImpairment" xlink:href="tef-20241231.xsd#tef_PeriodCoveringProjectedCashFlowsForCalculationOfImpairment"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_PeriodCoveringProjectedCashFlowsForCalculationOfImpairment" xlink:to="lab_tef_PeriodCoveringProjectedCashFlowsForCalculationOfImpairment" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_GuaranteesMember_c562093f-49d8-41d5-85b2-153f84831d6a_terseLabel_en-US" xlink:label="lab_ifrs-full_GuaranteesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Collateral guarantees on derivatives</link:label>
    <link:label id="lab_ifrs-full_GuaranteesMember_label_en-US" xlink:label="lab_ifrs-full_GuaranteesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Guarantees [member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_GuaranteesMember" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_GuaranteesMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_GuaranteesMember" xlink:to="lab_ifrs-full_GuaranteesMember" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_C02ENObjectiveMember_6a12d6f7-92d8-42ee-8bc9-52963da8d1f0_terseLabel_en-US" xlink:label="lab_tef_C02ENObjectiveMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">C02 E.N. objective</link:label>
    <link:label id="lab_tef_C02ENObjectiveMember_label_en-US" xlink:label="lab_tef_C02ENObjectiveMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">C02 E.N. Objective [Member]</link:label>
    <link:label id="lab_tef_C02ENObjectiveMember_documentation_en-US" xlink:label="lab_tef_C02ENObjectiveMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">C02 E.N. Objective</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_C02ENObjectiveMember" xlink:href="tef-20241231.xsd#tef_C02ENObjectiveMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_C02ENObjectiveMember" xlink:to="lab_tef_C02ENObjectiveMember" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_UGGGeneralPartnerGmbHMember_220ce6f6-f789-4091-80dd-4fdae2d7a511_terseLabel_en-US" xlink:label="lab_tef_UGGGeneralPartnerGmbHMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">UGG General Partner GmbH</link:label>
    <link:label id="lab_tef_UGGGeneralPartnerGmbHMember_label_en-US" xlink:label="lab_tef_UGGGeneralPartnerGmbHMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">UGG General Partner GmbH [Member]</link:label>
    <link:label id="lab_tef_UGGGeneralPartnerGmbHMember_documentation_en-US" xlink:label="lab_tef_UGGGeneralPartnerGmbHMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">UGG General Partner GmbH</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_UGGGeneralPartnerGmbHMember" xlink:href="tef-20241231.xsd#tef_UGGGeneralPartnerGmbHMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_UGGGeneralPartnerGmbHMember" xlink:to="lab_tef_UGGGeneralPartnerGmbHMember" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_WholesaleAccessServicesAgreementAdditionalConsecutiveTerm_bdc64474-75dd-4895-9dfd-cbba02c82240_terseLabel_en-US" xlink:label="lab_tef_WholesaleAccessServicesAgreementAdditionalConsecutiveTerm" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Wholesale Access Services Agreement, Additional Consecutive Term</link:label>
    <link:label id="lab_tef_WholesaleAccessServicesAgreementAdditionalConsecutiveTerm_label_en-US" xlink:label="lab_tef_WholesaleAccessServicesAgreementAdditionalConsecutiveTerm" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Wholesale Access Services Agreement, Additional Consecutive Term</link:label>
    <link:label id="lab_tef_WholesaleAccessServicesAgreementAdditionalConsecutiveTerm_documentation_en-US" xlink:label="lab_tef_WholesaleAccessServicesAgreementAdditionalConsecutiveTerm" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Wholesale Access Services Agreement, Additional Consecutive Term</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_WholesaleAccessServicesAgreementAdditionalConsecutiveTerm" xlink:href="tef-20241231.xsd#tef_WholesaleAccessServicesAgreementAdditionalConsecutiveTerm"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_WholesaleAccessServicesAgreementAdditionalConsecutiveTerm" xlink:to="lab_tef_WholesaleAccessServicesAgreementAdditionalConsecutiveTerm" xlink:type="arc" order="1"/>
    <link:label id="lab_srt_CumulativeEffectPeriodOfAdoptionDomain_42c77bcc-9004-4dfa-b89a-3369646483db_terseLabel_en-US" xlink:label="lab_srt_CumulativeEffectPeriodOfAdoptionDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Cumulative Effect, Period of Adoption [Domain]</link:label>
    <link:label id="lab_srt_CumulativeEffectPeriodOfAdoptionDomain_label_en-US" xlink:label="lab_srt_CumulativeEffectPeriodOfAdoptionDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Cumulative Effect, Period of Adoption [Domain]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_srt_CumulativeEffectPeriodOfAdoptionDomain" xlink:href="https://xbrl.fasb.org/srt/2024/elts/srt-2024.xsd#srt_CumulativeEffectPeriodOfAdoptionDomain"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_srt_CumulativeEffectPeriodOfAdoptionDomain" xlink:to="lab_srt_CumulativeEffectPeriodOfAdoptionDomain" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_IncreaseDecreaseDueToChangesInAccountingPolicyRequiredByIFRSsCumulativeEffectAtDateOfInitialApplicationMember_ade6cc46-7923-46f5-ba7b-61801afbbef4_terseLabel_en-US" xlink:label="lab_ifrs-full_IncreaseDecreaseDueToChangesInAccountingPolicyRequiredByIFRSsCumulativeEffectAtDateOfInitialApplicationMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Increase (decrease) due to changes in accounting policy required by IFRSs, cumulative effect at date of initial application</link:label>
    <link:label id="lab_ifrs-full_IncreaseDecreaseDueToChangesInAccountingPolicyRequiredByIFRSsCumulativeEffectAtDateOfInitialApplicationMember_label_en-US" xlink:label="lab_ifrs-full_IncreaseDecreaseDueToChangesInAccountingPolicyRequiredByIFRSsCumulativeEffectAtDateOfInitialApplicationMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Increase (decrease) due to changes in accounting policy required by IFRSs, cumulative effect at date of initial application [member]</link:label>
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    <link:label id="lab_ifrs-full_DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory_22ad12f5-5086-4c7b-95f4-40a3794b3360_terseLabel_en-US" xlink:label="lab_ifrs-full_DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Rights of Use</link:label>
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    <link:label id="lab_tef_ForeignDefinedBenefitPlanMember_3300a04e-1d57-4493-8341-03520c59047b_terseLabel_en-US" xlink:label="lab_tef_ForeignDefinedBenefitPlanMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Foreign defined benefit plans</link:label>
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    <link:label id="lab_tef_ForeignDefinedBenefitPlanMember_documentation_en-US" xlink:label="lab_tef_ForeignDefinedBenefitPlanMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Foreign Defined Benefit Plan [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_ForeignDefinedBenefitPlanMember" xlink:href="tef-20241231.xsd#tef_ForeignDefinedBenefitPlanMember"/>
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    <link:label id="lab_tef_TelefonicaBrasilSAMember_da3ce683-d657-45e7-8e74-7d10f3a5d4d4_terseLabel_en-US" xlink:label="lab_tef_TelefonicaBrasilSAMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Telef&#244;nica Brasil, S.A.</link:label>
    <link:label id="lab_tef_TelefonicaBrasilSAMember_label_en-US" xlink:label="lab_tef_TelefonicaBrasilSAMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Telef&#244;nica Brasil, S.A. [Member]</link:label>
    <link:label id="lab_tef_TelefonicaBrasilSAMember_documentation_en-US" xlink:label="lab_tef_TelefonicaBrasilSAMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Telef&#244;nica Brasil, S.A.</link:label>
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    <link:label id="lab_ifrs-full_ActuarialAssumptionOfDiscountRatesMember_01eb1d73-a20f-47a5-8903-cb438abdc994_terseLabel_en-US" xlink:label="lab_ifrs-full_ActuarialAssumptionOfDiscountRatesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Discount rate</link:label>
    <link:label id="lab_ifrs-full_ActuarialAssumptionOfDiscountRatesMember_label_en-US" xlink:label="lab_ifrs-full_ActuarialAssumptionOfDiscountRatesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Actuarial assumption of discount rates [member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_ActuarialAssumptionOfDiscountRatesMember" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_ActuarialAssumptionOfDiscountRatesMember"/>
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    <link:label id="lab_ifrs-full_TemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsAxis_11df96c1-e027-48cc-9a60-8dc2e5c871dc_terseLabel_en-US" xlink:label="lab_ifrs-full_TemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Temporary difference, unused tax losses and unused tax credits [axis]</link:label>
    <link:label id="lab_ifrs-full_TemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsAxis_label_en-US" xlink:label="lab_ifrs-full_TemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Temporary difference, unused tax losses and unused tax credits [axis]</link:label>
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    <link:label id="lab_ifrs-full_AdditionalProvisionsOtherProvisions_label_en-US" xlink:label="lab_ifrs-full_AdditionalProvisionsOtherProvisions" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Additional provisions, other provisions</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_AdditionalProvisionsOtherProvisions" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_AdditionalProvisionsOtherProvisions"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_AdditionalProvisionsOtherProvisions" xlink:to="lab_ifrs-full_AdditionalProvisionsOtherProvisions" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_BusinessCombinationsDomain_145ff5de-2725-4419-8bbc-3254d7c9bf08_terseLabel_en-US" xlink:label="lab_ifrs-full_BusinessCombinationsDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Business combinations</link:label>
    <link:label id="lab_ifrs-full_BusinessCombinationsDomain_label_en-US" xlink:label="lab_ifrs-full_BusinessCombinationsDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Business combinations [domain]</link:label>
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    <link:label id="lab_tef_ProsegurSolucionesSAUMember_257a45c8-f3ca-4c90-be72-3e71339a9c99_terseLabel_en-US" xlink:label="lab_tef_ProsegurSolucionesSAUMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Prosegur Soluciones S.A.U.</link:label>
    <link:label id="lab_tef_ProsegurSolucionesSAUMember_label_en-US" xlink:label="lab_tef_ProsegurSolucionesSAUMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Prosegur Soluciones S.A.U. [Member]</link:label>
    <link:label id="lab_tef_ProsegurSolucionesSAUMember_documentation_en-US" xlink:label="lab_tef_ProsegurSolucionesSAUMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Prosegur Soluciones S.A.U.</link:label>
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    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_ProsegurSolucionesSAUMember" xlink:to="lab_tef_ProsegurSolucionesSAUMember" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_BondT.Peru6thProgram16thSeriesAMember_14288bfc-2b8b-419b-82ef-44f099ebe037_terseLabel_en-US" xlink:label="lab_tef_BondT.Peru6thProgram16thSeriesAMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Bond T. Peru 6th Program (16th Serie A)</link:label>
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    <link:label id="lab_tef_BondT.Peru6thProgram16thSeriesAMember_documentation_en-US" xlink:label="lab_tef_BondT.Peru6thProgram16thSeriesAMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Bond T. Peru 6th Program (16th Series A) [Member]</link:label>
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    <link:label id="lab_ifrs-full_LaterThanOneYearAndNotLaterThanThreeYearsMember_05c8184a-fd06-428d-92a4-6601c1dd9ee6_terseLabel_en-US" xlink:label="lab_ifrs-full_LaterThanOneYearAndNotLaterThanThreeYearsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">1 to 3 years</link:label>
    <link:label id="lab_ifrs-full_LaterThanOneYearAndNotLaterThanThreeYearsMember_label_en-US" xlink:label="lab_ifrs-full_LaterThanOneYearAndNotLaterThanThreeYearsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Later than one year and not later than three years [member]</link:label>
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    <link:label id="lab_tef_MM02Ltd.Member_3804978e-e9f8-402d-8827-9cd7212f2d42_terseLabel_en-US" xlink:label="lab_tef_MM02Ltd.Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">MmO2 Ltd. Holding company</link:label>
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    <link:label id="lab_tef_MM02Ltd.Member_documentation_en-US" xlink:label="lab_tef_MM02Ltd.Member" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">MM02 Ltd.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_MM02Ltd.Member" xlink:href="tef-20241231.xsd#tef_MM02Ltd.Member"/>
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    <link:label id="lab_tef_NumberOfExclusiveRightsSpanishFirstDivisionFootballLeague_f770962d-9697-4f82-9130-a541505b0595_terseLabel_en-US" xlink:label="lab_tef_NumberOfExclusiveRightsSpanishFirstDivisionFootballLeague" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Number of exclusive football match rights</link:label>
    <link:label id="lab_tef_NumberOfExclusiveRightsSpanishFirstDivisionFootballLeague_label_en-US" xlink:label="lab_tef_NumberOfExclusiveRightsSpanishFirstDivisionFootballLeague" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Number Of Exclusive Rights, Spanish First Division Football League</link:label>
    <link:label id="lab_tef_NumberOfExclusiveRightsSpanishFirstDivisionFootballLeague_documentation_en-US" xlink:label="lab_tef_NumberOfExclusiveRightsSpanishFirstDivisionFootballLeague" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Number Of Exclusive Rights, Spanish First Division Football League</link:label>
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    <link:label id="lab_tef_StrikePriceofDerivativeInstrument_294fd2de-b56f-453c-8c97-cb71ee23efaf_terseLabel_en-US" xlink:label="lab_tef_StrikePriceofDerivativeInstrument" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Strike price of derivative instrument</link:label>
    <link:label id="lab_tef_StrikePriceofDerivativeInstrument_label_en-US" xlink:label="lab_tef_StrikePriceofDerivativeInstrument" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Strike Price of Derivative Instrument</link:label>
    <link:label id="lab_tef_StrikePriceofDerivativeInstrument_documentation_en-US" xlink:label="lab_tef_StrikePriceofDerivativeInstrument" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Strike Price of Derivative Instrument</link:label>
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    <link:label id="lab_ifrs-full_IncreaseDecreaseInNumberOfSharesOutstanding_0dfa7ef7-a3bc-47fa-8f2f-f12ca5a56796_negatedLabel_en-US" xlink:label="lab_ifrs-full_IncreaseDecreaseInNumberOfSharesOutstanding" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US">Increase (decrease) in number of shares outstanding</link:label>
    <link:label id="lab_ifrs-full_IncreaseDecreaseInNumberOfSharesOutstanding_e667f605-78a0-43bb-9bbc-f8b27d398dc0_terseLabel_en-US" xlink:label="lab_ifrs-full_IncreaseDecreaseInNumberOfSharesOutstanding" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Increase (decrease) in number of shares outstanding (shares)</link:label>
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    <link:label id="lab_ifrs-full_ShareOfTotalComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethod_5476577e-7328-4e0d-b29b-5661201333d7_terseLabel_en-US" xlink:label="lab_ifrs-full_ShareOfTotalComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethod" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Share of (loss) income of investments accounted for by the equity method</link:label>
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    <link:label id="lab_tef_ExpiringIn2040Option5Member_32d486a4-efa0-4c77-8592-5a291c550ef6_terseLabel_en-US" xlink:label="lab_tef_ExpiringIn2040Option5Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Expiring in 2040, Option 5</link:label>
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    <link:label id="lab_dei_EntityEmergingGrowthCompany_4c4150ba-dd00-47b3-8c67-36df4a5baf40_terseLabel_en-US" xlink:label="lab_dei_EntityEmergingGrowthCompany" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Entity Emerging Growth Company</link:label>
    <link:label id="lab_dei_EntityEmergingGrowthCompany_label_en-US" xlink:label="lab_dei_EntityEmergingGrowthCompany" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Entity Emerging Growth Company</link:label>
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    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityEmergingGrowthCompany" xlink:to="lab_dei_EntityEmergingGrowthCompany" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_DisclosureOfImpairmentOfAssetsExplanatory_fbf5c23c-002c-4311-8254-d08347ad63dc_terseLabel_en-US" xlink:label="lab_ifrs-full_DisclosureOfImpairmentOfAssetsExplanatory" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Schedule of Impairment of Trade Receivables</link:label>
    <link:label id="lab_ifrs-full_DisclosureOfImpairmentOfAssetsExplanatory_label_en-US" xlink:label="lab_ifrs-full_DisclosureOfImpairmentOfAssetsExplanatory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure of impairment of assets [text block]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_DisclosureOfImpairmentOfAssetsExplanatory" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_DisclosureOfImpairmentOfAssetsExplanatory"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DisclosureOfImpairmentOfAssetsExplanatory" xlink:to="lab_ifrs-full_DisclosureOfImpairmentOfAssetsExplanatory" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesTable_cc2f81c3-38d9-4d9d-b6b0-71a406aa0647_terseLabel_en-US" xlink:label="lab_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Disclosure of transactions between related parties [table]</link:label>
    <link:label id="lab_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesTable_label_en-US" xlink:label="lab_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure of transactions between related parties [table]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesTable" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesTable"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesTable" xlink:to="lab_ifrs-full_DisclosureOfTransactionsBetweenRelatedPartiesTable" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_TelefonicaBrasilAndTelxiusGroupMember_e1ccec9f-786e-4fbd-b40c-16b1c4bfbb82_terseLabel_en-US" xlink:label="lab_tef_TelefonicaBrasilAndTelxiusGroupMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Telefonica Brasil and Telxius Group</link:label>
    <link:label id="lab_tef_TelefonicaBrasilAndTelxiusGroupMember_label_en-US" xlink:label="lab_tef_TelefonicaBrasilAndTelxiusGroupMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Telefonica Brasil and Telxius Group [Member]</link:label>
    <link:label id="lab_tef_TelefonicaBrasilAndTelxiusGroupMember_documentation_en-US" xlink:label="lab_tef_TelefonicaBrasilAndTelxiusGroupMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Telefonica Brasil and Telxius Group</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_TelefonicaBrasilAndTelxiusGroupMember" xlink:href="tef-20241231.xsd#tef_TelefonicaBrasilAndTelxiusGroupMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_TelefonicaBrasilAndTelxiusGroupMember" xlink:to="lab_tef_TelefonicaBrasilAndTelxiusGroupMember" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_EquityInstrumentsRollForward_688fee10-9d75-44c4-b838-0a3dca459e42_terseLabel_en-US" xlink:label="lab_tef_EquityInstrumentsRollForward" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Equity Instruments [Roll Forward]</link:label>
    <link:label id="lab_tef_EquityInstrumentsRollForward_label_en-US" xlink:label="lab_tef_EquityInstrumentsRollForward" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Equity Instruments [Roll Forward]</link:label>
    <link:label id="lab_tef_EquityInstrumentsRollForward_documentation_en-US" xlink:label="lab_tef_EquityInstrumentsRollForward" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Equity Instruments [Roll Forward]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_EquityInstrumentsRollForward" xlink:href="tef-20241231.xsd#tef_EquityInstrumentsRollForward"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_EquityInstrumentsRollForward" xlink:to="lab_tef_EquityInstrumentsRollForward" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_AlejandroReynalAmpleMember_8f9058ad-3a9a-4d5a-89e4-c0af24b768c4_terseLabel_en-US" xlink:label="lab_tef_AlejandroReynalAmpleMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Alejandro Reynal Ample</link:label>
    <link:label id="lab_tef_AlejandroReynalAmpleMember_label_en-US" xlink:label="lab_tef_AlejandroReynalAmpleMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Alejandro Reynal Ample [Member]</link:label>
    <link:label id="lab_tef_AlejandroReynalAmpleMember_documentation_en-US" xlink:label="lab_tef_AlejandroReynalAmpleMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Alejandro Reynal Ample</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_AlejandroReynalAmpleMember" xlink:href="tef-20241231.xsd#tef_AlejandroReynalAmpleMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_AlejandroReynalAmpleMember" xlink:to="lab_tef_AlejandroReynalAmpleMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_EquityAndLiabilitiesAbstract_d9d1da76-e49e-4975-99ae-0fb79b5ad661_terseLabel_en-US" xlink:label="lab_ifrs-full_EquityAndLiabilitiesAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">EQUITY AND LIABILITIES</link:label>
    <link:label id="lab_ifrs-full_EquityAndLiabilitiesAbstract_label_en-US" xlink:label="lab_ifrs-full_EquityAndLiabilitiesAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Equity and liabilities [abstract]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_EquityAndLiabilitiesAbstract" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_EquityAndLiabilitiesAbstract"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_EquityAndLiabilitiesAbstract" xlink:to="lab_ifrs-full_EquityAndLiabilitiesAbstract" xlink:type="arc" order="1"/>
    <link:label id="lab_dei_BusinessContactMember_f2c3f00d-3d2c-4ff1-ae95-5140da6bd8a4_terseLabel_en-US" xlink:label="lab_dei_BusinessContactMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Business contact</link:label>
    <link:label id="lab_dei_BusinessContactMember_label_en-US" xlink:label="lab_dei_BusinessContactMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Business Contact [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_dei_BusinessContactMember" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_BusinessContactMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_BusinessContactMember" xlink:to="lab_dei_BusinessContactMember" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_BilateralLoanDueAugust222026Member_f8fcfe71-d656-48c7-bb13-74ffbcf21a95_terseLabel_en-US" xlink:label="lab_tef_BilateralLoanDueAugust222026Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Bilateral Loan Due August 22, 2026</link:label>
    <link:label id="lab_tef_BilateralLoanDueAugust222026Member_label_en-US" xlink:label="lab_tef_BilateralLoanDueAugust222026Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Bilateral Loan Due August 22, 2026 [Member]</link:label>
    <link:label id="lab_tef_BilateralLoanDueAugust222026Member_documentation_en-US" xlink:label="lab_tef_BilateralLoanDueAugust222026Member" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Bilateral Loan Due August 22, 2026</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_BilateralLoanDueAugust222026Member" xlink:href="tef-20241231.xsd#tef_BilateralLoanDueAugust222026Member"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_BilateralLoanDueAugust222026Member" xlink:to="lab_tef_BilateralLoanDueAugust222026Member" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_Promissorynotesissuableallowedincrease_d3ee6c4a-b735-4ea7-b000-edc39b41eb33_terseLabel_en-US" xlink:label="lab_tef_Promissorynotesissuableallowedincrease" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Promissory notes issuable, allowed increase</link:label>
    <link:label id="lab_tef_Promissorynotesissuableallowedincrease_label_en-US" xlink:label="lab_tef_Promissorynotesissuableallowedincrease" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Promissory notes issuable, allowed increase</link:label>
    <link:label id="lab_tef_Promissorynotesissuableallowedincrease_documentation_en-US" xlink:label="lab_tef_Promissorynotesissuableallowedincrease" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Promissory notes issuable, allowed increase</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_Promissorynotesissuableallowedincrease" xlink:href="tef-20241231.xsd#tef_Promissorynotesissuableallowedincrease"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_Promissorynotesissuableallowedincrease" xlink:to="lab_tef_Promissorynotesissuableallowedincrease" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_PoundsSterlingDenominatedBorrowingsMember_c4e6a3f6-1ab9-424e-bdbd-0a1c9cafbe68_terseLabel_en-US" xlink:label="lab_tef_PoundsSterlingDenominatedBorrowingsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Pounds Sterling denominated borrowings</link:label>
    <link:label id="lab_tef_PoundsSterlingDenominatedBorrowingsMember_label_en-US" xlink:label="lab_tef_PoundsSterlingDenominatedBorrowingsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Pounds Sterling Denominated Borrowings [Member]</link:label>
    <link:label id="lab_tef_PoundsSterlingDenominatedBorrowingsMember_documentation_en-US" xlink:label="lab_tef_PoundsSterlingDenominatedBorrowingsMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Pounds Sterling Denominated Borrowings</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_PoundsSterlingDenominatedBorrowingsMember" xlink:href="tef-20241231.xsd#tef_PoundsSterlingDenominatedBorrowingsMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_PoundsSterlingDenominatedBorrowingsMember" xlink:to="lab_tef_PoundsSterlingDenominatedBorrowingsMember" xlink:type="arc" order="1"/>
    <link:label id="lab_currency_COP_8a892379-dde7-484b-8fb5-419c0c960d3f_terseLabel_en-US" xlink:label="lab_currency_COP" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Colombian peso</link:label>
    <link:label id="lab_currency_COP_c070c431-aafc-4a72-ba9c-d176636297f6_verboseLabel_en-US" xlink:label="lab_currency_COP" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">COP</link:label>
    <link:label id="lab_currency_COP_label_en-US" xlink:label="lab_currency_COP" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Colombia, Pesos</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_currency_COP" xlink:href="https://xbrl.sec.gov/currency/2024/currency-2024.xsd#currency_COP"/>
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    <link:label id="lab_tef_Expiringin2022Member_8637d886-10ad-4e72-bdf4-eca0e03ce22d_terseLabel_en-US" xlink:label="lab_tef_Expiringin2022Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Expiring in 2022</link:label>
    <link:label id="lab_tef_Expiringin2022Member_label_en-US" xlink:label="lab_tef_Expiringin2022Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Expiring in 2022 [Member]</link:label>
    <link:label id="lab_tef_Expiringin2022Member_documentation_en-US" xlink:label="lab_tef_Expiringin2022Member" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Expiring in 2022 [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_Expiringin2022Member" xlink:href="tef-20241231.xsd#tef_Expiringin2022Member"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_Expiringin2022Member" xlink:to="lab_tef_Expiringin2022Member" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_DisclosureOfMaturityAnalysisOfOperatingLeasePaymentsLineItems_d1384504-e100-4df1-b864-3d40e2e62c98_terseLabel_en-US" xlink:label="lab_ifrs-full_DisclosureOfMaturityAnalysisOfOperatingLeasePaymentsLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Disclosure of maturity analysis of operating lease payments [line items]</link:label>
    <link:label id="lab_ifrs-full_DisclosureOfMaturityAnalysisOfOperatingLeasePaymentsLineItems_label_en-US" xlink:label="lab_ifrs-full_DisclosureOfMaturityAnalysisOfOperatingLeasePaymentsLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure of maturity analysis of operating lease payments [line items]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_DisclosureOfMaturityAnalysisOfOperatingLeasePaymentsLineItems" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_DisclosureOfMaturityAnalysisOfOperatingLeasePaymentsLineItems"/>
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    <link:label id="lab_ifrs-full_LiabilitiesIncurred_2fe22bff-b217-4b1b-aa72-72dcb2e65778_terseLabel_en-US" xlink:label="lab_ifrs-full_LiabilitiesIncurred" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Liabilities incurred</link:label>
    <link:label id="lab_ifrs-full_LiabilitiesIncurred_label_en-US" xlink:label="lab_ifrs-full_LiabilitiesIncurred" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Liabilities incurred</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_LiabilitiesIncurred" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_LiabilitiesIncurred"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_LiabilitiesIncurred" xlink:to="lab_ifrs-full_LiabilitiesIncurred" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_DisclosureOfServiceConcessionArrangementsAbstract_28491805-bbfa-4f8f-bad6-931508bf67cb_terseLabel_en-US" xlink:label="lab_ifrs-full_DisclosureOfServiceConcessionArrangementsAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Disclosure of detailed information about service concession arrangements [abstract]</link:label>
    <link:label id="lab_ifrs-full_DisclosureOfServiceConcessionArrangementsAbstract_label_en-US" xlink:label="lab_ifrs-full_DisclosureOfServiceConcessionArrangementsAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure of detailed information about service concession arrangements [abstract]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_DisclosureOfServiceConcessionArrangementsAbstract" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_DisclosureOfServiceConcessionArrangementsAbstract"/>
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    <link:label id="lab_tef_WomenManagersMember_14279aa9-026b-4ceb-add1-541e8f548914_terseLabel_en-US" xlink:label="lab_tef_WomenManagersMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Women managers</link:label>
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    <link:label id="lab_tef_WomenManagersMember_documentation_en-US" xlink:label="lab_tef_WomenManagersMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Women Managers</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_WomenManagersMember" xlink:href="tef-20241231.xsd#tef_WomenManagersMember"/>
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    <link:label id="lab_tef_TelefonicaDeutschlandHoldingAGMember_65a26c9c-343e-4854-a882-06f188a93cd0_terseLabel_en-US" xlink:label="lab_tef_TelefonicaDeutschlandHoldingAGMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Telef&#243;nica Deutschland Holding A.G.</link:label>
    <link:label id="lab_tef_TelefonicaDeutschlandHoldingAGMember_label_en-US" xlink:label="lab_tef_TelefonicaDeutschlandHoldingAGMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Telef&#243;nica Deutschland Holding A.G. [Member]</link:label>
    <link:label id="lab_tef_TelefonicaDeutschlandHoldingAGMember_documentation_en-US" xlink:label="lab_tef_TelefonicaDeutschlandHoldingAGMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Telef&#243;nica Deutschland Holding A.G.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_TelefonicaDeutschlandHoldingAGMember" xlink:href="tef-20241231.xsd#tef_TelefonicaDeutschlandHoldingAGMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_TelefonicaDeutschlandHoldingAGMember" xlink:to="lab_tef_TelefonicaDeutschlandHoldingAGMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_CurrentDeferredIncomeOtherThanCurrentContractLiabilities_f4526d4e-64d1-4c4d-b674-9aa72e4d4add_terseLabel_en-US" xlink:label="lab_ifrs-full_CurrentDeferredIncomeOtherThanCurrentContractLiabilities" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Deferred revenue</link:label>
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    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_CurrentDeferredIncomeOtherThanCurrentContractLiabilities" xlink:to="lab_ifrs-full_CurrentDeferredIncomeOtherThanCurrentContractLiabilities" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_DerivativeFinancialAssetsHeldForHedging_2c503c74-355f-4be1-aa31-acd1f4fba5a8_verboseLabel_en-US" xlink:label="lab_ifrs-full_DerivativeFinancialAssetsHeldForHedging" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Associated derivatives, at fair value</link:label>
    <link:label id="lab_ifrs-full_DerivativeFinancialAssetsHeldForHedging_bc972b1b-ce8f-4ff7-ba6f-ee77f8b0a368_terseLabel_en-US" xlink:label="lab_ifrs-full_DerivativeFinancialAssetsHeldForHedging" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Derivative financial assets held for hedging</link:label>
    <link:label id="lab_ifrs-full_DerivativeFinancialAssetsHeldForHedging_label_en-US" xlink:label="lab_ifrs-full_DerivativeFinancialAssetsHeldForHedging" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Derivative financial assets held for hedging</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_DerivativeFinancialAssetsHeldForHedging" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_DerivativeFinancialAssetsHeldForHedging"/>
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    <link:label id="lab_tef_SustainabilityLinkedBilateralFacilitiesMember_faf66414-1e03-42a4-beeb-717cd4f3a663_terseLabel_en-US" xlink:label="lab_tef_SustainabilityLinkedBilateralFacilitiesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Sustainability linked bilateral facilities</link:label>
    <link:label id="lab_tef_SustainabilityLinkedBilateralFacilitiesMember_label_en-US" xlink:label="lab_tef_SustainabilityLinkedBilateralFacilitiesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Sustainability Linked Bilateral Facilities [Member]</link:label>
    <link:label id="lab_tef_SustainabilityLinkedBilateralFacilitiesMember_documentation_en-US" xlink:label="lab_tef_SustainabilityLinkedBilateralFacilitiesMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Sustainability Linked Bilateral Facilities</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_SustainabilityLinkedBilateralFacilitiesMember" xlink:href="tef-20241231.xsd#tef_SustainabilityLinkedBilateralFacilitiesMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_SustainabilityLinkedBilateralFacilitiesMember" xlink:to="lab_tef_SustainabilityLinkedBilateralFacilitiesMember" xlink:type="arc" order="1"/>
    <link:label id="lab_dei_EntityIncorporationStateCountryCode_dfd94921-5bfb-4873-999f-1a92ab1e84a4_terseLabel_en-US" xlink:label="lab_dei_EntityIncorporationStateCountryCode" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Entity Incorporation, State or Country Code</link:label>
    <link:label id="lab_dei_EntityIncorporationStateCountryCode_label_en-US" xlink:label="lab_dei_EntityIncorporationStateCountryCode" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Entity Incorporation, State or Country Code</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_dei_EntityIncorporationStateCountryCode" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_EntityIncorporationStateCountryCode"/>
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    <link:label id="lab_tef_WYTelecomMember_bf5ce00d-5370-4b30-ba07-0d8789b54ceb_terseLabel_en-US" xlink:label="lab_tef_WYTelecomMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">WY Telecom, S.A. de C.V. Talent identification and development in ICT</link:label>
    <link:label id="lab_tef_WYTelecomMember_label_en-US" xlink:label="lab_tef_WYTelecomMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">WY Telecom [Member]</link:label>
    <link:label id="lab_tef_WYTelecomMember_documentation_en-US" xlink:label="lab_tef_WYTelecomMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">WY Telecom [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_WYTelecomMember" xlink:href="tef-20241231.xsd#tef_WYTelecomMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_WYTelecomMember" xlink:to="lab_tef_WYTelecomMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_OtherCurrentPayables_c44a86bc-ba40-4419-acca-bec0d9327ce9_terseLabel_en-US" xlink:label="lab_ifrs-full_OtherCurrentPayables" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Other payables</link:label>
    <link:label id="lab_ifrs-full_OtherCurrentPayables_f59efbcc-7047-4a51-92d5-ac726cdcc63a_totalLabel_en-US" xlink:label="lab_ifrs-full_OtherCurrentPayables" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Total</link:label>
    <link:label id="lab_ifrs-full_OtherCurrentPayables_label_en-US" xlink:label="lab_ifrs-full_OtherCurrentPayables" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Other current payables</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_OtherCurrentPayables" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_OtherCurrentPayables"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_OtherCurrentPayables" xlink:to="lab_ifrs-full_OtherCurrentPayables" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_LongtermContractsMember_9023a328-6a82-40b1-a1e4-bc645fa95162_terseLabel_en-US" xlink:label="lab_ifrs-full_LongtermContractsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Long-term contracts</link:label>
    <link:label id="lab_ifrs-full_LongtermContractsMember_label_en-US" xlink:label="lab_ifrs-full_LongtermContractsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Long-term contracts [member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_LongtermContractsMember" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_LongtermContractsMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_LongtermContractsMember" xlink:to="lab_ifrs-full_LongtermContractsMember" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_DisclosureOfCashFlowItemsInvestingActivitiesInvestmentsAndPropertyPlantAndEquipmentAndIntangibleAssetsTableTextBlock_e6fd12a7-4955-4fef-9467-5a6438690c0e_terseLabel_en-US" xlink:label="lab_tef_DisclosureOfCashFlowItemsInvestingActivitiesInvestmentsAndPropertyPlantAndEquipmentAndIntangibleAssetsTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Schedule of Investing Activities: Investments, Property, Plant and Equipment, and Intangible Assets</link:label>
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    <link:loc xlink:type="locator" xlink:label="loc_tef_DisclosureOfCashFlowItemsInvestingActivitiesInvestmentsAndPropertyPlantAndEquipmentAndIntangibleAssetsTableTextBlock" xlink:href="tef-20241231.xsd#tef_DisclosureOfCashFlowItemsInvestingActivitiesInvestmentsAndPropertyPlantAndEquipmentAndIntangibleAssetsTableTextBlock"/>
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    <link:label id="lab_ifrs-full_NoncontrollingInterestsMember_ad6b09d0-c9b1-4bde-a25d-7c4a928db53e_terseLabel_en-US" xlink:label="lab_ifrs-full_NoncontrollingInterestsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Non-controlling interests</link:label>
    <link:label id="lab_ifrs-full_NoncontrollingInterestsMember_label_en-US" xlink:label="lab_ifrs-full_NoncontrollingInterestsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Non-controlling interests [member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_NoncontrollingInterestsMember" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_NoncontrollingInterestsMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_NoncontrollingInterestsMember" xlink:to="lab_ifrs-full_NoncontrollingInterestsMember" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_RegulationChangeDomain_84cc3ba9-1183-41c0-894d-a08f0100ec23_terseLabel_en-US" xlink:label="lab_tef_RegulationChangeDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Regulation Change [Domain]</link:label>
    <link:label id="lab_tef_RegulationChangeDomain_label_en-US" xlink:label="lab_tef_RegulationChangeDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Regulation Change [Domain]</link:label>
    <link:label id="lab_tef_RegulationChangeDomain_documentation_en-US" xlink:label="lab_tef_RegulationChangeDomain" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Regulation Change [Domain]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_RegulationChangeDomain" xlink:href="tef-20241231.xsd#tef_RegulationChangeDomain"/>
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    <link:label id="lab_tef_TelefonicaHispamAndTelefonicaGlobalSolutionsMember_7daf48c5-02a0-4b1d-b3c4-1381bf3e8839_terseLabel_en-US" xlink:label="lab_tef_TelefonicaHispamAndTelefonicaGlobalSolutionsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Telefonica Hispam and Telefonica Global Solutions</link:label>
    <link:label id="lab_tef_TelefonicaHispamAndTelefonicaGlobalSolutionsMember_label_en-US" xlink:label="lab_tef_TelefonicaHispamAndTelefonicaGlobalSolutionsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Telefonica Hispam and Telefonica Global Solutions [Member]</link:label>
    <link:label id="lab_tef_TelefonicaHispamAndTelefonicaGlobalSolutionsMember_documentation_en-US" xlink:label="lab_tef_TelefonicaHispamAndTelefonicaGlobalSolutionsMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Telefonica Hispam and Telefonica Global Solutions</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_TelefonicaHispamAndTelefonicaGlobalSolutionsMember" xlink:href="tef-20241231.xsd#tef_TelefonicaHispamAndTelefonicaGlobalSolutionsMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_TelefonicaHispamAndTelefonicaGlobalSolutionsMember" xlink:to="lab_tef_TelefonicaHispamAndTelefonicaGlobalSolutionsMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_ReductionOfIssuedCapital_78c59ee2-6d28-483f-9800-1ee4123a2b49_negatedTerseLabel_en-US" xlink:label="lab_ifrs-full_ReductionOfIssuedCapital" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xml:lang="en-US">Capital reduction</link:label>
    <link:label id="lab_ifrs-full_ReductionOfIssuedCapital_label_en-US" xlink:label="lab_ifrs-full_ReductionOfIssuedCapital" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Reduction of issued capital</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_ReductionOfIssuedCapital" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_ReductionOfIssuedCapital"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_ReductionOfIssuedCapital" xlink:to="lab_ifrs-full_ReductionOfIssuedCapital" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_PenaltyPayableLitigationSettlement_8eb70d5b-87c6-40bc-a82b-31dfa42f1c6d_terseLabel_en-US" xlink:label="lab_tef_PenaltyPayableLitigationSettlement" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Deferred prosecution agreement</link:label>
    <link:label id="lab_tef_PenaltyPayableLitigationSettlement_label_en-US" xlink:label="lab_tef_PenaltyPayableLitigationSettlement" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Penalty Payable, Litigation Settlement</link:label>
    <link:label id="lab_tef_PenaltyPayableLitigationSettlement_documentation_en-US" xlink:label="lab_tef_PenaltyPayableLitigationSettlement" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Penalty Payable, Litigation Settlement</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_PenaltyPayableLitigationSettlement" xlink:href="tef-20241231.xsd#tef_PenaltyPayableLitigationSettlement"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_PenaltyPayableLitigationSettlement" xlink:to="lab_tef_PenaltyPayableLitigationSettlement" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_ContractualCommitmentITTransformationServiceProject_e01eb7dd-6ea7-4dfa-a042-f039044c6adc_terseLabel_en-US" xlink:label="lab_tef_ContractualCommitmentITTransformationServiceProject" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">IT Transformation Service Project</link:label>
    <link:label id="lab_tef_ContractualCommitmentITTransformationServiceProject_label_en-US" xlink:label="lab_tef_ContractualCommitmentITTransformationServiceProject" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Contractual Commitment, IT Transformation Service Project</link:label>
    <link:label id="lab_tef_ContractualCommitmentITTransformationServiceProject_documentation_en-US" xlink:label="lab_tef_ContractualCommitmentITTransformationServiceProject" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Contractual Commitment, IT Transformation Service Project</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_ContractualCommitmentITTransformationServiceProject" xlink:href="tef-20241231.xsd#tef_ContractualCommitmentITTransformationServiceProject"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_ContractualCommitmentITTransformationServiceProject" xlink:to="lab_tef_ContractualCommitmentITTransformationServiceProject" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_DisclosureOfAssetsRecognisedFromCostsToObtainOrFulfilContractsWithCustomersExplanatory_dc7e8192-812d-4971-9f52-879fbd5bb416_terseLabel_en-US" xlink:label="lab_ifrs-full_DisclosureOfAssetsRecognisedFromCostsToObtainOrFulfilContractsWithCustomersExplanatory" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Movement of deferred expenses</link:label>
    <link:label id="lab_ifrs-full_DisclosureOfAssetsRecognisedFromCostsToObtainOrFulfilContractsWithCustomersExplanatory_label_en-US" xlink:label="lab_ifrs-full_DisclosureOfAssetsRecognisedFromCostsToObtainOrFulfilContractsWithCustomersExplanatory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure of assets recognised from costs to obtain or fulfil contracts with customers [text block]</link:label>
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    <link:label id="lab_tef_TotalRevenueRelatedPartyTransactions_eb4ebad4-be17-423d-8ff5-e74fe6cd0bba_totalLabel_en-US" xlink:label="lab_tef_TotalRevenueRelatedPartyTransactions" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Total revenues</link:label>
    <link:label id="lab_tef_TotalRevenueRelatedPartyTransactions_label_en-US" xlink:label="lab_tef_TotalRevenueRelatedPartyTransactions" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Total Revenue, Related Party Transactions</link:label>
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    <link:loc xlink:type="locator" xlink:label="loc_tef_TotalRevenueRelatedPartyTransactions" xlink:href="tef-20241231.xsd#tef_TotalRevenueRelatedPartyTransactions"/>
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    <link:label id="lab_tef_FisatelMexicoMember_b266c63a-a7c7-48cb-a57c-582dec943c0c_terseLabel_en-US" xlink:label="lab_tef_FisatelMexicoMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Fisatel M&#233;xico, S.A. de C.V. SOFOM E.N.R. Integrated cash mangement, consulting and financial support for Group companies</link:label>
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    <link:label id="lab_tef_FisatelMexicoMember_documentation_en-US" xlink:label="lab_tef_FisatelMexicoMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Fisatel Mexico [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_FisatelMexicoMember" xlink:href="tef-20241231.xsd#tef_FisatelMexicoMember"/>
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    <link:label id="lab_tef_DisposalOfTaxLiability_3aee79e3-863c-4a87-9626-b24ecd83f5a3_terseLabel_en-US" xlink:label="lab_tef_DisposalOfTaxLiability" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Disposal of tax liability</link:label>
    <link:label id="lab_tef_DisposalOfTaxLiability_label_en-US" xlink:label="lab_tef_DisposalOfTaxLiability" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disposal Of Tax Liability</link:label>
    <link:label id="lab_tef_DisposalOfTaxLiability_documentation_en-US" xlink:label="lab_tef_DisposalOfTaxLiability" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Disposal Of Tax Liability</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_DisposalOfTaxLiability" xlink:href="tef-20241231.xsd#tef_DisposalOfTaxLiability"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_DisposalOfTaxLiability" xlink:to="lab_tef_DisposalOfTaxLiability" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_ServicesAgreementTerm_9015c4ee-6a44-4ab5-8b11-0cf90d281d1e_terseLabel_en-US" xlink:label="lab_tef_ServicesAgreementTerm" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Services agreement, term</link:label>
    <link:label id="lab_tef_ServicesAgreementTerm_label_en-US" xlink:label="lab_tef_ServicesAgreementTerm" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Services Agreement, Term</link:label>
    <link:label id="lab_tef_ServicesAgreementTerm_documentation_en-US" xlink:label="lab_tef_ServicesAgreementTerm" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Services Agreement, Term</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_ServicesAgreementTerm" xlink:href="tef-20241231.xsd#tef_ServicesAgreementTerm"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_ServicesAgreementTerm" xlink:to="lab_tef_ServicesAgreementTerm" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment_76f35c34-3e8c-4fa7-af29-4089faca933c_terseLabel_en-US" xlink:label="lab_ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Transla-tion differences</link:label>
    <link:label id="lab_ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment_label_en-US" xlink:label="lab_ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Increase (decrease) through net exchange differences, property, plant and equipment</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment" xlink:to="lab_ifrs-full_IncreaseDecreaseThroughNetExchangeDifferencesPropertyPlantAndEquipment" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_InterestExpensesMember_6596e635-d227-4645-825d-ed4e04c42683_terseLabel_en-US" xlink:label="lab_tef_InterestExpensesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Interest expenses</link:label>
    <link:label id="lab_tef_InterestExpensesMember_label_en-US" xlink:label="lab_tef_InterestExpensesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Interest Expenses [Member]</link:label>
    <link:label id="lab_tef_InterestExpensesMember_documentation_en-US" xlink:label="lab_tef_InterestExpensesMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Interest Expense [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_InterestExpensesMember" xlink:href="tef-20241231.xsd#tef_InterestExpensesMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_InterestExpensesMember" xlink:to="lab_tef_InterestExpensesMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesLineItems_e3d34eee-f45f-4293-83df-4fc785972816_terseLabel_en-US" xlink:label="lab_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Disclosure of subsidiaries [line items]</link:label>
    <link:label id="lab_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesLineItems_label_en-US" xlink:label="lab_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure of subsidiaries [line items]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesLineItems" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesLineItems"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesLineItems" xlink:to="lab_ifrs-full_DisclosureOfSignificantInvestmentsInSubsidiariesLineItems" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_DescriptionOfAccountingPolicyForMeasuringInventories_330ed37a-5216-46cb-9161-1a7b0c2afedf_terseLabel_en-US" xlink:label="lab_ifrs-full_DescriptionOfAccountingPolicyForMeasuringInventories" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Audio-visual rights</link:label>
    <link:label id="lab_ifrs-full_DescriptionOfAccountingPolicyForMeasuringInventories_label_en-US" xlink:label="lab_ifrs-full_DescriptionOfAccountingPolicyForMeasuringInventories" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Description of accounting policy for measuring inventories [text block]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_DescriptionOfAccountingPolicyForMeasuringInventories" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_DescriptionOfAccountingPolicyForMeasuringInventories"/>
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    <link:label id="lab_ifrs-full_Inventories_39399df3-8172-4001-afae-6570f55668d8_terseLabel_en-US" xlink:label="lab_ifrs-full_Inventories" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Inventories</link:label>
    <link:label id="lab_ifrs-full_Inventories_edefe3a9-50be-404a-86eb-fb173bfdd122_totalLabel_en-US" xlink:label="lab_ifrs-full_Inventories" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Inventories</link:label>
    <link:label id="lab_ifrs-full_Inventories_label_en-US" xlink:label="lab_ifrs-full_Inventories" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Current inventories</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_Inventories" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_Inventories"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_Inventories" xlink:to="lab_ifrs-full_Inventories" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_DisclosureOfPerformanceAndInvestmentPlanKeyManagementPersonnelCompensationTableTextBlock_54705da6-be6f-440e-bfc2-1e5489c1a8ab_terseLabel_en-US" xlink:label="lab_tef_DisclosureOfPerformanceAndInvestmentPlanKeyManagementPersonnelCompensationTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Schedule of PSP of Key Management Personnel Compensation</link:label>
    <link:label id="lab_tef_DisclosureOfPerformanceAndInvestmentPlanKeyManagementPersonnelCompensationTableTextBlock_label_en-US" xlink:label="lab_tef_DisclosureOfPerformanceAndInvestmentPlanKeyManagementPersonnelCompensationTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure Of Performance And Investment Plan Key Management Personnel Compensation [Table Text Block]</link:label>
    <link:label id="lab_tef_DisclosureOfPerformanceAndInvestmentPlanKeyManagementPersonnelCompensationTableTextBlock_documentation_en-US" xlink:label="lab_tef_DisclosureOfPerformanceAndInvestmentPlanKeyManagementPersonnelCompensationTableTextBlock" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Disclosure Of Performance And Investment Plan Key Management Personnel Compensation [Table Text Block]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_DisclosureOfPerformanceAndInvestmentPlanKeyManagementPersonnelCompensationTableTextBlock" xlink:href="tef-20241231.xsd#tef_DisclosureOfPerformanceAndInvestmentPlanKeyManagementPersonnelCompensationTableTextBlock"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_DisclosureOfPerformanceAndInvestmentPlanKeyManagementPersonnelCompensationTableTextBlock" xlink:to="lab_tef_DisclosureOfPerformanceAndInvestmentPlanKeyManagementPersonnelCompensationTableTextBlock" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_USDollarDenominatedBorrowingsMember_4ae61c65-7fe6-45aa-89ed-e3af82f38bb9_terseLabel_en-US" xlink:label="lab_tef_USDollarDenominatedBorrowingsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">US Dollar denominated borrowings</link:label>
    <link:label id="lab_tef_USDollarDenominatedBorrowingsMember_label_en-US" xlink:label="lab_tef_USDollarDenominatedBorrowingsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">US Dollar Denominated Borrowings [Member]</link:label>
    <link:label id="lab_tef_USDollarDenominatedBorrowingsMember_documentation_en-US" xlink:label="lab_tef_USDollarDenominatedBorrowingsMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">US Dollar Denominated Borrowings</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_USDollarDenominatedBorrowingsMember" xlink:href="tef-20241231.xsd#tef_USDollarDenominatedBorrowingsMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_USDollarDenominatedBorrowingsMember" xlink:to="lab_tef_USDollarDenominatedBorrowingsMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_DisclosureOfDetailedInformationAboutFinancialInstrumentsExplanatory_ffd97199-ff4c-4c37-831f-d1c0b4215e24_terseLabel_en-US" xlink:label="lab_ifrs-full_DisclosureOfDetailedInformationAboutFinancialInstrumentsExplanatory" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Schedule of Detailed Information about Financial Instruments</link:label>
    <link:label id="lab_ifrs-full_DisclosureOfDetailedInformationAboutFinancialInstrumentsExplanatory_label_en-US" xlink:label="lab_ifrs-full_DisclosureOfDetailedInformationAboutFinancialInstrumentsExplanatory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure of detailed information about financial instruments [text block]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_DisclosureOfDetailedInformationAboutFinancialInstrumentsExplanatory" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_DisclosureOfDetailedInformationAboutFinancialInstrumentsExplanatory"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DisclosureOfDetailedInformationAboutFinancialInstrumentsExplanatory" xlink:to="lab_ifrs-full_DisclosureOfDetailedInformationAboutFinancialInstrumentsExplanatory" xlink:type="arc" order="1"/>
    <link:label id="lab_dei_EntityRegistrantName_69e5e0de-4d36-426a-93d4-c0a40645a1f2_terseLabel_en-US" xlink:label="lab_dei_EntityRegistrantName" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Entity Registrant Name</link:label>
    <link:label id="lab_dei_EntityRegistrantName_label_en-US" xlink:label="lab_dei_EntityRegistrantName" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Entity Registrant Name</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_dei_EntityRegistrantName" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_EntityRegistrantName"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityRegistrantName" xlink:to="lab_dei_EntityRegistrantName" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_WeightedAverageDurationOfPlan_1f66084e-b7f6-4558-a441-eb63f9b95adf_terseLabel_en-US" xlink:label="lab_tef_WeightedAverageDurationOfPlan" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Average duration of plans</link:label>
    <link:label id="lab_tef_WeightedAverageDurationOfPlan_label_en-US" xlink:label="lab_tef_WeightedAverageDurationOfPlan" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Weighted Average Duration Of Plan</link:label>
    <link:label id="lab_tef_WeightedAverageDurationOfPlan_documentation_en-US" xlink:label="lab_tef_WeightedAverageDurationOfPlan" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Weighted Average Duration Of Plan</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_WeightedAverageDurationOfPlan" xlink:href="tef-20241231.xsd#tef_WeightedAverageDurationOfPlan"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_WeightedAverageDurationOfPlan" xlink:to="lab_tef_WeightedAverageDurationOfPlan" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_InterestExpenseOnLeaseLiabilities_c32135d7-8bca-4aa7-bfa6-94c597c36db0_negatedNetLabel_en-US" xlink:label="lab_ifrs-full_InterestExpenseOnLeaseLiabilities" xlink:role="http://www.xbrl.org/2009/role/negatedNetLabel" xlink:type="resource" xml:lang="en-US">Financial expenses on lease liabilities (see Note 20)</link:label>
    <link:label id="lab_ifrs-full_InterestExpenseOnLeaseLiabilities_dcc26ae7-1e80-4cf5-8391-fe28b3b48afe_negatedTerseLabel_en-US" xlink:label="lab_ifrs-full_InterestExpenseOnLeaseLiabilities" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xml:lang="en-US">Interests payments</link:label>
    <link:label id="lab_ifrs-full_InterestExpenseOnLeaseLiabilities_label_en-US" xlink:label="lab_ifrs-full_InterestExpenseOnLeaseLiabilities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Interest expense on lease liabilities</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_InterestExpenseOnLeaseLiabilities" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_InterestExpenseOnLeaseLiabilities"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_InterestExpenseOnLeaseLiabilities" xlink:to="lab_ifrs-full_InterestExpenseOnLeaseLiabilities" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_NoncurrentPayablesToRelatedParties_f15ff022-a2ac-429d-bca9-c202f9c2446a_terseLabel_en-US" xlink:label="lab_ifrs-full_NoncurrentPayablesToRelatedParties" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Financial liabilities</link:label>
    <link:label id="lab_ifrs-full_NoncurrentPayablesToRelatedParties_label_en-US" xlink:label="lab_ifrs-full_NoncurrentPayablesToRelatedParties" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Non-current payables to related parties</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_NoncurrentPayablesToRelatedParties" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_NoncurrentPayablesToRelatedParties"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_NoncurrentPayablesToRelatedParties" xlink:to="lab_ifrs-full_NoncurrentPayablesToRelatedParties" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_Additionsotherthanthroughbusinesscombinationsrelatedtocompaniesheldforsaleintangibleassetsotherthangoodwill_a1be6173-b75a-403e-99e3-1f615b05f7c5_terseLabel_en-US" xlink:label="lab_tef_Additionsotherthanthroughbusinesscombinationsrelatedtocompaniesheldforsaleintangibleassetsotherthangoodwill" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Additions</link:label>
    <link:label id="lab_tef_Additionsotherthanthroughbusinesscombinationsrelatedtocompaniesheldforsaleintangibleassetsotherthangoodwill_label_en-US" xlink:label="lab_tef_Additionsotherthanthroughbusinesscombinationsrelatedtocompaniesheldforsaleintangibleassetsotherthangoodwill" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Additions other than through business combinations related to companies held-for-sale, intangible assets other than goodwill</link:label>
    <link:label id="lab_tef_Additionsotherthanthroughbusinesscombinationsrelatedtocompaniesheldforsaleintangibleassetsotherthangoodwill_documentation_en-US" xlink:label="lab_tef_Additionsotherthanthroughbusinesscombinationsrelatedtocompaniesheldforsaleintangibleassetsotherthangoodwill" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Additions other than through business combinations related to companies held-for-sale, intangible assets other than goodwill</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_Additionsotherthanthroughbusinesscombinationsrelatedtocompaniesheldforsaleintangibleassetsotherthangoodwill" xlink:href="tef-20241231.xsd#tef_Additionsotherthanthroughbusinesscombinationsrelatedtocompaniesheldforsaleintangibleassetsotherthangoodwill"/>
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    <link:label id="lab_tef_ServicesAgreementAmount_82023927-9d8f-4615-96dd-695befafa019_terseLabel_en-US" xlink:label="lab_tef_ServicesAgreementAmount" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Services agreement amount</link:label>
    <link:label id="lab_tef_ServicesAgreementAmount_label_en-US" xlink:label="lab_tef_ServicesAgreementAmount" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Services Agreement Amount</link:label>
    <link:label id="lab_tef_ServicesAgreementAmount_documentation_en-US" xlink:label="lab_tef_ServicesAgreementAmount" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Services Agreement Amount</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_ServicesAgreementAmount" xlink:href="tef-20241231.xsd#tef_ServicesAgreementAmount"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_ServicesAgreementAmount" xlink:to="lab_tef_ServicesAgreementAmount" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_KKRAlamedaAggregatorLPMember_67e416cd-b857-446f-adc4-758d1e3b69a4_terseLabel_en-US" xlink:label="lab_tef_KKRAlamedaAggregatorLPMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">KKR Alameda Aggregator L.P.</link:label>
    <link:label id="lab_tef_KKRAlamedaAggregatorLPMember_label_en-US" xlink:label="lab_tef_KKRAlamedaAggregatorLPMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">KKR Alameda Aggregator L.P. [Member]</link:label>
    <link:label id="lab_tef_KKRAlamedaAggregatorLPMember_documentation_en-US" xlink:label="lab_tef_KKRAlamedaAggregatorLPMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">KKR Alameda Aggregator L.P.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_KKRAlamedaAggregatorLPMember" xlink:href="tef-20241231.xsd#tef_KKRAlamedaAggregatorLPMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_KKRAlamedaAggregatorLPMember" xlink:to="lab_tef_KKRAlamedaAggregatorLPMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_CategoriesOfFinancialLiabilitiesAxis_b363f96d-b095-4b89-9031-88c53849e5bf_terseLabel_en-US" xlink:label="lab_ifrs-full_CategoriesOfFinancialLiabilitiesAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Categories of financial liabilities [axis]</link:label>
    <link:label id="lab_ifrs-full_CategoriesOfFinancialLiabilitiesAxis_label_en-US" xlink:label="lab_ifrs-full_CategoriesOfFinancialLiabilitiesAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Categories of financial liabilities [axis]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_CategoriesOfFinancialLiabilitiesAxis" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_CategoriesOfFinancialLiabilitiesAxis"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_CategoriesOfFinancialLiabilitiesAxis" xlink:to="lab_ifrs-full_CategoriesOfFinancialLiabilitiesAxis" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_IncreaseDecreaseThroughTransfersAndOtherChangesPropertyPlantAndEquipment_a06bc0c5-2101-45b5-9ea9-77de0fc9bdf9_terseLabel_en-US" xlink:label="lab_ifrs-full_IncreaseDecreaseThroughTransfersAndOtherChangesPropertyPlantAndEquipment" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Transfers and others</link:label>
    <link:label id="lab_ifrs-full_IncreaseDecreaseThroughTransfersAndOtherChangesPropertyPlantAndEquipment_label_en-US" xlink:label="lab_ifrs-full_IncreaseDecreaseThroughTransfersAndOtherChangesPropertyPlantAndEquipment" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Increase (decrease) through transfers and other changes, property, plant and equipment</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_IncreaseDecreaseThroughTransfersAndOtherChangesPropertyPlantAndEquipment" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_IncreaseDecreaseThroughTransfersAndOtherChangesPropertyPlantAndEquipment"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_IncreaseDecreaseThroughTransfersAndOtherChangesPropertyPlantAndEquipment" xlink:to="lab_ifrs-full_IncreaseDecreaseThroughTransfersAndOtherChangesPropertyPlantAndEquipment" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_RegulationChangeAxis_142ea540-8050-41f8-ba89-48db9bcd9bd9_terseLabel_en-US" xlink:label="lab_tef_RegulationChangeAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Regulation Change [Axis]</link:label>
    <link:label id="lab_tef_RegulationChangeAxis_label_en-US" xlink:label="lab_tef_RegulationChangeAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Regulation Change [Axis]</link:label>
    <link:label id="lab_tef_RegulationChangeAxis_documentation_en-US" xlink:label="lab_tef_RegulationChangeAxis" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Regulation Change</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_RegulationChangeAxis" xlink:href="tef-20241231.xsd#tef_RegulationChangeAxis"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_RegulationChangeAxis" xlink:to="lab_tef_RegulationChangeAxis" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_NoncurrentDerivativeFinancialLiabilities_cd41d4a3-26d1-4c68-be5b-2b8e7c2296ad_terseLabel_en-US" xlink:label="lab_ifrs-full_NoncurrentDerivativeFinancialLiabilities" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Non-current derivative financial liabilities</link:label>
    <link:label id="lab_ifrs-full_NoncurrentDerivativeFinancialLiabilities_label_en-US" xlink:label="lab_ifrs-full_NoncurrentDerivativeFinancialLiabilities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Non-current derivative financial liabilities</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_NoncurrentDerivativeFinancialLiabilities" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_NoncurrentDerivativeFinancialLiabilities"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_NoncurrentDerivativeFinancialLiabilities" xlink:to="lab_ifrs-full_NoncurrentDerivativeFinancialLiabilities" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_CurrentFinancialAssets_b5e3ded7-7cee-4528-9c75-8cd8d8a892fc_verboseLabel_en-US" xlink:label="lab_ifrs-full_CurrentFinancialAssets" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Other current financial assets</link:label>
    <link:label id="lab_ifrs-full_CurrentFinancialAssets_d262394e-55a5-427c-aa77-c06278aed29e_terseLabel_en-US" xlink:label="lab_ifrs-full_CurrentFinancialAssets" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Current financial assets</link:label>
    <link:label id="lab_ifrs-full_CurrentFinancialAssets_label_en-US" xlink:label="lab_ifrs-full_CurrentFinancialAssets" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Current financial assets</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_CurrentFinancialAssets" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_CurrentFinancialAssets"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_CurrentFinancialAssets" xlink:to="lab_ifrs-full_CurrentFinancialAssets" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_JointVenturesDomain_d67b6636-c72f-484a-a36f-8e675c3d9cbb_terseLabel_en-US" xlink:label="lab_ifrs-full_JointVenturesDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Joint ventures</link:label>
    <link:label id="lab_ifrs-full_JointVenturesDomain_label_en-US" xlink:label="lab_ifrs-full_JointVenturesDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Joint ventures [domain]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_JointVenturesDomain" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_JointVenturesDomain"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_JointVenturesDomain" xlink:to="lab_ifrs-full_JointVenturesDomain" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_MaximumNumberOfSharesToBeDeliveredComplianceCriteriaPercentage_3b5a381e-374e-4db4-8abf-ce50c724a65c_terseLabel_en-US" xlink:label="lab_tef_MaximumNumberOfSharesToBeDeliveredComplianceCriteriaPercentage" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Maximum number of shares to be delivered, compliance criteria (in percents)</link:label>
    <link:label id="lab_tef_MaximumNumberOfSharesToBeDeliveredComplianceCriteriaPercentage_label_en-US" xlink:label="lab_tef_MaximumNumberOfSharesToBeDeliveredComplianceCriteriaPercentage" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Maximum Number Of Shares To Be Delivered, Compliance Criteria, Percentage</link:label>
    <link:label id="lab_tef_MaximumNumberOfSharesToBeDeliveredComplianceCriteriaPercentage_documentation_en-US" xlink:label="lab_tef_MaximumNumberOfSharesToBeDeliveredComplianceCriteriaPercentage" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Maximum Number Of Shares To Be Delivered, Compliance Criteria, Percentage</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_MaximumNumberOfSharesToBeDeliveredComplianceCriteriaPercentage" xlink:href="tef-20241231.xsd#tef_MaximumNumberOfSharesToBeDeliveredComplianceCriteriaPercentage"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_MaximumNumberOfSharesToBeDeliveredComplianceCriteriaPercentage" xlink:to="lab_tef_MaximumNumberOfSharesToBeDeliveredComplianceCriteriaPercentage" xlink:type="arc" order="1"/>
    <link:label id="lab_srt_SegmentGeographicalDomain_49b5c9f1-9ce1-4f82-b94c-f99ec8fdae39_terseLabel_en-US" xlink:label="lab_srt_SegmentGeographicalDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Geographical [Domain]</link:label>
    <link:label id="lab_srt_SegmentGeographicalDomain_label_en-US" xlink:label="lab_srt_SegmentGeographicalDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Geographical [Domain]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_srt_SegmentGeographicalDomain" xlink:href="https://xbrl.fasb.org/srt/2024/elts/srt-2024.xsd#srt_SegmentGeographicalDomain"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_srt_SegmentGeographicalDomain" xlink:to="lab_srt_SegmentGeographicalDomain" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_ActivationFeesMember_a3a3bc64-e2ef-418a-8ac9-73f979cae066_terseLabel_en-US" xlink:label="lab_tef_ActivationFeesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Contractual liabilities, activation fees</link:label>
    <link:label id="lab_tef_ActivationFeesMember_label_en-US" xlink:label="lab_tef_ActivationFeesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Activation Fees [Member]</link:label>
    <link:label id="lab_tef_ActivationFeesMember_documentation_en-US" xlink:label="lab_tef_ActivationFeesMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Activation Fees [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_ActivationFeesMember" xlink:href="tef-20241231.xsd#tef_ActivationFeesMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_ActivationFeesMember" xlink:to="lab_tef_ActivationFeesMember" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_NonCurrentProvisionsForDefinedBenefitPlans_00f70e04-e36c-4ed6-a36f-aebab2e90cc6_terseLabel_en-US" xlink:label="lab_tef_NonCurrentProvisionsForDefinedBenefitPlans" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Post-employment defined benefit plans</link:label>
    <link:label id="lab_tef_NonCurrentProvisionsForDefinedBenefitPlans_label_en-US" xlink:label="lab_tef_NonCurrentProvisionsForDefinedBenefitPlans" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Non-Current Provisions For Defined Benefit Plans</link:label>
    <link:label id="lab_tef_NonCurrentProvisionsForDefinedBenefitPlans_documentation_en-US" xlink:label="lab_tef_NonCurrentProvisionsForDefinedBenefitPlans" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Non-Current Provisions For Defined Benefit Plans</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_NonCurrentProvisionsForDefinedBenefitPlans" xlink:href="tef-20241231.xsd#tef_NonCurrentProvisionsForDefinedBenefitPlans"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_NonCurrentProvisionsForDefinedBenefitPlans" xlink:to="lab_tef_NonCurrentProvisionsForDefinedBenefitPlans" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_MaturityDomain_a75e3aec-6d83-40f7-bd43-63702df40a76_terseLabel_en-US" xlink:label="lab_ifrs-full_MaturityDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Maturity [domain]</link:label>
    <link:label id="lab_ifrs-full_MaturityDomain_label_en-US" xlink:label="lab_ifrs-full_MaturityDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Maturity [domain]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_MaturityDomain" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_MaturityDomain"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_MaturityDomain" xlink:to="lab_ifrs-full_MaturityDomain" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_AppreciationDueToInflation_17237bea-a97b-40a4-bb33-08bfc4f4896c_terseLabel_en-US" xlink:label="lab_tef_AppreciationDueToInflation" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Appreciation due to inflation (in percentage)</link:label>
    <link:label id="lab_tef_AppreciationDueToInflation_label_en-US" xlink:label="lab_tef_AppreciationDueToInflation" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Appreciation Due To Inflation</link:label>
    <link:label id="lab_tef_AppreciationDueToInflation_documentation_en-US" xlink:label="lab_tef_AppreciationDueToInflation" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Appreciation Due To Inflation</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_AppreciationDueToInflation" xlink:href="tef-20241231.xsd#tef_AppreciationDueToInflation"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_AppreciationDueToInflation" xlink:to="lab_tef_AppreciationDueToInflation" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_DisclosureOfOperatingSegmentsExplanatory_bf588409-daad-4a47-84b1-22a4a2504725_terseLabel_en-US" xlink:label="lab_ifrs-full_DisclosureOfOperatingSegmentsExplanatory" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Schedule of Income and Capital Expenditure Information Regarding the Group's Operating Segments</link:label>
    <link:label id="lab_ifrs-full_DisclosureOfOperatingSegmentsExplanatory_label_en-US" xlink:label="lab_ifrs-full_DisclosureOfOperatingSegmentsExplanatory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure of operating segments [text block]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_DisclosureOfOperatingSegmentsExplanatory" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_DisclosureOfOperatingSegmentsExplanatory"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DisclosureOfOperatingSegmentsExplanatory" xlink:to="lab_ifrs-full_DisclosureOfOperatingSegmentsExplanatory" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_BETernaMember_736c8bbf-4c28-4746-839e-453ab4d63ae7_terseLabel_en-US" xlink:label="lab_tef_BETernaMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">BE-terna</link:label>
    <link:label id="lab_tef_BETernaMember_64bb465e-0b37-4633-b267-83c4eabbb77d_verboseLabel_en-US" xlink:label="lab_tef_BETernaMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">BE-terna acquisition (Note 5)</link:label>
    <link:label id="lab_tef_BETernaMember_label_en-US" xlink:label="lab_tef_BETernaMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">BE-Terna [Member]</link:label>
    <link:label id="lab_tef_BETernaMember_documentation_en-US" xlink:label="lab_tef_BETernaMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">BE-Terna</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_BETernaMember" xlink:href="tef-20241231.xsd#tef_BETernaMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_BETernaMember" xlink:to="lab_tef_BETernaMember" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_TelefonicaAudiovisualDigitalSLUMember_09e454c3-cbb8-4000-b137-4270d2e74250_terseLabel_en-US" xlink:label="lab_tef_TelefonicaAudiovisualDigitalSLUMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Telef&#243;nica Audiovisual Digital, S.L.U. Provision of all type of audiovisual telecommunications services</link:label>
    <link:label id="lab_tef_TelefonicaAudiovisualDigitalSLUMember_label_en-US" xlink:label="lab_tef_TelefonicaAudiovisualDigitalSLUMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Telefonica Audiovisual Digital, SLU [Member]</link:label>
    <link:label id="lab_tef_TelefonicaAudiovisualDigitalSLUMember_documentation_en-US" xlink:label="lab_tef_TelefonicaAudiovisualDigitalSLUMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Telefonica Audiovisual Digital, SLU [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_TelefonicaAudiovisualDigitalSLUMember" xlink:href="tef-20241231.xsd#tef_TelefonicaAudiovisualDigitalSLUMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_TelefonicaAudiovisualDigitalSLUMember" xlink:to="lab_tef_TelefonicaAudiovisualDigitalSLUMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_IncreaseDecreaseThroughTransferToStatutoryReserve_c7a2419f-70e7-4769-a0c7-01496f82c3f0_terseLabel_en-US" xlink:label="lab_ifrs-full_IncreaseDecreaseThroughTransferToStatutoryReserve" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Increase (decrease) through transfer to statutory reserve, equity</link:label>
    <link:label id="lab_ifrs-full_IncreaseDecreaseThroughTransferToStatutoryReserve_label_en-US" xlink:label="lab_ifrs-full_IncreaseDecreaseThroughTransferToStatutoryReserve" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Increase (decrease) through transfer to statutory reserve, equity</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_IncreaseDecreaseThroughTransferToStatutoryReserve" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_IncreaseDecreaseThroughTransferToStatutoryReserve"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_IncreaseDecreaseThroughTransferToStatutoryReserve" xlink:to="lab_ifrs-full_IncreaseDecreaseThroughTransferToStatutoryReserve" xlink:type="arc" order="1"/>
    <link:label id="lab_dei_Security12bTitle_a692d183-b317-40b6-9630-681bf716fb22_terseLabel_en-US" xlink:label="lab_dei_Security12bTitle" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Title of 12(b) Security</link:label>
    <link:label id="lab_dei_Security12bTitle_label_en-US" xlink:label="lab_dei_Security12bTitle" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Title of 12(b) Security</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_dei_Security12bTitle" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_Security12bTitle"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_Security12bTitle" xlink:to="lab_dei_Security12bTitle" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_DerivativeAssetLiabilityNet_1f0dff30-21ae-4ebf-a9d9-31b2a52ed035_periodStartLabel_en-US" xlink:label="lab_tef_DerivativeAssetLiabilityNet" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:type="resource" xml:lang="en-US">Opening balance of assets/(liabilities)</link:label>
    <link:label id="lab_tef_DerivativeAssetLiabilityNet_9fad4acc-75fb-44b7-87c5-fe7f45b8d1e2_periodEndLabel_en-US" xlink:label="lab_tef_DerivativeAssetLiabilityNet" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:type="resource" xml:lang="en-US">Closing balance of assets/(liabilities)</link:label>
    <link:label id="lab_tef_DerivativeAssetLiabilityNet_f72455af-c363-4764-9590-2821dbe97467_terseLabel_en-US" xlink:label="lab_tef_DerivativeAssetLiabilityNet" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Gain (loss) on derivative</link:label>
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    <link:label id="lab_tef_DerivativeAssetLiabilityNet_label_en-US" xlink:label="lab_tef_DerivativeAssetLiabilityNet" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Derivative Asset (Liability), Net</link:label>
    <link:label id="lab_tef_DerivativeAssetLiabilityNet_documentation_en-US" xlink:label="lab_tef_DerivativeAssetLiabilityNet" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Derivative Asset (Liability), Net</link:label>
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    <link:label id="lab_ifrs-full_DisclosureOfFinancialInstrumentsByTypeOfInterestRateTable_f11c8c74-fb21-4637-b6ac-6bf818c0f8b7_terseLabel_en-US" xlink:label="lab_ifrs-full_DisclosureOfFinancialInstrumentsByTypeOfInterestRateTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Disclosure of financial instruments by type of interest rate [table]</link:label>
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    <link:label id="lab_tef_AdditionsNonCurrentFinancialAssets_documentation_en-US" xlink:label="lab_tef_AdditionsNonCurrentFinancialAssets" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Additions, Non-Current Financial Assets</link:label>
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    <link:label id="lab_tef_TermDebtMember_7e2ee164-4030-4fdd-a166-43ce5f1e9217_terseLabel_en-US" xlink:label="lab_tef_TermDebtMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Term debt</link:label>
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    <link:label id="lab_tef_TermDebtMember_documentation_en-US" xlink:label="lab_tef_TermDebtMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Term Debt [Member]</link:label>
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    <link:loc xlink:type="locator" xlink:label="loc_tef_SharebasedCompensationArrangementbySharebasedPaymentAwardNumberofSharesAuthorized1" xlink:href="tef-20241231.xsd#tef_SharebasedCompensationArrangementbySharebasedPaymentAwardNumberofSharesAuthorized1"/>
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    <link:label id="lab_ifrs-full_ProvisionUsedOtherProvisions_e8c15e63-732a-4355-bd7d-01c3dc96e264_negatedTerseLabel_en-US" xlink:label="lab_ifrs-full_ProvisionUsedOtherProvisions" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xml:lang="en-US">Retirements/amount applied</link:label>
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    <link:label id="lab_ifrs-full_ProvisionUsedOtherProvisions_label_en-US" xlink:label="lab_ifrs-full_ProvisionUsedOtherProvisions" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Provision used, other provisions</link:label>
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    <link:label id="lab_tef_BondQMember_67910e23-7247-4606-8978-c4d4ad5f1b2d_terseLabel_en-US" xlink:label="lab_tef_BondQMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Bond Q</link:label>
    <link:label id="lab_tef_BondQMember_label_en-US" xlink:label="lab_tef_BondQMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Bond Q [Member]</link:label>
    <link:label id="lab_tef_BondQMember_documentation_en-US" xlink:label="lab_tef_BondQMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Bond K [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_BondQMember" xlink:href="tef-20241231.xsd#tef_BondQMember"/>
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    <link:label id="lab_tef_UnitLinktypeInsurancePensionPlanSurplusMember_11be6107-876c-4231-9fdc-2ca64564b573_terseLabel_en-US" xlink:label="lab_tef_UnitLinktypeInsurancePensionPlanSurplusMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Unit link-type Insurance/Pension Plan Surplus</link:label>
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    <link:label id="lab_tef_UnitLinktypeInsurancePensionPlanSurplusMember_documentation_en-US" xlink:label="lab_tef_UnitLinktypeInsurancePensionPlanSurplusMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Unit Link-type Insurance/Pension Plan Surplus [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_UnitLinktypeInsurancePensionPlanSurplusMember" xlink:href="tef-20241231.xsd#tef_UnitLinktypeInsurancePensionPlanSurplusMember"/>
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    <link:label id="lab_tef_AuditorNameDomain_bf0694f8-8f50-4b1f-bf73-4265005d399a_terseLabel_en-US" xlink:label="lab_tef_AuditorNameDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Auditor Name [Domain]</link:label>
    <link:label id="lab_tef_AuditorNameDomain_label_en-US" xlink:label="lab_tef_AuditorNameDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Auditor Name [Domain]</link:label>
    <link:label id="lab_tef_AuditorNameDomain_documentation_en-US" xlink:label="lab_tef_AuditorNameDomain" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">[Domain] for Auditor Name [Axis]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_AuditorNameDomain" xlink:href="tef-20241231.xsd#tef_AuditorNameDomain"/>
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    <link:label id="lab_tef_IncreaseDecreaseinCostofHedginginEquityfromTransferstoIncomeStatement_3eaef095-6878-4b03-86cd-a54378d3e156_terseLabel_en-US" xlink:label="lab_tef_IncreaseDecreaseinCostofHedginginEquityfromTransferstoIncomeStatement" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Transfer to the income statement of the period - the hedged item has affected profit or loss</link:label>
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    <link:label id="lab_tef_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesPurchasedToReceiveAFreeShare_b4ec62e7-0882-485b-bcc5-fbbf506c51fa_terseLabel_en-US" xlink:label="lab_tef_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesPurchasedToReceiveAFreeShare" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Number of shares purchased to receive a free share (shares)</link:label>
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    <link:loc xlink:type="locator" xlink:label="loc_tef_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesPurchasedToReceiveAFreeShare" xlink:href="tef-20241231.xsd#tef_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesPurchasedToReceiveAFreeShare"/>
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    <link:label id="lab_tef_HedgesinEquityIncreaseDecreaseinFairValue_d1644c85-57b1-4e74-bcc0-0907c24ecc9c_terseLabel_en-US" xlink:label="lab_tef_HedgesinEquityIncreaseDecreaseinFairValue" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Changes in the fair value registered in equity</link:label>
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    <link:label id="lab_ifrs-full_HedgesOfNetInvestmentInForeignOperationsMember_1b585c8f-d07e-4c45-815c-8ea7e3578208_terseLabel_en-US" xlink:label="lab_ifrs-full_HedgesOfNetInvestmentInForeignOperationsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Net investment hedges</link:label>
    <link:label id="lab_ifrs-full_HedgesOfNetInvestmentInForeignOperationsMember_e3d36b53-bc79-4d87-9458-50794fc33f89_verboseLabel_en-US" xlink:label="lab_ifrs-full_HedgesOfNetInvestmentInForeignOperationsMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Net investment hedges</link:label>
    <link:label id="lab_ifrs-full_HedgesOfNetInvestmentInForeignOperationsMember_label_en-US" xlink:label="lab_ifrs-full_HedgesOfNetInvestmentInForeignOperationsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Hedges of net investment in foreign operations [member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_HedgesOfNetInvestmentInForeignOperationsMember" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_HedgesOfNetInvestmentInForeignOperationsMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_HedgesOfNetInvestmentInForeignOperationsMember" xlink:to="lab_ifrs-full_HedgesOfNetInvestmentInForeignOperationsMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_DisclosureOfEmployeeBenefitsExplanatory_3c241c39-6139-4534-8ded-9286804cc5ef_terseLabel_en-US" xlink:label="lab_ifrs-full_DisclosureOfEmployeeBenefitsExplanatory" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Provisions</link:label>
    <link:label id="lab_ifrs-full_DisclosureOfEmployeeBenefitsExplanatory_label_en-US" xlink:label="lab_ifrs-full_DisclosureOfEmployeeBenefitsExplanatory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure of employee benefits [text block]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_DisclosureOfEmployeeBenefitsExplanatory" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_DisclosureOfEmployeeBenefitsExplanatory"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_DisclosureOfEmployeeBenefitsExplanatory" xlink:to="lab_ifrs-full_DisclosureOfEmployeeBenefitsExplanatory" xlink:type="arc" order="1"/>
    <link:label id="lab_currency_AllCurrenciesDomain_aab52bb9-9978-4502-871a-42cb1ac6220c_terseLabel_en-US" xlink:label="lab_currency_AllCurrenciesDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">All Currencies [Domain]</link:label>
    <link:label id="lab_currency_AllCurrenciesDomain_label_en-US" xlink:label="lab_currency_AllCurrenciesDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">All Currencies [Domain]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_currency_AllCurrenciesDomain" xlink:href="https://xbrl.sec.gov/currency/2024/currency-2024.xsd#currency_AllCurrenciesDomain"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_currency_AllCurrenciesDomain" xlink:to="lab_currency_AllCurrenciesDomain" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_BorrowingFacilitiesMaximumBorrowingCapacity_66b8eab9-0ded-4537-a4cf-c22e93e7829d_terseLabel_en-US" xlink:label="lab_tef_BorrowingFacilitiesMaximumBorrowingCapacity" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Contractual limit amount credit facility</link:label>
    <link:label id="lab_tef_BorrowingFacilitiesMaximumBorrowingCapacity_label_en-US" xlink:label="lab_tef_BorrowingFacilitiesMaximumBorrowingCapacity" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Borrowing Facilities, Maximum Borrowing Capacity</link:label>
    <link:label id="lab_tef_BorrowingFacilitiesMaximumBorrowingCapacity_documentation_en-US" xlink:label="lab_tef_BorrowingFacilitiesMaximumBorrowingCapacity" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Borrowing Facilities, Maximum Borrowing Capacity</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_BorrowingFacilitiesMaximumBorrowingCapacity" xlink:href="tef-20241231.xsd#tef_BorrowingFacilitiesMaximumBorrowingCapacity"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_BorrowingFacilitiesMaximumBorrowingCapacity" xlink:to="lab_tef_BorrowingFacilitiesMaximumBorrowingCapacity" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_DisclosureOfSignificantAccountingPoliciesAbstract_2c84a17e-3c54-40e3-b07a-8c2fee40c0d8_terseLabel_en-US" xlink:label="lab_tef_DisclosureOfSignificantAccountingPoliciesAbstract" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Disclosure Of Significant Accounting Policies [Abstract]</link:label>
    <link:label id="lab_tef_DisclosureOfSignificantAccountingPoliciesAbstract_label_en-US" xlink:label="lab_tef_DisclosureOfSignificantAccountingPoliciesAbstract" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure Of Significant Accounting Policies [Abstract]</link:label>
    <link:label id="lab_tef_DisclosureOfSignificantAccountingPoliciesAbstract_documentation_en-US" xlink:label="lab_tef_DisclosureOfSignificantAccountingPoliciesAbstract" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Disclosure Of Significant Accounting Policies [Abstract]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_DisclosureOfSignificantAccountingPoliciesAbstract" xlink:href="tef-20241231.xsd#tef_DisclosureOfSignificantAccountingPoliciesAbstract"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_DisclosureOfSignificantAccountingPoliciesAbstract" xlink:to="lab_tef_DisclosureOfSignificantAccountingPoliciesAbstract" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_EffectOfAssetCeilingMember_51c6a33c-0a8d-4717-ac56-8a4e7281c893_terseLabel_en-US" xlink:label="lab_ifrs-full_EffectOfAssetCeilingMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Asset ceiling</link:label>
    <link:label id="lab_ifrs-full_EffectOfAssetCeilingMember_label_en-US" xlink:label="lab_ifrs-full_EffectOfAssetCeilingMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Effect of asset ceiling [member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_EffectOfAssetCeilingMember" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_EffectOfAssetCeilingMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_EffectOfAssetCeilingMember" xlink:to="lab_ifrs-full_EffectOfAssetCeilingMember" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_ContinuingAndDiscontinuedOperationsTable_8b522d56-e437-4bf8-ba7e-a6a70d8aeb1f_terseLabel_en-US" xlink:label="lab_tef_ContinuingAndDiscontinuedOperationsTable" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Continuing And Discontinued Operations [Table]</link:label>
    <link:label id="lab_tef_ContinuingAndDiscontinuedOperationsTable_label_en-US" xlink:label="lab_tef_ContinuingAndDiscontinuedOperationsTable" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Continuing And Discontinued Operations [Table]</link:label>
    <link:label id="lab_tef_ContinuingAndDiscontinuedOperationsTable_documentation_en-US" xlink:label="lab_tef_ContinuingAndDiscontinuedOperationsTable" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Continuing And Discontinued Operations [Table]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_ContinuingAndDiscontinuedOperationsTable" xlink:href="tef-20241231.xsd#tef_ContinuingAndDiscontinuedOperationsTable"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_ContinuingAndDiscontinuedOperationsTable" xlink:to="lab_tef_ContinuingAndDiscontinuedOperationsTable" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_RevenueFromSaleOfGoodsRelatedPartyTransactions_df7ce643-7c42-4d90-98a9-1749408a7988_terseLabel_en-US" xlink:label="lab_ifrs-full_RevenueFromSaleOfGoodsRelatedPartyTransactions" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Sale of goods</link:label>
    <link:label id="lab_ifrs-full_RevenueFromSaleOfGoodsRelatedPartyTransactions_label_en-US" xlink:label="lab_ifrs-full_RevenueFromSaleOfGoodsRelatedPartyTransactions" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Revenue from sale of goods, related party transactions</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_RevenueFromSaleOfGoodsRelatedPartyTransactions" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_RevenueFromSaleOfGoodsRelatedPartyTransactions"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_RevenueFromSaleOfGoodsRelatedPartyTransactions" xlink:to="lab_ifrs-full_RevenueFromSaleOfGoodsRelatedPartyTransactions" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_EMTNGBP10082029400GBPMember_fdb5a020-6a04-40ca-9d7e-c24c502dad0c_terseLabel_en-US" xlink:label="lab_tef_EMTNGBP10082029400GBPMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">EMTN GBP 10/08/2029 400 GBP</link:label>
    <link:label id="lab_tef_EMTNGBP10082029400GBPMember_label_en-US" xlink:label="lab_tef_EMTNGBP10082029400GBPMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">EMTN GBP 10/08/2029 400 GBP [Member]</link:label>
    <link:label id="lab_tef_EMTNGBP10082029400GBPMember_documentation_en-US" xlink:label="lab_tef_EMTNGBP10082029400GBPMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">EMTN GBP 10/08/2029 400 GBP [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_EMTNGBP10082029400GBPMember" xlink:href="tef-20241231.xsd#tef_EMTNGBP10082029400GBPMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_EMTNGBP10082029400GBPMember" xlink:to="lab_tef_EMTNGBP10082029400GBPMember" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_LegalDepositsMember_1185d478-4b5b-4847-b391-7459443d2d7b_terseLabel_en-US" xlink:label="lab_tef_LegalDepositsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Legal deposits</link:label>
    <link:label id="lab_tef_LegalDepositsMember_label_en-US" xlink:label="lab_tef_LegalDepositsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Legal Deposits [Member]</link:label>
    <link:label id="lab_tef_LegalDepositsMember_documentation_en-US" xlink:label="lab_tef_LegalDepositsMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Legal Deposits [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_LegalDepositsMember" xlink:href="tef-20241231.xsd#tef_LegalDepositsMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_LegalDepositsMember" xlink:to="lab_tef_LegalDepositsMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_CurrentAdvancesToSuppliers_51cb34b8-b91e-4aef-80df-9e6dfcb03127_terseLabel_en-US" xlink:label="lab_ifrs-full_CurrentAdvancesToSuppliers" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Other advance payments</link:label>
    <link:label id="lab_ifrs-full_CurrentAdvancesToSuppliers_label_en-US" xlink:label="lab_ifrs-full_CurrentAdvancesToSuppliers" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Current advances to suppliers</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_CurrentAdvancesToSuppliers" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_CurrentAdvancesToSuppliers"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_CurrentAdvancesToSuppliers" xlink:to="lab_ifrs-full_CurrentAdvancesToSuppliers" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_NetBorrowingsIncludingAdjustmentsMember_740c07dc-72ad-4f8f-91a4-b3b745ff5596_terseLabel_en-US" xlink:label="lab_tef_NetBorrowingsIncludingAdjustmentsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Net Borrowings, Including Adjustments</link:label>
    <link:label id="lab_tef_NetBorrowingsIncludingAdjustmentsMember_label_en-US" xlink:label="lab_tef_NetBorrowingsIncludingAdjustmentsMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Net Borrowings, Including Adjustments [Member]</link:label>
    <link:label id="lab_tef_NetBorrowingsIncludingAdjustmentsMember_documentation_en-US" xlink:label="lab_tef_NetBorrowingsIncludingAdjustmentsMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Net Borrowings, Including Adjustments</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_NetBorrowingsIncludingAdjustmentsMember" xlink:href="tef-20241231.xsd#tef_NetBorrowingsIncludingAdjustmentsMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_NetBorrowingsIncludingAdjustmentsMember" xlink:to="lab_tef_NetBorrowingsIncludingAdjustmentsMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_CashFlowHedgesMember_fd516a1d-908b-45ef-a0ba-e8e59020aa46_terseLabel_en-US" xlink:label="lab_ifrs-full_CashFlowHedgesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Cash flow hedges</link:label>
    <link:label id="lab_ifrs-full_CashFlowHedgesMember_label_en-US" xlink:label="lab_ifrs-full_CashFlowHedgesMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Cash flow hedges [member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_CashFlowHedgesMember" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_CashFlowHedgesMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_CashFlowHedgesMember" xlink:to="lab_ifrs-full_CashFlowHedgesMember" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_SyndicatedProvisionOfBlueviaFibraSLUMember_4b1656fb-ce52-40d9-ac9c-2d3ef670e74f_terseLabel_en-US" xlink:label="lab_tef_SyndicatedProvisionOfBlueviaFibraSLUMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Syndicated provision of Bluevia Fibra S.L.U.</link:label>
    <link:label id="lab_tef_SyndicatedProvisionOfBlueviaFibraSLUMember_label_en-US" xlink:label="lab_tef_SyndicatedProvisionOfBlueviaFibraSLUMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Syndicated provision of Bluevia Fibra S.L.U. [Member]</link:label>
    <link:label id="lab_tef_SyndicatedProvisionOfBlueviaFibraSLUMember_documentation_en-US" xlink:label="lab_tef_SyndicatedProvisionOfBlueviaFibraSLUMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Syndicated provision of Bluevia Fibra S.L.U.</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_SyndicatedProvisionOfBlueviaFibraSLUMember" xlink:href="tef-20241231.xsd#tef_SyndicatedProvisionOfBlueviaFibraSLUMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_SyndicatedProvisionOfBlueviaFibraSLUMember" xlink:to="lab_tef_SyndicatedProvisionOfBlueviaFibraSLUMember" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_FinancingPaymentsofFinancialInstruments_58886fec-6618-45f7-ad14-a0b85e4ec6e5_terseLabel_en-US" xlink:label="lab_tef_FinancingPaymentsofFinancialInstruments" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Financing payments</link:label>
    <link:label id="lab_tef_FinancingPaymentsofFinancialInstruments_label_en-US" xlink:label="lab_tef_FinancingPaymentsofFinancialInstruments" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Financing Payments of Financial Instruments</link:label>
    <link:label id="lab_tef_FinancingPaymentsofFinancialInstruments_documentation_en-US" xlink:label="lab_tef_FinancingPaymentsofFinancialInstruments" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Financing Payments of Financial Instruments</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_FinancingPaymentsofFinancialInstruments" xlink:href="tef-20241231.xsd#tef_FinancingPaymentsofFinancialInstruments"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_FinancingPaymentsofFinancialInstruments" xlink:to="lab_tef_FinancingPaymentsofFinancialInstruments" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_FixedSwitchedTelephonyServicesObligationTerm_e9b9d448-e5b9-498f-ab22-40d58945cba1_terseLabel_en-US" xlink:label="lab_tef_FixedSwitchedTelephonyServicesObligationTerm" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Fixed switched telephony services, obligation, term</link:label>
    <link:label id="lab_tef_FixedSwitchedTelephonyServicesObligationTerm_label_en-US" xlink:label="lab_tef_FixedSwitchedTelephonyServicesObligationTerm" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Fixed Switched Telephony Services, Obligation, Term</link:label>
    <link:label id="lab_tef_FixedSwitchedTelephonyServicesObligationTerm_documentation_en-US" xlink:label="lab_tef_FixedSwitchedTelephonyServicesObligationTerm" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Fixed Switched Telephony Services, Obligation, Term</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_FixedSwitchedTelephonyServicesObligationTerm" xlink:href="tef-20241231.xsd#tef_FixedSwitchedTelephonyServicesObligationTerm"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_FixedSwitchedTelephonyServicesObligationTerm" xlink:to="lab_tef_FixedSwitchedTelephonyServicesObligationTerm" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_SustainableLoanMember_16fc5772-122e-4b3c-92db-fd5e9a17c933_terseLabel_en-US" xlink:label="lab_tef_SustainableLoanMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Sustainable Loan</link:label>
    <link:label id="lab_tef_SustainableLoanMember_label_en-US" xlink:label="lab_tef_SustainableLoanMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Sustainable Loan [Member]</link:label>
    <link:label id="lab_tef_SustainableLoanMember_documentation_en-US" xlink:label="lab_tef_SustainableLoanMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Sustainable Loan</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_SustainableLoanMember" xlink:href="tef-20241231.xsd#tef_SustainableLoanMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_SustainableLoanMember" xlink:to="lab_tef_SustainableLoanMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_DisclosureOfJointVenturesLineItems_63d713d6-31ea-4cb5-8249-e54b559a85c2_terseLabel_en-US" xlink:label="lab_ifrs-full_DisclosureOfJointVenturesLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Disclosure of joint ventures [line items]</link:label>
    <link:label id="lab_ifrs-full_DisclosureOfJointVenturesLineItems_label_en-US" xlink:label="lab_ifrs-full_DisclosureOfJointVenturesLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure of joint ventures [line items]</link:label>
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    <link:label id="lab_tef_AssociatesAndJointVenturesDomain_label_en-US" xlink:label="lab_tef_AssociatesAndJointVenturesDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Associates and Joint Ventures [Domain]</link:label>
    <link:label id="lab_tef_AssociatesAndJointVenturesDomain_documentation_en-US" xlink:label="lab_tef_AssociatesAndJointVenturesDomain" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Associates and Joint Ventures [Domain]</link:label>
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    <link:label id="lab_ifrs-full_FinanceIncomeReceivedClassifiedAsOperatingActivities_3ecdd9ab-00ba-4383-bb3f-473731f49579_terseLabel_en-US" xlink:label="lab_ifrs-full_FinanceIncomeReceivedClassifiedAsOperatingActivities" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Finance income received, classified as operating activities</link:label>
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    <link:label id="lab_tef_RedspireLimitedMember_documentation_en-US" xlink:label="lab_tef_RedspireLimitedMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Redspire Limited</link:label>
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    <link:label id="lab_ifrs-full_OtherInventories_bce4c1cd-227d-4a14-b6e9-7167cf5d21fa_terseLabel_en-US" xlink:label="lab_ifrs-full_OtherInventories" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Other inventories</link:label>
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    <link:label id="lab_tef_TelefonicaServiciosAudiovisualesMember_b9ad03c6-5d7d-4a31-ba77-eb6f88bc9277_terseLabel_en-US" xlink:label="lab_tef_TelefonicaServiciosAudiovisualesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Telef&#243;nica Servicios Audiovisuales, S.A.U. Provision of all type of audiovisual telecommunications services</link:label>
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    <link:label id="lab_tef_SharebasedCompensationArrangementbySharebasedPaymentAwardNumberOfEmployeesRegistered_9758f82d-b891-44c5-b05c-e6c1f56fc631_terseLabel_en-US" xlink:label="lab_tef_SharebasedCompensationArrangementbySharebasedPaymentAwardNumberOfEmployeesRegistered" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Number of employees registered</link:label>
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    <link:label id="lab_tef_SharebasedCompensationArrangementbySharebasedPaymentAwardNumberOfEmployeesRegistered_documentation_en-US" xlink:label="lab_tef_SharebasedCompensationArrangementbySharebasedPaymentAwardNumberOfEmployeesRegistered" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Share-based Compensation Arrangement by Share-based Payment Award, Number Of Employees Registered</link:label>
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    <link:label id="lab_ifrs-full_ConstructionInProgressMember_label_en-US" xlink:label="lab_ifrs-full_ConstructionInProgressMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Construction in progress [member]</link:label>
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    <link:label id="lab_tef_NetRepatriationOfFunds_116da892-3da6-4253-9fe0-e9f450b31a93_terseLabel_en-US" xlink:label="lab_tef_NetRepatriationOfFunds" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Net repatriation of funds to Spain</link:label>
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    <link:label id="lab_tef_NetRepatriationOfFunds_documentation_en-US" xlink:label="lab_tef_NetRepatriationOfFunds" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Net Repatriation Of Funds</link:label>
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    <link:label id="lab_tef_ShareBasedCompensationArrangementByShareBasedPaymentAwardMaximumNumberOfSharesAllocatedToBeDelivered_fd1da002-4ef1-4cb6-982b-e6501893a986_terseLabel_en-US" xlink:label="lab_tef_ShareBasedCompensationArrangementByShareBasedPaymentAwardMaximumNumberOfSharesAllocatedToBeDelivered" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Maximum number of shares allocated to be delivered (in shares)</link:label>
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    <link:label id="lab_tef_ShareBasedCompensationArrangementByShareBasedPaymentAwardMaximumNumberOfSharesAllocatedToBeDelivered_documentation_en-US" xlink:label="lab_tef_ShareBasedCompensationArrangementByShareBasedPaymentAwardMaximumNumberOfSharesAllocatedToBeDelivered" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Share-based Compensation Arrangement By Share-based Payment Award, Maximum Number Of Shares Allocated To Be Delivered</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_ShareBasedCompensationArrangementByShareBasedPaymentAwardMaximumNumberOfSharesAllocatedToBeDelivered" xlink:href="tef-20241231.xsd#tef_ShareBasedCompensationArrangementByShareBasedPaymentAwardMaximumNumberOfSharesAllocatedToBeDelivered"/>
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    <link:label id="lab_tef_BondOMember_cd12e500-d638-406f-aec9-161737240d19_terseLabel_en-US" xlink:label="lab_tef_BondOMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Bond O</link:label>
    <link:label id="lab_tef_BondOMember_label_en-US" xlink:label="lab_tef_BondOMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Bond O [Member]</link:label>
    <link:label id="lab_tef_BondOMember_documentation_en-US" xlink:label="lab_tef_BondOMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Bond O</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_BondOMember" xlink:href="tef-20241231.xsd#tef_BondOMember"/>
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    <link:label id="lab_ifrs-full_RevaluationIncreaseDecreaseIntangibleAssetsOtherThanGoodwill_55776067-4753-40f3-a59a-0a93fc07e648_negatedTerseLabel_en-US" xlink:label="lab_ifrs-full_RevaluationIncreaseDecreaseIntangibleAssetsOtherThanGoodwill" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xml:lang="en-US">Inflation adjustments</link:label>
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    <link:label id="lab_ifrs-full_OtherCurrentAssets_05d19b4e-2bb5-4365-9a1e-a49c92af2eb3_terseLabel_en-US" xlink:label="lab_ifrs-full_OtherCurrentAssets" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Other current assets</link:label>
    <link:label id="lab_ifrs-full_OtherCurrentAssets_c8bd54a4-b10b-4a8f-89b7-175076def937_totalLabel_en-US" xlink:label="lab_ifrs-full_OtherCurrentAssets" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Other current assets</link:label>
    <link:label id="lab_ifrs-full_OtherCurrentAssets_label_en-US" xlink:label="lab_ifrs-full_OtherCurrentAssets" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Other current assets</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_OtherCurrentAssets" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_OtherCurrentAssets"/>
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    <link:label id="lab_ifrs-full_IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate_7a9ee936-ff3e-4eea-af32-ef179efd9aae_terseLabel_en-US" xlink:label="lab_ifrs-full_IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Intangible assets</link:label>
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    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_IdentifiableIntangibleAssetsRecognisedAsOfAcquisitionDate"/>
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    <link:label id="lab_tef_SeniorSustainableBondOfTelefonicaEmisiones2022Member_6cbe3303-10cf-44ca-9315-e399af2e6317_terseLabel_en-US" xlink:label="lab_tef_SeniorSustainableBondOfTelefonicaEmisiones2022Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Senior sustainable bond of Telef&#243;nica Emisiones 2022 (Appendix III)</link:label>
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    <link:label id="lab_tef_LegofDerivativeContractDomain_10b13ec1-f63b-4879-8fa1-ebd635113a9b_terseLabel_en-US" xlink:label="lab_tef_LegofDerivativeContractDomain" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Leg of Derivative Contract [Domain]</link:label>
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    <link:label id="lab_tef_LegofDerivativeContractDomain_documentation_en-US" xlink:label="lab_tef_LegofDerivativeContractDomain" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">[Domain] for Leg of Derivative Contract [Axis]</link:label>
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    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_LegofDerivativeContractDomain" xlink:to="lab_tef_LegofDerivativeContractDomain" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_ReversalOfDeferredTaxAssetsForTaxLossCarryforwards_3be25d3b-6e07-44c3-bbfe-30c748838e7a_terseLabel_en-US" xlink:label="lab_tef_ReversalOfDeferredTaxAssetsForTaxLossCarryforwards" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Reversal of deferred tax assets for tax loss carryforwards</link:label>
    <link:label id="lab_tef_ReversalOfDeferredTaxAssetsForTaxLossCarryforwards_label_en-US" xlink:label="lab_tef_ReversalOfDeferredTaxAssetsForTaxLossCarryforwards" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Reversal Of Deferred Tax Assets For Tax Loss Carryforwards</link:label>
    <link:label id="lab_tef_ReversalOfDeferredTaxAssetsForTaxLossCarryforwards_documentation_en-US" xlink:label="lab_tef_ReversalOfDeferredTaxAssetsForTaxLossCarryforwards" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Reversal Of Deferred Tax Assets For Tax Loss Carryforwards</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_ReversalOfDeferredTaxAssetsForTaxLossCarryforwards" xlink:href="tef-20241231.xsd#tef_ReversalOfDeferredTaxAssetsForTaxLossCarryforwards"/>
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    <link:label id="lab_ifrs-full_IssuedCapitalMember_63ac5538-b802-4c1a-9592-8364571f506e_terseLabel_en-US" xlink:label="lab_ifrs-full_IssuedCapitalMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Share capital</link:label>
    <link:label id="lab_ifrs-full_IssuedCapitalMember_label_en-US" xlink:label="lab_ifrs-full_IssuedCapitalMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Issued capital [member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_IssuedCapitalMember" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_IssuedCapitalMember"/>
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    <link:label id="lab_tef_IncreaseDecreaseThroughLossOfControlOfSubsidiaryDeferredTaxAsset_fdcbe603-f75e-4882-81e6-b833fb337d4a_terseLabel_en-US" xlink:label="lab_tef_IncreaseDecreaseThroughLossOfControlOfSubsidiaryDeferredTaxAsset" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Disposals</link:label>
    <link:label id="lab_tef_IncreaseDecreaseThroughLossOfControlOfSubsidiaryDeferredTaxAsset_label_en-US" xlink:label="lab_tef_IncreaseDecreaseThroughLossOfControlOfSubsidiaryDeferredTaxAsset" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Increase (Decrease) Through Loss Of Control Of Subsidiary, Deferred Tax Asset</link:label>
    <link:label id="lab_tef_IncreaseDecreaseThroughLossOfControlOfSubsidiaryDeferredTaxAsset_documentation_en-US" xlink:label="lab_tef_IncreaseDecreaseThroughLossOfControlOfSubsidiaryDeferredTaxAsset" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Increase (Decrease) Through Loss Of Control Of Subsidiary, Deferred Tax Asset</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_IncreaseDecreaseThroughLossOfControlOfSubsidiaryDeferredTaxAsset" xlink:href="tef-20241231.xsd#tef_IncreaseDecreaseThroughLossOfControlOfSubsidiaryDeferredTaxAsset"/>
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    <link:label id="lab_dei_DocumentFiscalYearFocus_478a9d16-e929-4dae-a45d-3b0e516b9007_terseLabel_en-US" xlink:label="lab_dei_DocumentFiscalYearFocus" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Document Fiscal Year Focus</link:label>
    <link:label id="lab_dei_DocumentFiscalYearFocus_label_en-US" xlink:label="lab_dei_DocumentFiscalYearFocus" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Document Fiscal Year Focus</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_dei_DocumentFiscalYearFocus" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_DocumentFiscalYearFocus"/>
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    <link:label id="lab_ifrs-full_DisclosureOfSensitivityAnalysisForActuarialAssumptionsLineItems_8677f1b3-2629-4b71-ab21-49b31ec75a74_terseLabel_en-US" xlink:label="lab_ifrs-full_DisclosureOfSensitivityAnalysisForActuarialAssumptionsLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Disclosure of sensitivity analysis for actuarial assumptions [line items]</link:label>
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    <link:label id="lab_currency_CZK_807e3f9f-5089-4085-8da4-bbe69d49786a_terseLabel_en-US" xlink:label="lab_currency_CZK" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">CZK</link:label>
    <link:label id="lab_currency_CZK_label_en-US" xlink:label="lab_currency_CZK" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Czech Republic, Koruny</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_currency_CZK" xlink:href="https://xbrl.sec.gov/currency/2024/currency-2024.xsd#currency_CZK"/>
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    <link:label id="lab_ifrs-full_TaxEffectFromChangeInTaxRate_920f6d45-5af0-4d15-97ee-96adc757fe5f_terseLabel_en-US" xlink:label="lab_ifrs-full_TaxEffectFromChangeInTaxRate" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Changes in deferred tax charge due to changes in tax rates</link:label>
    <link:label id="lab_ifrs-full_TaxEffectFromChangeInTaxRate_label_en-US" xlink:label="lab_ifrs-full_TaxEffectFromChangeInTaxRate" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Tax effect from change in tax rate</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_TaxEffectFromChangeInTaxRate" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_TaxEffectFromChangeInTaxRate"/>
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    <link:label id="lab_ifrs-full_CurrentPrepayments_52e6103b-3a11-4c74-8b26-c963ae7ecff2_terseLabel_en-US" xlink:label="lab_ifrs-full_CurrentPrepayments" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Prepayments</link:label>
    <link:label id="lab_ifrs-full_CurrentPrepayments_label_en-US" xlink:label="lab_ifrs-full_CurrentPrepayments" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Current prepayments</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_CurrentPrepayments" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_CurrentPrepayments"/>
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    <link:label id="lab_tef_BondT.Peru6thProgram17thSeriesAMember_67118ffe-9ca7-4e0d-9246-08dac53327a7_terseLabel_en-US" xlink:label="lab_tef_BondT.Peru6thProgram17thSeriesAMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Bond T. Peru 6th Program (17th Serie A)</link:label>
    <link:label id="lab_tef_BondT.Peru6thProgram17thSeriesAMember_label_en-US" xlink:label="lab_tef_BondT.Peru6thProgram17thSeriesAMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Bond T. Peru 6th Program (17th Series A) [Member]</link:label>
    <link:label id="lab_tef_BondT.Peru6thProgram17thSeriesAMember_documentation_en-US" xlink:label="lab_tef_BondT.Peru6thProgram17thSeriesAMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Bond T. Peru 6th Program (17th Series A) [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_BondT.Peru6thProgram17thSeriesAMember" xlink:href="tef-20241231.xsd#tef_BondT.Peru6thProgram17thSeriesAMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_BondT.Peru6thProgram17thSeriesAMember" xlink:to="lab_tef_BondT.Peru6thProgram17thSeriesAMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_ProportionOfOwnershipInterestsHeldByNoncontrollingInterests_9bd973a6-aac6-40af-b188-a6e074b70ea9_terseLabel_en-US" xlink:label="lab_ifrs-full_ProportionOfOwnershipInterestsHeldByNoncontrollingInterests" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Significant shareholder stake of the Company (as a percent)</link:label>
    <link:label id="lab_ifrs-full_ProportionOfOwnershipInterestsHeldByNoncontrollingInterests_label_en-US" xlink:label="lab_ifrs-full_ProportionOfOwnershipInterestsHeldByNoncontrollingInterests" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Proportion of ownership interests held by non-controlling interests</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_ProportionOfOwnershipInterestsHeldByNoncontrollingInterests" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_ProportionOfOwnershipInterestsHeldByNoncontrollingInterests"/>
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    <link:label id="lab_tef_WholesalersMobileHandsetsSalesAndOthersMember_afb41ced-1752-4f7a-80f8-cc012a9133af_terseLabel_en-US" xlink:label="lab_tef_WholesalersMobileHandsetsSalesAndOthersMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Wholesalers, mobile handsets sales and others</link:label>
    <link:label id="lab_tef_WholesalersMobileHandsetsSalesAndOthersMember_label_en-US" xlink:label="lab_tef_WholesalersMobileHandsetsSalesAndOthersMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Wholesalers, mobile handsets sales and others [Member]</link:label>
    <link:label id="lab_tef_WholesalersMobileHandsetsSalesAndOthersMember_documentation_en-US" xlink:label="lab_tef_WholesalersMobileHandsetsSalesAndOthersMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Wholesalers, mobile handsets sales and others</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_WholesalersMobileHandsetsSalesAndOthersMember" xlink:href="tef-20241231.xsd#tef_WholesalersMobileHandsetsSalesAndOthersMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_WholesalersMobileHandsetsSalesAndOthersMember" xlink:to="lab_tef_WholesalersMobileHandsetsSalesAndOthersMember" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_ValeSaudeAdministradoraDeCartoesLtdaMember_05ee95c7-3c6c-4d9e-beee-aa3681478762_terseLabel_en-US" xlink:label="lab_tef_ValeSaudeAdministradoraDeCartoesLtdaMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Vale Sa&#250;de, Administradora de Cart&#245;es Ltda. Provision of health services</link:label>
    <link:label id="lab_tef_ValeSaudeAdministradoraDeCartoesLtdaMember_label_en-US" xlink:label="lab_tef_ValeSaudeAdministradoraDeCartoesLtdaMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Vale Sa&#250;de, Administradora de Cart&#245;es Ltda [Member]</link:label>
    <link:label id="lab_tef_ValeSaudeAdministradoraDeCartoesLtdaMember_documentation_en-US" xlink:label="lab_tef_ValeSaudeAdministradoraDeCartoesLtdaMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Vale Sa&#250;de, Administradora de Cart&#245;es Ltda</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_ValeSaudeAdministradoraDeCartoesLtdaMember" xlink:href="tef-20241231.xsd#tef_ValeSaudeAdministradoraDeCartoesLtdaMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_ValeSaudeAdministradoraDeCartoesLtdaMember" xlink:to="lab_tef_ValeSaudeAdministradoraDeCartoesLtdaMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_TemporaryDifferenceMember_f78912d7-f4ac-4a77-9e4b-ae9459734fc2_terseLabel_en-US" xlink:label="lab_ifrs-full_TemporaryDifferenceMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Deferred tax assets for temporary differences</link:label>
    <link:label id="lab_ifrs-full_TemporaryDifferenceMember_e724e931-4309-48ef-8d6c-f93bbcf2da58_verboseLabel_en-US" xlink:label="lab_ifrs-full_TemporaryDifferenceMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Total deferred tax assets/ liabilities for temporary differences</link:label>
    <link:label id="lab_ifrs-full_TemporaryDifferenceMember_label_en-US" xlink:label="lab_ifrs-full_TemporaryDifferenceMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Temporary differences [member]</link:label>
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    <link:label id="lab_tef_ShareBasedPaymentArrangementTrancheAxis_14273920-3bcd-42bd-b5e6-2f086cf0cce8_terseLabel_en-US" xlink:label="lab_tef_ShareBasedPaymentArrangementTrancheAxis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Share-Based Payment Arrangement Tranche [Axis]</link:label>
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    <link:label id="lab_ifrs-full_DisclosureOfGeographicalAreasExplanatory_a0d4aa1e-5b18-4758-b03e-6c41fde5dc74_terseLabel_en-US" xlink:label="lab_ifrs-full_DisclosureOfGeographicalAreasExplanatory" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Schedule of Composition of Segment Revenues, Detailed by the Main Countries of Operation</link:label>
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    <link:label id="lab_tef_ProportionofInterconnectionRevenuesContingentLiabilities_66d06618-ebf2-416f-9756-dee78390160f_terseLabel_en-US" xlink:label="lab_tef_ProportionofInterconnectionRevenuesContingentLiabilities" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Proportion of interconnection revenues from contingent legal claim</link:label>
    <link:label id="lab_tef_ProportionofInterconnectionRevenuesContingentLiabilities_label_en-US" xlink:label="lab_tef_ProportionofInterconnectionRevenuesContingentLiabilities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Proportion of Interconnection Revenues, Contingent Liabilities</link:label>
    <link:label id="lab_tef_ProportionofInterconnectionRevenuesContingentLiabilities_documentation_en-US" xlink:label="lab_tef_ProportionofInterconnectionRevenuesContingentLiabilities" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Proportion of Interconnection Revenues, Contingent Liabilities</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_ProportionofInterconnectionRevenuesContingentLiabilities" xlink:href="tef-20241231.xsd#tef_ProportionofInterconnectionRevenuesContingentLiabilities"/>
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    <link:label id="lab_tef_HedgingInstrumentNonCurrentLiabilitiesTerm_591ef764-3492-4257-be89-b32366767288_terseLabel_en-US" xlink:label="lab_tef_HedgingInstrumentNonCurrentLiabilitiesTerm" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Non-current financial liabilities, term</link:label>
    <link:label id="lab_tef_HedgingInstrumentNonCurrentLiabilitiesTerm_label_en-US" xlink:label="lab_tef_HedgingInstrumentNonCurrentLiabilitiesTerm" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Hedging Instrument, Non-Current Liabilities, Term</link:label>
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    <link:loc xlink:type="locator" xlink:label="loc_tef_HedgingInstrumentNonCurrentLiabilitiesTerm" xlink:href="tef-20241231.xsd#tef_HedgingInstrumentNonCurrentLiabilitiesTerm"/>
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    <link:label id="lab_srt_LatinAmericaMember_cbecf70d-4200-4080-8101-f0a1722330a0_terseLabel_en-US" xlink:label="lab_srt_LatinAmericaMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Latin America</link:label>
    <link:label id="lab_srt_LatinAmericaMember_label_en-US" xlink:label="lab_srt_LatinAmericaMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Latin America [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_srt_LatinAmericaMember" xlink:href="https://xbrl.fasb.org/srt/2024/elts/srt-2024.xsd#srt_LatinAmericaMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_srt_LatinAmericaMember" xlink:to="lab_srt_LatinAmericaMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_LeasesAsLesseeRelatedPartyTransactions_498f48f1-f9d2-4672-a915-19741f674d03_terseLabel_en-US" xlink:label="lab_ifrs-full_LeasesAsLesseeRelatedPartyTransactions" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Finance arrangements: loans and capital contributions (lender)</link:label>
    <link:label id="lab_ifrs-full_LeasesAsLesseeRelatedPartyTransactions_label_en-US" xlink:label="lab_ifrs-full_LeasesAsLesseeRelatedPartyTransactions" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Leases as lessee, related party transactions</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_LeasesAsLesseeRelatedPartyTransactions" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_LeasesAsLesseeRelatedPartyTransactions"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_LeasesAsLesseeRelatedPartyTransactions" xlink:to="lab_ifrs-full_LeasesAsLesseeRelatedPartyTransactions" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_GrossContractualAmountsReceivableForAcquiredReceivables_12c70c64-9bbc-4f8d-92dd-fe1d2a1bdddc_terseLabel_en-US" xlink:label="lab_ifrs-full_GrossContractualAmountsReceivableForAcquiredReceivables" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Gross contractual amounts receivable for acquired receivables</link:label>
    <link:label id="lab_ifrs-full_GrossContractualAmountsReceivableForAcquiredReceivables_label_en-US" xlink:label="lab_ifrs-full_GrossContractualAmountsReceivableForAcquiredReceivables" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Gross contractual amounts receivable for acquired receivables</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_GrossContractualAmountsReceivableForAcquiredReceivables" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_GrossContractualAmountsReceivableForAcquiredReceivables"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ifrs-full_GrossContractualAmountsReceivableForAcquiredReceivables" xlink:to="lab_ifrs-full_GrossContractualAmountsReceivableForAcquiredReceivables" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_DisclosureOfTemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsExplanatory_0e48afcb-74e0-46d1-a46e-a526ed555bb1_verboseLabel_en-US" xlink:label="lab_ifrs-full_DisclosureOfTemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsExplanatory" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Schedule of Deferred Taxes Movement</link:label>
    <link:label id="lab_ifrs-full_DisclosureOfTemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsExplanatory_label_en-US" xlink:label="lab_ifrs-full_DisclosureOfTemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsExplanatory" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure of temporary difference, unused tax losses and unused tax credits [text block]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_DisclosureOfTemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsExplanatory" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_DisclosureOfTemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsExplanatory"/>
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    <link:label id="lab_dei_EntityCurrentReportingStatus_3224b6b1-1d1a-477e-876e-f0d67d021561_terseLabel_en-US" xlink:label="lab_dei_EntityCurrentReportingStatus" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Entity Current Reporting Status</link:label>
    <link:label id="lab_dei_EntityCurrentReportingStatus_label_en-US" xlink:label="lab_dei_EntityCurrentReportingStatus" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Entity Current Reporting Status</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_dei_EntityCurrentReportingStatus" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_EntityCurrentReportingStatus"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_dei_EntityCurrentReportingStatus" xlink:to="lab_dei_EntityCurrentReportingStatus" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_TelefonicaLatinoamericaHoldingMember_f85b7bc8-8e1a-4835-bcf2-7ec43c26405d_terseLabel_en-US" xlink:label="lab_tef_TelefonicaLatinoamericaHoldingMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Telef&#243;nica Latinoam&#233;rica Holding, S.L.U. Holding company</link:label>
    <link:label id="lab_tef_TelefonicaLatinoamericaHoldingMember_label_en-US" xlink:label="lab_tef_TelefonicaLatinoamericaHoldingMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Telefonica Latinoamerica Holding [Member]</link:label>
    <link:label id="lab_tef_TelefonicaLatinoamericaHoldingMember_documentation_en-US" xlink:label="lab_tef_TelefonicaLatinoamericaHoldingMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Telefonica Latinoamerica Holding [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_TelefonicaLatinoamericaHoldingMember" xlink:href="tef-20241231.xsd#tef_TelefonicaLatinoamericaHoldingMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_TelefonicaLatinoamericaHoldingMember" xlink:to="lab_tef_TelefonicaLatinoamericaHoldingMember" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_IncreaseDecreaseThroughTransfersContractLiabilities_9d3633fd-0350-447a-9972-c339b65b6526_terseLabel_en-US" xlink:label="lab_tef_IncreaseDecreaseThroughTransfersContractLiabilities" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Transfers</link:label>
    <link:label id="lab_tef_IncreaseDecreaseThroughTransfersContractLiabilities_label_en-US" xlink:label="lab_tef_IncreaseDecreaseThroughTransfersContractLiabilities" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Increase (Decrease) Through Transfers, Contract Liabilities</link:label>
    <link:label id="lab_tef_IncreaseDecreaseThroughTransfersContractLiabilities_documentation_en-US" xlink:label="lab_tef_IncreaseDecreaseThroughTransfersContractLiabilities" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Increase (Decrease) Through Transfers, Contract Liabilities</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_IncreaseDecreaseThroughTransfersContractLiabilities" xlink:href="tef-20241231.xsd#tef_IncreaseDecreaseThroughTransfersContractLiabilities"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_IncreaseDecreaseThroughTransfersContractLiabilities" xlink:to="lab_tef_IncreaseDecreaseThroughTransfersContractLiabilities" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_Blackrockinc.Member_1c1e61b8-ca9b-4446-8ea9-e73cb92f1045_terseLabel_en-US" xlink:label="lab_tef_Blackrockinc.Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">BlackRock Inc</link:label>
    <link:label id="lab_tef_Blackrockinc.Member_label_en-US" xlink:label="lab_tef_Blackrockinc.Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Blackrock inc. [Member]</link:label>
    <link:label id="lab_tef_Blackrockinc.Member_documentation_en-US" xlink:label="lab_tef_Blackrockinc.Member" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Blackrock inc. [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_Blackrockinc.Member" xlink:href="tef-20241231.xsd#tef_Blackrockinc.Member"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_Blackrockinc.Member" xlink:to="lab_tef_Blackrockinc.Member" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_SubordinatedSecuritiesIssuedSeptember2023Member_4a20ef24-1629-4485-943b-03977ca14a48_terseLabel_en-US" xlink:label="lab_tef_SubordinatedSecuritiesIssuedSeptember2023Member" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Subordinated securities, issued September 2023</link:label>
    <link:label id="lab_tef_SubordinatedSecuritiesIssuedSeptember2023Member_label_en-US" xlink:label="lab_tef_SubordinatedSecuritiesIssuedSeptember2023Member" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Subordinated Securities, Issued September 2023 [Member]</link:label>
    <link:label id="lab_tef_SubordinatedSecuritiesIssuedSeptember2023Member_documentation_en-US" xlink:label="lab_tef_SubordinatedSecuritiesIssuedSeptember2023Member" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Subordinated Securities, Issued September 2023</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_SubordinatedSecuritiesIssuedSeptember2023Member" xlink:href="tef-20241231.xsd#tef_SubordinatedSecuritiesIssuedSeptember2023Member"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_SubordinatedSecuritiesIssuedSeptember2023Member" xlink:to="lab_tef_SubordinatedSecuritiesIssuedSeptember2023Member" xlink:type="arc" order="1"/>
    <link:label id="lab_tef_BONDR144AMember_5322fb39-8f4d-4280-9f64-46f02d7b86d2_terseLabel_en-US" xlink:label="lab_tef_BONDR144AMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">BOND R144-A</link:label>
    <link:label id="lab_tef_BONDR144AMember_label_en-US" xlink:label="lab_tef_BONDR144AMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">BOND R144-A [Member]</link:label>
    <link:label id="lab_tef_BONDR144AMember_documentation_en-US" xlink:label="lab_tef_BONDR144AMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">BOND R144-A [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_BONDR144AMember" xlink:href="tef-20241231.xsd#tef_BONDR144AMember"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_tef_BONDR144AMember" xlink:to="lab_tef_BONDR144AMember" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_PaymentsFromChangesInOwnershipInterestsInSubsidiaries_e75895a6-10a0-411e-b743-6b20eff90f2c_negatedTerseLabel_en-US" xlink:label="lab_ifrs-full_PaymentsFromChangesInOwnershipInterestsInSubsidiaries" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xml:lang="en-US">Payments from changes in ownership interests in subsidiaries that do not result in loss of control</link:label>
    <link:label id="lab_ifrs-full_PaymentsFromChangesInOwnershipInterestsInSubsidiaries_label_en-US" xlink:label="lab_ifrs-full_PaymentsFromChangesInOwnershipInterestsInSubsidiaries" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Payments from changes in ownership interests in subsidiaries that do not result in loss of control</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_PaymentsFromChangesInOwnershipInterestsInSubsidiaries" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_PaymentsFromChangesInOwnershipInterestsInSubsidiaries"/>
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    <link:label id="lab_country_PE_6012a843-02cc-40c4-ba94-c9c43ecfb603_terseLabel_en-US" xlink:label="lab_country_PE" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Peru</link:label>
    <link:label id="lab_country_PE_label_en-US" xlink:label="lab_country_PE" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">PERU</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_country_PE" xlink:href="https://xbrl.sec.gov/country/2024/country-2024.xsd#country_PE"/>
    <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_country_PE" xlink:to="lab_country_PE" xlink:type="arc" order="1"/>
    <link:label id="lab_ifrs-full_DisclosureOfFairValueOfPlanAssetsLineItems_80330f77-68b4-41d2-89c7-ee55068e49ce_terseLabel_en-US" xlink:label="lab_ifrs-full_DisclosureOfFairValueOfPlanAssetsLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Disclosure of fair value of plan assets [line items]</link:label>
    <link:label id="lab_ifrs-full_DisclosureOfFairValueOfPlanAssetsLineItems_label_en-US" xlink:label="lab_ifrs-full_DisclosureOfFairValueOfPlanAssetsLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure of fair value of plan assets [line items]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_DisclosureOfFairValueOfPlanAssetsLineItems" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_DisclosureOfFairValueOfPlanAssetsLineItems"/>
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    <link:label id="lab_tef_HedgingDesignation1Axis_75cd8d9d-52c2-41e7-b665-6183a956bea0_terseLabel_en-US" xlink:label="lab_tef_HedgingDesignation1Axis" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Hedging Designation [Axis]</link:label>
    <link:label id="lab_tef_HedgingDesignation1Axis_label_en-US" xlink:label="lab_tef_HedgingDesignation1Axis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Hedging Designation1 [Axis]</link:label>
    <link:label id="lab_tef_HedgingDesignation1Axis_documentation_en-US" xlink:label="lab_tef_HedgingDesignation1Axis" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Hedging Designation1 [Axis]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_HedgingDesignation1Axis" xlink:href="tef-20241231.xsd#tef_HedgingDesignation1Axis"/>
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    <link:label id="lab_tef_CreditDerivativesToTotalPercentage_7565c746-43d2-41a5-b59e-ed7a5fa910d2_terseLabel_en-US" xlink:label="lab_tef_CreditDerivativesToTotalPercentage" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Credit derivatives, to total (in percentage)</link:label>
    <link:label id="lab_tef_CreditDerivativesToTotalPercentage_label_en-US" xlink:label="lab_tef_CreditDerivativesToTotalPercentage" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Credit Derivatives, To Total , Percentage</link:label>
    <link:label id="lab_tef_CreditDerivativesToTotalPercentage_documentation_en-US" xlink:label="lab_tef_CreditDerivativesToTotalPercentage" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Credit Derivatives, To Total , Percentage</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_CreditDerivativesToTotalPercentage" xlink:href="tef-20241231.xsd#tef_CreditDerivativesToTotalPercentage"/>
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    <link:label id="lab_ifrs-full_DisclosureOfAssetsRecognisedFromCostsToObtainOrFulfilContractsWithCustomersLineItems_3a34399b-c7df-42a6-8dfa-52c9c3b77bbd_terseLabel_en-US" xlink:label="lab_ifrs-full_DisclosureOfAssetsRecognisedFromCostsToObtainOrFulfilContractsWithCustomersLineItems" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Disclosure of assets recognised from costs to obtain or fulfil contracts with customers [line items]</link:label>
    <link:label id="lab_ifrs-full_DisclosureOfAssetsRecognisedFromCostsToObtainOrFulfilContractsWithCustomersLineItems_label_en-US" xlink:label="lab_ifrs-full_DisclosureOfAssetsRecognisedFromCostsToObtainOrFulfilContractsWithCustomersLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Disclosure of assets recognised from costs to obtain or fulfil contracts with customers [line items]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_ifrs-full_DisclosureOfAssetsRecognisedFromCostsToObtainOrFulfilContractsWithCustomersLineItems" xlink:href="https://xbrl.ifrs.org/taxonomy/2024-03-27/full_ifrs/full_ifrs-cor_2024-03-27.xsd#ifrs-full_DisclosureOfAssetsRecognisedFromCostsToObtainOrFulfilContractsWithCustomersLineItems"/>
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    <link:label id="lab_tef_CommercialPaperLiabilityMember_337e85c0-8e53-43e1-9208-b6ffd340a725_terseLabel_en-US" xlink:label="lab_tef_CommercialPaperLiabilityMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Commercial paper</link:label>
    <link:label id="lab_tef_CommercialPaperLiabilityMember_label_en-US" xlink:label="lab_tef_CommercialPaperLiabilityMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Commercial Paper, Liability [Member]</link:label>
    <link:label id="lab_tef_CommercialPaperLiabilityMember_documentation_en-US" xlink:label="lab_tef_CommercialPaperLiabilityMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Commercial Paper [Member]</link:label>
    <link:loc xlink:type="locator" xlink:label="loc_tef_CommercialPaperLiabilityMember" xlink:href="tef-20241231.xsd#tef_CommercialPaperLiabilityMember"/>
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    <link:label id="lab_ifrs-full_DisclosureOfSharebasedPaymentArrangementsExplanatory_69b634c0-5288-47e4-b933-d7c7964f1921_terseLabel_en-US" xlink:label="lab_ifrs-full_DisclosureOfSharebasedPaymentArrangementsExplanatory" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Long-term incentive plans based on Telef&#243;nica, S.A. shares</link:label>
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    <link:label id="lab_tef_OtherCurrenciesMember_documentation_en-US" xlink:label="lab_tef_OtherCurrenciesMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Other Currencies [Member]</link:label>
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    <link:label id="lab_ifrs-full_DescriptionOfGrowthRateUsedToExtrapolateCashFlowProjections_a72c5c04-6fe6-486b-bd0b-751e37c32f23_verboseLabel_en-US" xlink:label="lab_ifrs-full_DescriptionOfGrowthRateUsedToExtrapolateCashFlowProjections" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Growth rate applied to cash flow projections (as a percent)</link:label>
    <link:label id="lab_ifrs-full_DescriptionOfGrowthRateUsedToExtrapolateCashFlowProjections_label_en-US" xlink:label="lab_ifrs-full_DescriptionOfGrowthRateUsedToExtrapolateCashFlowProjections" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Growth rate used to extrapolate cash flow projections</link:label>
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    <link:label id="lab_tef_OtherCompaniesMember_69968fca-a85d-4b60-b86f-977d777a8cc5_terseLabel_en-US" xlink:label="lab_tef_OtherCompaniesMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Others</link:label>
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    <link:label id="lab_tef_OtherCompaniesMember_documentation_en-US" xlink:label="lab_tef_OtherCompaniesMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Other Companies [Member]</link:label>
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    <link:label id="lab_ifrs-full_GoodwillRecognisedAsOfAcquisitionDate_e8d17fef-b97d-4afe-b7a9-771f00f49bc7_verboseLabel_en-US" xlink:label="lab_ifrs-full_GoodwillRecognisedAsOfAcquisitionDate" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Goodwill</link:label>
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    <link:label id="lab_tef_CallCurrenciesMember_documentation_en-US" xlink:label="lab_tef_CallCurrenciesMember" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Call Currencies</link:label>
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    <link:label id="lab_ifrs-full_LaterThanThreeYearsAndNotLaterThanFiveYearsMember_227f6262-0be4-4480-ae91-5c77b78a22cc_terseLabel_en-US" xlink:label="lab_ifrs-full_LaterThanThreeYearsAndNotLaterThanFiveYearsMember" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">3 to 5 years</link:label>
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<FILENAME>tef-20241231_pre.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE DOCUMENT
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<span style="display: none;">v3.25.0.1</span><table class="report" border="0" cellspacing="2" id="idm45294704774064">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Cover Page<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th">
<div>Dec. 31, 2024 </div>
<div>shares</div>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentInformationLineItems', window );"><strong>Document Information [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentType', window );">Document Type</a></td>
<td class="text">20-F<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentRegistrationStatement', window );">Document Registration Statement</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentAnnualReport', window );">Document Annual Report</a></td>
<td class="text">true<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentPeriodEndDate', window );">Document Period End Date</a></td>
<td class="text">Dec. 31,  2024<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_CurrentFiscalYearEndDate', window );">Current Fiscal Year End Date</a></td>
<td class="text">--12-31<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentTransitionReport', window );">Document Transition Report</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentShellCompanyReport', window );">Document Shell Company Report</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityFileNumber', window );">Entity File Number</a></td>
<td class="text">001-09531<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityRegistrantName', window );">Entity Registrant Name</a></td>
<td class="text">TELEF&#211;NICA, S.A.<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityIncorporationStateCountryCode', window );">Entity Incorporation, State or Country Code</a></td>
<td class="text">U3<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressAddressLine1', window );">Entity Address, Address Line One</a></td>
<td class="text">Distrito Telef&#243;nica<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressAddressLine2', window );">Entity Address, Address Line Two</a></td>
<td class="text">Ronda de la Comunicaci&#243;n<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressAddressLine3', window );">Entity Address, Address Line Three</a></td>
<td class="text">s/n<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressPostalZipCode', window );">Entity Address, Postal Zip Code</a></td>
<td class="text">28050<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressCityOrTown', window );">Entity Address, City or Town</a></td>
<td class="text">Madrid<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressCountry', window );">Entity Address, Country</a></td>
<td class="text">ES<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityCommonStockSharesOutstanding', window );">Entity Common Stock, Shares Outstanding</a></td>
<td class="nump">5,670,161,554<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityWellKnownSeasonedIssuer', window );">Entity Well-known Seasoned Issuer</a></td>
<td class="text">Yes<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityVoluntaryFilers', window );">Entity Voluntary Filers</a></td>
<td class="text">No<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityCurrentReportingStatus', window );">Entity Current Reporting Status</a></td>
<td class="text">Yes<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityInteractiveDataCurrent', window );">Entity Interactive Data Current</a></td>
<td class="text">Yes<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityFilerCategory', window );">Entity Filer Category</a></td>
<td class="text">Large Accelerated Filer<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityEmergingGrowthCompany', window );">Entity Emerging Growth Company</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_IcfrAuditorAttestationFlag', window );">ICFR Auditor Attestation Flag</a></td>
<td class="text">true<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentFinStmtErrorCorrectionFlag', window );">Document Financial Statement Error Correction [Flag]</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentAccountingStandard', window );">Document Accounting Standard</a></td>
<td class="text">International Financial Reporting Standards<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityShellCompany', window );">Entity Shell Company</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityCentralIndexKey', window );">Entity Central Index Key</a></td>
<td class="text">0000814052<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_AmendmentFlag', window );">Amendment Flag</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentFiscalYearFocus', window );">Document Fiscal Year Focus</a></td>
<td class="text">2024<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentFiscalPeriodFocus', window );">Document Fiscal Period Focus</a></td>
<td class="text">FY<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ClassesOfShareCapitalAxis=ifrs-full_OrdinarySharesMember', window );">Ordinary shares</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentInformationLineItems', window );"><strong>Document Information [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_Security12bTitle', window );">Title of 12(b) Security</a></td>
<td class="text">Ordinary Shares, nominal value 1.00 euro per share<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_SecurityExchangeName', window );">Security Exchange Name</a></td>
<td class="text">NYSE<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_NoTradingSymbolFlag', window );">No Trading Symbol Flag</a></td>
<td class="text">true<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ClassesOfShareCapitalAxis=tef_AmericanDepositarySharesMember', window );">American depositary shares</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentInformationLineItems', window );"><strong>Document Information [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_Security12bTitle', window );">Title of 12(b) Security</a></td>
<td class="text">American Depositary Shares, each representing oneOrdinary Share<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_TradingSymbol', window );">Trading Symbol</a></td>
<td class="text">TEF<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_SecurityExchangeName', window );">Security Exchange Name</a></td>
<td class="text">NYSE<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ClassesOfShareCapitalAxis=tef_SeniorNotesDue2027Member', window );">Senior notes due 2027</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentInformationLineItems', window );"><strong>Document Information [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_Security12bTitle', window );">Title of 12(b) Security</a></td>
<td class="text">Fixed Rate Senior Notes Due 2027<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_TradingSymbol', window );">Trading Symbol</a></td>
<td class="text">TEF/27<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_SecurityExchangeName', window );">Security Exchange Name</a></td>
<td class="text">NYSE<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ClassesOfShareCapitalAxis=tef_SeniorNotesDue2036Member', window );">Senior notes due 2036</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentInformationLineItems', window );"><strong>Document Information [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_Security12bTitle', window );">Title of 12(b) Security</a></td>
<td class="text">Fixed Rate Senior Notes Due 2036<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_TradingSymbol', window );">Trading Symbol</a></td>
<td class="text">TEF/36<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_SecurityExchangeName', window );">Security Exchange Name</a></td>
<td class="text">NYSE<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ClassesOfShareCapitalAxis=tef_SeniorNotesDue2038Member', window );">Senior notes due 2038</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentInformationLineItems', window );"><strong>Document Information [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_Security12bTitle', window );">Title of 12(b) Security</a></td>
<td class="text">Fixed Rate Senior Notes Due 2038<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_TradingSymbol', window );">Trading Symbol</a></td>
<td class="text">TEF/38<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_SecurityExchangeName', window );">Security Exchange Name</a></td>
<td class="text">NYSE<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ClassesOfShareCapitalAxis=tef_SeniorNotesDue2047Member', window );">Senior notes due 2047</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentInformationLineItems', window );"><strong>Document Information [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_Security12bTitle', window );">Title of 12(b) Security</a></td>
<td class="text">Fixed Rate Senior Notes Due 2047<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_TradingSymbol', window );">Trading Symbol</a></td>
<td class="text">TEF/47<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_SecurityExchangeName', window );">Security Exchange Name</a></td>
<td class="text">NYSE<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ClassesOfShareCapitalAxis=tef_SeniorNotesDue2048Member', window );">Senior notes due 2048</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentInformationLineItems', window );"><strong>Document Information [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_Security12bTitle', window );">Title of 12(b) Security</a></td>
<td class="text">Fixed Rate Senior Notes Due 2048<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_TradingSymbol', window );">Trading Symbol</a></td>
<td class="text">TEF/48<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_SecurityExchangeName', window );">Security Exchange Name</a></td>
<td class="text">NYSE<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ClassesOfShareCapitalAxis=tef_SeniorNotesDue2049Member', window );">Senior notes due 2049</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentInformationLineItems', window );"><strong>Document Information [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_Security12bTitle', window );">Title of 12(b) Security</a></td>
<td class="text">Fixed Rate Senior Notes Due 2049<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_TradingSymbol', window );">Trading Symbol</a></td>
<td class="text">TEF/49<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_SecurityExchangeName', window );">Security Exchange Name</a></td>
<td class="text">NYSE<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressesAddressTypeAxis=dei_BusinessContactMember', window );">Business contact</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentInformationLineItems', window );"><strong>Document Information [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressAddressLine1', window );">Entity Address, Address Line One</a></td>
<td class="text">Distrito Telef&#243;nica<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressAddressLine2', window );">Entity Address, Address Line Two</a></td>
<td class="text">Ronda de la Comunicaci&#243;n<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressAddressLine3', window );">Entity Address, Address Line Three</a></td>
<td class="text">s/n<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressPostalZipCode', window );">Entity Address, Postal Zip Code</a></td>
<td class="text">28050<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressCityOrTown', window );">Entity Address, City or Town</a></td>
<td class="text">Madrid<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressCountry', window );">Entity Address, Country</a></td>
<td class="text">ES<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_CityAreaCode', window );">City Area Code</a></td>
<td class="text">91<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_LocalPhoneNumber', window );">Local Phone Number</a></td>
<td class="text">482 3733<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_ContactPersonnelName', window );">Contact Personnel Name</a></td>
<td class="text">Consuelo Barb&#233; Capdevila<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_ContactPersonnelFaxNumber', window );">Contact Personnel Fax Number</a></td>
<td class="text">+34 91 482 3817<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_ContactPersonnelEmailAddress', window );">Contact Personnel Email Address</a></td>
<td class="text">amv@telefonica.com<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressesAddressTypeAxis=tef_BusinessContact2Member', window );">Business contact 2</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentInformationLineItems', window );"><strong>Document Information [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressAddressLine1', window );">Entity Address, Address Line One</a></td>
<td class="text">Distrito Telef&#243;nica<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressAddressLine2', window );">Entity Address, Address Line Two</a></td>
<td class="text">Ronda de la Comunicaci&#243;n<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressAddressLine3', window );">Entity Address, Address Line Three</a></td>
<td class="text">s/n<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressPostalZipCode', window );">Entity Address, Postal Zip Code</a></td>
<td class="text">28050<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressCityOrTown', window );">Entity Address, City or Town</a></td>
<td class="text">Madrid<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressCountry', window );">Entity Address, Country</a></td>
<td class="text">ES<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_CityAreaCode', window );">City Area Code</a></td>
<td class="text">91<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_LocalPhoneNumber', window );">Local Phone Number</a></td>
<td class="text">482 8700<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_ContactPersonnelName', window );">Contact Personnel Name</a></td>
<td class="text">Adri&#225;n Zunzunegui Ruano<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_ContactPersonnelFaxNumber', window );">Contact Personnel Fax Number</a></td>
<td class="text">+34 91 482 8600<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_ContactPersonnelEmailAddress', window );">Contact Personnel Email Address</a></td>
<td class="text">ir@telefonica.com<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_AmendmentFlag">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the XBRL content amends previously-filed or accepted submission.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_AmendmentFlag</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_CityAreaCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Area code of city</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_CityAreaCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_ContactPersonnelEmailAddress">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Email address of contact personnel.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_ContactPersonnelEmailAddress</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_ContactPersonnelFaxNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Fax Number of contact personnel.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form 20-F<br> -Number 249<br> -Section 220<br> -Subsection f<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_ContactPersonnelFaxNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_ContactPersonnelName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Name of contact personnel</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_ContactPersonnelName</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_CurrentFiscalYearEndDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>End date of current fiscal year in the format --MM-DD.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_CurrentFiscalYearEndDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:gMonthDayItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentAccountingStandard">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The basis of accounting the registrant has used to prepare the financial statements included in this filing This can either be 'U.S. GAAP', 'International Financial Reporting Standards', or 'Other'.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form 20-F<br> -Number 249<br> -Section 220<br> -Subsection f<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentAccountingStandard</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:accountingStandardItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentAnnualReport">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true only for a form used as an annual report.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form 10-K<br> -Number 249<br> -Section 310<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form 20-F<br> -Number 249<br> -Section 220<br> -Subsection f<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form 40-F<br> -Number 249<br> -Section 240<br> -Subsection f<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentAnnualReport</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentFinStmtErrorCorrectionFlag">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Indicates whether any of the financial statement period in the filing include a restatement due to error correction.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-K<br> -Number 229<br> -Section 402<br> -Subsection w<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form 10-K<br> -Number 249<br> -Section 310<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form 20-F<br> -Number 249<br> -Section 220<br> -Subsection f<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form 40-F<br> -Number 249<br> -Section 240<br> -Subsection f<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentFinStmtErrorCorrectionFlag</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentFiscalPeriodFocus">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Fiscal period values are FY, Q1, Q2, and Q3. 1st, 2nd and 3rd quarter 10-Q or 10-QT statements have value Q1, Q2, and Q3 respectively, with 10-K, 10-KT or other fiscal year statements having FY.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentFiscalPeriodFocus</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:fiscalPeriodItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentFiscalYearFocus">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>This is focus fiscal year of the document report in YYYY format. For a 2006 annual report, which may also provide financial information from prior periods, fiscal 2006 should be given as the fiscal year focus. Example: 2006.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentFiscalYearFocus</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:gYearItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentInformationLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentInformationLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentPeriodEndDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>For the EDGAR submission types of Form 8-K: the date of the report, the date of the earliest event reported; for the EDGAR submission types of Form N-1A: the filing date; for all other submission types: the end of the reporting or transition period. The format of the date is YYYY-MM-DD.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentPeriodEndDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:dateItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentRegistrationStatement">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true only for a form used as a registration statement.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentRegistrationStatement</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentShellCompanyReport">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true for a Shell Company Report pursuant to section 13 or 15(d) of the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form 20-F<br> -Number 249<br> -Section 220<br> -Subsection f<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentShellCompanyReport</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentTransitionReport">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true only for a form used as a transition report.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Forms 10-K, 10-Q, 20-F<br> -Number 240<br> -Section 13<br> -Subsection a-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentTransitionReport</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentType">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentType</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:submissionTypeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressAddressLine1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Address Line 1 such as Attn, Building Name, Street Name</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressAddressLine1</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressAddressLine2">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Address Line 2 such as Street or Suite number</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressAddressLine2</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressAddressLine3">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Address Line 3 such as an Office Park</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressAddressLine3</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressCityOrTown">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Name of the City or Town</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressCityOrTown</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressCountry">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>ISO 3166-1 alpha-2 country code.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressCountry</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:countryCodeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressPostalZipCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Code for the postal or zip code</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressPostalZipCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCentralIndexKey">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityCentralIndexKey</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:centralIndexKeyItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCommonStockSharesOutstanding">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Indicate number of shares or other units outstanding of each of registrant's classes of capital or common stock or other ownership interests, if and as stated on cover of related periodic report. Where multiple classes or units exist define each class/interest by adding class of stock items such as Common Class A [Member], Common Class B [Member] or Partnership Interest [Member] onto the Instrument [Domain] of the Entity Listings, Instrument.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityCommonStockSharesOutstanding</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCurrentReportingStatus">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Indicate 'Yes' or 'No' whether registrants (1) have filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that registrants were required to file such reports), and (2) have been subject to such filing requirements for the past 90 days. This information should be based on the registrant's current or most recent filing containing the related disclosure.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityCurrentReportingStatus</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:yesNoItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityEmergingGrowthCompany">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Indicate if registrant meets the emerging growth company criteria.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityEmergingGrowthCompany</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityFileNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityFileNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:fileNumberItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityFilerCategory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Indicate whether the registrant is one of the following: Large Accelerated Filer, Accelerated Filer, Non-accelerated Filer. Definitions of these categories are stated in Rule 12b-2 of the Exchange Act. This information should be based on the registrant's current or most recent filing containing the related disclosure.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityFilerCategory</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:filerCategoryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityIncorporationStateCountryCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Two-character EDGAR code representing the state or country of incorporation.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityIncorporationStateCountryCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:edgarStateCountryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityInteractiveDataCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-T<br> -Number 232<br> -Section 405<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityInteractiveDataCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:yesNoItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityRegistrantName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityRegistrantName</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityShellCompany">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the registrant is a shell company as defined in Rule 12b-2 of the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityShellCompany</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityVoluntaryFilers">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Indicate 'Yes' or 'No' if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityVoluntaryFilers</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:yesNoItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityWellKnownSeasonedIssuer">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Indicate 'Yes' or 'No' if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Is used on Form Type: 10-K, 10-Q, 8-K, 20-F, 6-K, 10-K/A, 10-Q/A, 20-F/A, 6-K/A, N-CSR, N-Q, N-1A.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br> -Section 405<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityWellKnownSeasonedIssuer</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:yesNoItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_IcfrAuditorAttestationFlag">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form 10-K<br> -Number 249<br> -Section 310<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form 20-F<br> -Number 249<br> -Section 220<br> -Subsection f<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form 40-F<br> -Number 249<br> -Section 240<br> -Subsection f<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_IcfrAuditorAttestationFlag</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LocalPhoneNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Local phone number for entity.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LocalPhoneNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_NoTradingSymbolFlag">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true only for a security having no trading symbol.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_NoTradingSymbolFlag</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:trueItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_Security12bTitle">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Title of a 12(b) registered security.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_Security12bTitle</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:securityTitleItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_SecurityExchangeName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Name of the Exchange on which a security is registered.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection d1-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_SecurityExchangeName</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:edgarExchangeCodeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_TradingSymbol">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Trading symbol of an instrument as listed on an exchange.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_TradingSymbol</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:tradingSymbolItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfShareCapitalAxis=ifrs-full_OrdinarySharesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfShareCapitalAxis=ifrs-full_OrdinarySharesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfShareCapitalAxis=tef_AmericanDepositarySharesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfShareCapitalAxis=tef_AmericanDepositarySharesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ClassesOfShareCapitalAxis=tef_SeniorNotesDue2027Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfShareCapitalAxis=tef_SeniorNotesDue2027Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
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<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ClassesOfShareCapitalAxis=tef_SeniorNotesDue2036Member</td>
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<td style="white-space:nowrap;">ifrs-full_ClassesOfShareCapitalAxis=tef_SeniorNotesDue2049Member</td>
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<span style="display: none;">v3.25.0.1</span><table class="report" border="0" cellspacing="2" id="idm45294668069488">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Audit Information<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2024</div></th></tr>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_AuditorFirmId', window );">Auditor Firm ID</a></td>
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<td class="text">PricewaterhouseCoopers Auditores, S.L.<span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_AuditorLocation', window );">Auditor Location</a></td>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>PCAOB issued Audit Firm Identifier</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form 10-K<br> -Number 249<br> -Section 310<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form 20-F<br> -Number 249<br> -Section 220<br> -Subsection f<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form 40-F<br> -Number 249<br> -Section 240<br> -Subsection f<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<td style="white-space:nowrap;">dei_AuditorFirmId</td>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_AuditorLocation</td>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_AuditorName</td>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Audit Information</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<td style="white-space:nowrap;">tef_AuditInformationAbstract</td>
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<TYPE>XML
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<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="include/report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.25.0.1</span><table class="report" border="0" cellspacing="2" id="idm45294657255712">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Consolidated Statements of Financial Position - EUR (&#8364;)<br> &#8364; in Millions</strong></div></th>
<th class="th"><div>Dec. 31, 2024</div></th>
<th class="th"><div>Dec. 31, 2023</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_AssetsAbstract', window );"><strong>ASSETS</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_NoncurrentAssets', window );">Non-current assets</a></td>
<td class="nump">&#8364; 78,133<span></span>
</td>
<td class="nump">&#8364; 83,568<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IntangibleAssetsOtherThanGoodwill', window );">Intangible assets</a></td>
<td class="nump">9,875<span></span>
</td>
<td class="nump">11,370<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_Goodwill', window );">Goodwill</a></td>
<td class="nump">16,461<span></span>
</td>
<td class="nump">18,708<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_PropertyPlantAndEquipment', window );">Property, plant and equipment</a></td>
<td class="nump">21,439<span></span>
</td>
<td class="nump">22,944<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_RightofuseAssets', window );">Rights of use</a></td>
<td class="nump">7,907<span></span>
</td>
<td class="nump">8,448<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_InvestmentAccountedForUsingEquityMethod', window );">Investments accounted for by the equity method</a></td>
<td class="nump">8,375<span></span>
</td>
<td class="nump">8,590<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_tef_NonCurrentFinancialAssetsAndOtherNonCurrentAssets', window );">Financial assets and other non-current assets</a></td>
<td class="nump">7,403<span></span>
</td>
<td class="nump">7,268<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DeferredTaxAssets', window );">Deferred tax assets</a></td>
<td class="nump">6,673<span></span>
</td>
<td class="nump">6,240<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CurrentAssets', window );">Current assets</a></td>
<td class="nump">22,369<span></span>
</td>
<td class="nump">20,756<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_Inventories', window );">Inventories</a></td>
<td class="nump">954<span></span>
</td>
<td class="nump">929<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_tef_CurrentReceivablesAndOtherCurrentAssets', window );">Receivables and other current assets</a></td>
<td class="nump">10,445<span></span>
</td>
<td class="nump">10,132<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CurrentTaxAssetsCurrent', window );">Tax receivables</a></td>
<td class="nump">970<span></span>
</td>
<td class="nump">1,193<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CurrentFinancialAssets', window );">Other current financial assets</a></td>
<td class="nump">1,800<span></span>
</td>
<td class="nump">1,078<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CashAndCashEquivalents', window );">Cash and cash equivalents</a></td>
<td class="nump">8,062<span></span>
</td>
<td class="nump">7,151<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_NoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleOrAsHeldForDistributionToOwners', window );">Non-current assets and disposal groups held for sale</a></td>
<td class="nump">138<span></span>
</td>
<td class="nump">273<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_Assets', window );">Total assets</a></td>
<td class="nump">100,502<span></span>
</td>
<td class="nump">104,324<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_EquityAndLiabilitiesAbstract', window );"><strong>EQUITY AND LIABILITIES</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_Equity', window );">EQUITY</a></td>
<td class="nump">22,749<span></span>
</td>
<td class="nump">27,096<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_EquityAttributableToOwnersOfParent', window );">Equity attributable to equity holders of the parent and other holders of equity instruments</a></td>
<td class="nump">19,347<span></span>
</td>
<td class="nump">21,852<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_NoncontrollingInterests', window );">Equity attributable to non-controlling interests</a></td>
<td class="nump">3,402<span></span>
</td>
<td class="nump">5,244<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_NoncurrentLiabilities', window );">Non current liabilities</a></td>
<td class="nump">52,019<span></span>
</td>
<td class="nump">53,829<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_NoncurrentFinancialLiabilities', window );">Non-current financial liabilities</a></td>
<td class="nump">33,192<span></span>
</td>
<td class="nump">33,360<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_NoncurrentLeaseLiabilities', window );">Non-current lease liabilities</a></td>
<td class="nump">6,077<span></span>
</td>
<td class="nump">6,708<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_tef_NoncurrentPayablesAndOtherNoncurrentLiabilities', window );">Payables and other non-current liabilities</a></td>
<td class="nump">3,693<span></span>
</td>
<td class="nump">3,605<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DeferredTaxLiabilities', window );">Deferred tax liabilities</a></td>
<td class="nump">2,905<span></span>
</td>
<td class="nump">2,702<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_NoncurrentProvisions', window );">Non-current provisions</a></td>
<td class="nump">6,152<span></span>
</td>
<td class="nump">7,454<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CurrentLiabilities', window );">Current liabilities</a></td>
<td class="nump">25,734<span></span>
</td>
<td class="nump">23,399<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CurrentFinancialLiabilities', window );">Current financial liabilities</a></td>
<td class="nump">5,590<span></span>
</td>
<td class="nump">3,701<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CurrentLeaseLiabilities', window );">Current lease liabilities</a></td>
<td class="nump">2,226<span></span>
</td>
<td class="nump">2,239<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_tef_CurrentPayablesAndOtherCurrentLiabilities', window );">Payables and other current liabilities</a></td>
<td class="nump">14,606<span></span>
</td>
<td class="nump">13,957<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CurrentTaxLiabilitiesCurrent', window );">Current tax payables</a></td>
<td class="nump">1,614<span></span>
</td>
<td class="nump">1,869<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CurrentProvisions', window );">Current provisions</a></td>
<td class="nump">1,665<span></span>
</td>
<td class="nump">1,596<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_LiabilitiesIncludedInDisposalGroupsClassifiedAsHeldForSale', window );">Liabilities associated with non-current assets and disposal groups held for sale</a></td>
<td class="nump">33<span></span>
</td>
<td class="nump">37<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_EquityAndLiabilities', window );">TOTAL EQUITY AND LIABILITIES</a></td>
<td class="nump">&#8364; 100,502<span></span>
</td>
<td class="nump">&#8364; 104,324<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_Assets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of a present economic resource controlled by the entity as a result of past events. Economic resource is a right that has the potential to produce economic benefits.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2024-01-01<br> -Paragraph 93<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=13&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_93_a&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2024-01-01<br> -Paragraph 28<br> -Subparagraph c<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_28_c&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2024-01-01<br> -Paragraph 93<br> -Subparagraph e<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=13&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_93_e&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2024-01-01<br> -Paragraph 23<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_23&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2024-01-01<br> -Paragraph 93<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=13&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_93_b&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2024-01-01<br> -Paragraph 55<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_Assets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_AssetsAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_AssetsAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CashAndCashEquivalents">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of cash on hand and demand deposits, along with short-term, highly liquid investments that are readily convertible to known amounts of cash and that are subject to an insignificant risk of changes in value. [Refer: Cash; Cash equivalents]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2024-01-01<br> -Paragraph 45<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_45&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2024-01-01<br> -Paragraph B13<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_B13_a&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2024-03-27<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2024-01-01<br> -Paragraph 54<br> -Subparagraph i<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_54_i&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CashAndCashEquivalents</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of assets that the entity (a) expects to realise or intends to sell or consume in its normal operating cycle; (b) holds primarily for the purpose of trading; (c) expects to realise within twelve months after the reporting period; or (d) classifies as cash or cash equivalents (as defined in IAS 7) unless the asset is restricted from being exchanged or used to settle a liability for at least twelve months after the reporting period. [Refer: Assets]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2024-01-01<br> -Paragraph B10<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_B10_b&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2024-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2024-01-01<br> -Paragraph B12<br> -Subparagraph b<br> -Clause i<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_B12_b_i&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2024-03-27<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2024-01-01<br> -Paragraph 66<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_66&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentFinancialAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of current financial assets. [Refer: Financial assets]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 7<br> -IssueDate 2024-01-01<br> -Paragraph 25<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=7&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_25&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentFinancialAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentFinancialLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of current financial liabilities. [Refer: Financial liabilities]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 7<br> -IssueDate 2024-01-01<br> -Paragraph 25<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=7&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_25&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentFinancialLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentLeaseLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of current lease liabilities. [Refer: Lease liabilities]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 16<br> -IssueDate 2024-01-01<br> -Paragraph 47<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=16&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_47_b&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentLeaseLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of liabilities that: (a) the entity expects to settle in its normal operating cycle; (b) the entity holds primarily for the purpose of trading; (c) are due to be settled within twelve months after the reporting period; or (d) the entity does not have the right at the end of the reporting period to defer settlement for at least twelve months after the reporting period.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2024-01-01<br> -Paragraph B10<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_B10_b&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2024-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2024-01-01<br> -Paragraph B12<br> -Subparagraph b<br> -Clause iii<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_B12_b_iii&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2024-03-27<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2024-01-01<br> -Paragraph 69<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_69&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentProvisions">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of current provisions, including provisions for employee benefits. [Refer: Provisions]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2024-01-01<br> -Paragraph 54<br> -Subparagraph l<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_54_l&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentProvisions</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentTaxAssetsCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The current amount of current tax assets. [Refer: Current tax assets]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2024-01-01<br> -Paragraph 54<br> -Subparagraph n<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_54_n&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentTaxAssetsCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CurrentTaxLiabilitiesCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The current amount of current tax liabilities. [Refer: Current tax liabilities]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2024-01-01<br> -Paragraph 54<br> -Subparagraph n<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_54_n&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CurrentTaxLiabilitiesCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DeferredTaxAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amounts of income taxes recoverable in future periods in respect of: (a) deductible temporary differences; (b) the carryforward of unused tax losses; and (c) the carryforward of unused tax credits. [Refer: Temporary differences [member]; Unused tax credits [member]; Unused tax losses [member]]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2024-01-01<br> -Paragraph 81<br> -Subparagraph g<br> -Clause i<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=12&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_81_g_i&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2024-01-01<br> -Paragraph 54<br> -Subparagraph o<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_54_o&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2024-01-01<br> -Paragraph 56<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_56&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DeferredTaxAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DeferredTaxLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amounts of income taxes payable in future periods in respect of taxable temporary differences. [Refer: Temporary differences [member]]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2024-01-01<br> -Paragraph 81<br> -Subparagraph g<br> -Clause i<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=12&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_81_g_i&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2024-01-01<br> -Paragraph 54<br> -Subparagraph o<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_54_o&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2024-01-01<br> -Paragraph 56<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_56&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DeferredTaxLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_Equity">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of residual interest in the assets of the entity after deducting all its liabilities.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2024-01-01<br> -Paragraph 24<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_24_a&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2024-01-01<br> -Paragraph 32<br> -Subparagraph a<br> -Clause i<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_32_a_i&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2024-01-01<br> -Paragraph 93<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=13&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_93_a&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2024-01-01<br> -Paragraph 93<br> -Subparagraph e<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=13&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_93_e&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2024-01-01<br> -Paragraph 93<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=13&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_93_b&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2024-01-01<br> -Paragraph 55<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 7: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2024-01-01<br> -Paragraph 78<br> -Subparagraph e<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_78_e&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_Equity</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_EquityAndLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of the entity's equity and liabilities. [Refer: Equity; Liabilities]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2024-01-01<br> -Paragraph 55<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_EquityAndLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_EquityAndLiabilitiesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_EquityAndLiabilitiesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_EquityAttributableToOwnersOfParent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of equity attributable to the owners of the parent. This specifically excludes non-controlling interest.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2024-01-01<br> -Paragraph 54<br> -Subparagraph r<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_54_r&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_EquityAttributableToOwnersOfParent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_Goodwill">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of assets representing the future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognised. [Refer: Total for all business combinations [member]]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 36<br> -IssueDate 2024-01-01<br> -Paragraph 134<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=36&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_134_a&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 36<br> -IssueDate 2024-01-01<br> -Paragraph 135<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=36&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_135_a&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 3<br> -IssueDate 2024-01-01<br> -Paragraph B67<br> -Subparagraph d<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=3&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_B67_d&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2024-03-27<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2024-01-01<br> -Paragraph 54<br> -Subparagraph c<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_54_c&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_Goodwill</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IntangibleAssetsOtherThanGoodwill">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of identifiable non-monetary assets without physical substance. This amount does not include goodwill. [Refer: Goodwill]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 38<br> -IssueDate 2024-01-01<br> -Paragraph 118<br> -Subparagraph e<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=38&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_118_e&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2024-01-01<br> -Paragraph 54<br> -Subparagraph c<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_54_c&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IntangibleAssetsOtherThanGoodwill</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_Inventories">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of current inventories. [Refer: Inventories]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 2<br> -IssueDate 2024-01-01<br> -Paragraph 36<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=2&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_36_b&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2024-01-01<br> -Paragraph 54<br> -Subparagraph g<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_54_g&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 3: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2024-01-01<br> -Paragraph 68<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_68&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_Inventories</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_InvestmentAccountedForUsingEquityMethod">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of investments accounted for using the equity method. The equity method is a method of accounting whereby the investment is initially recognised at cost and adjusted thereafter for the post-acquisition change in the investor's share of net assets of the investee. The investor's profit or loss includes its share of the profit or loss of the investee. The investor's other comprehensive income includes its share of the other comprehensive income of the investee. [Refer: At cost [member]]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2024-01-01<br> -Paragraph 24<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_24_a&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2024-01-01<br> -Paragraph B16<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_B16&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2024-03-27<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2024-01-01<br> -Paragraph 54<br> -Subparagraph e<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_54_e&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_InvestmentAccountedForUsingEquityMethod</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_LiabilitiesIncludedInDisposalGroupsClassifiedAsHeldForSale">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of liabilities included in disposal groups classified as held for sale. [Refer: Liabilities; Disposal groups classified as held for sale [member]]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 5<br> -IssueDate 2024-01-01<br> -Paragraph 38<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=5&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_38&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2024-01-01<br> -Paragraph 54<br> -Subparagraph p<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_54_p&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_LiabilitiesIncludedInDisposalGroupsClassifiedAsHeldForSale</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NoncontrollingInterests">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of equity in a subsidiary not attributable, directly or indirectly, to a parent. [Refer: Total for all subsidiaries [member]]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 10<br> -IssueDate 2024-01-01<br> -Paragraph 22<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=10&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_22&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2024-01-01<br> -Paragraph 12<br> -Subparagraph f<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_12_f&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2024-01-01<br> -Paragraph 54<br> -Subparagraph q<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_54_q&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NoncontrollingInterests</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NoncurrentAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of assets that do not meet the definition of current assets. [Refer: Current assets]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2024-01-01<br> -Paragraph B12<br> -Subparagraph b<br> -Clause ii<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_B12_b_ii&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2024-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2024-01-01<br> -Paragraph B10<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_B10_b&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2024-03-27<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2024-01-01<br> -Paragraph 66<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_66&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NoncurrentAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleOrAsHeldForDistributionToOwners">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of non-current assets or disposal groups classified as held for sale or as held for distribution to owners. [Refer: Non-current assets or disposal groups classified as held for distribution to owners; Non-current assets or disposal groups classified as held for sale]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2024-01-01<br> -Paragraph 54<br> -Subparagraph j<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_54_j&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleOrAsHeldForDistributionToOwners</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NoncurrentFinancialLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of non-current financial liabilities. [Refer: Financial liabilities]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 7<br> -IssueDate 2024-01-01<br> -Paragraph 25<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=7&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_25&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NoncurrentFinancialLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NoncurrentLeaseLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of non-current lease liabilities. [Refer: Lease liabilities]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 16<br> -IssueDate 2024-01-01<br> -Paragraph 47<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=16&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_47_b&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NoncurrentLeaseLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NoncurrentLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of liabilities that do not meet the definition of current liabilities. [Refer: Current liabilities]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2024-01-01<br> -Paragraph B12<br> -Subparagraph b<br> -Clause iv<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_B12_b_iv&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2024-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2024-01-01<br> -Paragraph B10<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_B10_b&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2024-03-27<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2024-01-01<br> -Paragraph 69<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_69&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NoncurrentLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NoncurrentProvisions">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of non-current provisions, including provisions for employee benefits. [Refer: Provisions]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2024-01-01<br> -Paragraph 54<br> -Subparagraph l<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_54_l&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NoncurrentProvisions</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_PropertyPlantAndEquipment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of tangible assets that: (a) are held for use in the production or supply of goods or services, for rental to others, or for administrative purposes; and (b) are expected to be used during more than one period. Note that right-of-use assets are not included. [Contrast: Property, plant and equipment including right-of-use assets]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 16<br> -IssueDate 2024-01-01<br> -Paragraph 73<br> -Subparagraph e<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=16&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_73_e&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2024-01-01<br> -Paragraph 54<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_54_a&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_PropertyPlantAndEquipment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RightofuseAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of assets that represent a lessee's right to use an underlying asset for the lease term that do not meet the definition of investment property. Underlying asset is an asset that is the subject of a lease, for which the right to use that asset has been provided by a lessor to a lessee.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 16<br> -IssueDate 2024-01-01<br> -Paragraph 53<br> -Subparagraph j<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=16&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_53_j&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 16<br> -IssueDate 2024-01-01<br> -Paragraph 47<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=16&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_47_a&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RightofuseAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_tef_CurrentPayablesAndOtherCurrentLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Current Payables And Other Current Liabilities</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">tef_CurrentPayablesAndOtherCurrentLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>tef_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
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<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_tef_CurrentReceivablesAndOtherCurrentAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Current Receivables And Other Current Assets</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">tef_CurrentReceivablesAndOtherCurrentAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>tef_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_tef_NonCurrentFinancialAssetsAndOtherNonCurrentAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Non-Current Financial Assets And Other Non-Current Assets</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">tef_NonCurrentFinancialAssetsAndOtherNonCurrentAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>tef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_tef_NoncurrentPayablesAndOtherNoncurrentLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Noncurrent Payables And Other Non-current Liabilities</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">tef_NoncurrentPayablesAndOtherNoncurrentLiabilities</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>tef_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
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<span style="display: none;">v3.25.0.1</span><table class="report" border="0" cellspacing="2" id="idm45294666322496">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Consolidated Income Statements - EUR (&#8364;)<br> &#8364; in Millions</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2024</div></th>
<th class="th"><div>Dec. 31, 2023</div></th>
<th class="th"><div>Dec. 31, 2022</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IncomeStatementAbstract', window );"><strong>Profit or loss [abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_Revenue', window );">Revenues</a></td>
<td class="nump">&#8364; 41,315<span></span>
</td>
<td class="nump">&#8364; 40,652<span></span>
</td>
<td class="nump">&#8364; 39,993<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_OtherIncome', window );">Other income</a></td>
<td class="nump">1,692<span></span>
</td>
<td class="nump">1,541<span></span>
</td>
<td class="nump">2,065<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_RawMaterialsAndConsumablesUsed', window );">Supplies</a></td>
<td class="num">(13,377)<span></span>
</td>
<td class="num">(13,298)<span></span>
</td>
<td class="num">(12,941)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_EmployeeBenefitsExpense', window );">Personnel expenses</a></td>
<td class="num">(5,882)<span></span>
</td>
<td class="num">(7,207)<span></span>
</td>
<td class="num">(5,524)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_OtherExpenseByNature', window );">Other expenses</a></td>
<td class="num">(12,554)<span></span>
</td>
<td class="num">(10,298)<span></span>
</td>
<td class="num">(10,741)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DepreciationAndAmortisationExpense', window );">Depreciation and amortization</a></td>
<td class="num">(8,799)<span></span>
</td>
<td class="num">(8,797)<span></span>
</td>
<td class="num">(8,796)<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ProfitLossFromOperatingActivities', window );">OPERATING INCOME</a></td>
<td class="nump">2,395<span></span>
</td>
<td class="nump">2,593<span></span>
</td>
<td class="nump">4,056<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ShareOfProfitLossOfAssociatesAndJointVenturesAccountedForUsingEquityMethod', window );">Share of (loss) income of investments accounted for by the equity method</a></td>
<td class="num">(49)<span></span>
</td>
<td class="num">(2,162)<span></span>
</td>
<td class="nump">217<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_FinanceIncome', window );">Finance income</a></td>
<td class="nump">980<span></span>
</td>
<td class="nump">1,099<span></span>
</td>
<td class="nump">1,803<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_NetForeignExchangeGain', window );">Exchange gains</a></td>
<td class="nump">2,199<span></span>
</td>
<td class="nump">1,837<span></span>
</td>
<td class="nump">2,910<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_FinanceCosts', window );">Finance costs</a></td>
<td class="num">(2,998)<span></span>
</td>
<td class="num">(3,014)<span></span>
</td>
<td class="num">(3,030)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_NetForeignExchangeLoss', window );">Exchange losses</a></td>
<td class="num">(1,970)<span></span>
</td>
<td class="num">(1,826)<span></span>
</td>
<td class="num">(2,996)<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_tef_NetFinancialExpense', window );">Net financial expense</a></td>
<td class="num">(1,789)<span></span>
</td>
<td class="num">(1,904)<span></span>
</td>
<td class="num">(1,313)<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ProfitLossBeforeTax', window );">PROFIT (LOSS) BEFORE TAX</a></td>
<td class="nump">557<span></span>
</td>
<td class="num">(1,473)<span></span>
</td>
<td class="nump">2,960<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IncomeTaxExpenseContinuingOperations', window );">Corporate income tax</a></td>
<td class="num">(348)<span></span>
</td>
<td class="nump">899<span></span>
</td>
<td class="num">(641)<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ProfitLoss', window );">PROFIT (LOSS) FOR THE YEAR</a></td>
<td class="nump">209<span></span>
</td>
<td class="num">(574)<span></span>
</td>
<td class="nump">2,319<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ProfitLossAttributableToOwnersOfParent', window );">Attributable to equity holders of the parent</a></td>
<td class="num">(49)<span></span>
</td>
<td class="num">(892)<span></span>
</td>
<td class="nump">2,011<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ProfitLossAttributableToNoncontrollingInterests', window );">Attributable to non-controlling interests</a></td>
<td class="nump">&#8364; 258<span></span>
</td>
<td class="nump">&#8364; 318<span></span>
</td>
<td class="nump">&#8364; 308<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_BasicEarningsLossPerShare', window );">Basic earnings per share (in euros per share)</a></td>
<td class="num">&#8364; (0.06)<span></span>
</td>
<td class="num">&#8364; (0.20)<span></span>
</td>
<td class="nump">&#8364; 0.31<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DilutedEarningsLossPerShare', window );">Diluted earnings per share (in euros per share)</a></td>
<td class="num">&#8364; (0.06)<span></span>
</td>
<td class="num">&#8364; (0.20)<span></span>
</td>
<td class="nump">&#8364; 0.31<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_BasicEarningsLossPerShare">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of profit (loss) attributable to ordinary equity holders of the parent entity (the numerator) divided by the weighted average number of ordinary shares outstanding during the period (the denominator).</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 33<br> -IssueDate 2024-01-01<br> -Paragraph 66<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=33&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_66&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 33<br> -IssueDate 2024-01-01<br> -Paragraph 67<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=33&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_67&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_BasicEarningsLossPerShare</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-2022:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DepreciationAndAmortisationExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of depreciation and amortisation expense. Depreciation and amortisation are the systematic allocations of depreciable amounts of assets over their useful lives.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2024-01-01<br> -Paragraph 28<br> -Subparagraph e<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_28_e&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2024-01-01<br> -Paragraph 23<br> -Subparagraph e<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_23_e&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2024-01-01<br> -Paragraph B13<br> -Subparagraph d<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_B13_d&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2024-03-27<br><br>Reference 4: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2024-01-01<br> -Paragraph 102<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_102&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2024-01-01<br> -Paragraph 99<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_99&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2024-01-01<br> -Paragraph 104<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_104&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DepreciationAndAmortisationExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DilutedEarningsLossPerShare">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of profit (loss) attributable to ordinary equity holders of the parent entity (the numerator), divided by the weighted average number of ordinary shares outstanding during the period (the denominator), both adjusted for the effects of all dilutive potential ordinary shares. [Refer: Ordinary shares [member]; Weighted average [member]]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 33<br> -IssueDate 2024-01-01<br> -Paragraph 66<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=33&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_66&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 33<br> -IssueDate 2024-01-01<br> -Paragraph 67<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=33&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_67&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DilutedEarningsLossPerShare</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-2022:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_EmployeeBenefitsExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The expense of all forms of consideration given by an entity in exchange for a service rendered by employees or for the termination of employment.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2024-01-01<br> -Paragraph 102<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_102&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2024-01-01<br> -Paragraph 99<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_99&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2024-01-01<br> -Paragraph 104<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_104&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_EmployeeBenefitsExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_FinanceCosts">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of costs associated with financing activities of the entity.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2024-01-01<br> -Paragraph 82<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_82_b&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_FinanceCosts</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_FinanceIncome">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of income associated with interest and other financing activities of the entity.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2024-01-01<br> -Paragraph 85<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_85&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_FinanceIncome</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IncomeStatementAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IncomeStatementAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IncomeTaxExpenseContinuingOperations">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The aggregate amount included in the determination of profit (loss) for the period in respect of current tax and deferred tax. [Refer: Current tax expense (income); Deferred tax expense (income)]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2024-01-01<br> -Paragraph 23<br> -Subparagraph h<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_23_h&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 26<br> -IssueDate 2024-01-01<br> -Paragraph 35<br> -Subparagraph b<br> -Clause viii<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=26&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_35_b_viii&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2024-01-01<br> -Paragraph 79<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=12&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_79&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2024-01-01<br> -Paragraph 81<br> -Subparagraph c<br> -Clause i<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=12&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_81_c_i&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2024-01-01<br> -Paragraph 81<br> -Subparagraph c<br> -Clause ii<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=12&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_81_c_ii&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2024-01-01<br> -Paragraph B13<br> -Subparagraph g<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_B13_g&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2024-03-27<br><br>Reference 7: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2024-01-01<br> -Paragraph 82<br> -Subparagraph d<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_82_d&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IncomeTaxExpenseContinuingOperations</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NetForeignExchangeGain">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The net gain arising from exchange differences recognised in profit or loss, excluding those arising on financial instruments measured at fair value through profit or loss in accordance with IFRS 9. [Refer: Foreign exchange gain (loss)]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 21<br> -IssueDate 2024-01-01<br> -Paragraph 52<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=21&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_52_a&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2024-01-01<br> -Paragraph 35<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_35&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NetForeignExchangeGain</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_NetForeignExchangeLoss">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The net loss arising from exchange differences recognised in profit or loss, excluding those arising on financial instruments measured at fair value through profit or loss in accordance with IFRS 9. [Refer: Foreign exchange gain (loss)]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 21<br> -IssueDate 2024-01-01<br> -Paragraph 52<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=21&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_52_a&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2024-01-01<br> -Paragraph 35<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_35&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_NetForeignExchangeLoss</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_OtherExpenseByNature">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of expenses that the entity does not separately disclose in the same statement or note when the entity uses the 'nature of expense' form for its analysis of expenses. [Refer: Expenses, by nature]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2024-01-01<br> -Paragraph 102<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_102&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2024-01-01<br> -Paragraph 99<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_99&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OtherExpenseByNature</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_OtherIncome">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of operating income that the entity does not separately disclose in the same statement or note.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 26<br> -IssueDate 2024-01-01<br> -Paragraph 35<br> -Subparagraph b<br> -Clause iv<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=26&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_35_b_iv&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2024-01-01<br> -Paragraph 103<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_103&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 3: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2024-01-01<br> -Paragraph 102<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_102&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OtherIncome</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProfitLoss">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The total of income less expenses from continuing and discontinued operations, excluding the components of other comprehensive income. [Refer: Other comprehensive income]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2024-01-01<br> -Paragraph 18<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_18_b&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2024-01-01<br> -Paragraph 32<br> -Subparagraph a<br> -Clause ii<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_32_a_ii&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2024-01-01<br> -Paragraph 24<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_24_b&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2024-01-01<br> -Paragraph 28<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_28_b&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2024-01-01<br> -Paragraph 23<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_23&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 6: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2024-01-01<br> -Paragraph B10<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_B10_b&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2024-03-27<br><br>Reference 7: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 17<br> -IssueDate 2024-01-01<br> -Paragraph 113<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=17&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_113_b&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 8: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2024-01-01<br> -Paragraph 81A<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_81A_a&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 9: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2024-01-01<br> -Paragraph 106<br> -Subparagraph d<br> -Clause i<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_106_d_i&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProfitLoss</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProfitLossAttributableToNoncontrollingInterests">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The profit (loss) from continuing and discontinued operations attributable to non-controlling interests. [Refer: Profit (loss); Non-controlling interests]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2024-01-01<br> -Paragraph 12<br> -Subparagraph e<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_12_e&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2024-01-01<br> -Paragraph 81B<br> -Subparagraph a<br> -Clause i<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_81B_a_i&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProfitLossAttributableToNoncontrollingInterests</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProfitLossAttributableToOwnersOfParent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The profit (loss) from continuing and discontinued operations attributable to owners of the parent. [Refer: Profit (loss)]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2024-01-01<br> -Paragraph 81B<br> -Subparagraph a<br> -Clause ii<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_81B_a_ii&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProfitLossAttributableToOwnersOfParent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProfitLossBeforeTax">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The profit (loss) before tax expense or income. [Refer: Profit (loss)]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2024-01-01<br> -Paragraph 28<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_28_b&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2024-01-01<br> -Paragraph 23<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_23&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 5<br> -IssueDate 2024-01-01<br> -Paragraph 33<br> -Subparagraph b<br> -Clause i<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=5&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_33_b_i&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 4: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2024-01-01<br> -Paragraph 103<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_103&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 5: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2024-01-01<br> -Paragraph 102<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_102&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProfitLossBeforeTax</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProfitLossFromOperatingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The profit (loss) from operating activities of the entity. [Refer: Profit (loss)]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2024-01-01<br> -Paragraph 85<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_85&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 32<br> -IssueDate 2024-01-01<br> -Paragraph IE33<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=32&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_IE33&amp;doctype=Illustrative%20Examples<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProfitLossFromOperatingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RawMaterialsAndConsumablesUsed">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of raw materials and consumables used in the production process or in the rendering of services. [Refer: Current raw materials]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2024-01-01<br> -Paragraph 102<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_102&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2024-01-01<br> -Paragraph 99<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_99&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RawMaterialsAndConsumablesUsed</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_Revenue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The income arising in the course of an entity's ordinary activities. Income is increases in assets, or decreases in liabilities, that result in increases in equity, other than those relating to contributions from holders of equity claims.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2024-01-01<br> -Paragraph 28<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_28_a&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2024-01-01<br> -Paragraph 23<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_23_a&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2024-01-01<br> -Paragraph 32<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_32&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2024-01-01<br> -Paragraph 33<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_33_a&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2024-01-01<br> -Paragraph 34<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_34&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 5<br> -IssueDate 2024-01-01<br> -Paragraph 33<br> -Subparagraph b<br> -Clause i<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=5&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_33_b_i&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 7: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2024-01-01<br> -Paragraph B12<br> -Subparagraph b<br> -Clause v<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_B12_b_v&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2024-03-27<br><br>Reference 8: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2024-01-01<br> -Paragraph B10<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_B10_b&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2024-03-27<br><br>Reference 9: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2024-01-01<br> -Paragraph 82<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_82_a&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 10: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2024-01-01<br> -Paragraph 103<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_103&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 11: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2024-01-01<br> -Paragraph 102<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_102&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_Revenue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ShareOfProfitLossOfAssociatesAndJointVenturesAccountedForUsingEquityMethod">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The entity's share of the profit (loss) of associates and joint ventures accounted for using the equity method. [Refer: Total for all associates [member]; Investments accounted for using equity method; Total for all joint ventures [member]; Profit (loss)]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2024-01-01<br> -Paragraph 28<br> -Subparagraph e<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_28_e&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2024-01-01<br> -Paragraph 23<br> -Subparagraph g<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_23_g&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2024-01-01<br> -Paragraph 82<br> -Subparagraph c<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_82_c&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ShareOfProfitLossOfAssociatesAndJointVenturesAccountedForUsingEquityMethod</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_tef_NetFinancialExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Net Financial Expense</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">tef_NetFinancialExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>tef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<span style="display: none;">v3.25.0.1</span><table class="report" border="0" cellspacing="2" id="idm45294654641600">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Consolidated Statements of Comprehensive Income - EUR (&#8364;)<br> &#8364; in Millions</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2024</div></th>
<th class="th"><div>Dec. 31, 2023</div></th>
<th class="th"><div>Dec. 31, 2022</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_StatementOfComprehensiveIncomeAbstract', window );"><strong>Statement of comprehensive income [abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ProfitLoss', window );">Profit (loss) for the year</a></td>
<td class="nump">&#8364; 209<span></span>
</td>
<td class="num">&#8364; (574)<span></span>
</td>
<td class="nump">&#8364; 2,319<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_OtherComprehensiveIncome', window );">Other comprehensive (loss) income</a></td>
<td class="num">(1,120)<span></span>
</td>
<td class="num">(43)<span></span>
</td>
<td class="nump">1,908<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_GainsLossesOnFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncomeBeforeTax', window );">(Losses) gains from financial assets measured at Fair value through other comprehensive income</a></td>
<td class="num">(11)<span></span>
</td>
<td class="nump">22<span></span>
</td>
<td class="num">(29)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IncomeTaxRelatingToFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncome', window );">Income tax impact</a></td>
<td class="nump">5<span></span>
</td>
<td class="num">(7)<span></span>
</td>
<td class="nump">9<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_GainsLossesOnFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncomeNetOfTax', window );">Other comprehensive income (loss), available-for-sale investments, net of tax</a></td>
<td class="num">(6)<span></span>
</td>
<td class="nump">15<span></span>
</td>
<td class="num">(20)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_GainsLossesOnCashFlowHedgesBeforeTax', window );">Gains (losses) on hedges</a></td>
<td class="nump">953<span></span>
</td>
<td class="num">(624)<span></span>
</td>
<td class="nump">1,081<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IncomeTaxRelatingToCashFlowHedgesOfOtherComprehensiveIncome', window );">Income tax impact</a></td>
<td class="num">(253)<span></span>
</td>
<td class="nump">151<span></span>
</td>
<td class="num">(282)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ReclassificationAdjustmentsOnCashFlowHedgesBeforeTax', window );">Reclassification of (gains) losses included in the income statement (Note 19)</a></td>
<td class="num">(863)<span></span>
</td>
<td class="nump">76<span></span>
</td>
<td class="num">(704)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_tef_IncomeTaxRelatingtoReclassificationofGainsLossesonCashFlowHedges', window );">Income tax impact</a></td>
<td class="nump">221<span></span>
</td>
<td class="num">(17)<span></span>
</td>
<td class="nump">181<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_OtherComprehensiveIncomeNetOfTaxCashFlowHedges', window );">Other comprehensive income, hedges, net of tax</a></td>
<td class="nump">58<span></span>
</td>
<td class="num">(414)<span></span>
</td>
<td class="nump">276<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_tef_Gainslossesoncashflowhedgescostsbeforetax', window );">Gains (losses) on hedges costs</a></td>
<td class="nump">168<span></span>
</td>
<td class="nump">79<span></span>
</td>
<td class="num">(59)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_tef_Incometaxrelatingtocashflowhedgescostsincludedinothercomprehensiveincome', window );">Income tax impact</a></td>
<td class="num">(42)<span></span>
</td>
<td class="num">(20)<span></span>
</td>
<td class="nump">15<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_tef_Reclassificationadjustmentsoncashflowhedgescostsbeforetax', window );">Reclassification of (gains) included in the income statement (Note 19)</a></td>
<td class="num">(10)<span></span>
</td>
<td class="num">(9)<span></span>
</td>
<td class="num">(9)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_tef_IncomeTaxRelatingtoReclassificationofGainsLossesonCashFlowHedgesCosts', window );">Income tax impact</a></td>
<td class="nump">3<span></span>
</td>
<td class="nump">2<span></span>
</td>
<td class="nump">2<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_tef_Othercomprehensiveincomenetoftaxcashflowhedgescosts', window );">Other comprehensive income, hedges costs, net of tax</a></td>
<td class="nump">119<span></span>
</td>
<td class="nump">52<span></span>
</td>
<td class="num">(51)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethodThatWillBeReclassifiedToProfitOrLossBeforeTax', window );">Share of (losses) gains recognized directly in equity of associates and others (Note 10)</a></td>
<td class="num">(6)<span></span>
</td>
<td class="num">(31)<span></span>
</td>
<td class="nump">65<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_tef_IncomeTaxRelatingToShareOfGainsLossesRecognizedDirectlyInEquityOfAssociatesAndOthers', window );">Income tax impact</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethodThatWillBeReclassifiedToProfitOrLossNetOfTax', window );">Other comprehensive income, share of other comprehensive income of associates and joint ventures accounted for using equity method that will be reclassified to profit or loss, net of tax</a></td>
<td class="num">(6)<span></span>
</td>
<td class="num">(31)<span></span>
</td>
<td class="nump">65<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_OtherComprehensiveIncomeNetOfTaxExchangeDifferencesOnTranslation', window );">Translation differences (Note 17)</a></td>
<td class="num">(1,465)<span></span>
</td>
<td class="nump">270<span></span>
</td>
<td class="nump">1,562<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_OtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLossNetOfTax', window );">Total other comprehensive (loss) income recognized for the year that may be reclassified subsequently to profit or loss</a></td>
<td class="num">(1,300)<span></span>
</td>
<td class="num">(108)<span></span>
</td>
<td class="nump">1,832<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_OtherComprehensiveIncomeBeforeTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans', window );">Actuarial gains (losses) and impact of limit on assets for defined benefit pension plans</a></td>
<td class="nump">129<span></span>
</td>
<td class="num">(45)<span></span>
</td>
<td class="nump">102<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IncomeTaxRelatingToRemeasurementsOfDefinedBenefitPlansOfOtherComprehensiveIncome', window );">Income tax impact</a></td>
<td class="num">(38)<span></span>
</td>
<td class="nump">14<span></span>
</td>
<td class="num">(32)<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_OtherComprehensiveIncomeNetOfTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans', window );">Actuarial gains (losses) and impact of limit on assets for defined benefit pension plans, net of tax</a></td>
<td class="nump">91<span></span>
</td>
<td class="num">(31)<span></span>
</td>
<td class="nump">70<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_tef_GainsLossesFromFinancialAssetsMeasuredAtFairValueThroughComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossBeforeTax', window );">Gains (losses) from financial assets measured at fair value through comprehensive income</a></td>
<td class="nump">81<span></span>
</td>
<td class="nump">113<span></span>
</td>
<td class="nump">42<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IncomeTaxRelatingToChangesInRevaluationSurplusOfOtherComprehensiveIncome', window );">Income tax impact</a></td>
<td class="num">(1)<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ReclassificationAdjustmentsOnFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncomeBeforeTax', window );">Reclassification to reserve of losses (gains) from financial assets measured at fair value through comprehensive income (Note 12)</a></td>
<td class="nump">110<span></span>
</td>
<td class="nump">24<span></span>
</td>
<td class="nump">71<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_tef_GainsLossesFromFinancialAssetsMeasuredAtFairValueThroughComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossNetOfTax', window );">(Losses) gains from financial assets measured at fair value through comprehensive income, net of tax</a></td>
<td class="nump">190<span></span>
</td>
<td class="nump">137<span></span>
</td>
<td class="nump">113<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethodThatWillNotBeReclassifiedToProfitOrLossNetOfTax', window );">Share of (losses) recognized directly in equity of associates (Note 10)</a></td>
<td class="num">(101)<span></span>
</td>
<td class="num">(41)<span></span>
</td>
<td class="num">(107)<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_OtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossNetOfTax', window );">Total other comprehensive income (loss) recognized for the year that will not be reclassified subsequently to profit or loss</a></td>
<td class="nump">180<span></span>
</td>
<td class="nump">65<span></span>
</td>
<td class="nump">76<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ComprehensiveIncome', window );">Total comprehensive income (loss) for the year</a></td>
<td class="num">(911)<span></span>
</td>
<td class="num">(617)<span></span>
</td>
<td class="nump">4,227<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ComprehensiveIncomeAttributableToAbstract', window );"><strong>Attributable to:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ComprehensiveIncomeAttributableToOwnersOfParent', window );">Equity holders of the parent and other holders of equity instruments</a></td>
<td class="num">(664)<span></span>
</td>
<td class="num">(1,165)<span></span>
</td>
<td class="nump">3,519<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ComprehensiveIncomeAttributableToNoncontrollingInterests', window );">Non-controlling interests</a></td>
<td class="num">&#8364; (247)<span></span>
</td>
<td class="nump">&#8364; 548<span></span>
</td>
<td class="nump">&#8364; 708<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ComprehensiveIncome">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of change in equity resulting from transactions and other events, other than those changes resulting from transactions with owners in their capacity as owners.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2024-01-01<br> -Paragraph 32<br> -Subparagraph a<br> -Clause ii<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_32_a_ii&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2024-01-01<br> -Paragraph 24<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_24_b&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 3: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2024-01-01<br> -Paragraph B10<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_B10_b&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2024-03-27<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2024-01-01<br> -Paragraph B12<br> -Subparagraph b<br> -Clause ix<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_B12_b_ix&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2024-03-27<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2024-01-01<br> -Paragraph 106<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_106_a&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2024-01-01<br> -Paragraph 81A<br> -Subparagraph c<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_81A_c&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ComprehensiveIncome</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ComprehensiveIncomeAttributableToAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ComprehensiveIncomeAttributableToAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ComprehensiveIncomeAttributableToNoncontrollingInterests">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of comprehensive income attributable to non-controlling interests. [Refer: Comprehensive income; Non-controlling interests]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2024-01-01<br> -Paragraph 106<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_106_a&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2024-01-01<br> -Paragraph 81B<br> -Subparagraph b<br> -Clause i<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_81B_b_i&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ComprehensiveIncomeAttributableToNoncontrollingInterests</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ComprehensiveIncomeAttributableToOwnersOfParent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of comprehensive income attributable to owners of the parent. [Refer: Comprehensive income]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2024-01-01<br> -Paragraph 106<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_106_a&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2024-01-01<br> -Paragraph 81B<br> -Subparagraph b<br> -Clause ii<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_81B_b_ii&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ComprehensiveIncomeAttributableToOwnersOfParent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_GainsLossesOnCashFlowHedgesBeforeTax">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The gains (losses) recognised in other comprehensive income on cash flow hedges, before tax, before reclassification adjustments. [Refer: Cash flow hedges [member]]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2024-01-01<br> -Paragraph 91<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_91_b&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_GainsLossesOnCashFlowHedgesBeforeTax</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_GainsLossesOnFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncomeBeforeTax">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The gains (losses) recognised in other comprehensive income on financial assets measured at fair value through other comprehensive income applying paragraph 4.1.2A of IFRS 9, before tax, before reclassification adjustments. [Refer: Financial assets measured at fair value through other comprehensive income; Other comprehensive income]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2024-01-01<br> -Paragraph 91<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_91_b&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 7<br> -IssueDate 2024-01-01<br> -Paragraph 20<br> -Subparagraph a<br> -Clause viii<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=7&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_20_a_viii&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_GainsLossesOnFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncomeBeforeTax</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_GainsLossesOnFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncomeNetOfTax">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The gains (losses) recognised in other comprehensive income on financial assets measured at fair value through other comprehensive income applying paragraph 4.1.2A of IFRS 9, net of tax, before reclassification adjustments. [Refer: Financial assets measured at fair value through other comprehensive income; Other comprehensive income]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2024-01-01<br> -Paragraph 91<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_91_a&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_GainsLossesOnFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncomeNetOfTax</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IncomeTaxRelatingToCashFlowHedgesOfOtherComprehensiveIncome">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of income tax relating to amounts recognised in other comprehensive income in relation to cash flow hedges. [Refer: Cash flow hedges [member]; Other comprehensive income]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2024-01-01<br> -Paragraph 90<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_90&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2024-01-01<br> -Paragraph 81<br> -Subparagraph ab<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=12&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_81_ab&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IncomeTaxRelatingToCashFlowHedgesOfOtherComprehensiveIncome</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IncomeTaxRelatingToChangesInRevaluationSurplusOfOtherComprehensiveIncome">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of income tax relating to amounts recognised in other comprehensive income in relation to changes in a revaluation surplus of property, plant and equipment, right-of-use assets and intangible assets. [Refer: Revaluation surplus; Other comprehensive income]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2024-01-01<br> -Paragraph 90<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_90&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2024-01-01<br> -Paragraph 81<br> -Subparagraph ab<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=12&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_81_ab&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IncomeTaxRelatingToChangesInRevaluationSurplusOfOtherComprehensiveIncome</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IncomeTaxRelatingToFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncome">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of income tax relating to amounts recognised in other comprehensive income in relation to financial assets measured at fair value through other comprehensive income applying paragraph 4.1.2A of IFRS 9. [Refer: Financial assets measured at fair value through other comprehensive income; Other comprehensive income]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2024-01-01<br> -Paragraph 90<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_90&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2024-01-01<br> -Paragraph 81<br> -Subparagraph ab<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=12&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_81_ab&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IncomeTaxRelatingToFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncome</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IncomeTaxRelatingToRemeasurementsOfDefinedBenefitPlansOfOtherComprehensiveIncome">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of income tax relating to amounts recognised in other comprehensive income in relation to remeasurements of defined benefit plans. [Refer: Other comprehensive income; Reserve of remeasurements of defined benefit plans; Defined benefit plans [domain]]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2024-01-01<br> -Paragraph 90<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_90&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2024-01-01<br> -Paragraph 81<br> -Subparagraph ab<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=12&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_81_ab&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IncomeTaxRelatingToRemeasurementsOfDefinedBenefitPlansOfOtherComprehensiveIncome</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_OtherComprehensiveIncome">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of income and expense (including reclassification adjustments) that is not recognised in profit or loss as required or permitted by IFRSs. [Refer: IFRSs [member]]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2024-01-01<br> -Paragraph B12<br> -Subparagraph b<br> -Clause viii<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_B12_b_viii&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2024-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2024-01-01<br> -Paragraph 91<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_91_a&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2024-01-01<br> -Paragraph 106<br> -Subparagraph d<br> -Clause ii<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_106_d_ii&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2024-01-01<br> -Paragraph 81A<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_81A_b&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OtherComprehensiveIncome</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_OtherComprehensiveIncomeBeforeTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of other comprehensive income, before tax, related to gains (losses) on remeasurements of defined benefit plans, which comprise actuarial gains and losses; the return on plan assets, excluding amounts included in net interest on the net defined benefit liability (asset); and any change in the effect of the asset ceiling, excluding amounts included in net interest on the net defined benefit liability (asset). [Refer: Other comprehensive income; Defined benefit plans [domain]; Plan assets [member]; Net defined benefit liability (asset)] [Contrast: Decrease (increase) in net defined benefit liability (asset) resulting from gain (loss) on remeasurement in other comprehensive income]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2024-01-01<br> -Paragraph 91<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_91_b&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2024-01-01<br> -Paragraph 7<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_7&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 19<br> -IssueDate 2024-01-01<br> -Paragraph 135<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=19&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_135_b&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OtherComprehensiveIncomeBeforeTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_OtherComprehensiveIncomeNetOfTaxCashFlowHedges">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of other comprehensive income, net of tax, after reclassification adjustments, related to cash flow hedges. [Refer: Cash flow hedges [member]; Other comprehensive income]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2024-01-01<br> -Paragraph 91<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_91_a&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2024-01-01<br> -Paragraph 7<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_7&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OtherComprehensiveIncomeNetOfTaxCashFlowHedges</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_OtherComprehensiveIncomeNetOfTaxExchangeDifferencesOnTranslation">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of other comprehensive income, net of tax, after reclassification adjustments, related to exchange differences when financial statements of foreign operations are translated. [Refer: Other comprehensive income]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2024-01-01<br> -Paragraph 91<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_91_a&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2024-01-01<br> -Paragraph 7<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_7&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OtherComprehensiveIncomeNetOfTaxExchangeDifferencesOnTranslation</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_OtherComprehensiveIncomeNetOfTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of other comprehensive income, net of tax, related to gains (losses) on remeasurements of defined benefit plans, which comprise actuarial gains and losses; the return on plan assets, excluding amounts included in net interest on the net defined benefit liability (asset); and any change in the effect of the asset ceiling, excluding amounts included in net interest on the net defined benefit liability (asset). [Refer: Other comprehensive income; Defined benefit plans [domain]; Plan assets [member]; Net defined benefit liability (asset)] [Contrast: Decrease (increase) in net defined benefit liability (asset) resulting from gain (loss) on remeasurement in other comprehensive income]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2024-01-01<br> -Paragraph 91<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_91_a&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2024-01-01<br> -Paragraph 7<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_7&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 19<br> -IssueDate 2024-01-01<br> -Paragraph 135<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=19&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_135_b&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OtherComprehensiveIncomeNetOfTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_OtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLossNetOfTax">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of other comprehensive income that will be reclassified to profit or loss, net of tax. [Refer: Other comprehensive income]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2024-01-01<br> -Paragraph IG6<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_IG6&amp;doctype=Implementation%20Guidance<br> -URIDate 2024-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2024-01-01<br> -Paragraph 82A<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_82A&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLossNetOfTax</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_OtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossNetOfTax">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of other comprehensive income that will not be reclassified to profit or loss, net of tax. [Refer: Other comprehensive income]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2024-01-01<br> -Paragraph IG6<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_IG6&amp;doctype=Implementation%20Guidance<br> -URIDate 2024-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2024-01-01<br> -Paragraph 82A<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_82A&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossNetOfTax</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProfitLoss">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The total of income less expenses from continuing and discontinued operations, excluding the components of other comprehensive income. [Refer: Other comprehensive income]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2024-01-01<br> -Paragraph 18<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_18_b&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2024-01-01<br> -Paragraph 32<br> -Subparagraph a<br> -Clause ii<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_32_a_ii&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2024-01-01<br> -Paragraph 24<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_24_b&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2024-01-01<br> -Paragraph 28<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_28_b&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2024-01-01<br> -Paragraph 23<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_23&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 6: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2024-01-01<br> -Paragraph B10<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_B10_b&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2024-03-27<br><br>Reference 7: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 17<br> -IssueDate 2024-01-01<br> -Paragraph 113<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=17&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_113_b&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 8: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2024-01-01<br> -Paragraph 81A<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_81A_a&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 9: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2024-01-01<br> -Paragraph 106<br> -Subparagraph d<br> -Clause i<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_106_d_i&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProfitLoss</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ReclassificationAdjustmentsOnCashFlowHedgesBeforeTax">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of reclassification adjustments related to cash flow hedges, before tax. Reclassification adjustments are amounts reclassified to profit (loss) in the current period that were recognised in other comprehensive income in the current or previous periods. [Refer: Cash flow hedges [member]; Other comprehensive income]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2024-01-01<br> -Paragraph 92<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_92&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ReclassificationAdjustmentsOnCashFlowHedgesBeforeTax</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ReclassificationAdjustmentsOnFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncomeBeforeTax">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of reclassification adjustments related to financial assets measured at fair value through other comprehensive income, before tax. Reclassification adjustments are amounts reclassified to profit (loss) in the current period that were recognised in other comprehensive income in the current or previous periods. [Refer: Financial assets measured at fair value through other comprehensive income; Other comprehensive income]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2024-01-01<br> -Paragraph 92<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_92&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 7<br> -IssueDate 2024-01-01<br> -Paragraph 20<br> -Subparagraph a<br> -Clause viii<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=7&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_20_a_viii&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ReclassificationAdjustmentsOnFinancialAssetsMeasuredAtFairValueThroughOtherComprehensiveIncomeBeforeTax</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethodThatWillBeReclassifiedToProfitOrLossBeforeTax">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Share of the other comprehensive income of associates and joint ventures accounted for using the equity method that will be reclassified to profit or loss, before tax.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2024-01-01<br> -Paragraph 82A<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_82A&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethodThatWillBeReclassifiedToProfitOrLossBeforeTax</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethodThatWillBeReclassifiedToProfitOrLossNetOfTax">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Share of the other comprehensive income of associates and joint ventures accounted for using the equity method that will be reclassified to profit or loss, net of tax.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2024-01-01<br> -Paragraph 82A<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_82A&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethodThatWillBeReclassifiedToProfitOrLossNetOfTax</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethodThatWillNotBeReclassifiedToProfitOrLossNetOfTax">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Share of the other comprehensive income of associates and joint ventures accounted for using the equity method that will not be reclassified to profit or loss, net of tax.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2024-01-01<br> -Paragraph 82A<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_82A&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethodThatWillNotBeReclassifiedToProfitOrLossNetOfTax</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_StatementOfComprehensiveIncomeAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_StatementOfComprehensiveIncomeAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_tef_GainsLossesFromFinancialAssetsMeasuredAtFairValueThroughComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossBeforeTax">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Gains (Losses) From Financial Assets Measured At Fair Value Through Comprehensive Income That Will Not Be Reclassified To Profit Or Loss, Before Tax</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">tef_GainsLossesFromFinancialAssetsMeasuredAtFairValueThroughComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossBeforeTax</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>tef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_tef_GainsLossesFromFinancialAssetsMeasuredAtFairValueThroughComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossNetOfTax">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Gains (Losses) From Financial Assets Measured At Fair Value Through Comprehensive Income That Will Not Be Reclassified To Profit Or Loss, Net Of Tax</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">tef_GainsLossesFromFinancialAssetsMeasuredAtFairValueThroughComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossNetOfTax</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
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<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_tef_Gainslossesoncashflowhedgescostsbeforetax">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Gains (losses) on cash flow hedges costs, before tax</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">tef_Gainslossesoncashflowhedgescostsbeforetax</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>tef_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>credit</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_tef_IncomeTaxRelatingToShareOfGainsLossesRecognizedDirectlyInEquityOfAssociatesAndOthers">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Income Tax Relating To Share Of Gains (Losses) Recognized Directly In Equity Of Associates And Others</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">tef_IncomeTaxRelatingToShareOfGainsLossesRecognizedDirectlyInEquityOfAssociatesAndOthers</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>tef_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>debit</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_tef_IncomeTaxRelatingtoReclassificationofGainsLossesonCashFlowHedges">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Income Tax Relating to Reclassification of Gains (Losses) on Cash Flow Hedges</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">tef_IncomeTaxRelatingtoReclassificationofGainsLossesonCashFlowHedges</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>debit</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_tef_IncomeTaxRelatingtoReclassificationofGainsLossesonCashFlowHedgesCosts">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Income Tax Relating to Reclassification of Gains (Losses) on Cash Flow Hedges Costs</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">tef_IncomeTaxRelatingtoReclassificationofGainsLossesonCashFlowHedgesCosts</td>
</tr>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>tef_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>debit</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_tef_Incometaxrelatingtocashflowhedgescostsincludedinothercomprehensiveincome">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Income tax relating to cash flow hedges costs included in other comprehensive income</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">tef_Incometaxrelatingtocashflowhedgescostsincludedinothercomprehensiveincome</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>tef_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>debit</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_tef_Othercomprehensiveincomenetoftaxcashflowhedgescosts">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Other comprehensive income, net of tax, cash flow hedges costs</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">tef_Othercomprehensiveincomenetoftaxcashflowhedgescosts</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
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<td><strong> Balance Type:</strong></td>
<td>credit</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_tef_Reclassificationadjustmentsoncashflowhedgescostsbeforetax">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Reclassification adjustments on cash flow hedges costs, before tax</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">tef_Reclassificationadjustmentsoncashflowhedgescostsbeforetax</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Balance Type:</strong></td>
<td>debit</td>
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<span style="display: none;">v3.25.0.1</span><table class="report" border="0" cellspacing="2" id="idm45294654756880">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Consolidated Statements of Changes in Equity - EUR (&#8364;)<br> &#8364; in Millions</strong></div></th>
<th class="th"><div>Total</div></th>
<th class="th"><div>Increase (decrease) due to changes in accounting policy required by IFRSs, cumulative effect at date of initial application</div></th>
<th class="th"><div>Opening balance after adjustment, cumulative effect at date of initial application</div></th>
<th class="th"><div>Total</div></th>
<th class="th">
<div>Total </div>
<div>Increase (decrease) due to changes in accounting policy required by IFRSs, cumulative effect at date of initial application</div>
</th>
<th class="th">
<div>Total </div>
<div>Opening balance after adjustment, cumulative effect at date of initial application</div>
</th>
<th class="th"><div>Share capital</div></th>
<th class="th">
<div>Share capital </div>
<div>Opening balance after adjustment, cumulative effect at date of initial application</div>
</th>
<th class="th"><div>Share premium</div></th>
<th class="th">
<div>Share premium </div>
<div>Opening balance after adjustment, cumulative effect at date of initial application</div>
</th>
<th class="th"><div>Treasury Shares</div></th>
<th class="th">
<div>Treasury Shares </div>
<div>Opening balance after adjustment, cumulative effect at date of initial application</div>
</th>
<th class="th"><div>Other equity instru-ments</div></th>
<th class="th">
<div>Other equity instru-ments </div>
<div>Opening balance after adjustment, cumulative effect at date of initial application</div>
</th>
<th class="th"><div>Legal reserve</div></th>
<th class="th">
<div>Legal reserve </div>
<div>Opening balance after adjustment, cumulative effect at date of initial application</div>
</th>
<th class="th"><div>Retained earnings</div></th>
<th class="th">
<div>Retained earnings </div>
<div>Increase (decrease) due to changes in accounting policy required by IFRSs, cumulative effect at date of initial application</div>
</th>
<th class="th">
<div>Retained earnings </div>
<div>Opening balance after adjustment, cumulative effect at date of initial application</div>
</th>
<th class="th"><div>Fair value finan-cial assets</div></th>
<th class="th">
<div>Fair value finan-cial assets </div>
<div>Opening balance after adjustment, cumulative effect at date of initial application</div>
</th>
<th class="th"><div>Hedges</div></th>
<th class="th">
<div>Hedges </div>
<div>Opening balance after adjustment, cumulative effect at date of initial application</div>
</th>
<th class="th"><div>Equity of associa-tes and others</div></th>
<th class="th">
<div>Equity of associa-tes and others </div>
<div>Opening balance after adjustment, cumulative effect at date of initial application</div>
</th>
<th class="th"><div>Translation differences</div></th>
<th class="th">
<div>Translation differences </div>
<div>Increase (decrease) due to changes in accounting policy required by IFRSs, cumulative effect at date of initial application</div>
</th>
<th class="th">
<div>Translation differences </div>
<div>Opening balance after adjustment, cumulative effect at date of initial application</div>
</th>
<th class="th"><div>Non-controlling interests</div></th>
<th class="th">
<div>Non-controlling interests </div>
<div>Opening balance after adjustment, cumulative effect at date of initial application</div>
</th>
</tr>
<tr class="rc">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_Equity', window );">Financial position, beginning balance at Dec. 31, 2021</a></td>
<td class="nump">&#8364; 28,684<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">&#8364; 22,207<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">&#8364; 5,779<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">&#8364; 4,233<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">&#8364; (547)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">&#8364; 7,550<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">&#8364; 1,038<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">&#8364; 26,091<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">&#8364; (547)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">&#8364; 438<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">&#8364; 64<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">&#8364; (21,892)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">&#8364; 6,477<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ProfitLoss', window );">Profit (loss) for the year</a></td>
<td class="nump">2,319<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">2,011<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">2,011<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">308<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_OtherComprehensiveIncome', window );">Other comprehensive income (loss) for the year</a></td>
<td class="nump">1,908<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1,508<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">48<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">98<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">287<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(94)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1,169<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">400<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ComprehensiveIncome', window );">Total comprehensive income (loss) for the year</a></td>
<td class="nump">4,227<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">3,519<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">2,059<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">98<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">287<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(94)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1,169<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">708<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DividendsPaid', window );">Dividends and distribution of profit (Note 17)</a></td>
<td class="num">(1,478)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(1,067)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">135<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">21<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(1,223)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(411)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughTreasuryShareTransactions', window );">Net movement in treasury shares</a></td>
<td class="num">(364)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(364)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(342)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(22)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughChangeInEquityOfSubsidiaries', window );">Acquisitions and disposals of non-controlling interests and business combinations (Notes 2 and 17)</a></td>
<td class="nump">781<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">936<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">936<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(155)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ReductionOfIssuedCapital', window );">Capital reduction</a></td>
<td class="nump">0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(139)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(409)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">548<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_tef_IncreaseDecreaseThroughUndatedDeeplySubordinatedSecurities', window );">Undated deeply subordinated securities and notes mandatorily convertible&#160;(Note 17)</a></td>
<td class="num">(201)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(201)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(201)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughTransfersAndOtherChangesEquity', window );">Other movements</a></td>
<td class="nump">59<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">58<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">58<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rc">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_Equity', window );">Financial position, ending balance at Dec. 31, 2022</a></td>
<td class="nump">31,708<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">25,088<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">5,775<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">3,824<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(341)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">7,550<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1,059<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">27,698<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(449)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">725<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(30)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(20,723)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">6,620<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ProfitLoss', window );">Profit (loss) for the year</a></td>
<td class="num">(574)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(892)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(892)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">318<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_OtherComprehensiveIncome', window );">Other comprehensive income (loss) for the year</a></td>
<td class="num">(43)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(273)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(26)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">148<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(412)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(20)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">37<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">230<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ComprehensiveIncome', window );">Total comprehensive income (loss) for the year</a></td>
<td class="num">(617)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(1,165)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(918)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">148<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(412)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(20)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">37<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">548<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DividendsPaid', window );">Dividends and distribution of profit (Note 17)</a></td>
<td class="num">(2,043)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(1,698)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(1,698)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(345)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughTreasuryShareTransactions', window );">Net movement in treasury shares</a></td>
<td class="num">(221)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(221)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(186)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(35)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughChangeInEquityOfSubsidiaries', window );">Acquisitions and disposals of non-controlling interests and business combinations (Notes 2 and 17)</a></td>
<td class="num">(1,579)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(1,579)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ReductionOfIssuedCapital', window );">Capital reduction</a></td>
<td class="nump">0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(25)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(73)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">98<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_tef_IncreaseDecreaseThroughUndatedDeeplySubordinatedSecurities', window );">Undated deeply subordinated securities and notes mandatorily convertible&#160;(Note 17)</a></td>
<td class="num">(239)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(239)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(239)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughTransfersAndOtherChangesEquity', window );">Other movements</a></td>
<td class="nump">87<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">87<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">87<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rc">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_Equity', window );">Financial position, ending balance at Dec. 31, 2023</a></td>
<td class="nump">27,096<span></span>
</td>
<td class="nump">&#8364; 142<span></span>
</td>
<td class="nump">&#8364; 27,238<span></span>
</td>
<td class="nump">21,852<span></span>
</td>
<td class="nump">&#8364; 142<span></span>
</td>
<td class="nump">&#8364; 21,994<span></span>
</td>
<td class="nump">5,750<span></span>
</td>
<td class="nump">&#8364; 5,750<span></span>
</td>
<td class="nump">3,751<span></span>
</td>
<td class="nump">&#8364; 3,751<span></span>
</td>
<td class="num">(429)<span></span>
</td>
<td class="num">&#8364; (429)<span></span>
</td>
<td class="nump">7,550<span></span>
</td>
<td class="nump">&#8364; 7,550<span></span>
</td>
<td class="nump">1,059<span></span>
</td>
<td class="nump">&#8364; 1,059<span></span>
</td>
<td class="nump">24,895<span></span>
</td>
<td class="num">&#8364; (224)<span></span>
</td>
<td class="nump">&#8364; 24,671<span></span>
</td>
<td class="num">(301)<span></span>
</td>
<td class="num">&#8364; (301)<span></span>
</td>
<td class="nump">313<span></span>
</td>
<td class="nump">&#8364; 313<span></span>
</td>
<td class="num">(50)<span></span>
</td>
<td class="num">&#8364; (50)<span></span>
</td>
<td class="num">(20,686)<span></span>
</td>
<td class="nump">&#8364; 366<span></span>
</td>
<td class="num">&#8364; (20,320)<span></span>
</td>
<td class="nump">5,244<span></span>
</td>
<td class="nump">&#8364; 5,244<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ProfitLoss', window );">Profit (loss) for the year</a></td>
<td class="nump">209<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(49)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(49)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">258<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_OtherComprehensiveIncome', window );">Other comprehensive income (loss) for the year</a></td>
<td class="num">(1,120)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(615)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">74<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">184<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">76<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">10<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(959)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(505)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ComprehensiveIncome', window );">Total comprehensive income (loss) for the year</a></td>
<td class="num">(911)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(664)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">25<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">184<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">76<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">10<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(959)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(247)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DividendsPaid', window );">Dividends and distribution of profit (Note 17)</a></td>
<td class="num">(1,838)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(1,693)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">91<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(1,784)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(145)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughTreasuryShareTransactions', window );">Net movement in treasury shares</a></td>
<td class="num">(56)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(56)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">13<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(69)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughChangeInEquityOfSubsidiaries', window );">Acquisitions and disposals of non-controlling interests and business combinations (Notes 2 and 17)</a></td>
<td class="num">(1,438)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">12<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">12<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(1,450)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ReductionOfIssuedCapital', window );">Capital reduction</a></td>
<td class="nump">0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(80)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(230)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">310<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_tef_IncreaseDecreaseThroughUndatedDeeplySubordinatedSecurities', window );">Undated deeply subordinated securities and notes mandatorily convertible&#160;(Note 17)</a></td>
<td class="num">(249)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(249)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(249)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseThroughTransfersAndOtherChangesEquity', window );">Other movements</a></td>
<td class="nump">3<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">3<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">3<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rc">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_Equity', window );">Financial position, ending balance at Dec. 31, 2024</a></td>
<td class="nump">&#8364; 22,749<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">&#8364; 19,347<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">&#8364; 5,670<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">&#8364; 3,521<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">&#8364; (106)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">&#8364; 7,550<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">&#8364; 1,150<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">&#8364; 22,609<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">&#8364; (117)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">&#8364; 389<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">&#8364; (40)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">&#8364; (21,279)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">&#8364; 3,402<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ComprehensiveIncome">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of change in equity resulting from transactions and other events, other than those changes resulting from transactions with owners in their capacity as owners.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2024-01-01<br> -Paragraph 32<br> -Subparagraph a<br> -Clause ii<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_32_a_ii&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2024-01-01<br> -Paragraph 24<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_24_b&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 3: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2024-01-01<br> -Paragraph B10<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_B10_b&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2024-03-27<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2024-01-01<br> -Paragraph B12<br> -Subparagraph b<br> -Clause ix<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_B12_b_ix&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2024-03-27<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2024-01-01<br> -Paragraph 106<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_106_a&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2024-01-01<br> -Paragraph 81A<br> -Subparagraph c<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_81A_c&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ComprehensiveIncome</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DividendsPaid">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of dividends recognised as distributions to owners.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2024-01-01<br> -Paragraph 107<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_107&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DividendsPaid</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_Equity">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of residual interest in the assets of the entity after deducting all its liabilities.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2024-01-01<br> -Paragraph 24<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_24_a&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2024-01-01<br> -Paragraph 32<br> -Subparagraph a<br> -Clause i<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_32_a_i&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2024-01-01<br> -Paragraph 93<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=13&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_93_a&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2024-01-01<br> -Paragraph 93<br> -Subparagraph e<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=13&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_93_e&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 13<br> -IssueDate 2024-01-01<br> -Paragraph 93<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=13&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_93_b&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2024-01-01<br> -Paragraph 55<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_55&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 7: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2024-01-01<br> -Paragraph 78<br> -Subparagraph e<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_78_e&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_Equity</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IncreaseDecreaseThroughChangeInEquityOfSubsidiaries">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) in the entity's equity resulting from the change in the equity of subsidiaries. [Refer: Total for all subsidiaries [member]]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2024-01-01<br> -Paragraph 106<br> -Subparagraph d<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_106_d&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IncreaseDecreaseThroughChangeInEquityOfSubsidiaries</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IncreaseDecreaseThroughTransfersAndOtherChangesEquity">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) in equity resulting from changes that the entity does not separately disclose in the same statement or note. [Refer: Equity]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2024-01-01<br> -Paragraph 106<br> -Subparagraph d<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_106_d&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IncreaseDecreaseThroughTransfersAndOtherChangesEquity</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IncreaseDecreaseThroughTreasuryShareTransactions">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) in equity resulting from treasury share transactions. [Refer: Equity; Treasury shares]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2024-01-01<br> -Paragraph 106<br> -Subparagraph d<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_106_d&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IncreaseDecreaseThroughTreasuryShareTransactions</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_OtherComprehensiveIncome">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of income and expense (including reclassification adjustments) that is not recognised in profit or loss as required or permitted by IFRSs. [Refer: IFRSs [member]]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2024-01-01<br> -Paragraph B12<br> -Subparagraph b<br> -Clause viii<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_B12_b_viii&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2024-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2024-01-01<br> -Paragraph 91<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_91_a&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2024-01-01<br> -Paragraph 106<br> -Subparagraph d<br> -Clause ii<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_106_d_ii&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2024-01-01<br> -Paragraph 81A<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_81A_b&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_OtherComprehensiveIncome</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProfitLoss">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The total of income less expenses from continuing and discontinued operations, excluding the components of other comprehensive income. [Refer: Other comprehensive income]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2024-01-01<br> -Paragraph 18<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_18_b&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2024-01-01<br> -Paragraph 32<br> -Subparagraph a<br> -Clause ii<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_32_a_ii&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 1<br> -IssueDate 2024-01-01<br> -Paragraph 24<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_24_b&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2024-01-01<br> -Paragraph 28<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_28_b&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2024-01-01<br> -Paragraph 23<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_23&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 6: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2024-01-01<br> -Paragraph B10<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_B10_b&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2024-03-27<br><br>Reference 7: http://www.xbrl.org/2003/role/exampleRef<br> -Name IFRS<br> -Number 17<br> -IssueDate 2024-01-01<br> -Paragraph 113<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=17&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_113_b&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 8: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2024-01-01<br> -Paragraph 81A<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_81A_a&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 9: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2024-01-01<br> -Paragraph 106<br> -Subparagraph d<br> -Clause i<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_106_d_i&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProfitLoss</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ReductionOfIssuedCapital">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The decrease in equity resulting from a reduction in issued capital. [Refer: Issued capital]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2024-01-01<br> -Paragraph 106<br> -Subparagraph d<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_106_d&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ReductionOfIssuedCapital</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_tef_IncreaseDecreaseThroughUndatedDeeplySubordinatedSecurities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Increase (Decrease) Through Undated Deeply Subordinated Securities</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">tef_IncreaseDecreaseThroughUndatedDeeplySubordinatedSecurities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>tef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
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<span style="display: none;">v3.25.0.1</span><table class="report" border="0" cellspacing="2" id="idm45294665041296">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Consolidated Statements of Cash Flows - EUR (&#8364;)<br> &#8364; in Millions</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2024</div></th>
<th class="th"><div>Dec. 31, 2023</div></th>
<th class="th"><div>Dec. 31, 2022</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_StatementOfCashFlowsAbstract', window );"><strong>Statement of cash flows [abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_tef_ReceiptsFromOperations', window );">Cash received from operations</a></td>
<td class="nump">&#8364; 48,856<span></span>
</td>
<td class="nump">&#8364; 47,314<span></span>
</td>
<td class="nump">&#8364; 46,925<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_tef_PaymentsForOperations', window );">Cash paid from operations</a></td>
<td class="num">(36,134)<span></span>
</td>
<td class="num">(34,646)<span></span>
</td>
<td class="num">(34,778)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_tef_PaymentsOfInterestAndOtherFinancialExpensesNetOfDividendsReceived', window );">Net payments of interest and other financial expenses net of dividends received</a></td>
<td class="num">(1,060)<span></span>
</td>
<td class="num">(565)<span></span>
</td>
<td class="num">(292)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IncomeTaxesPaidRefundClassifiedAsOperatingActivities', window );">Taxes (paid)/proceeds</a></td>
<td class="num">(668)<span></span>
</td>
<td class="num">(454)<span></span>
</td>
<td class="num">(92)<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CashFlowsFromUsedInOperatingActivities', window );">Net cash flow provided by operating activities</a></td>
<td class="nump">10,994<span></span>
</td>
<td class="nump">11,649<span></span>
</td>
<td class="nump">11,763<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_tef_ProceedsFromPurchaseOfPropertyPlantAndEquipmentAndIntangibleAssetsClassifiedAsInvestingActivitiesNet', window );">(Payments on investments)/proceeds from the sale in property, plant and equipment and intangible assets</a></td>
<td class="num">(5,521)<span></span>
</td>
<td class="num">(5,851)<span></span>
</td>
<td class="num">(5,508)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CashFlowsFromLosingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities', window );">Proceeds/(payments) on disposals of companies, net of cash and cash equivalents disposed</a></td>
<td class="nump">220<span></span>
</td>
<td class="nump">1,004<span></span>
</td>
<td class="num">(115)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CashFlowsUsedInObtainingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities', window );">Payments on investments in companies, net of cash and cash equivalents acquired</a></td>
<td class="num">(189)<span></span>
</td>
<td class="num">(252)<span></span>
</td>
<td class="num">(1,628)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_tef_ProceedsFromFinancialInvestmentsNotIncludedUnderCashEquivalents', window );">Proceeds on financial investments not included under cash equivalents</a></td>
<td class="nump">1,413<span></span>
</td>
<td class="nump">1,432<span></span>
</td>
<td class="nump">2,967<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_tef_PaymentsForFinancialInvestmentsNotIncludedUnderCashEquivalents', window );">Payments on financial investments not included under cash equivalents</a></td>
<td class="num">(1,196)<span></span>
</td>
<td class="num">(1,475)<span></span>
</td>
<td class="num">(2,575)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_tef_ProceedsFromPaymentsForTemporaryFinancialInstruments', window );">Net proceeds/(payments) for temporary financial investments</a></td>
<td class="nump">50<span></span>
</td>
<td class="nump">856<span></span>
</td>
<td class="nump">1,532<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CashFlowsFromUsedInInvestingActivities', window );">Net cash flow used in investing activities</a></td>
<td class="num">(5,223)<span></span>
</td>
<td class="num">(4,286)<span></span>
</td>
<td class="num">(5,327)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DividendsPaidClassifiedAsFinancingActivities', window );">Dividends paid</a></td>
<td class="num">(1,887)<span></span>
</td>
<td class="num">(2,139)<span></span>
</td>
<td class="num">(1,397)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_tef_ProceedsFromPaymentsForShareCapitalIncreaseDecreaseWithMinorityInterest', window );">(Payments)/proceeds from share capital (decrease)/increase with minority interest</a></td>
<td class="num">(57)<span></span>
</td>
<td class="nump">113<span></span>
</td>
<td class="nump">1,022<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_tef_ProceedsFromPaymentsForTreasurySharesAndOtherShareholderOperations', window );">(Payments)/proceeds of treasury shares and other operations with shareholders and with minority interests</a></td>
<td class="num">(1,301)<span></span>
</td>
<td class="num">(1,771)<span></span>
</td>
<td class="num">(555)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_tef_CashFlowsFromOperationsWithOtherEquityHolders', window );">Operations with other equity holders</a></td>
<td class="num">(346)<span></span>
</td>
<td class="num">(329)<span></span>
</td>
<td class="num">(268)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ProceedsFromIssueOfBondsNotesAndDebentures', window );">Proceeds on issue of debentures and bonds and other debts</a></td>
<td class="nump">1,787<span></span>
</td>
<td class="nump">967<span></span>
</td>
<td class="nump">1,746<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_ProceedsFromBorrowingsClassifiedAsFinancingActivities', window );">Proceeds on loans, borrowings and promissory notes</a></td>
<td class="nump">1,760<span></span>
</td>
<td class="nump">1,707<span></span>
</td>
<td class="nump">839<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_RepaymentsOfBondsNotesAndDebentures', window );">Repayments of debentures and bonds and other debts</a></td>
<td class="num">(1,140)<span></span>
</td>
<td class="num">(1,910)<span></span>
</td>
<td class="num">(3,541)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_RepaymentsOfBorrowingsClassifiedAsFinancingActivities', window );">Repayments of loans, borrowings and promissory notes</a></td>
<td class="num">(1,123)<span></span>
</td>
<td class="num">(1,465)<span></span>
</td>
<td class="num">(3,077)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CashOutflowForLeases', window );">Lease principal payments</a></td>
<td class="num">(2,143)<span></span>
</td>
<td class="num">(2,114)<span></span>
</td>
<td class="num">(1,996)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities', window );">Financed operating payments and investments in property, plant and equipment and intangible assets payments</a></td>
<td class="num">(222)<span></span>
</td>
<td class="num">(245)<span></span>
</td>
<td class="num">(698)<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CashFlowsFromUsedInFinancingActivities', window );">Net cash used in financing activities</a></td>
<td class="num">(4,672)<span></span>
</td>
<td class="num">(7,186)<span></span>
</td>
<td class="num">(7,925)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_EffectOfExchangeRateChangesOnCashAndCashEquivalents', window );">Effect of changes in exchange rates</a></td>
<td class="num">(191)<span></span>
</td>
<td class="num">(258)<span></span>
</td>
<td class="nump">156<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_tef_CashReclassifiedtoAssetsHeldforSale', window );">Cash reclassified to assets held for sale</a></td>
<td class="nump">3<span></span>
</td>
<td class="num">(14)<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_tef_EffectOfChangesInConsolidationMethodsAndOthersOnCashAndCashEquivalents', window );">Effect of changes in consolidation methods and others</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">1<span></span>
</td>
<td class="num">(2)<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_IncreaseDecreaseInCashAndCashEquivalents', window );">Net increase (decrease) in cash and cash equivalents during the year</a></td>
<td class="nump">911<span></span>
</td>
<td class="num">(94)<span></span>
</td>
<td class="num">(1,335)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CashAndCashEquivalents', window );">CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE PERIOD</a></td>
<td class="nump">7,151<span></span>
</td>
<td class="nump">7,245<span></span>
</td>
<td class="nump">8,580<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CashAndCashEquivalents', window );">CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD</a></td>
<td class="nump">8,062<span></span>
</td>
<td class="nump">7,151<span></span>
</td>
<td class="nump">7,245<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_tef_ReconciliationOfCashAndCashEquivalentsWithTheStatementOfFinancialPositionAbstract', window );"><strong>RECONCILIATION OF CASH AND CASH EQUIVALENTS WITH THE STATEMENTS OF FINANCIAL POSITION</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CashAndCashEquivalents', window );">CASH AND CASH EQUIVALENTS TOTAL</a></td>
<td class="nump">8,062<span></span>
</td>
<td class="nump">7,151<span></span>
</td>
<td class="nump">7,245<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_Cash', window );">Cash on hand and at banks</a></td>
<td class="nump">6,905<span></span>
</td>
<td class="nump">6,265<span></span>
</td>
<td class="nump">6,653<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CashEquivalents', window );">Other cash equivalents</a></td>
<td class="nump">&#8364; 1,157<span></span>
</td>
<td class="nump">&#8364; 886<span></span>
</td>
<td class="nump">&#8364; 592<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_Cash">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of cash on hand and demand deposits. [Refer: Cash on hand]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2024-01-01<br> -Paragraph 45<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_45&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_Cash</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CashAndCashEquivalents">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of cash on hand and demand deposits, along with short-term, highly liquid investments that are readily convertible to known amounts of cash and that are subject to an insignificant risk of changes in value. [Refer: Cash; Cash equivalents]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2024-01-01<br> -Paragraph 45<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_45&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2024-01-01<br> -Paragraph B13<br> -Subparagraph a<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_B13_a&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2024-03-27<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2024-01-01<br> -Paragraph 54<br> -Subparagraph i<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_54_i&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CashAndCashEquivalents</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CashEquivalents">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of short-term, highly liquid investments that are readily convertible to known amounts of cash and that are subject to an insignificant risk of changes in value.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2024-01-01<br> -Paragraph 45<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_45&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CashEquivalents</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CashFlowsFromLosingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The aggregate cash flows arising from losing control of subsidiaries or other businesses, classified as investing activities. [Refer: Total for all subsidiaries [member]]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2024-01-01<br> -Paragraph 39<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_39&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CashFlowsFromLosingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CashFlowsFromUsedInFinancingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The cash flows from (used in) financing activities, which are activities that result in changes in the size and composition of the contributed equity and borrowings of the entity, from continuing and discontinued operations.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2024-01-01<br> -Paragraph 10<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_10&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2024-01-01<br> -Paragraph 50<br> -Subparagraph d<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_50_d&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CashFlowsFromUsedInFinancingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CashFlowsFromUsedInInvestingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The cash flows from (used in) investing activities, which are the acquisition and disposal of long-term assets and other investments not included in cash equivalents, from continuing and discontinued operations.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2024-01-01<br> -Paragraph 10<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_10&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2024-01-01<br> -Paragraph 50<br> -Subparagraph d<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_50_d&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CashFlowsFromUsedInInvestingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CashFlowsFromUsedInOperatingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The cash flows from (used in) operating activities, which are the principal revenue-producing activities of the entity and other activities that are not investing or financing activities, from continuing and discontinued operations. [Refer: Revenue]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2024-01-01<br> -Paragraph 10<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_10&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2024-01-01<br> -Paragraph 50<br> -Subparagraph d<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_50_d&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CashFlowsFromUsedInOperatingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CashFlowsUsedInObtainingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The aggregate cash flows used in obtaining control of subsidiaries or other businesses, classified as investing activities. [Refer: Total for all subsidiaries [member]]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2024-01-01<br> -Paragraph 39<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_39&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CashFlowsUsedInObtainingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_CashOutflowForLeases">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The cash outflow for leases.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 16<br> -IssueDate 2024-01-01<br> -Paragraph 53<br> -Subparagraph g<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=16&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_53_g&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_CashOutflowForLeases</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DividendsPaidClassifiedAsFinancingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The cash outflow for dividends paid by the entity, classified as financing activities.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2024-01-01<br> -Paragraph 31<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_31&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DividendsPaidClassifiedAsFinancingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_EffectOfExchangeRateChangesOnCashAndCashEquivalents">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The effect of exchange rate changes on cash and cash equivalents held or due in a foreign currency. [Refer: Cash and cash equivalents]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2024-01-01<br> -Paragraph 25<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_25&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2024-01-01<br> -Paragraph 28<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_28&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_EffectOfExchangeRateChangesOnCashAndCashEquivalents</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IncomeTaxesPaidRefundClassifiedAsOperatingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The cash flows from income taxes paid or refunded, classified as operating activities. [Refer: Income taxes paid (refund)]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2024-01-01<br> -Paragraph 35<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_35&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2024-01-01<br> -Paragraph 14<br> -Subparagraph f<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_14_f&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IncomeTaxesPaidRefundClassifiedAsOperatingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_IncreaseDecreaseInCashAndCashEquivalents">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) in cash and cash equivalents after the effect of exchange rate changes on cash and cash equivalents held in foreign currencies. [Refer: Cash and cash equivalents; Effect of exchange rate changes on cash and cash equivalents]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2024-01-01<br> -Paragraph 45<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_45&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_IncreaseDecreaseInCashAndCashEquivalents</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The cash outflow for payment of lease liabilities, classified as financing activities. [Refer: Lease liabilities]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2024-01-01<br> -Paragraph 17<br> -Subparagraph e<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_17_e&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProceedsFromBorrowingsClassifiedAsFinancingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The cash inflow from borrowings obtained. [Refer: Borrowings]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2024-01-01<br> -Paragraph 17<br> -Subparagraph c<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_17_c&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProceedsFromBorrowingsClassifiedAsFinancingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_ProceedsFromIssueOfBondsNotesAndDebentures">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The cash inflow from the issuing of bonds, notes and debentures.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2024-01-01<br> -Paragraph 17<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_17&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_ProceedsFromIssueOfBondsNotesAndDebentures</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RepaymentsOfBondsNotesAndDebentures">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The cash outflow for repayments of bonds, notes and debentures.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2024-01-01<br> -Paragraph 17<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_17&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RepaymentsOfBondsNotesAndDebentures</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_RepaymentsOfBorrowingsClassifiedAsFinancingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The cash outflow to settle borrowings, classified as financing activities. [Refer: Borrowings]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2024-01-01<br> -Paragraph 17<br> -Subparagraph d<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_17_d&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_RepaymentsOfBorrowingsClassifiedAsFinancingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_StatementOfCashFlowsAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_StatementOfCashFlowsAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_tef_CashFlowsFromOperationsWithOtherEquityHolders">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Cash Flows From Operations With Other Equity Holders</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">tef_CashFlowsFromOperationsWithOtherEquityHolders</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>tef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_tef_CashReclassifiedtoAssetsHeldforSale">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Cash Reclassified to Assets Held-for-Sale</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">tef_CashReclassifiedtoAssetsHeldforSale</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>tef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_tef_EffectOfChangesInConsolidationMethodsAndOthersOnCashAndCashEquivalents">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Effect Of Changes In Consolidation Methods And Others On Cash And Cash Equivalents</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">tef_EffectOfChangesInConsolidationMethodsAndOthersOnCashAndCashEquivalents</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>tef_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_tef_PaymentsForFinancialInvestmentsNotIncludedUnderCashEquivalents">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Payments For Financial Investments Not Included Under Cash Equivalents</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Payments For Operations</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Payments Of Interest And Other Financial Expenses, Net Of Dividends Received</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Proceeds From Financial Investments Not Included Under Cash Equivalents</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<td><strong> Name:</strong></td>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Proceeds from (Payments For) Share Capital Increase (Decrease) With Minority Interest</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Proceeds From (Payments For) Temporary Financial Instruments</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Proceeds From (Payments For) Treasury Shares And Other Shareholder Operations</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Proceeds From (Purchase Of) Property, Plant And Equipment And Intangible Assets, Classified As Investing Activities, Net</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Receipts From Operations</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Reconciliation Of Cash And Cash Equivalents With The Statement Of Financial Position [Abstract]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<span style="display: none;">v3.25.0.1</span><table class="report" border="0" cellspacing="2" id="idm45294661702368">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Background and General Information<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2024</div></th></tr>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_tef_GeneralInformationAboutFinancialStatementsAbstract', window );"><strong>General Information About Financial Statements [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory', window );">Background and General Information</a></td>
<td class="text">Background and general information<div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Telef&#243;nica, S.A. and its subsidiaries and investees (hereinafter also referred to as Telef&#243;nica, the Company, the Telef&#243;nica Group or the Group) make up an integrated and diversified telecommunications group operating mainly in Europe and Latin America. The Group&#8217;s activity is centered around services of fixed and wireless telephony, broadband, Internet, data traffic, Pay TV and other digital services. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The parent company of the Group is Telef&#243;nica, S.A., a public limited company incorporated on April 19, 1924 for an indefinite period. Its registered office is at calle Gran V&#237;a 28, Madrid (Spain). </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Appendix I lists the main companies composing the Telef&#243;nica Group, their corporate purpose, country, functional currency, share capital, the Group&#8217;s effective shareholding and their method of consolidation. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">As a multinational telecommunications company which operates in regulated markets, the Group is subject to different laws and regulations in each of the jurisdictions in which it operates, pursuant to which permits, concessions or licenses must be obtained in certain circumstances to provide the various services. In addition, certain fixed and wireless telephony services are provided under regulated rate and price systems. Key regulatory issues, and concessions and licenses held by the Telef&#243;nica Group are detailed in Appendix VI. </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The accompanying consolidated financial statements for the year ended December&#160;31, 2024 were approved by the Company&#8217;s Board of Directors at its meeting on February 26, 2025 for submission for approval at the General Shareholders&#8217; Meeting, which is expected to occur without modification to the consolidated financial statements.</span></div><span></span>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for general information about financial statements.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2024-01-01<br> -Paragraph 51<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_51&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Background And General Information [Abstract]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
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<span style="display: none;">v3.25.0.1</span><table class="report" border="0" cellspacing="2" id="idm45294643266528">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Basis of Presentation of the Consolidated Financial Statements<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2024</div></th></tr>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_CorporateInformationAndStatementOfIFRSComplianceAbstract', window );"><strong>Corporate information and statement of IFRS compliance [abstract]</strong></a></td>
<td class="text">&#160;<span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory', window );">Basis of Presentation of the Consolidated Financial Statements</a></td>
<td class="text">Basis of presentation of the consolidated financial statements<div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The accompanying consolidated financial statements were prepared from the accounting records of Telef&#243;nica, S.A. and each of the companies comprising the Telef&#243;nica Group, whose separate financial statements were prepared in accordance with the generally accepted accounting principles applicable in the various countries in which they are located, and for the purposes of these consolidated financial statements are presented in accordance with the International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB). These consolidated financial statements present fairly, in all material respects, the consolidated equity and financial position at December 31, 2024, and of the consolidated results of operations, changes in consolidated equity and the consolidated cash flows obtained and used in the year then ended.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The euro is the Group&#8217;s reporting currency.&#160;The figures in these consolidated financial statements are expressed in million euros, unless indicated otherwise, and may therefore be rounded. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Note 3 contains a detailed description of the most significant accounting policies used to prepare these consolidated financial statements.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Materiality criteria </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">These consolidated financial statements do not include certain information or disclosures that, not having to be presented due to their qualitative significance, were deemed to be immaterial or of no relevance pursuant to the concepts of materiality or relevance defined in the IFRS conceptual framework, insofar as the Telef&#243;nica Group&#8217;s consolidated financial statements, taken as a whole, are concerned.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Comparative information and main changes in the consolidation scope </span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">For comparative purposes, the accompanying consolidated financial statements for 2024 include the figures for 2023, and the consolidated income statement, the consolidated statement of comprehensive income, the consolidated statement of changes in equity and the consolidated statement of cash flows, and the notes thereto for the year then ended, they also include those of 2022.</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The main events and changes in the consolidation scope affecting comparability of the consolidated information (see Appendix I for a detailed description of the consolidation scope and the changes during the year) are as listed below.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Exchange rates evolution</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:32.233%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:32.233%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:32.234%"></td><td style="width:0.1%"></td></tr><tr><td colspan="9" style="border-top:1pt solid #b6b6b6;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Variation of average exchange rate vs euro</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #b6b6b6;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #b6b6b6;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2024 vs 2023</span></td><td colspan="3" style="border-top:1pt solid #b6b6b6;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2023 vs 2022</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #b6b6b6;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Brazilian real</span></td><td colspan="2" style="border-top:1pt solid #b6b6b6;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(7.0&#160;</span></td><td style="border-top:1pt solid #b6b6b6;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%)</span></td><td colspan="2" style="border-top:1pt solid #b6b6b6;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">0.3&#160;</span></td><td style="border-top:1pt solid #b6b6b6;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #b6b6b6;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Pound sterling</span></td><td colspan="2" style="border-top:1pt solid #b6b6b6;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2.7&#160;</span></td><td style="border-top:1pt solid #b6b6b6;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="border-top:1pt solid #b6b6b6;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(2.0&#160;</span></td><td style="border-top:1pt solid #b6b6b6;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%)</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #b6b6b6;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">New peruvian sol</span></td><td colspan="2" style="border-top:1pt solid #b6b6b6;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(0.3&#160;</span></td><td style="border-top:1pt solid #b6b6b6;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%)</span></td><td colspan="2" style="border-top:1pt solid #b6b6b6;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(0.4&#160;</span></td><td style="border-top:1pt solid #b6b6b6;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%)</span></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #b6b6b6;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Chilean peso</span></td><td colspan="2" style="border-top:1pt solid #b6b6b6;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(11.2&#160;</span></td><td style="border-top:1pt solid #b6b6b6;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%)</span></td><td colspan="2" style="border-top:1pt solid #b6b6b6;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1.1&#160;</span></td><td style="border-top:1pt solid #b6b6b6;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #b6b6b6;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Colombian peso</span></td><td colspan="2" style="border-top:1pt solid #b6b6b6;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">5.8&#160;</span></td><td style="border-top:1pt solid #b6b6b6;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="border-top:1pt solid #b6b6b6;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(4.3&#160;</span></td><td style="border-top:1pt solid #b6b6b6;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%)</span></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #b6b6b6;border-top:1pt solid #b6b6b6;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Mexican peso</span></td><td colspan="2" style="border-bottom:1pt solid #b6b6b6;border-top:1pt solid #b6b6b6;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(2.8&#160;</span></td><td style="border-bottom:1pt solid #b6b6b6;border-top:1pt solid #b6b6b6;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%)</span></td><td colspan="2" style="border-bottom:1pt solid #b6b6b6;border-top:1pt solid #b6b6b6;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">10.3&#160;</span></td><td style="border-bottom:1pt solid #b6b6b6;border-top:1pt solid #b6b6b6;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td></tr></table></div><div style="margin-bottom:9pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:32.233%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:32.233%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:32.234%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="9" style="border-top:1pt solid #b6b6b6;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Variation of closing exchange rate vs euro</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #b6b6b6;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #b6b6b6;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2024 vs 2023</span></td><td colspan="3" style="border-top:1pt solid #b6b6b6;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2023 vs 2022</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #b6b6b6;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Brazilian real</span></td><td colspan="2" style="border-top:1pt solid #b6b6b6;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(16.9&#160;</span></td><td style="border-top:1pt solid #b6b6b6;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%)</span></td><td colspan="2" style="border-top:1pt solid #b6b6b6;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4.1&#160;</span></td><td style="border-top:1pt solid #b6b6b6;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #b6b6b6;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Pound sterling</span></td><td colspan="2" style="border-top:1pt solid #b6b6b6;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4.8&#160;</span></td><td style="border-top:1pt solid #b6b6b6;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="border-top:1pt solid #b6b6b6;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2.1&#160;</span></td><td style="border-top:1pt solid #b6b6b6;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #b6b6b6;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">New peruvian sol</span></td><td colspan="2" style="border-top:1pt solid #b6b6b6;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4.8&#160;</span></td><td style="border-top:1pt solid #b6b6b6;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="border-top:1pt solid #b6b6b6;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(0.7&#160;</span></td><td style="border-top:1pt solid #b6b6b6;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%)</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #b6b6b6;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Argentine peso</span></td><td colspan="2" style="border-top:1pt solid #b6b6b6;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(16.7&#160;</span></td><td style="border-top:1pt solid #b6b6b6;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%)</span></td><td colspan="2" style="border-top:1pt solid #b6b6b6;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(78.8&#160;</span></td><td style="border-top:1pt solid #b6b6b6;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%)</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #b6b6b6;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Chilean peso</span></td><td colspan="2" style="border-top:1pt solid #b6b6b6;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(6.4&#160;</span></td><td style="border-top:1pt solid #b6b6b6;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%)</span></td><td colspan="2" style="border-top:1pt solid #b6b6b6;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(5.7&#160;</span></td><td style="border-top:1pt solid #b6b6b6;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%)</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #b6b6b6;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Colombian peso</span></td><td colspan="2" style="border-top:1pt solid #b6b6b6;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(7.8&#160;</span></td><td style="border-top:1pt solid #b6b6b6;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%)</span></td><td colspan="2" style="border-top:1pt solid #b6b6b6;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">21.6&#160;</span></td><td style="border-top:1pt solid #b6b6b6;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #b6b6b6;border-top:1pt solid #b6b6b6;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Mexican peso</span></td><td colspan="2" style="border-bottom:1pt solid #b6b6b6;border-top:1pt solid #b6b6b6;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(13.5&#160;</span></td><td style="border-bottom:1pt solid #b6b6b6;border-top:1pt solid #b6b6b6;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%)</span></td><td colspan="2" style="border-bottom:1pt solid #b6b6b6;border-top:1pt solid #b6b6b6;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">11.2&#160;</span></td><td style="border-bottom:1pt solid #b6b6b6;border-top:1pt solid #b6b6b6;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr></table></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In 2024, there was a negative impact on Equity attributable to equity holders of the Parent Company for translation differences amounting to 2,174 million euros (positive impact of 419 million euros in 2023) mainly due to the depreciation of the Brazilian real (see Note 17.f).</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Valuation of non-current assets of Telef&#243;nica M&#243;viles Argentina, S.A. (Telef&#243;nica Argentina)</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In 2018 Argentina became a hyperinflationary economy. The annual inflation rates for 2024 and 2023 in Argentina were 117.8% and 211.4%, respectively (see Note 3.a).</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The exchange rate used to translate inflation-adjusted items denominated in Argentine pesos in the 2024 financial statements is the official exchange rate as of December 31, 2024 which was 1,073.18 Argentine pesos per euro, compared to 893.45 Argentine pesos per euro at December&#160;31, 2023 (a depreciation of around 17% per year). The Equity attributable to equity holders of the Parent Company increased by 899 million euros in 2024 due to the translation differences of the financial statements of Telef&#243;nica Argentina (see Note 17.f).</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In 2024, Telef&#243;nica Argentina achieved the business plans in force during the year. However, high levels of inflation generated a very significant increase in the carrying amount of non-current assets, with an appreciation of the Argentine peso in real terms during 2024 of more than 80%. Thus, the inflation adjustment of intangible assets and tangible fixed assets of Telef&#243;nica Argentina in 2024 was 1,279 million euros (see notes 6 and 8).</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">For this reason, the Group has calculated the recoverable value of these assets as of December 31, 2024, with the following valuation assumptions:</span></div><div style="margin-bottom:9pt;margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">Revenue growth (average over business plan period): 8.8%</span></div><div style="margin-bottom:9pt;margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">Operating margin (average over business plan period): 20.4%</span></div><div style="margin-bottom:9pt;margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">CapEx to sales ratio (average over business plan period): 10.9%</span></div><div style="margin-bottom:9pt;margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">Discount rate (WACC): 17% (25% before tax)</span></div><div style="margin-bottom:9pt;margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">Perpetuity growth rate: 3%</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">As a result of this analysis, Telef&#243;nica's management has estimated that the recoverable value of the assets assigned to the cash-generating unit would be lower than their carrying amount as of December 31, 2024. The Group has recorded an impairment loss on intangible assets and property, plant and equipment, proportional to their net carrying amount, amounting to 436 million euros and 838 million euros, respectively (see notes 6 and 8).</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The tax effect of the impairment losses recorded is a lower deferred tax expense due to the variation in temporary differences associated with these assets, amounting to 446 million euros (see Note 25).</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Following the recording of these impairment losses, the carrying amount of Telef&#243;nica Argentina's net assets as of December 31, 2024 amounts to 1,175 million euros (1,149 million euros as of December 31, 2023).</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The contribution of Telef&#243;nica Argentina to the consolidated revenues for 2024, after its conversion to euros, has been 2,226 million euros (1,237 million euros in 2023) and the contribution to the operating income, before the impairment losses described above, has been a loss of 84 million euros (a loss of 199 million euros in 2023). </span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On February 24, 2025, Telef&#243;nica sold all the shares that it held in Telef&#243;nica M&#243;viles Argentina, S.A. (see Note 31). </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">ICSID Arbitration Telef&#243;nica, S.A. vs. Republic of Colombia</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On November 12, 2024 Telef&#243;nica obtained a favorable award regarding the investment dispute with the Republic of Colombia submitted to the International Centre for Settlement of Investment Disputes (&#8220;ICSID&#8221;)  (see Note 29.a). </span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Court has stated that the Republic of Colombia failed to comply with its obligation to grant fair and equitable treatment to Telef&#243;nica's investments under Article 2(3) of the APPRI, and has ordered it to pay the amount of 380 million U.S. dollars (approximately 358 million euros recorded in Other income, see Note 26) plus compound interest at a rate of 5% per year as compensation for the damages caused. Accrued interest as of December 31, 2024 amounts to 154 million euros (Note 19).</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On November 27, 2024, the Republic of Colombia submitted to the ICSID an application for annulment and a request for suspension of enforcement of the award. In accordance with ICSID procedures, in these situations, enforcement of the award is provisionally suspended until a new court decides on the request, within a maximum period of 30 days since its constitution. At the date of preparation of these financial statements, the court has not been constituted, although its constitution is expected in the short term.</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Following the legal analysis carried out, Telef&#243;nica's management considers that the award represents a firm right to collection, and therefore it has been recorded in the financial statements as of December 31, 2024.The amount owed by the Republic of Colombia as of that date is recorded in "Short-term credits" (see Note 15) of the consolidated statement of financial position.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">VMED O2 UK joint venture </span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On June 1, 2021, the joint venture in the United Kingdom (see Note 10) owned 50% by Telef&#243;nica and Liberty Global plc called VMED O2 UK Limited ("VMO2"), was established.</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Telef&#243;nica received dividends from VMO2 amounting to 425 million pounds sterling (approximately 512 million euros), 1,000 million pounds sterling (approximately 1,154 million euros), and 800 million pounds sterling (909 million euros) in 2024, 2023 and 2022, respectively (see Note 28).</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The share of (loss) income of VMO2 accounted for by the equity method in the consolidated income statements of the Telef&#243;nica Group amounted to an income of 89 million euros in 2024, a loss of 2,030 million euros in 2023, and an income of 292 million euros in 2022 (see Note 10). The loss in 2023 included the effect of the impairment of goodwill recorded by VMO2 in the amount of 3,572 million euros with an impact of 1,786 million euros on the consolidated income statement of the Telef&#243;nica Group (see Note 10).</span></div><div style="margin-bottom:9pt;margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:110%">Acquisition of mobile assets of Oi Group</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On April 20, 2022, the closing of the transaction related to the Purchase Agreement for Acquisition of Unidade Produtiva Isolada (UPI) Mobile Assets of Oi Group took place, and Telef&#243;nica Brasil acquired, on such date, all the shares of the company Garliava RJ Infraestrutura e Redes de Telecomunica&#231;&#245;es S.A. (Garliava), to which the mobile assets of Oi Group assigned to Telef&#243;nica Brazil had been contributed, under the segregation plan stated in the Oi Agreement.</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Telef&#243;nica Brasil thus acquired its share of mobile assets of the Oi Group for an amount, which was subject to adjustments, of 5,373 million Brazilian reais (approximately 1,063 million euros at the exchange rate at such date). A payment of 4,885 million Brazilian reais (approximately 972 million euros) was made at closing of the transaction. The remaining amount, equivalent to 10% of the payment made on that date, is withheld subject to certain price adjustments and potential indemnification obligations contained in the purchase agreement for the acquisition of mobile assets of the Oi Group. </span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The total consideration also included 110 million Brazilian reais subject to the fulfilment of certain targets, and other costs amounting to 8 million Brazilian reais. Thus, the total consideration transferred amounted to 5,492 million Brazilian reais (1,093 million euros at the date of the closing of the transaction). </span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On the date of approval of the consolidated financial statements for the year 2022, the Company had concluded the report for the allocation of the purchase price. The fair value assigned to Oi's licenses amounted to 520 million euros. The goodwill amounted to 676 million euros (see Note 5).</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In October 2023, the arbitration proceeding between the parties ended (see Note 29.c), resulting on a final price the for the UPI Mobile Assets assigned to Telef&#243;nica Brasil of 5,129 million Brazilian reais as of the closing date (compared to the 5,373 million Brazilian reais of the initial price). As a result, 50% of the retained amount (488 million reais), plus applicable interest was offset against the amount allocated as debt and the other 50%, in the updated amount of 277 million reais (51 million euros at such date), was withdrawn by Telef&#243;nica Brasil before the Arbitration Chamber (see Note 5).</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Agreement between Telef&#243;nica de Espa&#241;a and Telef&#243;nica Infra with Vauban Infrastructure Partners and Credit Agricole Assurance for the establishment of Bluevia</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In July 2022, an agreement was reached between Telef&#243;nica de Espa&#241;a and Telef&#243;nica Infra with the consortium formed by Vauban Infrastructure Partners (Vauban) and Cr&#233;dit Agricole Assurances (CAA) for the establishment of a company, Bluevia Fibra, S.L. for the deployment and commercialization of a fiber to the home network mainly in rural areas in Spain.</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On December 20, 2022 once the regulatory authorizations were obtained and after the fulfillment of the remaining agreed conditions, the transaction was completed.</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The consortium formed by CAA and Vauban has acquired 45% of the Company for a total amount of 1,021 million euros in cash, paid on the closing of the agreement (see Note 28). The transaction had no impact on the consolidated income statements of the Telef&#243;nica Group as it consisted on the sale of minority interest, with Telef&#243;nica retaining control over Bluevia. The impact of this transaction in equity attributable to equity holders of the parent was an increase of 986 million euros in "Retained earnings". In addition, there was in increase in equity attributable to non-controlling interest amounting to 23 million euros (see Note 17).</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The difference between the tax value of the assets transferred to Bluevia and their carrying amount in the Group's consolidated annual accounts generated a deferred tax asset for deductible temporary differences amounting to 548 million euros (see Note 25).</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Collective Bargaining Agreement and Collective Redundancies Plan </span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On December 28, 2023, certain subsidiaries of Telef&#243;nica Spain and the most representative Trade Union Organizations reached an agreement to sign the III Collective Bargaining Agreement valid until December 31, 2026 and can be extended for a further year, with the aim of moving towards a more digital, flexible company prepared for future challenges in a highly competitive context. These agreements were endorsed on January 3, 2024.</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In addition, and in parallel, these subsidiaries agreed to execute the Collective Redundancies Plan, which provided for collective redundancies affecting up to a total of 3,420 employees. Employees who turned 56 years or older in 2024 and with a seniority of more than 15 years were able to adhere to the Collective Redundancies Plan. However, targets were established that resulted in limits on joining in critical areas or additional redundancies based on business reasons.</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In "Personnel expenses" of the consolidated income statement for the year 2023, a provision of 1,320 million euros before taxes (see Note 24) corresponding to Telef&#243;nica Spain, based on the present value of the estimated payment flows resulting from the Collective Redundancies Plan.</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Public Offers for the Acquisition of Shares of Telef&#243;nica Deutschland</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On November 7, 2023, Telef&#243;nica, through its subsidiary Telef&#243;nica Local Services GmbH, launched a partial voluntary public tender offer for shares of Telef&#243;nica Deutschland Holding AG (&#8220;Telef&#243;nica Deutschland&#8221;). The Offer acceptance period began on December 5, 2023 and ended on January 17, 2024 (both inclusive).</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">At the date of the Offer announcement, Telef&#243;nica was the owner, directly or indirectly, of 71.81% of the share capital and voting rights of Telef&#243;nica Deutschland and, consequently, the Offer was announced on shares representing approximately 28.19% remaining.</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On December 31, 2023, Telef&#243;nica owned 82.43% of the share capital of Telef&#243;nica Deutschland (70.58% as of December 31, 2022), having made direct purchases on the market for an amount of 816 million euros (see Note 27.h y 28).</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">These purchases made in 2023 produced an increase of 46 million euros in the equity attributed to the parent company and a decrease of 866 million euros in the equity attributed to minority interests (see Note 17 h).</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Offer was settled on January 26, 2024 reaching 94.12% of the share capital, including acquisitions through the Offer and acquisitions in the market until that date (See Note 31).</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On March 20, 2024, a public tender offer was launched with the aim of acquiring the shares of Telef&#243;nica Deutschland that were not directly or indirectly owned by Telef&#243;nica at that time (the &#8220;Tender Offer&#8221;). The consideration offered to Telef&#243;nica Deutschland shareholders was 2.35 euros in cash per share. The offer closed on April 18, 2024.</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Once the tender offer was completed, and also combined with direct purchases on the market, Telef&#243;nica held 96.85% of the share capital and voting rights of Telef&#243;nica Deutschland.</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">These purchases made in 2024 have resulted in an increase of 28 million euros in the equity attributed to the parent company and a decrease of 1,057 million euros in the equity attributed to minority interests (see Note 17).</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Impairment of Telef&#243;nica's assets in Peru and Ordinary Insolvency Procedure.</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In 2024, an impairment loss of the entire remaining goodwill assigned to the cash-generating unit in Per&#250; amounting to 226 million euros was recorded (see Note 7), as well as 34 million euros allocated to the fiber optics business in Peru (see Note 30). Additionally, until the carrying amount and the recoverable amount of the CGU are equal, an impairment loss of intangible assets has been recorded amounting to 54 million euros (see Note 6).</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Likewise, in 2024, Telef&#243;nica del Per&#250; has reversed deferred tax assets for loss carryforwards amounting to 91 million euros (see Note 25).</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">As a result of the above, as of December 31, 2024, the carrying amount of Telef&#243;nica del Per&#250;'s net assets amounts to 124 million euros.</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Additionally, following the analysis of the recoverability of the assets of Pangea (the wholesale fiber optic company in Peru) at the end of 2024, an impairment of property, plant and equipment amounting to 108 million euros has been recorded, as well as a reversal of deferred tax assets amounting to 13 million euros (see Note 30).</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On February 14, 2025 the Board of Directors of Telef&#243;nica del Per&#250; S.A.A. with the aim of achieving an orderly restructuring liabilities of said company, resolved to invoke the Ordinary Insolvency Procedure of Telef&#243;nica del Per&#250;, established under the Peruvian regulation (see Note 31). In order to facilitate the invocation, Telef&#243;nica Hispanoam&#233;rica has granted a credit facility of up to 1,549 million Peruvian soles (approximately 394 million euros), subject to strict conditionality and with a maturity of eighteen months, to meet exclusively operational cash requirements of Telef&#243;nica del Per&#250;. The financial situation of Telef&#243;nica del Per&#250; has been very negatively affected by tax contingencies that are more than 20 years old (see Tax litigation in Telef&#243;nica del Per&#250; in Note 25), as well as by administrative decisions which have placed the company in a competitive disadvantage within a particularly challenging market environment. In relation to the abovementioned tax contingencies, Telef&#243;nica is currently in arbitration before the ICSID (see Note 29.a). </span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Telef&#243;nica del Per&#250;&#8217;s liabilities are not guaranteed by any other company of the Telef&#243;nica Group. </span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Impairment of goodwill assigned to the Chilean CGU</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In the Telef&#243;nica Hispam segment, an impairment of goodwill assigned to the cash-generating unit in Chile amounting to 397 million euros was recorded in 2024 (see Note 7).</span></div><div style="margin-top:9pt"><span style="color:#1f497d;font-family:'Arial',sans-serif;font-size:11pt;font-weight:700;line-height:120%">ANNEX 1</span><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.853%"><tr><td style="width:1.0%"></td><td style="width:33.453%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:64.347%"></td><td style="width:0.1%"></td></tr><tr><td colspan="6" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">BRAZIL'S SPECTRUM PORTFOLIO: MEANING OF THE STATES, REGIONS AND SECTORS ACRONYMS</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Acronym</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">State</span></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">AC</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Acre</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">AL</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Alagoas</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">AP</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Amap&#225;</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">AM</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Amazonas</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">BA</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Bahia</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">CE</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Ceara</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">DF</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Distrito Federal</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">ES</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Esp&#237;rito Santo</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">GO</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Goi&#225;s</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">MA</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Maranh&#227;o</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">MT</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Mato Grosso</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">MS</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Mato Grosso do Sul</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">MG</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Minas Gerais</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">PA</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Par&#225;</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">PB</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Para&#237;ba</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">PR</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Paran&#225;</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">PE</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Pernambuco</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">PI</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Piau&#237;</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">RJ</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Rio de Janeiro</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">RN</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Rio Grande do Norte</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">RS</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Rio Grande do Sul</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">RO</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Rond&#244;nia</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">RR</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Roraima</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">SC</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Santa Catarina</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">SP</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">S&#227;o Paulo</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">SE</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Sergipe</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">TO</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Tocantins</span></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:100%">&#160;</span></td></tr></table></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.853%"><tr><td style="width:1.0%"></td><td style="width:33.453%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:64.347%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Regions</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">States &amp; towns<br/>included in the regions</span></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">SP (City)</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">SP (Interior)</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2'</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">SP -&#160;&#160;towns of sector 33 of the GPLG</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">3</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">RJ and ES</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">4</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">MG</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">4'</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">MG -&#160;&#160;towns of sector 3 of the GPLG</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">5</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">PR and SC</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">5'</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">PR - towns of sector 20 of the GPLG</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">6</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">RS</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">6'</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">RS - towns of sector 30 of the GPLG</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">7</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">AC, DF, GO, MS, MT, RO and TO</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">7'</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">GO - towns of sector 25 of the GPLG</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">7''</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">MS - towns of sector 22 of the GPLG</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">8</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">AM, AP, MA, PA and RR</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">9</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">BA and SE</span></td></tr><tr><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">10</span></td><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">AL, CE, PB, PE, PI and RN</span></td></tr></table></div><div style="margin-bottom:9pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.853%"><tr><td style="width:1.0%"></td><td style="width:33.453%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:64.347%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Sectors</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">GPLG -&#160;&#160;general plan of the licenses granted&#160;&#160;(geographic areas that correspond to the sectors)</span></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">RJ</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">MG - except towns included in sector 3</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">3</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">MG - towns of&#160;&#160;Arapor&#227;, Ara&#250;jo, Campina Verde, Campo Florido, Campos Altos, Can&#225;lopis, Capin&#243;polis, Carmo do Parana&#237;ba, Carneirinhos, Centralina, Comendador Gomes, Concei&#231;&#227;o das Alagoas, C&#243;rrego Danta, Cruzeiro da Fortaleza, Delta, Frutal, Gurinhat&#227;, Ibiraci, Igaratinga, Iguatama, Indian&#243;polis, Ipia&#231;&#250;, Itapagipe, Ituiutaba, Iturama, Lagamar, Lagoa Formosa, Lagoa Grande, Limeira D'Oeste, Luz, Maravilhas, Moema, Monte Alegre de Minas, Monte Santo de Minas, Nova Ponte, Nova Serrana, Papagaios, Par&#225; de Minas, Patos de Minas, Pedrin&#243;polis, Pequi, Perdig&#227;o, Pirajuba, Pitangui, Planura, Prata, Presidente Oleg&#225;rio, Rio Parana&#237;ba, Santa Juliana, Santa Vit&#243;ria, S&#227;o Francisco de Sales, S&#227;o Jos&#233; da Varginha, Tupaciguara, Uberaba, Uberl&#226;ndia, Uni&#227;o de Minas &amp; Vazante</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">4</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">ES</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">5</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">BA</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">6</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">SE</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">7</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">AL</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">8</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">PE</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">9</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">PB</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">10</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">RN</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">11</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">CE</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">12</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">PI</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">13</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">MA</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">14</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">PA</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">15</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">AP</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">16</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">AM</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">17</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">RR</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">18</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">SC</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">19</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">PR &#8211;except&#160;&#160;towns included of sector 20</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">20</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">PR &#8211; towns of Londrina and Tamarana</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">21</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">MS &#8211; except the town integrating of sector 22</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">22</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">MS &#8211; town of Parana&#237;ba</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">23</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">MT</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">24</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">TO and GO &#8211; except&#160;&#160;towns included in sector 25</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">25</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">GO &#8211; towns of Buriti Alegre, Cachoeira Dourada, Inaciol&#226;ndia, Itumbiara, Paranaiguara and S&#227;o Sim&#227;o</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">26</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">DF</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">27</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">RO</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">28</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">AC</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">29</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">RS</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">30</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">RS &#8211; towns of Pelotas, Cap&#227;o do Le&#227;o, Morro Redondo and Turu&#231;u</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">31</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">SP &#8211; except the towns included in sector 33</span></td></tr><tr><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">33</span></td><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">SP &#8211; towns of Altin&#243;polis, Aramina, Batatais, Brodosqui, Buritizal, Cajuru, C&#225;ssia dos Coqueiros, Col&#244;mbia, Franca, Gua&#237;ra, Guar&#225;, Ipu&#227;, Ituverava, Jardin&#243;polis, Miguel&#243;polis, Morro Agudo, Nuporanga, Orl&#226;ndia, Ribeir&#227;o Corrente, Sales de Oliveira, Santa Cruz da Esperan&#231;a, Santo Ant&#244;nio da Alegria and S&#227;o Joaquim da Barra</span></td></tr></table></div><span></span>
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<span style="display: none;">v3.25.0.1</span><table class="report" border="0" cellspacing="2" id="idm45294655223168">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Accounting Policies<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2024</div></th></tr>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_tef_DisclosureOfSignificantAccountingPoliciesAbstract', window );"><strong>Disclosure Of Significant Accounting Policies [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfMaterialAccountingPolicyInformationExplanatory', window );">Accounting Policies</a></td>
<td class="text">Accounting policies<div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">As stated in Note 2, the Group&#8217;s consolidated financial statements have been prepared in accordance with IFRSs and interpretations issued by the International Accounting Standards Board (IASB).  </span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Accordingly, only the most significant accounting policies used in preparing the accompanying consolidated financial statements, in light of the nature of the Group&#8217;s activities, are set out below, as well as the accounting policies applied where IFRSs permit a policy choice, and those that are specific to the sector in which the Group operates. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">a) Hyperinflationary economies </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Venezuela has been considered a hyperinflationary economy since 2009.</span></div><div style="margin-bottom:9pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Pursuant to the amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates, early adopted in 2024 (see section (o) below and Note 17), the Group determines whether the Venezuelan bolivar is exchangeable, and which spot exchange rate to use when exchangeability is lacking. Based on its assessment, the Group uses official rates to translate cash and cash equivalents in foreign currency and alternative estimated rates of exchange, based on inflation rates, to translate the remaining inflation-adjusted bolivar-denominated items in the consolidated financial statements. Prior to these amendments, in the absence of official rates considered representative, the Group&#8217;s policy required the use of an estimated exchange rate &#8211;referred to as synthetic exchange rate&#8211; to translate all items denominated in bolivars for the purposes of the consolidated financial statements.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The estimated exchange rate is calculated considering published inflation rates or, if unavailable, estimated rates. On an annual basis, these rates are 61.5%, 189.8% and 174.3% for 2024, 2023 and 2022, respectively. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The estimated exchange rate as of the closing date of each reporting period, amounts to 81.85 digital bolivars per U.S. dollar, 159.45 digital bolivars per U.S. dollar and 45.18 digital bolivars per U.S. dollar as of December&#160;31, 2024, 2023 and 2022, respectively. In turn, the official reference exchange rate at December 31, 2024 was 52.027 VED/USD (35.959 VED/USD and 17.489VED/USD at December 31, 2023 and 2022, respectively). </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">As of the date of initial application of the amendments, January 1, 2024, the reference exchange rate amounted to 159.45 VED/USD whereas the estimated exchange rate amounted to 50.68 digital bolivars per U.S. dollar.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In 2018 Argentina became a hyperinflationary economy. In order to restate its financial statements, the Company uses the series of indices defined by resolution JG No. 539/18 issued by the Federaci&#243;n Argentina de Consejos Profesionales de Ciencias Econ&#243;micas (FACPCE), based on the National Consumer Price Index (IPC) published by the Instituto Nacional de Estad&#237;stica y Censos (INDEC) of the Argentine Republic and the Wholesale Internal Price Index (IPIM) published by FACPCE. The cumulative index at December 31, 2024, 2023 and 2022 is 7,694.0%, 3,533.2% and 1,134.6%, respectively, while on an annual basis the index for 2024 is 117.8%</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(211.4% and 95.0% in 2023 and 2022, respectively). </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The exchange rate used to translate inflation-adjusted items denominated in Argentine pesos in the 2024 financial statements is the closing exchange rate as of December 31, 2024 which was 1,073.18 Argentine pesos per euro (893.45 and 189.08 Argentine pesos per euro at December 31, 2023 and 2022, respectively). </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Group includes in a single line item ("Translation Differences") all the equity effects derived from hyperinflation. This is as follows: (a) the restatement for inflation of the financial statements of the Group companies operating in hyperinflationary economies, and (b) the effects of translating their respective financial statements into euros using the exchange rate at the end of the period.  </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">b) Translation methodology </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The income statements and statements of cash flows of the Telef&#243;nica Group&#8217;s foreign subsidiaries (except Venezuela and Argentina) were translated into euros at the average exchange rates for the year, as a rate that approximates the exchange rates at the dates of the transactions. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">c) Goodwill </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">After initial recognition, goodwill is carried at cost, less any accumulated impairment losses. Goodwill is recognized as an asset denominated in the currency of the company acquired and is tested for impairment annually at the least, or more frequently, if there are certain events or changes indicating the possibility that the carrying amount may not </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">be fully recoverable. The potential impairment loss is determined by assessing the recoverable amount of the cash generating unit (or group of cash generating units) to which the goodwill is allocated from the acquisition date. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">d) Intangible assets </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Intangible assets are carried at acquisition or production cost, less any accumulated amortization or any accumulated impairment losses. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Intangible assets are amortized on a straight-line basis according to the following: </span></div><div style="margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">Licenses granted to the Telef&#243;nica Group by various public authorities to provide telecommunications services and the value allocated to licenses held by certain companies at the time they were included in the Telef&#243;nica Group (&#8220;Service concession arrangements and licenses&#8221;) are amortized on a straight-line basis over the duration of related licenses from the moment commercial operation begins.  </span></div><div style="margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">The allocation of acquisition costs attributable to customers acquired in business combinations, as well as the acquisition value of these types of assets in a third-party transaction for consideration (Customer base) are amortized on a straight-line basis over the estimated period of the customer relationship. The term length is between 3 and 14 years, based on the customer segment (residential, business, etc.) and the business model (prepaid, postpaid, etc.). </span></div><div style="margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">Software is amortized on a straight-line basis over its useful life, generally estimated to be between <span style="-sec-ix-hidden:f-803">two</span> and five years. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">e) Property, plant and equipment </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Property, plant and equipment is carried at cost, net of government grants received, less any accumulated depreciation and any accumulated impairment in value. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Cost includes, among others, direct labor used in installation and the allocable portion of the indirect costs required for the related asset. The latter two items are recorded as revenue under the concept "Own work capitalized" of the line item Other income. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Interest and other financial expenses incurred and directly attributable to the acquisition or construction of qualifying assets are capitalized. Qualifying assets for the Telef&#243;nica Group are those assets that require a period of at least 18 months to bring the assets to the condition necessary for their intended use or sale. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Group&#8217;s subsidiaries depreciate their property, plant and equipment, from the time they can be placed in service, amortizing the cost of the assets, net of their residual values on a straight-line basis over the assets&#8217; estimated useful lives, which are calculated in accordance with technical studies that are revised periodically in light of technological advances and the rate of dismantling, as follows: </span></div><div style="margin-top:9pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.853%"><tr><td style="width:1.0%"></td><td style="width:70.935%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:26.865%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Years of estimated<br/>useful life</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Buildings</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">25  &#8211; 40</span></div></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Plant and machinery</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4 &#8211;  30</span></div></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Furniture, tools and other items</span></td><td colspan="3" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2  &#8211;  10</span></div></td></tr></table></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">f) Impairment of non-current assets </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">All non-current assets, including goodwill and investments in associates and joint ventures, are assessed at each reporting date for indicators of impairment. Whenever such indicators exist, or in the case of assets which are subject to an annual impairment test, the recoverable amount is estimated. An asset&#8217;s recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future post-tax cash flows deriving from the use of the asset or its cash generating unit, as applicable, are discounted to their present value using a post-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset, provided that the result obtained is the same that would be obtained by discounting pre-tax cash flows at a pre-tax discount rate. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Group bases the calculation of impairment on the approved business plans of the various cash generating units to which the assets are allocated. The projected cash flows, based on the approved strategic business plans, cover a period of five years. Starting with the sixth year, an expected constant growth rate is applied. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">g) Lease agreements </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The determination of whether an arrangement is, or contains a lease is based on the substance of the agreement and requires an assessment of whether the fulfillment of the arrangement is dependent on the use of a specific asset and the agreement conveys a right to the use of the asset. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">At the inception date of the lease (i.e. the date when the underlying asset is available for use), a lessee recognizes a right of use asset that represents the right to use the underlying asset over the term of the lease, and a lease liability for the present value of the lease payments payable over the lease term &#8211; discounted using the incremental borrowing rate at the start date of the lease.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Rights of use assets are measured at cost, less accumulated depreciation and impairment losses, and are adjusted for any remeasurement of lease liabilities. The cost of rights of use assets includes the amount of initial direct costs incurred and lease payments made before the commencement date less incentives received. Right-of-use assets are depreciated on a straight-line basis over the shorter of the estimated useful life of the underlying asset and the lease term.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Lease payments include fixed payments (including in-substance fixed payments) less any lease incentive receivable, variable lease payments that depend on an index or rate, and amounts expected to be paid as residual value guarantees. Similarly, the measurement of the lease liability includes the exercise price of a purchase option, if the lessee is reasonably certain to exercise that option, and payments of penalties for early termination, if the lease term reflects the lessee exercising such cancellation option. After the commencement date, the amount of the lease liabilities is increased to reflect the accrual of interest and reduced for the payments made. In addition to this, the carrying amount of the lease liability is remeasured in certain cases, such as changes in the lease term, changes in future lease payments resulting from a change in an index or rate used to determine those payments. The amount of such remeasurement is generally recognized against an adjustment to the right-of-use asset.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Group uses the "low value" asset lease recognition exemption for office equipment and the short-term lease recognition exemption for all leases with a term of 12 months or less. Therefore, lease payments in such cases are recognized as an expense on a straight-line basis over the lease term. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Group recognizes non-lease components separately from lease components for those classes of assets in which non-lease components are significant with respect to the total value of the arrangement. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Group determines the lease term as the non-cancellable term of the contract, together with any period covered by an extension (or termination) option whose exercise is discretionary for the Group, if there is reasonable certainty that it will be exercised (or it will not be exercised). In its assessment, the Group considers all available information by asset class in the industry and evaluates all relevant factors (technology, regulation, competition, business model) that create an economic incentive to exercise or not a renewal/cancellation option. Notably, the Group takes into consideration the time horizon of the strategic planning of its operations. After the commencement date, the Group reassesses the lease term if there is a significant event or change in circumstances that is within its control that may affect its ability to exercise (or not to exercise) an option to extend or terminate (for example, a change in business strategy).</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Where the Group acts as a lessor, leases are classified between operating and finance leases. Leases in which the lessor retains a significant portion of the risks and rewards of ownership of the leased asset are treated as operating leases. Otherwise, the lease is a finance lease. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">h) Investment in associates and joint arrangements </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Group assesses whether it has significant influence not only on the basis of its ownership percentage but also on the existence of qualitative factors such as representation on the board of directors of the investee, its participation in decision-making processes, interchange of managerial personnel and access to technical information. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Group assesses rights and obligations agreed to by the parties to a joint arrangement and, when relevant, other facts and circumstances in order to determine whether the joint arrangement in which it is involved is a joint venture or a joint operation.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Upon the sale or contribution of a controlled business to an associate or joint venture, the Group measures and recognizes any retained interest at its fair value. Any difference between the carrying amount of the business contributed and the fair value of the retained investment and the consideration received from disposal is recognized in full in profit or loss. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">i) Financial assets and liabilities </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Financial Assets</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">All regular way purchases and sales of financial assets are recognized in the statement of financial position on the trade date, i.e. the date that the Company commits to purchase or sell the asset. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Group applies an impairment model for financial assets based on expected credit losses, using a simplified method for certain short- and long-term assets (commercial receivables, lease receivables and contractual assets).  </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Under this simplified approach, credit impairment is recognized by reference to expected credit losses over the life of the asset. For this purpose the Group uses matrices based on historical bad debt experience by geographical area on a portfolio segmented by customer category according to credit pattern. The matrix for each category has a defined time horizon divided into intervals in accordance with the collection management policy and is fed with historical data that covers at least 24 collection cycles. This data is updated on a regular basis. Based on the information observable at each close, the Group assesses the need to adjust the rates resulting from these matrices, considering current conditions and future economic forecasts. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Derivative financial instruments and hedge accounting </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The accounting treatment of any gain or loss resulting from changes in the fair value of a derivative depends on whether the derivative in question meets all the criteria for hedge accounting and, if appropriate, on the nature of the hedge. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Changes in fair value of derivatives that qualify as fair value hedging instruments are recognized in the income statement, together with changes in the fair value of the hedged asset or liability attributable to the risk being hedged. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Changes in the fair value of derivatives that qualify and have been designated as cash flow hedges, which are highly effective, are recognized in equity. The ineffective portion is recognized immediately in the income statement. Fair value changes recognized in equity arising from hedges that relate to firm commitments or forecast transactions that result in the recognition of non-financial assets or liabilities are included in the initial carrying amount of those assets or liabilities. Otherwise, changes in fair value previously recognized in equity are recognized in the income statement in the period in which the hedged transaction affects profit or loss. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">An instrument designated to hedge foreign currency exposure from a net investment in a foreign operation is accounted for in a similar manner to cash flow hedges. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">When the Group chooses not to apply hedge accounting criteria, gains or losses resulting from changes in the fair value of derivatives are taken directly to the income statement. In this respect, transactions used to reduce the exchange rate risk of income contributed by foreign subsidiaries are not treated as hedging transactions. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">j) Audio-visual rights </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Audio-visual rights which will generally be consumed in a period of less than twelve months, as well as own content whose production cycle will in no case exceed <span style="-sec-ix-hidden:f-823">thirty-six</span> months, are included in inventories. </span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The cost of film, documentary, short film and series rights acquired from third parties is charged to the income statement on a straight-line basis from the time of first broadcasting or release until the completion of the rights.  </span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In-house produced programs and series and program titles are charged at the time of their broadcast or up to <span style="-sec-ix-hidden:f-824">thirty-six</span> months from the date of release, depending on their nature and broadcasting strategy. The cost of in-house productions that the Group expects to recover through sale to third parties is recognized as an intangible asset. </span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The cost of broadcasting rights that have expired or whose recovery value is estimated to be lower than the acquisition cost is recognized directly as an expense. </span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Broadcasting rights to football and motor sports events, including their inherent production costs, are charged to the income statement on a straight-line basis over twelve months from the start of the season, while rights to other premium sports are charged over the period of the competition. All other sports rights are recognized in the income statement upon first broadcast. When these rights are paid for prior to the moment of allocation to the income statement, and the terms and conditions of the agreement involve performance obligations that still have to be fulfilled in the future by both parties (also known as executory contracts), prepaid amounts are recognized as prepayments under "Other current assets". </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">k) Pensions and other employee obligations </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Provisions required to cover the accrued liability for defined benefit pension plans are determined using the projected unit credit actuarial valuation method. The calculation is based on demographic and financial assumptions determined at a country level, and in consideration of the macroeconomic environment. The discount rates are determined based on high quality market yield curves. Plan assets are measured at fair value. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Provisions for post-employment benefits (e.g. early retirement or other) are calculated individually based on the terms agreed with the employees. In some cases, these may require actuarial valuations based on both demographic and financial assumptions. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">l) Revenues and expenses </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Telef&#243;nica Group revenues are derived principally from providing the following telecommunications services: traffic, connection fees, regular (normally monthly) network usage fees, interconnection, network and equipment leasing, handset sales and other digital services such as Pay TV and value-added services or maintenance. Products and services may be sold separately or bundled in promotional packages. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Revenues from calls carried on Telef&#243;nica&#8217;s networks (traffic) entail an initial call establishment fee plus a variable call rate, based on call length, distance and type of service. Both fixed and wireless traffic is recognized as revenue as service is provided. For prepaid calls, the amount of unused traffic generates deferred revenues presented in Contractual liabilities on the statement of financial position.  </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Revenues from traffic sales and services at a fixed rate over a specified period of time (flat rate) are recognized on a straight-line basis over the term covered by the rate paid by the customer. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Installation fees are taken to the income statement on a straight-line basis over the related period. Equipment leases and other services are taken to the income statement as they are consumed. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Interconnection revenues from fixed-wireless and wireless-fixed calls and other customer services are recognized in the period in which the calls are made. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Revenues from handset and equipment sales are recognized once the sale is considered complete, i.e., generally when delivered to the end customer. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">When the Group is in an intermediary position between a supplier/vendor and an end customer, it must determine if it is supplying the product or service as the principal in the transaction or if it is acting as an agent on behalf of the supplier (manufacturer, wholesaler). The distinction involves identifying who controls the goods or services being provided and who is the primary obligor to satisfy the performance obligations in the arrangement. Control is often evidenced when, in the delivery to the end customer, the Group provides significant integration of the goods and services from a third party vendor into its own goods and services. In addition to this, assessment of the primary obligor includes the analysis of indicators such as: whether the Group's responsibilities require infrastructure and resources with specific functionalities, who acts as the main customer contact, who manages claims and provides support services, and who has discretion setting the final price. This principal/agent assessment affects the timing and amount of revenue recognized in the financial statements, either on a gross basis as the principal or on a net basis as the agent, representing the margin earned by the Group for arranging the transaction between the principal and the customer. This is particularly relevant for the Group in connection with digital services, such as streaming TV content, software licenses and other cloud-based products and services.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">For bundled packages that include multiple elements sold in the fixed, wireless, Internet and television businesses it is determined whether it is necessary to identify the separate performance obligations and apply the corresponding revenue recognition policy to each one. Total package revenues are allocated among the identified performance obligations based on their respective standalone selling prices. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">As connection or initial activation fees, or upfront non-refundable fees, are not separately identifiable performance obligations in these types of packages, any consideration received from the customer for these items is allocated to the remaining elements. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">When the customer has a right of return, the agreed consideration is considered variable. The Group estimates the amount of variable consideration to which it is entitled using the expected value method (probability-weighted possible amounts), considering all historical, current and forecast information that is reasonably available, and only to the extent that it determines that it is highly probable that a significant reversal in the amount of cumulative revenue recognized will not occur. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Expenses relating to customer contracts (mainly, commissions payable to dealers for customer acquisitions) are recognized as an asset to the extent that they are incremental and are expected to be recovered. Subsequently, these costs are amortized over the same term as the revenues associated with such contract are recognized, unless the expected amortization period is one year or less, in which case they are expensed as incurred. For the purposes of allocating to profit or loss the incremental costs of obtaining a contract with indefinite duration, renewal periods are taken into consideration, estimated on the basis of the customer churn rate, unless there are contract renewal costs which are commensurate with those incurred in the initial contract. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">As part of our strategy, the Group has increased its use of renewable energy through power purchase agreements (PPAs) to purchase energy from sustainable sources, such as wind and solar. These contracts often have a long term and provide the Group with a mechanism to ensure the supply of green energy at fixed prices. When these arrangements involve physical delivery of electricity and are entered into for the purpose of receiving the energy for the entity&#8217;s expected purchase, sale or usage requirements (i.e. volume agreed does not exceed actual and expected power needs), the contract is for &#8220;own use&#8221; and is generally accounted for as power purchases or sales when the underlying transactions take place.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">m) Non-current assets held for sale</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Group classifies non-current assets and disposal groups as held for sale if their carrying amounts will be recovered principally through a sale transaction rather than through continuing use. Non-current assets and disposal groups classified as held for sale are measured at the lower of their carrying amount and fair value less costs to sell and are presented separately in the statement of financial position as &#8220;Non-current assets and disposal groups held for sale&#8221; and &#8220;Liabilities associated with non-current assets and disposal groups held for sale&#8221;. Once classified as held for sale property, plant and equipment and intangible assets (including right-of-use assets) are no longer depreciated or amortized. </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The criteria for held for sale classification is regarded as met only when the Group determines the sale to be highly probable: management is committed to a decision to sell and all actions required to complete the sale indicate that it is unlikely that significant changes to the sale will be made or that the decision will be withdrawn. In addition, the asset or disposal group is available for immediate sale in its present condition (subject only to terms that are usual and customary for such transactions) and the sale is expected to be completed within one year from the date of the classification.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">n) Use of estimates </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The key assumptions concerning the future and other relevant sources of uncertainty in estimates at the reporting date that could have a significant impact on the consolidated financial statements within the next financial year are discussed below.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">A significant change in the facts and circumstances on which these estimates and related judgments are based could have a material impact on the Group&#8217;s results and financial position. Accordingly, sensitivity analysis are disclosed for the most relevant situations (see Notes 7 and 24). </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Non-current assets and goodwill </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The accounting treatment of investments in non-current assets such as property, plant and equipment, intangible assets and interests in associates and joint ventures, entails the use of estimates to determine the useful life for depreciation and amortization purposes and to assess fair value at their acquisition dates for assets acquired in business combinations. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Determining useful life requires making estimates in connection with future technological developments and alternative uses for assets. There is a significant element of judgment involved in making technological development assumptions, since the timing and scope of future technological advances are difficult to predict. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Also, upon the sale or contribution of a controlled business to an associate or joint venture, the Group measures and recognizes any retained interest at its fair value. The fair value assigned to the retained investment is determined on the basis of its business plan, including significant judgments when considering significant assumptions such as long-term margin of operating results before depreciation and amortization, long-term capital expenditure ratio, discount rate and perpetuity growth rate which would be significantly affected by the future trends in the economic, competitive, regulatory and technological environment. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The decision to recognize an impairment loss involves developing estimates that include, among others, an analysis of the causes of the potential impairment, as well as its timing and expected amount. Furthermore, additional factors are taken into account, such as the situation of the macroeconomic environment, regulatory and competitive developments, technological obsolescence, the discontinuation of certain services as well as other changes in circumstances, that highlight the need to assess a potential impairment. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Telef&#243;nica Group evaluates its cash-generating units&#8217; performance on a regular basis to identify potential impairments of goodwill and other non-current assets. Determining the recoverable amount of the cash-generating units also entails the use of assumptions and estimates and requires a significant element of judgment. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Deferred income taxes </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Group assesses the recoverability of deferred tax assets based on estimates of future earnings, and of all the options available to achieve an outcome, it considers the most efficient one in tax terms within the legal framework the Group is subject to. Such recoverability ultimately depends on the Group&#8217;s ability to generate taxable earnings over the period for which the deferred tax assets remain deductible. This analysis is based on the estimated schedule for reversing deferred tax liabilities, as well as estimates of taxable earnings, which are sourced from internal projections that are continuously updated to reflect the latest trends. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The recognition of tax assets and liabilities depends on a series of factors, including estimates as to the timing and realization of deferred tax assets and the projected tax payment schedule. Actual Group company income tax receipts and payments could differ from the estimates made by the Group as a result of changes in tax legislation, the outcome of underway tax proceedings or unforeseen future transactions that could affect tax balances. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Provisions </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Provisions are recorded when, at the end of the period, we have a present obligation as a result of past events, whose settlement requires an outflow of resources that is considered probable and can be measured reliably. This obligation may be legal or constructive, arising from, but not limited to, regulation, contracts, common practice or public commitments, which have created a valid expectation for third parties that we will assume certain responsibilities.  The amount recorded is the best estimation performed by the management in respect of the expenditure that will be required to settle the obligations, considering all the information available at the closing date, including the advice of external experts, such as legal advisors or consultants. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Should we be unable to reliably measure the obligation, no provision would be recorded and information would then be presented in the notes to the Consolidated Financial Statements. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Because of the inherent uncertainties in this estimation, actual expenditures may be different from the originally estimated amount recognized. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Revenue recognition </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Bundled offers </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Bundled offers that combine different elements are assessed to determine whether it is necessary to separate the different identifiable components and apply the corresponding revenue recognition policy to each element. Total package revenues are allocated among the identified elements based on their respective standalone selling prices. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Determining standalone selling prices for each identified element requires estimates that are complex due to the nature of the business. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">A change in estimates of standalone selling prices could affect the apportionment of revenue among the elements and, as a result, the timing of recognition of revenues. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Leases </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Accounting for rights and obligations as a lessee under a lease contract requires the use of estimations to determine the lease term in contracts that include extension options or early termination options.  </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Determining the lease term involves making estimates over the time horizon of the Group's strategic planning process with respect to relevant factors such as expected technological progress, possible regulatory developments, market and competition trends or changes in the business model. The assumptions regarding these variables involve a significant degree of judgment to the extent that the timing and nature of future changes are difficult to anticipate. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Due to the uncertainties inherent to these estimates, changes in the assumptions made in respect of uncertain matters when determining the lease term of a lease contract may have an impact on the amounts of the right of use assets and lease liabilities recognized on the basis of the estimates made by the Group.  </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">o) New IFRS and interpretations of the International Financial Reporting Interpretations Committee (IFRIC) </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The accounting policies applied in the preparation of the consolidated financial statements for the year ended December&#160;31, 2024 are consistent with those used in the preparation of the Group&#8217;s consolidated annual financial statements for the year ended December&#160;31, 2023, with the exception of the following amendments to existing standards issued by the IASB and endorsed by the European Union for application in Europe, which have been applied for the first time for the annual period commencing on January 1, 2024.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Early Adoption of Amendments to IAS 21: Lack of Exchangeability </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Group has elected to early adopt the amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates, concerning the lack of exchangeability of currencies, issued by the IASB in August 2023 and endorsed by the EU for application in Europe in November 2024.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">These amendments require an entity to apply a consistent approach to assessing whether a currency is exchangeable into another currency at a measurement date and for a specified purpose, and to determining the appropriate spot exchange rate to use in cases where exchangeability is absent.</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Group operates in Venezuela, an environment with significant foreign exchange controls and restrictions established by the authorities, considered as a hyperinflationary economy since 2009. In accordance with the amendments, the Group has assessed the exchangeability of the Venezuelan bolivar to determine the appropriate exchange rate for consolidation purposes. Pursuant to the amendments, the Group uses official rates to translate the cash and cash equivalents in foreign currency balance, and alternative exchange rates based on published inflation rates (or, if unavailable, estimated rates) to translate the remaining inflation-adjusted bolivar-denominated items in the consolidated financial statements. The application of these amendments enhances transparency and accuracy in the presentation of the economic and financial position of the Group&#8217;s Venezuelan operations.</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Adopting these amendments has not required retrospective adjustments to comparative information for prior periods. Instead, at the date of initial application, January 1, 2024, the Group is required to translate the affected amounts at appropriate spot exchange rates with an adjustment to retained earnings and to translation differences, amounting to -224 million euros and 366 million euros, respectively (see Note 17.g).</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Also, the Group has considered the additional disclosures required by the new amendments in preparing the annual consolidated financial information (see section (a) above).</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:112%">Amendments to IAS 1: Classification of Liabilities as Current or Non-Current </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The amendments clarify whether debt and other liabilities with an uncertain settlement date should be classified as current or non-current in the statement of financial position, depending on the rights that exist at the end of the reporting period. The amendments also address the classification requirements for debt a company might settle by converting it into equity. </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The amendments clarify, not change, existing requirements and affect only the presentation of liabilities in the statement of financial position &#8212; not the amount or timing of recognition of any asset, liability income or expenses, or the information that entities disclose about those items. </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The application of these amendments for the current reporting period did not have a significant impact on the Group&#8217;s consolidated financial statements. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Amendments to IAS 1: Non-Current Liabilities with Covenants</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">These amendments are intended to improve the information companies provide about long-term debt with covenants by enabling investors to understand the risk that such debt could become repayable within twelve months.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">IAS 1 requires a company to classify debt as non-current only if the company can avoid settling the debt in the 12 months after the reporting date. However, a company&#8217;s ability to do so is often subject to complying with covenants. These amendments specify that covenants to be complied with after the reporting date do not affect the classification of debt as current or non-current at the reporting date. Instead, the amendments require a company to disclose information about these covenants in the notes to the financial statements. </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The application of these amendments for the current reporting period did not have a significant impact on the Group&#8217;s consolidated financial statements.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Amendments to IFRS 16 &#8211; Lease Liability in a Sale and Leaseback Transaction</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">These narrow-scope amendments to IFRS 16 Leases provide specific guidelines for measuring the lease liability arising in sale and leaseback transactions for seller-lessees in a way that does not result in the recognition of any amount of the gain or loss that relates to the right of use it retains. </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The application of these amendments for the current reporting period did not have a significant impact on the Group&#8217;s consolidated financial statements. </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Amendments to IFRS 7 and IFRS 9 &#8211; Supplier Finance Arrangements</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">These amendments clarify the characteristics of supplier finance arrangements and introduce new disclosure requirements about such arrangements. The new disclosures are intended to provide information that enables investors to understand the effects of supplier finance arrangements on an entity&#8217;s liabilities, cash flows and exposure to liquidity risk.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">As a transitional relief, during this first year of application, entities are not required to disclose specified opening balances or comparative information. </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The adoption of these amendments for the current reporting period did not have a significant impact on the Group&#8217;s consolidated financial statements.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">New standards and amendments to standards issued but not effective as of December&#160;31, 2024. </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">At the date of preparation of the consolidated financial statements, the following new standards and amendments to existing standards had been published, but their application is not mandatory: </span><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:37.057%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:37.788%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:21.855%"></td><td style="width:0.1%"></td></tr><tr><td colspan="6" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Standards and amendments</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Mandatory application: annual periods beginning on or after</span></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Amendments to IFRS 9 and IFRS 7</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:100%">Amendments to the Classification and Measurement of Financial Instruments</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">January 1, 2026</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Amendments to IFRS 9 and IFRS 7</span></td><td colspan="3" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:100%">Contracts Referencing Nature-dependent Electricity</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">January 1, 2026</span></td></tr><tr><td colspan="6" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Annual Improvements to IFRS Accounting Standards&#8212;Volume 11</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">January 1, 2026</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">IFRS 18</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:100%">Presentation and Disclosure in Financial Statements</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">January 1, 2027</span></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">IFRS 19</span></td><td colspan="3" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:100%">Subsidiaries without Public Accountability: Disclosures</span></td><td colspan="3" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">January 1, 2027</span></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr></table></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Group is currently assessing the impact that the adoption of these new pronouncements will have on the consolidated financial statements at the time of initial application. In particular, IFRS 18 will replace IAS 1 Presentation of Financial Statements and introduces, among other changes, new requirements for presentation within the statement of profit or loss, including new totals and subtotals. Furthermore, all income and expenses must </span></div>be classified into the following categories: operating, investing, financing, income taxes, and discontinued operations, with the first three being new. Entities will be affected by these new requirements. IFRS 18 and all consequential amendments are effective for periods beginning on or after January 1, 2027, with retrospective application required. The Group is currently working to identify the impacts these new criteria will have on the primary financial statements and notes to the financial statements. Our preliminary assessment suggests that adopting IFRS 18 will mainly affect the presentation of items in the income statement, without causing changes in their recognition or measurement.<span></span>
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Segment Information<br></strong></div></th>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfEntitysReportableSegmentsExplanatory', window );">Segment Information</a></td>
<td class="text">Segment information<div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In 2024 the Telef&#243;nica Group is reporting financial information, both internally and externally, according to the following segments: Telef&#243;nica Spain, VMO2 (recorded by the equity method), Telef&#243;nica Germany, Telef&#243;nica Brazil and Telef&#243;nica Hispam (formed by the Group's operators in Colombia, Mexico, Venezuela, Ecuador, Argentina, Chile, Peru and Uruguay).</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In 2024, the impairment of goodwill of the cash-generating unit in Peru and Chile is included in the Telef&#243;nica Hispam segment, and the impairment of goodwill of Telef&#243;nica Tech UK &amp; Ireland and the BE-terna Group is included in Other companies (see Note 7).</span></div><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In 2023, the impairment of goodwill of the cash-generating unit in Ecuador (see Note 7) is included in the Telef&#243;nica Hispam segment.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The segments referred to above include the information relating to the fixed, mobile, cable, data, internet, television and other digital services businesses provided in each country. Intersegment transactions are carried out as if on an arm's length basis.  </span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Information relating to other Group companies not specifically included in these segments is reported under "Other companies" (see Appendix I), which includes Telef&#243;nica, S.A. and other holding companies, as well as companies whose main purpose is to provide cross-sectional services to Group companies and other operations not included in the segments. The Incremental Group and BE-terna Group, acquired in 2022 (see Note 5), and Cancom Group, acquired in 2021, are reported within "Other companies". "Other companies" also includes the share of results of investments accounted for by the equity method corresponding to the fiber optic companies in which Telef&#243;nica Infra, S.L. has ownership interests (see Note 10). </span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Group centrally manages borrowing activities, mainly through Telef&#243;nica, S.A. and other companies (see Note 19, Appendix III and Appendix V), so most of the Group's financial assets and liabilities are reported under Other companies. In addition, Telef&#243;nica, S.A. is the head of the Telef&#243;nica tax group in Spain (see Note 25). Therefore, a significant part of the deferred tax assets and liabilities is included under Other companies. For these reasons, the results of the segments are disclosed through operating income.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Revenues and expenses arising from intra-group invoicing for the use of the trademark and management services were eliminated from the operating results of each Group segment. The results of the holding companies also exclude dividends from Group companies and impairments of investments in Group companies. These adjustments have no impact on the Group&#8217;s consolidated results. In addition, segment reporting considers the impact of the purchase price allocation to the assets acquired and the liabilities assumed by the companies included in each segment. The assets and liabilities presented in each segment are those managed by the heads of each segment, regardless of their legal structure. </span></div><div style="margin-bottom:22pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Operating results before depreciation and amortization is calculated by excluding from the result of the year the income tax, the net financial expense, the result of investments accounted for by the equity method and the depreciation and amortization of the period. Operating results before depreciation and amortization is used to track the performance of the business and to establish operating and strategic targets of the Telef&#243;nica Group companies. Operating results before depreciation and amortization is a commonly reported measure and is widely used among analysts, investors and other interested parties in the telecommunications industry, although not a measure explicitly defined in IFRS, and therefore, may not be comparable to similar indicators used by other companies. Operating results before depreciation and amortization should not be considered as a substitute for operating income</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:120%">.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The following table presents income, CapEx information (capital expenditures in intangible assets and property, plant and equipment, see Notes 6 and 8) and acquisitions of rights of use (see Note 9) regarding the Group&#8217;s </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">operating segments: </span><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:27.262%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.671%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td><td style="width:1.0%"></td><td style="width:7.233%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.671%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.964%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.671%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.110%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.280%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.238%"></td><td style="width:0.1%"></td></tr><tr><td colspan="27" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2024</span></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Millions of euros</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Telef&#243;nica<br/>Spain</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">VMO2 </span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Telef&#243;nica Germany</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Telef&#243;nica<br/>Brazil</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Telef&#243;nica<br/>Hispam</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Other companies</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Eliminations</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total Group</span></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Revenues</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">12,791&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">8,492&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">9,618&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">9,032&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3,725&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(2,343)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">41,315&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-indent:9pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">External revenues</span></div></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">12,510&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">8,463&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">9,606&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">8,918&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,811&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">7&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">41,315&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-indent:9pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Intersegment revenues</span></div></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">281&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">29&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">12&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">114&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,914&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(2,350)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Other operating income and expenses</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(1)</span></div></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(8,177)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(5,727)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(5,502)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(9,432)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(3,691)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,408&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(30,121)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:22pt;margin-top:9pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Operating results before depreciation and amortization</span></div></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">4,614</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2,765</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">4,116</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(400)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">34</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">65</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">11,194</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Depreciation and amortization</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(2,202)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(2,226)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(2,474)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(1,651)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(281)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">35&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(8,799)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Operating  income (loss)</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2,412</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">539</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,642</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(2,051)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(247)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">100</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2,395</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Share of (loss) income of investments accounted for by the equity method</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(20)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">89</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(1)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(41)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(76)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(49)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">CapEx</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,571</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,141</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,583</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,001</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">185</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(6)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">5,475</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Acquisitions of rights of use</span></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">350</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">578</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">822</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">354</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">44</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(6)</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2,142</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="27" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(1) </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Other operating income and expenses includes &#8220;Other income&#8221;, &#8220;Supplies&#8221;, &#8220;Personnel expenses&#8221; and &#8220;Other expenses&#8221;.</span></div></td></tr></table></div><div style="text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:27.262%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.671%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td><td style="width:1.0%"></td><td style="width:6.794%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.671%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.671%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.818%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.256%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.426%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.531%"></td><td style="width:0.1%"></td></tr><tr><td colspan="27" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2023</span></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Millions of euros</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Telef&#243;nica<br/>Spain</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">VMO2</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Telef&#243;nica Germany</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Telef&#243;nica<br/>Brazil</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Telef&#243;nica<br/>Hispam</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Other companies</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Eliminations</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total Group</span></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Revenues</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">12,654&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">8,614&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">9,650&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">8,381&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3,553&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(2,200)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">40,652&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-indent:9pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">External revenues</span></div></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">12,350&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">8,585&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">9,637&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">8,284&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,790&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">6&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">40,652&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-indent:9pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Intersegment revenues</span></div></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">304&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">29&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">13&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">97&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,763&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(2,206)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Other operating income and expenses</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(1)</span></div></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(9,425)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(5,974)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(5,522)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(6,871)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(3,598)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,128&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(29,262)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:22pt;margin-top:9pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Operating results before depreciation and amortization</span></div></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">3,229</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2,640</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">4,128</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,510</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(45)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(72)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">11,390</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Depreciation and amortization</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(2,200)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(2,323)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(2,511)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(1,557)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(244)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">38&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(8,797)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Operating income (loss)</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,029</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">317</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,617</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(47)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(289)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(34)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2,593</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Share of income (loss) of investments accounted for by the equity method</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(23)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(2,030)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(3)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(106)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(2,162)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">CapEx</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,607</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,133</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,671</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">938</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">230</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">5,579</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Acquisitions of rights of use</span></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">575</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">624</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">815</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">387</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">48</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(58)</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2,391</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-bottom:9pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline">(1)</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Other operating income and expenses includes &#8220;Other income&#8221;, &#8220;Supplies&#8221;, &#8220;Personnel expenses&#8221; and &#8220;Other expenses&#8221;.</span></div><div style="text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:27.262%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.110%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td><td style="width:1.0%"></td><td style="width:5.917%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.110%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.964%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.818%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.256%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.280%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.383%"></td><td style="width:0.1%"></td></tr><tr><td colspan="24" style="background-color:#ffffff;border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2022</span></td><td colspan="3" style="background-color:#ffffff;border-top:2pt solid #bfbfbf;padding:0 1pt"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Millions of euros</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Telef&#243;nica<br/>Spain</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">VMO2</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Telef&#243;nica Germany</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Telef&#243;nica<br/>Brazil</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Telef&#243;nica<br/>Hispam</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Other companies</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Eliminations</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total Group</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Revenues</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">12,497&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">8,224&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">8,870&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">9,141&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3,243&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(1,982)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">39,993&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-indent:9pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">External revenues</span></div></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">12,224&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">8,195&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">8,854&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">9,026&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,685&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">9&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">39,993&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-indent:9pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Intersegment revenues</span></div></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">273&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">29&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">16&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">115&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,558&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(1,991)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Other operating income and expenses</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(1)</span></div></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(7,909)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(5,666)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(5,138)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(7,183)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(3,149)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,904&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(27,141)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:22pt;margin-top:9pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Operating results before depreciation and amortization</span></div></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">4,588</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2,558</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">3,732</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,958</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">94</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(78)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">12,852</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Depreciation and amortization</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(2,157)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(2,295)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(2,369)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(1,799)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(218)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">42&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(8,796)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Operating income (loss)</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2,431</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">263</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,363</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">159</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(124)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(36)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">4,056</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Share of (loss) income of investments accounted for by the equity method</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(15)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">292</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(19)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(41)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">217</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">CapEx</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,550</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,209</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,795</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,058</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">212</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(5)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">5,819</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Acquisitions of rights of use</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:5.2pt;font-weight:700;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline"> </span></div></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">724</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">594</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">596</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">514</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">17</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">3</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2,448</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline">(1)</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Other operating income and expenses includes &#8220;Other income&#8221;, &#8220;Supplies&#8221;, &#8220;Personnel expenses&#8221; and &#8220;Other expenses&#8221;.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The table below shows the income, CapEx and acquisitions of rights of use of VMED O2 UK (VMO2) in 2024, 2023 and 2022 (see Note 2). VMO2 is a joint venture 50% owned by Telef&#243;nica and Liberty Global and is recorded under </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">the equity method (see Note 10). The tables below show the information of the joint venture at 100% and the reconciliation with the Telef&#243;nica Group's share of income (loss) accounted for by the equity method. </span></div><div style="text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:51.970%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.543%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.543%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.544%"></td><td style="width:0.1%"></td></tr><tr><td colspan="12" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">VMO2</span></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Millions of euros</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2024</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2023</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2022</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Revenues</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">12,616&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">12,547&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">12,155&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Other operating income and expenses</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(8,149)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(8,116)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(7,754)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Impairment losses in goodwill</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(3,572)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:22pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Operating results before depreciation and amortization</span></div></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">4,467</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">859</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">4,401</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Depreciation and amortization</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(3,371)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(3,685)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(4,170)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Operating income (loss)</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,096</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(2,826)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">231</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Share of income of investments accounted for by the equity method</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">4</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Financial income</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">51&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">55&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">24&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Financial expenses</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(1,578)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(1,436)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(1,020)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Realised and unrealised gains on derivative instruments, net </span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">463&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(924)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,567&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Foreign currency transaction losses, net</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(34)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">677&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(1,296)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Net financial result</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(1,098)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(1,628)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">275</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Result before taxation</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(4,452)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">507</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Income tax</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(22)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">265&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(15)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Result for the period </span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(20)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(4,187)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">492</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Attributable to non-controlling interests</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(19)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Result for the period attributable to equity holders of the parent (100% VMO2)</span></div></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(39)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(4,187)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">492</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">50% attributable to Telef&#243;nica Group</span></div></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(20)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(2,094)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">246&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Share-based compensation </span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">8&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">14&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Sale of minority stake in Cornerstone</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">112&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">76&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Other adjustments</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(5)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(20)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">32&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Share of (loss) income of investments accounted for by the equity method</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">89</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(2,030)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">292</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Capital expenditures (CapEx) (100% VMO2)</span></div></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2,580</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2,408</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2,707</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:10pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Acquisitions of rights of use (100% VMO2)</span></div></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">539</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">135</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">118</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The following table presents main assets and liabilities by segment: </span></div><div style="margin-bottom:9pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:27.701%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.818%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td><td style="width:1.0%"></td><td style="width:7.087%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.818%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.671%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.671%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.110%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.280%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.944%"></td><td style="width:0.1%"></td></tr><tr><td colspan="27" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2024</span></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Millions of euros</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Telef&#243;nica<br/>Spain</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">VMO2 </span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Telef&#243;nica Germany</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Telef&#243;nica<br/>Brazil</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Telef&#243;nica<br/>Hispam</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Other companies</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Eliminations</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total Group</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Fixed assets</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">14,119&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">10,710&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">15,348&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">5,627&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,971&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">47,775&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Rights of use </span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,535&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3,064&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,058&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,177&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">132&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(59)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">7,907&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Investments accounted for by the equity method </span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">217&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">7,641&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">187&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">388&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(62)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">8,375&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Financial assets and other non-currents assets</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,126&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">728&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,004&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,434&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">7,941&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(4,830)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">7,403&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Deferred tax assets</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,507&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">604&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">278&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">842&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,442&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">6,673&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Other current financial assets</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">33&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">107&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">32&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">394&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3,658&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(2,424)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,800&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Non-current assets and disposal groups held for sale</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">79&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">59&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">138&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total allocated assets</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">25,858</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">7,641</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">17,805</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">22,277</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">14,204</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">24,705</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(11,988)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">100,502</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Non-current financial liabilities</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">507&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">474&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">362&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">6,906&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">29,634&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(4,691)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">33,192&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Non-current lease liabilities</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">988&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,401&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,666&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,010&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">42&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(30)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">6,077&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Deferred tax liabilities</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">86&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">290&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">798&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">284&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,447&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,905&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Current financial liabilities</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">612&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">771&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">270&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">765&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">6,903&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(3,731)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">5,590&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Current lease liabilities</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">480&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">606&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">702&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">444&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">36&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(42)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,226&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Liabilities associated with non-current assets and disposal groups held for sale</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">33&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">33&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total allocated liabilities</span></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">15,756</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">9,373</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">8,743</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">14,265</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">41,508</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(11,892)</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">77,753</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-bottom:9pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:26.239%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.256%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td><td style="width:1.0%"></td><td style="width:6.940%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.110%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.110%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.110%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.110%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.280%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.945%"></td><td style="width:0.1%"></td></tr><tr><td colspan="27" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2023</span></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Millions of euros</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Telef&#243;nica<br/>Spain</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">VMO2</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Telef&#243;nica Germany</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Telef&#243;nica<br/>Brazil</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Telef&#243;nica<br/>Hispam</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Other companies</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Eliminations</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total Group</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Fixed assets</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">14,186&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">11,114&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">18,749&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">6,742&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,243&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(12)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">53,022&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Rights of use</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline"> </span></div></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,771&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3,203&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,258&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,179&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">111&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(74)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">8,448&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Investments accounted for by the equity method </span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">233&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">7,774&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">219&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">361&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">8,590&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Financial assets and other non-currents assets</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,058&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">962&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,054&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,374&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">7,384&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(4,564)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">7,268&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Deferred tax assets</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,676&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">538&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">406&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">738&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,882&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">6,240&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Other current financial assets</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">36&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">10&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">55&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">272&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3,660&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(2,955)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,078&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Non-current assets and disposal groups held for sale</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">273&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">273&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total allocated assets</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">27,119</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">7,774</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">18,565</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">26,114</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">15,019</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">23,096</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(13,363)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">104,324</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Non-current financial liabilities</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">695&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,235&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">688&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">6,164&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">28,948&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(4,370)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">33,360&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Non-current lease liabilities</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,223&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,559&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,817&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,111&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">44&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(46)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">6,708&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Deferred tax liabilities</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">82&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">254&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">927&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">601&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">838&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,702&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Current financial liabilities</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,458&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">286&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">48&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">768&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">6,960&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(5,819)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3,701&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Current lease liabilities</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">486&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">555&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">725&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">476&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">20&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(23)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,239&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Liabilities associated with non-current assets and disposal groups held for sale</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">37&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">37&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total allocated liabilities</span></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">16,869</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">9,937</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">9,837</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">13,720</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">40,159</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(13,294)</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">77,228</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The detail of assets and liabilities of VMO2 is as follows (amounts corresponding to 100% of the company, see Note 10):</span></div><div style="margin-bottom:9pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.122%"><tr><td style="width:1.0%"></td><td style="width:47.867%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:25.301%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:23.532%"></td><td style="width:0.1%"></td></tr><tr><td colspan="9" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">VMO2</span></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Millions of euros</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">December 2024</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">December 2023</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Fixed assets</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">40,079&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">38,817&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Rights of use</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,073&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">773&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Financial assets and other non-currents assets</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,481&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,741&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Deferred tax assets</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">448&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">366&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Other current financial assets</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">660&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">569&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total assets</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">48,247</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">46,455</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Non-current financial liabilities</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">21,754&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">21,061&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Non-current lease liabilities</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">950&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">663&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Deferred tax liabilities</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Current financial liabilities</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4,970&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4,165&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Current lease liabilities</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">197&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">201&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #b6b6b6;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total liabilities</span></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #b6b6b6;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">32,804</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #b6b6b6;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">30,727</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The composition of segment revenues is as follows:</span></div><div style="text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:25.361%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:4.309%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:5.625%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:4.601%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.233%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:4.309%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:4.601%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:4.601%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.063%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:4.309%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:4.601%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:4.601%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:5.486%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">Millions of euros</span></td><td colspan="12" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">2024</span></td><td colspan="12" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">2023</span></td><td colspan="12" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">2022</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">Country by segments</span></td><td colspan="3" style="border-top:0.5pt solid #86888c;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">Fixed</span></td><td colspan="3" style="border-top:0.5pt solid #86888c;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">Mobile</span></td><td colspan="3" style="border-top:0.5pt solid #86888c;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">Others and elims.</span></td><td colspan="3" style="border-top:0.5pt solid #86888c;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">Total</span></td><td colspan="3" style="border-top:0.5pt solid #86888c;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">Fixed</span></td><td colspan="3" style="border-top:0.5pt solid #86888c;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">Mobile</span></td><td colspan="3" style="border-top:0.5pt solid #86888c;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">Others and elims.</span></td><td colspan="3" style="border-top:0.5pt solid #86888c;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">Total</span></td><td colspan="3" style="border-top:0.5pt solid #86888c;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">Fixed</span></td><td colspan="3" style="border-top:0.5pt solid #86888c;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">Mobile</span></td><td colspan="3" style="border-top:0.5pt solid #86888c;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">Others and elims.</span></td><td colspan="3" style="border-top:0.5pt solid #86888c;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">Total</span></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #86888c;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">Spain </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:4.55pt;font-weight:400;line-height:100%;position:relative;top:-2.44pt;vertical-align:baseline">(*)</span></div></td><td colspan="3" style="border-top:0.5pt solid #86888c;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #86888c;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #86888c;padding:0 1pt"></td><td colspan="2" style="border-top:0.5pt solid #86888c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">12,791</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:0.5pt solid #86888c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:0.5pt solid #86888c;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #86888c;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #86888c;padding:0 1pt"></td><td colspan="2" style="border-top:0.5pt solid #86888c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">12,654</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:0.5pt solid #86888c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:0.5pt solid #86888c;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #86888c;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #86888c;padding:0 1pt"></td><td colspan="2" style="border-top:0.5pt solid #86888c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">12,497</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:0.5pt solid #86888c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #86888c;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">Germany</span></td><td colspan="2" style="border-top:0.5pt solid #86888c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">857&#160;</span></td><td style="border-top:0.5pt solid #86888c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.5pt solid #86888c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">7,596&#160;</span></td><td style="border-top:0.5pt solid #86888c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.5pt solid #86888c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">39&#160;</span></td><td style="border-top:0.5pt solid #86888c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.5pt solid #86888c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">8,492</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:0.5pt solid #86888c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.5pt solid #86888c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">827&#160;</span></td><td style="border-top:0.5pt solid #86888c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.5pt solid #86888c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">7,767&#160;</span></td><td style="border-top:0.5pt solid #86888c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.5pt solid #86888c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">20&#160;</span></td><td style="border-top:0.5pt solid #86888c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.5pt solid #86888c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">8,614</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:0.5pt solid #86888c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.5pt solid #86888c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">806&#160;</span></td><td style="border-top:0.5pt solid #86888c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.5pt solid #86888c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">7,394&#160;</span></td><td style="border-top:0.5pt solid #86888c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.5pt solid #86888c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">24&#160;</span></td><td style="border-top:0.5pt solid #86888c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.5pt solid #86888c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">8,224</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:0.5pt solid #86888c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #86888c;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">Brazil</span></td><td colspan="2" style="border-top:0.5pt solid #86888c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,772&#160;</span></td><td style="border-top:0.5pt solid #86888c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.5pt solid #86888c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">6,846&#160;</span></td><td style="border-top:0.5pt solid #86888c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.5pt solid #86888c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:0.5pt solid #86888c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.5pt solid #86888c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">9,618</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:0.5pt solid #86888c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.5pt solid #86888c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,858&#160;</span></td><td style="border-top:0.5pt solid #86888c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.5pt solid #86888c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">6,792&#160;</span></td><td style="border-top:0.5pt solid #86888c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.5pt solid #86888c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:0.5pt solid #86888c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.5pt solid #86888c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">9,650</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:0.5pt solid #86888c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.5pt solid #86888c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,764&#160;</span></td><td style="border-top:0.5pt solid #86888c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.5pt solid #86888c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">6,106&#160;</span></td><td style="border-top:0.5pt solid #86888c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.5pt solid #86888c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:0.5pt solid #86888c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.5pt solid #86888c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">8,870</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:0.5pt solid #86888c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #86888c;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">Hispam</span></td><td colspan="2" style="border-top:0.5pt solid #86888c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,976&#160;</span></td><td style="border-top:0.5pt solid #86888c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.5pt solid #86888c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">6,056&#160;</span></td><td style="border-top:0.5pt solid #86888c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.5pt solid #86888c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:0.5pt solid #86888c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.5pt solid #86888c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">9,032</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:0.5pt solid #86888c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.5pt solid #86888c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,888&#160;</span></td><td style="border-top:0.5pt solid #86888c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.5pt solid #86888c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">5,493&#160;</span></td><td style="border-top:0.5pt solid #86888c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.5pt solid #86888c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:0.5pt solid #86888c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.5pt solid #86888c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">8,381</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:0.5pt solid #86888c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.5pt solid #86888c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3,138&#160;</span></td><td style="border-top:0.5pt solid #86888c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.5pt solid #86888c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">6,003&#160;</span></td><td style="border-top:0.5pt solid #86888c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.5pt solid #86888c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:0.5pt solid #86888c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.5pt solid #86888c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">9,141</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:0.5pt solid #86888c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #86888c;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">Other and inter-segment eliminations</span></td><td colspan="3" style="border-top:0.5pt solid #86888c;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #86888c;padding:0 1pt"></td><td colspan="2" style="border-top:0.5pt solid #86888c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,382&#160;</span></td><td style="border-top:0.5pt solid #86888c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.5pt solid #86888c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,382</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:0.5pt solid #86888c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:0.5pt solid #86888c;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #86888c;padding:0 1pt"></td><td colspan="2" style="border-top:0.5pt solid #86888c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,353</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:0.5pt solid #86888c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.5pt solid #86888c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,353</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:0.5pt solid #86888c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:0.5pt solid #86888c;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #86888c;padding:0 1pt"></td><td colspan="2" style="border-top:0.5pt solid #86888c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,261&#160;</span></td><td style="border-top:0.5pt solid #86888c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.5pt solid #86888c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,261</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:0.5pt solid #86888c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:0.5pt solid #86888c;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">Total Group</span></td><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:0.5pt solid #86888c;padding:0 1pt"></td><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:0.5pt solid #86888c;padding:0 1pt"></td><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:0.5pt solid #86888c;padding:0 1pt"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:0.5pt solid #86888c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">41,315</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:0.5pt solid #86888c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:0.5pt solid #86888c;padding:0 1pt"></td><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:0.5pt solid #86888c;padding:0 1pt"></td><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:0.5pt solid #86888c;padding:0 1pt"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:0.5pt solid #86888c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">40,652</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:0.5pt solid #86888c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:0.5pt solid #86888c;padding:0 1pt"></td><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:0.5pt solid #86888c;padding:0 1pt"></td><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:0.5pt solid #86888c;padding:0 1pt"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:0.5pt solid #86888c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">39,993</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:0.5pt solid #86888c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Note: In the countries of Telef&#243;nica Hispam segment with separate fixed and mobile operating companies, intercompany revenues were not considered. </span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline">(*) </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">The detail of revenues for Telef&#243;nica Spain is shown in the table below. </span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Given the convergence reached at Telef&#243;nica Spain due to the high penetration of convergent offers in Telef&#243;nica Spain, the revenue breakdown by fixed and mobile is less relevant in this segment. For this reason, management believes that the revenue breakdown shown below is more meaningful. </span></div><div style="margin-bottom:9pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:23.900%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:23.900%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:23.900%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:23.900%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Millions of euros</span></td><td colspan="9" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Telef&#243;nica Spain</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2024</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2023</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2022</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Retailers</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">10,092&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">9,872&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">9,662&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #86888c;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Wholesalers, mobile handsets sales and others</span></td><td colspan="2" style="border-top:0.5pt solid #86888c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,699&#160;</span></td><td style="border-top:0.5pt solid #86888c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.5pt solid #86888c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,782&#160;</span></td><td style="border-top:0.5pt solid #86888c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.5pt solid #86888c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,835&#160;</span></td><td style="border-top:0.5pt solid #86888c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-bottom:0.5pt solid #86888c;border-top:0.5pt solid #86888c;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total</span></td><td colspan="2" style="border-bottom:0.5pt solid #86888c;border-top:0.5pt solid #86888c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">12,791</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:0.5pt solid #86888c;border-top:0.5pt solid #86888c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:0.5pt solid #86888c;border-top:0.5pt solid #86888c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">12,654</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:0.5pt solid #86888c;border-top:0.5pt solid #86888c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:0.5pt solid #86888c;border-top:0.5pt solid #86888c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">12,497</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:0.5pt solid #86888c;border-top:0.5pt solid #86888c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr></table></div><span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfEntitysReportableSegmentsExplanatory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for operating segments.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 8<br> -IssueDate 2024-01-01<br> -Section Disclosure<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=8&amp;code=ifrs-tx-2024-en-r&amp;doctype=Standard&amp;dita_xref=IFRS08_g20-24_TI<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfEntitysReportableSegmentsExplanatory</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-2022:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_tef_OperatingSegmentsAbstract">
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Operating Segments [Abstract]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">tef_OperatingSegmentsAbstract</td>
</tr>
<tr>
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<span style="display: none;">v3.25.0.1</span><table class="report" border="0" cellspacing="2" id="idm45294638792784">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Business Combinations<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2024</div></th></tr>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_tef_BusinessCombinationsAndAcquisitionsOfNonControllingInterestsAbstract', window );"><strong>Business Combinations and Acquisitions of Non-Controlling Interests [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfBusinessCombinationsExplanatory', window );">Business Combinations</a></td>
<td class="text">Business combinations<div style="margin-bottom:9pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:16pt;font-weight:700;line-height:120%">2024</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Joint operation in Colombia</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On February 26, 2024, Colombia Telecomunicaciones S.A. ESP BIC and Colombia M&#243;vil S.A. ESP signed a binding framework agreement for the implementation of a single mobile access network, through an independent company, Unired Colombia, S.A.S, as well as for sharing the radioelectric spectrum usage permits through a Temporary Union, whose only users would be the two shareholders participating in the aforementioned agreement. </span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The transaction closed on December 20, 2024, with the first transfer by the Ministry of Information Technology and Communications of the permit for the access, use and exploitation of 20 MHz of radioelectric spectrum for the operation of land mobile radiocommunication services in the national territory granted to Colombia M&#243;vil in favor of the Temporary Union. On this date, Colombia Telecomunicaciones and Colombia M&#243;vil contributed their mobile infrastructure businesses and, in addition to the payment of 25 million dollars (approximately 24 million euros at the closing exchange rate of December 31, 2024) by Colombia Telecomunicaciones as equalization, both shareholders obtained equal participation (50:50) in the joint operation. This payment is scheduled to take place in 2025.</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The following table summarizes the proportional share of the fair value of the contributions made to the joint operation by each of the parties:</span></div><div style="text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:77.993%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:19.807%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Millions of euros</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Intangible assets</span></td><td colspan="2" style="border-top:1pt solid #b6b6b6;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">11&#160;</span></td><td style="border-top:1pt solid #b6b6b6;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Property, plant and equipment</span></td><td colspan="2" style="border-top:1pt solid #b6b6b6;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">88&#160;</span></td><td style="border-top:1pt solid #b6b6b6;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Rights of use</span></td><td colspan="2" style="border-top:1pt solid #b6b6b6;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">22&#160;</span></td><td style="border-top:1pt solid #b6b6b6;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Trade receivables</span></td><td colspan="2" style="border-top:1pt solid #b6b6b6;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">43&#160;</span></td><td style="border-top:1pt solid #b6b6b6;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #86888c;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Total assets</span></td><td colspan="2" style="border-top:1pt solid #86888c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">164</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #86888c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #86888c;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Lease liabilities</span></td><td colspan="2" style="border-top:1pt solid #86888c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2&#160;</span></td><td style="border-top:1pt solid #86888c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Account payables</span></td><td colspan="2" style="border-top:1pt solid #b6b6b6;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">77&#160;</span></td><td style="border-top:1pt solid #b6b6b6;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Provisions</span></td><td colspan="2" style="border-top:1pt solid #b6b6b6;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1&#160;</span></td><td style="border-top:1pt solid #b6b6b6;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #86888c;border-top:1pt solid #86888c;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Total liabilities</span></td><td colspan="2" style="border-bottom:1pt solid #86888c;border-top:1pt solid #86888c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">80</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:1pt solid #86888c;border-top:1pt solid #86888c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In addition, the goodwill allocated to the transaction amounting to 16 million euros has been written off (see Note 7). The result associated with the transaction recorded in "gains from sale of businesses" has amounted to 47 million euros (Note 26).</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">IPNET Group </span></div><div style="text-align:justify"><span><br/></span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On October 1, 2024, Telef&#244;nica Cloud e Tecnologia do Brasil S.A., a subsidiary of Telef&#243;nica Brasil, completed the acquisition of IPNET Servi&#231;os em Nuvem e Desenvolvimento de Sistemas Ltda. and IPNET USA, LLC. </span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">At the date of preparation of these consolidated financial statements, the allocation of the purchase price is provisional. The following table summarizes the consideration, the fair values of the identifiable assets acquired and the liabilities assumed at the time of the acquisition and the preliminary goodwill:</span></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:77.993%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:19.807%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Millions of euros</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Consideration</span></td><td colspan="2" style="border-top:1pt solid #b6b6b6;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">37</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #b6b6b6;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Intangible assets</span></td><td colspan="2" style="border-top:1pt solid #b6b6b6;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">11&#160;</span></td><td style="border-top:1pt solid #b6b6b6;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Customer relationships</span></td><td colspan="2" style="border-top:1pt solid #b6b6b6;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">5&#160;</span></td><td style="border-top:1pt solid #b6b6b6;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Other intangible assets</span></td><td colspan="2" style="border-top:1pt solid #b6b6b6;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">6&#160;</span></td><td style="border-top:1pt solid #b6b6b6;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Property, plant and equipment</span></td><td colspan="2" style="border-top:1pt solid #b6b6b6;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #b6b6b6;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Other long term assets</span></td><td colspan="2" style="border-top:1pt solid #b6b6b6;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">16&#160;</span></td><td style="border-top:1pt solid #b6b6b6;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Trade receivables</span></td><td colspan="2" style="border-top:1pt solid #b6b6b6;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">5&#160;</span></td><td style="border-top:1pt solid #b6b6b6;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Other current assets</span></td><td colspan="2" style="border-top:1pt solid #b6b6b6;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1&#160;</span></td><td style="border-top:1pt solid #b6b6b6;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Loans</span></td><td colspan="2" style="border-top:1pt solid #b6b6b6;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(1)</span></td><td style="border-top:1pt solid #b6b6b6;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Trade payables</span></td><td colspan="2" style="border-top:1pt solid #b6b6b6;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(5)</span></td><td style="border-top:1pt solid #b6b6b6;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Deferred tax liabilities</span></td><td colspan="2" style="border-top:1pt solid #b6b6b6;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(2)</span></td><td style="border-top:1pt solid #b6b6b6;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Provisions</span></td><td colspan="2" style="border-top:1pt solid #b6b6b6;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(16)</span></td><td style="border-top:1pt solid #b6b6b6;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Fair value of net assets</span></td><td colspan="2" style="border-top:1pt solid #b6b6b6;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">9</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #b6b6b6;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #86888c;border-top:1pt solid #86888c;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Preliminary Goodwill</span></td><td colspan="2" style="border-bottom:1pt solid #86888c;border-top:1pt solid #86888c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">28</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:1pt solid #86888c;border-top:1pt solid #86888c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div><span><br/></span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:112%">The total consideration was 224 million reais (equivalent to 37 million euros). At the closing of the transaction a payment was made amounting to 60 million reais (10 million euros, see Note 28) and the remaining amount was pending payment as of December 31, 2024, in accordance with the contractual clauses.</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">From the acquisition date until the conclusion of these consolidated financial statements, IPNET contributed 11 million euros to consolidated revenues.</span></div><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:16pt;font-weight:700;line-height:120%">2023</span></div><div style="margin-bottom:9pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">During 2023, no significant business combinations have taken place.</span></div><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:16pt;font-weight:700;line-height:120%">2022</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Acquisition of mobile assets of Oi Group</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On April 20, 2022, the closing of the transaction related to the Purchase Agreement for Acquisition of UPI Mobile Assets of Oi Group took place, and Telef&#243;nica Brasil acquired, on such date, all the shares of the company Garliava RJ Infraestrutura e Redes de Telecomunica&#231;&#245;es S.A. (Garliava), to which the mobile assets of Oi Group assigned to Telef&#243;nica Brasil had been contributed, under the segregation plan stated in the Oi Agreement.</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The mobile assets of Oi Group finally assigned to Telef&#243;nica Brasil were the following:</span></div><div style="margin-bottom:9pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">Customers: approximately 12.5 million (equivalent to 30% of the total customer base of the mobile assets of Oi Group) &#8211; according to ANATEL&#8217;s February 2022 data;</span></div><div style="margin-bottom:9pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">Spectrum: 43 MHz as national population-weighted average (46% of the radiofrequency of the mobile assets of Oi Group); and</span></div><div style="margin-bottom:9pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">Infrastructure: contracts for the use of approximately 2.7 thousand sites of mobile access (corresponding to 19% of the sites of the mobile assets of Oi Group).</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On the date of approval of the consolidated financial statements for the year 2022, the Company had concluded the report for the allocation of the purchase price. The following table presents the consideration, the fair value of the identifiable assets and the liabilities assumed at the acquisition date and the goodwill:</span></div><div style="margin-bottom:9pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:77.993%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:19.807%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Millions of euros</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Consideration</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">1,093</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #b6b6b6;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Intangible assets</span></td><td colspan="2" style="border-top:1pt solid #b6b6b6;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">539&#160;</span></td><td style="border-top:1pt solid #b6b6b6;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #b6b6b6;padding:2px 1pt 2px 13pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Licenses</span></td><td colspan="2" style="border-top:1pt solid #b6b6b6;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">520&#160;</span></td><td style="border-top:1pt solid #b6b6b6;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 13pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Customer relationships</span></td><td colspan="2" style="border-top:1pt solid #b6b6b6;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">19&#160;</span></td><td style="border-top:1pt solid #b6b6b6;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Property, plant and equipment</span></td><td colspan="2" style="border-top:1pt solid #b6b6b6;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">29&#160;</span></td><td style="border-top:1pt solid #b6b6b6;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Rights of use</span></td><td colspan="2" style="border-top:1pt solid #b6b6b6;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">105&#160;</span></td><td style="border-top:1pt solid #b6b6b6;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Deferred tax assets</span></td><td colspan="2" style="border-top:1pt solid #b6b6b6;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">44&#160;</span></td><td style="border-top:1pt solid #b6b6b6;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Trade receivables</span></td><td colspan="2" style="border-top:1pt solid #b6b6b6;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">74&#160;</span></td><td style="border-top:1pt solid #b6b6b6;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Other assets</span></td><td colspan="2" style="border-top:1pt solid #b6b6b6;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">30&#160;</span></td><td style="border-top:1pt solid #b6b6b6;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Cash and cash equivalents</span></td><td colspan="2" style="border-top:1pt solid #b6b6b6;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">13&#160;</span></td><td style="border-top:1pt solid #b6b6b6;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Lease liabilities</span></td><td colspan="2" style="border-top:1pt solid #b6b6b6;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(117)</span></td><td style="border-top:1pt solid #b6b6b6;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Trade payables</span></td><td colspan="2" style="border-top:1pt solid #b6b6b6;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(24)</span></td><td style="border-top:1pt solid #b6b6b6;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Provisions</span></td><td colspan="2" style="border-top:1pt solid #b6b6b6;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(221)</span></td><td style="border-top:1pt solid #b6b6b6;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Other liabilities</span></td><td colspan="2" style="border-top:1pt solid #b6b6b6;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(55)</span></td><td style="border-top:1pt solid #b6b6b6;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #86888c;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Fair value of net assets</span></td><td colspan="2" style="border-top:1pt solid #86888c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">417</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #86888c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #86888c;border-top:1pt solid #86888c;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Goodwill </span></td><td colspan="2" style="border-bottom:1pt solid #86888c;border-top:1pt solid #86888c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">676</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:1pt solid #86888c;border-top:1pt solid #86888c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The fair value of the licenses was determined using the discounted cash flow method of the Income Approach, which considers the earning capacity of the asset. The amortization period of the licenses ranges from 5 to 15 years (average period of 10.08 years). </span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The fair value of trade receivables amounted to 74 million euros, which did not differ from the book value consisting of a gross amount of 81 million euros, net of estimated impairment losses of 7 million euros.</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">At the acquisition date, contingent liabilities were recognized at fair value in the amount of 90 million euros.</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The contribution of Garliava since its inclusion in the scope of consolidation and until December 31, 2022 was 206 million euros in revenues and 1 million euros in profit for the period. The information was only available since the mobile assets of Oi assigned to Telef&#243;nica Brasil were contributed to Garliava. Consequently, it was not practicable to calculate these impacts as if the transaction had taken place on January 1, 2022. </span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On October 3, 2022, Telef&#243;nica Brasil, together with Claro S.A. and TIM S.A., started an arbitration procedure against the Seller (see Note 29.c). The Buyers made a judicial deposit of the amount withheld from the updated purchase price (see Note 15), until the dispute arising from the price adjustment was resolved by arbitration, corresponding to Telef&#243;nica Brazil an amount of 522 million reais at December 31, 2022 (approximately 94 million euros).</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In October 2023, the arbitration proceeding between the parties ended (see Note 29.c), resulting on a final price the for the UPI Mobile Assets assigned to Telef&#243;nica Brasil of 5,129 million Brazilian reais as of the closing date (compared to the 5,373 million Brazilian reais of the initial price, see Note 2). As a result, 50% of the retained amount (488 million reais), plus applicable interest was offset against the amount allocated as debt and the other 50%, in the updated amount of 277 million reais (51 million euros at such date), was withdrawn by Telef&#243;nica Brasil before the Arbitration Chamber.</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The post-closing price adjustment occurred during the second half of 2023, after the measurement period of the  purchase price allocation process. Therefore, the impact generated by the post-closing price adjustment was recorded in the 2023 income statement, with no changes in the goodwill recorded as of December 31, 2022.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Completion of the purchase price allocation process for Incremental Group  </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On March 21, 2022, Telef&#243;nica Tech UK &amp; Ireland, Ltd completed the acquisition of 100% of the shares of the British group Perpetual TopCo, Limited and affiliates (Incremental Group), one of Microsoft's fastest-growing business partners in the UK, for a 104 million euros consideration (including potential contingent payments linked to its future performance). In addition, at the closing of the transaction a payment was made in the amount of 91 million euros to cancel payment obligations of the acquired companies. </span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">At the date of preparation of the consolidated financial statements for the year 2022, the purchase price allocation was provisional. In 2023, the preliminary allocation was reviewed within the twelve-month period from the acquisition date,  without any change in the fair value of the assets and liabilities acquired.</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The following table presents the consideration, the fair value of assets and liabilities identified at the acquisition date and the final goodwill:</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:77.993%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:19.807%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Millions of euros</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Share purchase price</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">104&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Payment obligations cancelled</span></td><td colspan="2" style="border-top:1pt solid #b6b6b6;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">91&#160;</span></td><td style="border-top:1pt solid #b6b6b6;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Total</span></td><td colspan="2" style="border-top:1pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">195</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #86888c;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Intangible assets</span></td><td colspan="2" style="border-top:1pt solid #86888c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">24&#160;</span></td><td style="border-top:1pt solid #86888c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 13pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Customer relationships</span></td><td colspan="2" style="border-top:1pt solid #b6b6b6;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">23&#160;</span></td><td style="border-top:1pt solid #b6b6b6;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 13pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Other intangible assets</span></td><td colspan="2" style="border-top:1pt solid #b6b6b6;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1&#160;</span></td><td style="border-top:1pt solid #b6b6b6;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Property, plant and equipment</span></td><td colspan="2" style="border-top:1pt solid #b6b6b6;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1&#160;</span></td><td style="border-top:1pt solid #b6b6b6;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Rights of use</span></td><td colspan="2" style="border-top:1pt solid #b6b6b6;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1&#160;</span></td><td style="border-top:1pt solid #b6b6b6;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Accounts receivable</span></td><td colspan="2" style="border-top:1pt solid #b6b6b6;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">11&#160;</span></td><td style="border-top:1pt solid #b6b6b6;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Other assets</span></td><td colspan="2" style="border-top:1pt solid #b6b6b6;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1&#160;</span></td><td style="border-top:1pt solid #b6b6b6;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Cash and cash equivalents</span></td><td colspan="2" style="border-top:1pt solid #b6b6b6;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">9&#160;</span></td><td style="border-top:1pt solid #b6b6b6;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Lease liabilities</span></td><td colspan="2" style="border-top:1pt solid #b6b6b6;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(2)</span></td><td style="border-top:1pt solid #b6b6b6;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Accounts payable</span></td><td colspan="2" style="border-top:1pt solid #b6b6b6;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(3)</span></td><td style="border-top:1pt solid #b6b6b6;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Deferred tax liabilities</span></td><td colspan="2" style="border-top:1pt solid #b6b6b6;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(6)</span></td><td style="border-top:1pt solid #b6b6b6;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Other liabilities</span></td><td colspan="2" style="border-top:1pt solid #b6b6b6;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(11)</span></td><td style="border-top:1pt solid #b6b6b6;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #86888c;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Fair value of net assets</span></td><td colspan="2" style="border-top:1pt solid #86888c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">25</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #86888c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #86888c;border-top:1pt solid #86888c;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Goodwill (Note 7)</span></td><td colspan="2" style="border-bottom:1pt solid #86888c;border-top:1pt solid #86888c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">170</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:1pt solid #86888c;border-top:1pt solid #86888c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The contribution of the Incremental Group to the profit for the year 2022, after the impact of the amortization of the assets identified in the purchase price allocation, was a 1 million euro profit.</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Completion of the purchase price allocation process for BE-terna Group </span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On June 9, 2022, Telef&#243;nica Cybersecurity &amp; Cloud Tech, S.L.U. completed the acquisition of 100% of the shares of the German group BE-terna Acceleration Holding GmbH and affiliates ("BE-terna Group"), for a 191 million euros consideration (including potential contingent payments linked to its future performance). In addition, at the closing of the transaction a payment was made in the amount of 162 million euros to cancel payment obligations of the acquired companies. </span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">At the date of preparation of the consolidated financial statements for the year 2022, the purchase price allocation was provisional. In 2023, the preliminary allocation was reviewed within the twelve-month period from the acquisition date, resulting in a 3 million euro increase in goodwill.</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The following table presents the consideration, the fair value of assets and liabilities identified at the acquisition date and the final goodwill:</span></div><div style="margin-top:9pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:77.993%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:19.807%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Millions of euros</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Share purchase price</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">191&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Payment obligations cancelled</span></td><td colspan="2" style="border-top:1pt solid #b6b6b6;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">162&#160;</span></td><td style="border-top:1pt solid #b6b6b6;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #6d6d6d;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Total</span></td><td colspan="2" style="border-top:1pt solid #6d6d6d;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">353</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #6d6d6d;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #86888c;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Intangible assets</span></td><td colspan="2" style="border-top:1pt solid #86888c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">73&#160;</span></td><td style="border-top:1pt solid #86888c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 13pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Customer relationships</span></td><td colspan="2" style="border-top:1pt solid #b6b6b6;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">53&#160;</span></td><td style="border-top:1pt solid #b6b6b6;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 13pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Other intangible assets</span></td><td colspan="2" style="border-top:1pt solid #b6b6b6;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">20&#160;</span></td><td style="border-top:1pt solid #b6b6b6;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Property, plant and equipment</span></td><td colspan="2" style="border-top:1pt solid #b6b6b6;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">6&#160;</span></td><td style="border-top:1pt solid #b6b6b6;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Right of use</span></td><td colspan="2" style="border-top:1pt solid #b6b6b6;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">5&#160;</span></td><td style="border-top:1pt solid #b6b6b6;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Accounts receivable</span></td><td colspan="2" style="border-top:1pt solid #b6b6b6;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">19&#160;</span></td><td style="border-top:1pt solid #b6b6b6;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Other assets</span></td><td colspan="2" style="border-top:1pt solid #b6b6b6;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">12&#160;</span></td><td style="border-top:1pt solid #b6b6b6;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Cash and cash equivalents</span></td><td colspan="2" style="border-top:1pt solid #b6b6b6;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">17&#160;</span></td><td style="border-top:1pt solid #b6b6b6;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Lease liabilities</span></td><td colspan="2" style="border-top:1pt solid #b6b6b6;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(5)</span></td><td style="border-top:1pt solid #b6b6b6;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Trade payables</span></td><td colspan="2" style="border-top:1pt solid #b6b6b6;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(9)</span></td><td style="border-top:1pt solid #b6b6b6;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Deferred tax liabilities</span></td><td colspan="2" style="border-top:1pt solid #b6b6b6;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(20)</span></td><td style="border-top:1pt solid #b6b6b6;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Current tax payables</span></td><td colspan="2" style="border-top:1pt solid #b6b6b6;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">(6)</span></td><td style="border-top:1pt solid #b6b6b6;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Other liabilities</span></td><td colspan="2" style="border-top:1pt solid 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0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #86888c;border-top:1pt solid #86888c;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Goodwill (Note 7)</span></td><td colspan="2" style="border-bottom:1pt solid #86888c;border-top:1pt solid #86888c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">282</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:1pt solid #86888c;border-top:1pt solid #86888c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The contribution of BE-terna Group to the profit for the year 2022, after the impact of the amortization of the assets identified in the purchase price allocation, was a 3 million euros loss.</span></div><span></span>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Business Combinations and Acquisitions of Non-Controlling Interests [Abstract]</p></div>
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Intangible Assets<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2024</div></th></tr>
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<td class="text">Intangible assets<div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The composition of and movements in net intangible assets in 2024 and 2023 are as follows: </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:11.765%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.818%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:5.917%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.233%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:5.771%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td><td style="width:1.0%"></td><td style="width:5.917%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.233%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.987%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.280%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.157%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.822%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2024</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Millions of euros</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Balance at 12/31/2023</span></td><td colspan="3" style="background-color:#ffffff;border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">First applica-tion of IAS 21</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Additions</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:5.2pt;font-weight:700;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(1)</span></div></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Amorti-zation</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Impair-ments</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Transfers<br/>and others</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Translation differences</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Inflation adjustments</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Business combinations</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Balance at 12/31/2024</span></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Service concession arrangements and licenses</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">6,886&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">157&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(757)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(485)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(536)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">376&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">21&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">5,667&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Software</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3,089&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">510&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(1,410)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(21)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,139&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(222)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">29&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(14)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3,104&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Customer base</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">386&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(238)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(1)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(1)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">5&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">151&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Trademarks</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">235&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(32)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(18)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">187&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Other intangible assets</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">58&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">20&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(25)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">8&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(1)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">64&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Intangible assets in process</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">716&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,109&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(1,104)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(28)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">5&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">702&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total intangible assets</span></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">11,370</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">8</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,796</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(2,462)</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(506)</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">44</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(806)</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">409</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">22</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">9,875</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr></table><span style="color:#000000;font-family:'Arial',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline">(1)</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%"> Total additions of intangible assets in 2024 amounted to 1,799 million euros, including the additions corresponding to companies held for sale during the annual reporting period (see Note 2).</span></div><div style="margin-bottom:9pt;margin-top:9pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:16.297%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.818%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.525%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.648%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:5.771%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.648%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.087%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.087%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.648%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.671%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.700%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2023</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Millions of euros</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Balance at 12/31/2022</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Additions</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Amorti-zation</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Dispo-sals</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Impair-ments</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Transfers and others</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Transla-tion differen-ces</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Inflation adjust-ments</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Business combina-tions</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Balance at 12/31/2023</span></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Service concession arrangements and licenses</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">7,550&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">183&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(840)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(205)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">196&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">6,886&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Software</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,800&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">486&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(1,356)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(1)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,122&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">18&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">20&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3,089&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Customer base</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">721&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(333)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(3)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(3)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">386&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Trademarks</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">263&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(33)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">5&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">235&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Other intangible assets</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">39&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">20&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(21)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(2)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">5&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">15&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">58&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Intangible assets in process</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">644&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,149&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(1)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(1,076)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(7)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">7&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">716&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total intangible assets</span></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">12,017</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,838</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(2,583)</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(2)</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(2)</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">50</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(183)</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">223</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">12</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">11,370</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td></tr></table></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Additions of spectrum in 2024 amounted to 157 million euros (183 million euros in 2023).</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In 2024 Telef&#243;nica Hispam's intangible asset additions, the following stand out: the acquisition of spectrum in Colombia for 87 million euros (3,500 MHz, 850 MHz and 1,900 MHz bands), in Ecuador for 19 million euros (extension of the operating license) and in Uruguay for 23 million euros (renewal of the 850 MHz and 1,900 MHz bands).</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Telef&#243;nica Spain's spectrum additions in 2024 amounted to 25 million euros.</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In 2024,Telef&#243;nica Brasil  includes 4 million euros of the renewal of the 850MHz band.</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In 2023 Telef&#243;nica Hispam, spectrum acquisitions stood out in Argentina for 109 million euros in the 3.5 GHz band, in Ecuador for 18 million euros and in Uruguay for 24 million euros.</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Appendix VI contains the details of the main concessions and licenses which the Group operates. </span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In 2024, Telef&#243;nica Argentina recorded an impairment of service concession arrangements and licenses and software, amounting to 415 million euros and 21 million euros, both with a corresponding entry under Other expenses (see Note 26). Telef&#243;nica Argentina's intangible assets as of December 31, 2024 amounting to 265 million euros (415 million euros as of December 31, 2023).</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In 2024, Telef&#243;nica del Per&#250; recorded an impairment of service concession arrangements and licenses, amounting to 54 million euros, with a corresponding entry under Other expenses (see Note 26).</span></div><div style="margin-bottom:9pt;margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The effect of the translation into euros of the intangible assets of the Group's companies in Argentina and Venezuela and the effect of the inflation adjustments (see Note 3.a), are shown in the columns "Translation differences" and "Inflation adjustments", respectively.</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The cost, accumulated amortization and impairment losses of intangible assets at December&#160;31, 2024 and 2023 are as follows: </span></div><div style="margin-bottom:9pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:36.418%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.520%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.520%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.520%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.522%"></td><td style="width:0.1%"></td></tr><tr><td colspan="15" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Balance at December 31, 2024</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Millions of euros</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Cost</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Accumulated amortization</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Impairment losses</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Intangible assets</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Service concession arrangements and licenses</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">15,018&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(8,666)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(685)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">5,667&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Software</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">18,442&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(15,300)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(38)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3,104&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Customer base</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,265&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(2,114)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">151&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Trademarks</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">905&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(718)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">187&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Other intangible assets</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">794&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(726)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(4)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">64&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Intangible assets in process</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">702&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">702&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total intangible assets</span></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">38,126</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(27,524)</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(727)</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">9,875</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-bottom:9pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:36.418%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.520%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.520%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.520%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.522%"></td><td style="width:0.1%"></td></tr><tr><td colspan="15" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Balance at December 31, 2023</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Millions of euros</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Cost</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Accumulated amortization</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Impairment losses</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Intangible assets</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Service concession arrangements and licenses</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">16,056&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(9,061)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(109)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">6,886&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Software</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">17,851&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(14,753)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(9)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3,089&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Customer base</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4,166&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(3,780)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">386&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Trademarks</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">958&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(723)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">235&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Other intangible assets</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">867&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(805)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(4)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">58&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Intangible assets in process</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">724&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(8)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">716&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total intangible assets</span></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">40,622</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(29,122)</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(130)</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">11,370</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div>Goodwill<div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Movement in goodwill </span></div><div style="margin-bottom:9pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The movement in goodwill assigned to each Group segment was as follows: </span><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.853%"><tr><td style="width:1.0%"></td><td style="width:23.058%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.734%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.734%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.734%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.734%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.734%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.734%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.738%"></td><td style="width:0.1%"></td></tr><tr><td colspan="24" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2024</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Millions of euros</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Balance at 12/31/2023</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Additions</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Disposals</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Write-offs</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Transfers</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Exchange rate impact</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Balance at 12/31/2024</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Spain</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4,291&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4,291&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Brazil</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">8,076&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">28&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(1,364)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">6,740&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Germany</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4,386&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4,386&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Hispam</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,108&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(16)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(623)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(51)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">418&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Others</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">847&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(243)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">22&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">626&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total</span></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">18,708</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">28</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(16)</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(866)</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(1,393)</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">16,461</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-bottom:9pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:23.169%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.572%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.426%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.864%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.864%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.864%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.572%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.869%"></td><td style="width:0.1%"></td></tr><tr><td colspan="24" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2023</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Millions of euros</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Balance at 12/31/2022</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Additions</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Disposals</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Write-offs</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Transfers</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Exchange rate impact</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Balance at 12/31/2023</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Spain</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4,291&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4,291&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Brazil</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">7,752&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">5&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">319&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">8,076&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Germany</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4,386&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4,386&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Hispam</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,215&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(58)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(36)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(13)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,108&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Others</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">827&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">11&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">9&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">847&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total</span></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">18,471</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">16</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(58)</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(36)</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">315</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">18,708</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td></tr></table></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In 2024, an impairment loss of the entire remaining goodwill allocated to the cash-generating unit in Per&#250; amounting to 226 million euros has been recorded, with a corresponding entry under Other expenses in the consolidated income statement (see Note 26). In addition, until the carrying amount and the recoverable amount of the CGU are equal, an impairment loss on intangible assets has been recorded amounting to 54 million euros (see Note 6), with a corresponding entry under Other expenses (see Note 26). Telef&#243;nica del Per&#250;, affected by an aggressive competitive environment in both fixed and mobile, has registered a lower achievement of the operating variables compared to what was estimated in the impairment test of the previous year. In this context, the latest business plans approved by the Board of Directors of Telef&#243;nica reflect a reduction in the expected growth of the main operating variables. The discount rate (WACC) used in the estimation of the value in use as of December 31, 2024, was 9.5% (11.6% before taxes) and the perpetuity growth rate used was 2.4%.</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In addition, in the Telef&#243;nica Hispam segment, an impairment loss of the goodwill allocated to the cash-generating unit in Chile amounting to 397 million euros was recorded, with a corresponding entry under Other expenses (see Note 26). Economic growth in Chile continues at a low rate, with financial tensions and the effects of the recent inflationary and cost shock persisting, preventing further monetary easing. In this context, weak domestic demand is expected to continue and competitive intensity is expected to remain high. As a result, lower expected growth of the main operating variables has been estimated compared to the impairment test of the previous year. The discount rate (WACC) used in the estimation of the value in use as of December 31, 2024, was 8.5% (10.4% before taxes) and the perpetuity growth rate used was 2.8%.</span></div><div><span><br/></span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Additionally, in 2024 impairments have been recorded on the goodwill allocated to the cash-generating units of Telef&#243;nica Tech UK &amp; Ireland, affected by the evolution of the macroeconomic environment in the United Kingdom (which has resulted in an increase in the WACC discount rate to 9.4%, 11.4% before tax) and Be-terna Group, for amounts of 192 million euros and <span id="ib5d968aa143246f8aea16d98d347751d_38207"></span>51 million euros, respectively (see Note 26).</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Additions in 2024 correspond to the goodwill related to the acquisition of IPNET (see Note 5).</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The amount in disposals of Telef&#243;nica Hispam in 2024 corresponds to the estimation of goodwill of the cash generating unit Telef&#243;nica Colombia allocated to the agreement signed by Colombia Telecomunicaciones S.A. ESP BIC and Colombia M&#243;vil S.A. ESP (see Note 5). </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In 2023, an impairment of goodwill assigned to the cash-generating unit in Ecuador was recorded, amounting to 58 million euros, with a corresponding entry under Other expenses (see Note 26).</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The amount in transfers of Telef&#243;nica Hispam in 2023 corresponded to the estimation of goodwill of the cash generating unit of Per&#250; allocated to the agreement between Telef&#243;nica Hispanoam&#233;rica, S.A. and the group Kohlberg Kravis Roberts &#8211; KKR &amp; Co, Inc. and Entel Per&#250; S.A. (see Note 30).  </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Cash-generating units </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In order to test for impairment, goodwill was allocated to the different cash-generating units (CGUs), which are grouped into the following reportable operating segments: </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.853%"><tr><td style="width:1.0%"></td><td style="width:45.020%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:25.839%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:25.841%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;Millions of euros</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">12/31/2024</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">12/31/2023</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Telef&#243;nica Spain</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">4,291</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">4,291</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Telef&#243;nica Brazil</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">6,740</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">8,076</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Telef&#243;nica Germany</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">4,386</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">4,386</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Telef&#243;nica Hispam</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">418</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,108</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Colombia</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">136&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">164&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Ecuador</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">79&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">75&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Chile</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">179&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">615&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Peru</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">229&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Uruguay</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">22&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">23&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Others T. Hispam</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Other companies</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">626</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">847</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Tech UK &amp; Ireland</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">268&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">438&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">BE-terna</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">230&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">282&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Others</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">128&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">127&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">TOTAL</span></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">16,461</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">18,708</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Goodwill is tested for impairment at the end of the year using the business plans of the cash-generating units to which the goodwill is assigned, approved by the Board of Directors of Telef&#243;nica. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The business plan covers a three-year period, including the closing year. In order to complete the five years of cash flows after the closing year, an additional normalization period is added to the business plans on the operating ratios until the terminal parameters are reached. The consensus' forecasts are used as a reference. For specific cases, extended business plans are used to cover the five-year period of cash flows, when the normalization period does not properly reflect the expected evolution of the business. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Finally, to determine the terminal value of each CGU, a constant free cash flows growth over time is assumed, applying a terminal growth rate. The model used is similar to the dividend discount model developed by Gordon-Shapiro, internationally recognized for business valuations. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The process of preparing the CGUs&#8217; business plans considers the current market condition of each CGU, analyzing the macroeconomic, competitive, regulatory and technological environments, as well as the growth opportunities of the CGUs, and the differentiation capabilities compared to the competition based on market projections. A growth target is therefore defined for each CGU, based on the appropriate allocation of operating resources and the capital investments required to achieve the target. In addition, operating efficiency improvements are defined, in line with the strategic transformation initiatives, in order to increase the forecasted operating cash flow. In this process, the Group considers the compliance with business plans in the past. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Main assumptions used in calculating value in use  </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">CGUs&#8217; value in use are calculated based on the approved business plans. Certain variables are then considered, including the long-term margin of operating results before depreciation and amortization and the long-term Capital Expenditure ratio (expressed as a percentage of revenue), which are considered the key operating variables to measure business performance and to set financial targets. Finally, the discount rates and the perpetuity growth rates are considered.  </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The main variables considered for the most significant CGUs (T. Brazil, T. Spain, and T. Germany) are described below.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Revenues </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In terms of revenues, the three-year plan reflects a trend of stability or improvement.  </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Long-term margin of operating results before depreciation and amortization and long-term Capital Expenditure (CapEx) ratio</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%"> </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The values obtained, as described in the previous paragraphs, are compared with the available data of analysts and competitors in the geographic markets where the Telef&#243;nica Group operates.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In Europe, the long-term margin of operating results before depreciation and amortization two-year estimates of Telef&#243;nica Group's analysts are within a range of 35% to 38% for Spain and 27% to 31% for Germany. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In relation to the long-term ratio of CapEx over revenues in the valuations performed for the impairment tests for Spain and Germany, the ratios are within the range estimated by the Telef&#243;nica Group&#8217;s analysts in terms of investment needs (range between 10% and 12% for Spain and between 11% and 17% for Germany). </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">As for the long-term margin of operating results before depreciation and amortization two-year estimates of Telef&#243;nica Group's analysts for the operator in Brazil, it is in a range within 41% to 44%. Regarding investments, the operator will invest in the horizon of the projected plan a percentage that is aligned with the investment needs planned for the development of its business, which is located in a range between 10% and 16%.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Discount rate</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%"> </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The discount rate, applied to discount cash flows, is the weighted average cost of capital (WACC), determined by the weighted average cost of equity and cost of debt according to the finance structure determined for each CGU. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">This rate is calculated using the capital asset pricing model (CAPM), which considers the asset&#8217;s systemic risk, and the impact of those risks not already considered on cash flows, such as country risk, business-specific credit risk, currency risk and price risk specific to the financial asset, constantly monitoring the fluctuations of the financial markets. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The most significant components of WACC are summarized as follows: </span></div><div style="margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:10pt">Risk-Free Rate: defined as the interest rate offered by long-term sovereign bonds. The rate is determined using current market data and long-run equilibrium rates estimates (according to standard econometric models, supported by modeling of neutral rates prepared by the central banks themselves) in which the interest rates should be located, thus adjusting the yields, influenced by central banks interventions. </span></div><div style="margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:10pt">Political Risk Premium: adds the country's insolvency risk due to political and/or financial events; calculation is based on the quoted prices of credit default swaps for each country or, the EMBI+ index published by JP Morgan based on the information available and the liquidity conditions of these swaps. </span></div><div style="margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:10pt">Equity Risk Premium: the return in excess that equity assets are expected to yield over the risk-free rate. This is determined using a combination of historical approaches (ex post) backed by external publications and studies based on historical market returns series, and prospective approaches (ex ante), based on market publications, considering the medium- and long-term profit expectations based on the degree of maturity and development of each country. </span></div><div style="margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:10pt">Beta Coefficient: a measure of the volatility, or systematic risk, of an equity asset in comparison to the entire market. It is estimated based on a series of historical share prices of comparable companies listed on the stock exchange, to estimate the correlation between the company shares&#180; returns and the stock market returns, of the country where the company is listed.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The main underlying data used in these calculations are obtained from independent and renowned external information sources. </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The discount rates applied to the cash flow projections in 2024 and 2023 for the main CGUs are as follows: </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:29.163%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:16.297%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:16.297%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:16.297%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:16.446%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"></td><td colspan="6" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2024</span></td><td colspan="6" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2023</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Discount rate in local currency</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Before tax</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">After-tax</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Before tax</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">After-tax</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Spain</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">8.6%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">6.6%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">9.1%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">7.0%</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Brazil</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">13.9%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">11.5%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">14.8%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">12.0%</span></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Germany</span></td><td colspan="3" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">8.0%</span></td><td colspan="3" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">5.5%</span></td><td colspan="3" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">8.4%</span></td><td colspan="3" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">5.8%</span></td></tr></table></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Perpetuity growth rate</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Cash flow projections from the sixth year are calculated using an expected constant growth rate (g), considering the analyst consensus estimates for each business, based on the maturity of the industry and technology, and the degree of development of each country. Each indicator is compared to the forecasted long-term real and nominal GDP growth of each country and growth data from external sources, adjusting any particular case with specific characteristics related to the business evolution. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The perpetuity growth rates applied to the cash flow projections in 2024 and 2023 for the main CGUs are as follows: </span></div><div style="margin-top:9pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.853%"><tr><td style="width:1.0%"></td><td style="width:45.020%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:25.839%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:25.841%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Perpetuity growth rate<br/>in local currency&#160;</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2024</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2023</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Spain</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">0.8%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">0.8%</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Brazil</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4.0%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4.0%</span></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Germany</span></td><td colspan="3" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1.0%</span></td><td colspan="3" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1.0%</span></td></tr></table></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Perpetuity growth rates for 2024 have remained stable compared to the previous year for the three main CGUs.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Sensitivity to changes in assumptions </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Group performs a sensitivity analysis of the impairment test by considering reasonable changes in the main assumptions used in the test.  For the main CGU, the following maximum increases or decreases were assumed, expressed in percentage points:  </span></div><div style="margin-top:9pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:53.139%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.689%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td><td style="width:1.0%"></td><td style="width:12.496%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:15.276%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Changes in key assumptions,<br/>In percentage points</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Spain</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Germany</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Brazil</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Financial variables</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Discount rate</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;+/-0.5</span></div></td><td colspan="3" style="display:none"></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;+/-0.5</span></div></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;+/-1</span></div></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Perpetuity growth rates</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;+/-0.25</span></div></td><td colspan="3" style="display:none"></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;+/-0.25</span></div></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;+/-0.5</span></div></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Long-term operating variables</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Long-term margin of operating results before depreciation and amortization</span></div></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;+/-1.75</span></div></td><td colspan="3" style="display:none"></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;+/-1.5</span></div></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;+/-2</span></div></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Ratio of CapEx/Revenues</span></td><td colspan="3" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;+/-0.875</span></div></td><td colspan="3" style="display:none"></td><td colspan="3" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;+/-0.75</span></div></td><td colspan="3" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;+/-1</span></div></td></tr></table></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The sensitivity analysis revealed that there is still room between the recoverable value and the carrying amount for the main CGUs at December 31, 2024.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Regarding the CGU of Chile, in the sensitivity of the calculation of the value in use to reasonable variations in the key assumptions, an increase of around 50 basis points in the WACC would generate an additional impairment of goodwill in the amount of 107 million euros, while a decrease of around 25 basis points in the perpetual growth rate of 2.8% would have an extra negative impact of 48 million euros on the valuation of goodwill. Regarding the operating assumptions, a 1.25 percentage point decrease in the long-term margin of operating results before depreciation and amortization would generate an additional impairment of approximately 198 million euros, and a 0.6 percentage points increase in the investment ratio would result in an additional impairment of around 136 million euros.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Regarding the CGU of Telefonica Tech UK &amp; Ireland, in the sensitivity of the calculation of the value in use to reasonable variations in the key assumptions, an increase of around 50 basis points in the WACC would generate an additional impairment of goodwill in the amount of 28 million euros, while a decrease of around 25 basis points in the perpetual growth rate of 3% would have an extra negative impact of 12 million euros on the valuation of </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">goodwill. Regarding the operating assumptions, a 0.5 percentage point decrease in the long-term margin of operating results before depreciation and amortization would generate an additional impairment of approximately 19 million euros, and a 0.25 percentage points increase in the investment ratio would result in an additional impairment of around 9 million euros.</span></div><span></span>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 38<br> -IssueDate 2024-01-01<br> -Section Disclosure<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=38&amp;code=ifrs-tx-2024-en-r&amp;doctype=Standard&amp;dita_xref=IAS38_g118-128_TI<br> -URIDate 2024-03-27<br></p></div>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Intangible Assets [Abstract]</p></div>
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<span style="display: none;">v3.25.0.1</span><table class="report" border="0" cellspacing="2" id="idm45294799947456">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Goodwill<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2024</div></th></tr>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_tef_IntangibleAssetsAbstract', window );"><strong>Intangible Assets [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfIntangibleAssetsExplanatory', window );">Goodwill</a></td>
<td class="text">Intangible assets<div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The composition of and movements in net intangible assets in 2024 and 2023 are as follows: </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:11.765%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.818%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:5.917%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.233%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:5.771%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td><td style="width:1.0%"></td><td style="width:5.917%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.233%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.987%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.280%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.157%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.822%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2024</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Millions of euros</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Balance at 12/31/2023</span></td><td colspan="3" style="background-color:#ffffff;border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">First applica-tion of IAS 21</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Additions</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:5.2pt;font-weight:700;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(1)</span></div></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Amorti-zation</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Impair-ments</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Transfers<br/>and others</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Translation differences</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Inflation adjustments</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Business combinations</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Balance at 12/31/2024</span></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Service concession arrangements and licenses</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">6,886&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">157&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(757)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(485)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(536)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">376&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">21&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">5,667&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Software</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3,089&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">510&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(1,410)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(21)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,139&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(222)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">29&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(14)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3,104&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Customer base</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">386&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(238)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(1)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(1)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">5&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">151&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Trademarks</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">235&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(32)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(18)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">187&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Other intangible assets</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">58&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">20&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(25)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">8&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(1)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">64&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Intangible assets in process</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">716&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,109&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(1,104)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(28)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">5&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">702&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total intangible assets</span></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">11,370</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">8</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,796</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(2,462)</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(506)</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">44</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(806)</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">409</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">22</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">9,875</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr></table><span style="color:#000000;font-family:'Arial',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline">(1)</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%"> Total additions of intangible assets in 2024 amounted to 1,799 million euros, including the additions corresponding to companies held for sale during the annual reporting period (see Note 2).</span></div><div style="margin-bottom:9pt;margin-top:9pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:16.297%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.818%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.525%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.648%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:5.771%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.648%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.087%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.087%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.648%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.671%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.700%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">2023</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Millions of euros</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Balance at 12/31/2022</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Additions</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Amorti-zation</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Dispo-sals</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Impair-ments</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Transfers and others</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Transla-tion differen-ces</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Inflation adjust-ments</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Business combina-tions</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Balance at 12/31/2023</span></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Service concession arrangements and licenses</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">7,550&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">183&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(840)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(205)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">196&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">6,886&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Software</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,800&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">486&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(1,356)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(1)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,122&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">18&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">20&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3,089&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Customer base</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">721&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(333)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(3)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(3)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">386&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Trademarks</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">263&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(33)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">5&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">235&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Other intangible assets</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">39&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">20&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(21)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(2)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">5&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">15&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">58&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Intangible assets in process</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">644&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,149&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(1)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(1,076)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(7)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">7&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">716&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total intangible assets</span></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">12,017</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,838</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(2,583)</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(2)</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(2)</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">50</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(183)</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">223</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">12</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">11,370</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td></tr></table></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Additions of spectrum in 2024 amounted to 157 million euros (183 million euros in 2023).</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In 2024 Telef&#243;nica Hispam's intangible asset additions, the following stand out: the acquisition of spectrum in Colombia for 87 million euros (3,500 MHz, 850 MHz and 1,900 MHz bands), in Ecuador for 19 million euros (extension of the operating license) and in Uruguay for 23 million euros (renewal of the 850 MHz and 1,900 MHz bands).</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Telef&#243;nica Spain's spectrum additions in 2024 amounted to 25 million euros.</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In 2024,Telef&#243;nica Brasil  includes 4 million euros of the renewal of the 850MHz band.</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In 2023 Telef&#243;nica Hispam, spectrum acquisitions stood out in Argentina for 109 million euros in the 3.5 GHz band, in Ecuador for 18 million euros and in Uruguay for 24 million euros.</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Appendix VI contains the details of the main concessions and licenses which the Group operates. </span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In 2024, Telef&#243;nica Argentina recorded an impairment of service concession arrangements and licenses and software, amounting to 415 million euros and 21 million euros, both with a corresponding entry under Other expenses (see Note 26). Telef&#243;nica Argentina's intangible assets as of December 31, 2024 amounting to 265 million euros (415 million euros as of December 31, 2023).</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In 2024, Telef&#243;nica del Per&#250; recorded an impairment of service concession arrangements and licenses, amounting to 54 million euros, with a corresponding entry under Other expenses (see Note 26).</span></div><div style="margin-bottom:9pt;margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The effect of the translation into euros of the intangible assets of the Group's companies in Argentina and Venezuela and the effect of the inflation adjustments (see Note 3.a), are shown in the columns "Translation differences" and "Inflation adjustments", respectively.</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The cost, accumulated amortization and impairment losses of intangible assets at December&#160;31, 2024 and 2023 are as follows: </span></div><div style="margin-bottom:9pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:36.418%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.520%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.520%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.520%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.522%"></td><td style="width:0.1%"></td></tr><tr><td colspan="15" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Balance at December 31, 2024</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Millions of euros</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Cost</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Accumulated amortization</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Impairment losses</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Intangible assets</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Service concession arrangements and licenses</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">15,018&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(8,666)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(685)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">5,667&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Software</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">18,442&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(15,300)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(38)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3,104&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Customer base</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,265&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(2,114)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">151&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Trademarks</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">905&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(718)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">187&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Other intangible assets</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">794&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(726)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(4)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">64&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Intangible assets in process</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">702&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">702&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total intangible assets</span></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">38,126</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(27,524)</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(727)</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">9,875</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-bottom:9pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:36.418%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.520%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.520%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.520%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.522%"></td><td style="width:0.1%"></td></tr><tr><td colspan="15" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Balance at December 31, 2023</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Millions of euros</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Cost</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Accumulated amortization</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Impairment losses</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Intangible assets</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Service concession arrangements and licenses</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">16,056&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(9,061)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(109)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">6,886&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Software</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">17,851&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(14,753)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(9)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3,089&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Customer base</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4,166&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(3,780)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">386&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Trademarks</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">958&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(723)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">235&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Other intangible assets</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">867&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(805)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(4)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">58&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Intangible assets in process</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">724&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(8)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">716&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total intangible assets</span></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">40,622</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(29,122)</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(130)</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">11,370</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div>Goodwill<div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Movement in goodwill </span></div><div style="margin-bottom:9pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The movement in goodwill assigned to each Group segment was as follows: </span><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.853%"><tr><td style="width:1.0%"></td><td style="width:23.058%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.734%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.734%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.734%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.734%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.734%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.734%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.738%"></td><td style="width:0.1%"></td></tr><tr><td colspan="24" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2024</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Millions of euros</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Balance at 12/31/2023</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Additions</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Disposals</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Write-offs</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Transfers</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Exchange rate impact</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Balance at 12/31/2024</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Spain</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4,291&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4,291&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Brazil</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">8,076&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">28&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(1,364)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">6,740&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Germany</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4,386&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4,386&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Hispam</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,108&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(16)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(623)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(51)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">418&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Others</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">847&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(243)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">22&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">626&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total</span></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">18,708</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">28</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(16)</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(866)</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(1,393)</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">16,461</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-bottom:9pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:23.169%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.572%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.426%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.864%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.864%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.864%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.572%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.869%"></td><td style="width:0.1%"></td></tr><tr><td colspan="24" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2023</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Millions of euros</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Balance at 12/31/2022</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Additions</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Disposals</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Write-offs</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Transfers</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Exchange rate impact</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Balance at 12/31/2023</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Spain</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4,291&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4,291&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Brazil</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">7,752&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">5&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">319&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">8,076&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Germany</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4,386&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4,386&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Hispam</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,215&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(58)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(36)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(13)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,108&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Others</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">827&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">11&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">9&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">847&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total</span></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">18,471</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">16</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(58)</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(36)</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">315</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">18,708</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td></tr></table></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In 2024, an impairment loss of the entire remaining goodwill allocated to the cash-generating unit in Per&#250; amounting to 226 million euros has been recorded, with a corresponding entry under Other expenses in the consolidated income statement (see Note 26). In addition, until the carrying amount and the recoverable amount of the CGU are equal, an impairment loss on intangible assets has been recorded amounting to 54 million euros (see Note 6), with a corresponding entry under Other expenses (see Note 26). Telef&#243;nica del Per&#250;, affected by an aggressive competitive environment in both fixed and mobile, has registered a lower achievement of the operating variables compared to what was estimated in the impairment test of the previous year. In this context, the latest business plans approved by the Board of Directors of Telef&#243;nica reflect a reduction in the expected growth of the main operating variables. The discount rate (WACC) used in the estimation of the value in use as of December 31, 2024, was 9.5% (11.6% before taxes) and the perpetuity growth rate used was 2.4%.</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In addition, in the Telef&#243;nica Hispam segment, an impairment loss of the goodwill allocated to the cash-generating unit in Chile amounting to 397 million euros was recorded, with a corresponding entry under Other expenses (see Note 26). Economic growth in Chile continues at a low rate, with financial tensions and the effects of the recent inflationary and cost shock persisting, preventing further monetary easing. In this context, weak domestic demand is expected to continue and competitive intensity is expected to remain high. As a result, lower expected growth of the main operating variables has been estimated compared to the impairment test of the previous year. The discount rate (WACC) used in the estimation of the value in use as of December 31, 2024, was 8.5% (10.4% before taxes) and the perpetuity growth rate used was 2.8%.</span></div><div><span><br/></span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Additionally, in 2024 impairments have been recorded on the goodwill allocated to the cash-generating units of Telef&#243;nica Tech UK &amp; Ireland, affected by the evolution of the macroeconomic environment in the United Kingdom (which has resulted in an increase in the WACC discount rate to 9.4%, 11.4% before tax) and Be-terna Group, for amounts of 192 million euros and <span id="ib5d968aa143246f8aea16d98d347751d_38207"></span>51 million euros, respectively (see Note 26).</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Additions in 2024 correspond to the goodwill related to the acquisition of IPNET (see Note 5).</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The amount in disposals of Telef&#243;nica Hispam in 2024 corresponds to the estimation of goodwill of the cash generating unit Telef&#243;nica Colombia allocated to the agreement signed by Colombia Telecomunicaciones S.A. ESP BIC and Colombia M&#243;vil S.A. ESP (see Note 5). </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In 2023, an impairment of goodwill assigned to the cash-generating unit in Ecuador was recorded, amounting to 58 million euros, with a corresponding entry under Other expenses (see Note 26).</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The amount in transfers of Telef&#243;nica Hispam in 2023 corresponded to the estimation of goodwill of the cash generating unit of Per&#250; allocated to the agreement between Telef&#243;nica Hispanoam&#233;rica, S.A. and the group Kohlberg Kravis Roberts &#8211; KKR &amp; Co, Inc. and Entel Per&#250; S.A. (see Note 30).  </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Cash-generating units </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In order to test for impairment, goodwill was allocated to the different cash-generating units (CGUs), which are grouped into the following reportable operating segments: </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.853%"><tr><td style="width:1.0%"></td><td style="width:45.020%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:25.839%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:25.841%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;Millions of euros</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">12/31/2024</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">12/31/2023</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Telef&#243;nica Spain</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">4,291</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">4,291</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Telef&#243;nica Brazil</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">6,740</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">8,076</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Telef&#243;nica Germany</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">4,386</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">4,386</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Telef&#243;nica Hispam</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">418</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,108</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Colombia</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">136&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">164&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Ecuador</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">79&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">75&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Chile</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">179&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">615&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Peru</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">229&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Uruguay</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">22&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">23&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Others T. Hispam</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Other companies</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">626</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">847</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Tech UK &amp; Ireland</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">268&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">438&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">BE-terna</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">230&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">282&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Others</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">128&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">127&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">TOTAL</span></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">16,461</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">18,708</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Goodwill is tested for impairment at the end of the year using the business plans of the cash-generating units to which the goodwill is assigned, approved by the Board of Directors of Telef&#243;nica. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The business plan covers a three-year period, including the closing year. In order to complete the five years of cash flows after the closing year, an additional normalization period is added to the business plans on the operating ratios until the terminal parameters are reached. The consensus' forecasts are used as a reference. For specific cases, extended business plans are used to cover the five-year period of cash flows, when the normalization period does not properly reflect the expected evolution of the business. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Finally, to determine the terminal value of each CGU, a constant free cash flows growth over time is assumed, applying a terminal growth rate. The model used is similar to the dividend discount model developed by Gordon-Shapiro, internationally recognized for business valuations. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The process of preparing the CGUs&#8217; business plans considers the current market condition of each CGU, analyzing the macroeconomic, competitive, regulatory and technological environments, as well as the growth opportunities of the CGUs, and the differentiation capabilities compared to the competition based on market projections. A growth target is therefore defined for each CGU, based on the appropriate allocation of operating resources and the capital investments required to achieve the target. In addition, operating efficiency improvements are defined, in line with the strategic transformation initiatives, in order to increase the forecasted operating cash flow. In this process, the Group considers the compliance with business plans in the past. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Main assumptions used in calculating value in use  </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">CGUs&#8217; value in use are calculated based on the approved business plans. Certain variables are then considered, including the long-term margin of operating results before depreciation and amortization and the long-term Capital Expenditure ratio (expressed as a percentage of revenue), which are considered the key operating variables to measure business performance and to set financial targets. Finally, the discount rates and the perpetuity growth rates are considered.  </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The main variables considered for the most significant CGUs (T. Brazil, T. Spain, and T. Germany) are described below.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Revenues </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In terms of revenues, the three-year plan reflects a trend of stability or improvement.  </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Long-term margin of operating results before depreciation and amortization and long-term Capital Expenditure (CapEx) ratio</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%"> </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The values obtained, as described in the previous paragraphs, are compared with the available data of analysts and competitors in the geographic markets where the Telef&#243;nica Group operates.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In Europe, the long-term margin of operating results before depreciation and amortization two-year estimates of Telef&#243;nica Group's analysts are within a range of 35% to 38% for Spain and 27% to 31% for Germany. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In relation to the long-term ratio of CapEx over revenues in the valuations performed for the impairment tests for Spain and Germany, the ratios are within the range estimated by the Telef&#243;nica Group&#8217;s analysts in terms of investment needs (range between 10% and 12% for Spain and between 11% and 17% for Germany). </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">As for the long-term margin of operating results before depreciation and amortization two-year estimates of Telef&#243;nica Group's analysts for the operator in Brazil, it is in a range within 41% to 44%. Regarding investments, the operator will invest in the horizon of the projected plan a percentage that is aligned with the investment needs planned for the development of its business, which is located in a range between 10% and 16%.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Discount rate</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%"> </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The discount rate, applied to discount cash flows, is the weighted average cost of capital (WACC), determined by the weighted average cost of equity and cost of debt according to the finance structure determined for each CGU. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">This rate is calculated using the capital asset pricing model (CAPM), which considers the asset&#8217;s systemic risk, and the impact of those risks not already considered on cash flows, such as country risk, business-specific credit risk, currency risk and price risk specific to the financial asset, constantly monitoring the fluctuations of the financial markets. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The most significant components of WACC are summarized as follows: </span></div><div style="margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:10pt">Risk-Free Rate: defined as the interest rate offered by long-term sovereign bonds. The rate is determined using current market data and long-run equilibrium rates estimates (according to standard econometric models, supported by modeling of neutral rates prepared by the central banks themselves) in which the interest rates should be located, thus adjusting the yields, influenced by central banks interventions. </span></div><div style="margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:10pt">Political Risk Premium: adds the country's insolvency risk due to political and/or financial events; calculation is based on the quoted prices of credit default swaps for each country or, the EMBI+ index published by JP Morgan based on the information available and the liquidity conditions of these swaps. </span></div><div style="margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:10pt">Equity Risk Premium: the return in excess that equity assets are expected to yield over the risk-free rate. This is determined using a combination of historical approaches (ex post) backed by external publications and studies based on historical market returns series, and prospective approaches (ex ante), based on market publications, considering the medium- and long-term profit expectations based on the degree of maturity and development of each country. </span></div><div style="margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:10pt">Beta Coefficient: a measure of the volatility, or systematic risk, of an equity asset in comparison to the entire market. It is estimated based on a series of historical share prices of comparable companies listed on the stock exchange, to estimate the correlation between the company shares&#180; returns and the stock market returns, of the country where the company is listed.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The main underlying data used in these calculations are obtained from independent and renowned external information sources. </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The discount rates applied to the cash flow projections in 2024 and 2023 for the main CGUs are as follows: </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:29.163%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:16.297%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:16.297%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:16.297%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:16.446%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"></td><td colspan="6" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2024</span></td><td colspan="6" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2023</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Discount rate in local currency</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Before tax</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">After-tax</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Before tax</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">After-tax</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Spain</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">8.6%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">6.6%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">9.1%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">7.0%</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Brazil</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">13.9%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">11.5%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">14.8%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">12.0%</span></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Germany</span></td><td colspan="3" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">8.0%</span></td><td colspan="3" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">5.5%</span></td><td colspan="3" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">8.4%</span></td><td colspan="3" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">5.8%</span></td></tr></table></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Perpetuity growth rate</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Cash flow projections from the sixth year are calculated using an expected constant growth rate (g), considering the analyst consensus estimates for each business, based on the maturity of the industry and technology, and the degree of development of each country. Each indicator is compared to the forecasted long-term real and nominal GDP growth of each country and growth data from external sources, adjusting any particular case with specific characteristics related to the business evolution. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The perpetuity growth rates applied to the cash flow projections in 2024 and 2023 for the main CGUs are as follows: </span></div><div style="margin-top:9pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.853%"><tr><td style="width:1.0%"></td><td style="width:45.020%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:25.839%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:25.841%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Perpetuity growth rate<br/>in local currency&#160;</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2024</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2023</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Spain</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">0.8%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">0.8%</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Brazil</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4.0%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4.0%</span></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Germany</span></td><td colspan="3" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1.0%</span></td><td colspan="3" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1.0%</span></td></tr></table></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Perpetuity growth rates for 2024 have remained stable compared to the previous year for the three main CGUs.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Sensitivity to changes in assumptions </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Group performs a sensitivity analysis of the impairment test by considering reasonable changes in the main assumptions used in the test.  For the main CGU, the following maximum increases or decreases were assumed, expressed in percentage points:  </span></div><div style="margin-top:9pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:53.139%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.689%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td><td style="width:1.0%"></td><td style="width:12.496%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:15.276%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Changes in key assumptions,<br/>In percentage points</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Spain</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Germany</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Brazil</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Financial variables</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Discount rate</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;+/-0.5</span></div></td><td colspan="3" style="display:none"></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;+/-0.5</span></div></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;+/-1</span></div></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Perpetuity growth rates</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;+/-0.25</span></div></td><td colspan="3" style="display:none"></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;+/-0.25</span></div></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;+/-0.5</span></div></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Long-term operating variables</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Long-term margin of operating results before depreciation and amortization</span></div></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;+/-1.75</span></div></td><td colspan="3" style="display:none"></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;+/-1.5</span></div></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;+/-2</span></div></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Ratio of CapEx/Revenues</span></td><td colspan="3" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;+/-0.875</span></div></td><td colspan="3" style="display:none"></td><td colspan="3" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;+/-0.75</span></div></td><td colspan="3" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;+/-1</span></div></td></tr></table></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The sensitivity analysis revealed that there is still room between the recoverable value and the carrying amount for the main CGUs at December 31, 2024.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Regarding the CGU of Chile, in the sensitivity of the calculation of the value in use to reasonable variations in the key assumptions, an increase of around 50 basis points in the WACC would generate an additional impairment of goodwill in the amount of 107 million euros, while a decrease of around 25 basis points in the perpetual growth rate of 2.8% would have an extra negative impact of 48 million euros on the valuation of goodwill. Regarding the operating assumptions, a 1.25 percentage point decrease in the long-term margin of operating results before depreciation and amortization would generate an additional impairment of approximately 198 million euros, and a 0.6 percentage points increase in the investment ratio would result in an additional impairment of around 136 million euros.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Regarding the CGU of Telefonica Tech UK &amp; Ireland, in the sensitivity of the calculation of the value in use to reasonable variations in the key assumptions, an increase of around 50 basis points in the WACC would generate an additional impairment of goodwill in the amount of 28 million euros, while a decrease of around 25 basis points in the perpetual growth rate of 3% would have an extra negative impact of 12 million euros on the valuation of </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">goodwill. Regarding the operating assumptions, a 0.5 percentage point decrease in the long-term margin of operating results before depreciation and amortization would generate an additional impairment of approximately 19 million euros, and a 0.25 percentage points increase in the investment ratio would result in an additional impairment of around 9 million euros.</span></div><span></span>
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<span style="display: none;">v3.25.0.1</span><table class="report" border="0" cellspacing="2" id="idm45294656103792">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Property, Plant and Equipment<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2024</div></th></tr>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfPropertyPlantAndEquipmentExplanatory', window );">Property, Plant and Equipment</a></td>
<td class="text">Property, plant and equipment<div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The composition and movements in 2024 and 2023 of the items comprising net "Property, plant and equipment" were as follows:  </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:14.250%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.256%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td><td style="width:1.0%"></td><td style="width:6.063%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:5.186%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:5.040%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:5.186%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:5.332%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.087%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.402%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.356%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.818%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td><td style="width:1.0%"></td><td style="width:7.824%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2024</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">&#160;</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Millions of euros</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Balance at 12/31/2023</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">First applica-tion of IAS 21</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Addi-tions</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:5.2pt;font-weight:700;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(1)</span></div></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Depre-ciation</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Dispo-sals</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Impair-ments</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Transfers and others</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Transla-tion<br/>differences</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Inflation<br/>adjust-ments</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Business combina-tions</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Balance at 12/31/2024</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Land and buildings</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,516&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">15&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">22&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(209)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(21)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(175)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">116&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(119)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">166&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">15&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,326&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Plant and machinery</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">17,947&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">23&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,041&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(3,680)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(13)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(642)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,263&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(1,071)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">583&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">70&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">16,521&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Furniture, tools and other items</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">618&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">81&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(213)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(2)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(24)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">146&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(40)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">46&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(10)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">605&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">PP&amp;E in progress</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,863&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">61&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,479&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(12)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(5)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(2,421)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(108)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">117&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">13&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,987&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total&#160;PP&amp;E</span></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">22,944</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">102</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">3,623</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(4,102)</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(48)</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(846)</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">104</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(1,338)</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">912</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">88</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">21,439</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table><span style="color:#000000;font-family:'Arial',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline">(1)</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%"> Total additions of property, plant and equipment in 2024 amounted to 3,676 million euros, including the additions corresponding to companies held for sale during the annual reporting period (see Note 2).</span></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:17.467%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.280%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.695%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.940%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.671%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.356%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.525%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.695%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.087%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td><td style="width:1.0%"></td><td style="width:9.284%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2023</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">&#160;</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Millions of euros</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Balance at 12/31/2022</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Additions</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:5.2pt;font-weight:700;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(1)</span></div></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Depre-ciation</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Disposals</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Impair-ments</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Transfers and others</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Transla-tion<br/>differences</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Inflation<br/>adjust-ments</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Balance at 12/31/2023</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Land and buildings</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,641&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">21&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(206)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(21)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">145&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(188)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">124&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,516&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Plant and machinery</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">18,165&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,123&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(3,650)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(14)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,399&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(525)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">449&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">17,947&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Furniture, tools and other items</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">576&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">136&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(199)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">112&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(43)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">32&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">618&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">PP&amp;E in progress</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,332&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,420&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(38)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(3)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(2,826)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(110)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">88&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,863&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total&#160;PP&amp;E</span></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">23,714</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">3,700</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(4,055)</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(69)</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(3)</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(170)</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(866)</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">693</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">22,944</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline">(1)</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%"> Total additions of property, plant and equipment in 2023 amounted to 3,741 million euros, including the additions corresponding to companies held for sale during the annual reporting period (see Note 2).</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Telef&#243;nica Spain's investments in property plant and equipment in 2024 and 2023 amounted to 1,052 and 1,092 million euros, respectively, focused on continuing the deployment of the fiber optic network. In mobile deployment, the development of the 5G network continues.</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Telef&#243;nica Germany's investments in property, plant and equipment in 2024 and 2023 amounted to 706 and 747 million euros, respectively. Most of the investment has been allocated to expanding the footprint and capacity of the 5G network, as well as strengthening the capacity of the 4G network.</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Telef&#243;nica Brazil's investments in property, plant and equipment in 2024 and 2023 amounted to 1,085 and 1,130 million euros, respectively. The investment has been mainly allocated to the expansion of the 5G mobile network, to ensure the quality of the 4G mobile network and expand the customer base and network in the fixed fiber business.</span></div><div style="margin-bottom:9pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Telef&#243;nica Hispam's investments in property, plant and equipment in 2024 and 2023 amounted to 676 and 586 million euros, respectively. Investment remains focused on improving mobile networks through coverage expansions, capacity reinforcement and 5G deployment in Argentina, Colombia, Uruguay and Chile.</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">"Additions" in 2024 includes government grants relating to property, plant and equipment amounting to 199 million euros (60 million euros in 2023), which are presented as a reduction of the book value of the related assets.</span></div><div style="margin-bottom:9pt;margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In 2024, an impairment of land and buildings, plant and machinery and furniture, tools and other items  corresponding to Telef&#243;nica Argentina was recorded, amounting to 175, 642 and 21 million euros, respectively, with a counterpart entry in Other expenses (see Note 26). Property, plant and equipment of Telef&#243;nica Argentina as  of December 31, 2024 amounting to 734 million euros (889 million euros as of December 31, 2023).</span></div><div style="margin-bottom:9pt;margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">"Business combinations" in 2024 includes Property, plant and equipment corresponding to the joint operation formed by Colombia Telecomunicaciones S.A. ESP BIC and Colombia M&#243;vil S.A. ESP, amounting to 88 million euros (see Note 5).</span></div><div style="margin-bottom:9pt;margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">"Transfers and others" in 2024 includes 118 million euros corresponding to the fiber assets of Telef&#243;nica del Per&#250;, which at December&#160;31, 2023 were classified as non-current assets held for sale and at December&#160;31, 2024 have been classified as tangible fixed assets, following the redefinition of the agreement (see note 30).</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">"Transfers and others" in 2023 included the reclassifications of fiber optic assets in Peru amounting to 163 million euros to "Non-current assets and disposal groups held for sale" of the statement of financial position (see Note 30).</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The effect of translation into euros of property, plant and equipment of the Group's companies in Argentina and Venezuela and the effect of the inflation adjustments (see Note 3.a), are shown in the columns "Translation differences" and "Inflation adjustments", respectively.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Telef&#243;nica Group companies purchased insurance policies to reasonably cover the possible risks to which their property, plant and equipment used in operations are subject, with suitable limits and coverage. Additionally, as part of its commercial activities and network deployment, the Group maintains several property acquisition commitments. The timing of scheduled payments in this regard is disclosed in Note 26.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The cost, accumulated depreciation and impairment losses of property, plant and equipment at December&#160;31, 2024 and 2023 were as follows: </span></div><div style="margin-top:9pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.561%"><tr><td style="width:1.0%"></td><td style="width:34.876%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.905%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.905%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.905%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.909%"></td><td style="width:0.1%"></td></tr><tr><td colspan="15" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Balance at December 31, 2024</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Millions of euros</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Cost</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Accumulated depreciation</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Impairment losses</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">PP&amp;E</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Land and buildings</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">9,424&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(6,827)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(271)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,326&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Plant and machinery</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">90,265&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(72,614)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(1,130)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">16,521&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Furniture, tools and other items</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">5,334&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(4,689)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(40)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">605&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">PP&amp;E in progress</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,005&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(18)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,987&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total&#160;PP&amp;E</span></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">107,028</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(84,130)</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(1,459)</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">21,439</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.561%"><tr><td style="width:1.0%"></td><td style="width:34.876%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.905%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.905%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.905%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.909%"></td><td style="width:0.1%"></td></tr><tr><td colspan="15" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Balance at December 31, 2023</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Millions of euros</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Cost</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Accumulated depreciation</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Impairment losses</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">PP&amp;E</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Land and buildings</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">8,689&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(6,116)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(57)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,516&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Plant and machinery</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">88,224&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(70,001)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(276)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">17,947&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Furniture, tools and other items</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">5,190&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(4,558)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(14)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">618&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">PP&amp;E in progress</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,877&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(14)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,863&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total&#160;PP&amp;E</span></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">103,980</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(80,675)</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(361)</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">22,944</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfPropertyPlantAndEquipmentExplanatory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for property, plant and equipment.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 16<br> -IssueDate 2024-01-01<br> -Section Disclosure<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=16&amp;code=ifrs-tx-2024-en-r&amp;doctype=Standard&amp;dita_xref=IAS16_g73-79_TI<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ifrs-full_DisclosureOfPropertyPlantAndEquipmentExplanatory</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ifrs-full_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-2022:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_PropertyPlantAndEquipmentAbstract">
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<span style="display: none;">v3.25.0.1</span><table class="report" border="0" cellspacing="2" id="idm45294736710544">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Rights of Use<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2024</div></th></tr>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_tef_RightsofUseAbstract', window );"><strong>Rights of Use [Abstract]</strong></a></td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory', window );">Rights of Use</a></td>
<td class="text">Rights of use<div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The movement of rights of use in 2024 and 2023 is as follows:</span></div><div style="margin-bottom:9pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.122%"><tr><td style="width:1.0%"></td><td style="width:18.369%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.897%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.339%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.307%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:5.537%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.602%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.012%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.307%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.731%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.899%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2024</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">&#160;</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Millions of euros</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Balance at 12/31/2023</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">First application of IAS 21</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Additions</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Amorti-zation</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Disposals</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Business combi-nations</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Transfers and others</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Translation differences and inflation adjustments</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Balance at 12/31/2024</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Rights of use on land and natural properties</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">834&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">226&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(250)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(13)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">5&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(16)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">29&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">815&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Rights of use on buildings</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4,287&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,200&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(1,151)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(32)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">17&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(18)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(403)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3,900&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Rights of use on plant and machinery</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3,080&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">15&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">634&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(756)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(15)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(2)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(9)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,947&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Other rights of use</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">247&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">82&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(78)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(1)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(6)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">245&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total of rights of use</span></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">8,448</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">15</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2,142</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(2,235)</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(61)</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">22</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(35)</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(389)</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">7,907</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr></table></div><div style="margin-bottom:9pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:26.239%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.864%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.110%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.572%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.256%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td><td style="width:1.0%"></td><td style="width:8.695%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.595%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.869%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2023</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Millions of euros</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Balance at 12/31/2022</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Additions</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Amortization</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Disposals</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Transfers and others</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Translation differences and inflation adjustments</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Balance at 12/31/2023</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Rights of use on land and natural properties</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">885&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">194&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(231)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(10)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(4)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">834&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Rights of use on buildings</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4,130&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,345&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(1,172)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(95)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">78&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4,287&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Rights of use on plant and machinery</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3,037&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">752&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(686)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(26)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3,080&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Other rights of use</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">227&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">100&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(70)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(2)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(6)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(2)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">247&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total of rights of use</span></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">8,279</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2,391</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(2,159)</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(133)</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="display:none"></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(2)</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">72</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">8,448</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr></table></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The effect of the translation into euros of rights of use of the Group's companies in Argentina and Venezuela, together with the effect of the inflation adjustments (see Note 3.a) is shown in the column "Translation differences and Inflation adjustments". </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">"Business combinations" in 2024 includes the network assets corresponding to the joint operation formed by Colombia Telecomunicaciones S.A. ESP BIC and Colombia M&#243;vil S.A. ESP, amounting to 22 million euros (see Note 5).</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The cost and accumulated depreciation of the rights of use at December 31, 2024 and 2023 are as follows:</span><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:54.601%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.835%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:15.420%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td><td style="width:1.0%"></td><td style="width:10.744%"></td><td style="width:0.1%"></td></tr><tr><td colspan="12" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Balance at December 31, 2024</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Millions of euros</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Cost</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Accumulated depreciation</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Rights of use</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Rights of use on land and natural properties</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,173&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(1,358)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">815&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Rights of use on buildings</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">9,525&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(5,625)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3,900&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Rights of use on plant and machinery</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">5,837&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(2,890)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,947&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Other rights of use</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">514&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(269)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">245&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total of rights of use</span></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">18,049</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(10,142)</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">7,907</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-bottom:9pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.122%"><tr><td style="width:1.0%"></td><td style="width:55.537%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.976%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.616%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td><td style="width:1.0%"></td><td style="width:12.471%"></td><td style="width:0.1%"></td></tr><tr><td colspan="12" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Balance at December 31, 2023</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Millions of euros</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Cost</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Accumulated depreciation</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Rights of use</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Rights of use on land and natural properties</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,051&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(1,217)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">834&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Rights of use on buildings</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">9,411&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(5,124)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4,287&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Rights of use on plant and machinery</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">5,250&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(2,170)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3,080&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Other rights of use</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">498&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(251)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">247&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total of rights of use</span></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">17,210</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(8,762)</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">8,448</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The detail of expenses related to leases included in Supplies and Other expenses (see Note 3.g) of the consolidated income statement for 2024 and 2023 are as follows:</span></div><div style="margin-bottom:9pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:67.321%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.689%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.690%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Millions of euros</span></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2024</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2023</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Short-term leases included in operating results as supplies</span></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">64&#160;</span></td><td style="background-color:#ffffff;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">73&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Variable lease payments not included in the measurement of lease liabilities</span></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">18&#160;</span></td><td style="background-color:#ffffff;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">14&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total expenses as supplies</span></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">82</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">87</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Short-term leases included in external services</span></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">54&#160;</span></td><td style="background-color:#ffffff;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">45&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Leases of low-value assets included in external services</span></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">7&#160;</span></td><td style="background-color:#ffffff;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">7&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Variable lease payments not included in the measurement of lease liabilities</span></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">36&#160;</span></td><td style="background-color:#ffffff;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">16&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total expenses as external services (Note 26)</span></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">97</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">68</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total lease expenses</span></td><td colspan="2" style="background-color:#ffffff;border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">179</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">155</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr></table></div><span></span>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The disclosure of quantitative information about right-of-use assets. [Refer: Right-of-use assets]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 16<br> -IssueDate 2024-01-01<br> -Paragraph 53<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=16&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_53&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Rights of Use [Abstract]</p></div>
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<span style="display: none;">v3.25.0.1</span><table class="report" border="0" cellspacing="2" id="idm45294651565760">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Associates and Joint Ventures<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2024</div></th></tr>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_tef_InterestsInOtherEntitiesAbstract', window );"><strong>Interests In Other Entities [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
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<td class="text">Associates and joint ventures<div style="margin-bottom:9pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The detail of investments accounted for by the equity method and the share of (loss)/income of these investments is the following:</span></div><div style="margin-bottom:9pt;padding-right:141.73pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:33.549%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.449%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.449%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.449%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.133%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.133%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.138%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #2b3447;padding:0 1pt"></td><td colspan="3" style="border-top:0.25pt solid #2b3447;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">% Holding</span></td><td colspan="6" style="background-color:#ffffff;border-top:0.25pt solid #2b3447;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Investments accounted for by the equity method</span></td><td colspan="9" style="border-top:0.25pt solid #2b3447;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Share of (loss) income of investments accounted for by the equity method</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Millions of euros</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">12/31/2024</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">12/31/2023</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2024</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2023</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2022</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">VMED O2 UK Limited</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">50&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">7,641&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">7,774&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">89&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(2,030)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">292&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Movistar Prosegur Alarmas</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">50&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">213&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">230&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(16)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(22)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(12)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">FiBrasil Infraestructura e Fibra &#211;tica, S.A.</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">50&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">80&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">100&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(1)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(4)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(8)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Unsere Gr&#252;ne Glasfaser (UGG)</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">50&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">104&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">97&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(77)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(55)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(64)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Opal Jvco Limited (nexfibre)</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">25&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">94&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">55&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(2)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(32)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">26&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Utiq, S.A.</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">25&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">5&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(4)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Others</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">8&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(3)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(2)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(4)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Joint ventures</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">8,143</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">8,265</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(14)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(2,145)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">230</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Daytona Midco, S.L. (Nabiax)</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">20&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">65&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(7)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(1)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(1)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Adquira Espa&#241;a, S.A.</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">44.44&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">5&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">HoldCo Infraco SpA. (Onnet Fibra Chile)</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">40&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">119&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">150&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(24)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">7&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Alamo HoldCo S.L. (Onnet Fibra Colombia)</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">40&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">11&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">14&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(17)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(10)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(15)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Internet para todos S.A.C</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">54.67&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">57&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">55&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(3)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Factoring Espa&#241;a, S.A.</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">50&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">8&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">7&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Factoring do Brasil, Ltda.</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">50&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Factoring Peru, S.A.C.</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">50&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Factoring Colombia, S.A.</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">50&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Factoring M&#233;xico,S.A. de C.V.</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">50&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Factoring Chile, SpA.</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">50&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Factoring Ecuador, S.A.</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">50&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Renting, S.A.</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">50&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">9&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Consumer Finance, Establecimiento Financiero de Cr&#233;dito, S.A.</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">50&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">14&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">18&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Movistar Consumer Finance Colombia SAS</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">50&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(21)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(3)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Others</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(2)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Associates</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">232</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">325</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(35)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(17)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(13)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total</span></td><td colspan="3" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:0 1pt"></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">8,375</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">8,590</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(49)</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(2,162)</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">217</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The detail of the movement in investments accounted for by the equity method in 2024 and 2023 is as follows:</span></div><div style="margin-top:9pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.853%"><tr><td style="width:1.0%"></td><td style="width:70.935%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:26.865%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Investments accounted for by the equity method</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Millions of euros</span></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Balance at 12/31/2022</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">11,587</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Additions</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">236&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Translation differences and other comprehensive income (loss)</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">144&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(Loss) income</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(2,162)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Dividends</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(1,218)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Transfers and others</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Balance at 12/31/2023</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">8,590</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Additions</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">160&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Translation differences and other comprehensive income (loss)</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">249&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(Loss) income</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(49)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Dividends</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(520)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Transfers and others</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(55)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Balance at 12/31/2024</span></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">8,375</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Additions for the year ended December 31, 2024 includes the capital increase of 91 million euros in Unsere Gr&#252;ne Glasfaser (UGG) (73 million euros for the year 2023) and the capital increase in nexfibre amounting to 38 million euros (33 million euros for the year 2023, see Note 28).</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Additions in 2023 included (70,960 million Chilean pesos, equivalent to 73 million euros) corresponding to the capital contribution made by Telef&#243;nica Chile, S.A. in HoldCo Infraco SpA (of which it owns 40% of the capital) for the acquisition by InfraCo SpA (a subsidiary of HoldCo InfraCo SpA) of the fiber optic assets owned by Empresa Nacional de Telecomunicaciones S.A. ("Entel") following its authorization by the National Economic Prosecutor's Office on December 14, 2023.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">"Translation differences and other comprehensive income (loss)" for the year 2024 mainly includes the impact of the pound sterling appreciation associated with the investment in VMO2, amounting to 380 million euros (219 million euros associated with sterling appreciation for the year 2023) and the results of the defined benefit pension plan in VMO2 amounting to 101 million euros (41 million euros for the year 2023). This also includes losses imputed to equity on derivatives financial instruments in Unsere Gr&#252;ne Glasfaser amounting to 7 million euros (30 million euros gains for the year 2023).</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">During the year ended December 31, 2024, dividends amounting to 425 million pounds sterling, equivalent to 512 million euros, were received from VMO2 (1,000 million pounds sterling, equivalent to 1,154 million euros during the year 2023, see Note 28). Additionally included dividends amounting to 54 million euros from Nabiax.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On November 7, 2024, Nabiax's majority shareholder, Asterion Industrial Partners SGEIC, S.A. ("Asterion") (80% stake), reached an agreement with the Aermont Group to sell its shares in Nabiax. In compliance with the provisions of the original shareholders' agreement between Asterion and Telef&#243;nica Infra, S.L. (which owns the remaining 20%), Asterion has notified this transaction to Telef&#243;nica Infra, S.L. and has required it to adhere to the aforementioned sale agreement.&#160;In 2024 "Transfers and others" includes the reclassification of the stake in Nabiax to "Non-current assets held for sale" amounting to 58 million euros (see Note 29.c and 30).</span></div><div style="width:100.000%"><div style="display:inline-block;vertical-align:top;width:46.491%"><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:700;line-height:120%">VMED O2 UK</span></div></div><div style="display:inline-block;max-width:7.017%;min-width:6.017%;vertical-align:top"></div><div style="display:inline-block;vertical-align:top;width:46.492%"></div></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:700;line-height:120%">Impairment of goodwill recorded by VMO2 in 2023 </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">As a result of the annual goodwill impairment test analysis carried out by VMO2's management at the end of 2023, VMO2 recorded an impairment of goodwill amounting to 3,107 million pounds sterling (approximately 3,572 million euros), mainly due to the decrease in projected cash flows of VMO2 as a consequence of the effects of macroeconomic conditions and the competitive environment in the United Kingdom and the increase in the discount rate (WACC).</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">50% of this amount (approximately 1,786 million euros) is reflected in Telef&#243;nica's consolidated income statement for the year 2023, as its share in the loss of VMO2 accounted for by the equity method (see table detailing the result from the equity method below).</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The discount rate applied in the impairment test as of December 31, 2023 was 7.5% after taxes. The terminal growth rate considered was 1%.</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:700;line-height:120%">Impairment analysis as of December 31, 2024</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">VMO2's management carried out the annual goodwill impairment test at the end of 2024. Future cash flows used in the value in use calculation were based</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">on ten-year financial forecasts included as a part of the business plan approved by the VMO2 board of directors for use in impairment testing, considering that in such period the operating variables until the perpetuity parameters are reached. This time horizon was used for capital intensive projects such as the full fiber upgrade plan.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">As a result of this analysis, it has become clear that, as of December 31, 2024, the value in use is above the carrying amount of the cash-generating unit (CGU) to which the goodwill is assigned, with a margin of around 800 million pounds sterling (around 965 million euros).</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The growth projections and operating ratios included in the estimation of the value in use are aligned with the analyst ranges for comparable companies in the region. In terms of revenue, despite the challenges of the competitive environment, the strategic plan includes a growth trend in long-term projections, in line with the estimated evolution for the sector in the United Kingdom. In relation to operating results before depreciation and amortization margins two years ahead, analyst estimates for comparable companies in Europe are in a range of between 32% and 41%, while, regarding long-term investment needs, the capex to revenue ratio is in a range between 12% and 15%. The WACC discount rate applied to the cash flow projections stands at 7.7% at the end of December 2024. The perpetuity growth rate stands at 1%, below the actual terminal growth forecast for the UK economy. The analysis shows that the value in use is higher than the book value of the investment at December 31, 2024.</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Regarding the sensitivity of the calculation to reasonably possible variations in key assumptions:</span></div><div style="margin-bottom:9pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">An increase of about 50 basis points over the WACC rate used, of 7.7% would imply an impairment of goodwill reported by VMO2 of around 1,700 million pounds sterling (around 2,050 million euros).</span></div><div style="margin-bottom:9pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">A decrease of around 25 basis points in the terminal growth rate (1%), would have no impact on the carrying amount of goodwill. </span></div><div style="margin-bottom:9pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">Regarding the operating variables used, a decrease of 1 percentage point in the operating results before depreciation and amortization margin or an increase of 0.5 percentage points in the capex to revenue ratio would have no impact on the carrying amount of goodwill.</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:112%">The carrying value of Telef&#243;nica's equity-accounted investment in VMO2 amounting to 7,641 million euros as of December 31, 2024 (7,774 million euros as of December 31, 2023). Telef&#243;nica has carried out an additional analysis of the book value of its stake at the end of the year, comparing it with its estimate of its value in use. The key assumptions considered in the calculation are the same as those used by VMO2 in determining its value in use. As a result of this analysis, no need to record any impairment has been identified.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Detail of the main items on the statements of financial position and income statements of VMED O2 UK Limited</span></div><div style="margin-bottom:18pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:65.274%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:15.712%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:15.714%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Millions of euros</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">12/31/2024</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">12/31/2023</span></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #2b3447;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Non current assets</span></td><td colspan="2" style="border-top:0.5pt solid #2b3447;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">43,081</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:0.5pt solid #2b3447;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.5pt solid #2b3447;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">41,697</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:0.5pt solid #2b3447;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Intangible assets</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">7,682&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">8,379&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Goodwill</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">21,404&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">20,427&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Property, plant and equipment</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">10,994&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">10,011&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Other non current assets</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3,001&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,880&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Current assets</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">5,166</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">4,758</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Inventories</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">245&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">301&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Current receivables and other current assets</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,900&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,882&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Other current financial assets</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">660&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">567&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Cash and cash equivalents</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,361&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,008&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total Assets</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">48,247</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">46,455</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Non current liabilities</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">23,139</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">22,136</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Non current financial liabilities</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">21,754&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">21,061&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Non current lease liabilities</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">950&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">663&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Other non current liabilities</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">435&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">412&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Current liabilities</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">9,665</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">8,591</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Current financial liabilities</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4,970&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4,165&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Current lease liabilities</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">197&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">201&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Other current liabilities</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4,498&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4,225&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total Liabilities</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">32,804</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">30,727</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Equity attributable to non-controlling interests  (100% VMO2)</span></div></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">252</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">261</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Equity attributable to equity holders of the parent (100% VMO2)</span></div></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">15,191</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">15,467</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">50% Telef&#243;nica Group</span></div></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">7,596&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">7,734&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Acquisition costs</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">61&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">61&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Other adjustments</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(16)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(21)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Investments accounted for by the equity method</span></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">7,641</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">7,774</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:48.169%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:16.590%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:15.420%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:15.421%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Millions of euros</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2024</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2023</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2022</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Revenues</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">12,616&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">12,547&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">12,155&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Other operating income</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">516&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">516&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">551&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Operating expenses</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(8,665)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(8,632)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(8,305)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Impairment losses in goodwill </span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(3,572)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Depreciation and amortization </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(1)</span></div></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(3,371)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(3,685)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(4,170)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Operating income (loss)</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,096</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(2,826)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">231</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Share of income (loss) of investments accounted for by the equity method</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Financial income</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">51&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">55&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">24&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Financial expenses</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(1,578)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(1,436)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(1,020)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:112%">Realized and unrealized gains on derivative instruments, net </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:5.2pt;font-weight:400;line-height:112%;position:relative;top:-2.8pt;vertical-align:baseline">(2)</span></div></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">463&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(924)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,567&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Foreign currency transaction losses, net</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(34)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">677&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(1,296)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Net financial result</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(1,098)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(1,628)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">275</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Result before taxation</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(4,452)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">507</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Income tax</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(22)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">265&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(15)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Result for the period </span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(20)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(4,187)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">492</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Attributable to non-controlling interests</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(19)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Result for the period attributable to equity holders of the parent (100% VMO2)</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(39)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(4,187)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">492</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">50% attributable to Telef&#243;nica Group</span></div></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(20)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(2,094)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">246&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Share-based compensation </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(3)</span></div></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">8&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">14&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Sale of a minority interest in Cornerstone </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(4)</span></div></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">112&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">76&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Other adjustments</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(5)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(20)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">32&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Share of (loss) income of investments accounted for by the equity method</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">89</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(2,030)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">292</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Other comprehensive income (100% VMO2)</span></div></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(337)</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(213)</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(113)</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:4.55pt;font-weight:400;line-height:120%;position:relative;top:-2.44pt;vertical-align:baseline">(</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:4.55pt;font-weight:400;line-height:120%;position:relative;top:-2.44pt;vertical-align:baseline">1)</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:120%"> Includes amortization of the customer relationships recorded after the purchase price allocation, amounting to </span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:120%">1,012</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:120%"> million euros in 2024 (985 million euros in 2023).</span></div><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:4.55pt;font-weight:400;line-height:120%;position:relative;top:-2.44pt;vertical-align:baseline">(2) </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:120%">VMO2  entered into various derivative instruments to manage interest rate exposure and foreign currency exposure. Generally, VMO2 does not apply hedge accounting to its derivative instruments. Accordingly, changes in the fair values of most of its derivatives are recorded in the finance results of its consolidated income statement.</span></div><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:4.55pt;font-weight:400;line-height:120%;position:relative;top:-2.44pt;vertical-align:baseline">(3)  </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:120%">Amount related to incentive awards held by certain employees of VMO2 associated with ordinary shares of Liberty Global and Telef&#243;nica. Share-based compensation expense is included in Operating expenses in the consolidated income statement of VMO2.</span></div><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:4.55pt;font-weight:400;line-height:112%;position:relative;top:-2.44pt;vertical-align:baseline">(4) </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:112%">In 2024 and 2023, VMO2 sold minority interests in its mobile towers joint operation Cornerstone. This amount reflects the change in the Telef&#243;nica Group's indirect ownership interest in Cornerstone (from  25% to 16.67% in 2023, then 16.67% to 12.50% in 2024) and  resulting from the inflow of resources from a third party.</span></div><div><span><br/></span></div><div style="margin-bottom:9pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Commitments</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:700;line-height:120%"> </span></div><div style="margin-bottom:9pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:45.537%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.063%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.063%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:5.332%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:5.917%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:5.478%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.280%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.530%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Millions of euros</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2025</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2026</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2027</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2028</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2029</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Subsequent years</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Purchase and other commitments</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">791&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">189&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">109&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">61&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">5&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,155</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Programming commitments</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">727&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">728&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">618&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">247&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2,320</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Network and connectivity commitments</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">773&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">112&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">31&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">29&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">24&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">204&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,173</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Services agreements</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">236&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">231&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">197&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">175&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">180&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">77&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,096</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total commitments VMO2 (100%)</span></div></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,527&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,260&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">955&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">512&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">209&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">281&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">5,744</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Purchase and other commitments include unconditional and legally binding obligations related to the purchase of customer premises and other equipment and certain service-related commitments, including call center, information technology and maintenance services.</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Programming commitments consist of obligations associated with programming contracts that are enforceable and legally binding that includes minimum fees.</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Network and connectivity commitments include service commitments associated with the network extension program in the U.K. and commitments associated with the mobile virtual network operator (MVNO) agreements.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On the date of constitution of the joint venture, Telef&#243;nica and Liberty Global entered with VMO2 into certain service agreements included as "Services agreements", either on a transitional or ongoing basis. Likewise, Telef&#243;nica licensed the use of Telef&#243;nica and O2 brand rights to VMO2 (see Note 29.c). </span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The breakdown of balances and transactions related to associates and joint ventures recognized with VMO2 in the consolidated statement of financial position and consolidated income statement is as follows:</span></div><div style="text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:74.630%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.034%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.036%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Millions of euros</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">12/31/2024</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">12/31/2023</span></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #86888c;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Receivables and other assets from associates and joint ventures</span></td><td colspan="2" style="border-top:0.25pt solid #86888c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">59&#160;</span></td><td style="border-top:0.25pt solid #86888c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #86888c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">66&#160;</span></td><td style="border-top:0.25pt solid #86888c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #86888c;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Payables and other liabilities to associates and joint ventures</span></td><td colspan="2" style="border-top:0.25pt solid #86888c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">27&#160;</span></td><td style="border-top:0.25pt solid #86888c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #86888c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">34&#160;</span></td><td style="border-top:0.25pt solid #86888c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:11pt"><td colspan="3" style="background-color:#ffffff;border-top:0.25pt solid #86888c;padding:0 1pt"></td><td colspan="3" style="border-top:0.25pt solid #86888c;padding:0 1pt"></td><td colspan="3" style="border-top:0.25pt solid #86888c;padding:0 1pt"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr></table></div><div style="text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:56.794%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.935%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.935%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.936%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:11pt"><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Millions of euros</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;2024</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2023</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2022</span></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #86888c;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Revenue from operations with associates and joint ventures</span></td><td colspan="2" style="border-top:0.25pt solid #86888c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">135&#160;</span></td><td style="border-top:0.25pt solid #86888c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #86888c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">134&#160;</span></td><td style="border-top:0.25pt solid #86888c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #86888c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">130&#160;</span></td><td style="border-top:0.25pt solid #86888c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-bottom:0.25pt solid #86888c;border-top:0.25pt solid #86888c;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Expenses from operations with associates and joint ventures</span></td><td colspan="2" style="border-bottom:0.25pt solid #86888c;border-top:0.25pt solid #86888c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">44&#160;</span></td><td style="border-bottom:0.25pt solid #86888c;border-top:0.25pt solid #86888c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:0.25pt solid #86888c;border-top:0.25pt solid #86888c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">63&#160;</span></td><td style="border-bottom:0.25pt solid #86888c;border-top:0.25pt solid #86888c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:0.25pt solid #86888c;border-top:0.25pt solid #86888c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">63&#160;</span></td><td style="border-bottom:0.25pt solid #86888c;border-top:0.25pt solid #86888c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr></table></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:700;line-height:120%">Movistar Prosegur Alarmas</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The breakdown of the key financial highlights of Movistar Prosegur Alarmas group and the reconciliation with the carrying amount in the Telef&#243;nica Group at December 31, 2024 and 2023 are as follows:</span></div><div style="margin-bottom:9pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:70.976%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.519%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.205%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Millions of euros</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">12/31/2024</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">12/31/2023</span></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Fixed assets</span></td><td colspan="2" style="background-color:#ffffff;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">204&#160;</span></td><td style="background-color:#ffffff;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#50535a;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">172&#160;</span></td><td style="background-color:#ffffff;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Other non-current assets</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">141&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">160&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Non-current assets</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">345</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">332</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Cash and equivalents</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Other current assets</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">102&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">58&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Current assets</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">103</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">59</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total assets</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">448</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">391</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Non-current financial liabilities</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(205)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(175)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Other non-current liabilities</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(78)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(63)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Non-current liabilities</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(283)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(238)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Current financial liabilities</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(100)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(102)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Other current liabilities</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(65)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(43)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Current liabilities</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(165)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(145)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;Total liabilities</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(448)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(383)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Net assets</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">8</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Purchase price allocation</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Assets</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">42&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">76&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Liabilities</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(11)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(20)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Net assets</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">31</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">56</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">% Holding</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">50&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">50&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Group&#8217;s share in equity</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">15</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">32</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Goodwill</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">198&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">198&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Carrying amount in the Telef&#243;nica Group</span></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">213</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">230</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr></table></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:700;line-height:120%">Group UGG TopCo GmbH &amp; Co KG and UGG TopCo/HoldCo General Partner GmbH (UGG Group)</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Unsere Gr&#252;ne Glasfaser (UGG), is the joint venture of Telef&#243;nica (50%) and Allianz (50%), for the creation of an independent operator for the deployment of fiber-to-the-home (FTTH) in rural areas of Germany. </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On December 4, 2024, UGG acquired Infrafibre Germany (IFG), which owns a fiber network in Germany and additionally two ISP brands, LEONET and Breitbandversorgung Deutschland (BBV). This transaction accelerates UGG's planned deployment plan, replacing part of its future capex and reinforcing its position as a provider of fiber optic infrastructure in rural areas of Germany. UGG and IFG operate in 8 federal states ("L&#228;nder"). The operation has been 100% financed through the bank loan from UGG.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:115%">The summary of the magnitudes of the UGG Group and the reconciliation with its carrying amount in the Telef&#243;nica Group at December 31, 2024 and 2023 are shown below:</span></div><div style="margin-bottom:9pt;margin-top:9pt;padding-right:255.12pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:70.976%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.519%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.205%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Millions of euros</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">12/31/2024</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">12/31/2023</span></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Fixed assets</span></td><td colspan="2" style="background-color:#ffffff;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,344&#160;</span></td><td style="background-color:#ffffff;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#50535a;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">438&#160;</span></td><td style="background-color:#ffffff;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Other non-current assets</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">194&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">211&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Non-current assets</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,538</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">649</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Cash and equivalents</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">282&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">49&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Other current assets</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">63&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">50&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Current assets</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">345</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">99</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total assets</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,883</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">748</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Non-current financial liabilities</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(1,493)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(522)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Other non-current liabilities</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(43)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(36)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Non-current liabilities</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(1,536)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(558)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Current financial liabilities</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(4)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(5)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Other current liabilities</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(232)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(88)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Current liabilities</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(236)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(93)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;Total liabilities</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(1,772)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(651)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;Net assets</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">111</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">97</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">% Holding</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">50&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">50&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Group&#8217;s share in equity</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">55</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">49</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Other adjustments</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">49&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">49&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-bottom:1.5pt solid #b6b6b6;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Carrying amount in the Telef&#243;nica Group</span></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">104</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">97</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Commitments</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The breakdown of purchase and other contractual commitments of the UGG Group at December 31, 2024 is as follows:</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:87.935%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.865%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Millions of euros</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">12/31/2024</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Less than 1 year</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">431&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1 to 3 years</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">305&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3 to 5 years</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">275&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">More than five years</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">414&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total commitments UGG group (100%)</span></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,425</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:700;line-height:120%">Opal Jvco Limited (nexfibre)</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Opal Jvco Limited (nexfibre), the joint venture in which Liberty Global and Telef&#243;nica have a joint 50% stake and Infrav&#237;a has the remaining 50%, aims to deploy fiber-to-the-home (FTTH) in the UK. During 2024, nexfibre has continued its fiber deployment.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The summary of the magnitudes of Opal Jvco Limited and the reconciliation with its carrying amount in the Telef&#243;nica Group at December 31, 2024 and 2023 are shown below:</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:70.976%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.519%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.205%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Millions of euros</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">12/31/2024</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">12/31/2023</span></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Fixed assets</span></td><td colspan="2" style="background-color:#ffffff;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,833&#160;</span></td><td style="background-color:#ffffff;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#50535a;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">840&#160;</span></td><td style="background-color:#ffffff;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Other non-current assets</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">185&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">98&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Non-current assets</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2,018</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">938</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Cash and equivalents</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">37&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">23&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Other current assets</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">62&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">54&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Current assets</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">99</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">77</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total assets</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2,117</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,015</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Non-current financial liabilities</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(1,453)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(593)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Other non-current liabilities</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(3)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Non-current liabilities</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(1,456)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(593)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Current financial liabilities</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(100)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(61)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Other current liabilities</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(199)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(157)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Current liabilities</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(299)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(218)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total liabilities</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(1,755)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(811)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Net assets</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">362</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">204</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">% Holding</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">25&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">25&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Group&#8217;s share in equity</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">90</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">51</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Other adjustments</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-bottom:1.5pt solid #b6b6b6;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Carrying amount in the Telef&#243;nica Group</span></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">94</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">55</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Commitments</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The breakdown of purchase and other contractual commitments of the Opal Jvco. Group at December 31 2024 is as follows:</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:87.935%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.865%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Millions of euros</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">12/31/2024</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Less than 1 year</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">678&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1 to 3 years</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">122&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3 to 5 years</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">67&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">More than five years</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total commitments Opal Jvco. group (100%)</span></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">871</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Most of Opal Jvco. group's commitments are with VMO2.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:700;line-height:120%">HoldCo Infraco SpA. (Onnet Fibra Chile)</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Holdco Infraco SpA, an associated company of the Telef&#243;nica Group through its subsidiary Telef&#243;nica Chile. S.A. (40%), provides telecommunications services to wholesalers of fiber optic access to the home (FTTH) and other services based on fiber optic infrastructure, such as network construction, installation and equipment of systems through its subsidiary Infraco SpA.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The summary of the magnitudes of Holdco Infraco Group and the reconciliation with its carrying amount in the Telef&#243;nica Group at December 31, 2024 and 2023 are shown below:</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:70.976%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.519%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.205%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Millions of euros</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">12/31/2024</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">12/31/2023</span></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Non-current assets</span></td><td colspan="2" style="background-color:#ffffff;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,343</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">857</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Cash and equivalents</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">11&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">27&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Other current assets</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">84&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">182&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Current assets</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">95</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">209</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total assets</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,438</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,066</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Non-current financial liabilities</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(892)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(521)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Other non-current liabilities</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(304)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(293)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Non-current liabilities</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(1,196)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(814)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Current financial liabilities</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(34)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(3)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Other current liabilities</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(102)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(78)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Current liabilities</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(136)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(81)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total liabilities</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(1,332)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(895)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Net assets</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">106</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">171</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Purchase price allocation</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Assets</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">159&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">178&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Liabilities</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(43)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(48)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Net assets</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">116</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">130</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">% Holding</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">40&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">40&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Group&#8217;s share in equity</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">89</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">120</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Other adjustments</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">30</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">30&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-bottom:1.5pt solid #b6b6b6;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Carrying amount in the Telef&#243;nica Group</span></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">119</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">150</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span><br/></span></div><div style="margin-bottom:9pt;margin-top:5pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:700;line-height:120%">Breakdown of balances and transactions with associates and joint ventures</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The breakdown of items related to associates and joint ventures recognized in the consolidated statements of financial position and consolidated income statements is as follows:</span></div><div style="margin-bottom:18pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:36.911%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.426%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.280%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.256%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.572%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.011%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.844%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #2b3447;padding:0 1pt"></td><td colspan="9" style="border-top:0.25pt solid #2b3447;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">12/31/2024</span></td><td colspan="9" style="background-color:#ffffff;border-top:0.25pt solid #2b3447;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">12/31/2023</span></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Millions of euros</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Associates</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Joint ventures</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Associates</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Joint ventures</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total</span></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Credits and other financial assets </span></div></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">244&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">246&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">263&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">265&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #86888c;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Receivables and other assets  (Note 14)</span></td><td colspan="2" style="border-top:0.25pt solid #86888c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">87&#160;</span></td><td style="border-top:0.25pt solid #86888c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #86888c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">112&#160;</span></td><td style="border-top:0.25pt solid #86888c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #86888c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">199&#160;</span></td><td style="border-top:0.25pt solid #86888c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #86888c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">91&#160;</span></td><td style="border-top:0.25pt solid #86888c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #86888c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">93&#160;</span></td><td style="border-top:0.25pt solid #86888c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #86888c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">184&#160;</span></td><td style="border-top:0.25pt solid #86888c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #86888c;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Financial liabilities</span></td><td colspan="2" style="border-top:0.25pt solid #86888c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:0.25pt solid #86888c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #86888c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">10&#160;</span></td><td style="border-top:0.25pt solid #86888c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #86888c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">10&#160;</span></td><td style="border-top:0.25pt solid #86888c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #86888c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:0.25pt solid #86888c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #86888c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:0.25pt solid #86888c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #86888c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:0.25pt solid #86888c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #86888c;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Non-current lease liabilities </span></td><td colspan="2" style="border-top:0.25pt solid #86888c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">60&#160;</span></td><td style="border-top:0.25pt solid #86888c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #86888c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">9&#160;</span></td><td style="border-top:0.25pt solid #86888c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #86888c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">69&#160;</span></td><td style="border-top:0.25pt solid #86888c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #86888c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">37&#160;</span></td><td style="border-top:0.25pt solid #86888c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #86888c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:0.25pt solid #86888c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #86888c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">37&#160;</span></td><td style="border-top:0.25pt solid #86888c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #86888c;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Non-current payables and other liabilities (Note 21)</span></td><td colspan="2" style="border-top:0.25pt solid #86888c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">433&#160;</span></td><td style="border-top:0.25pt solid #86888c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #86888c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1&#160;</span></td><td style="border-top:0.25pt solid #86888c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #86888c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">434&#160;</span></td><td style="border-top:0.25pt solid #86888c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #86888c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">236&#160;</span></td><td style="border-top:0.25pt solid #86888c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #86888c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4&#160;</span></td><td style="border-top:0.25pt solid #86888c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #86888c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">240&#160;</span></td><td style="border-top:0.25pt solid #86888c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #86888c;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Long-term contractual liabilities </span></td><td colspan="2" style="border-top:0.25pt solid #86888c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">31&#160;</span></td><td style="border-top:0.25pt solid #86888c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #86888c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">52&#160;</span></td><td style="border-top:0.25pt solid #86888c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #86888c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">83&#160;</span></td><td style="border-top:0.25pt solid #86888c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #86888c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">44&#160;</span></td><td style="border-top:0.25pt solid #86888c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #86888c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">54&#160;</span></td><td style="border-top:0.25pt solid #86888c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #86888c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">98&#160;</span></td><td style="border-top:0.25pt solid #86888c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #86888c;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Current lease liabilities</span></td><td colspan="2" style="border-top:0.25pt solid #86888c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">55&#160;</span></td><td style="border-top:0.25pt solid #86888c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #86888c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4&#160;</span></td><td style="border-top:0.25pt solid #86888c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #86888c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">59&#160;</span></td><td style="border-top:0.25pt solid #86888c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #86888c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">42&#160;</span></td><td style="border-top:0.25pt solid #86888c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #86888c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:0.25pt solid #86888c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #86888c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">42&#160;</span></td><td style="border-top:0.25pt solid #86888c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #86888c;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Current payables and other liabilities (Note 22)</span></td><td colspan="2" style="border-top:0.25pt solid #86888c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">377&#160;</span></td><td style="border-top:0.25pt solid #86888c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #86888c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">50&#160;</span></td><td style="border-top:0.25pt solid #86888c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #86888c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">427&#160;</span></td><td style="border-top:0.25pt solid #86888c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #86888c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">183&#160;</span></td><td style="border-top:0.25pt solid #86888c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #86888c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">44&#160;</span></td><td style="border-top:0.25pt solid #86888c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #86888c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">227&#160;</span></td><td style="border-top:0.25pt solid #86888c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #8f97ac;border-top:0.25pt solid #86888c;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Short-term contractual liabilities </span></td><td colspan="2" style="border-bottom:1pt solid #8f97ac;border-top:0.25pt solid #86888c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">14&#160;</span></td><td style="border-bottom:1pt solid #8f97ac;border-top:0.25pt solid #86888c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #8f97ac;border-top:0.25pt solid #86888c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">6&#160;</span></td><td style="border-bottom:1pt solid #8f97ac;border-top:0.25pt solid #86888c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #8f97ac;border-top:0.25pt solid #86888c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">20&#160;</span></td><td style="border-bottom:1pt solid #8f97ac;border-top:0.25pt solid #86888c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #8f97ac;border-top:0.25pt solid #86888c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">15&#160;</span></td><td style="border-bottom:1pt solid #8f97ac;border-top:0.25pt solid #86888c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #8f97ac;border-top:0.25pt solid #86888c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">6&#160;</span></td><td style="border-bottom:1pt solid #8f97ac;border-top:0.25pt solid #86888c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #8f97ac;border-top:0.25pt solid #86888c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">21&#160;</span></td><td style="border-bottom:1pt solid #8f97ac;border-top:0.25pt solid #86888c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr></table></div><div style="margin-bottom:9pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.269%"><tr><td style="width:1.0%"></td><td style="width:22.611%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.472%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.000%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.558%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.472%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.000%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.558%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.767%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.000%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.562%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #2b3447;padding:0 1pt"></td><td colspan="9" style="border-top:0.25pt solid #2b3447;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2024</span></td><td colspan="9" style="border-top:0.25pt solid #2b3447;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2023</span></td><td colspan="9" style="border-top:0.25pt solid #2b3447;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2022</span></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Millions of euros</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Associates</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Joint ventures</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Associates</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Joint ventures</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Associates</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Joint ventures</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total</span></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Revenue from operations </span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">520&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">251&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">771&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">473&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">223&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">696&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">209&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">251&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">460&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #86888c;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Expenses from operations </span></td><td colspan="2" style="border-top:0.25pt solid #86888c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">677&#160;</span></td><td style="border-top:0.25pt solid #86888c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #86888c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">136&#160;</span></td><td style="border-top:0.25pt solid #86888c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #86888c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">813&#160;</span></td><td style="border-top:0.25pt solid #86888c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #86888c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">634&#160;</span></td><td style="border-top:0.25pt solid #86888c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #86888c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">136&#160;</span></td><td style="border-top:0.25pt solid #86888c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #86888c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">770&#160;</span></td><td style="border-top:0.25pt solid #86888c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #86888c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">199&#160;</span></td><td style="border-top:0.25pt solid #86888c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #86888c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">116&#160;</span></td><td style="border-top:0.25pt solid #86888c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #86888c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">315&#160;</span></td><td style="border-top:0.25pt solid #86888c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #86888c;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Financial revenues </span></td><td colspan="2" style="border-top:0.25pt solid #86888c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">26&#160;</span></td><td style="border-top:0.25pt solid #86888c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #86888c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2&#160;</span></td><td style="border-top:0.25pt solid #86888c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #86888c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">28&#160;</span></td><td style="border-top:0.25pt solid #86888c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #86888c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">29&#160;</span></td><td style="border-top:0.25pt solid #86888c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #86888c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1&#160;</span></td><td style="border-top:0.25pt solid #86888c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #86888c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">30&#160;</span></td><td style="border-top:0.25pt solid #86888c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #86888c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">27&#160;</span></td><td style="border-top:0.25pt solid #86888c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #86888c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1&#160;</span></td><td style="border-top:0.25pt solid #86888c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #86888c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">28&#160;</span></td><td style="border-top:0.25pt solid #86888c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:0.25pt solid #86888c;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Financial expenses </span></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:0.25pt solid #86888c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">45&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:0.25pt solid #86888c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:0.25pt solid #86888c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:0.25pt solid #86888c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:0.25pt solid #86888c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">46&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:0.25pt solid #86888c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:0.25pt solid #86888c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">9&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:0.25pt solid #86888c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:0.25pt solid #86888c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">7&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:0.25pt solid #86888c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:0.25pt solid #86888c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">16&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:0.25pt solid #86888c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:0.25pt solid #86888c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:0.25pt solid #86888c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:0.25pt solid #86888c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">9&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:0.25pt solid #86888c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:0.25pt solid #86888c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">10&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:0.25pt solid #86888c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">"Credits and other financial assets" at December 31, 2024 includes loans granted and long-term trade receivables amounting to 112 million euros and 14 million euros, respectively by Colombia Telecomunicaciones, S.A. ESP BIC to the associate company &#193;lamo Holdco, S.L. and it subsidiary Onnet Fibra Colombia S.A.S., (112 million euros and 29 million euros as of December 31, 2023, respectively). Additionally, this line includes at December 31, 2024 long-term loans from Telef&#243;nica Chile to the associate company HoldCo Infraco, SpA amounting to 118 million euros (121 million euros as of December 31, 2023) of which 75 million euros corresponds to the subordinated debt  generated by the sale of 40% of the fiber optic business (75 million euros as of December 31, 2023) and 43 million euros corresponding to the indefinite-term loan for the acquisition of the fiber optic assets owned by Entel (46 million euros as of December 31, 2023, see Note 12).</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">"Non-current payables and other liabilities" and "Current payable and other liabilities" at December 31, 2024 includes 433 million euros and 217 million euros, respectively, of Telef&#243;nica Espa&#241;a with the associate company Telef&#243;nica Renting, S.A. (235 million euros and 85 million euros, respectively, at December 31, 2023). Telef&#243;nica Renting is a company of the CaixaBank group (see Note 11). "Revenue from operations" and "Expenses from operation" in 2024 includes 373 million euros and 455 million euros, respectively, of Telef&#243;nica Espa&#241;a with this company (243 million euros and 392 million euros for the year 2023).</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Additionally "Revenues from operations" includes 28 million euros corresponding to the transactions of the Group with the associate company HoldCo Infraco SpA (63 million euros and 88 million euros in 2023 and 2022, respectively) and 98 million euros with the associate company Onnet Fibra Colombia, S.A.S. (140 million euros in 2023). </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">"Expenses from operations" in 2024 includes 103 million euros corresponding to the transactions of the Group with the associate company HoldCo Infraco SpA (144 million euros and 121 million euros in 2023 and 2022, respectively) and 81 million euros with the associate company Onnet Fibra Colombia, S.A.S. (60 million euros in 2023).</span></div><span></span>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The disclosure of joint ventures. [Refer: Total for all joint ventures [member]]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 27<br> -IssueDate 2024-01-01<br> -Paragraph 17<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=27&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_17_b&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 27<br> -IssueDate 2024-01-01<br> -Paragraph 16<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=27&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_16_b&amp;doctype=Standard<br> -URIDate 2024-03-27<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 12<br> -IssueDate 2024-01-01<br> -Paragraph B4<br> -Subparagraph b<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=12&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_B4_b&amp;doctype=Appendix&amp;subtype=B<br> -URIDate 2024-03-27<br></p></div>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Interests in Other Entities [Abstract]</p></div>
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<span style="display: none;">v3.25.0.1</span><table class="report" border="0" cellspacing="2" id="idm45294657090512">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Related Parties<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2024</div></th></tr>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfRelatedPartyExplanatory', window );">Related Parties</a></td>
<td class="text">Related parties<div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Transactions with related parties, as established in current legislation and in Telef&#243;nica's internal policies, have been conducted in the ordinary course of the Group's business and under market conditions.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Shareholders with representation on the Board of Directors of Telef&#243;nica, S.A. </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In 2024, the Company's shareholders represented on the Board of Directors of Telef&#243;nica, S.A. were Banco Bilbao Vizcaya Argentaria, S.A. (BBVA), CaixaBank, S.A. (ceased to be represented on the Board on April 12, 2024), Criteria Caixa, S.A.U. (obtained representation on the Board on April 12, 2024), and Sociedad Estatal de Participaciones Industriales (with representation on the Board since May 8, 2024).</span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">According to information provided by BBVA for the 2024 Annual Corporate Governance Report of Telef&#243;nica S.A., corresponding to the fiscal year 2024, as of December 31, 2024, the BBVA's participation in the share capital of Telef&#243;nica, S.A. was 4.93%. Likewise, and in accordance with the aforementioned information provided by BBVA, the percentage of economic rights attributed to the shares of Telef&#243;nica, S.A. that were owned by BBVA as of December 31, 2024, would increase by  0.231% without voting rights of the Company's share capital. </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">According to the information provided by Sociedad Estatal de Participaciones Industriales (SEPI) for the 2024 Annual Corporate Governance Report of Telef&#243;nica, S.A., as of December 31, 2024, the participation of the SEPI in the share capital of Telef&#243;nica, S.A. was 10%.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">According to information provided by Criteria Caixa, S.A.U. for the 2024 Annual Corporate Governance Report of Telef&#243;nica, S.A., as of December 31, 2024, the participation of Criteria Caixa, S.A.U. (CriteriaCaixa) in the share capital of Telef&#243;nica, S.A., was 9.99%. Likewise, and without this implying an incremental or additional participation, Fundaci&#243;n Bancaria Caixa d'Estalvis i Pensions de Barcelona, as the sole shareholder of Criteria Caixa, S.A.U., holds the same participation indirectly.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Below is a summary of the relevant transactions of the Telef&#243;nica Group with the companies of BBVA, CaixaBank, CriteriaCaixa and SEPI groups, other than the payment of the dividend corresponding to its participation.</span></div><div style="text-align:justify"><span><br/></span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Participated companies</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On November 20, 2020, Telef&#243;nica Innovaci&#243;n Digital, S.L.U. (previously called Telef&#243;nica Digital Espa&#241;a, S.L.U.), and Compa&#241;&#237;a Chilena de Inversiones, S.L., an affiliated company of BBVA, entered into an agreement related to the incorporation of a subsidiary in Colombia with the aim of commercializing loans to consumers and SME in such country. On January 5, 2021, this company was incorporated as a 50/50 joint venture between the two companies, under the name Movistar Consumer Finance Colombia, S.A.S (see Note 10).</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Telef&#243;nica Group and BBVA each hold a 44.44% interest in the joint venture Adquira Espa&#241;a, S.A. (see Note 10).</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Telef&#243;nica Group has a 50% interest in Telef&#243;nica Factoring Espa&#241;a and its subsidiaries in Brazil, Peru, Colombia, Mexico, Chile and Ecuador, accounted for by the equity method (see Note 10), in which BBVA</span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> have minority interests.</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The accounting balances as of December 31, 2024 and 2023, as well as the accounting reflection of the transactions carried out in 2024 and 2023 of Telef&#243;nica Group companies with the aforementioned associates and joint ventures in which BBVA hold interests are shown below:</span></div><div style="margin-bottom:9pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:61.765%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:17.467%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:17.468%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Millions of euros</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">12/31/2024</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">12/31/2023</span></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #86888c;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Receivables and other assets</span></td><td colspan="2" style="border-top:0.25pt solid #86888c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">5&#160;</span></td><td style="border-top:0.25pt solid #86888c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #86888c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">9&#160;</span></td><td style="border-top:0.25pt solid #86888c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #b4b9c5;border-top:0.25pt solid #86888c;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Payables and other liabilities</span></td><td colspan="2" style="border-bottom:1pt solid #b4b9c5;border-top:0.25pt solid #86888c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">80&#160;</span></td><td style="border-bottom:1pt solid #b4b9c5;border-top:0.25pt solid #86888c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #b4b9c5;border-top:0.25pt solid #86888c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">10&#160;</span></td><td style="border-bottom:1pt solid #b4b9c5;border-top:0.25pt solid #86888c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-bottom:9pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:48.022%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:17.467%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:17.321%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.790%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Millions of euros</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2024</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2023</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2022</span></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #86888c;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Revenue from operations </span></td><td colspan="2" style="border-top:0.25pt solid #86888c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">13&#160;</span></td><td style="border-top:0.25pt solid #86888c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #86888c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">16&#160;</span></td><td style="border-top:0.25pt solid #86888c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #86888c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">12&#160;</span></td><td style="border-top:0.25pt solid #86888c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #86888c;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Expenses from operations </span></td><td colspan="2" style="border-top:0.25pt solid #86888c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2&#160;</span></td><td style="border-top:0.25pt solid #86888c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #86888c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:0.25pt solid #86888c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #86888c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:0.25pt solid #86888c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #b4b9c5;border-top:0.25pt solid #86888c;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Financial cost</span></td><td colspan="2" style="border-bottom:1pt solid #b4b9c5;border-top:0.25pt solid #86888c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1&#160;</span></td><td style="border-bottom:1pt solid #b4b9c5;border-top:0.25pt solid #86888c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #b4b9c5;border-top:0.25pt solid #86888c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1&#160;</span></td><td style="border-bottom:1pt solid #b4b9c5;border-top:0.25pt solid #86888c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #b4b9c5;border-top:0.25pt solid #86888c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1&#160;</span></td><td style="border-bottom:1pt solid #b4b9c5;border-top:0.25pt solid #86888c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Derivatives contracted with BBVA </span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">T</span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">he net fair value of the outstanding derivatives as of December 31, 2024 contracted with BBVA  amou</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">nt to 106  million euros (net asset position) (52  million euros, as of December 31, 2023 (net asset position)). </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The nominal value of these derivatives amounted to 7,702 million euros, (9,797 million euros in 2023). As explained in the 'Derivatives policy' section of Note 19, this volume is so high because derivatives can be applied several times to the same underlying asset for an amount equal to its face value. As of December 31, 2024, the derivatives contracted with BBVA account for approximately 9% of the total amount of outstanding derivatives contracted by the Group with external counterparties (see Note 19).</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company maintains various derivative financial instruments settled by differences contracted with B</span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">BVA (see Note 17).</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">At December 31, 2024, collateral guarantees on derivatives from BBVA have been received, amo</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">unt to 24 million euros (net liability position) (45 million euros (net asset  position), at December 31, 2023).</span></div><div style="margin-bottom:9pt;text-align:justify"><span><br/></span></div><div style="margin-bottom:9pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Other operations with BBVA </span></div><div style="margin-bottom:9pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The impact on the consolidated income statement of the Telef&#243;nica Group of the rest of the operations with BBVA in 2024 and 2023 is shown below:</span></div><div style="text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:76.970%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.864%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.866%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">BBVA</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Millions of euros</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2024</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2023</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Finance costs</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">33&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">42&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Receipt of services</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">5&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">8&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Purchase of goods</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Other expenses</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">38&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total costs</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">39</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">88</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Finance income</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">46&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">47&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Dividends received </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(1)</span></div></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">30&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">21&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Services rendered</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">88&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">48&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Sale of goods</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span 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style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total revenues</span></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">176</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">129</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr></table></div><div style="margin-bottom:9pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline">(1)&#160; </span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">At</span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline"> </span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">December 31, 2024, Telef&#243;nica h</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">eld a 0.77% stake (0.76%</span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%"> stake at December 31, 2023) in the share capital of Banco Bilbao Vizcaya Argentaria, S.A. (see Note 12).</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The following table shows the balance sheet positions of these operations as of December 31, 2024 and 2023, as well as the current guarantees and other off-balance sheet positions.</span></div><div style="margin-bottom:9pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.853%"><tr><td style="width:1.0%"></td><td style="width:66.689%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:15.005%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:15.006%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">BBVA</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Millions of euros</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">December 31, 2024</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">December 31, 2023</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Finance arrangements: loans, capital contributions and others (borrower)</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">173&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">191&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Finance arrangements: loans and capital contributions (lender)</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">441&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">696&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Guarantees</span></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">118&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">239&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr></table></div><div style="margin-bottom:9pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The heading "Finance arrangements: loans and capital contributions (lender)" for 2023 mainly included a deposit set up by Telef&#243;nica, S.A. of 600 million euros maturing in January 2024.</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Operations with CaixaBank</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In mid-2021, a Fusion portfolio that included a rental device came into force at Telef&#243;nica Espa&#241;a. The Group has an agreement with CaixaBank to in turn rent these devices (a model known as "rent to rent"), covered by a framework financing agreement previously formalized between Telef&#243;nica and CaixaBank. </span></div><div style="margin-bottom:9pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In the months of January to March 2024, until Caixabank ceased to be a related party, the volume of these operations with CaixaBank companies (mainly Telef&#243;nica Renting and CaixaBank Equipment Finance) amounted to 139 million euros (393 million euros in the 2023 financial year) which involved </span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">14</span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> million euros in financial expenses (33 million euros in the 2023 financial year).</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Likewise, the Group carries out other equipment rental operations with CaixaBank (equipment at customers' homes, such as routers or decoders). In the months of January to March 2024, the volume of this equipment leasing transactions was </span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">29</span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> million euros (117 million euros in the 2023 financial year), with financial expenses amounting to 3 million euros (6 million euros in the 2023 financial year).</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Operations with CriteriaCaixa</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Since the date on which it became considered a related party, the Telef&#243;nica Group has not carried out significant transactions with CriteriaCaixa or the companies controlled by CriteriaCaixa.</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Operations with SEPI</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Since the date on which it became considered a related party, the Telef&#243;nica Group has not carried out significant transactions with SEPI or the companies controlled by SEPI.</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">General State Administration</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">SEPI is an entity that is part of the Spanish State Institutional Public Sector. In the ordinary course of business and under market conditions, the Telef&#243;nica Group carries out transactions with entities of the Spanish State Institutional Public Sector. In accordance with the exemption provided for in IAS 24, the balances and transactions with these entities are not detailed, although the significant balances and transactions maintained with them will be disclosed, where applicable, in the notes to the financial statements.</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Since the date on which SEPI became a related party, the Telef&#243;nica Group has not carried out any individually significant transaction with entities belonging to the Spanish State Institutional Public Sector.</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Likewise, Appendix VI summarizes the main regulatory aspects that affect the telecommunications sector in Spain.</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Other significant shareholders</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">During fiscal year 2024, the significant shareholders of the Company without representation on the Board of Directors of Telef&#243;nica, S.A. were BlackRock, Inc. and Public Investment Fund. These shareholders are not considered a related party as they do not have representation on the Board of Directors of Telef&#243;nica, S.A. nor exert significant influence on the company.</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Based on the information notified by BlackRock, Inc. to the CNMV on November 25, 2024, BlackRock, Inc.'s participation in the share capital of Telef&#243;nica, S.A. was 4.29%. </span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:112%">According to the data collected in the communication sent by Public Investment Fund to the CNMV, as of February 6, 2025, Green Bridge Investment Company SCS (a company controlled by Saudi Telecom Company and this in turn controlled by Public Investment Fund) had a stake in the share capital of Telef&#243;nica, S.A. of 9.97%.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Other related parties </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The most significant balances and transactions with associates and joint ventures are detailed in Note 10.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">During 2024 and 2023, the Directors and senior executives performed no transactions with Telef&#243;nica, S.A. or any Telef&#243;nica Group company other than those in the Group&#8217;s normal trading activity and business. Compensation and other benefits paid to members of the Board of Directors and senior executives are detailed in Note 29.g and Appendix II. </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Telef&#243;nica contracted a civil liability insurance scheme (D&amp;O) for Directors, managers and staff with similar functions in the Telef&#243;nica Group, with standard conditions for these types of insurance and a premium attributable </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">to 2024 of </span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">4,743,348</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> euros </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">5,565,729 euros in 2023). This scheme provides coverage for Telef&#243;nica, S.A. and its subsidiaries in certain cases.</span></div><span></span>
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<span style="display: none;">v3.25.0.1</span><table class="report" border="0" cellspacing="2" id="idm45294661677232">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Financial Assets and Other Non-current Assets<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2024</div></th></tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_tef_FinancialInstrumentsAbstract', window );"><strong>Financial Instruments [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialAssetsExplanatory', window );">Financial Assets and Other Non-current Assets</a></td>
<td class="text">Financial assets and other non-current assets <div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The breakdown of financial assets and other non-current assets of the Telef&#243;nica Group at December 31, 2024 and December 31, 2023 is as follows: </span></div><div style="margin-bottom:9pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.853%"><tr><td style="width:1.0%"></td><td style="width:59.807%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:16.323%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:20.570%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Millions of euros</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">12/31/2024</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">12/31/2023</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Non-current financial assets (Note 16)</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">5,339</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">5,201</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Investments</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">585&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">616&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:10pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Credits and other financial assets</span></div></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">602&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">741&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Deposits and guarantees</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">691&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">966&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Trade receivables</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">945&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,049&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Receivables for subleases</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">17&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">14&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Impairment of trade receivables</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(106)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(125)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Long-term derivative financial assets (Note 19)</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,605&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,940&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Other non-current assets</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2,064</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2,067</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Contractual assets (Note 23)</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">288&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">325&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Deferred expenses (Note 23)</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,073&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,001&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Long-term receivables for taxes</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">315&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">354&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Prepayments</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">388&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">387&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total</span></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">7,403</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">7,268</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Non-current financial assets </span></div><div style="margin-bottom:9pt;margin-top:9pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The movement in investments, other long-term credits, deposits and guarantees, trade receivables, long-term receivables for subleases and impairment of trade receivables in 2024 and 2023, is as follows: </span><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.561%"><tr><td style="width:1.0%"></td><td style="width:31.058%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.206%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.206%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.206%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.206%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.206%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.212%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Millions of euros</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Investments</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Other long-term credits</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Deposits and guarantees</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Trade receivables</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Long-term receivables for subleases</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Impairment of trade receivables</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Balance at 12/31/2022</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">497</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">981</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,163</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,019</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">19</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(128)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Additions</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">17&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">114&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">9&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">610&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(38)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Disposals</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(17)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(310)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(111)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(303)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(1)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">16&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Translation differences</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(1)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(17)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">30&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">37&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(11)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Fair value adjustments and financial updates</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">115&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">26&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">35&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Transfers and other</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">5&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(53)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(160)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(315)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(8)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">36&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Balance at 12/31/2023</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">616</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">741</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">966</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,049</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">14</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(125)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Additions</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">30&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">132&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">11&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">623&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">11&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(59)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Disposals</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(150)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(107)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(18)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(366)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">34&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Translation differences </span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(4)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(35)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(104)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(41)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(1)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">18&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Fair value adjustments and financial updates</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">94&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">10&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">23&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(16)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Transfers and other</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(1)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(139)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(187)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(304)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(7)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">26&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Balance at 12/31/2024</span></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">585</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">602</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">691</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">945</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">17</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(106)</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Investments </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8220;Investments&#8221; includes the fair value of investments in companies where Telef&#243;nica exercises no significant influence or control and for which there is no specific short-term disposal plan (see Note 3.i).</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Telef&#243;nica Group&#8217;s shareholding in Banco Bilbao Vizcaya Argentaria, S.A. (BBVA) amounted to 417 million euros (363 million euros at December&#160;31, 2023), representing 0.77% of its share capital at December&#160;31, 2024 (0.76% at December 31, 2023).</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">At December&#160;31, 2023, Telef&#243;nica maintained a 0.59% stake in the share capital of China Unicom (Hong Kong) Limited, valued at 103 million euros at that date. Telef&#243;nica sold in its entire stake in China Unicom (Hong Kong) Limited during 2024, for an aggregate amount of 147 million euros (see Note 28). As a result of the transaction, 110 million euros of losses from financial assets measured at fair value through comprehensive income were reclassified under retained earnings.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On June 21, 2023 the Company sold its total remaining shares of Promotora de Informaciones, S.A. (PRISA).</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Other long-term credits  </span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">This line item includes long-term financial assets of Telef&#243;nica Germany amounting to 120 million euros and 114 million euros at December 31, 2024 and 2023, respectively, most of them related to reimbursement rights to cover pension obligations of the company but do not represent "plan assets" in accordance with IAS 19 (see Note 24).</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Additionally, at December 31, 2024 this line includes 112 million euros of loans granted by Colombia Telecomunicaciones, S.A. ESP BIC to the associate company &#193;lamo Holdco, S.L. (112 million euros as of December 31, 2023, see Note 10).</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Additions in 2023 included 44,187 million Chilean pesos (46 million euros) corresponding to the indefinite-term loan granted by Telef&#243;nica Chile, S.A. to the associate HoldCo Infraco, SpA for the acquisition of the fiber optic assets owned by Entel (43 million euros at December 31, 2024, see Note 10). Additionally, at December 31, 2024 this line includes 75 million euros corresponding to the subordinated debt granted by Telef&#243;nica Chile to the associate company HoldCo Infraco, SpA. generated by the sale of 40% of the fiber optic business (75 million euros as of December 31, 2023, see Note 10).</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Additionally at December 31, 2024 includes the collection right with a maturity of more than twelve months arising from Telxius with American Tower Corporation in June 2021 as a result of the sale of the telecommunications towers division in Europe (Spain and Germany) amounting to 90 million euros (269 million euros in the long term at December 31, 2023). "Short-term credits" includes the collection right with a maturity of less than twelve months (see Note 15). </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Disposals for the year 2023 included the collection of financial instruments (Federal Treasury Certificates) of Pegaso PCS, S.A. de C.V. amounting to 287 million euros, acquired for the purpose of securing certain legal proceedings with the Mexican tax Administration Service. Derived from the judicial resolution that exempts Pegaso PCS, S.A. de C.V. from securing the amount in dispute, the aforementioned financial instruments were cancelled  (see Note 28).</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The vast majority of long-term credits, recognized at amortized cost (Note 16), are considered to be low credit risk assets, therefore the impairment analysis was carried out on the basis of expected credit losses in the next twelve months.   </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Deposits and guarantees</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Telef&#243;nica Brazil has non-current judicial deposits amounting to 443 million euros (see Note 24) at December 31, 2024 (531 million euros at December 31, 2023).   </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">At December 31, 2024, there are deposits related to the collateral guarantees on derivatives (CSA) signed by Telef&#243;nica, S.A. and its counterparties for the credit risk management of derivatives amounting to 108</span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> million euros, of which an amount of 55 million euros corresponds to </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">cross currency swap (273 million euros at December 31, 2023, not having cross currency swap).</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In relation with collateral contracts, there is an additional guarantee of 59,808 bonds issued by Telef&#243;nica Emisiones, S.A.U. deposited in a securities account owned by Telef&#243;nica, S.A. with a notional of 58 million euros at December 31, 2024 (51,988 bonds for a nominal amount of 47 million euros at December 31, 2023).  </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The vast majority of deposits and guarantees recognized at amortized cost (Note 16), are considered to be low credit risk assets, therefore the impairment analysis was carried out on the basis of expected credit losses in the next 12 months.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Trade receivables</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">At December 31, 2024 this line includes trade receivables from Colombia Telecomunicaciones, S.A. ESP BIC to the associate Onnet Fibra Colombia SAS, amounting to 14 million euros and 29 million euros at December 31, 2024 and December 31, 2023, respectively (see Note 10).</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">At December 31, 2024 this line includes Telef&#243;nica Germany trade receivables at fair value through other comprehensive income for an amount of 200 million euros (280 million euros as of December 31, 2023, see Note 16).</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The breakdown of financial assets of the Telef&#243;nica Group at December&#160;31, 2024 is as follows: </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.707%"><tr><td style="width:1.0%"></td><td style="width:14.589%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.378%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:4.911%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.524%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:5.351%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:5.791%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.378%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.430%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.430%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.844%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.671%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:5.503%"></td><td style="width:0.1%"></td></tr><tr><td colspan="36" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">December 31, 2024</span></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="6" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Fair value through profit or loss</span></td><td colspan="6" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;Fair value through other comprehensive income</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="9" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Measurement hierarchy</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Millions of euros</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Held for trading</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Fair value option</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Debt instru-ments</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Equity instru-ments</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Hedges</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Level 1 (Quoted prices)</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Level 2 (Other directly observable market inputs)</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Level 3 (Inputs not based on observable market data)</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Amortized cost</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total carrying amount</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total fair value</span></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Non-current financial assets (Note 12)</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">247</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">218</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">543</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">2,441</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">523</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">2,912</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">14</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">1,890</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">5,339</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">5,339</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Investments</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">42&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">543&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">478&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">107&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">585&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">585&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Credits and other financial assets</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">41&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">18&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">45&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">14&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">543&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">602&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">602&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Deposits and guarantees</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">691&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">691&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">691&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Derivative instruments</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">164&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">2,441&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">2,605&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">2,605&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">2,605&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Trade receivables</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">200&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">200&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">745&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">945&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">839&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Trade receivables for subleases</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">17&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">17&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">17&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Impairment of trade receivables</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">(106)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">(106)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Current financial assets</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">367</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">894</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">371</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">312</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">1,320</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">15,794</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">17,426</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">17,426</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Trade receivables (Note 14)</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">850&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">850&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">9,762&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">10,612&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">7,564&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Impairment of trade receivables (Note 14)</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">(3,048)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">(3,048)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Other current financial assets (Note 15)</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">367&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">44&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">371&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">312&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">470&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">1,018&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">1,800&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">1,800&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Cash and cash equivalents</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">8,062&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">8,062&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">8,062&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total </span></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">614</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">1,112</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">543</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">2,812</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">835</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">4,232</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">14</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">17,684</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">22,765</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">22,765</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-top:9pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The breakdown of financial assets of the Telef&#243;nica Group at December&#160;31, 2023 was as follows: </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.707%"><tr><td style="width:1.0%"></td><td style="width:12.536%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.671%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:4.911%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:5.204%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:5.791%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.378%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.964%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.603%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.603%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.257%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.524%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:5.358%"></td><td style="width:0.1%"></td></tr><tr><td colspan="36" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">December 31, 2023</span></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="6" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Fair value through profit or loss</span></td><td colspan="6" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;Fair value through other comprehensive income</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="9" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Measurement hierarchy</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Millions of euros</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Held for trading</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Fair value option</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Debt instru-ments</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Equity instru-ments</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Hedges</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Level 1 (Quoted prices)</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Level 2 (Other directly observable market inputs)</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Level 3 (Inputs not based on observable market data)</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Amortized cost</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total carrying amount</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total fair value</span></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Non-current financial assets (Note 12)</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">224</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">289</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">578</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">1,785</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">537</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">2,326</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">13</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">2,325</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">5,201</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">5,201</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Investments</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">38&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">578&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">510&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">106&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">616&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">616&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Credits and other financial assets</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">31&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">9&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">27&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">13&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">701&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">741&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">741&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Deposits and guarantees</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">966&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">966&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">966&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Derivative instruments</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">155&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">1,785&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">1,940&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">1,940&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">1,940&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Trade receivables</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">280&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">280&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">769&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">1,049&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">924&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Trade receivables for subleases</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">14&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">14&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">14&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Impairment of trade receivables</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">(125)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">(125)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Current financial assets</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">291</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">945</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">271</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">293</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">1,214</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">14,152</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">15,659</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">15,659</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Trade receivables (Note 14)</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">854&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">854&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">9,568&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">10,422&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">7,430&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Impairment of trade receivables (Note 14)</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">(2,992)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">(2,992)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #d6d6d6;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Other current financial assets (Note 15)</span></td><td colspan="2" style="border-top:1pt solid #d6d6d6;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">291&#160;</span></td><td style="border-top:1pt solid #d6d6d6;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #d6d6d6;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #d6d6d6;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #d6d6d6;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">91&#160;</span></td><td style="border-top:1pt solid #d6d6d6;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #d6d6d6;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #d6d6d6;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1.5pt solid #d6d6d6;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">271&#160;</span></td><td style="border-top:1.5pt solid #d6d6d6;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1.5pt solid #d6d6d6;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">293&#160;</span></td><td style="border-top:1.5pt solid #d6d6d6;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1.5pt solid #d6d6d6;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">360&#160;</span></td><td style="border-top:1.5pt solid #d6d6d6;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1.5pt solid #d6d6d6;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1.5pt solid #d6d6d6;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1.5pt solid #d6d6d6;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">425&#160;</span></td><td style="border-top:1.5pt solid #d6d6d6;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1.5pt solid #d6d6d6;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">1,078&#160;</span></td><td style="border-top:1.5pt solid #d6d6d6;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1.5pt solid #d6d6d6;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">1,078&#160;</span></td><td style="border-top:1.5pt solid #d6d6d6;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Cash and cash equivalents</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">7,151</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">7,151</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">7,151</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total </span></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">515</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">1,234</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">578</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">2,056</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">830</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">3,540</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">13</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">16,477</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">20,860</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">20,860</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><span></span>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The disclosure of financial assets. [Refer: Financial assets]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 7<br> -IssueDate 2024-01-01<br> -Paragraph 7<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=7&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_7&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<td><strong> Name:</strong></td>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Financial Instruments [Abstract]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<span style="display: none;">v3.25.0.1</span><table class="report" border="0" cellspacing="2" id="idm45294640541952">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Inventories<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2024</div></th></tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_tef_InventoriesAbstract', window );"><strong>Inventories [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfInventoriesExplanatory', window );">Inventories</a></td>
<td class="text">Inventories<div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The detail of inventories of the Telef&#243;nica Group at December 31, 2024 and December 31, 2023 is as follows: </span></div><div style="margin-bottom:7pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.853%"><tr><td style="width:1.0%"></td><td style="width:56.733%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:19.983%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:19.984%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #cbcbcb;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Millions of euros</span></td><td colspan="3" style="border-top:1pt solid #cbcbcb;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">12/31/2024</span></td><td colspan="3" style="border-top:1pt solid #cbcbcb;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">12/31/2023</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Audiovisual rights</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">243&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">242&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Mobile terminals and other equipments</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">681&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">636&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Other inventories</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">77&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">91&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Other advance payments</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Inventories impairment provision</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(47)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(41)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Inventories</span></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">954</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">929</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div>"Audiovisual rights" mainly includes rights to broadcast films, television series and documentaries (see Note 3.j).<span></span>
</td>
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<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ifrs-full_DisclosureOfInventoriesExplanatory">
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for inventories.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 2<br> -IssueDate 2024-01-01<br> -Section Disclosure<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=2&amp;code=ifrs-tx-2024-en-r&amp;doctype=Standard&amp;dita_xref=IAS02_g36-39_TI<br> -URIDate 2024-03-27<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Inventories [Abstract]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<span style="display: none;">v3.25.0.1</span><table class="report" border="0" cellspacing="2" id="idm45294661699520">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Receivables and Other Current Assets<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2024</div></th></tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_SubclassificationsOfAssetsLiabilitiesAndEquitiesAbstract', window );"><strong>Subclassifications of assets, liabilities and equities [abstract]</strong></a></td>
<td class="text">&#160;<span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfOtherCurrentAssetsExplanatory', window );">Receivables and Other Current Assets</a></td>
<td class="text">Receivables and other current assets<div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The detail of receivables and other current assets of the Tel&#233;fonica Group at December 31, 2024 and December 31, 2023 is as follows:</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.853%"><tr><td style="width:1.0%"></td><td style="width:69.031%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.834%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.835%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Millions of euros</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">12/31/2024</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">12/31/2023</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Receivables (Note 16)</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">7,564</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">7,430</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Trade receivables</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">10,074&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">9,938&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Impairment of trade receivables</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(3,048)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(2,992)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Receivables from associates and joint ventures (Note 10)</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">163&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">139&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Other receivables</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">375&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">345&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Other current assets</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2,881</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2,702</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Contractual assets (Note 23)</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">229&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">202&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Capitalized costs (Note 23)</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,094&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">998&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Prepayments</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,358&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,344&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Short-term insurance and reinsurance contracts assets</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">164&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">113&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Short-term insurance and reinsurance contracts assets from associates and joint ventures (Note 10)</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">36&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">45&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total</span></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">10,445</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">10,132</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Prepayments at December 31, 2024 includes 599 million euros (736 million euros at December&#160;31, 2023) of advance payments for broadcasting rights for sporting events not yet held. Of this amount, 442 million euros (532 million euros at December&#160;31, 2023) correspond to advance payments under executory contracts related to future sports commitments (see Note 29.c).</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The movement in impairment of trade receivables in 2024 and 2023 is as follows:</span></div><div style="margin-top:9pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.853%"><tr><td style="width:1.0%"></td><td style="width:70.935%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:26.865%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Millions of euros</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Impairment provision at December 31, 2022</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2,891</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Allowances</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">582&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Transfers</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">48&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Amounts applied</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(481)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Translation differences and other</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(48)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Impairment provision at December 31, 2023</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2,992</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Allowances</span></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">613&#160;</span></td><td style="background-color:#ffffff;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Transfers</span></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">27&#160;</span></td><td style="background-color:#ffffff;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Amounts applied</span></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(527)</span></td><td style="background-color:#ffffff;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Translation differences and other</span></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(57)</span></td><td style="background-color:#ffffff;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Impairment provision at December 31, 2024</span></td><td colspan="2" style="background-color:#ffffff;border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">3,048</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Public-sector net trade receivables at December&#160;31, 2024 and 2023 amounted to 395 million euros and 526 million euros, respectively.    </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The detail of the age of the accounts receivable balances from customers and their corrections for impairment as of December 31, 2024 and 2023 is as follows:</span></div><div style="margin-bottom:9pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.853%"><tr><td style="width:1.0%"></td><td style="width:41.066%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.687%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.566%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.784%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.397%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Millions of euros</span></td><td colspan="6" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">12/31/2024</span></td><td colspan="6" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">12/31/2023</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Trade receivables</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Impairment</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Trade receivables</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Impairment</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Unbilled receivables</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,844&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(17)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,755&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(28)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Amount not overdue invoiced</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,913&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(76)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,920&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(116)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Less than 90 days</span></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">855&#160;</span></td><td style="background-color:#ffffff;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(159)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">994&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(157)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Between 90 and 180 days</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">322&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(133)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">324&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(135)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Between 180 and 360 days</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">500&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(369)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">523&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(393)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #2b3447;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">More than 360 days</span></td><td colspan="2" style="border-top:0.25pt solid #2b3447;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,640&#160;</span></td><td style="border-top:0.25pt solid #2b3447;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #2b3447;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(2,294)</span></td><td style="border-top:0.25pt solid #2b3447;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #2b3447;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,422&#160;</span></td><td style="border-top:0.25pt solid #2b3447;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #2b3447;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(2,163)</span></td><td style="border-top:0.25pt solid #2b3447;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total</span></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">10,074</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(3,048)</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">9,938</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(2,992)</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div>Other current financial assets<div style="margin-top:9pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The breakdown of other financial current assets of the Telef&#243;nica Group at December 31, 2024 and December 31, 2023 is as follows:</span><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.853%"><tr><td style="width:1.0%"></td><td style="width:59.807%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:16.323%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:20.570%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Millions of euros</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">12/31/2024</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">12/31/2023</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Short-term credits</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">893&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">192&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Short-term deposits and guarantees</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">139&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">209&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Short-term derivative financial assets (Note 19)</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">461&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">352&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Other current financial assets</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">307&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">325&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total</span></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,800</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,078</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:107%">"Short-term credits" includes at December 31, 2024, 544 million U.S. dollars (523 million euros at the closing exchange rate) corresponding to the principal and interest of the favorable award regarding the investment dispute with the Republic of Colombia submitted to the ICSID (see notes 2 and 29.a).</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The impact on the consolidated income statement for 2024 amounted to 380 million U.S. dollars (358 million euros) recorded under "Other income" (see Note 26) and 164 million U.S. dollars (154 million euros) registered in "Finance income" (see Note 19).</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Additionally, "Short-term credits" includes the collection right with a maturity of less than twelve months arising from Telxius with American Tower Corporation in June 2021 as a result of the sale of the telecommunications towers division in Europe (Spain and Germany) amounting to 90 million euros. "Other long-term credits" includes the collection right with a maturity of more than twelve months (see Note 12). </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">At December 31, 2024 there are 39 million euros registered in deposits (50 million euros at December 31, 2023), associated with collateral guarantees of Telef&#243;nica, S.A. classified as current according to the maturity of the underlying derivative instruments which they relate to</span><span style="color:#50535a;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The vast majority of short-term credits and deposits and guarantees recognized at amortized cost and at fair value with changes in "Other comprehensive income" (Note 16) are considered to be low credit risk assets. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">"Other current financial assets" includes short-term investments in financial instruments to cover commitments undertaken by the Group&#8217;s insurance companies, amounted to 228 million euros at December&#160;31, 2024 (187 million euros at December&#160;31, 2023) and were recorded at fair value.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Current financial assets that are highly liquid and have maturity periods of three months or less from the date contracted, and present an insignificant risk of value changes, are recorded under &#8220;Cash and cash equivalents&#8221; on the accompanying consolidated statement of financial position.</span></div><span></span>
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Other Current Financial Assets<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2024</div></th></tr>
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<td class="text">Receivables and other current assets<div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The detail of receivables and other current assets of the Tel&#233;fonica Group at December 31, 2024 and December 31, 2023 is as follows:</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.853%"><tr><td style="width:1.0%"></td><td style="width:69.031%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.834%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.835%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Millions of euros</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">12/31/2024</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">12/31/2023</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Receivables (Note 16)</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">7,564</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">7,430</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Trade receivables</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">10,074&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">9,938&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Impairment of trade receivables</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(3,048)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(2,992)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Receivables from associates and joint ventures (Note 10)</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">163&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">139&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Other receivables</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">375&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">345&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Other current assets</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2,881</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2,702</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Contractual assets (Note 23)</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">229&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">202&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Capitalized costs (Note 23)</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,094&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">998&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Prepayments</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,358&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,344&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Short-term insurance and reinsurance contracts assets</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">164&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">113&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Short-term insurance and reinsurance contracts assets from associates and joint ventures (Note 10)</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">36&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">45&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total</span></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">10,445</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">10,132</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Prepayments at December 31, 2024 includes 599 million euros (736 million euros at December&#160;31, 2023) of advance payments for broadcasting rights for sporting events not yet held. Of this amount, 442 million euros (532 million euros at December&#160;31, 2023) correspond to advance payments under executory contracts related to future sports commitments (see Note 29.c).</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The movement in impairment of trade receivables in 2024 and 2023 is as follows:</span></div><div style="margin-top:9pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.853%"><tr><td style="width:1.0%"></td><td style="width:70.935%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:26.865%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Millions of euros</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Impairment provision at December 31, 2022</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2,891</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Allowances</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">582&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Transfers</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">48&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Amounts applied</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(481)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Translation differences and other</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(48)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Impairment provision at December 31, 2023</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2,992</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Allowances</span></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">613&#160;</span></td><td style="background-color:#ffffff;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Transfers</span></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">27&#160;</span></td><td style="background-color:#ffffff;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Amounts applied</span></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(527)</span></td><td style="background-color:#ffffff;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Translation differences and other</span></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(57)</span></td><td style="background-color:#ffffff;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Impairment provision at December 31, 2024</span></td><td colspan="2" style="background-color:#ffffff;border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">3,048</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Public-sector net trade receivables at December&#160;31, 2024 and 2023 amounted to 395 million euros and 526 million euros, respectively.    </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The detail of the age of the accounts receivable balances from customers and their corrections for impairment as of December 31, 2024 and 2023 is as follows:</span></div><div style="margin-bottom:9pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.853%"><tr><td style="width:1.0%"></td><td style="width:41.066%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.687%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.566%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.784%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.397%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Millions of euros</span></td><td colspan="6" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">12/31/2024</span></td><td colspan="6" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">12/31/2023</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Trade receivables</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Impairment</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Trade receivables</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Impairment</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Unbilled receivables</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,844&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(17)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,755&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(28)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Amount not overdue invoiced</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,913&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(76)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,920&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(116)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Less than 90 days</span></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">855&#160;</span></td><td style="background-color:#ffffff;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(159)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">994&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(157)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Between 90 and 180 days</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">322&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(133)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">324&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(135)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Between 180 and 360 days</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">500&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(369)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">523&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(393)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #2b3447;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">More than 360 days</span></td><td colspan="2" style="border-top:0.25pt solid #2b3447;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,640&#160;</span></td><td style="border-top:0.25pt solid #2b3447;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #2b3447;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(2,294)</span></td><td style="border-top:0.25pt solid #2b3447;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #2b3447;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,422&#160;</span></td><td style="border-top:0.25pt solid #2b3447;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.25pt solid #2b3447;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(2,163)</span></td><td style="border-top:0.25pt solid #2b3447;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total</span></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">10,074</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(3,048)</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">9,938</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(2,992)</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div>Other current financial assets<div style="margin-top:9pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The breakdown of other financial current assets of the Telef&#243;nica Group at December 31, 2024 and December 31, 2023 is as follows:</span><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.853%"><tr><td style="width:1.0%"></td><td style="width:59.807%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:16.323%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:20.570%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Millions of euros</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">12/31/2024</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">12/31/2023</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Short-term credits</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">893&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">192&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Short-term deposits and guarantees</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">139&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">209&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Short-term derivative financial assets (Note 19)</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">461&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">352&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Other current financial assets</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">307&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">325&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total</span></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,800</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,078</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:107%">"Short-term credits" includes at December 31, 2024, 544 million U.S. dollars (523 million euros at the closing exchange rate) corresponding to the principal and interest of the favorable award regarding the investment dispute with the Republic of Colombia submitted to the ICSID (see notes 2 and 29.a).</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The impact on the consolidated income statement for 2024 amounted to 380 million U.S. dollars (358 million euros) recorded under "Other income" (see Note 26) and 164 million U.S. dollars (154 million euros) registered in "Finance income" (see Note 19).</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Additionally, "Short-term credits" includes the collection right with a maturity of less than twelve months arising from Telxius with American Tower Corporation in June 2021 as a result of the sale of the telecommunications towers division in Europe (Spain and Germany) amounting to 90 million euros. "Other long-term credits" includes the collection right with a maturity of more than twelve months (see Note 12). </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">At December 31, 2024 there are 39 million euros registered in deposits (50 million euros at December 31, 2023), associated with collateral guarantees of Telef&#243;nica, S.A. classified as current according to the maturity of the underlying derivative instruments which they relate to</span><span style="color:#50535a;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The vast majority of short-term credits and deposits and guarantees recognized at amortized cost and at fair value with changes in "Other comprehensive income" (Note 16) are considered to be low credit risk assets. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">"Other current financial assets" includes short-term investments in financial instruments to cover commitments undertaken by the Group&#8217;s insurance companies, amounted to 228 million euros at December&#160;31, 2024 (187 million euros at December&#160;31, 2023) and were recorded at fair value.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Current financial assets that are highly liquid and have maturity periods of three months or less from the date contracted, and present an insignificant risk of value changes, are recorded under &#8220;Cash and cash equivalents&#8221; on the accompanying consolidated statement of financial position.</span></div><span></span>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The disclosure of other current assets. [Refer: Other current assets]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2024-01-01<br> -Paragraph 10<br> -Subparagraph e<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_10_e&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
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<span style="display: none;">v3.25.0.1</span><table class="report" border="0" cellspacing="2" id="idm45294661699520">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Breakdown of Financial Assets<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2024</div></th></tr>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_tef_FinancialInstrumentsAbstract', window );"><strong>Financial Instruments [Abstract]</strong></a></td>
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<td class="text">Breakdown of financial assets<div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The breakdown of financial assets of the Telef&#243;nica Group at December&#160;31, 2024 is as follows: </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.707%"><tr><td style="width:1.0%"></td><td style="width:14.589%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.378%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:4.911%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.524%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:5.351%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:5.791%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.378%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.430%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.430%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.844%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.671%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:5.503%"></td><td style="width:0.1%"></td></tr><tr><td colspan="36" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">December 31, 2024</span></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="6" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Fair value through profit or loss</span></td><td colspan="6" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;Fair value through other comprehensive income</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="9" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Measurement hierarchy</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Millions of euros</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Held for trading</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Fair value option</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Debt instru-ments</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Equity instru-ments</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Hedges</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Level 1 (Quoted prices)</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Level 2 (Other directly observable market inputs)</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Level 3 (Inputs not based on observable market data)</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Amortized cost</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total carrying amount</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total fair value</span></td></tr><tr><td colspan="3" style="border-top:2pt solid 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style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">218</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">543</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">2,441</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">523</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">2,912</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">14</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">1,890</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">5,339</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">5,339</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Investments</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">42&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">543&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">478&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">107&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">585&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">585&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Credits and other financial assets</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">41&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">18&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">45&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">14&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">543&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">602&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">602&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Deposits and guarantees</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">691&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">691&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">691&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Derivative instruments</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">164&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">2,441&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">2,605&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">2,605&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">2,605&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Trade receivables</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">200&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">200&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">745&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">945&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">839&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Trade receivables for subleases</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">17&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">17&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">17&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Impairment of trade receivables</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">(106)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">(106)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Current financial assets</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">367</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">894</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">371</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">312</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">1,320</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">15,794</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">17,426</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">17,426</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Trade receivables (Note 14)</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">850&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">850&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">9,762&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">10,612&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">7,564&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Impairment of trade receivables (Note 14)</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">(3,048)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">(3,048)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Other current financial assets (Note 15)</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">367&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">44&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">371&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">312&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">470&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">1,018&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">1,800&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">1,800&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Cash and cash equivalents</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">8,062&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">8,062&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">8,062&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total </span></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">614</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">1,112</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">543</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">2,812</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">835</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">4,232</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">14</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">17,684</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">22,765</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">22,765</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-bottom:210pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The calculation of the fair values of the Telef&#243;nica Group's debt instruments required an estimate, for each currency and counterparty, of a credit spread curve using the prices of the Group's bonds and credit derivatives. </span></div><div style="margin-top:9pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The breakdown of financial assets of the Telef&#243;nica Group at December&#160;31, 2023 was as follows: </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.707%"><tr><td style="width:1.0%"></td><td style="width:12.536%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.671%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:4.911%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:5.204%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:5.791%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.378%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.964%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.603%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.603%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.257%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.524%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:5.358%"></td><td style="width:0.1%"></td></tr><tr><td colspan="36" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">December 31, 2023</span></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="6" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Fair value through profit or loss</span></td><td colspan="6" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;Fair value through other comprehensive income</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="9" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Measurement hierarchy</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Millions of euros</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Held for trading</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Fair value option</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Debt instru-ments</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Equity instru-ments</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Hedges</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Level 1 (Quoted prices)</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Level 2 (Other directly observable market inputs)</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Level 3 (Inputs not based on observable market data)</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Amortized cost</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total carrying amount</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total fair value</span></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Non-current financial assets (Note 12)</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">224</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">289</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">578</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">1,785</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">537</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">2,326</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">13</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">2,325</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">5,201</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">5,201</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Investments</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">38&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">578&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">510&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">106&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">616&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">616&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Credits and other financial assets</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">31&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">9&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">27&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">13&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">701&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">741&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">741&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Deposits and guarantees</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">966&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">966&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">966&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Derivative instruments</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">155&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">1,785&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">1,940&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">1,940&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">1,940&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Trade receivables</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">280&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">280&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">769&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">1,049&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">924&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Trade receivables for subleases</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">14&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">14&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">14&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Impairment of trade receivables</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">(125)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">(125)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Current financial assets</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">291</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">945</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">271</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">293</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">1,214</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">14,152</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">15,659</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">15,659</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Trade receivables (Note 14)</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">854&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">854&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">9,568&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">10,422&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">7,430&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Impairment of trade receivables (Note 14)</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">(2,992)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">(2,992)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #d6d6d6;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Other current financial assets (Note 15)</span></td><td colspan="2" style="border-top:1pt solid #d6d6d6;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">291&#160;</span></td><td style="border-top:1pt solid #d6d6d6;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #d6d6d6;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #d6d6d6;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #d6d6d6;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">91&#160;</span></td><td style="border-top:1pt solid #d6d6d6;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #d6d6d6;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #d6d6d6;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1.5pt solid #d6d6d6;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">271&#160;</span></td><td style="border-top:1.5pt solid #d6d6d6;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1.5pt solid #d6d6d6;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">293&#160;</span></td><td style="border-top:1.5pt solid #d6d6d6;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1.5pt solid #d6d6d6;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">360&#160;</span></td><td style="border-top:1.5pt solid #d6d6d6;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1.5pt solid #d6d6d6;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1.5pt solid #d6d6d6;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1.5pt solid #d6d6d6;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">425&#160;</span></td><td style="border-top:1.5pt solid #d6d6d6;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1.5pt solid #d6d6d6;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">1,078&#160;</span></td><td style="border-top:1.5pt solid #d6d6d6;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1.5pt solid #d6d6d6;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">1,078&#160;</span></td><td style="border-top:1.5pt solid #d6d6d6;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Cash and cash equivalents</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">7,151</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">7,151</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">7,151</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total </span></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">515</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">1,234</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">578</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">2,056</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">830</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">3,540</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">13</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">16,477</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">20,860</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">20,860</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-top:9pt;text-align:center"><span style="color:#a6a6a6;font-family:'Arial',sans-serif;font-size:18pt;font-weight:400;line-height:120%">Appendix IV: Financial instruments</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The detail of the net financial debt arranged by the Group (notional amount) by currency and interest rates at December 31, 2024 is as follows:</span></div><div style="margin-top:9pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:14.689%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.648%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.087%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.256%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.087%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.648%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.841%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.648%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.256%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.402%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:5.338%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="9" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Fair value</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Millions of euros</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2025</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2026</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2027</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2028</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2029</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Subsequent years</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Notional</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Underlying debt </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:5.2pt;font-weight:700;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(*)</span></div></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Associated derivatives</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total</span></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Euro</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(5,104)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2,946</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">3,829</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2,216</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2,455</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">15,625</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">21,967</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">15,429</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">7,614</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">23,043</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Floating rate</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,567&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,432&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">228&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">340&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">563&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3,592&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">7,722&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,970&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">9,409&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">11,379&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Spread (%)</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">0.60&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(0.13)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">0.71&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">0.32&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">0.04&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">0.11&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">0.18&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Fixed rate</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(6,671)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,514&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3,601&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,876&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,892&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">12,033&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">14,245&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">13,459&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(1,795)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">11,664&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Interest rate (%)</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2.70&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1.42&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1.16&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1.78&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2.22&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1.95&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2.00&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Rate cap</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Other european currencies</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Instruments in CZK</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(93)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(93)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(92)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(92)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Floating rate</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Spread %</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Fixed rate</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(93)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(93)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(92)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(92)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Interest rate %</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3.70&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3.70&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Rate cap</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Instruments in GBP</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(23)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(2)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(6)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(4)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(35)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">910</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(956)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(46)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Floating rate</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(4)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(2)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Spread %</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Fixed rate</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(25)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(2)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(6)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(4)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(37)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">908&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(952)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(44)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Interest rate %</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4.64&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">5.37&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">0.70&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">0.70&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3.60&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Rate cap</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Instruments in CHF</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(5)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(5)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(14)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(14)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Floating rate</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Spread %</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Fixed rate</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(5)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(5)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(14)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(14)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Interest rate %</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">0.50&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">0.50&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Rate cap</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">America</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Instruments in USD</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(1,284)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(1,391)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">14</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">48</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">14</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,928</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(671)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">11,229</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(12,395)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(1,166)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Floating rate</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(20)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(1,664)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">29&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,924&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">269&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">211&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">33&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">245&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Spread %</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(0.18)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">0.35&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1.00&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">0.17&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Fixed rate</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(1,264)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">273&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">14&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">19&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">14&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(940)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">11,018&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(12,429)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(1,411)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Interest rate %</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2.61&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4.26&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3.25&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">10.17&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">10.17&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3.89&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3.06&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Rate cap</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Instruments in UYU</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">27</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">35</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">63</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">58</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">7</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">65</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Floating rate</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">35&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">35&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">35&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">35&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Spread %</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">0.01&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">0.01&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Fixed rate</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">27&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">28&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">23&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">7&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">30&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Interest rate %</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">0.31&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">8.90&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">8.55&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Rate cap</span></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.853%"><tr><td style="width:1.0%"></td><td style="width:15.737%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.952%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.659%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.513%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.367%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:5.927%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.002%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.513%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.270%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.002%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.958%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="9" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Fair value</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Millions of euros</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2025</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2026</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2027</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2028</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2029</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Subsequent years</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Notional</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Underlying debt</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:5.2pt;font-weight:700;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(*)</span></div></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Associated derivatives</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">TOTAL</span></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Instruments in ARS</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(143)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(143)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(158)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(158)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Floating rate</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Spread %</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Fixed rate</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(143)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(143)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(158)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(158)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Interest rate %</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">33.24&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">33.24&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Rate cap</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Instruments in BRL</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,982</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">813</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">338</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">31</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">44</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">79</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">3,287</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">492</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2,836</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">3,328</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Floating rate</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(803)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">813&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">338&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">31&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">44&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">79&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">502&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">508&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">80&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">588&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Spread %</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">0.92&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">0.04&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1.30&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">0.23&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">0.16&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">0.14&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">0.59&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Fixed rate</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,785&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,785&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(16)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,756&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,740&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Interest rate %</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">9.47&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">9.47&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Rate cap</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Instruments in CLP</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(297)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">317</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">96</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">104</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">37</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">405</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">663</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(70)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">778</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">708</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Floating rate</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(8)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">230&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">48&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">104&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">37&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">255&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">667&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">110&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">578&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">688&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Spread %</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1.46&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1.99&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1.66&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2.13&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(0.52)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">0.81&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Fixed rate</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(289)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">87&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">48&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">150&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(4)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(180)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">200&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">20&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Interest rate %</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">6.72&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">5.47&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3.22&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4.13&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">5.56&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Rate cap</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Instruments in UFC</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">117</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(155)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(38)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Floating rate</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">117&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(155)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(38)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Spread %</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Fixed rate</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Interest rate %</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Rate cap</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Instruments in PEN</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">355</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">167</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">145</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">667</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">247</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">433</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">680</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Floating rate</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Spread %</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Fixed rate</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">355&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">167&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">145&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">667&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">247&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">433&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">680&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Interest rate %</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">5.38&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">7.33&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">7.38&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">6.30&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Rate cap</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Instruments in VAC</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">28</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">51</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">20</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">99</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">100</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">100</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Floating rate</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">28&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">51&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">20&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">99&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">100&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">100&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Spread %</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3.63&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3.03&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3.09&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3.21&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Fixed rate</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Interest rate %</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Rate cap</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Instruments in COP</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">154</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">212</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">105</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">17</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">57</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">470</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,015</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">357</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">710</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,067</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Floating rate</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(417)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">225&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">105&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">17&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">24&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">470&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">424&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">443&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(2)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">441&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Spread %</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">0.37&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2.52&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4.25&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3.32&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3.44&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">0.28&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1.14&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Fixed rate</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">571&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(13)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">33&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">591&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(86)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">712&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">626&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Interest rate %</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4.75&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">9.00&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">8.09&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">5.03&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Rate cap</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Instruments in VEB</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(129)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(129)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(129)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(129)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Floating rate</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Spread %</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Fixed rate</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(129)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(129)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(129)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(129)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Interest rate %</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">55.44&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">55.44&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Rate cap</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:15pt"><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td></tr></table></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:21.853%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.502%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:5.771%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:5.332%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:4.601%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:4.747%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.987%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.087%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.841%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.695%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:5.484%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="9" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Fair value</span></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Millions of euros</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2025</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2026</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2027</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2028</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2029</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Subsequent years</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Notional</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Underlying debt</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:5.2pt;font-weight:700;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(*)</span></div></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Associated derivatives</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">TOTAL</span></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Instruments in MXN</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(189)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">12</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(177)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(405)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">218</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(188)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Floating rate</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Spread %</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1.02&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1.02&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Fixed rate</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(189)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">12&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(177)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(405)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">218&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(188)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Interest rate %</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">10.20&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">8.80&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">10.12&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Rate cap</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">TOTAL</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">26,508</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">28,163</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(1,002)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">27,161</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Floating rate</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">9,720</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">3,496</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">9,939</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">13,435</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Fixed rate</span></td><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:0 1pt"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">16,788</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">24,667</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(10,941)</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">13,726</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr></table></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:4.55pt;font-weight:400;line-height:120%;position:relative;top:-2.44pt;vertical-align:baseline">(*) </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:120%">Includes all net financial debt adjustments</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The table below shows the sensitivity to interest rates originated by our position on interest rate swaps categorized into instruments entered into for trading purposes and instruments entered into for purposes other than trading at December 31, 2024:</span></div><div style="margin-bottom:9pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:29.016%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.940%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.671%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.671%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.648%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.402%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.280%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.648%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.824%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="27" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Interest rate swaps</span></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Millions of euros</span></td><td colspan="21" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Maturity</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Non trading accountant purposes</span></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2025</span></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2026</span></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2027</span></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2028</span></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2029</span></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Subsequent years</span></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Fair value</span></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">EUR</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">167</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Fixed to floating</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">206</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Receiving leg</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(2,583)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(2,583)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(7,143)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Average Interest Rate %</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1.74&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1.74&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Paying leg</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,583&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,583&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">7,349&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Average Spread %</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Floating to fixed</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">19</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Receiving leg</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(1,133)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(1,133)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(2,106)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Average Spread %</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Paying leg</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,133&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,133&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,125&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Average Interest Rate %</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2.67&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2.67&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Floating to floating</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(58)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Receiving leg</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(9,498)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(9,498)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(9,565)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Average Spread %</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Paying leg</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">9,498&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">9,498&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">9,507&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Average Spread %</span></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">0.12&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">0.12&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr></table></div><div style="margin-bottom:9pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:29.016%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.940%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.671%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.671%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.648%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.402%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.280%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.648%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.824%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="27" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Interest rate swaps</span></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Millions of euros</span></td><td colspan="21" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Maturity</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Trading accountant purposes</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2025</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2026</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2027</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2028</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2029</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Subsequent years</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Fair value</span></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">EUR</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(933)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Fixed to floating</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(163)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Receiving leg</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(775)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(100)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(175)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(4,938)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(5,988)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(4,882)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Average Interest Rate %</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">0.05&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">0.76&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">0.69&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2.58&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2.17&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Paying leg</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">775&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">100&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">175&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4,938&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">5,988&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4,719&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Average Spread %</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2.95&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">0.38&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Floating to fixed</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(770)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Receiving leg</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(2,504)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(1,366)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(10,404)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(14,274)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(9,737)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Average Spread %</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2.07&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">0.02&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">0.38&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Paying leg</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,504&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,366&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">10,404&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">14,274&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">8,967&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Average Interest Rate %</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">0.06&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">0.92&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1.72&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1.35&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">USD</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,224</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Fixed to floating</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,224</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Receiving leg</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(434)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(3,858)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(4,473)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(9,550)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(18,316)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(9,972)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Average Interest Rate %</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1.30&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2.79&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1.59&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3.16&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2.65&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Paying leg</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">434&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3,858&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4,473&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">9,550&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">18,316&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">11,196&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Average Spread %</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1.03&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2.78&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">0.97&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">0.85&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">GBP</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">17</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Fixed to floating</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">17</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Receiving leg</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(482)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(482)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(468)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Average Interest Rate %</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3.42&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3.42&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Paying leg</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">482&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">482&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">485&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Average Spread %</span></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr></table></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:29.016%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.940%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.671%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.671%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.648%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.402%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.280%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.648%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.824%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Millions of euros</span></td><td colspan="21" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Maturity</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Trading accountant purposes</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2025</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2026</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2027</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2028</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2029</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Subsequent years</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Fair value</span></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">CLP</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(12)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Floating to fixed</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(13)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Receiving leg</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(150)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(150)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(147)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Average Spread %</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(0.57)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(0.57)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Paying leg</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">150&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">150&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">134&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Average Interest Rate %</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4.13&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4.13&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">COP</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(25)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Fixed to floating</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Receiving leg</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(58)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(58)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(58)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Average Interest Rate %</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">5.77&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">5.77&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Paying leg</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">58&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">58&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">60&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Average Spread %</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1.07&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1.07&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Floating to fixed</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(27)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Receiving leg</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(516)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(33)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(549)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(561)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Average Spread %</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3.39&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">0.21&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Paying leg</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">516&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">33&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">549&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">534&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Average Interest Rate %</span></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3.18&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">8.09&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3.48&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="display:none"></td></tr></table></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:33.549%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.426%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.426%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.426%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.426%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.426%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.621%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:12pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr></table></div><div style="margin-bottom:9pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.853%"><tr><td style="width:1.0%"></td><td style="width:33.599%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.588%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.880%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.880%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.588%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.880%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.885%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:12pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr></table><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Cash flows receivable or payable on derivative financial instruments to be settled via the swap of nominals, categorized by currency of collection/payment, along with contractual maturities are as follows:</span><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:17.613%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:17.613%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.525%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.671%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.648%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.402%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.525%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.280%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.823%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Millions of euros</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2025</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2026</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2027</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2028</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2029</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Subsequent years</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total</span></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Currency swaps</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Receive</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">BRL</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">33&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">33&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Pay</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">BRL</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(105)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(7)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(112)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Receive</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">CLP</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Pay</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">CLP</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(106)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(104)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(37)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(405)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(652)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Receive</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">COP</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">411&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">411&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Pay</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">COP</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(411)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(62)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(411)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(884)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Receive</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">16&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">256&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,549&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,821&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Pay</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(46)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(2,352)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(3,728)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(448)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(6,255)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(12,829)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Receive</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">GBP</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">603&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">482&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,085&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Pay</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">GBP</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Receive</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">JPY</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">92&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">92&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Pay</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">JPY</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Receive</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">UFC</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">111&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">37&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">148&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Pay</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">UFC</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Receive</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">USD</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">621&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,125&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3,800&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">7,626&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">14,172&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Pay</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">USD</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(514)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(260)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(2,598)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(3,372)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">TOTAL</span></td><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">5</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">204</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">16</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">7</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">34</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">647</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">913</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">The largest volume of cash flows collected in this table falls into the following currency pairs. The average exchange rates to which the settlements have been closed are: EUR/GBP (0.83), EUR/USD (1.12) and USD/COP (3,755.96).</span></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:17.467%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:17.759%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.525%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.671%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.648%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.402%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.525%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.280%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.823%"></td><td style="width:0.1%"></td></tr><tr><td colspan="6" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Millions of euros</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2025</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2026</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2027</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2028</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2029</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Subsequent years</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total</span></td></tr><tr><td colspan="6" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Forwards</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Receive</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">BRL</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">23&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">23&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Pay</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">BRL</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(2,824)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(2,824)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Receive</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">CLP</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Pay</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">CLP</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(75)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(75)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Receive</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">COP</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">49&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">13&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">62&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Pay</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">COP</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(199)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(199)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Receive</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">CZK</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">93&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">93&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Pay</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">CZK</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Receive</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4,350&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">266&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4,616&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Pay</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(841)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(841)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Receive</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">GBP</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">23&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">23&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Pay</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">GBP</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(221)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(221)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Receive</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">MXN</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">13&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">13&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Pay</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">MXN</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(234)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(234)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Receive</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">PEN</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">25&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">25&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Pay</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">PEN</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(461)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(1)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(462)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Receive</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">USD</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,533&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,534&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Pay</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">USD</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(1,236)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(292)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(1,528)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Receive</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">UYU</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">28&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">28&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Pay</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">UYU</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(35)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(35)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">TOTAL</span></td><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">12</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(13)</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(1)</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">The largest volume of cash flows collected in this table falls into the following currency pairs. The average exchange rates to which the settlements have been closed are: EUR/GBP (0.83), EUR/USD (1.08), USD/COP (4,457.11) and EUR/BRL (6.35).</span></div><span></span>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for financial instruments.</p></div>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Financial Instruments [Abstract]</p></div>
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<span style="display: none;">v3.25.0.1</span><table class="report" border="0" cellspacing="2" id="idm45294646617856">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Equity<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2024</div></th></tr>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_tef_ShareCapitalReservesAndOtherEquityInterestAbstract', window );"><strong>Share Capital, Reserves And Other Equity Interest [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
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<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory', window );">Equity</a></td>
<td class="text">Equity<div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">a) Share capital and share premium</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">2024</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">At December 31, 2024, Telef&#243;nica, S.A.&#180;s share capital amounted to 5,670,161,554 euros and is divided into 5,670,161,554 common shares, of a single series and with a par value of one euro each, fully paid in. All the shares of the Company have the same characteristics and carry the same rights and obligations. </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Board of Directors of Telef&#243;nica, S.A. at its meeting held on April 12, 2024, resolved to carry out the implementation of the share capital reduction through the cancellation of own shares approved by the Annual General Shareholders&#8217; Meeting held on the same day.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The share capital of Telef&#243;nica, S.A. was reduced in the amount of 80,296,591 euros, through the cancellation of 80,296,591 own shares of the Company held as treasury stock, with a nominal value of one euro each. The share capital of the Company resulting from the reduction was set at 5,670,161,554 euros corresponding to 5,670,161,554 shares with a nominal value of one euro each. Related to the capital reduction the share premium was reduced by 230 million euros.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The reduction did not entail the return of contributions to the shareholders since the Company was the owner of the cancelled shares. The reduction was carried out with a charge to unrestricted reserves, through the allocation of a reserve for cancelled share capital in an amount equal to the nominal value of the cancelled shares (i.e. for an amount of 80,296,591 euros). This reserve for cancelled share capital can only be used if the same requirements as those applicable to the reduction of share capital are met. Therefore, in accordance with the Section 335.c) of the Corporate Enterprises Act, the creditors of the Company cannot claim the opposition right disclosed in article 334 of the Corporate Enterprise Act.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On May 13, 2024, the deed relating to the share capital reduction was registered in the Commercial Registry of Madrid.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The shares of Telef&#243;nica, S.A. are represented by book entries that are listed on the Spanish Electronic Market (within the selective Ibex 35 index) and on the four Spanish Stock Exchanges (Madrid, Barcelona, Valencia and Bilbao), as well as on the New York and Lima Stock Exchanges (on these latter two Exchanges through American Depositary Shares (ADSs), with each ADS representing one share of the Company).  </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">2023</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">At December 31, 2023, Telef&#243;nica, S.A.&#180;s share capital amounted to 5,750,458,145 euros and was divided into 5,750,458,145 common shares, of a single series and with a par value of one euro each, fully paid in.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Board of Directors of Telef&#243;nica, S.A. at its meeting held on March 31, 2023, resolved to carry out the implementation of the share capital reduction through the cancellation of own shares approved by the Annual General Shareholders&#8217; Meeting held on March 31, 2023.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The share capital of Telef&#243;nica, S.A. was reduced in the amount of 24,779,409 euros, through the cancellation of 24,779,409 own shares of the Company held as treasury stock, with a nominal value of one euro each. The share capital of the Company resulting from the reduction was set at 5,750,458,145 euros corresponding to 5,750,458,145 shares with a nominal value of one euro each. Related to the capital reduction the share premium was reduced by 73 million euros.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The reduction of capital did not entail the return of contributions to the shareholders since the Company was the owner of the cancelled shares. The reduction was carried out with a charge to unrestricted reserves, through the allocation of a reserve for cancelled share capital in an amount equal to the nominal value of the cancelled shares (i.e. for an amount of 24,779,409 euros). This reserve for cancelled share capital could only be used if the same requirements as those applicable to the reduction of share capital were met. Therefore, in accordance with the Section 335.c) of the Corporate Enterprises Act, the creditors of the Company could not claim the opposition right disclosed in article 334 of the Corporate Enterprise Act.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On April 17, 2023, the deed relating to the share capital reduction was registered in the Commercial Registry of Madrid.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Authorizations by Shareholders&#8217; Meeting</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">As regards the authorizations conferred in respect of the share capital, the shareholders acting at the Ordinary General Shareholders&#8217; Meeting held on June 12, 2020 resolved to delegate to the Board of Directors, as broadly as required by Law, pursuant to the provisions of Section 297.1.b) of the Companies Act, the power to increase the share capital on one or more occasions and at any time, within a period of five year from the date of adoption of such resolution, by the maximum nominal amount of 2,596,065,843 euros, equal to one-half of the share capital of the Company on the date of adoption of the resolution at the General Shareholders&#8217; Meeting, issuing and floating the respective new shares for such purpose with or without a premium, the consideration for which will consist of monetary contributions, with express provision for incomplete subscription of the shares to be issued. The Board of Directors was also authorized to exclude pre-emptive rights in whole or in part, as provided in section 506 of the Companies Act. However, the power to exclude pre-emptive rights is limited to 20% of the share capital on the date on which the resolution is adopted. In accordance with the above-mentioned authorization, as of the end of fiscal year 2024, the Board would be authorized to increase the share capital by the maximum nominal amount of 2,596,065,843 euros. </span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Furthermore, the shareholders acting at the Ordinary General Shareholders&#8217; Meeting of Telef&#243;nica, S.A. held on June 12, 2020 delegated to the Board of Directors, in accordance with the general rules governing the issuance of debentures and pursuant to the provisions of applicable law and the Company&#8217;s By-Laws, the power to issue securities, including preferred shares and warrants, with the power to exclude the pre-emptive rights of shareholders. The aforementioned securities may be issued on one or more occasions, within a maximum period of five years as from the date of adoption of the resolution. The securities issued may be debentures, bonds, notes and other fixed-income securities, or debt instruments of a similar nature, or hybrid instruments in any of the forms admitted by Law (including, among others, preferred interests) both simple and, in the case of debentures, bonds and hybrid instruments, convertible into shares of the Company and/or exchangeable for shares of the Company, of any of the companies of its Group or of any other company and/or giving the holders thereof an interest in the corporate earnings. Such delegation also includes warrants or other similar instruments that may entitle the holders thereof, directly or indirectly, to subscribe for or acquire newly-issued or outstanding shares, payable by physical delivery or through differences. The aggregate amount of the issuance or issuances of instruments that may be approved in reliance on this delegation may not exceed, at any time, 25,000 million euros or the equivalent thereof in another currency. In the case of notes and for purposes of the above-mentioned limits, the outstanding balance of those issued in reliance on the delegation shall be computed. In the case of warrants, and also for the purpose of such limit, the sum of the premiums and exercise prices of each issuance shall be taken into account.  </span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Furthermore, under the aforementioned delegation resolution, the shareholders at the Ordinary General Shareholders&#8217; Meeting of Telef&#243;nica, S.A. resolved to authorize the Board of Directors to guarantee, in the name of the Company, the issuance of the aforementioned instruments issued by the Companies belonging to its Group of Companies, within a maximum period of five years as from the date of adoption of the resolution. </span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Furthermore, on March 31, 2023, shareholders voted to authorize the acquisition by the Board of Directors of Telef&#243;nica, S.A. treasury shares, up to the limits and pursuant to the terms and conditions established at the Shareholders&#8217; Meeting, within a maximum five-year period from that date. However, it specified that in no circumstances could the par value of the shares acquired, added to that of the treasury shares already held by Telef&#243;nica, S.A. and by any of its controlled subsidiaries, exceed the maximum legal percentage at any time. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">b) Dividends</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Dividends distribution in 2024</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Approval was given at the General Shareholders&#8217; Meeting of April 12, 2024 to pay a dividend in cash charge to unrestricted reserves amounting to 0.30 euros per share payable in two tranches. </span></div><div style="margin-bottom:18pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On June 20, 2024, 0.15 euros per share was paid, for a total amount of 846 million euros, and on December 19, 2024, a second payment of 0.15 euros amounting to 847 million euros.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Dividends distribution in 2023</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Approval was given at the General Shareholders&#8217; Meeting of March 31, 2023 to pay a dividend in cash charge to unrestricted reserves, in two tranches, for an approximate amount of 0.30 euros per share.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On June 15, 2023, 0.15 euros per share was paid, for a total amount of 851 million euros, and on December 14, 2023, a second payment of 0.15 euros amounting to 847 million euros.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Dividends distribution in 2022</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Approval was given at the General Shareholders&#8217; Meeting of April 8 2022 to pay a dividend in two tranches for an approximately amount of 0.30 euros per share.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On June 22, 2022, took place the payment of a scrip dividend of approximately 0.15 euros per share consisting of the assignment of free allotment rights with an irrevocable purchase commitment by the Company, after the adoption of the corresponding corporate resolutions.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">At its meeting held on May 25, 2022, the Executive Commission of Telef&#243;nica, S.A. Board of Directors agreed to carry out the execution of the increase in paid-up capital, related to the shareholders compensation by means of a scrip dividend. Thus, each shareholder received one free allotment right for each Telef&#243;nica share held. Such free allotment rights were traded on the Continuous Market in Spain during a period of 15 calendar days. Once this trading period ended, the shareholders of 25.54% of the free-of-charge allotment rights accepted the irrevocable purchase commitment assumed by Telef&#243;nica, S.A. The payment was made on June 16, 2022. The gross impact of this dividend amounted to 213 million euros.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On the other hand, the shareholders of 74.46% of the free-of-charge allotment rights were entitled, therefore, to receive new shares of Telef&#243;nica, S.A. So the final number of shares issued after June 24, 2022 in the capital increase was 135,464,591 shares with a nominal value of 1 euro each.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On December 15, 2022 took place the payment of a dividend of 0.15 euros per share amounting to 854 million euros. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Proposed distribution of results of the parent company </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Telef&#243;nica, S.A. genera</span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">ted 563 million euros of profits in 2024. </span></div><div style="margin-top:9pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company&#8217;s Board of Directors will submit the following proposed distribution of 2024 results for approval at the Shareholders&#8217; Meeting:</span></div><div style="margin-top:9pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.853%"><tr><td style="width:1.0%"></td><td style="width:70.935%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:26.865%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Millions of euros</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Legal reserve</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Unrestricted reserves</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">563&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total</span></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">563</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">c) Other equity instruments</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Undated deeply subordinated securities</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Unless specified otherwise, undated deeply subordinated securities were issued by Telef&#243;nica Europe, B.V. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The characteristic of undated deeply subordinated securities, the detail of the tender offer and the amounts repurchased in the operations and the amount amortized in advance, are the following (million euros):</span></div><div style="margin-top:9pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.853%"><tr><td style="width:1.0%"></td><td style="width:10.027%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.856%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.027%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.027%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.027%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.052%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.027%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.027%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.030%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Issue date</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Annual&#160;<br/>Fix&#160;&#160;&#160;&#160;&#160;</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Variable</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Exercisable by issuer</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">12/31/2023</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Tender Offer</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Amount repurchased</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Redemption</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">12/31/2024</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">09/18/2024  </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(1)</span></div></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">6.750&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">from 09/07/31  rate SWAP + spread incremental</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2031</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">200&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">03/15/2024  </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(1)</span></div></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">5.752&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">from 04/15/32 rate SWAP + spread incremental</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2032</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,100&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">09/7/2023 </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(1)</span></div></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">6.750&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">from 09/07/31 rate SWAP + spread incremental</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2031</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">750&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">750&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">02/2/2023 </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(1)</span></div></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">6.135&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">from 05/03/30 rate SWAP + spread incremental</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2030</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,000&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,000&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">11/23/2022</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline"> (1)</span></div></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">7.125&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">from 11/23/28 rate SWAP + spread incremental</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2028</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">750&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">750&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">11/24/2021</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline"> (2)</span></div></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2.880&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">from 05/24/28 rate SWAP + spread incremental</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2028</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">750&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">750&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">02/12/2021</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline"> (2)</span></div></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2.376&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">from 05/12/29 rate SWAP + spread incremental</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2029</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,000&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,000&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">02/05/2020</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline"> (1)</span></div></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2.502&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">from 05/05/27 rate SWAP + spread incremental</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2027</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">500&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">500&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">09/24/2019</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2.875&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">from 09/24/27 rate SWAP + spread incremental</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2027</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">500&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">500&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">03/14/2019</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4.375&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">from 03/14/25 rate SWAP + spread incremental</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2025</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,300&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,300&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(1,097)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(203)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">03/22/2018</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3.875&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">from 09/22/26 rate SWAP + spread incremental</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2026</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,000&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,000&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td colspan="3" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td colspan="3" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td colspan="3" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">7,550</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:0 1pt"></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">7,550</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:4.55pt;font-weight:400;line-height:120%;position:relative;top:-2.44pt;vertical-align:baseline">(1)</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:120%"> Green undated deeply subordinated securities (see Note 29.d)</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:4.55pt;font-weight:400;line-height:120%;position:relative;top:-2.44pt;vertical-align:baseline">(2)</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:120%"> Sustainable undated deeply subordinated securities (see Note 29.d)</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In all issuances of undated deeply subordinated securities (hybrid instruments), the issuer has an option to defer the payment of coupons and holders of such securities cannot call for payment. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">As the repayment of principal and the payment of coupons depend solely on Telef&#243;nica&#8217;s decision, these undated deeply subordinated securities are equity instruments and are presented under &#8220;Other equity instruments&#8221; in the accompanying consolidated statement of changes in equity. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In March 2024 Telef&#243;nica Europe, B.V. carried out two transactions on its hybrid capital: (a) a new issue amounting to 1,100 million euros, guaranteed by Telef&#243;nica, S.A. (see Note 29.d) and (b) a tender offer on a hybrid instruments, denominated in euros, with a first call date in March 2025. The issuer accepted the purchase in cash of the tendered securities in a principal amount of 1,097 million euros.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In September 2024, Telef&#243;nica Europe, B.V. carried out a reopening of 750 million euros hybrid instruments issued in September 2023 for an amount of  200 million euros, guaranteed by Telef&#243;nica, S.A. (see Note 29.d).</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In October 2024, Telef&#243;nica Europe, B.V. exercised the clean-up call option for the remaining hybrid instruments with first non-call date March 2025, with an aggregate principal amount of 203 million euros. </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In 2024, the payment of the coupons related to hybrids instruments, in an aggregate amount, net of tax effects, of 249&#160;million euros (239 million and 201 million euros in 2023 and 2022, respectively), was recorded as &#8220;Retained earnings&#8221; in the consolidated statements of changes in equity.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">d) Legal reserve</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">According to the article 274 of the consolidated text of the Spanish Corporate Enterprises Act, companies must transfer 10% of profit for the year to a legal reserve until this reserve reaches at least 20% of share capital. The legal reserve can be used to increase capital by the amount exceeding 10% of the increased share capital amount. Except for this purpose, until the legal reserve exceeds the limit of 20% of share capital, it can only be used to offset losses, if there are no other reserves available. The General Shareholders' Meeting held on April 12, 2024, approved the allocation of 91 million euros to legal reserves against the results of the 2023 year. At of December 31, 2024 the legal reserve amounts to 1,150 million euros representing 20.28% of the share capital at the date.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">e) Retained earnings</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">These reserves include undistributed profits of companies constituting the consolidated Group minus interim dividends paid against profit for the year, actuarial gains and losses, the impact of the asset ceiling on defined benefit plans and the payment of coupons related to subordinated securities, if applicable. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">These reserves also include revaluation reserves and the reserve for canceled share capital. These reserves are regulated by some restrictions for their distribution. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Revaluation reserves</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The balance of Revaluation reserves arose as a result of the revaluation made pursuant to Spanish Royal Decree-Law 7/1996 of June 7, and may be used, free of tax, to offset any losses incurred in the future and to increase capital. It may also be allocated to unrestricted reserves, provided that the capital gain has been realized. </span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The capital gain will be deemed to have been realized in respect of the portion on which the depreciation was recorded for accounting purposes or when the revalued assets were transferred or recognized. In this respect, 2 million euros were reclassified to &#8220;Retained earnings&#8221; in 2024 (3 million euros in 2023) corresponding to revaluation reserves subsequently considered to be unrestricted. At December&#160;31, 2024, this reserve amounted to 49 million euros (51 million euros at December&#160;31, 2023). </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Reserve for canceled share capital</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In accordance with Section 335.c) of the Spanish Corporate Enterprises Act and to render null and void the right of opposition provided for in Section 334 of the same Act, whenever the Company decreases capital, it should record a reserve for canceled share capital for an amount equal to the par value of the canceled shares, which can only be used upon satisfaction of the same requirements as those applicable to the reduction of share capital. In 2024 was recorded in this account 80 million euros (25 million euros in 2023). The cumulative amount as of December 31, 2024 is 1,059 million euros.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">f) Translation differences</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The breakdown of the accumulated contribution of translation differences attributable to equity holders of the parent at December 31 is as follows:</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.707%"><tr><td style="width:1.0%"></td><td style="width:47.140%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:16.055%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:16.055%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:16.350%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Millions of euros</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2024</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2023</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2022</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Brazilian real</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(15,786)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(13,612)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(14,031)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Pound sterling</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">309&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(97)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(322)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Venezuelan bolivar</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(3,253)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(3,686)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(3,734)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Argentine peso</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(1,112)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(2,011)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(1,364)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Other currencies</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(1,437)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(1,280)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(1,272)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total Group</span></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(21,279)</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(20,686)</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(20,723)</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The accumulated negative translation differences corresponding to Telef&#243;nica M&#243;viles Argentina, S.A. (see Note 31) amounted to 1,107 million euros as of December 31, 2024 (2,006 million euros as of December 31, 2023).</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">g) Adjustment on initial application of IAS 21</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The early adoption of the amendments to IAS 21 following its approval by the European Union in November 2024 (see Note 3) has had a negative impact on retained earnings amounting to 224 million euros and a positive impact on translation differences amounting to 366 million. The impact on the Group's Equity amounted to 142 million euros.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">h) Treasury share instruments</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Telef&#243;nica, S.A. held the following treasury shares at December&#160;31, 2024, 2023 and 2022: </span></div><div style="margin-top:9pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.853%"><tr><td style="width:1.0%"></td><td style="width:34.478%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.541%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.516%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.295%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.784%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.786%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="6" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Euros per share</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Number of shares</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Acquisition price</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Trading price</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Market value </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:5.2pt;font-weight:700;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(*)</span></div></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">%</span></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Treasury shares at 12/31/2024</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">26,874,751&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3.97&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3.94&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">106&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">0.474&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Treasury shares at 12/31/2023</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">111,099,480&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3.87&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3.53&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">393&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1.932&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td></tr><tr><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Treasury shares at 12/31/2022</span></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">85,217,621&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4.00&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3.39&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">288&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1.476&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td></tr></table></div><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline">(*)</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%"> Millions of euros.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The following transactions involving treasury shares were carried out in 2024, 2023 and 2022:</span></div><div style="margin-top:9pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.853%"><tr><td style="width:1.0%"></td><td style="width:76.791%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:21.009%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Number of shares</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Treasury shares at 12/31/2021</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">139,329,370</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Acquisitions</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">90,403,530&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Scrip dividend</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">563,415&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Employee share option plan</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(5,391,956)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Capital reduction</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(139,275,057)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Sales</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(411,681)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Treasury shares at 12/31/2022</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">85,217,621</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Acquisitions</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">60,070,274&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Employee share option plan</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(8,845,558)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Capital reduction</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(24,779,409)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Sales</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(563,448)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Treasury shares at 12/31/2023</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">111,099,480</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Acquisitions</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">36,525,204&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Employee share option plan</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(19,909,898)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Capital reduction</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(80,296,591)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Sales</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(20,543,444)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Treasury shares at 12/31/2024</span></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">26,874,751</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">There were treasury shares purchases in 2024 amounting to 145 million euros (223 and 365 million euros in 2023 and 2022, respectively)</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company also has different derivative instruments, to be settled by offset, on a nominal value equivalent to 173 million of Telef&#243;nica shares, mainly contracted through Banco Bilbao Vizcaya, recorded in the statement of financial position at December 31, 2024 in accordance with their maturity date and fair value (193 million euros at December 31, 2023). </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:700;line-height:120%">i) Equity attributable to non-controlling interests</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8220;Equity attributable to non-controlling interests&#8221; represents the share of non-controlling interests in the equity and income or loss for the year of fully consolidated Group companies. The movements in this balance for the 2024, 2023 and 2022 consolidated statements of financial position are as follows:</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.853%"><tr><td style="width:1.0%"></td><td style="width:20.422%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.952%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.466%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.880%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.416%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.416%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.416%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.295%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.837%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Millions of euros</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Balance at 12/31/23</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Sales of non-controlling interests and inclusion of companies</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Acquisitions of non-controlling interests and exclusion of companies</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span id="ide2e8e2ff5d44dc09ab9294e0f798544_0-4-1-1-2061971"></span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Dividends paid</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Profit/(loss) for the year</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Change in translation differences</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Other movements</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Balance at 12/31/24</span></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#244;nica Brasil, S.A.</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3,546&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(346)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(125)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">226&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(481)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">14&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,834&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Deutschland Holding, A.G.</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,286&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(1,057)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(17)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">10&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">224&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Colombia Telecomunicaciones, S.A., ESP BIC</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">362&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(25)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(32)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(8)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">297&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Other</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">50&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(47)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(3)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">47&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">7&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(7)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">47&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total</span></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">5,244</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(1,450)</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(145)</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">258</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(506)</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">3,402</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-top:9pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.853%"><tr><td style="width:1.0%"></td><td style="width:20.422%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.952%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.466%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.880%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.416%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.416%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.416%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.295%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.837%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Millions of euros</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Balance at 12/31/22</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Sales of non-controlling interests and inclusion of companies</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Acquisitions of non-controlling interests and exclusion of companies</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Dividends paid</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Profit/(loss) for the year</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Change in translation differences</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Other movements</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Balance at 12/31/23</span></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#244;nica Brasil, S.A.</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3,399&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(111)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(158)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">238&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">182&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(4)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3,546&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Deutschland Holding, A.G.</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,237&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(866)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(157)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">71&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,286&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Colombia Telecomunicaciones, S.A., ESP BIC</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">344&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(44)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">70&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(8)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">362&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telxius Telecom, S.A.</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">599&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(585)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(28)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">22&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(19)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">11&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Other</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">41&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(17)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(2)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">31&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(3)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">50&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total</span></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">6,620</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(1,579)</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(345)</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">318</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">233</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(3)</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">5,244</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-bottom:9pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.853%"><tr><td style="width:1.0%"></td><td style="width:20.422%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.952%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.466%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.880%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.416%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.416%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.416%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.295%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.837%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Millions of euros</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Balance at 12/31/21</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Sales of non-controlling interests and inclusion of companies</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Acquisitions of non-controlling interests and exclusion of companies</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Dividends paid</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Profit/(loss) for the year</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Change in translation differences</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Other movements</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Balance at 12/31/22</span></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#244;nica Brasil, S.A.</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3,106&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(86)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(241)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">198&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">425&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(3)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3,399&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Deutschland Holding, A.G.</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,353&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(48)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(161)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">68&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">25&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,237&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Colombia Telecomunicaciones, S.A., ESP BIC</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">409&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(7)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(4)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(47)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(7)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">344&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telxius Telecom, S.A.</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">546&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">50&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">13&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(10)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">599&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Other</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">63&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">23&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(44)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(2)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(4)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">41&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total</span></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">6,477</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">23</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(178)</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(411)</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">308</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">393</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">8</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">6,620</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">2024</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The 2024 movement mainly includes the impact of the closing of the acquisition of Telef&#243;nica Deutschland shares associated with the Public Offering, as well as the purchase of its own shares by Telef&#244;nica Brasil.</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Public Offers for the Acquisition of Shares of Telef&#243;nica Deutschland</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On November 7, 2023, Telef&#243;nica, through its subsidiary Telef&#243;nica Local Services GmbH, launched a partial voluntary public offer for the acquisition of shares of Telef&#243;nica Deutschland Holding AG. The Offer acceptance period began on December 5, 2023 and ended on January 17, 2024.</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On March 20, 2024 a public exclusion offer was launched with the objective of acquiring the shares of Telef&#243;nica Deutschland that at that time were not directly or indirectly owned by Telef&#243;nica.</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The cash outflow in 2024 of the purchases made has amounted to 1,019 million euros (see Note 28).</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In 2024 these operations produced an increase of 28 million euros in the equity attributed to the parent company and a decrease of 1,057 million euros in the equity attributed to minority interests (see Note 2).</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">2023</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The 2023 movement mainly includes the impact of the acquisition of KKR's stake in Telxius and the acquisition by Telef&#243;nica of shares of Telef&#243;nica Deutschland through a public tender Offer.</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Acquisition of KKR's percentage stake in Telxius</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In January 2023, once the corresponding regulatory and competition approvals were obtained, Pontel Participaciones, S.L. ("Pontel"), Telef&#243;nica&#8217;s subsidiary held 83.35% by Telef&#243;nica and 16.65% by Pontegadea Inversiones, S.L., ("Pontegadea") acquired 40% of the share capital of Telxius Telecom, S.A. from Taurus Bidco S.&#224; r.l. (a company managed by KKR). As a result of the transaction, Pontel, which held the remaining 60% of Telxius Telecom, S.A.'s share capital, became the sole shareholder of Telxius Telecom, S.A. Likewise, Pontegadea increased its holding in Pontel to 30% and Telef&#243;nica kept a 70% stake.</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Within the framework of this transaction and on the same date, Pontel carried out a capital increase fully subscribed and paid up by its shareholders in the proportion agreed between them, in such a way that both Telef&#243;nica and Pontegadea paid out 111 million euros.</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Additionally, in January 2023 Telxius recovered the credit amounting 876 million euros corresponding to the income tax for the 2021 fiscal year. The amount was distributed to its shareholders, with KKR receiving 351 million euros for 40% and Pontegadea receiving 88 million euros for 9.99%.</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Subsequently, with effect from March 24, 2023, Telxius Telecom, S.A. absorbed Pontel Participaciones, S.L.</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The impact of these transactions on the consolidated statement of changes in equity in 2023 was a reduction in equity attributable to the parent company for an amount of 46 million euros and a reduction in equity attributable to minority interests for an amount of 585 million euros.</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Public Offer for the Acquisition of Shares of Telef&#243;nica Deutschland</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The cash outflow in 2023 of the direct purchases made in the fiscal year amounted to 816 million euros (see Notes 2 and 28).</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">2022</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In 2022, "sales of non-controlling interest and inclusion of companies" reflected the impact of the acquisition by the consortion formed by CAA and Vauban of 45% of the company Bluevia for 23 million euros (see Note 2)..</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Note 4 contains the revenues, operating results before depreciation and amortization, operating income, capital expenditure and the main items of the statement of financial position for the main segments of the Telef&#243;nica Group with non-controlling interests, namely Telef&#243;nica Brazil and Telef&#243;nica Germany. The detail of these figures for Colombia Telecomunicaciones is as follows: </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.853%"><tr><td style="width:1.0%"></td><td style="width:62.589%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.759%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.613%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.639%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Millions of euros</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Colombia Telecomunicaciones</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2024</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2023</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2022</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Revenues</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,449&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,497&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,517&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:22pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Operating results before depreciation and amortization</span></div></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">391&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">359&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">569&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Depreciation and amortization</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(236)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(295)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(308)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Operating income</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">155&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">64&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">261&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Capital Expenditure</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">201&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">125&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">261&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Fixed Assets</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,215&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,234&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,116&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Total allocated assets</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,921&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,936&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,696&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Total allocated liabilities</span></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,395&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,258&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,001&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span><br/></span></div><div style="margin-top:9pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The statements of cash flows of these companies are as follows:</span></div><div style="margin-top:9pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.853%"><tr><td style="width:1.0%"></td><td style="width:62.589%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.759%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.613%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.639%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Millions of euros</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Telef&#243;nica Brazil</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2024</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2023</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2022</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Net cash flow provided by operating activities</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3,644&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3,710&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3,678&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Net cash flow used in investing activities</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(1,529)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(1,477)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(2,741)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Net cash flow used in financing activities</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(1,557)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(1,709)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(1,674)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr></table></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.853%"><tr><td style="width:1.0%"></td><td style="width:62.589%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.759%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.613%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.639%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Millions of euros</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Telef&#243;nica Germany</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2024</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2023</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2022</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Net cash flow provided by operating activities</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,774&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,684&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,732&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Net cash flow used in investing activities</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(1,334)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(1,337)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(1,608)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Net cash flow used in financing activities</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(1,586)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(1,498)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(1,339)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr></table></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.853%"><tr><td style="width:1.0%"></td><td style="width:62.589%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.759%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.613%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.639%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Millions of euros</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Colombia Telecomunicaciones</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2024</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2023</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2022</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Net cash flow provided by operating activities</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">219&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">206&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">180&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Net cash flow provided by (used in) investing activities</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(101)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(144)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">30&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Net cash flow used in financing activities</span></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(58)</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(80)</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(225)</span></td><td 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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for share capital, reserves and other equity interest.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2024-01-01<br> -Paragraph 79<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_79&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Share capital, reserves and other equity interest [Abstract]</p></div>
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<span style="display: none;">v3.25.0.1</span><table class="report" border="0" cellspacing="2" id="idm45294651576752">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Financial Liabilities<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2024</div></th></tr>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_tef_FinancialInstrumentsAbstract', window );"><strong>Financial Instruments [Abstract]</strong></a></td>
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<td class="text">Financial liabilities<div style="margin-bottom:9pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The breakdown of financial liabilities at December&#160;31, 2024 and the corresponding maturities schedule is as follows: </span><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.561%"><tr><td style="width:1.0%"></td><td style="width:30.177%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.682%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.682%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.682%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.682%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.682%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.325%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.206%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.982%"></td><td style="width:0.1%"></td></tr><tr><td colspan="27" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Millions of euros</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Current</span></td><td colspan="15" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Non-current</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Maturity</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2025</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2026</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2027</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2028</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2029</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Subsequent years</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Non-current total</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Debentures and bonds</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3,559&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,046&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4,019&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,006&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,422&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">17,203&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">27,696&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">31,255&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Promissory notes &amp; commercial paper</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,276&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">12&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">19&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">10&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">129&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">173&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,449&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total Issues</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">4,835</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2,058</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">4,022</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2,025</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2,432</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">17,332</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">27,869</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">32,704</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Loans and other payables</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">556&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">389&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">643&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">277&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">565&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,584&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3,458&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4,014&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Derivative instruments (Note 19)</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">199&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">160&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">562&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">376&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">283&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">484&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,865&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,064&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total</span></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">5,590</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2,607</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">5,227</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2,678</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">3,280</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">19,400</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">33,192</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">38,782</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The estimate of future payments for interest on these financial liabilities at December 31, 2024 is as follows: 1,308 million euros in</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">2025, 1,187 million euros in 2026, 1,045 million euros in 2027, 979 million euros in 2028, 888 million euros in 2029 and 6,932 million euros after 2029. For floating rate financing, the Group mainly estimates future interest using the forward curve of the various currencies as of December 31, 2024.</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Derivative instruments in the table above include the fair value of derivatives classified as financial liabilities, i.e. when they have a negative mark-to-market, yet excluding the fair value of derivatives classified as current financial assets (461 million euros, see Note 15) and non-current financial assets (2,605 million euros, see Note 12). </span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The heading &#8220;Financed operating payments and investments in property, plant and equipment and intangible assets payments&#8221;, in the &#8220;Net cash used in financing activities&#8221; flow of the consolidated statement of cash flows (see Note 28) amounted to 222 million euros corresponding mainly to financed spectrum licenses (245 million euros in 2023 corresponding in its totality to financed spectrum licenses).</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The composition of the financial liabilities by category at December&#160;31, 2024 and 2023 is as follows: </span></div><div style="margin-top:9pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:19.952%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.940%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.525%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:5.917%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.525%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.402%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.402%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.525%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.110%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.702%"></td><td style="width:0.1%"></td></tr><tr><td colspan="30" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">December 31, 2024</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="6" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Fair value through profit or loss</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="9" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Measurement hierarchy</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Millions of euros</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Held for trading</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Fair value option</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Hedges</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Level 1 (Quoted prices)</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Level 2 (Other directly observable market inputs)</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Level 3 (Inputs not based on observable market data)</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Liabilities at amortized cost</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total carrying amount</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total fair value</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Issues</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">32,704&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">32,704&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">31,638&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Loans and other payables</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4,014&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4,014&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4,016&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Derivative instruments</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">471&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,593&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,064&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,064&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,064&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total financial liabilities</span></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">471</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,593</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2,064</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">36,718</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">38,782</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">37,718</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:20.976%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.940%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.525%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:5.917%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.525%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.402%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.402%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.525%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.525%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.263%"></td><td style="width:0.1%"></td></tr><tr><td colspan="30" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">December 31, 2023</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="6" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Fair value through profit or loss</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="9" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Measurement hierarchy</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Millions of euros</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Held for trading</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Fair value option</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Hedges</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Level 1 (Quoted prices)</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Level 2 (Other directly observable market inputs)</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Level 3 (Inputs not based on observable market data)</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Liabilities at amortized cost</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total carrying amount</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total fair value</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Issues</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">31,567&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">31,567&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">30,498&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Loans and other payables</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3,601&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3,601&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3,602&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Derivative instruments</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">582&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,311&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,893&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,893&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,893&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total financial liabilities</span></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">582</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,311</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,893</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">35,168</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">37,061</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">35,993</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The calculation of the fair values of the Telef&#243;nica Group&#8217;s debt instruments required an estimate of the credit spread curve for each currency and corresponding subsidiary using the prices of the Group&#8217;s bonds and credit derivatives. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">At December 31, 2024, some of the financing arranged by Telef&#243;nica Group companies in Latin America (435 million euros in Peru), which amounted to approximately 1% of the Telef&#243;nica Group&#8217;s gross debt, was subject to compliance with certain financial covenants. To date, these covenants are being met and have no impact on the debt of the Telef&#243;nica Group companies. Due to the absence of cross-defaults, breach of the covenants would not affect the debt at Telef&#243;nica, S.A. level.  </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Some of the financial liabilities of Telef&#243;nica Group includes adjustments in the amortized cost at December 31, 2024 and 2023 as a result of fair value interest rate and exchange rate hedges. </span></div><div style="margin-top:9pt;text-align:justify"><span><br/></span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Issues, promissory notes, commercial paper, loans and other payables </span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The movement in issues, promissory notes, commercial paper, loans and other payables in 2024 and 2023 arising from financial activities is as follows:</span></div><div style="margin-bottom:9pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:18.636%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.256%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.595%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.572%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.911%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.595%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.864%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.771%"></td><td style="width:0.1%"></td></tr><tr><td colspan="6" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td colspan="6" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Cash used in financing activities</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Millions of euros</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Balance at 12/31/2023</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Cash received</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Cash paid</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Translation differences and exchange gains and losses</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Financial updates</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Other movements</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Balance at 12/31/2024</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Issues</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">30,198&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,787&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(1,140)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">589&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(109)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(70)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">31,255&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Promissory notes and commercial paper</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,369&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">478&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(409)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">10&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,449&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Loans and other payables</span></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3,601&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">897&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(694)</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(54)</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">264&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4,014&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.707%"><tr><td style="width:1.0%"></td><td style="width:18.694%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.844%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.630%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.603%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.949%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.630%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.043%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.807%"></td><td style="width:0.1%"></td></tr><tr><td colspan="6" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td colspan="6" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Cash used in financing activities</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Millions of euros</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Balance at 12/31/2022</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Cash received</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Cash paid</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Translation differences and exchange gains and losses</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Financial updates</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Other movements</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Balance at 12/31/2023</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Issues</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">31,268&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">967&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(1,910)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(302)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">175&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">30,198&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Promissory notes and commercial paper</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">899&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">504&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(43)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">9&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,369&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Loans and other payables</span></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4,544&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,183&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(1,456)</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">26&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(697)</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3,601&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Debentures and bonds </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Financial updates of debenture and bond issues include mainly the value adjustment of the basis adjustment bonds due to their fair value hedges, impacted by interest rate movements.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">At December&#160;31, 2024, the nominal amount of outstan</span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">ding debentures and bonds issues was 30,979 million euros (29,779 million euros at December&#160;31, 2023). Appendix III presents the characteristics of all outstanding debentures and bond issues at the year-end 2024, and the significant issues made during the year. </span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Telef&#243;nica, S.A. has a full and unconditional guarantee on issues made by Telef&#243;nica Emisiones, S.A.U., and Telef&#243;nica Europe, B.V., both of which are wholly owned finance subsidiaries of Telef&#243;nica, S.A. No other subsidiaries of Telef&#243;nica, S.A. provide guarantees on these issues.  </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Promissory notes and commercial paper </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The main programs for issuance of promissory notes and commercial paper are the following: </span></div><div style="margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:10pt">At December&#160;31, 2024, Telef&#243;nica Europe, B.V. had a commercial paper issuance program guaranteed by Telef&#243;nica, S.A. for up to 5,000 million euros. The outstanding balance of commercial paper issued under this program at December&#160;31, 2024 was 1,165 million euros, issued at an average interest rate of 3.76% for 2024 (1,000 million euros issued in 2023 at an average rate of 3.65%). </span></div><div style="margin-bottom:9pt;margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:22.5pt"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:10pt">At December&#160;31, 2024, Telef&#243;nica, S.A. had a corporate promissory note program for 500 million euros expandable to 2,000 million euros, with 35 million euros of outstanding balance at December 31, 2024, issued at an average interest rate of 3.65% for 2024 (no</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> outstanding balance at December 31, 2023). </span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Interest-bearing debt</span><span style="color:#50535a;font-family:'Telefonica',sans-serif;font-size:9.3pt;font-weight:700;line-height:120%"> </span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Other movements in "Loans and other payables" at December 31, 2024 include collections and payments related to collateral liabilities deposit associated with Telef&#243;nica, S.A. debt for a net amount of payments amounting to 123 million euros (589 million euros for a net amount of proceeds at December 31, 2023).</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The average interest rate on outstanding loans and other payables at December&#160;31, 2024 was 4.71% (4.47% in 2023). This percentage does not include the impact of hedges arranged by the Group. </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The main financing transactions included under &#8220;Interest-bearing debt&#8221; line outstanding at December&#160;31, 2024 and 2023 and their nominal amounts are provided in Appendix V. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Interest-bearing debt arranged or repaid in 2024 mainly includes the following: </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:22.876%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.011%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.256%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.011%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.011%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.011%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.011%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.013%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Description</span></td><td colspan="3" style="border-top:0.5pt solid #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Limit 12/31/2024(*) (million euros)</span></td><td colspan="3" style="border-top:0.5pt solid #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Currency</span></td><td colspan="3" style="border-top:0.5pt solid #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Outstanding balance 12/31/2024 (million euros)</span></td><td colspan="3" style="border-top:0.5pt solid #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Arrangement date</span></td><td colspan="3" style="border-top:0.5pt solid #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Maturity date</span></td><td colspan="3" style="border-top:0.5pt solid #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Drawndown 2024 (million euros)</span></td><td colspan="3" style="border-top:0.5pt solid #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Repayment 2024 (million euros)</span></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Telef&#243;nica, S.A.</span></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #000;padding:0 1pt"></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:112%">Sustainability syndicated </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:5.2pt;font-weight:400;line-height:112%;position:relative;top:-2.8pt;vertical-align:baseline">(1)</span></div></td><td colspan="2" style="border-top:0.5pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">5,500&#160;</span></td><td style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-top:0.5pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">03/15/2018</span></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">01/13/2029</span></td><td colspan="2" style="border-top:0.5pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.5pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Bilateral loan</span></td><td colspan="2" style="border-top:0.5pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-top:0.5pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">150&#160;</span></td><td style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">03/27/2024</span></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">07/31/2034</span></td><td colspan="2" style="border-top:0.5pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">150&#160;</span></td><td style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.5pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Bilateral loan </span></td><td colspan="2" style="border-top:0.5pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-top:0.5pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">140&#160;</span></td><td style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">10/09/2024</span></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">10/31/2031</span></td><td colspan="2" style="border-top:0.5pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">140&#160;</span></td><td style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.5pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Bilateral loan</span></td><td colspan="2" style="border-top:0.5pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-top:0.5pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">100&#160;</span></td><td style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">11/21/2024</span></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">12/16/2031</span></td><td colspan="2" style="border-top:0.5pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">100&#160;</span></td><td style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.5pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Bluevia Fibra S.L.U.</span></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:0 1pt"></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Syndicated </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(2)</span></div></td><td colspan="2" style="border-top:0.5pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">360&#160;</span></td><td style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-top:0.5pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">325&#160;</span></td><td style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">11/16/2022</span></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">12/20/2029</span></td><td colspan="2" style="border-top:0.5pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">75&#160;</span></td><td style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.5pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Telxius Telecom, S.A.</span></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:0 1pt"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-bottom:0.5pt solid #bfbfbf;border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Syndicated </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(3)</span></div></td><td colspan="2" style="border-bottom:0.5pt solid #bfbfbf;border-top:0.5pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">145&#160;</span></td><td style="border-bottom:0.5pt solid #bfbfbf;border-top:0.5pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-bottom:0.5pt solid #bfbfbf;border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-bottom:0.5pt solid #bfbfbf;border-top:0.5pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">100&#160;</span></td><td style="border-bottom:0.5pt solid #bfbfbf;border-top:0.5pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-bottom:0.5pt solid #bfbfbf;border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">12/01/2023</span></td><td colspan="3" style="border-bottom:0.5pt solid #bfbfbf;border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">12/04/2029</span></td><td colspan="2" style="border-bottom:0.5pt solid #bfbfbf;border-top:0.5pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-bottom:0.5pt solid #bfbfbf;border-top:0.5pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:0.5pt solid #bfbfbf;border-top:0.5pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-bottom:0.5pt solid #bfbfbf;border-top:0.5pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">(</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:120%">1) The second one-year extension option for the Telef&#243;nica, S.A. sustainability-linked syndicated credit facility for up to 5,500 million euros, was executed on January 13, 2024, extending the maturity date to January 13, 2029.</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:120%">(2) The second one-year extension option of the Bluev&#237;a Fibra S.L.U syndicated facility, for 360 million euros, was executed on December 20, 2024, with a maturity extending the maturity date to December 20, 2029.</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%"> </span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:120%">(3) On December 4, 2024, the first one-year extension option of the Telxius Telecom, S.A, syndicated facility, for 145 million euros, was executed extending the maturity date to December 4, 2029. The facility has two annual extension options at Telxius Telecom, S.A. request with a maturity maximum up to 2030.</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:120%">(*) Undrawn limit.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">At December&#160;31, 2024, the Telef&#243;nica Group presented availabilities of financing from different sources that amounted to approximately 11,017 million euros (11,315 million euros at December&#160;31, 2023), of which 10,634 million euros will mature in more than twelve months. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Within these availabilities of financing, 10,593 million euros are included, whose interests are linked to the fulfillment of sustainability objectives. Of these, 4,343 million euros correspond to committed lines and bilateral financing, 750 million euros correspond to the sustainable syndicated loan of Telef&#243;nica Germany GmbH &amp; Co. OHG (see Annex V) and 5,500 million euros correspond to the sustainable syndicated loan of Telef&#243;nica, S.A. (see Note 29.d).</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Loans by currency </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The breakdown of &#8220;Loans and other payables&#8221; line by currency at December&#160;31, 2024 and 2023, and the equivalent value of foreign-currency loans in euros, is as follows: </span></div><div style="margin-bottom:18pt;margin-top:9pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.853%"><tr><td style="width:1.0%"></td><td style="width:30.964%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:15.883%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:15.883%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:15.883%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:15.887%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="12" style="border-bottom:1pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Outstanding balance (in millions)</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="6" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Local Currency</span></td><td colspan="6" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Euros</span></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Currency</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">12/31/2024</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">12/31/2023</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">12/31/2024</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">12/31/2023</span></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Euro</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,685&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,266&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,685&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,266&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">U.S. dollar</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">393&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">389&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">378&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">352&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Brazilian real</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">306&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">119&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">48&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">22&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Colombian peso</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,794,020&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,402,872&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">391&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">332&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Mexican peso</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">776&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,716&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">36&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">145&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Uruguayan peso</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,905&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">5,455&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">63&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">126&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Chilean Peso</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">310,338&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">247,252&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">300&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">255&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Other currencies</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">113&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">103&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total Group</span></td><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:0 1pt"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">4,014</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">3,601</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><span></span>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The disclosure of financial instruments measured at fair value through profit or loss. [Refer: At fair value [member]; Classes of financial instruments [domain]]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2024-01-01<br> -Paragraph 10<br> -Subparagraph e<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_10_e&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Financial Instruments [Abstract]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
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<span style="display: none;">v3.25.0.1</span><table class="report" border="0" cellspacing="2" id="idm45294661693776">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Derivative Financial Instruments and Risk Management Policies<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2024</div></th></tr>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_tef_FinancialInstrumentsAbstract', window );"><strong>Financial Instruments [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfDerivativeFinancialInstrumentsExplanatory', window );">Derivative Financial Instruments and Risk Management Policies</a></td>
<td class="text">Derivative financial instruments and risk management policies<div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Telef&#243;nica Group is exposed to various financial market risks as a result of: (i) its ordinary business activity, (ii) debt incurred to finance its business, (iii) its investments in companies, and (iv) other financial instruments related to the above commitments. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The main market risks affecting the Group companies are as follows: </span></div><div style="margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:10pt">Exchange rate risk</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">: arises primarily from: (i) Telef&#243;nica&#8217;s international presence, through its investments and businesses in countries that use currencies other than the euro (primarily in Latin America, but also in the United Kingdom), (ii) debt denominated in currencies other than that of the country where the business is conducted or the home country of the company incurring such debt , and (iii) for those trade receivables or payables in foreign currency related to the company with the transaction registered.</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%"> </span></div><div style="margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:10pt">Interest rate risk</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">: arises primarily in connection with changes in interest rates affecting: (i) financial expenses on floating-rate debt (or short-term debt likely to be renewed), (ii) the value of long-term liabilities at fixed interest rates and (iii) financial expenses and principal payments of inflation-linked financial instruments, considering interest rate risk as the impact of changes in inflation rates. </span></div><div style="margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:10pt">Share price risk</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">: arises primarily from changes in the value of the equity investments (that may be bought, sold or otherwise involved in transactions), from changes in the value of derivatives associated with such investments, from changes in the value of treasury shares and from changes in the value of equity derivatives. </span></div><div style="margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:10pt">Liquidity risk</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">: arises due to a mismatch between financing needs (including operating and financial expenses, investment, debt redemptions and dividend commitments) and sources of finance (including revenues, divestments, credit lines from financial institutions and capital market transactions). The cost of finance could also be affected by movements in the credit spreads (over benchmark rates) demanded by lenders. </span></div><div style="margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:10pt">Country risk</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">: refers to the possible decline in the value of assets, cash flows generated or cash flows returned to the parent company as a result of political, economic or social instability in the countries where the Telef&#243;nica Group operates, especially in Latin America.</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%"> </span></div><div style="margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:10pt">Credit risk</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">: appears when a counterparty fails to meet or delays its payment obligations in accordance with the agreed terms, driving an impairment in an asset due to: (i) solvency issues, or (ii) no intention to pay.</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%"> </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Risk management </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Telef&#243;nica Group actively manages these risks through the use of derivatives (primarily on exchange rates, interest rates, credit, share prices and commodities) and by incurring debt in local currencies, where appropriate, with a view to optimize the financial cost and to stabilizing cash flows, the income statement and investments. In this way, it attempts to protect the Telef&#243;nica Group&#8217;s solvency, facilitate financial planning and take advantage of investment opportunities. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Telef&#243;nica Group manages its exchange rate risk and interest rate risk in terms of net financial debt (including leases under IFRS 16) plus commitments as calculated by the Group. The Telef&#243;nica Group believes that these parameters are more appropriate to understand its debt position. Net financial debt and net financial debt plus commitments take into account the impact of the Group&#8217;s cash balance and cash equivalents including derivatives positions with a positive value linked to liabilities. Neither net financial debt nor net financial debt plus commitments as calculated by the Telef&#243;nica Group should be considered as a substitute for gross financial debt (the sum of current and non-current interest-bearing debt).  </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">For a more detailed description on reconciliation of net financial debt and net financial debt plus commitments to gross financial debt, see Note 2.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Exchange rate risk</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The fundamental objective of the exchange rate risk management policy is that, in event of depreciation in foreign currencies relative to the euro, any potential losses in the value of the operating results before depreciation and amortization margin generated by the businesses in such currencies (caused by depreciation in exchange rates of a foreign currency relative to the euro) are offset (to some extent) by savings from the reduction in the euro value of debt denominated in such currencies. This objective is also reflected on the decrease of the sensitivity to exchange rate variations of the net debt to operating results before depreciation and amortization ratio, in order to protect the Group's solvency. The degree of exchange rate hedging varies depending on the type of investment and may easily and actively be adjusted. For transactions of purchase or sale of business in currencies other than euro, additional hedges can be made on the estimated prices of the transactions or on estimated cash flows and operating results before depreciation and amortization. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">At December 31, 2024, the net financial debt in Latin American currencies was equivalent to approximately 5,436 million euros (6,535 million euros in 2023). However, the Latin American currencies in which this debt is denominated is not distributed in proportion to the operating results before depreciation and amortization generated in each currency. The future effectiveness of the strategy described above as an economic hedge of exchange rate risks therefore depends on which currencies depreciate relative to the euro. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Telef&#243;nica occasionally takes out dollar-denominated debt to hedge the euro-dollar intermediate component in the relation Euro-Latin American currencies, either in Spain (where such debt is associated with an investment as long as it is considered to be an effective hedge) or in the country itself, where the market for local currency financing or hedges may be inadequate or non-existent. At December 31, 2024, the Telef&#243;nica Group&#8217;s net financial debt denominated in dollars to hedge that component was equivalent to 1166 million euros of asset position (657 million euros of asset position in 2023). </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">At December 31, 2024, net financial debt in pounds sterling was equivalent to 46 million euros of asset position (82 million euros at December 31, 2023). As a consequence of setting up in June 2021 of the joint venture VMO2, the previous objective of maintaining debt in pounds sterling in the consolidated balance sheet of the Group of twice operating results before depreciation and amortization has been modified, as a result of changing the consolidation method of UK assets (VMO2 is accounted for under the equity method) and incorporating VMO2 to leverage higher than the ratio of twice Debt operating results before depreciation and amortization. The synthetic debt target denominated in pounds will be directly related to the flows that are expected to be repatriated from VMO2. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Telef&#243;nica Group also manages exchange rate risk by seeking to reduce the negative impact of any exchange rate exposure on the income statement, as a result of transactions recognized on the statement of financial position sheet and highly probable transactions, regardless of whether there are open positions. Such open position exposure can arise for any of three reasons: (i) a thin market for local derivatives or difficulty in sourcing local currency finance which makes it impossible to arrange a low-cost hedge (as in Argentina and Venezuela), (ii) financing through intra-group loans, where the accounting treatment of exchange rate risk is different from that for financing through capital contributions, and (iii) as the result of a deliberate policy decision, to avoid the high cost of hedges that are not warranted by expectations or high risk of depreciation. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The main transactions that generate or may generate exchange rate risk (regardless of whether or not they have an impact on the income statement) are, among others, as follows: issues in currencies other than the functional currency of the Group company, highly probable transactions in other currencies, future cash inflows in other currencies, investments and divestments, provisions for collections or payments and collections in foreign currency, the actual value of the investments (subsidiaries) in currencies other than the euro. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In 2024, net foreign exchange results were obtained from the management of the exchange rate (excluding monetary correction) for a total positive net result of 113 million euros (positive net result of 124 million euros in 2023).  </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The following table illustrates the sensitivity of foreign currency gains and sensitivity losses and of equity to changes in exchange rates, where: a) in calculating the impact on the income statement, the exchange rate position affecting the income statement at the end of 2024 was considered constant during 2025; b) in calculating the impact on equity, only monetary items have been considered, namely debt and derivatives such as hedges of net investment and loans to subsidiaries related to the investment, breakdown of which is considered constant in 2025 and identical to that existing at the end of 2024. In both cases, Latin American currencies are assumed to change their value against the dollar and the rest of the currencies against the euro by 10%.</span></div><div style="margin-top:3pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:48.181%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:15.710%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:15.710%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:15.999%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Millions of euros</span></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Currency</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Change</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Impact on the consolidated income statement</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Impact on consolidated equity</span></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">All currencies vs EUR</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">10%</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(42)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(298)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">USD vs EUR</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">10%</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(4)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(42)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Other currencies vs EUR</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">10%</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Latin American currencies vs USD</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">10%</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(39)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(256)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">All currencies vs EUR</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(10%)</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">42</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">298</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">USD vs EUR</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(10%)</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">42&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Other currencies vs EUR</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(10%)</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(1)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Latin American currencies vs USD</span></td><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(10%)</span></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">39&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">256&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Group&#8217;s monetary position in Venezuela at December&#160;31, 2024 is a net asset position of 10,207 million Venezuelan digital bolivars equivalent to 120 million euros (19,900 million Venezuelan digital bolivars equivalent to 113 million euros at December&#160;31, 2023). The net monetary position exposure in 2024 has been an asset position, which led to a higher financial expense of 67 million euros due to the effect of the monetary correction for inflation during the year (161 million euros of expense in 2023).</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The impact of hyperinflation on the net monetary position of the Group&#8217;s subsidiaries in Argentina represents a financial income amounting to 183&#160;million euros in 2024 (48 million euros in 2023 and 39 million euros in 2022 of net result for both periods) and is recorded under Exchange differences in the consolidated income statement. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Interest rate risk</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The main objective of the interest rate risk management policy is to bring the Company's financing costs in line with the budget for financial expenses for the current year, as well as the current strategic plan. In accordance with this objective, Telef&#243;nica decided to actively adjust the exposure of its debt to interest rates, i.e., the amount of debt that would accrue interest at fixed rates and variable rates.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In order to meet this target, Telef&#243;nica mainly carried out the following:</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;a) The interest rate of borrowings tied to a variable interest rate was set. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;b) Interest rate fluctuations of debt tied to a variable interest rate were reduced. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;c) Fixed rate debt instruments were converted into variable market rate debt instruments. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">These transactions may be carried out against an existing underlying asset or those that are highly likely to take place in the future (for example, a highly probable future issue of debt). </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Telef&#243;nica Group&#8217;s financial expenses are exposed to changes in interest rates. In 2024 the Euro, Brazilian Real, British Pound, American Dollar, Chilean peso and Colombian peso were the short-term rates that accounted for most of the exposure. In nominal terms, at December&#160;31, 2024, 82.5% of Telef&#243;nica&#8217;s net financial debt was pegged to fixed interest rates for a period greater than one year, compared to </span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">88.6%</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> in 2023. Of the remaining 17.5% (net debt at floating rates or at fixed rates maturing within one year), no debt had interest rates bounded in a period over one year, the same as on December&#160;31, 2023. </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In addition, early retirement and Individual Suspension Plan liabilities (see Note 24) were discounted to present value over the year, based on the curve for instruments with very high credit quality. The variation of interest rates </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">during the year has led to a change in the market value of these liabilities. However, this change was nearly completely offset by a variation in the opposite direction of the market value of the hedges on these positions. </span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:115%">Net financial expenses amounted to 1,789 million euros in 2024, decreasing 115 million euros compared to 2023. The lower amount in 2024 is mainly due to the positive impact of 154 million euros in interest associated with the favorable award relating to the ICSID arbitration procedure initiated by Telef&#243;nica, S.A. in 2018 against the Republic of Colombia.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">To illustrate the sensitivity of the Company's net financial expense to fluctuations in short-term interest rates, on one hand a 100 basis point increase in interest rates in all currencies in which Telef&#243;nica has financial positions at December&#160;31, 2024, and a 100 basis point decrease in all currencies has been assumed, and on the other hand a constant position equal to the position at year-end has been considered. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">To calculate the sensitivity of equity to fluctuations in interest rates, on one hand a 100 basis point increase in interest rates in all currencies and in all periods on the yield curve in which Telef&#243;nica has financial positions at December&#160;31, 2024, and a 100 basis point decrease in all currencies and all periods was assumed, and on the other hand only positions with cash flow hedges were considered, which are basically the only positions in which changes in market value due to interest rate fluctuations are recognized in equity. </span></div><div style="margin-top:9pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:56.945%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:19.733%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:20.022%"></td><td style="width:0.1%"></td></tr><tr><td colspan="9" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Millions of euros</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Change in basis points (bp)</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Impact on consolidated income statement</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Impact on consolidated equity</span></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;+100bp</span></div></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(41)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">533&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-bottom:1.5pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;-100bp</span></div></td><td colspan="2" style="border-bottom:1.5pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">41&#160;</span></td><td style="border-bottom:1.5pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1.5pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(533)</span></td><td style="border-bottom:1.5pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Share price risk</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Telef&#243;nica Group is exposed to changes in the value of equity investments, of derivatives associated with such investments, of share-based payments plans, of treasury shares and of equity derivatives over treasury shares. </span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">According to the share-based payments plans (see Note 27), the shares to be delivered to employees under such plan may be either Telef&#243;nica, S.A. treasury shares, acquired by itself or any of its Group companies, or newly issued shares. The possibility of delivering shares to beneficiaries of the plans in the future, implies a risk since there could be an obligation to hand over a maximum number of shares at the end of each phase, whose acquisition (in the event of acquisition in the market) in the future could imply a higher cash outflow than required on the start date of each phase if the share price is above the corresponding price on the phase start date. In the event that new shares are issued for delivery to the beneficiaries of the plan, there would be a dilutive effect for ordinary shareholders of Telef&#243;nica as a result of the higher number of shares delivered under such plan outstanding. </span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In 2021, the General Shareholder&#8217;s Meeting approved a Long-Term Incentive Plan allocated to Senior Executive Officers of the Telef&#243;nica Group consisting of the delivery of shares of Telef&#243;nica, S.A. This plan has a total duration of <span style="-sec-ix-hidden:f-4374">five</span> years and is divided into three mutually exclusive cycles of <span style="-sec-ix-hidden:f-4376">three</span> years each. Each of the cycles commenced, respectively, in January 2021, 2022 and 2023. The first (2021) of the three cycles matured on December 31, 2023 and the second cycle (2022) matured on December 31, 2024 (see Note 27). </span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The 2022 Shareholder&#8217;s Meeting approved a Global Employee Incentive Share Purchase Plan for shares of Telef&#243;nica, S.A. for the Employees of the Telef&#243;nica Group, which delivered shares to its participants in 2024 (see Note 27</span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:12pt;font-weight:400;line-height:120%">).</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Finally in 2024, the General Shareholder&#8217;s Meeting approved a Long-Term Incentive Plan allocated to Senior Executive Officers of the Telef&#243;nica Group consisting of the delivery of shares of Telef&#243;nica, S.A. This plan has a total duration of five years and is divided into three mutually exclusive cycles of three years each. The first cycle is deemed to have started on January 1, 2024 (with delivery of the corresponding shares in 2027). </span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">To reduce the risk associated with variations in share price under these plans, Telef&#243;nica could acquire instruments that hedge the risk profile of some of these plans. </span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In addition, the Group may use part of the treasury shares of Telef&#243;nica, S.A. held at December 31, 2024  to cover shares deliverable under the outstanding Plans. The net asset value of the treasury shares could increase or decrease depending on variations in Telef&#243;nica, S.A.&#8217;s share price. </span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Liquidity risk</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Telef&#243;nica Group seeks to match the schedule for its debt maturity payments to its capacity to generate cash flows to meet these maturities, while allowing for some flexibility. In practice, this has been translated into two key principles: </span></div><div style="margin-bottom:9pt;padding-left:36pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">1.</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:5.17pt">The Telef&#243;nica Group&#8217;s average maturity of net financial debt is intended to stay above six years or be restored above that threshold in a reasonable period of time if it eventually falls below it. This principle is considered as a guideline when managing debt and access to credit markets, but not a rigid requirement. When calculating the average maturity for the net financial debt, a portion of the undrawn credit lines can be considered as offsetting the shorter debt maturities, and extension options on some financing facilities may be considered as exercised, for calculation purposes. </span></div><div style="margin-bottom:9pt;padding-left:36pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">2.</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:5.17pt">The Telef&#243;nica Group must be able to pay all commitments over the next 12 months without accessing new borrowing or tapping the capital markets (drawing upon firm credit lines arranged with banks), assuming budget projections are met. </span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">At December 31, 2024, the average maturity of net financial debt (27,161 million euros) was 11.34 years (including undrawn committed credit facilities).</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">At December 31, 2024, financial liabilities (Note 18) and lease liabilities (Note 20) scheduled to mature in 2024 amounted to 5,590 and 2,226</span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> million euros, respectively. These maturities are lower than the amount of funds available, calculated as the sum of: a) cash and cash equivalents and current financial assets; b) annual cash generation projected for 2025, and c) undrawn credit facilities arranged with banks whose original maturity is over one year (an aggregate of 10,634 million euros at </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">December 31, 2024</span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">), providing flexibility to the Telef&#243;nica Group with regard to accessing capital or credit markets in the next two years. For a further description of the Telef&#243;nica Group&#8217;s liquidity and capital resources in 2024, see Note 18 and Appendix V.  </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Country risk</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Telef&#243;nica Group managed or mitigated country risk by pursuing two lines of action (in addition to its normal business practices): </span></div><div style="margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">1.</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:5.17pt">Partly matching assets to liabilities (those not guaranteed by the Parent company) in the Telef&#243;nica Group&#8217;s Latin American companies such that any potential asset impairment would be accompanied by a reduction in liabilities; and </span></div><div style="margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">2.</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:5.17pt">Repatriating funds generated in Latin America that are not required for the pursuit of new, profitable business development opportunities in the region. </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Regarding the first point, at December&#160;31, 2024, the Telef&#243;nica Group&#8217;s Latin American companies had net financial debt not guaranteed by the Parent company of 1,768 million euros, which represents 6.5% of net financial debt of the Group. Nevertheless, in certain countries, such as Venezuela, there is a net cash balance (instead of a net liability balance). </span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:115%">Regarding the net repatriation of funds to Spain, </span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:115%">364 million euros from Latin America companies have been received in 2024. This amount includ</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:115%">es aggregate dividend collections of 377&#160;million euros and fees for 266 million euros, partially offset by loans and capital contributions made to subsidiaries in an aggregate amount of 279&#160;million euros. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Credit risk</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Telef&#243;nica Group trades in derivatives with creditworthy counterparties. Therefore, Telef&#243;nica, S.A. generally trades with credit entities whose &#8220;senior debt&#8221; ratings are of at least &#8220;A-&#8221; or in case of Spanish entities in line with the credit rating of the Kingdom of Spain. In Spain, where most of the Group&#8217;s derivatives portfolio is held, there are netting agreements with financial institutions, with debtor or creditor positions offset in case of bankruptcy, limiting the risk to the net position. In addition, the CDS (Credit Default Swap) of all the counterparties with which Telef&#243;nica, S.A. operates is monitored at all times in order to assess the maximum allowable CDS for operating at any given time. Transactions are generally only carried out with counterparties whose CDS is below the threshold. </span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Net CVA (CVA+DVA) or Credit Valuation Adjustment is the method used to measure credit risk for both counterparties and Telef&#243;nica in order to determine the fair value of the derivatives portfolio. This adjustment reflects the probability of default or the deterioration of the credit quality of both Telef&#243;nica and its counterparties. The simplified formula to calculate CVA is Expected Exposure times Probability of Default times Loss Given Default (LGD). In order to calculate these variables standard market practices are used. </span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">At the same time, and in order to address the credit risk, Telef&#243;nica considers the use of CDS, novations, derivatives with break clauses and signing CSA's under certain conditions. </span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">For other subsidiaries, particularly those in Latin America, assuming a stable sovereign rating provides a ceiling which is below &#8220;A&#8221;, trades are with local financial entities whose rating by local standards is considered to be of high creditworthiness. </span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Meanwhile, with credit risk arising from cash and cash equivalents, the Telef&#243;nica Group places its cash surpluses in high quality money-market assets. These placements are regulated by a general framework, revised annually. Counterparties are chosen according to criteria of liquidity, solvency and diversification based on the conditions of the market and countries where the Group operates. The general framework sets: the maximum amounts to be invested by counterparty based on its rating (long-term debt rating) and the instruments in which the surpluses may be invested (money-market instruments). Additionally, for Treasury surpluses managed at Telef&#243;nica S.A, a criteria based on CDS is also considered, similar to that used for the selection of counterparties to operate with derivatives, for the selection of counterparties for the placement of those surpluses. </span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Telef&#243;nica Group considers customer credit risk management as a key element to achieve its business and customer base growth targets in a sustainable way. This management approach relies on the active evaluation of the risk-reward balance within the commercial operations and on the adequate separation between the risk ownership and risk management functions. </span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Formal delegation of authority procedures and management practices are implemented in the different Group companies, taking into account benchmark risk management techniques, adapted to the local characteristics of each market. Commercial debtors that may cause a relevant impact on the Telef&#243;nica Group consolidated financial statements and increased risk profile products - due to customer target, term, channels or other commercial characteristics - are subject to specific management practices in order to mitigate the exposure to credit risk. </span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">This customer credit risk management model is embedded in the day-to-day operational processes of the different companies, where the credit risk assessment guides both the product and services available for the different customers and the collection strategy. </span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Telef&#243;nica Group&#8217;s maximum exposure to credit risk is initially represented by the carrying amounts of the financial assets and the guarantees given by the Telef&#243;nica Group. </span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Several Telef&#243;nica Group companies provide operating guarantees granted by external counterparties, which are offered during their normal commercial activity, in bids for licenses, permits and concessions, and spectrum acquisitions. At December&#160;31, 2024, these guarantees amounted to approximately 7,526 million euros (7,316 million euros at December&#160;31, 2023). </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Capital management</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Telef&#243;nica&#8217;s corporate finance department takes into consideration several factors for the evaluation of the Telef&#243;nica&#8217;s capital structure, with the aim of maintaining the solvency and creating value to the shareholders. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The corporate finance department estimates the cost of capital on a continuous basis through the monitoring of the financial markets and the application of standard industry approaches for calculating weighted average cost of capital, or WACC, so that it can be applied in the valuation of businesses in course and in the evaluation of investment projects. In addition, Telef&#243;nica also uses as reference net financial debt (excluding items of a non-recurring or exceptional nature) that allows for a comfortable investment grade credit rating as assigned by credit rating agencies, aiming at protecting credit solvency and making it compatible with alternative uses of cash flow that could arise at any time. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">These general principles are refined by other considerations and the application of specific variables, such as country risk in the broadest sense, or the volatility in cash flows generation that are considered, when evaluating the financial structure of the Telef&#243;nica Group and its different areas. </span></div><div style="margin-top:9pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Interest rate benchmark reform and associated risks</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In 2022, the transition was made to the new reference indices affected as of December 31, 2022 (GBP Libor and CHF Libor) and in June 2023 the one related to USD Libor. Due to the need to incorporate substitute indices (known as fallbacks) of the reference rates used in the contracts, in 2021 Telef&#243;nica, S.A. decided not to adhere to the ISDA Protocol and has since negotiated bilateral contracts with each affected counterparty. Thanks to the decisions agreed in 2021 to manage the changes in Libor, there have been no impacts from these changes, no contractual modifications of derivative instruments or impact on hedging relationships directly affected by the reform. Thus, as of June 2023, all Libor indices have been replaced by Libor Fallbacks for the entire portfolio outstanding on that date.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Derivatives policy</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">At December&#160;31, 2024, the nominal value of outstanding derivatives with external counterparties amounted to 84,933 million euros equivalent, a 4.7% increase from December&#160;31, 2023 (81,097 million euros equivalent). This figure is inflated by the use in some cases of several levels of derivatives applied to the nominal value of a single underlying liability. For example, a foreign currency loan can be hedged into floating rate, and then each interest rate period can be fixed using a fixed rate hedge, or FRA (Forward Rate Agreement) The high volume is also due to the fact that when a derivative transaction is canceled, the company may either cancel the derivative or take the opposite position, which cancels out the variability thereof. The second option is usually chosen in order to cut costs. Even using such techniques to reduce the position, it is still necessary to take extreme care in the use of derivatives to avoid potential problems arising through error or a failure to understand the real position and its associated risks. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The main principles in the management of derivatives are detailed below: </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">1) Derivatives based on a clearly identified hedged items. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Telef&#243;nica&#8217;s derivatives policy emphasizes the following points: </span></div><div style="margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">Acceptable underlyings include assets and liabilities, profits, revenues and cash flows in either a company&#8217;s functional currency or another currency. These flows can be contractual (debt and interest payments, settlement of foreign currency payables, etc.), reasonably certain or foreseeable (PP&amp;E purchases, future debt issues, commercial paper programs, etc.). The acceptability of an underlying asset in the above cases does not depend on whether it complies with accounting rules requirements for hedge accounting, as is required in the case of certain intra-group transactions, for instance. Parent company investments in subsidiaries with functional currencies other than the euro also qualify as acceptable underlying assets. </span></div><div style="margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">Economic hedges are hedges that have a designated underlying asset and that, under certain circumstances, may offset the changes in the value of the underlying asset. These economic hedges may not always meet the requirements to be treated as hedges for accounting purposes. The decision to arrange these hedges if they do not meet certain requirements will depend on the marginal impact on the income statement and, therefore, on how far this may compromise the goal of having a stable income statement. In any case, the changes are recognized in the income statement. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">2) Matching of the hedged item to one side of the derivative. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">This matching basically applies to foreign currency debt and derivatives hedging foreign currency payments by Telef&#243;nica Group subsidiaries. The aim is to eliminate the risk arising from changes in foreign currency interest rates. Nonetheless, even when the aim is to achieve perfect hedging for all cash flows, the lack of liquidity in certain markets, especially in Latin American currencies, has meant that historically there have been mismatches between the terms of the hedges and those of the debts they are meant to hedge. The Telef&#243;nica Group intends to reduce these mismatches, provided that doing so does not involve disproportionate costs. In this regard, if adjustment does prove too costly, the financial timing of the underlying asset in foreign currency will be modified in order to minimize interest rate risk in foreign currency. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In certain cases, the timing of the underlying as defined for derivative purposes may not be exactly the same as the timing of the contractual underlying. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">3) Matching the company contracting the derivative and the company that owns the hedged item. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Generally, the aim is to ensure that the hedging derivative and the hedged asset or liability belong to the same company. Sometimes, however, the holding companies (Telef&#243;nica, S.A. and Telef&#243;nica Latinoam&#233;rica Holding, S.L.) have arranged hedges on behalf of a subsidiary that owns the underlying asset. The main reasons for separating the hedge and the underlying asset were the chance of differences in the legal validity of local and international hedges (as a result of unforeseen legal changes) and the different credit ratings of the counterparties (of the Telef&#243;nica Group companies as well as those of the banks). </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">4) Ability to measure the derivative&#8217;s fair value using the valuation systems available to the Telef&#243;nica Group. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Telef&#243;nica uses several tools to evaluate and manage the risk involved in derivatives and debt. Among these tools are the Calypso system, extensively used in various financial institutions, and the specialized libraries in the MBRM financial calculation, both of which are widespread throughout the market and have shown proven reliability. In order to perform these calculations, customary market techniques are used when configuring the calculation methods, and information from money market curves is used on a daily basis as market inputs (swaps, depos, FRA, etc.) for interest rates, official fixings for exchange rates and the interest rates and volatility matrices for interest and exchange rates that are listed in the multi-contributor systems, Reuters and Bloomberg. For those yield curves that are less liquid or whose prices published in Reuters and Bloomberg are considered not to adequately reflect the market situation, these curves will be requested from relevant banks in these markets. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">5) Sale of options only when there is an underlying exposure. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Telef&#243;nica considers the sale of options when: i) there is an underlying exposure (on the consolidated statement of financial position or associated with a highly probable cash outflow) that would offset the potential loss for the year if the counterparty exercised the option. This exposure does not have to be treated as a purchased option, but rather it can be another type of hedged item (in these cases, hedge accounting does not apply since this hedging instrument does not meet the criteria required by accounting standards to treat the sale of options as hedging instruments), or ii) the option is part of a structure in which another derivative offsets any loss. The sale of options is also permitted in option structures where, at the moment they are taken out, the net premium is either positive or zero. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">For instance, it would be possible to sell short-term options on interest rate swaps that entitle the counterparty to receive a certain fixed interest rate, below the level prevailing at the time the option was sold. This would mean that if rates fell and the counterparty exercised its option, the Group would swap part of its debt from floating rate to a lower fixed rate, having received a premium. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">6) Hedge accounting. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The main risks that may qualify for hedge accounting are as follows: </span></div><div style="margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:10pt">Variations in market interest rates (either money-market rates, credit spreads or both) that affect the value of the underlying asset or the measurement of the cash flows. </span></div><div style="margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:10pt">Variations in exchange rates that change the value of the underlying asset in the company&#8217;s functional currency and affect the measurement of the cash flow in the functional currency. </span></div><div style="margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:10pt">Variations in the valuation of any financial asset, particularly shares of companies included in the portfolio of &#8220;Equity instruments&#8221;. </span></div><div style="margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:10pt">Variations in the price of commodities related to contracts that the Group has with third parties. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Regarding the underlying: </span></div><div style="margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:10pt">Hedges can cover all or part of the value of the underlying. </span></div><div style="margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:10pt">The risk to be hedged can be for the whole period of the transaction or for only part of the period. </span></div><div style="margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:10pt">The underlying may be a highly probable future transaction, or a contractual underlying (loan, foreign currency payment, investment, financial asset, etc.) or a combination of both that defines an underlying with a longer term. </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The main coverage instruments used are: </span></div><div style="margin-bottom:9pt;margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:10pt">Forwards / NDF: they are used mainly for exchange rate hedges related to commercial positions in foreign currency. They can also be used to hedge financing in foreign currency and net investment hedge in foreign currency. </span></div><div style="margin-bottom:9pt;margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:10pt">Exchange Rate Options: in some cases, this type of instruments can be used linked to future CapEx and OpEx operations and investments and divestments in foreign currency. </span></div><div style="margin-bottom:9pt;margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:10pt">Spots: for purchases and sales of currencies that are made same day value or two days&#8217; value. Generally used for operational needs or for divestments of operations in foreign currency. </span></div><div style="margin-bottom:9pt;margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:10pt">Currency swaps: this type of transaction is generally executed to hedge bonds issuance or loans issued in foreign currency or net investment hedge. </span></div><div style="margin-bottom:9pt;margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:10pt">Interest Swaps / Interest Rate Options: these instruments are used to manage the interest rate of the debt portfolio. Their use of them is ruled by the Financial Expenses Budget with the objective of its fulfillment. Both the volume to be contracted and the maturity of these products are determined by the underlying assets to be hedged. </span></div><div style="margin-bottom:9pt;margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">It is possible that in several markets the maturity, as well as the low liquidity, does not allow to contract a "perfect&#8221; hedge, but this circumstance will have to be analyzed case by case. </span></div><div style="margin-bottom:9pt;margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:10pt">CDS: in order to manage the counterparty credit risk or CVA / DVA, CDS operations can be arranged to mitigate this risk. </span></div><div style="margin-bottom:9pt;margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:10pt">Derivatives of Commodities associated to: </span></div><div style="padding-left:108pt;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#9642;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:9.96pt">Price risk hedge (mainly Electricity) associated with the Group's own contracts.</span></div><div style="margin-bottom:9pt;margin-top:9pt;padding-left:108pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#9642;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:9.96pt">Supporting the business lines that may need it and always hedging the commercial risks of the signed contracts. They would be settled by differences, this is, in a non-deliverable format. </span></div><div style="margin-bottom:9pt;margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:10pt">Equity Derivatives: these are derivatives that address strategic decisions or hedging needs, either to hedge future investments or hedge existing risks. They protect Telef&#243;nica from the potential appreciation or depreciation in the price of the shares they hold as underlying. </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Between the hedged item and the hedging instrument there is an economic relationship, this is, in general terms they move in opposite directions due to the same risk or risk covered. In other words, there must be an expectation that the value of the hedging instrument and the value of the hedged item will change systematically in opposite directions in response to the movements of one of the following elements: </span></div><div style="margin-bottom:9pt;margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:10pt">the same underlying item; or </span></div><div style="margin-bottom:9pt;margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:10pt">Underlying items that are economically related in such sense that they respond similarly to the risk that is being hedged. </span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Depending on the complexity of the hedge relationship and the way in which the hedge has been structured, a quantitative or qualitative analysis will have to be performed to demonstrate that there is an economic relationship between the hedged item and the hedging instrument. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">This may on occasion mean that the hedging instruments have longer terms than the related contractual underlying. This happens when the Telef&#243;nica Group enters into long-term swaps, caps or collars to protect the Group against interest rate increases that may raise the financial expense of its promissory notes, commercial paper and some floating rate loans which mature earlier than their hedges. These floating rate financing programs are highly likely to be renewed and Telef&#243;nica commits to this by defining the underlying asset in a more general way as a floating rate financing program whose term coincides with the maturity of the hedge. In those cases in which the underlying assets representing the risk hedged are canceled or refinanced early, and if there is an open risk with similar characteristics as the underlying asset that was canceled or refinanced early, either because there is new financing or because there is an underlying asset with similar characteristics and risk profile, the hedge may remain in force with the derivatives assigned thereto and the risk will be subject to the hedge arranged in the aforementioned refinancing. When either of these situations occurs, the effectiveness of the hedge will be reviewed taking into account the new situation. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">There can be three types of hedges: </span></div><div style="margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:10pt">Fair value hedges. </span></div><div style="margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:10pt">Cash flow hedges. Such hedges can be set at any value of the risk to be hedged (interest rates, exchange rates, etc.) or for a defined range (interest rates between 2% and 4%, above 4%, etc.). In this last case, the hedging instrument used is options. </span></div><div style="margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:10pt">Hedges of net investment in consolidated foreign subsidiaries. Generally, such hedges are arranged by Telef&#243;nica, S.A. and other Telef&#243;nica holding companies. Wherever possible, these hedges are implemented through real debt in foreign currency. Often, however, this is not always possible as many Latin American currencies are non-convertible, making it impossible for non-resident companies to issue local currency debt. It may also be that, due to the debt market deepness, the debt in the currency concerned is not enough to accommodate the required hedge, or that an acquisition is made in cash with no need for market financing. In these circumstances derivatives either forwards or cross-currency swaps are mainly used to hedge the net investment. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">When using options, forwards or cross-currency swaps as hedging instruments, the exclusion of the time value of the option, the element at maturity of the forward and the currency spread of the cross-currency swap of the hedging relationship are evaluated on a case by case basis, in order to be treated as hedge costs. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Hedges can comprise a combination of different derivatives. </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Management of accounting hedges is not static, and the hedging relationship may change before maturity. The interruption of the hedge accounting is possible within the framework of the management of financial risks and described in the internal document of &#8220;financial risks management and hedging strategy under IFRS 9&#8221;. To gauge the efficiency of transactions defined as accounting hedges, the Group analyzes the extent to which the changes in the fair value or in the cash flows attributable to the hedged item would offset the changes in fair value or cash flows attributable to the hedged risk using a linear regression model prospectively. To evaluate the effectiveness of hedges, under IFRS 9, there is no numerical range under which it is accepted that a hedge is effective and hence the hedge accounting standards are applicable. Therefore, Telef&#243;nica considers that if there is an economic relationship, not dominated by changes in credit risk and if the appropriate hedging rationale has been designated, the requirements for effectiveness are met. However, at the moment when ineffectiveness arises, Telef&#243;nica will evaluate whether there is still an economic relationship or whether the designated hedging rationale is appropriate. The possible sources of ineffectiveness that Telef&#243;nica can have when designing a hedging relationship and that will be considered when establishing the hedging rationale are: </span></div><div style="margin-bottom:9pt;padding-left:36pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:10pt">The hedging instrument and the hedged item have different maturity dates, initial dates, contract dates, repricing dates, etc. </span></div><div style="margin-bottom:9pt;padding-left:36pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:10pt">The hedging instrument starts with initial value and a financing effect is produced. </span></div><div style="margin-bottom:9pt;padding-left:36pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:10pt">When the underlying items have different sensitivity and are not homogeneous, for example EURIBOR 3M versus EURIBOR 6M. </span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The main guiding principles for risk management are laid down by Telef&#243;nica&#8217;s Finance Department and implemented by the company financial officers (who are responsible for balancing the interests of each company and those of the Telef&#243;nica Group). The Corporate Finance Department may allow exceptions to this policy where these can be justified, normally when the market is too thin for the volume of transactions required or on clearly limited and small risks. New companies joining the Telef&#243;nica Group as a result of mergers or acquisitions may also need time to adapt. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">7) Cancellation of derivatives. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">When a derivative transaction is canceled, the Company may: </span></div><div style="margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:10pt">Cancel the derivative and pay its market value. </span></div><div style="margin-bottom:9pt;margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:10pt">Take the opposite position which cancels out the variability thereof, if cancellation costs are high or if it is recommended for operating or business reasons. </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Breakdown of financial results</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The breakdown of the financial results recognized in 2024, 2023 and 2022 is as follows: </span></div><div style="margin-bottom:9pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:48.181%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:15.710%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:15.710%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:15.999%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Millions of euros</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2024</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2023</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2022</span></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Interest income</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">486&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">516&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">384&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Dividends received</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">39&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">29&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">25&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Other financial income</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">326&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">349&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">894&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Subtotal</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">851</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">894</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,303</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Changes in fair value of asset derivatives at fair value through profit or loss</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">145&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">114&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">377&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Changes in fair value of liability derivatives at fair value through profit or loss</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(88)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(42)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(861)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Changes in the fair value of debt instruments and other assets at fair value to profit or loss</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">8&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Transfer from equity of results of cash flow hedges - future cash flows that are no longer expected to happen</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(2)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(Loss)/Gain on fair value hedges</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(226)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">246&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(1,818)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Gain/(loss) on adjustment to items hedged by fair value hedges</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">224&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(292)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,763&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Subtotal</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">59</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">30</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(533)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Interest expenses </span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(1,796)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(1,606)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(1,548)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Financial expenses on lease liabilities (see Note 20)</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(512)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(435)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(393)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Ineffective portion of cash flow hedges</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(2)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(12)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(15)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Accretion of provisions and other liabilities</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(389)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(489)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">276&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Other financial expenses</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(229)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(297)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(317)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Subtotal</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(2,928)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(2,839)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(1,997)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Net finance costs excluding foreign exchange differences and inflation adjustments</span></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(2,018)</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(1,915)</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(1,227)</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">"Other financial income" in 2024 includes 164 million U.S. dollars (approximately 154 million euros) relating to the favorable award of Telef&#243;nica issued by ICSID against the Republic of Colombia (see notes 2, 15 and 29.a). Interest has been calculated from August 29, 2017 at a compound rate of 5% per year. </span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">"Accretion of provisions and other liabilities" in 2024 includes 406 million Brazilian Reais (70 million euros at 2024 average exchange rate) referring to the reversal of the monetary update of the regulatory provisions of Telef&#243;nica Brasil reversed after the Concession Migration Agreement signed between Telef&#243;nica Brasil and ANATEL (see notes 24.c and 29.a).</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">"Other financial income" in 2023 included 46 million euros corresponding to the default interest as a result of the final decisions in favor of Telef&#243;nica Brazil about the right to deduct the ICMS from the calculation basis of PIS/COFINS (139 million euros in 2022).</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">"Other financial income" in 2022 included 526 million euros corresponding to delayed interest after the Agreement for the Execution of the Judgment of the Audiencia Nacional issued on October 24, 2022 (see Note 25, Inspections of the tax group in Spain).</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">"(Loss)/Gain on fair value hedges" includes mainly the impact on income of fair value hedges contracted by Telef&#243;nica, S.A., which are similarly reflected under "Gain/(loss) on adjustment to items hedged by fair value hedges" and therefore, have no significant net impact on the consolidated income statement. The movement in both items in 2024 and in 2023 with respect to previous years is the result of the variation of interest rates in the exercise. </span></div><div style="margin-bottom:12pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Evolution of derivative instruments    </span></div><div style="margin-bottom:9pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The movement of the net position of derivatives during the years ended December 31, 2024 and December 31, 2023 is as follows:  </span><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:60.626%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:18.036%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:18.038%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Millions of euros<br/></span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Movement in 2024</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Movement in 2023</span></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Opening balance of assets/(liabilities)</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">399</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,012</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Financing payments</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">20&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(33)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #b7b7b7;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Financing proceeds</span></td><td colspan="2" style="border-top:1pt solid #b7b7b7;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(385)</span></td><td style="border-top:1pt solid #b7b7b7;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #b7b7b7;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(20)</span></td><td style="border-top:1pt solid #b7b7b7;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #b7b7b7;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Interest (proceeds)/payments</span></td><td colspan="2" style="border-top:1pt solid #b7b7b7;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(50)</span></td><td style="border-top:1pt solid #b7b7b7;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #b7b7b7;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">97&#160;</span></td><td style="border-top:1pt solid #b7b7b7;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #b7b7b7;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Other (proceeds)/payments</span></td><td colspan="2" style="border-top:1pt solid #b7b7b7;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">123&#160;</span></td><td style="border-top:1pt solid #b7b7b7;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #b7b7b7;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">87&#160;</span></td><td style="border-top:1pt solid #b7b7b7;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #b7b7b7;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Fair value adjustments through other comprehensive income</span></td><td colspan="2" style="border-top:1pt solid #b7b7b7;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,108&#160;</span></td><td style="border-top:1pt solid #b7b7b7;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #b7b7b7;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(584)</span></td><td style="border-top:1pt solid #b7b7b7;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #b7b7b7;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Movements with a corresponding entry under the income statement</span></td><td colspan="2" style="border-top:1pt solid #b7b7b7;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(253)</span></td><td style="border-top:1pt solid #b7b7b7;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #b7b7b7;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(57)</span></td><td style="border-top:1pt solid #b7b7b7;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #b7b7b7;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Translation differences</span></td><td colspan="2" style="border-top:1pt solid #b7b7b7;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">40&#160;</span></td><td style="border-top:1pt solid #b7b7b7;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #b7b7b7;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(115)</span></td><td style="border-top:1pt solid #b7b7b7;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Other movements</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">12&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Closing balance of assets/(liabilities)</span></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,002</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">399</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The variation in 2024 represents a increase of 603 million euros of assets (decrease of 613 million euros of assets in 2023) mainly due to the evolution of exchange rate, mainly due to the appreciation of dollar and the depreciation of the Brazilian real, netting the opposite effect due to the increase of interest rates of dollar and decrease of euro. These variations are mostly by a similar impact and in the opposite direction in the hedge accounting of the different issuances and loans in dollar and euro currency of the Telef&#243;nica Group. </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">As of December 31, 2024 the derivatives portfolio amounted to a net positive value of 1,002 million euros (a net positive value of 399 as of December 31, 2023). This amount includes a net positive value of 914 million euros due to hedges (cross currency swaps) to transfer financial debt issued in foreign currency to local currency (a positive value of 135 million euros at December 31, 2023). </span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The calculation of the fair values of the Telef&#243;nica Group&#8217;s debt instruments required an estimate, for each currency and counterparty, of a credit spread curve using the prices of the Group&#8217;s bonds and credit derivatives. </span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The derivatives portfolio was measured through the techniques and models normally used in the market, based on money market curves and volatility prices available in the markets.  Additionally, the credit valuation adjustment or net CVA per counterparty (CVA+DVA) is calculated on that measurement as the method used to measure the credit risks of the counterparties and also Telef&#243;nica for the purpose of adjusting the fair value valuation of the derivatives. This adjustment reflects the possibility of bankruptcy or credit rating impairment of the counterparty and Telef&#243;nica. </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Derivatives arranged by the Group at December&#160;31, 2024 are detailed in Appendix IV. </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The breakdown of Telef&#243;nica&#8217;s hedges and other derivative instruments at December 31, 2024 and December 31, 2023, their fair value at year-end and the expected maturity schedule is as set forth in the table below: </span></div><div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:26.303%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:5.643%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:5.643%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:5.643%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:5.643%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:5.643%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.517%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.504%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.504%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.934%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.790%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:5.933%"></td><td style="width:0.1%"></td></tr><tr><td colspan="36" style="border-bottom:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">December 31, 2024</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"></td><td colspan="15" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Notional amount - Maturities </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:5.2pt;font-weight:700;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(*)</span></div></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"></td><td colspan="15" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Book value of the derivative and no-derivative instruments </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:5.2pt;font-weight:700;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(**)</span></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Millions of euros</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2025</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2026</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2027</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Later</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Non-current asset</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Current asset</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Non-current liabilities</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Current liabilities</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total</span></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Derivative instruments of accounting hedges</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(2,724)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2,408</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,293</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">3,133</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">4,110</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(2,441)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(372)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,526</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">67</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(1,220)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Interest rate risk</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(1,624)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(4,630)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(6,252)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(322)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(131)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">545</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">20</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">112</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Cash flow hedges</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(2,150)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4,769&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,619&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(12)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(22)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">129&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">97&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Fair value hedges</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">526&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(9,399)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(8,871)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(310)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(109)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">416&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">18&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">15&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Exchange rate risk</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(2,085)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2,331</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">714</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">5,324</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">6,284</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(1,594)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(136)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">837</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">43</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(850)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Cash flow hedges</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">101&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,344&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">714&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">5,324&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">8,483&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(1,594)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(54)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">837&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(810)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Fair value hedges</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">494&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(13)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">481&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(12)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(11)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Net investment in a foreign business hedges</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(2,680)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(2,680)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(70)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">41&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(29)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Interest rate and exchange rate risk</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">985</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">76</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">578</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2,439</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">4,078</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(525)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(105)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">144</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">4</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(482)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Cash flow hedges</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">985&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">76&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">472&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,892&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3,425&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(400)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(104)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">64&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(440)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Fair value hedges</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">106&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">547&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">653&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(125)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(1)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">80&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(42)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Undesignated derivatives</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(268)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(866)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(325)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(2,150)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(3,609)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(164)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(89)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">339</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">132</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">218</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Other derivatives of interest rate</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(525)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(738)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(325)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(2,150)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(3,738)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(159)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(59)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">330&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">8&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">120&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Other derivatives of exchange rate</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(125)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(521)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(646)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(20)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">9&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">9&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(2)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Other derivatives</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">382&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">393&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">775&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(5)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(10)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">115&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">100&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total derivative instruments</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(2,992)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,542</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">968</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">983</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">501</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(2,605)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(461)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,865</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">199</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(1,002)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">No derivatives instruments of accounting hedges </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:5.2pt;font-weight:700;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(***)</span></div></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">29</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">29</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">29</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">29</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Exchange rate risk</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">29</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">29</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">29</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">29</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Fair value hedges</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Net investment in a foreign business hedges</span></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">29&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">29&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:0 1pt"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">29&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">29&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr></table></div><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline">(*)</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%"> For interest rate hedges, the positive amount is in terms of "fixed payment.&#8221; For foreign currency hedges, a positive amount means payment in functional vs. foreign currency.  </span></div><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline">(**)</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%"> Positive amounts indicate payables.</span></div><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline">(***)</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%"> Of the hedging instruments that are not derivatives,29 million euros correspond to "Loans and other debts"" (see Note 18). </span></div><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%"> </span><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:27.862%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:5.384%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:5.384%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:5.672%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:5.384%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:5.384%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.520%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.392%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.392%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.825%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.536%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:5.965%"></td><td style="width:0.1%"></td></tr><tr><td colspan="36" style="border-bottom:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">December 31, 2023</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"></td><td colspan="15" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Notional amount - Maturities </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:5.2pt;font-weight:700;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(*)</span></div></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"></td><td colspan="15" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Book value of the derivative and no-derivative instruments </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:5.2pt;font-weight:700;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(**)</span></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Millions of euros</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2024</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2025</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2026</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Later</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Non-current asset</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Current asset</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Non-current liabilities</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Current liabilities</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total</span></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Derivative instruments of accounting hedges</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(3,225)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">873</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2,533</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">4,917</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">5,098</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(1,785)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(272)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,224</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">87</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(746)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Interest rate risk</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(1,190)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(123)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(4,070)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(5,381)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(334)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(163)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">404</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">35</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(58)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Cash flow hedges</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(1,490)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(650)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3,532&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,392&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(16)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">83&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">35&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">102&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Fair value hedges</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">300&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">527&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(7,602)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(6,773)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(318)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(163)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">321&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(160)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Exchange rate risk</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(2,115)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2,344</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">6,103</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">6,332</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(1,124)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(69)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">711</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">51</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(431)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Cash flow hedges</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">657&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,344&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">6,038&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">9,039&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(1,124)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(38)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">708&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">20&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(434)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Fair value hedges</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">401&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">65&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">466&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(5)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">20&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">18&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Net investment in a foreign business hedges</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(3,173)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(3,173)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(26)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">11&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(15)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Interest rate and exchange rate risk</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">80</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">996</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">187</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2,884</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">4,147</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(327)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(40)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">109</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(257)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Cash flow hedges</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">80&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">996&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">9&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,339&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3,424&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(281)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(40)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">35&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(285)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Fair value hedges</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">178&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">545&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">723&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(46)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">74&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">28&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Undesignated derivatives</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">396</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(416)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(738)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(1,625)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(2,383)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(155)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(80)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">433</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">149</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">347</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Other derivatives of interest rate</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(288)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(525)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(738)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(1,625)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(3,176)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(155)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(54)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">399&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">14&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">204&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Other derivatives of exchange rate</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(123)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(123)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(14)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">13&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(1)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Other derivatives</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">807&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">109&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">916&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(12)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">34&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">122&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">144&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total derivative instruments</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(2,829)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">457</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,795</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">3,292</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2,715</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(1,940)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(352)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,657</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">236</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(399)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">No derivatives instruments of accounting hedges </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:5.2pt;font-weight:700;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(***)</span></div></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">27</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">27</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">27</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">27</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Exchange rate risk</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">27</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">27</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">27</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">27</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Fair value hedges</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Net investment in a foreign business hedges</span></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">27&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">27&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:0 1pt"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">27&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">27&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline">(*)</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%"> For interest rate hedges, the positive amount is in terms of "fixed payment.&#8221; For foreign currency hedges, a positive amount means payment in functional vs. foreign currency.   </span></div><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline">(**)</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%"> Positive amounts indicate payables. </span></div><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline">(***)</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%"> Of the hedging instruments that are not derivatives, 27 million euros correspond to "Loans and other debts" (see Note 18).  </span></div><div style="margin-top:9pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The detail of hedged items by fair value hedges at December 31, 2024 and December 31, 2023 are as follows:</span></div><div style="margin-top:9pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:22.463%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.371%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.526%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.095%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:5.078%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.518%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.514%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.239%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.526%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:4.647%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.823%"></td><td style="width:0.1%"></td></tr><tr><td colspan="33" style="border-bottom:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">December 31, 2024</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"></td><td colspan="12" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Hedged items carrying amount</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"></td><td colspan="15" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Accumulated amount in the hedged item adjusted by fair value hedge </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:5.2pt;font-weight:700;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(*)</span></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Millions of euros</span></td><td colspan="3" style="border-top:0.25pt solid #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Interest rate risk</span></td><td colspan="3" style="border-top:0.25pt solid #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Exchange rate risk</span></td><td colspan="3" style="border-top:0.25pt solid #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Interest rate and exchange rate risk</span></td><td colspan="3" style="border-top:0.25pt solid #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:0.25pt solid #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Interest rate risk</span></td><td colspan="3" style="border-top:0.25pt solid #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Exchange rate risk</span></td><td colspan="3" style="border-top:0.25pt solid #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Interest rate and exchange rate risk</span></td><td colspan="3" style="border-top:0.25pt solid #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total</span></td><td colspan="3" style="border-top:0.25pt solid #000;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Of which: accumulated amount of any hedge item that have ceased to be adjusted for gains and losses</span></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Assets</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">55</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">259</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">314</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">15</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">16</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Financial assets and other non-current assets</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">55&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">13&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">68&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">15&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">15&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Receivables and other current assets</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">225&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">225&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Other heading of assets</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">21&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">21&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Liabilities</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">9,195</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,314</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,594</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">12,103</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(89)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">15</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">39</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(35)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">37</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Non-current financial liabilities</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">9,083&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">548&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,454&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">11,085&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(89)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">39&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(50)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">31&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Payables and other non-current liabilities</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">50&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">50&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Current financial liabilities</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">112&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">11&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">140&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">263&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Payables and other current liabilities</span></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">705&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">705&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:0 1pt"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">14&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">14&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">6&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr></table><span style="color:#000000;font-family:'Arial',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline">(*)</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%"> Accumulated amount adjusted by fair value hedge is shown with negative sign when it reduces the value (lowest liability or lowest asset) and viceversa.</span></div><div style="margin-top:9pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:22.463%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.945%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.670%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.095%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:5.652%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.949%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.945%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.239%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.095%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:5.365%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.382%"></td><td style="width:0.1%"></td></tr><tr><td colspan="33" style="border-bottom:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">December 31, 2023</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"></td><td colspan="12" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Hedged items carrying amount</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"></td><td colspan="15" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Accumulated amount in the hedged item adjusted by fair value hedge </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:5.2pt;font-weight:700;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(*)</span></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Millions of euros</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Interest rate risk</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Exchange rate risk</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Interest rate and exchange rate risk</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Interest rate risk</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Exchange rate risk</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Interest rate and exchange rate risk</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Of which: accumulated amount of any hedge item that have ceased to be adjusted for gains and losses</span></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Assets</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">32</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">249</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">281</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(15)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(15)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Financial assets and other non-current assets</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">28&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">96&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">124&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(14)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(14)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Receivables and other current assets</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">150&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">150&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Other current financial assets</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(1)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(1)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Other heading of assets</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Liabilities</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">8,092</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,365</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,495</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">10,952</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">153</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(8)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">34</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">179</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(9)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Non-current financial liabilities</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">8,009&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">452&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,397&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">9,858&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">153&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">34&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">187&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">33&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Payables and other non-current liabilities</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">44&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">44&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(1)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(1)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Current financial liabilities</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">83&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">10&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">98&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">191&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Payables and other current liabilities</span></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">859&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">859&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:0 1pt"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(7)</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(7)</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(42)</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table><span style="color:#000000;font-family:'Arial',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline">(*)</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%"> Accumulated amount adjusted by fair value hedge is shown with negative sign when it reduces the value (lowest liability or lowest asset) and vice versa.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The evolutions of hedges in equity at December 31, 2024 and December 31, 2023 are as follows: </span></div><div style="margin-top:9pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:28.252%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.828%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.108%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.252%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.252%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td style="width:0.1%"></td><td style="width:0.807%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.403%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td><td style="width:1.0%"></td><td style="width:6.238%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:5.806%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:5.954%"></td><td style="width:0.1%"></td></tr><tr style="height:29pt"><td colspan="3" style="border-top:1pt solid #b7b7b7;padding:0 1pt"></td><td colspan="12" style="border-top:1pt solid #b7b7b7;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Derivative instruments</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="border-top:1pt solid #b7b7b7;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #b7b7b7;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">No derivative instruments</span></td><td colspan="3" style="display:none"></td><td colspan="3" rowspan="3" style="border-top:1pt solid #b7b7b7;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total Gross amount </span></td><td colspan="3" rowspan="3" style="border-top:1pt solid #b7b7b7;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Tax effect</span></td><td colspan="3" rowspan="3" style="border-top:1pt solid #b7b7b7;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total hedges in equity</span></td></tr><tr style="height:14pt"><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"></td><td colspan="9" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Gains (losses) of cash flow hedges</span></td><td colspan="3" rowspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Derivatives - Net investment hedges</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" rowspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">No Derivatives - Net investment hedges</span></td><td colspan="3" style="display:none"></td></tr><tr style="height:38pt"><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Millions of euros</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Interest rate risk</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Exchange rate risk</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Exchange rate and interest rate risks</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Balance at 12/31/2023</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(56)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">441</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">176</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(100)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(11)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">450</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(137)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">313</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #86888c;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Changes in the fair value registered in equity</span></td><td colspan="2" style="border-top:1pt solid #86888c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(8)</span></td><td style="border-top:1pt solid #86888c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #86888c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">430&#160;</span></td><td style="border-top:1pt solid #86888c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #86888c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">159&#160;</span></td><td style="border-top:1pt solid #86888c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #86888c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">382&#160;</span></td><td style="border-top:1pt solid #86888c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="border-top:1pt solid #86888c;padding:0 1pt"></td><td colspan="2" style="border-top:1pt solid #86888c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(1)</span></td><td style="border-top:1pt solid #86888c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="2" style="border-top:1pt solid #86888c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">962&#160;</span></td><td style="border-top:1pt solid #86888c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #86888c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(252)</span></td><td style="border-top:1pt solid #86888c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #86888c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">710&#160;</span></td><td style="border-top:1pt solid #86888c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #d4d4d4;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Transfer to the initial value of hedged item</span></td><td colspan="2" style="border-top:1pt solid #d4d4d4;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1&#160;</span></td><td style="border-top:1pt solid #d4d4d4;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #d4d4d4;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #d4d4d4;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #d4d4d4;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2&#160;</span></td><td style="border-top:1pt solid #d4d4d4;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #d4d4d4;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #d4d4d4;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="border-top:1pt solid #d4d4d4;padding:0 1pt"></td><td colspan="2" style="border-top:1pt solid #d4d4d4;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #d4d4d4;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="2" style="border-top:1pt solid #d4d4d4;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3&#160;</span></td><td style="border-top:1pt solid #d4d4d4;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #d4d4d4;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(1)</span></td><td style="border-top:1pt solid #d4d4d4;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #d4d4d4;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2&#160;</span></td><td style="border-top:1pt solid #d4d4d4;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #d4d4d4;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Transfer to the income statement of the period - the hedged future cash flows are no longer expected to happen</span></td><td colspan="2" style="border-top:1pt solid #d4d4d4;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #d4d4d4;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #d4d4d4;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #d4d4d4;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #d4d4d4;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #d4d4d4;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #d4d4d4;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #d4d4d4;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="border-top:1pt solid #d4d4d4;padding:0 1pt"></td><td colspan="2" style="border-top:1pt solid #d4d4d4;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #d4d4d4;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="2" style="border-top:1pt solid #d4d4d4;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #d4d4d4;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #d4d4d4;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #d4d4d4;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #d4d4d4;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #d4d4d4;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #d4d4d4;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Transfer to the income statement of the period - the hedged item has affected profit or loss</span></td><td colspan="2" style="border-top:1pt solid #d4d4d4;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">7&#160;</span></td><td style="border-top:1pt solid #d4d4d4;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #d4d4d4;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(710)</span></td><td style="border-top:1pt solid #d4d4d4;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #d4d4d4;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(166)</span></td><td style="border-top:1pt solid #d4d4d4;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #d4d4d4;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #d4d4d4;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="border-top:1pt solid #d4d4d4;padding:0 1pt"></td><td colspan="2" style="border-top:1pt solid #d4d4d4;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #d4d4d4;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="2" style="border-top:1pt solid #d4d4d4;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(869)</span></td><td style="border-top:1pt solid #d4d4d4;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #d4d4d4;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">220&#160;</span></td><td style="border-top:1pt solid #d4d4d4;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #d4d4d4;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(649)</span></td><td style="border-top:1pt solid #d4d4d4;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #d4d4d4;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Total translation differences</span></td><td colspan="2" style="border-top:1pt solid #d4d4d4;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3&#160;</span></td><td style="border-top:1pt solid #d4d4d4;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #d4d4d4;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(1)</span></td><td style="border-top:1pt solid #d4d4d4;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #d4d4d4;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #d4d4d4;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #d4d4d4;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #d4d4d4;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="border-top:1pt solid #d4d4d4;padding:0 1pt"></td><td colspan="2" style="border-top:1pt solid #d4d4d4;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #d4d4d4;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="2" style="border-top:1pt solid #d4d4d4;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2&#160;</span></td><td style="border-top:1pt solid #d4d4d4;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #d4d4d4;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #d4d4d4;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #d4d4d4;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2&#160;</span></td><td style="border-top:1pt solid #d4d4d4;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #d4d4d4;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Other movements</span></td><td colspan="2" style="border-top:1pt solid #d4d4d4;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #d4d4d4;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #d4d4d4;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #d4d4d4;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #d4d4d4;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #d4d4d4;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #d4d4d4;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">26&#160;</span></td><td style="border-top:1pt solid #d4d4d4;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="border-top:1pt solid #d4d4d4;padding:0 1pt"></td><td colspan="2" style="border-top:1pt solid #d4d4d4;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #d4d4d4;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="2" style="border-top:1pt solid #d4d4d4;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">26&#160;</span></td><td style="border-top:1pt solid #d4d4d4;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #d4d4d4;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(16)</span></td><td style="border-top:1pt solid #d4d4d4;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #d4d4d4;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">10&#160;</span></td><td style="border-top:1pt solid #d4d4d4;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Balance at 12/31/2024</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(53)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">160</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">171</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">308</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(12)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">574</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(186)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">388</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Amounts remaining in equity for continuing hedges</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(24)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">127&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">240&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">308&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(12)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">639&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td></tr><tr><td colspan="3" style="border-top:1pt solid #d4d4d4;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Amounts remaining in equity from any hedging relationship for which hedge accounting is no longer applied</span></td><td colspan="2" style="border-top:1pt solid #d4d4d4;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(29)</span></td><td style="border-top:1pt solid #d4d4d4;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #d4d4d4;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">33&#160;</span></td><td style="border-top:1pt solid #d4d4d4;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #d4d4d4;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(69)</span></td><td style="border-top:1pt solid #d4d4d4;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #d4d4d4;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #d4d4d4;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="border-top:1pt solid #d4d4d4;padding:0 1pt"></td><td colspan="2" style="border-top:1pt solid #d4d4d4;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #d4d4d4;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="2" style="border-top:1pt solid #d4d4d4;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(65)</span></td><td style="border-top:1pt solid #d4d4d4;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:1pt solid #d4d4d4;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #d4d4d4;padding:0 1pt"></td></tr><tr><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Balance at 12/31/2024</span></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(53)</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">160</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">171</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">308</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:0 1pt"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(12)</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">574</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:0 1pt"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr></table></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The total amount of "Transfer to the income statements of the period - the hedged item has affected profit or loss" with an impact on financial results, reported under "Interest expenses" amounted to +229 million euros (+240 million euros in 2023), see detail of "Net finance costs excluding foreign exchange differences and inflation adjustments" in this Note, and in exchange differences amounted to 633 million euros (-324 million euros in 2023).     </span></div><div style="margin-bottom:9pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:28.252%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.828%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.108%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.252%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.252%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td style="width:0.1%"></td><td style="width:0.807%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.403%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td><td style="width:1.0%"></td><td style="width:6.238%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:5.806%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:5.954%"></td><td style="width:0.1%"></td></tr><tr style="height:27pt"><td colspan="3" style="border-top:1pt solid #b7b7b7;padding:0 1pt"></td><td colspan="12" style="border-top:1pt solid #b7b7b7;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Derivative instruments</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="border-top:1pt solid #b7b7b7;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #b7b7b7;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">No derivative instruments</span></td><td colspan="3" style="display:none"></td><td colspan="3" rowspan="3" style="border-top:1pt solid #b7b7b7;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total Gross amount </span></td><td colspan="3" rowspan="3" style="border-top:1pt solid #b7b7b7;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Tax effect</span></td><td colspan="3" rowspan="3" style="border-top:1pt solid #b7b7b7;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total hedges in equity</span></td></tr><tr style="height:14pt"><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"></td><td colspan="9" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Gains (losses) of cash flow hedges</span></td><td colspan="3" rowspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Derivatives - Net investment hedges</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="border-top:1pt solid #b7b7b7;padding:0 1pt"></td><td colspan="3" rowspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">No Derivatives - Net investment hedges</span></td><td colspan="3" style="display:none"></td></tr><tr style="height:38pt"><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Millions of euros</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Interest rate risk</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Exchange rate risk</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Exchange rate and interest rate risks</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Balance at 12/31/2022</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(37)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">861</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">210</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(30)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(9)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">995</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(270)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">725</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Changes in the fair value registered in equity</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(49)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(445)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(66)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(66)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(624)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">155&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(469)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #d4d4d4;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Transfer to the initial value of hedged item</span></td><td colspan="2" style="border-top:1pt solid #d4d4d4;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1&#160;</span></td><td style="border-top:1pt solid #d4d4d4;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #d4d4d4;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">6&#160;</span></td><td style="border-top:1pt solid #d4d4d4;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #d4d4d4;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">13&#160;</span></td><td style="border-top:1pt solid #d4d4d4;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #d4d4d4;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #d4d4d4;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="border-top:1pt solid #d4d4d4;padding:0 1pt"></td><td colspan="2" style="border-top:1pt solid #d4d4d4;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #d4d4d4;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="2" style="border-top:1pt solid #d4d4d4;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">20&#160;</span></td><td style="border-top:1pt solid #d4d4d4;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #d4d4d4;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(5)</span></td><td style="border-top:1pt solid #d4d4d4;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #d4d4d4;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">15&#160;</span></td><td style="border-top:1pt solid #d4d4d4;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #d4d4d4;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Transfer to the income statement of the period - the hedged future cash flows are no longer expected to happen</span></td><td colspan="2" style="border-top:1pt solid #d4d4d4;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #d4d4d4;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #d4d4d4;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #d4d4d4;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #d4d4d4;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #d4d4d4;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #d4d4d4;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #d4d4d4;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="border-top:1pt solid #d4d4d4;padding:0 1pt"></td><td colspan="2" style="border-top:1pt solid #d4d4d4;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #d4d4d4;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="2" style="border-top:1pt solid #d4d4d4;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #d4d4d4;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #d4d4d4;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #d4d4d4;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #d4d4d4;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #d4d4d4;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #d4d4d4;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Transfer to the income statement of the period - the hedged item has affected profit or loss</span></td><td colspan="2" style="border-top:1pt solid #d4d4d4;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">32&#160;</span></td><td style="border-top:1pt solid #d4d4d4;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #d4d4d4;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">19&#160;</span></td><td style="border-top:1pt solid #d4d4d4;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #d4d4d4;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">19&#160;</span></td><td style="border-top:1pt solid #d4d4d4;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #d4d4d4;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #d4d4d4;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="border-top:1pt solid #d4d4d4;padding:0 1pt"></td><td colspan="2" style="border-top:1pt solid #d4d4d4;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #d4d4d4;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="2" style="border-top:1pt solid #d4d4d4;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">70&#160;</span></td><td style="border-top:1pt solid #d4d4d4;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #d4d4d4;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(17)</span></td><td style="border-top:1pt solid #d4d4d4;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #d4d4d4;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">53&#160;</span></td><td style="border-top:1pt solid #d4d4d4;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #d4d4d4;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Total translation differences</span></td><td colspan="2" style="border-top:1pt solid #d4d4d4;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(3)</span></td><td style="border-top:1pt solid #d4d4d4;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #d4d4d4;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #d4d4d4;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #d4d4d4;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #d4d4d4;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #d4d4d4;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(1)</span></td><td style="border-top:1pt solid #d4d4d4;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="border-top:1pt solid #d4d4d4;padding:0 1pt"></td><td colspan="2" style="border-top:1pt solid #d4d4d4;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #d4d4d4;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="2" style="border-top:1pt solid #d4d4d4;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(4)</span></td><td style="border-top:1pt solid #d4d4d4;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #d4d4d4;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #d4d4d4;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #d4d4d4;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(4)</span></td><td style="border-top:1pt solid #d4d4d4;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #dbdbdb;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Other movements</span></td><td colspan="2" style="border-top:1pt solid #dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(3)</span></td><td style="border-top:1pt solid #dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="border-top:1pt solid #dbdbdb;padding:0 1pt"></td><td colspan="2" style="border-top:1pt solid #dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(4)</span></td><td style="border-top:1pt solid #dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="2" style="border-top:1pt solid #dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(7)</span></td><td style="border-top:1pt solid #dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #dbdbdb;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(7)</span></td><td style="border-top:1pt solid #dbdbdb;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1.5pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Balance at 12/31/2023</span></td><td colspan="2" style="border-top:1.5pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(56)</span></td><td style="border-top:1.5pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1.5pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">441</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1.5pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1.5pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">176</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1.5pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1.5pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(100)</span></td><td style="border-top:1.5pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="border-top:1.5pt solid #bfbfbf;padding:0 1pt"></td><td colspan="2" style="border-top:1.5pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(11)</span></td><td style="border-top:1.5pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="2" style="border-top:1.5pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">450</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1.5pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1.5pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(137)</span></td><td style="border-top:1.5pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1.5pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">313</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1.5pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Amounts remaining in equity for continuing hedges</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(33)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">408&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">250&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(100)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(11)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">514&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td></tr><tr><td colspan="3" style="border-top:1pt solid #d4d4d4;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Amounts remaining in equity from any hedging relationship for which hedge accounting is no longer applied</span></td><td colspan="2" style="border-top:1pt solid #d4d4d4;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(23)</span></td><td style="border-top:1pt solid #d4d4d4;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #d4d4d4;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">33&#160;</span></td><td style="border-top:1pt solid #d4d4d4;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #d4d4d4;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(74)</span></td><td style="border-top:1pt solid #d4d4d4;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #d4d4d4;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #d4d4d4;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="border-top:1pt solid #d4d4d4;padding:0 1pt"></td><td colspan="2" style="border-top:1pt solid #d4d4d4;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #d4d4d4;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="2" style="border-top:1pt solid #d4d4d4;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(64)</span></td><td style="border-top:1pt solid #d4d4d4;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:1pt solid #d4d4d4;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #d4d4d4;padding:0 1pt"></td></tr><tr><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Balance at 12/31/2023</span></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(56)</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">441</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">176</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(100)</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:0 1pt"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(11)</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">450</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:0 1pt"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr></table></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">  The evolution of cost of hedging in equity in 2024 and 2023 are as follows:</span></div><div style="margin-top:9pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:42.209%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:15.158%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.842%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.130%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:15.161%"></td><td style="width:0.1%"></td></tr><tr style="height:14pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #b7b7b7;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Exchange rate risk</span></td><td colspan="3" rowspan="3" style="border-top:1pt solid #b7b7b7;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total gross amount<br/></span></td><td colspan="3" rowspan="3" style="border-top:1pt solid #b7b7b7;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Tax effect <br/></span></td><td colspan="3" rowspan="3" style="border-top:1pt solid #b7b7b7;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total cost of hedging in equity<br/></span></td></tr><tr style="height:21pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Forward element /CBS</span></td></tr><tr style="height:21pt"><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Millions of euros</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">A time - period related hedge item</span></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Balance at 12/31/2022</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(25)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(25)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">6</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(19)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Changes in the fair value registered in equity</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">79&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">79&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(20)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">59&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Transfer to the income statement of the period - the hedged item has affected profit or loss</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(9)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(9)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(7)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Balance at 12/31/2023</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">45</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">45</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(12)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">33</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Changes in the fair value registered in equity</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">168&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">168&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(42)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">126&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Transfer to the income statement of the period - the hedged item has affected profit or loss</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(10)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(10)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(7)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Balance at 12/31/2024</span></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">203</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">203</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(51)</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">152</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> The details of the ineffective portion of accounting hedges with impact on the income statement in 2024 and 2023 are as follows: </span></div><div style="margin-top:9pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:67.147%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.963%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.813%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.677%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="12" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2024</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Millions of euros</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Changes in fair value of the hedging instrument</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Changes in the fair value of hedges item for the hedged risk</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Ineffective portion hedged registered in the income statement</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Interest rate risk</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(288)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(289)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Cash flow hedges</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">23&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">23&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Fair value hedges</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(311)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(312)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Exchange rate risk</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">804</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">804</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Cash flow hedges</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">539&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">540&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(1)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Exchange rate risk - fair value hedges</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Net investment hedges</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">264&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">264&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Interest rate and exchange rate risk</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">179</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">179</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Cash flow hedges</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">179&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">179&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total </span></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">695</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">694</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr></table></div><div style="margin-top:9pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:67.147%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.963%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.813%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.677%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="12" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2023</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Millions of euros</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Changes in fair value of the hedging instrument</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Changes in the fair value of hedges item for the hedged risk</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Ineffective portion hedged registered in the income statement</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Interest rate risk</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">97</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">98</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(1)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Cash flow hedges</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(39)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(39)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Fair value hedges</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">136&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">137&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(1)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Exchange rate risk</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(702)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(699)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(3)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Cash flow hedges</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(409)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(406)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(3)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Net investment hedges</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(293)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(293)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Interest rate and exchange rate risk</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(45)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(35)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(10)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Cash flow hedges</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(45)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(35)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(10)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total </span></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(650)</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(636)</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(14)</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr></table></div><span></span>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The disclosure of derivative financial instruments. [Refer: Derivatives [member]]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2024-01-01<br> -Paragraph 10<br> -Subparagraph e<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_10_e&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Financial Instruments [Abstract]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
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<span style="display: none;">v3.25.0.1</span><table class="report" border="0" cellspacing="2" id="idm45294740931760">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Lease Liabilities<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2024</div></th></tr>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_tef_DisclosureofleasesAbstract', window );"><strong>Disclosure of leases [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
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<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfLeasesExplanatory', window );">Lease Liabilities</a></td>
<td class="text">Lease liabilities<div style="margin-bottom:9pt;padding-right:2.25pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The evolution of lease liabilities in 2024 and 2023 were as follows:</span><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.853%"><tr><td style="width:1.0%"></td><td style="width:70.203%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:27.597%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Millions of euros</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Lease liabilities</span></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Balance at 12/31/2023</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">8,947</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">First application of IAS 21</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Additions</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,082&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 1.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Principal and interests payments</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(2,647)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Principal payments (Note 28)</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(2,143)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Interests payments</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(504)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 1.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Disposals</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(70)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 1.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Business combinations</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:0.75pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Accrued interests</span></div></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">512&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 1.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Translation differences and inflation adjustments</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(531)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Transfers and others</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Balance at 12/31/2024</span></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">8,303</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.853%"><tr><td style="width:1.0%"></td><td style="width:70.203%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:27.597%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Millions of euros</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Lease liabilities</span></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Balance at 12/31/2022</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">8,677</span></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Additions</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,382</span></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 1.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Principal and interests payments</span></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #bfbfbf;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(2,559)</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Principal payments (Note 28)</span></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #bfbfbf;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(2,114)</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 7.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Interests payments</span></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #bfbfbf;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(445)</span></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 1.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Disposals</span></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #bfbfbf;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(138)</span></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="padding-left:0.75pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Accrued interests</span></div></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #bfbfbf;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">435</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 1.75pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Translation differences and inflation adjustments</span></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #bfbfbf;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">62</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Transfers and others</span></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #bfbfbf;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">88</span></td></tr><tr><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Balance at 12/31/2023</span></td><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">8,947</span></td></tr></table></div><div style="margin-bottom:9pt;margin-top:9pt;padding-right:2.25pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">"Additions" includes fixed asset sale and leaseback transactions, which amounted to 12 million euros in 2024 (21 million euros in 2023). The gains recorded in 2024 and 2023 for sale and leaseback transactions amounted to 17 million euros and 105 million euros, respectively (see Note 26). </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">There are commitments for leases not started at December 31, 2024 amounting to 2,606 million euros, mainly related to the sites construction agreement between Telef&#243;nica Germany GmbH and Telxius Towers Germany GmbH (at December 31, 2023 1,117 million euros). </span></div><div style="margin-bottom:9pt;margin-top:9pt;padding-right:2.25pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The maturity schedule of lease liabilities at December 31, 2024 is as follows: </span></div><div style="margin-bottom:9pt;margin-top:9pt;padding-right:2.25pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:18.900%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.848%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.929%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.929%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.929%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.929%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.600%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.600%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.436%"></td><td style="width:0.1%"></td></tr><tr><td colspan="27" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Millions of euros</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:10pt;text-align:center"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Current</span></div></td><td colspan="15" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:10pt;text-align:center"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Non-Current</span></div></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:10pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Maturity</span></div></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2025</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2026</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2027</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2028</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2029</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:10pt;text-align:center"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Subsequent years</span></div></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:10pt;text-align:center"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Non-current total</span></div></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:10pt;text-align:center"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total</span></div></td></tr><tr><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Lease liabilities</span></td><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,339</span></td><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,666</span></td><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,401</span></td><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,179</span></td><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">983</span></td><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,890</span></td><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">7,119</span></td><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">9,458</span></td></tr></table></div><span></span>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for leases.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 16<br> -IssueDate 2024-01-01<br> -Section Presentation<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=16&amp;code=ifrs-tx-2024-en-r&amp;doctype=Standard&amp;dita_xref=IFRS16_g47-50_TI<br> -URIDate 2024-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 16<br> -IssueDate 2024-01-01<br> -Section Disclosure<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=16&amp;code=ifrs-tx-2024-en-r&amp;doctype=Standard&amp;dita_xref=IFRS16_g51-60_TI<br> -URIDate 2024-03-27<br></p></div>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Disclosure of leases [Abstract]</p></div>
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<span style="display: none;">v3.25.0.1</span><table class="report" border="0" cellspacing="2" id="idm45294665716832">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Payables and Other Non-current Liabilities<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2024</div></th></tr>
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<td class="text">Payables and other non-current liabilities<div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The composition of &#8220;Payables and other non-current liabilities&#8221; of the Telef&#243;nica Group at December 31, 2024 and December 31, 2023 is as follows:  </span></div><div style="margin-top:9pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.707%"><tr><td style="width:1.0%"></td><td style="width:71.627%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.536%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.537%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Millions of euros</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">12/31/2024</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">12/31/2023</span></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Payables</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,850</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,913</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Debt for spectrum acquisition</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,008&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,184&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Payables to associates and joint ventures (Note 10)</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">433&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">236&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Trade payables</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">163&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">318&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Other payables</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">246&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">175&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Other non-current liabilities</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,843</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,692</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Contractual liabilities (Note 23)</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">813&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">778&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Deferred revenue</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">91&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">126&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Non-current tax payables</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">938&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">784&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Long-term insurance and reinsurance contracts liabilities to associates and joint ventures (Note 10)</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total</span></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">3,693</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">3,605</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">"Non-currrent debt for spectrum acquisition" as of December 31, 2024 and December 31, 2023, is detailed below:</span></div><div style="margin-top:9pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.707%"><tr><td style="width:1.0%"></td><td style="width:71.627%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.536%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.537%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Millions of euros</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">12/31/2024</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">12/31/2023</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Spain</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">63&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">69&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Colombia </span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">74&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">108&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Brazil</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">177&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">211&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Germany</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">690&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">791&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Uruguay</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">5&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total</span></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,008</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,184</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The outstanding liabilities at December 31, 2024 from the acquisition of spectrum licenses by Telef&#243;nica Brazil in November 2021 amounted to 1,005 million Brazilian real (156 million euros) including 942 million Brazilian reais (146 million euros) classified as non-current. At December 31, 2023, outstanding liabilities amounted to 1,301 million Brazilian reais (243 million euros at closing exchange rate of 2023), including 949 million Brazilian reais (177 million euros at closing exchange rate of 2023) classified as non-current.</span></div><div style="margin-top:9pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In June 2019 Telef&#243;nica Germany acquired a total of 90 MHz spectrum at a cost of 1,425 milli</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">on euros. The Company, like the other auction participants, reached an agreement to defer payments in interest-free annual installments until 2030, instead of an upfront one-time payment (see Appendix VI). In 2024 and 2023, payments amounting to 108 million euros have been made each year (see Note 28). The current value of the debt at December 31, 2024 amounted to 797 million euros (898 million euros at December 31, 2023), 690</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">million euros have a maturity of more than twelve months (791 million euros at December 31, 2023).</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Payments for financed licenses for the years 2024 and 2023 amounted to 210 and 245 million euros, respectively (see Note 28).</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">"Non-current tax payables" mainly includes balances of Telef&#243;nica Brasil regarding the rate of the Telecommunications Inspection Fund (Fistel) corresponding to the period 2020-2024 that jointly with the financial interest accrued amounted to 4,714 million Brazilian Reais (732 million euros) at December 31, 2024 (3,502 million Brazilian Reais, 655 million euros at December 31, 2023). Any payment with respect to this liability, according to the decisions of the Federal Regional Court of the First Region, is suspended.</span></div><span></span>
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Payables and Other Current Liabilities<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2024</div></th></tr>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_SubclassificationsOfAssetsLiabilitiesAndEquitiesAbstract', window );"><strong>Subclassifications of assets, liabilities and equities [abstract]</strong></a></td>
<td class="text">&#160;<span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfOtherCurrentLiabilitiesExplanatory', window );">Payables and other current liabilities</a></td>
<td class="text">Payables and other current liabilities<div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The breakdown of "Payables and other current liabilities" of the Telef&#243;nica Group at December 31, 2024 and December 31, 2023 is as follows:</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:70.976%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.935%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.789%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Millions of euros</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">12/31/2024</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">12/31/2023</span></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Payables</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">12,640</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">12,138</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Trade payables</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">7,783&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">7,612&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Payables to suppliers of property, plant and equipment</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,803&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,763&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Debt for spectrum acquisition</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">227&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">218&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Other payables</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,299&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,176&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Dividends pending payment</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">121&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">166&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Payables to associates and joint ventures (Note 10)</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">407&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">203&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Other current liabilities</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,966</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,819</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Contract liabilities (Note 23)</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,064&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,035&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Deferred revenue </span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">113&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">98&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Advances received</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">533&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">465&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Short-term insurance and reinsurance contracts liabilities</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">236&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">197&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Short-term insurance and reinsurance contracts liabilities and other liabilities to associates and joint ventures (Note 10)</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">20&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">24&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total</span></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">14,606</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">13,957</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td></tr></table></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">"Current debt for spectrum acquisition" as of December 31, 2024 and December 31, 2023, is detailed below:</span></div><div style="margin-top:9pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.707%"><tr><td style="width:1.0%"></td><td style="width:71.627%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.536%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.537%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Millions of euros</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">12/31/2024</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">12/31/2023</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Germany</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">107&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">107&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Colombia </span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">60&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">10&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Brazil</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">10&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">66&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Spain</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">32&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">7&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Ecuador</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">15&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">16&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Uruguay</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">12&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total</span></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">227</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">218</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">At December 31, 2024 and December 31, 2023, &#8220;Payables for spectrum acquisition&#8221;, includes the debt maturing within twelve months of the spectrum licenses in Telef&#243;nica Brazil acquired in November 2021 and the spectrum licenses in Telef&#243;nica Germany acquired in June 2019 (see Note 21). </span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The composition of current "Other payables" at December&#160;31, 2024 and December&#160;31, 2023 is as follows:</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.853%"><tr><td style="width:1.0%"></td><td style="width:41.798%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:27.450%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:27.452%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Millions of euros</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">12/31/2024</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">12/31/2023</span></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Accrued employee benefits</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">610&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">621&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Other non-financial non-trade payables</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">689&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">555&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:10pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total</span></div></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,299</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,176</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Other non-financial non-trade payables mainly comprise liabilities associated with the continuing involvement in portfolio sales made by Telef&#243;nica Deutschland, amounting to 481 million euros at December 31, 2024 (400 million euros at December 31, 2023).</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Information on average payment period to suppliers. Third additional provision, &#8220;Information requirement&#8221; of Law 15/2010 of July 5, modified by Law 18/2022, of September 28. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In accordance with the aforementioned Law 15/2010, the following information corresponding to the Spanish companies of the Telef&#243;nica Group is disclosed:</span></div><div style="margin-top:9pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.853%"><tr><td style="width:1.0%"></td><td style="width:56.147%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:20.129%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:20.424%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2024</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2023</span></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Number of days</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Weighted average maturity period</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">51</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">51</span></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Ratio of payments</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">52</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">53</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Ratio of outstanding invoices</span></td><td colspan="3" style="border-top:1pt solid #b7b7b7;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">39</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">39</span></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Millions of euros</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Total payments</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">8,424</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">7,897</span></td></tr><tr><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Outstanding invoices</span></td><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #b7b7b7;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,221</span></td><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #b7b7b7;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,211</span></td></tr></table></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On October 19, 2022, Law 18/2022, of September 28, on the creation and growth of companies, came into force, which modifies the third additional provision of Law 15/2010. The new standard establishes the obligation to publish in annual accounts, in addition to the information already required, the monetary volume and number of invoices paid in a period less than the maximum established in the late payment regulations, and the percentage they represent of the total number of invoices and on the total monetary payments to its suppliers. This information for the 2024 and 2023 financial years is shown below:</span></div><div style="margin-top:9pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:56.502%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:20.098%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:20.100%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2024</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2023</span></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Monetary volume of invoices paid in a period less than the maximum established in the regulations (millions of euros)</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">5,406</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4,558</span></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Percentage of total payments</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">64</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">%</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">58</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">%</span></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Number of invoices paid in a period less than the maximum established in the regulations</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">157,640</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">141,862</span></td></tr><tr><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Percentage of the total number of invoices paid</span></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">58</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">%</span></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">51</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">%</span></td></tr></table></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Telef&#243;nica Group&#8217;s Spanish companies adapted their internal processes and payment schedules to the provisions of Law 15/2010 (amended by Law 31/2014) and Royal Decree-Law 4/2013, amending Law 3/2004, which establishes measures against late payment in commercial transactions. Engagement conditions with commercial suppliers in 2024 included payment periods of up to 60 days, according to the terms agreed between the parties. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">For efficiency purposes and in line with general business practices, Telef&#243;nica Group companies in Spain have agreed payment schedules with suppliers, whereby most of the payments are made on set days of each month. Invoices falling due between two payment days are settled on the following payment date in the schedule. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Payments to Spanish suppliers in 2024 surpassing the established legal limit were the result of circumstances or incidents beyond the payment policies, mainly the delay in issuing invoices (legal obligation of the supplier), the closing of agreements with suppliers over the delivery of goods or rendering of services, or occasional processing issues. </span></div>The average payment period to suppliers of the Telef&#243;nica Group&#8217;s companies in Spain in 2024, calculated in accordance with the only additional provision of the Resolution of the Instituto de Contabilidad y Auditor&#237;a de Cuentas (Spanish Accounting and Audit Institute) of January 29, 2016, amounted to 51 days (51 days in 2023).<span></span>
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<span style="display: none;">v3.25.0.1</span><table class="report" border="0" cellspacing="2" id="idm45294651574352">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Breakdown of Contractual Assets and Liabilities, and Capitalized Costs<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2024</div></th></tr>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_tef_RevenueFromContractsWithCustomersAbstract', window );"><strong>Revenue From Contracts With Customers [Abstract]</strong></a></td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfRevenueFromContractsWithCustomersExplanatory', window );">Breakdown of Contractual Assets and Liabilities, and Capitalized Costs</a></td>
<td class="text">Breakdown of contractual assets and liabilities, and capitalized costs<div style="margin-bottom:9pt;margin-top:9pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The movement of contractual assets and capitalized costs in 2024</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">and</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">2023 is as follows: </span><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.853%"><tr><td style="width:1.0%"></td><td style="width:40.334%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.613%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.613%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.613%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.613%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td style="width:1.0%"></td><td style="width:10.614%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Millions of euros</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Balance at 12/31/2023</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Additions</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Disposals</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Transfers</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Balance at 12/31/2024</span></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Long-term contractual assets (Note 12)</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">325</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">162</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(10)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(189)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">288</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Contractual assets</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">326&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">162&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(10)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(189)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">289&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Impairment losses</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(1)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(1)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Short-term contractual assets (Note 14)</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">202</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">268</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(426)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">189</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">229</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Contractual assets</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">209&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">270&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(426)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">188&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">236&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Impairment losses</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(7)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(2)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(7)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total</span></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">527</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">430</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(436)</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">517</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-bottom:12pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:40.420%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.595%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.595%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.595%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.595%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td style="width:1.0%"></td><td style="width:10.600%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Millions of euros</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Balance at 12/31/2022</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Additions</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Disposals</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Transfers</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Balance at 12/31/2023</span></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Long-term contractual assets (Note 12)</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">359</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">118</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(17)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(135)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">325</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Contractual assets</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">360&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">118&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(17)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(135)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">326&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Impairment losses</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(1)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(1)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Short-term contractual assets (Note 14)</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">195</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">276</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(403)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">134</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">202</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Contractual assets</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">202&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">277&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(404)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">134&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">209&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Impairment losses</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(7)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(1)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(7)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total</span></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">554</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">394</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(420)</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(1)</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">527</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Once the amounts recognized as contract assets become receivables, which normally occurs when they are invoiced, they are transferred to the "Trade receivables" heading. In this regard, the balance of the contract assets account basically represents amounts not yet due. </span></div><div style="margin-bottom:9pt;margin-top:9pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The movement of the deferred expenses in 2024 and 2023 is as follows: </span><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:36.180%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.280%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.987%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.987%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.987%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.449%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td><td style="width:1.0%"></td><td style="width:9.430%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Millions of euros</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Balance at 12/31/2023</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Additions</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Disposals</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Transfers</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Translation differences and inflation adjustments</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Balance at 12/31/2024</span></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Non-current capitalized costs (Note 12)</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,001</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">885</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(5)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(764)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(44)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,073</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Of obtaining a contract</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">774&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">759&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(5)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(601)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(56)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">871&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Of fulfilling a contract</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">227&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">126&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(163)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">12&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">202&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Impairment losses</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Current capitalized costs (Note 14)</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">998</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">671</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(1,332)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">761</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(4)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,094</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Of obtaining a contract</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">815&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">573&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(1,077)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">599&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(21)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">889&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Of fulfilling a contract</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">183&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">98&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(255)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">162&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">17&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">205&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Impairment losses</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total</span></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,999</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,556</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(1,337)</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(3)</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(48)</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2,167</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-top:9pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:34.426%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.011%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.987%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.987%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.402%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.204%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td><td style="width:1.0%"></td><td style="width:9.283%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Millions of euros</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Balance at 12/31/2022</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Additions</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Disposals</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Transfers</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Translation differences and inflation adjustments</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Balance at 12/31/2023</span></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Non-current capitalized costs (Note 12)</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">854</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">838</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(2)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(682)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(7)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,001</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Of obtaining a contract</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">610&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">694&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(1)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(536)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">7&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">774&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Of fulfilling a contract</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">244&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">144&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(1)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(146)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(14)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">227&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Impairment losses</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Current capitalized costs (Note 14)</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">885</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">620</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(1,175)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">684</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(16)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">998</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Of obtaining a contract</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">710&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">534&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(967)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">538&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">815&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Of fulfilling a contract</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">175&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">86&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(208)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">146&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(16)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">183&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Impairment losses</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total</span></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,739</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,458</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(1,177)</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(23)</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,999</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The movement of contractual liabilities of contracts with customers in 2024</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">and 2023 is as follows: </span></div><div style="margin-bottom:16pt;margin-top:11pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:26.531%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.426%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.110%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.402%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.402%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.426%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.473%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td><td style="width:1.0%"></td><td style="width:9.430%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Millions of euros</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Balance at 12/31/2023</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Additions</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Disposals (previous years)</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Disposals (current year)</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Transfers</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Translation differences and inflation adjustments</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Balance at 12/31/2024</span></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Long-term contractual liabilities (Note 21)</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">778&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">250&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(1)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(222)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">8&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">813&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Short-term contractual liabilities (Note 22)</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,035&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">5,624&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(969)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(4,809)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">220&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(37)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,064&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total</span></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,813</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">5,874</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(970)</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(4,809)</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(2)</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(29)</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,877</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-bottom:16pt;margin-top:11pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:27.408%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.280%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.280%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.110%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.110%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.525%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.204%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td><td style="width:1.0%"></td><td style="width:9.283%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Millions of euros</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Balance at 12/31/2022</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Additions</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Disposals (previous years)</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Disposals (current year)</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Transfers</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Translation differences and inflation adjustments</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Balance at 12/31/2023</span></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Long-term contractual liabilities (Note 21)</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">891&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">162&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(2)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(1)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(279)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">7&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">778&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Short-term contractual liabilities (Note 22)</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,038&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">5,374&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(973)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(4,700)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">286&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">10&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,035&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total</span></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,929</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">5,536</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(975)</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(4,701)</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">7</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">17</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,813</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The maturity schedule of contractual liabilities at December 31, 2024 is as follows:</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.707%"><tr><td style="width:1.0%"></td><td style="width:45.234%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.870%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.870%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.870%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.776%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.780%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Millions of euros</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2025</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2026</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2027</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Subsequent years</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total</span></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Contractual liabilities, activation fees</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">8&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">15&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Contractual liabilities, sales of prepay cards</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">560&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">560&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Contractual liabilities, services</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">214&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">34&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">15&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">96&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">359&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Contractual liabilities, sales of handsets</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">34&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">6&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">40&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Contractual liabilities, irrevocable rights to use</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">73&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">63&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">57&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">434&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">627&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Other contractual liabilities</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">175&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">25&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">21&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">55&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">276&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Maturity of performance obligations</span></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,064</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">131</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">95</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">587</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,877</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><span></span>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for revenue from contracts with customers.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 15<br> -IssueDate 2024-01-01<br> -Section Presentation<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=15&amp;code=ifrs-tx-2024-en-r&amp;doctype=Standard&amp;dita_xref=IFRS15_g105-109_TI<br> -URIDate 2024-03-27<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 15<br> -IssueDate 2024-01-01<br> -Section Disclosure<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=15&amp;code=ifrs-tx-2024-en-r&amp;doctype=Standard&amp;dita_xref=IFRS15_g110-129_TI<br> -URIDate 2024-03-27<br></p></div>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Revenue From Contracts With Customers [Abstract]</p></div>
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<span style="display: none;">v3.25.0.1</span><table class="report" border="0" cellspacing="2" id="idm45294654149504">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Provisions<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2024</div></th></tr>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_tef_EmployeeBenefitsAbstract', window );"><strong>Employee Benefits [Abstract]</strong></a></td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfEmployeeBenefitsExplanatory', window );">Provisions</a></td>
<td class="text">Provisions<div style="margin-bottom:9pt;margin-top:9pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The amounts of provisions in 2024 and 2023 are as follows: </span><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.853%"><tr><td style="width:1.0%"></td><td style="width:25.107%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.198%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.198%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.198%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.198%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.198%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.203%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="9" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">12/31/2024</span></td><td colspan="9" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">12/31/2023</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Millions of euros</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Current</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Non-current</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Current</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Non-current</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total</span></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Employee benefits</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,073</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">4,020</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">5,093</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,005</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">4,949</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">5,954</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Termination plans</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">357&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,222&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,579&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">282&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,461&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,743&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Post-employment defined benefit plans</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">10&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">329&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">339&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">12&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">428&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">440&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Other benefits</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">706&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,469&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3,175&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">711&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3,060&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3,771&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Dismantling of assets</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">16</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">519</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">535</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">17</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">505</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">522</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Other provisions</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">576</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,613</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2,189</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">574</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2,000</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2,574</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total</span></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,665</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">6,152</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">7,817</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,596</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">7,454</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">9,050</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">a) Employee benefits</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In 2024 the Group recorded a provision o</span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">f 104 mil</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">lion euros (1,538 million euros in 2023, of which </span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">1,320</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> m</span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">illion euros corresponded to Telef&#243;nica Spain mainly relating to the agreement reached with the most representative Trade Unions for the execution of Collective Redundancies, explained in </span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Termination plans </span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">in this note).</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> The distribution by segment of the restructuring costs, in terms of their impact on operating income, is as follows:</span></div><div style="margin-bottom:9pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.853%"><tr><td style="width:1.0%"></td><td style="width:74.595%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.052%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.053%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #414b61;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Millions of euros</span></td><td colspan="3" style="border-top:0.25pt solid #414b61;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2024</span></td><td colspan="3" style="border-top:0.25pt solid #414b61;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2023</span></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Spain </span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">27&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,320&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Germany</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(1)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">11&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Hispam </span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">61&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">128&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Other companies</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">17&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">79&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total</span></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">104</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,538</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Termination plans </span></div><div style="margin-top:9pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The movement in provisions for termination plans in 2024 and 2023 is as follows: </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.853%"><tr><td style="width:1.0%"></td><td style="width:70.935%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:26.865%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #414b61;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Millions of euros</span></td><td colspan="3" style="border-top:0.25pt solid #414b61;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total</span></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Provisions for termination plans at 12/31/2022</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">376</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Additions</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,520&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Retirements/amount applied</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(133)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Translation differences, inflation adjustments and accretion</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(20)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Provisions for termination plans at 12/31/2023</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,743</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Additions</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">79&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Retirements/amount applied</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(311)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Translation differences, inflation adjustments and accretion</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">68&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Provisions for termination plans at 12/31/2024</span></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,579</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Telef&#243;nica Spain </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On December 28, 2023 certain subsidiaries of Telef&#243;nica Spain, taking into account the concurrence of productive, organizational and technical causes, reached an agreement with the most representative Trade Unions for the execution of collective redundancies up to a total of 3,420 employees, to which employees turned 56 years or older during 2024 and with a seniority of more than 15 years were adhered (see Note 2). This agreement was endorsed on January 3, 2024.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">As a consequence of these agreements, a provision of 1,299 million euros were recorded, charged to the personnel expenses heading of the consolidated income statement in 2023. This provision stood at 1,248 million euros at December 31, 2024, of which 231 million euros were classified as current (<span id="i556b0c3ae76c41449f04c06316ced084_9689"></span>107 million euros in 2023).</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The discount rate used for this termination plan at December&#160;31, 2024 was 2.76% with an average plan length of 3.19 years.   </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Additionally, in 2023 the III Collective Bargaining Agreement was signed, valid until December 31, 2026 and extendable for another year, with the aim of moving towards a more digital, flexible company prepared for future challenges in a highly competitive context and deep transformation.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Post-employment defined benefit plans </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Group has a number of defined benefit plans in the countries where it operates. The following tables present the main data of these plans:</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:27.993%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td><td style="width:1.0%"></td><td style="width:13.081%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.081%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.081%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.081%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.083%"></td><td style="width:0.1%"></td></tr><tr><td colspan="18" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">12/31/2024</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Millions of euros</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Germany</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Brazil</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Hispam</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Others</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total</span></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Obligation</span></td><td colspan="3" style="display:none"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">226&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">544&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">75&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">17&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">862&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Assets</span></td><td colspan="3" style="display:none"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(106)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(628)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(17)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(751)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Net provision before asset ceiling</span></td><td colspan="3" style="display:none"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">120&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(84)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">75&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">111&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Asset ceiling</span></td><td colspan="3" style="display:none"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">173&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">173&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total</span></td><td colspan="3" style="display:none"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">120</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">89</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">75</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">284</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Net provision</span></td><td colspan="3" style="display:none"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">130&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">113&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">90&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">6&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">339&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Net assets</span></td><td colspan="3" style="display:none"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">10&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">24&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">15&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">6&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">55&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-bottom:9pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:27.993%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td><td style="width:1.0%"></td><td style="width:13.081%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.081%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.081%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.081%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.083%"></td><td style="width:0.1%"></td></tr><tr><td colspan="18" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">12/31/2023</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Millions of euros</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Germany</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Brazil</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Hispam</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Others</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total</span></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Obligation</span></td><td colspan="3" style="display:none"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">236&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">764&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">74&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">15&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,089&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Assets</span></td><td colspan="3" style="display:none"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(103)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(777)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(14)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(894)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Net provision before asset ceiling</span></td><td colspan="3" style="display:none"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">133&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(13)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">74&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">195&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Asset ceiling</span></td><td colspan="3" style="display:none"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">200&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">200&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total</span></td><td colspan="3" style="display:none"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">133</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">187</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">74</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">395</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Net provision</span></td><td colspan="3" style="display:none"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">143&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">201&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">86&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">10&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">440&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Net assets</span></td><td colspan="3" style="display:none"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">10&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">14&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">12&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">9&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">45&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The movement in the present value of obligations in 2024 and 2023 is as follows:</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#006476;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:39.689%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td><td style="width:1.0%"></td><td style="width:10.742%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.742%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.742%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.742%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.743%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Millions of euros</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Germany</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Brazil</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Hispam</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Other</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total</span></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Present value of obligation at 12/31/2022</span></td><td colspan="3" style="display:none"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">208</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">622</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">64</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">19</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">913</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Translation differences</span></td><td colspan="3" style="display:none"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">27&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">31&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Current service cost</span></td><td colspan="3" style="display:none"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">11&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">5&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">19&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Interest cost</span></td><td colspan="3" style="display:none"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">8&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">61&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">8&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">78&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Actuarial losses and gains</span></td><td colspan="3" style="display:none"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">15&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">101&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">118&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Benefits paid</span></td><td colspan="3" style="display:none"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(6)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(49)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(5)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(1)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(61)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Plan curtailments</span></td><td colspan="3" style="display:none"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(3)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(3)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Other movements</span></td><td colspan="3" style="display:none"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(1)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(5)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(6)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Present value of obligation at 12/31/2023</span></td><td colspan="3" style="display:none"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">236</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">764</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">74</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">15</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,089</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">First application of IAS 21</span></td><td colspan="3" style="display:none"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">6</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">6</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Translation differences</span></td><td colspan="3" style="display:none"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(119)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(10)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(128)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Current service cost</span></td><td colspan="3" style="display:none"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">11&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">8&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">23&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Interest cost</span></td><td colspan="3" style="display:none"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">8&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">62&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">18&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">89&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Actuarial losses and gains</span></td><td colspan="3" style="display:none"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(23)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(118)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(10)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(151)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Benefits paid</span></td><td colspan="3" style="display:none"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(6)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(48)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(6)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(1)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(61)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Plan curtailments</span></td><td colspan="3" style="display:none"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(3)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(3)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Other movements</span></td><td colspan="3" style="display:none"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(2)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(2)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Present value of obligation at 12/31/2024</span></td><td colspan="3" style="display:none"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">226</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">544</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">75</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">17</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">862</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Movements in the fair value of plan assets in 2024 and 2023 are as follows:</span><span style="color:#006476;font-family:'Calibri',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span></div><div style="margin-bottom:70pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:40.420%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td><td style="width:1.0%"></td><td style="width:13.519%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.519%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.519%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.523%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Millions of euros</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Germany</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Brazil</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Other</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total</span></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Fair value of plan assets at 12/31/2022</span></td><td colspan="3" style="display:none"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">101</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">751</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">18</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">870</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Translation differences</span></td><td colspan="3" style="display:none"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">31&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">31&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Interest income</span></td><td colspan="3" style="display:none"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">74&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">77&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Actuarial losses and gains</span></td><td colspan="3" style="display:none"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(30)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(30)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Company contributions</span></td><td colspan="3" style="display:none"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Benefits paid</span></td><td colspan="3" style="display:none"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(3)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(45)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(48)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Transfers</span></td><td colspan="3" style="display:none"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(4)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(4)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Other movements</span></td><td colspan="3" style="display:none"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(4)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(4)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Fair value of plan assets at 12/31/2023</span></td><td colspan="3" style="display:none"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">103</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">777</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">14</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">894</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Translation differences</span></td><td colspan="3" style="display:none"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(129)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(128)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Interest income</span></td><td colspan="3" style="display:none"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">63&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">67&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Actuarial losses and gains</span></td><td colspan="3" style="display:none"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(31)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(31)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Company contributions</span></td><td colspan="3" style="display:none"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Benefits paid</span></td><td colspan="3" style="display:none"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(3)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(44)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(47)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Transfers</span></td><td colspan="3" style="display:none"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(1)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Other movements</span></td><td colspan="3" style="display:none"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(8)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(6)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Fair value of plan assets at 12/31/2024</span></td><td colspan="3" style="display:none"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">106</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">628</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">17</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">751</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Telef&#243;nica Brazil post-employment benefit plans</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Telef&#243;nica Brazil sponsors the following post-employment benefit plans: </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.853%"><tr><td style="width:1.0%"></td><td style="width:43.263%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.859%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:38.578%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Plans</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Management entity</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Sponsor</span></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Health plans</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Plano de Assist&#234;ncia M&#233;dica ao Aposentado y Programa de Coberturas Especiais (PAMA/PCE)</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Funda&#231;&#227;o Sistel de Seguridade Social</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#244;nica Brasil, jointly and severally with other companies resulting from the privatization of Telebr&#225;s (Telecomunica&#231;&#245;es Brasileiras, S.A.)</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Assistencia m&#233;dica &#8211; Lei 9.656/98</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#244;nica Brasil</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#244;nica Brasil, Terra Networks, TGLog, TIS, IoTCo Brasil and CloudCo Brasil</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Pension plans</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">PBS Assistidos (PBS-A)<br/>&#160;</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Funda&#231;&#227;o Sistel de Seguridade Social</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#244;nica Brasil, jointly and severally with other companies resulting from the privatization of Telebr&#225;s (Telecomunica&#231;&#245;es Brasileiras, S.A.)</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">CTB</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#244;nica Brasil</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#244;nica Brasil</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#244;nica BD</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Vis&#227;o Prev</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#244;nica Brasil</span></td></tr><tr><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Planes VISAO</span></td><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Vis&#227;o Prev</span></td><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#244;nica Brasil, Terra Networks, TGLog, TIS, IoTCo Brasil and CloudCo Brasil</span></td></tr></table></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The main actuarial assumptions used in valuing these plans are as follows: </span></div><div style="margin-top:9pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.853%"><tr><td style="width:1.0%"></td><td style="width:60.832%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:18.226%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:17.642%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">12/31/2024</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">12/31/2023</span></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Discount rate</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">11.07% - 11.67%</span></div></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">8.90% - 9.18%</span></div></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Nominal rate of salary increase</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4.57% - 6.60%</span></div></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4.57% - 6.60%</span></div></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Long-term inflation rate</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3.50&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3.50&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Growth rate for medical costs</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">6.61&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">6.61&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td></tr><tr><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Mortality tables</span></td><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">AT 2000 M/F</span></td><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">AT 2000 M/F</span></td></tr></table></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The discount rate and growth rate for medical costs are considered to be the most significant actuarial assumptions with a reasonable possibility of fluctuations depending on demographic and economic changes and may significantly change the amount of the post-employment benefit obligation. The sensitivity to changes in these assumptions is shown below: </span></div><div style="margin-top:9pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.707%"><tr><td style="width:1.0%"></td><td style="width:17.228%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:27.785%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:25.292%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:25.295%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Present value of the discounted obligation at the current discount rate</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Present value of the obligation by increasing the discount rate by 0.5%</span></div></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Present value of the obligation by reducing the discount rate by 0.5%</span></div></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Pension plans</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">304&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">295&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">313&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Health plans</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">241&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">228&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">254&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Total obligation</span></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">545</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">523</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">567</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr></table></div><div style="margin-bottom:9pt;margin-top:9pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.707%"><tr><td style="width:1.0%"></td><td style="width:17.228%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:27.785%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:25.292%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:25.295%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Present value of the obligation at the current growth rate for medical costs</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Present value of the obligation by increasing the rate by 1%</span></div></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Present value of the obligation by reducing the rate by 1%</span></div></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Pension plans</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">304&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">304&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">304&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Health plans</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">241&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">269&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">217&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Total obligation</span></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">545</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">573</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">521</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Other employee benefits </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Telef&#243;nica de Espa&#241;a, Telef&#243;nica M&#243;viles Espa&#241;a and Telef&#243;nica Soluciones Individual Suspension Plans </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In 2015 Telef&#243;nica de Espa&#241;a, S.A.U., Telef&#243;nica M&#243;viles Espa&#241;a, S.A.U. and Telef&#243;nica Soluciones de Inform&#225;tica y Comunicaciones de Espa&#241;a, S.A.U. signed the first Collective Bargaining Agreement of Related Companies (CEV). This agreement considered elements that included a plan of measures for individual suspension of the employment relationship in 2016 and 2017, applying principles of voluntariness, universality, non-discrimination and social responsibility. In December 2016, the Collective Bargaining Agreement of Related Companies was extended until 2018 by virtue of the provisions thereof. In September 2019 Telef&#243;nica Espa&#241;a signed the second Collective Agreement of Related Companies that includes, among other aspects, an "Individual Suspension Plan" that was completely voluntary for the year 2019, with the same conditions as the previous one. In 2021, Telef&#243;nica Espa&#241;a signed a Social Pact for Employment supported by the largest trade unions, which contemplated an Individual Suspension Plan of employment, fully voluntary. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">These plans are based on mutual agreement between the company and employees and entail the possibility of voluntarily suspending the employment relationship for an initial three-year period, renewable for consecutive three-year periods until the retirement age. Employees who meet the age and seniority requirements may enter the Individual Suspension Plans (PSI) in the periods opened for these purposes. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">At the end of each period, the current value of the forecast payment flows to meet the commitments of these programs (applying certain hypotheses regarding estimated number of accessions and future reintegration ratio) is recognized. At 2024 and </span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">2023</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> year-ends, this figure was calculated using </span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">the biometric table PERM2020 published in the resolution of December 17, 2020 combined with the invalidity table published in the ministerial order of 1977 and a high quality credit market based interest rate.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The provision at December&#160;31, 2024 amounted to </span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">3,073</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> million euros (3,648 million euros at December&#160;31, 2023). </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The discount rate used for these provisions at December&#160;31, 2024 was 2.75% with an average plan length of 2.73 years.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Sensitivity of the valuation </span></div><div style="margin-top:9pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The table below shows the sensitivity of the value of termination, post-employment and other obligations, including the Individual Suspension Plans of Telef&#243;nica Group companies in Spain to changes in the discount rate:  </span><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:23.900%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:23.900%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:23.900%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:23.900%"></td><td style="width:0.1%"></td></tr><tr><td colspan="6" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">-100 bps</span></div></td><td colspan="6" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;+100 bps</span></div></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Impact on value</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Impact on income statement</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Impact on value</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Impact on&#160;&#160;income statement</span></td></tr><tr><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(127)</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(127)</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">120&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">120&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-top:9pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">A 100 b.p. increase in the discount rate would reduce the value of the liabilities by 120 million euros and have a positive impact on the income statement of 120 million euros before tax. On the other hand, a 100 b.p. decrease in the discount rate would increase the value of the liabilities by 127 million euros and have a negative impact on the income statement of 127 million euros before tax.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Telef&#243;nica Group actively manages this position and has arranged a derivatives portfolio to significantly reduce the impact of changes in the discount rate (see Note 19).  </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">b) Provisions for dismantling of assets </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The movement of provision for dismantling of assets in 2024 and 2023 is as follows: </span></div><div style="margin-top:9pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.415%"><tr><td style="width:1.0%"></td><td style="width:70.811%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:26.989%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Millions of euros</span></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Dismantling of assets at December 31, 2022</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">528</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Additions</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">54&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Accretion</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">23&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Retirements/amount applied</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(67)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Transfers</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">14&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Translation differences and other</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(30)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Dismantling of assets at December 31, 2023</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">522</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Additions</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">38&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Accretion</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">43&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Retirements/amount applied</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(48)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Transfers</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Business combinations</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Translation differences and other</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(25)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Dismantling of assets at December 31, 2024</span></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">535</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The detail by segments of provision for dismantling of assets in 2024 and 2023 is as follows: </span></div><div style="margin-top:9pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.269%"><tr><td style="width:1.0%"></td><td style="width:60.902%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:17.898%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:17.900%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Millions of euros</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">12/31/2024</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">12/31/2023</span></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Spain</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">14&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">16&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Germany</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">360&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">354&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Brazil</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">64&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">76&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Hispam</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">97&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">76&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total</span></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">535</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">522</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">c) Other provisions </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The movement in &#8220;Other provisions&#8221; in 2024 and 2023 is as follows: </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.853%"><tr><td style="width:1.0%"></td><td style="width:70.935%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:26.865%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Millions of euros</span></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Other provisions at December 31, 2022</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2,630</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Additions and accretion</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">809&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Retirements/amount applied</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(805)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Transfers</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(16)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Translation differences and other</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(44)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Other provisions at December 31, 2023</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2,574</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Additions and accretion</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">611&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Retirements/amount applied</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(702)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Transfers</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(60)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Translation differences and other</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(234)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Other provisions at December 31, 2024</span></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2,189</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Group is exposed to risks of claims and litigation, mainly related to tax and regulatory proceedings, and labor and civil claims.  </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Given the nature of the risks covered by these provisions, no reliable schedule of potential payments, if any, can be determined. </span></div><div style="margin-bottom:9pt;margin-top:9pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Telef&#243;nica Brazil</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Telef&#244;nica Brasil, S.A. and its subsidiaries are party to administrative and judicial proceedings and labor, tax and civil claims filed in different courts. The Telef&#243;nica Group management based on the opinion of its legal counsel, recognized provisions for proceedings for which an unfavorable outcome is considered likely. </span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The balance of these provisions at December 31, 2024 and December 31, 2023 is shown in the following table:</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.707%"><tr><td style="width:1.0%"></td><td style="width:61.070%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:17.814%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:17.816%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Millions of euros</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">12/31/2024</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">12/31/2023</span></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Tax proceedings</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">314&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">515&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Regulatory proceedings</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">179&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">329&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Labor claims</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">145&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">130&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Civil proceedings</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">219&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">229&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Amounts to be refunded to customers</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">14&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">18&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Provision for fines for canceling lease agreements</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">6&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">8&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total</span></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">877</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,229</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Additionally, Telef&#243;nica Brazil recognized contingent liabilities according to IFRS 3 generated on</span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> acquisition of the controlling interest of Vivo Participa&#231;oes in 2011, GVT in 2015 and the mobile assets of Oi in 2022 (see Note 5). These contingent liabilities amounted to 167 million euros at December&#160;31, 2024 (187 million euros at December&#160;31, 2023).</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The detail of provisions for tax proceedings by nature of risk is as follows:</span></div><div style="margin-bottom:9pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.707%"><tr><td style="width:1.0%"></td><td style="width:61.070%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:17.814%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:17.816%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Millions of euros</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">12/31/2024</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">12/31/2023</span></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Federal taxes</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">126&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">149&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">State taxes</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">72&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">248&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Municipal taxes</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">21&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">9&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">FUST</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">95&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">109&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total</span></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">314</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">515</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The breakdown of changes in provisions for tax proceedings in 2024 and 2023 is as follows: </span></div><div style="margin-bottom:9pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.853%"><tr><td style="width:1.0%"></td><td style="width:70.935%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:26.865%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Millions of euros</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Balance at 12/31/2022</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">446</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Movements with a corresponding entry under operating income</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">16&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Write-offs due to payment</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(3)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Monetary updating</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">38&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Translation differences</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">18&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Balance at 12/31/2023</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">515</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Movements with a corresponding entry under operating income</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">7&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Other additions/reversal</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(84)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Write-offs due to payment</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(12)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Business combination</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">9&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Monetary updating</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(46)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Translation differences</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(75)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Balance at 12/31/2024</span></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">314</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Group management and legal counsel understand that losses are possible from tax contingencies in federal, state, municipal and other taxes for an aggregated amount of 40,850 million Brazilian reals (6,347 million euros) as of </span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">December&#160;31, 2024</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> (36,963 million Brazilian reals, 6,909 million euros as of </span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">December&#160;31, 2023</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">). The possible contingencies from the main income tax proceedings (federal tax) are described in Note 25.</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Noteworthy state tax-related contingencies include the "ICMS" tax (see Note 25). Moreover, Telef&#243;nica Brazil presently has different open proceedings regarding the Fundo de Universaliza&#231;&#227;o de Servi&#231;os de Telecomunica&#231;&#245;es (FUST, refer to Note 29). </span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">With regard to regulatory proceedings, Telef&#243;nica Brazil is party to administrative proceedings against Agencia Nacional de Telecomunica&#231;&#245;es (ANATEL) based on an alleged failure to meet sector regulations and judicial proceedings to contest sanctions applied by ANATEL at the administrative level. Consolidated provisions totaled 1,151 million Brazilian reals (179 million euros) at </span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">December 31, 2024 </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(1,761 million Brazilian reals, 329 million euros at </span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">December&#160;31, 2023</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">). </span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In 2024, Telef&#243;nica Brasil and ANATEL signed a self-composition agreement regarding the switched fixed telephone service (STFC) from the concession regime to an authorization regime (see Notes 29.a and Appendix VI). As a consequence of this agreement, regulatory provisions amounted to 792 million Brazilian Reais (137 million euros) have been reversed with a corresponding entry under Other expenses (386 million Brazilian Reais, equivalent to 67 million euros, see note 26) and in financial results (406 million Brazilian Reais, 70 million euros, see note 19). </span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In addition, Group management and legal counsel understand that losses are possible from regulatory contingencies amounting to 3,067 million Brazilian reals (476 million euros) at </span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">December&#160;31, 2024</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> (6,765 million Brazilian reals, 1,264 million euros at </span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">December&#160;31, 2023. The reduction in 2024 of these possible losses from regulatory contingencies is mainly related to the self-composition agreement signed by Telef&#243;nica Brasil and ANATEL described above.</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In addition, Group management and legal counsel understand that losses are possible from civil proceedings, amounting to 311 million euros at </span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">December&#160;31, 2024</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> (398 million euros at </span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">December&#160;31, 2023</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">). </span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In some situations, in connection with a legal requirement or presentation of guarantees, judicial deposits are made to secure the continuance of the claims under discussion. The judicial deposits by nature of risk at </span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">December&#160;31, 2024</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> and </span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">December&#160;31, 2023</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> are as follows: </span></div><div style="margin-bottom:9pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:60.888%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:17.905%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:17.907%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Millions of euros</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">12/31/2024</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">12/31/2023</span></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Tax proceedings</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">264&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">304&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Labor claims</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">11&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">17&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Civil proceedings</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">139&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">161&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Regulatory proceedings</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">51&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">58&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Garnishments</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">467</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">544</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Current </span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">24&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">14&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Non-current (see Note 12)</span></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">443&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">530&#160;</span></td><td style="border-bottom:2pt solid 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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for employee benefits.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 19<br> -IssueDate 2024-01-01<br> -Section Scope<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=19&amp;code=ifrs-tx-2024-en-r&amp;doctype=Standard&amp;dita_xref=IAS19_g2-7_TI<br> -URIDate 2024-03-27<br></p></div>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Employee Benefits [Abstract]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
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<span style="display: none;">v3.25.0.1</span><table class="report" border="0" cellspacing="2" id="idm45294640606448">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Tax Matters<br></strong></div></th>
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<tr><th class="th"><div>Dec. 31, 2024</div></th></tr>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_tef_IncomeTaxesAbstract', window );"><strong>Income Taxes [Abstract]</strong></a></td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfIncomeTaxExplanatory', window );">Tax Matters</a></td>
<td class="text">Tax matters<div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Pursuant to a Ministerial Order dated December 27, 1989, Telef&#243;nica, S.A. files consolidated tax returns in Spain for certain Group companies. The consolidated tax group comprised </span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">47</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> companies at December 31, 2024 (45 companies at December 31, 2023).</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">This tax consolidation regime applies indefinitely providing the companies continue to meet the requirements set down in prevailing legislation, and that application of the regime is not expressly waived. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Group companies which are resident in Spain and which are not part of this consolidation regime and non-resident companies file individual or aggregated tax returns under the tax law applicable in each country. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Deferred taxes movement</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The movements in deferred taxes in the Telef&#243;nica Group in 2024 and 2023 are as follows:</span></div><div style="margin-top:9pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.707%"><tr><td style="width:1.0%"></td><td style="width:63.562%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:16.495%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:16.643%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Millions of euros</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Deferred tax assets</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Deferred tax liabilities</span></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Balance at December 31, 2023</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">6,240</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2,702</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">First application of IAS 21</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(48)</span></td><td style="background-color:#ffffff;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Additions</span></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,418&#160;</span></td><td style="background-color:#ffffff;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,028&#160;</span></td><td style="background-color:#ffffff;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Disposals</span></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(928)</span></td><td style="background-color:#ffffff;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(811)</span></td><td style="background-color:#ffffff;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Transfers</span></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">27&#160;</span></td><td style="background-color:#ffffff;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">26&#160;</span></td><td style="background-color:#ffffff;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Translation differences and inflation adjustments</span></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(89)</span></td><td style="background-color:#ffffff;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(2)</span></td><td style="background-color:#ffffff;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Company movements and others</span></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">5&#160;</span></td><td style="background-color:#ffffff;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">10&#160;</span></td><td style="background-color:#ffffff;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Balance at December 31, 2024</span></td><td colspan="2" style="background-color:#ffffff;border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">6,673</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2,905</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-bottom:9pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.707%"><tr><td style="width:1.0%"></td><td style="width:63.562%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:16.495%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:16.643%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Millions of euros</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Deferred tax assets</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Deferred tax liabilities</span></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Balance at December 31, 2022</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">4,884</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">3,067</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Additions</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,040&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">383&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Disposals</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(760)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(673)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Transfers</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">15&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">21&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Translation differences and inflation adjustments</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">61&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(92)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Company movements and others</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(4)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Balance at December 31, 2023</span></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">6,240</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2,702</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Group assesses the recoverability of deferred tax assets based on the future activities carried out by the different companies, on tax regulations in the different countries in which these companies operate, and on the strategic decisions affecting the companies.</span></div><div style="margin-top:9pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Main changes registered in 2024</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In 2024 there were additions of deferred tax assets for 78 million euros as a result of the provisions recognized during the year in relation to the various workforce restructuring plans, other obligations with employees of the companies include in the group in Spain and its financial update (see Note 24). Likewise, disposals of deferred tax assets in 2024 included the impact of the materialization of these provisions and its financial update, amounting to 255 million euros. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">218 million euros of deferred tax assets were recorded due to the application of Law 7/2024 of December 20, which, in addition to regulating the Global minimum tax, establishes the extension to 2024 and 2025 of the 50% limitation on the use of individual tax loss carryforwards for the year, which must be reversed in equal parts in each of the ten years following the year in which they are applied. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The abovementioned Law also re-establishes the mandatory reversal regime for impairment losses on securities representing capital or equity that had been tax deductible prior to 2013 and were pending reversal at January 1, 2024 (see section Constitutional Court Ruling on Royal Decree Law 3/2016 in this Note). The reversal must be </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">done, at least, in equal parts in each of the first three years beginning on or after January 1, 2024, which has resulted in the recording of a deferred tax liability of 535 million euros for the balance outstanding at the beginning of 2024. The Company has taken into account in its analysis of recoverability of deferred tax assets at the end of 2024 the amount of impairment losses deducted prior to 2013 that are pending integration, quantifying the effects of their return in the years. As a result, deferred tax assets amounting to 410 million euros have been recorded as additions.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Telef&#243;nica Germany recognized tax credits for loss carryforwards generated in previous years amounting to 127 million euros and applied tax loss carryforwards amounting to 60 million euros in 2024. Furthermore, Telef&#243;nica Germany recognized additions of deferred tax liabilities amounting to 40 million euros.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The additions of deferred tax assets included tax credits recognized for 106 million euros by the German company Group 3G UMTS Holding GmbH. Furthermore, this company applied tax loss carryforwards in 2024 amounting to 83 million euros. </span></div><div style="margin-top:9pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Telef&#243;nica Brasil recognized additions of deferred tax assets in the amount of 3 million euros, applied tax loss carryforwards amounting to 65 million euros and recognized disposals for temporary differences in the amount of 4 million euros in 2024. Additionally, it recognized additions of liabilities for deferred taxes amounting to 178 million euros and disposals of deferred tax liabilities amounting to 140 million euros.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Telef&#243;nica Chile recognized additions of deferred tax assets in the amount of 70 million euros and disposals of deferred tax assets in the amount of 38 million euros in 2024. Additionally, recognized additions of deferred tax liabilities in the amount of 8 million euros and disposals of deferred tax liabilities amounting to 24 million euros.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Telef&#243;nica Colombia recognized disposals of deferred tax assets in the amount of 45 million euros in 2024. Additionally, recognized disposals of deferred tax liabilities in the amount of 11 million euros.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Likewise, in 2024, Telef&#243;nica del Per&#250; has reversed deferred tax assets for loss carryforwards, amounting to 91 million euros (see Note 2).</span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Telef&#243;nica Argentina recorded disposals in deferred tax liabilities, and additions in deferred tax assets for temporary differences, amounting to 332 million euros and 141 million euros, respectively, mainly corresponding to the tax effect of the impairment loss on intangible assets and property, plant and equipment recorded at the end of 2024 (see Note 2).</span></div><div><span><br/></span></div><div><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The movements relating to deferred taxes recognized directly in equity in 2024 amounted to 29 million euros of additions (net position of higher deferred tax liabilities) and 115 million euros of disposals (net position of higher deferred tax </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">liabilities</span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">).</span></div><div><span><br/></span></div><div><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Likewise, the amount of recognized deferred tax liabilities associated with investments in subsidiaries amounted to 156 million euros as of December 31, 2024. The amount of unrecognized deferred tax liabilities associated with investments in subsidiaries amounted to 330 million euros as of December 31, 2024.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Main changes registered in 2023</span></div><div style="margin-top:9pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Following the ruling of the General Court Judgment of September 27, 2023 that finally annuls the Third Decision (EU) 2015/314 of the Commission (see the section "Tax deductibility of financial goodwill in Spain" in this note) an addition of tax credits for tax loss carryforwards was recognized with a balancing entry in the income tax amounting to 334 million euros. </span></div><div style="margin-top:9pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Likewise, as of December 31, 2023, the recoverability of the deferred tax assets of the Tax Group in Spain has been estimated, considering: i) the estimates of results of the companies that make up the Tax Group; and ii) the effects of RD 3/2016 (see Constitutional Court Judgment on Royal Decree Law 3/2016 in this note). Following this analysis, deferred tax assets were recorded for tax loss carryforwards and deductions, with a counterpart in income taxes, in the amount of 541 million euros.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Additionally, in 2023 there were additions of deferred tax assets for 412 million euros as a result of the provisions recognized during the year in relation to the various workforce restructuring plans and other obligations with employees of the companies include in the group in Spain (see Note 24). Likewise, disposals of deferred tax assets in 2023 included the impact of the materialization of these provisions and its financial update, amounting to 208 million euros. </span></div><div style="margin-top:9pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Deferred tax assets were added in the amount of 306 million euros in Spain, as a consequence of Law 38/2022, of December 27, which establishes temporary measures in determining the tax base under the tax consolidation regime, limiting the amount of individual tax loss carryforwards corresponding to fiscal year 2023 to 50%.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Telef&#243;nica Germany recognized tax credits for loss carryforwards generated in previous years amounting to 115 million euros and applied tax loss carryforwards amounting to 41 million euros in 2023. Furthermore, Telef&#243;nica Germany recognized deferred tax liabilities disposals amounting to 18 million euros.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The additions of deferred tax assets included tax credits recognized for 73 million euros by the German company Group 3G UMTS Holding GmbH. Furthermore, this company applied tax loss carryforwards in 2023 amounting to 79 million euros. </span></div><div style="margin-top:9pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Telef&#243;nica Brasil recognized additions of deferred tax assets in the amount of 23 million euros, applied tax loss carryforwards amounting to 60 million euros and recognized disposals for temporary differences in the amount of 61 million euros in 2023. Additionally, it recognized additions of liabilities for deferred taxes amounting to 119 million euros and disposals of deferred tax liabilities amounting to 266 million euros.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Telef&#243;nica Chile recognized additions of deferred tax assets in the amount of 94 million euros and disposals of deferred tax assets in the amount of 18 million euros in 2023. Additionally, it recognized additions of deferred tax liabilities in the amount of 48 million euros and disposals of deferred tax liabilities amounting to 28 million euros.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Telef&#243;nica Colombia recognized additions of deferred tax assets in the amount of 9 million euros and disposals of deferred tax assets in the amount of 66 million euros in 2023. Additionally, it recognized disposals of deferred tax liabilities in the amount of 13 million euros.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The movements relating to deferred taxes recognized directly in equity in 2023 amounted to 2 million euros of additions (net position of higher deferred tax liabilities) and 194 million euros of disposals (net position of higher deferred tax </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">liabilities</span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">).</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Likewise, the amount of recognized deferred tax liabilities associated with investments in subsidiaries amounted to 258 million euros as of December 31, 2023.The amount of unrecognized deferred tax liabilities associated with investments in subsidiaries amounted to 233 million euros as of December 31, 2023.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Expected realization of deferred tax assets and liabilities</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The estimated realization of deferred tax assets and liabilities recognized in the consolidated statement of financial position in 2024 is as follows:</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.707%"><tr><td style="width:1.0%"></td><td style="width:47.140%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:16.055%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:16.055%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:16.350%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Millions of euros</span></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #bfbfbf;padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">12/31/2024</span></td><td colspan="3" style="background-color:#ffffff;border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total</span></td><td colspan="3" style="background-color:#ffffff;border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Less than 1 year</span></td><td colspan="3" style="background-color:#ffffff;border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">More than 1 year</span></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Deferred tax assets</span></td><td colspan="2" style="background-color:#ffffff;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">6,673&#160;</span></td><td style="background-color:#ffffff;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,034&#160;</span></td><td style="background-color:#ffffff;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">5,639&#160;</span></td><td style="background-color:#ffffff;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Deferred tax liabilities</span></td><td colspan="2" style="background-color:#ffffff;border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,905&#160;</span></td><td style="background-color:#ffffff;border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">295&#160;</span></td><td style="background-color:#ffffff;border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,610&#160;</span></td><td style="background-color:#ffffff;border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-bottom:9pt;margin-top:9pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Deferred tax assets</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Deferred tax assets in the accompanying consolidated statements of financial position include the tax loss carryforwards, unused tax credits recognized and deductible temporary differences recognized at the end of the reporting period. </span></div><div style="margin-top:9pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.707%"><tr><td style="width:1.0%"></td><td style="width:63.562%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:16.495%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:16.643%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Millions of euros</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">12/31/2024</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">12/31/2023</span></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Tax credits for loss carryforwards</span></td><td colspan="2" style="background-color:#ffffff;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,877&#160;</span></td><td style="background-color:#ffffff;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,803&#160;</span></td><td style="background-color:#ffffff;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Unused tax deductions</span></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,000&#160;</span></td><td style="background-color:#ffffff;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">733&#160;</span></td><td style="background-color:#ffffff;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Deferred tax assets for temporary differences</span></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,796&#160;</span></td><td style="background-color:#ffffff;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,704&#160;</span></td><td style="background-color:#ffffff;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total deferred tax assets</span></td><td colspan="2" style="background-color:#ffffff;border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">6,673</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">6,240</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Tax credits for loss carryforwards</span></div><div style="margin-top:9pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The movements in Tax credits for loss carryforwards in the Telef&#243;nica Group in 2024 and 2023 are as follows:</span><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:41.151%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.011%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.157%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.888%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td><td style="width:1.0%"></td><td style="width:10.742%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.451%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Location of the company (Millions of euros)</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Balance at 12/31/2023</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Additions</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Reversals</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Translation differences and other</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Balance at 12/31/2024</span></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Spain</span></td><td colspan="2" style="background-color:#ffffff;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,110</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">183&#160;</span></td><td style="background-color:#ffffff;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(17)</span></td><td style="background-color:#ffffff;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ffffff;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1&#160;</span></td><td style="background-color:#ffffff;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,277</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Germany</span></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">879</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">234&#160;</span></td><td style="background-color:#ffffff;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(144)</span></td><td style="background-color:#ffffff;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1&#160;</span></td><td style="background-color:#ffffff;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">970</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Latin America</span></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">814</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">135&#160;</span></td><td style="background-color:#ffffff;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(230)</span></td><td style="background-color:#ffffff;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(89)</span></td><td style="background-color:#ffffff;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">630</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Other</span></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="background-color:#ffffff;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="background-color:#ffffff;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="background-color:#ffffff;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total tax credits for loss carryforwards</span></td><td colspan="2" style="background-color:#ffffff;border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2,803</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">552</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(391)</span></td><td style="background-color:#ffffff;border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="2" style="background-color:#ffffff;border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(87)</span></td><td style="background-color:#ffffff;border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2,877</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="background-color:#ffffff;border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-bottom:9pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:40.566%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.595%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.864%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.864%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td><td style="width:1.0%"></td><td style="width:11.326%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.185%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Location of the company (Millions of euros)</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Balance at 12/31/2022</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Additions</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Reversals</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Translation differences and other</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Balance at 12/31/2023</span></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Spain</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">457</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">725&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(75)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,110</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Germany</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">810</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">189&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(120)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">879</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Latin America</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">741</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">133&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(113)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">53&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">814</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Other</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">3</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(3)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total tax credits for loss carryforwards</span></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2,011</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,047</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(311)</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">56</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2,803</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Spanish tax group considers that unused tax loss carryforwards in Spain, taking into account tax litigation in which the group is involved, amounted</span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> to 5,426 </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">million euros at December&#160;31, 2024:</span></div><div style="margin-top:9pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.707%"><tr><td style="width:1.0%"></td><td style="width:47.140%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:16.055%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:16.055%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:16.350%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Millions of euros</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Less than 1 year</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">More than 1 year</span></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Tax loss carryforwards generated in the tax group</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">3,439</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">868&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,571&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Tax loss carryforwards generated before consolidation in the tax group</span></td><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,987</span></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,987&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Total tax credits for loss carryforwards in Spain in the statement of financial position at December 31, 2024 amounted </span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">to </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">1,277 million euros (1,110 million euros at December 31, 2023). Total unrecognized tax credits for loss carryforwards of the Spanish tax group amounted to</span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">113</span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> m</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">illion euros (77 million euros at December 31, 2023). These tax credits do not expire.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Group companies in Germany have recogn</span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">ized </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">970</span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> milli</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">on euros of tax credits for loss carryforwards at December&#160;31, 2024 (879 million euros at December 31, 2023). Total unrecognized tax credits for loss carryforwards of these companies amount t</span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">o </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">5,168</span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">million euros (5,295 million euros at December 31, 2023). These tax credits do not expire. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Recognized tax credits in the consolidated statement of financial position arising from the Latin American subsidiaries at December&#160;31, 2024 amounted to 630 million euros (814 million euros as of December 31, 2023). Total unrecognized tax credits for tax loss carryforwards in Latin America amounted to</span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">797</span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">million euros (841 million euros at December 31, 2023). </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Deductions</span></div><div style="margin-top:9pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Group has recognized </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">1,000</span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> million euros of tax credits from deductions at December&#160;31, 2024, in Spain (733 millIon euros in 2023), generated primarily from R+D+i, double taxation, donations to non-profit organizations and film productions. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Total unrecognized tax credits from deductions in Spain amounted t</span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">o </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">123</span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">million euros at December 31, 2024 (244 million euros as of December 31, 2023).</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Temporary differences</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The sources of deferred tax assets and liabilities from temporary differences recognized at December&#160;31, 2024 and 2023 are as follows: </span></div><div style="margin-top:9pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.707%"><tr><td style="width:1.0%"></td><td style="width:63.562%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:16.495%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:16.643%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Millions of euros</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">12/31/2024</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">12/31/2023</span></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Goodwill and intangible assets</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">652&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">787&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Property, plant and equipment</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">438&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">378&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Personnel commitments</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,271&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,498&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Provisions</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">960&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,062&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Investments in subsidiaries, associates and other shareholdings</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">37&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Inventories and receivables</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">237&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">330&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Rights of use</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">42&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">48&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Lease liabilities</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">990&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">994&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Other concepts</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">668&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">489&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total deferred tax assets for temporary differences</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">5,295</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">5,586</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Deferred tax assets and liabilities offset</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(2,499)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(2,882)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total deferred tax assets for temporary differences registered in the statement of financial position</span></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2,796</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2,704</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-bottom:9pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.707%"><tr><td style="width:1.0%"></td><td style="width:63.562%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:16.495%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:16.643%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Millions of euros</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">12/31/2024</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">12/31/2023</span></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Goodwill and intangible assets</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,549&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,928&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Property, plant and equipment</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">854&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,105&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Personnel commitments</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Provisions</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">35&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">35&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Investments in subsidiaries, associates and other shareholdings</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,225&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">746&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Rights of use</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">997&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,023&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Lease liabilities</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Other concepts</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">740&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">743&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total deferred tax liabilities for temporary differences</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">5,404</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">5,584</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Deferred tax assets and liabilities offset</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(2,499)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(2,882)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total deferred tax liabilities for temporary differences registered in the statement of financial position</span></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2,905</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2,702</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Deferred tax assets and liabilities are offset if a legally enforceable right exists to offset current tax assets against current tax liabilities and the deferred taxes relate to the same taxable entity and the same taxation authority. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The heading "Other concepts&#8221; of deferred tax assets for temporary differences include, among others, the effect of the 50% limitation on the use of individual negative tax credits for loss carryforwards for the year of companies under a tax consolidation regime in Spain (see the section Main deferred tax movements recorded in 2024 of this Note). "Other concepts" of deferred tax liabilities for temporary differences include, among others, the difference between the accounting and tax values created by the value of financial derivatives and assets and liabilities related to the recognition of income. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Total unrecognized tax credits from  temporary differences, mainly from Pegaso Pcs S.A. de C.V. and Colombia Telecomunicaciones S.A. ESP BIC, amounted to 886 million euros at December 31, 2024 (982 million euros at December 31, 2023).</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Tax payables and receivables</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Current tax payables and receivables at December&#160;31, 2024 and 2023 are as follows: </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.707%"><tr><td style="width:1.0%"></td><td style="width:63.562%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:16.495%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:16.643%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Millions of euros</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Balance at 12/31/2024</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Balance at 12/31/2023</span></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Tax payables</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Tax withholdings</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">104&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">111&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Indirect taxes</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">424&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">561&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Social security</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">112&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">117&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Current income taxes payable</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">658&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">769&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Other</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">316&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">311&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total</span></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,614</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,869</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:12pt"><td colspan="9" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Millions of euros</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Balance at 12/31/2024</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Balance at 12/31/2023</span></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Tax receivables</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Indirect taxes</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">461&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">493&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Current income taxes receivable</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">392&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">598&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Other</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">117&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">102&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total</span></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">970</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,193</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">"Current income taxes payable" as of December 31, 2024 includes 549 million euros (660 million euros as of December 31, 2023) corresponding to Telef&#243;nica del Per&#250;'s legal proceedings related to corporate income tax (see the section </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Tax litigation in Telef&#243;nica del Per&#250; </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">in this note).</span></div><div style="margin-top:9pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Reconciliation of book profit before taxes to taxable income</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The reconciliation between book profit before tax and the income tax expense from continuing operations for 2024, 2023 and 2022 is as follows:</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.707%"><tr><td style="width:1.0%"></td><td style="width:47.140%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:16.055%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:16.055%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:16.350%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Millions of euros</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2024</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2023</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2022</span></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Accounting profit before tax</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">557</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(1,473)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2,960</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Tax expense at prevailing statutory rate</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">102&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(248)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">797&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Permanent differences</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">165&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">442&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(793)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Changes in deferred tax charge due to changes in tax rates</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(Capitalization)/reversal of tax deduction and tax relief</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(252)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(173)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">88&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(Capitalization)/reversal of loss carryforwards</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(333)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(855)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">197&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Increase/(decrease) in tax expense arising from temporary differences</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">599&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">11&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">43&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Other concepts</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">65&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(76)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">308&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Corporate income tax</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">348</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(899)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">641</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Breakdown of current/deferred tax expense</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Current tax expense</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">519&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">473&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(218)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 7pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Deferred tax expense</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(171)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(1,372)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">859&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total Corporate income tax</span></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">348</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(899)</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">641</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">2024</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Permanent differences for 2024 mainly included the result of excluding goodwill impairment losses (see Note 26) from the reconciliation. Goodwill impairment losses are part of the Accounting profit before tax but have no effect on the consolidated Corporate income tax.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(Capitalization)/reversal of tax deduction and tax relief in 2024 mainly includes the activation of deferred tax assets for deductions within the tax group of Telef&#243;nica, S.A. following the recoverability analysis at year-end, amounting to 236 million euros, with a corresponding deferred tax expense (see the section Main changes registered in 2024 above in this note).</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(Capitalization)/reversal of loss carryforwards in 2024 mainly includes the effect of the activation of tax credits for tax loss carryforwards generated in previous years of Telef&#243;nica, S.A.amounting to 174 million euros, Telef&#243;nica Germany amounting to 127 million euros and Group 3G UMTS Holding GmbH amounting to 106 million euros (see the section Main changes registered in 2024 above in this note).</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The increase/(decrease) in tax expense arising from temporary differences in 2024 mainly includes the recognition of the deferred tax liability amounting to 535 million euros, following the reinstatement of the mandatory reversal regime for impairment losses on equity securities that had been tax-deductible prior to 2013 and were still pending reversal as of January 1, 2024 (see the section "Main movements in deferred taxes recognized in 2024" of this note).</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">2023</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Permanent differences for 2023 mainly included 477 million euros that result from excluding from the reconciliation the share of loss of VMO2 accounted for by the equity method (see Note 10). This result is part of the Accounting profit before tax but has no effect on the consolidated Corporate income tax.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(Capitalization)/reversal of tax deduction and tax relief in 2023 mainly included the reversal of deferred tax assets for tax credits of the Telef&#243;nica, S.A. tax group amounting to 173 million euros, with a balancing entry in deferred tax expense (see Main changes registered in 2023 above in this note). </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(Capitalization)/reversal of loss carryforwards in 2023 mainly included the effect of the General Court Judgment of September 27, 2023 that finally annuls the Third Decision (EU) 2015/314 of the Commission (see Tax deductibility of financial goodwill in Spain in this note) with a corresponding entry under deferred tax assets amounted to 334 million euros and the activation of tax credits for tax loss carryforwards generated in previous years of Telef&#243;nica, </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">S.A. for an amount of 368 million euros, the recognition of tax credits for tax loss carryforwards generated in previous years of Telef&#243;nica Germany amounting to 115 million euros and Group 3G UMTS Holding GmbH amounting to 73 million euros (see the section Main changes registered in 2023 above in this note).</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">2022</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">"Permanent differences" for 2022, mainly included 651 million of income corresponding to the last corporate simplification implemented in Brazil due to the approval in 2021 of a new Telecommunications Law (Law 14.195 of 26 August 2021), the consequent repeal of Decree 2.617/1998, which abolishes the obligation to control a telecommunications company through a Brazilian company.  </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Likewise, as a result of the closure of the tax inspection of Group 3G UMTS Holding GmbH for several years up to 2015 and once it was confirmed that no adjustment was proposed, the company has reversed the provision that had been recorded for this purpose, with an impact on Corporate income tax of 186 million euros and in Finance income of 69 million euros. This movement has not had any cash effect.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(Capitalization)/reversal of tax deduction and tax relief in 2022 mainly included the reversal of deferred tax assets for tax credits of the Telef&#243;nica, S.A. tax group amounting to 112 million euros, with a balancing entry in deferred tax expense. </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(Capitalization)/reversal of loss carryforwards in 2022 mainly included the effect of unrecorded tax loss carryforwards generated in the year and the reversal of tax loss carryforwards generated in prior years of the Telef&#243;nica, S.A. tax group, amounting to 326 million euros and 85 million euros, respectively. On the other hand, the recognition of tax credits for tax loss carryforwards generated in previous years of Telef&#243;nica Germany amounting to 76 million euros and Group 3G UMTS Holding GmbH amounting to 76 million euros are included too in (Capitalization)/reversal of loss carryforwards in 2022. </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Other items in 2022 mainly included an expense of 241 million euros as a result of the provision for tax contingencies recorded during the year by Telef&#243;nica del Per&#250;.</span></div><div style="margin-top:9pt"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Tax deductibility of financial goodwill in Spain </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The tax regulations added article 12.5 to the Spanish Corporate Income Tax Law, which came into force on January 1, 2002. The article regulated the deductibility of tax amortization of financial goodwill (fondo de comercio) arising from the acquisition of non-Spanish companies, which could be amortized over 20 years at 5% per annum.  </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Following the entry into force of the Laws 9/2011 of August 19, 2011 and 16/2013 of October 29, 2013, the amount of goodwill amortization deductible for tax purposes under article 12.5 for the years 2011 to 2015 was reduced from 5% to 1%. The effect is temporary because the 4% not amortized for five years (20% in total) will be recovered extending the deduction period from the initial 20 years to 25 years. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Telef&#243;nica Group, under this regulation, has been amortizing for tax purposes the financial goodwill from its investments, both direct and indirect, in O2, BellSouth and Colombia Telecomunicaciones (prior to December 21, 2007) and Vivo (acquired in 2010). The positive accumulated effect of the corresponding settlements of corporate income tax from 2004 to the closing of December&#160;31, 2024, was 2,368 million euros.  </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In relation to this tax incentive, the European Commission (EC) has in recent years commenced three proceedings against the Spanish State, as it deems that this tax benefit could constitute an example of state aid. Although the EC itself acknowledged the validity of the tax incentive for those investors that invested in European companies for  operations carried out before December 21, 2007 in the first decision, and before May 21, 2011 for investments in other countries in the second decision, in its third decision issued on October 15, 2014 it calls into question the applicability of the principle of legitimate expectations in the application of the incentive for indirect acquisitions, whatever the date of acquisition may have been. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">There are also doubts in the Spanish Courts about the classification of the incentive as a deduction and its maintenance in the case of subsequent transmission. </span></div><div style="margin-top:9pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On October 6, 2021, the Court of Justice of the European Union concluded that the European Commission correctly classified the Spanish tax depreciation scheme of the Fondo de Comercio as State aid incompatible with the internal market for the First and Second Decisions. </span></div><div style="margin-top:9pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">With regard to the recognition of legitimate expectations for the First and Second decisions, the Court of Justice of the European Union confirms its applicability.</span></div><div style="margin-top:9pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The proceedings initiated on the Third Decision, suspended until the resolution of the 1st and the 2nd Decisions resumed on October 19, 2021. The General Court of the Court of Justice of the European Union issued a ruling on September 27, 2023 annulling the Commission's Third Decision (EU) 2015/314, effective as of the day of its publication. However, the proceedings have not been finally concluded as the European Commission appealed the ruling to the Court of Justice of the European Union on December 14, 2023. </span></div><div style="margin-bottom:12pt;margin-top:9pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">As a result of the execution of this Sentence, in accordance with the opinion of the Company and its advisors as to the likely outcome of the aforementioned appeal, as well as that of the Constitutional Court on Royal Decree Law 3/2016, Telef&#243;nica could once again have available (in addition to the 334 million euros mentioned in the section "Main changes registered in 2023"), totally or partially, the tax credits for tax loss carryforwards and deductions described under "Constitutional Court Ruling on Royal Decree Law 3/2016" of this note.</span></div><div style="text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:112%">The "Tax and Customs Control Unit of the Spanish Tax Authority" (Dependencia de Control Tributario y Aduanero de la Agencia Tributaria), in compliance with the obligation set out in the EC Decision (EU) 2015/314, recovered in March 2019, February 2021 and July 2023, the amounts that had been deducted in connection with the amortization of goodwill for the indirect acquisition of non-resident companies from 2005 to 2015, 2016 to 2018 and 2019 to 2020, respectively. The amount paid by Telef&#243;nica after offsetting outstanding tax credits (tax losses carryforward and deductions) amounted to 13.4 million euros. All settlements have been appealed by the Company in the Spanish courts.  </span></div><div style="margin-top:9pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Notwithstanding the fact that Telef&#243;nica understands that the principle of legitimate expectations in relation to this tax incentive applies, in relation to tax-amortized goodwill through the purchase of some companies for which the applicability of the legitimate expectations principle is questioned, mainly Vivo, the Group has decided to continue provisioning the amount of the goodwill amortized for tax purposes, and not recovered by the Administration which amounted to 480 million euros as of December 31, 2024 (419 million euros as of December 31, 2023).  </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Inspections of the tax group in Spain</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:112%">In July 2019, new inspection procedures were initiated for several of the companies belonging to Tax Group 24/90, of which Telef&#243;nica, S.A. is the dominant company. The periods audited for Corporate Income Tax were the years 2014 to 2017. </span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The closing of the inspection procedure took place in January 2022, with the Settlement Agreement being notified, and which the Company challenged in an economic-administrative procedure at the Central Economic-Administrative Court due to the adjustments with which it did not agree, mainly related to the "juros sobre el capital propio". In December 2022, the Company received a rejection resolution from the Central Economic-Administrative Court, which was challenged on the National High Court in February 2023. The final decision is still pending.</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In relation to the 2008-2011 inspection procedure, in July 2022 Telef&#243;nica was notified of the Supreme Court's decision rejecting the appeal for cassation filed by the State Attorney's Office against the judgment of the Audiencia Nacional (National High Court) of October 29, 2021. This confirmed the criteria used by Telef&#243;nica, S.A. for the use of tax losses carryforward and deductions in relation to the liquidation agreements derived from the Corporate Income Tax inspection of those years.</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On October 24, 2022, an Agreement for the Execution of the Judgment of the Audiencia Nacional (National High Court) was issued, which orders the refund to Telef&#243;nica of an amount of 790 million euros for taxes paid in those years, as well as an amount of 526 million euros as delayed interest. Said amounts were collecte</span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">d on October 28, 2022.</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In July 2023 new inspection procedures were initiated with respect to several of the companies belonging to Tax Group 24/90, of which Telef&#243;nica, S.A. is the dominant company. The taxes and periods being audited were as follows: corporate income tax for the years 2018 to 2021 and value added tax for the period from May to December 2019 as well as for the years 2020 and 2021. </span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">As a result of the ongoing inspection process and the years still to be inspected, at the end of the financial year 2024, it is not estimated that there will be a need to recognize additional liabilities in addition to those described in the Consolidated Financial Statements.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Constitutional Court Ruling on Royal Decree Law 3/2016</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:112%">On January 18, 2024, the plenary session of the Constitutional Court of Spain ("TC") unanimously declared unconstitutional certain measures introduced by Royal Decree-Law 3/2016 of December 2 on corporate income tax. Specifically, the TC declared unconstitutional the setting of stricter ceilings for the offsetting of tax loss carryforwards, the introduction ex novo of a limit on the application of double taxation deductions, and the obligation to automatically integrate into the tax base of the tax the impairment of holdings that had been deducted in previous years. This ruling, following the trend of previous TC rulings, points out that, in the interest of legal certainty, the effects of the declaration of unconstitutionality are limited.</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">However, because Telef&#243;nica has submitted letters of request for rectification for the financial years 2016 onwards of both the consolidated self-assessment tax returns (Form 220) of the Tax Group 24/90 and the individual self-assessment tax returns (Form 200) of the Group companies affected by the measures deemed to be unconstitutional, Telef&#243;nica would not be affected by any such limitation on the scope of the declaration of unconstitutionality.</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Furthermore, on December 21, 2024, Law 7/2024 of December 20 was published in the Official State Gazette (BOE), which, in addition to regulating a complementary tax ensuring a minimum global tax rate for multinational groups (transposing European Council Directive 2022/2523 of December 15), introduces other changes to the corporate income tax in order to reverse the effects of the partial annulment of the tax measures introduced by Royal Decree-Law 3/2016 of December 2.</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:112%">With effect from tax periods starting on or after January 1, 2024 and not yet concluded at the time the Law 7/2024 comes into force, the mandatory reversal regime for impairments of securities on share capital or equity that had been fiscally deductible prior to 2013 is reinstated.</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Specifically, the total amount of impairments that were deductible before 2013 and are pending reversal as of January 1, 2024 must be included in the tax base. </span></div><div style="margin-bottom:9pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:112%">The reversal must be made, at a minimum, in equal parts during each of the first three financial years starting from January 1, 2024. It will be possible to offset the positive income arising from this mandatory reversal with tax loss carryforwards generated in years prior to 2021, without the application of the 25% and 50% limits mentioned earlier (although the general 70%  limit will still apply).</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:112%">As a result, the corporate income tax returns of the fiscal group in Spain for the years 2016 to 2021 will be affected by the aforementioned ruling. Given the current status of the litigation related to the corporate income tax for 2016-2017 before the Spanish National Court, and the conclusion of the tax inspection process for the years 2018 to 2021, it is expected that the Spanish tax authorities will issue the corresponding enforcement agreements when the inspection procedure concludes in 2025. </span></div><div style="margin-bottom:9pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Accordingly, Telef&#243;nica, with the support of its external advisors, based on the applicable financial reporting framework, has taken into account the effects of the unconstitutionality of Royal Decree-Law 3/2016 and Law 7/2024, in its analysis of recoverability of deferred tax assets at the end of 2024, this resulted mainly in the reversal of impairment of portfolios that were tax-deductible in periods starting prior to January 1, 2013 and their integration in the taxable income base according to the provisions of Article 12.3 of Royal Decree-Law 4/2004 and the new Law 7/2024.The effects are shown in the section "Main changes registered in 2024" in this note.</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:112%">As a result of the execution of this TC ruling, as well as the ruling from the General Court of the European Union regarding the amortization of goodwill, Telef&#243;nica could once again have available (in addition to the 334 million euros mentioned), either in whole or in part, the following tax credits for tax loss carryforwards and deductions used in the assessments of those years: for tax loss carryforwards of the years 2002, 247 million euros; 2004, 21 million euros; 2011, 615 million euros; and 2015, 1,503 million euros; and for deductions: for double taxation for the years 2010 to 2020, 952 million euros; for reinvestment for the years 2003 and 2011 to 2013, 23 million euros; for investments from 2003 to 2013, 476 million euros; for donations from the years 2009 to 2018, 260 million euros; for fixed assets in the Canary Islands from 2010 to 2020, 101 million euros and due to the reversal of temporary measures from 2015 to 2020, 29 million euros.</span></div><div style="margin-top:9pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Tax litigation in Telef&#243;nica Brazil </span></div><div style="margin-top:9pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">State taxes </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Telef&#243;nica Group is involved in a range of tax litigation in Brazil over direct and indirect taxes (including those relating to GVT). This includes a number of appeals relating to ICMS tax (a tax similar to VAT, levied on telecommunications services). There is a dispute with the Brazilian tax authorities over which services should be subject to this tax. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">To date the most significant issues have focused on the requirement to collect ICMS on penalties charged to customers for non-compliance, and complementary or additional services to the basic telecommunications services such as value-added services, modem rental, and the application of this tax on the basic fee (assinatura b&#225;sica). In the case of the latter (assinatura b&#225;sica), the Supreme Court has established that the tax is only payable in respect of assessments for periods after October 2016. </span></div><div style="margin-top:9pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">All related procedures are being contested in all instances (administrative and court proceedings). The aggregate amount of the relevant proceedings, updated to take into account interest, fines and other items, was approximately 25,760 million Brazilian reais as of December 31, 2024 (approximately 4,002 million euros at the exchange rate on that date, see Note 24), 23,130 million Brazilian reais as of December 31, 2023 (approximately 4,323 million euros at the exchange rate on that date). Telef&#243;nica Brazil has obtained independent expert reports supporting its position, i.e., that the aforesaid services are not subject to ICMS. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Federal taxes</span></div><div style="margin-top:9pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In addition, there are possible contingencies in relation to federal income taxes for a total amount of 36,723 million Brazilian reais as of December 31, 2024 (approximately 5,706 million euros at the exchange rate on that date), compared to 30,379 million Brazilian reais as of  December 31, 2023 (approximately 5,678 million euros at the exchange rate on that date), mainly related to the tax amortizations in Brazil in the years between 2011 and 2021 with respect to goodwill originated in the acquisitions of Vivo and GVT and their subsequent mergers with Telef&#243;nica Brasil. In relation to the tax amortization of goodwill in 2024, the last assessment received was for an amount of 4,018 million Brazilian reais (approximately 624 million euros at the exchange rate as of December 31, 2024). Telef&#243;nica Brasil has challenged the related assessments. These proceedings are at the administrative and judicial stage and no provisions have been made since the potential risk associated with them has been classified as "not probable" and Telef&#243;nica Brazil has received independent expert reports that support this view. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">There are other probable contingencies in relation to the federal income taxes for the total amount of </span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">216 </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">million Brazilian reais as of December 31, 2024 (approximat</span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">ely 34 million euros a</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">t the exchange rate as of December 31, 2024), compared to 198 million Brazilian reais as of  December 31, 2023 (approximately 37 million euros at the exchange rate on that date). The Company has recognized a provision for this amount.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Tax litigation in Telef&#243;nica del Per&#250;</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In relation to tax claims in Peru, it should be noted that Telef&#243;nica del Per&#250; is party to numerous legal proceedings (contentious administrative proceedings (ACAs) and appeals (amparos)) for tax matters relating to corporate income tax and VAT, mainly for the years </span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">1998 to 2005</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">, the most relevant being those corresponding to the years 1998 to 2001 (relating to corporate income tax, payments in advance, credit balances, associated VAT, interest and applicable penalties).</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The evolution of the appeals of the different cases from the period 1998 to 2001 has been uneven and complex over the last few years, but we can highlight the second instance Judgment of 2015, which was partially upheld; the Supreme Court Judgments of 2019; the January 2020 Supreme Court Ruling, annulling the previous rulings of 2000 and 2001 in relation to the provision for doubtful debts; the Constitutional Court Rulings in 2021 in relation to the settlement of late payment interest, partially upheld; and the Supreme Court Rulings of 2021 and 2022 on the credit balance from 1999 used in 2000.</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On January 17 and 18, 2023, Telef&#243;nica del Per&#250; received notifications of the judgments handed down by the Supreme Court that resolved, in the last instance and unfavorably to the Company (references to the &#8220;Company&#8221; in this section refer to Telef&#243;nica del Per&#250;), the contentious administrative proceedings relating to income tax for the years 1998, 2000 and 2001.</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The rulings issued by the Fifth Chamber of Constitutional and Social Transitory of the Supreme Court do not contain any payment mandate to the Company, as the rulings issued in the administrative contentious proceedings were resolved on concepts derived from a pronouncement of the Tax Court. At the end of these proceedings - and any others that may be applicable - the Tax Administration, through an administrative act, will determine the amount of the corresponding payment obligations.</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Because there were certain adjustments on which the rulings had been definitive since 2015 (positively for the Company in relation to the deductibility of the rental of public spaces and negatively in the case of the deductibility of certain financial charges), the Company previously recorded a provision with an impact on income tax, the </span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">amount of which has been updated periodically and constantly depending on the evolution of the various proceedings and the applicable interest rates.</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In addition to the above, in June 2022 a new ruling was received from the Tax Court in relation to the corporate income tax of Telef&#243;nica M&#243;viles del Per&#250; for 2000. This ruling was favorable to the Company with respect to the recognition of the tax value of certain network assets and unfavorable with respect to the deductibility of the exchange rate tax.</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In relation to all these proceedings, the Group considers that the initial amount claimed by the Peruvian government has been exponentially increased by the accrual of interest generated by the delay, not attributable to the Company, of almost 20 years in processing the lawsuits, meaning that almost 80% of the total amount claimed is due to interest and fines. And all this, despite the fact that in 2021 the Constitutional Court itself ruled in favor of Telef&#243;nica del Per&#250;, recognizing that it had been charged interest for delays not attributable to the company.</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">For this and other reasons, the Group has been in international arbitration before ICSID since March 2021 for various conducts of the Peruvian State in violation of the Agreement for the Promotion and Reciprocal Protection of Investments between Spain and Peru (see Note 29.a).</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">During the 2024 financial year, the partial execution of the guarantees provided during the aforementioned proceedings from 1998 to 2001 has finally taken place, for a total amount of 1,105 million Peruvian soles, equivalent to 272 million euros at the 2024 average exchange rate.</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company has recorded the necessary provisions for the contingencies considered probable, leaving as possible contingencies an amount of 517 million Peruvian soles as of December 31, 2024, or approximately 132 million euros at the exchange rate on that date (587 million Peruvian soles as of December 31, 2023, or approximately 143 million euros at the 2024 average exchange rate).</span></div><div style="text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The total provision for tax litigation in Peru, following the payments made to date, as well as the use of credit balance and the restatement of interest, have led to the adjustment of the provision at December 31, 2024, </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">which amounts, including the amount corresponding to the guaranteed letters paid and pending return, </span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">to 2,739 million Peruvian soles, or approximately 700 million euros at the exchange rate as of December 31, 2024 (3,117 million Peruvian soles as of December 31, 2023 or approximately 761 million euros at the exchange rate on that date). </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Years open for inspection in the Group companies</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The years open for review by the tax inspection authorities for the main applicable taxes vary from one consolidated company to another, based on each country&#8217;s tax legislation, taking into account their respective statute of limitations period</span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">s. In Spain, years fro</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">m 2018 </span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">onwards are open to inspection. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In the other countries in which the Telef&#243;nica Group has a significant presence, the years open for inspection by the relevant authorities are generally as follows:</span></div><div style="margin-top:9pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:10pt">The last ten years in the United Kingdom.</span></div><div style="margin-top:9pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:10pt">The last nine years in Germany. </span></div><div style="margin-top:9pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:10pt">The last seven years in Argentina.</span></div><div style="margin-top:9pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:10pt">The last six years in Venezuela and Colombia. </span></div><div style="margin-top:9pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:10pt">The last five years in Brazil, Mexico, Uruguay and the Netherlands.  </span></div><div style="margin-top:9pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:10pt">The last four years in Peru and Ecuador. </span></div><div style="margin-top:9pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:10pt">The last three years in Chile and the United States. </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The tax inspection of the open years is not expected to give rise to additional material liabilities for the Group. </span></div><div><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:112%">Complementary Minimun Tax (Pillar Two)</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:105%">On December 21, 2024, the Official State Gazette published Law 7/2024 of December 20, which establishes a Complementary Tax to guarantee a minimum global level of taxation for multinational groups and large domestic groups, a Tax on the margin of interest and fees of certain financial entities, and a Tax on liquids for electronic </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:105%">cigarettes and other tobacco-related products, as well as amendments to other tax regulations (hereinafter, "Law 7/2024").</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:105%">Law 7/2024 implements Pillar Two in Spain, establishing, with retroactive effect for fiscal years starting on January 1, 2024, a Complementary Tax that ensures large multinational groups are taxed at a minimum effective rate of 15% wherever they operate.</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Telef&#243;nica Group, as a large multinational group, is subject to this Complementary Tax.</span></div><div style="margin-bottom:9pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:112%">In this regard, the group has conducted an analysis of the potential impacts that may arise from the application of this tax in the 2024 financial year in those jurisdictions where it is present, considering the application of the Transitional Safe Harbours outlined in the Fourth Transitional Provision of Law 7/2024 and, where applicable, the full calculation.</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">These Transitional Safe Harbours aim to facilitate adaptation to the Pillar Two regulations by stipulating that the Complementary Tax will be zero if any of the three regulated tests are met.</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:112%">The tax expense in the consolidated accounts for 2024 related to jurisdictions where none of the safe harbour tests are met does not have a significant impact, in accordance with the application of the Pillar Two legislation.</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Group applies the exemption to recognise and disclose information on deferred tax assets and liabilities arising from the implementation of Law 7/2024, as provided in the amendments to IAS 12 issued in May 2023.</span></div><span></span>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for income taxes.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 12<br> -IssueDate 2024-01-01<br> -Section Disclosure<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=12&amp;code=ifrs-tx-2024-en-r&amp;doctype=Standard&amp;dita_xref=IAS12_g79-88_TI<br> -URIDate 2024-03-27<br></p></div>
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<td><strong> Name:</strong></td>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Income Taxes [Abstract]</p></div>
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<span style="display: none;">v3.25.0.1</span><table class="report" border="0" cellspacing="2" id="idm45294665646960">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Revenue and Expenses<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2024</div></th></tr>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_AnalysisOfIncomeAndExpenseAbstract', window );"><strong>Analysis of income and expense [abstract]</strong></a></td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfRevenueExplanatory', window );">Revenues and Expenses</a></td>
<td class="text">Revenue and expenses<div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Revenues</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The breakdown of Revenues for the years 2024, 2023 and 2022 is as follows: </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.707%"><tr><td style="width:1.0%"></td><td style="width:47.140%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:16.055%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:16.055%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:16.350%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Millions of euros</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2024</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2023</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2022</span></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Revenues from rendering of services</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">35,480&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">34,832&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">34,479&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Lease revenues</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">79&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">71&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">76&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Sale of goods</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">5,756&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">5,749&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">5,438&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total</span></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">41,315</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">40,652</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">39,993</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">"Revenues from sale of goods" mainly include the sale of mobile handsets, also including those corresponding to leases of terminals with a purchase option.   </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In 2024, "revenues from rendering of services" included 212 million euros corresponding to insurance contracts (212 million euros in 2023), after the adoption of IFRS 17 on January 1, 2023.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Other income</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The breakdown of &#8220;Other income&#8221; is as follows:</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.707%"><tr><td style="width:1.0%"></td><td style="width:47.140%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:16.055%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:16.055%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:16.350%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Millions of euros</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2024</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2023</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2022</span></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Own work capitalized</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">820&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">803&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">783&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Gain on disposal of businesses</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">47&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">24&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">205&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Gain on disposal of property, plant and equipment</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">161&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">257&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">582&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Gain on disposal of intangible assets</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Government grants</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">39&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">27&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">16&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Other operating income</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">625&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">428&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">478&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total</span></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,692</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,541</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2,065</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">"Other operating income" in 2024 included the amount corresponding to the favorable award to Telef&#243;nica relating to the international arbitration proceeding against the Republic of Colombia, which amounted to approximately 380 million U.S. dollars (approximately 358 million euros, see notes 2, 15 and 29.a).</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">"Gain on disposal of businesses" in 2024 includes the gain generated in the joint operation in Colombia (see Note 5), which amounted to 47 million euros.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">"Gain on disposal of businesses" in 2022 mainly included the gain from the sale of fiber optics assets of Colombia Telecomunicaciones, amounting to 162 million euros and the gain from the establishment of the joint company for the deployment of fiber in the United Kingdom amounting to 20 million euros.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">"Gain on disposal of property, plant and equipment" includes the gains on sale and leaseback transactions, which amounted to 17 million euros, 105 million euros and 381 million euros in 2024, 2023 and 2022, respectively (see Note 20).</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Other expenses</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The breakdown of &#8220;Other expenses&#8221; is as follows:</span></div><div style="margin-top:9pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.707%"><tr><td style="width:1.0%"></td><td style="width:47.140%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:16.055%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:16.055%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:16.350%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #414b61;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Millions of euros</span></td><td colspan="3" style="border-top:0.25pt solid #414b61;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2024</span></td><td colspan="3" style="border-top:0.25pt solid #414b61;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2023</span></td><td colspan="3" style="border-top:0.25pt solid #414b61;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2022</span></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Leases included in "Other expenses" </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(1)</span></div></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">97&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">68&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">86&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Other external services</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">8,351&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">8,282&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">8,731&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Taxes other than income tax</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">831&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">753&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">834&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Change in trade provisions</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">719&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">734&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">693&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Losses on disposal of fixed assets, losses on operations classified as held for sale and  sale of assets</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,525&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">33&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">124&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Goodwill impairment (Note 7)</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">866&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">58&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Other operating expenses</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">165&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">370&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">273&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total</span></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">12,554</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">10,298</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">10,741</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table><span style="color:#000000;font-family:'Arial',sans-serif;font-size:4.55pt;font-weight:400;line-height:120%;position:relative;top:-2.44pt;vertical-align:baseline">(1)</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:120%"> According to IFRS 16, only short-term leases and leases involving low-value assets or intangible assets are included (see Note 9). </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">"Goodwill impairment" in 2024 includes the impairment of goodwill allocated to the cash-generating unit of Peru (226 million euros), Chile (397 million euros), Telef&#243;nica Tech UK &amp; Ireland (192 million euros) and the Be-terna Group (51 million euros).</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">"Goodwill impairment" in 2023 included an impairment of goodwill allocated to the Ecuador cash-generating unit of 58 million euros. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">"Losses on disposal of fixed assets, losses on operations classified as held for sale and sale of assets" in 2024 includes mainly impairment losses on intangible assets and property, plant and equipment in Telef&#243;nica Argentina amounting to 1,274 million euros (see Notes 2, 6 and 8), impairment losses on intangible assets of Telef&#243;nica del Per&#250; amounting to 54 million euros (see Notes 2 and 6), impairment losses on property, plant and equipment of Pangea amounting to 108 million euros (see Note 30) and the impairment of goodwill allocated to the fiber optics business in Peru amounting to 34 million euros (see Note 30). In 2022 included impairment losses on intangible assets and property, plant and equipment of Telef&#243;nica Argentina, for a total amount of 77 million euros.  </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">"Other operating expenses" in 2024 includes a lower expense of 386 million Brazilian Reais (67 million euros at the 2024 average exchange rate) referring to the reversal of regulatory provisions of Telef&#243;nica Brasil after the Concession Migration Agreement signed between Telef&#243;nica Brasil and ANATEL (see notes 24.c and 29.a).</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8220;Taxes other than income tax&#8221; includes the outstanding credits related to the court decisions in favor of Telef&#243;nica Brasil which recognized the right to deduct the ICMS from the calculation base of the PIS and COFINS. In 2024 there has been no impact on "Taxes other than income tax" having an impact of 51 million euros and 73 million euros in 2023 and 2022, respectively.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Purchases and other contractual commitments</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The estimated payment schedule for purchases and other contractual commitments (non-cancelable without penalty cost) is as follows:</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:70.245%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:27.555%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #414b61;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Millions of euros</span></td><td colspan="3" style="border-top:0.25pt solid #414b61;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Purchases and other contractual commitments</span></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Less than 1 year</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4,204&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1 to 3 years</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4,008&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">3 to 5 years</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,441&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">More than 5 years</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,895&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total</span></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">11,548</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The purchases and other contractual commitments in the table above include 1,033 million euros corresponding to power purchase agreements (PPAs), mainly of Telef&#243;nica Spain for the period from 2025 to 2031 and Telef&#243;nica Germany for the period from 2025 to 2035 and 2040 (see Note 29.d). The Group uses these contracts to purchase energy from renewable sources, such as wind and solar, at generally fixed prices (see Note 3.l).</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Commitments for short-term leases and low value leases amounted to 58 million euros as of December 31, 2024. In addition, the Group has lease collection commitments amounting to 5 million euros as of December 31, 2024. </span></div><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Headcount</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The table below presents the breakdown of the Telef&#243;nica Group&#8217;s average number of employees by fully consolidated segment (see Note 4) in 2024, 2023 and 2022, together with total headcount at December 31 each year. </span><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.853%"><tr><td style="width:1.0%"></td><td style="width:33.599%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.588%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.880%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.880%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.588%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.880%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.885%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="6" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2024</span></td><td colspan="6" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2023</span></td><td colspan="6" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2022</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Average</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Year-end</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Average</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Year-end</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Average</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Year-end</span></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Spain</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">19,055&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">18,305&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">21,342&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">21,443&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">21,099&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">20,947&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Germany</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">7,464&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">7,589&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">7,232&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">7,367&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">7,029&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">7,099&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Brazil</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">35,605&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">35,818&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">35,118&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">35,519&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">34,275&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">34,846&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Hispam</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">28,191&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">27,569&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">29,715&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">29,087&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">30,232&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">29,994&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Other companies</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">11,069&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">11,589&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">10,717&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">10,726&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">9,928&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">10,765&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total</span></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">101,384</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">100,870</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">104,124</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">104,142</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">102,563</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">103,651</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">At December&#160;31, 2024, approximately 40% of the final headcount were women (approximately 39% at December&#160;31, 2023). </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">At December&#160;31, 2024, the number of employees with disabilities was 2,700 (2,572 employees at December&#160;31, 2023), of which 487 employees were in Spain (462 employees in 2023). </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Depreciation and amortization</span></div><div style="margin-bottom:9pt;margin-top:9pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The breakdown of &#8220;Depreciation and amortization&#8221; on the consolidated income statement is as follows:</span><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:51.970%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.543%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.543%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.544%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Millions of euros</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2024</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2023</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2022</span></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Property, plant and equipment (Note 8)</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4,102&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4,055&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4,133&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Intangible assets (Note 6)</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,462&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,583&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,599&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Rights of use (Note 9)</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,235&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,159&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,064&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total</span></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">8,799</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">8,797</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">8,796</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Earnings per share</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Basic earnings per share amounts are calculated by dividing (a) the profit for the year attributable to equity holders of the parent, adjusted for the net coupon corresponding to the undated deeply subordinated securities (see Note 17.c) by (b) the weighted average number of ordinary shares outstanding during the year. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Diluted earnings per share amounts are calculated by dividing the net profit for the year attributable to ordinary equity holders of the parent, adjusted as described above, by the weighted average number of ordinary shares adjusted as described in the preceding paragraph, plus the weighted average number of ordinary shares that would be issued on the conversion of all the dilutive potential ordinary shares into ordinary shares. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Both basic and diluted earnings per share attributable to equity holders of the parent are calculated based on the following data:</span></div><div style="margin-top:9pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.707%"><tr><td style="width:1.0%"></td><td style="width:47.140%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:16.055%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:16.055%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:16.350%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Millions of euros</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2024</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2023</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2022</span></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(Loss) profit attributable to ordinary equity holders of the parent company</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(49)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(892)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,011&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Adjustment for the coupon corresponding to perpetual subordinated obligations</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(359)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(339)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(279)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Tax effect</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">90&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">85&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">70&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total (loss) profit attributable to ordinary equity holders of the parent for basic and diluted earnings per share </span></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(318)</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(1,146)</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,802</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.707%"><tr><td style="width:1.0%"></td><td style="width:47.140%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:16.055%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:16.055%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:16.350%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Number of shares (thousands)</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2024</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2023</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2022</span></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Weighted average number of ordinary shares for basic earnings per share  (does not include treasury shares)</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">5,635,695&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">5,668,142&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">5,740,105&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica, S.A. plans of rights over shares</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">36,575&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">47,435&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">23,096&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Weighted average number of ordinary shares outstanding for diluted earnings per share (excluding treasury shares)</span></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">5,672,270&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">5,715,577&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">5,763,201&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">For the purposes of calculating the earnings per share (basic and diluted) attributable to equity holders of the parent, the weighted average number of shares outstanding is retrospectively adjusted for transactions that have changed the number of shares outstanding without a corresponding change in resources, as if such transactions had occurred at the beginning of the earliest period presented. Such is the case of the bonus share issues carried out to meet the </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">scrip dividend</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> (see Note 17.b).</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Thus, basic and diluted (loss) earnings per share attributable to equity holders of the parent are as follows:</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.707%"><tr><td style="width:1.0%"></td><td style="width:47.140%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:16.055%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:16.055%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:16.350%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(Loss) earnings per share (euros)</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2024</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2023</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2022</span></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Basic</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(0.06)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(0.20)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">0.31&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Diluted</span></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(0.06)</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(0.20)</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">0.31&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfExpensesExplanatory', window );">Revenues and Expenses</a></td>
<td class="text">Revenue and expenses<div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Revenues</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The breakdown of Revenues for the years 2024, 2023 and 2022 is as follows: </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.707%"><tr><td style="width:1.0%"></td><td style="width:47.140%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:16.055%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:16.055%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:16.350%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Millions of euros</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2024</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2023</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2022</span></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Revenues from rendering of services</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">35,480&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">34,832&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">34,479&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Lease revenues</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">79&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">71&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">76&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Sale of goods</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">5,756&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">5,749&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">5,438&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total</span></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">41,315</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">40,652</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">39,993</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">"Revenues from sale of goods" mainly include the sale of mobile handsets, also including those corresponding to leases of terminals with a purchase option.   </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In 2024, "revenues from rendering of services" included 212 million euros corresponding to insurance contracts (212 million euros in 2023), after the adoption of IFRS 17 on January 1, 2023.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Other income</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The breakdown of &#8220;Other income&#8221; is as follows:</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.707%"><tr><td style="width:1.0%"></td><td style="width:47.140%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:16.055%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:16.055%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:16.350%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Millions of euros</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2024</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2023</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2022</span></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Own work capitalized</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">820&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">803&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">783&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Gain on disposal of businesses</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">47&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">24&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">205&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Gain on disposal of property, plant and equipment</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">161&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">257&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">582&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Gain on disposal of intangible assets</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Government grants</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">39&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">27&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">16&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Other operating income</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">625&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">428&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">478&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total</span></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,692</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,541</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2,065</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">"Other operating income" in 2024 included the amount corresponding to the favorable award to Telef&#243;nica relating to the international arbitration proceeding against the Republic of Colombia, which amounted to approximately 380 million U.S. dollars (approximately 358 million euros, see notes 2, 15 and 29.a).</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">"Gain on disposal of businesses" in 2024 includes the gain generated in the joint operation in Colombia (see Note 5), which amounted to 47 million euros.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">"Gain on disposal of businesses" in 2022 mainly included the gain from the sale of fiber optics assets of Colombia Telecomunicaciones, amounting to 162 million euros and the gain from the establishment of the joint company for the deployment of fiber in the United Kingdom amounting to 20 million euros.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">"Gain on disposal of property, plant and equipment" includes the gains on sale and leaseback transactions, which amounted to 17 million euros, 105 million euros and 381 million euros in 2024, 2023 and 2022, respectively (see Note 20).</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Other expenses</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The breakdown of &#8220;Other expenses&#8221; is as follows:</span></div><div style="margin-top:9pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.707%"><tr><td style="width:1.0%"></td><td style="width:47.140%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:16.055%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:16.055%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:16.350%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #414b61;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Millions of euros</span></td><td colspan="3" style="border-top:0.25pt solid #414b61;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2024</span></td><td colspan="3" style="border-top:0.25pt solid #414b61;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2023</span></td><td colspan="3" style="border-top:0.25pt solid #414b61;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2022</span></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Leases included in "Other expenses" </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(1)</span></div></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">97&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">68&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">86&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Other external services</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">8,351&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">8,282&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">8,731&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Taxes other than income tax</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">831&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">753&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">834&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Change in trade provisions</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">719&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">734&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">693&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Losses on disposal of fixed assets, losses on operations classified as held for sale and  sale of assets</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,525&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">33&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">124&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Goodwill impairment (Note 7)</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">866&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">58&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Other operating expenses</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">165&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">370&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">273&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total</span></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">12,554</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">10,298</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">10,741</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table><span style="color:#000000;font-family:'Arial',sans-serif;font-size:4.55pt;font-weight:400;line-height:120%;position:relative;top:-2.44pt;vertical-align:baseline">(1)</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:120%"> According to IFRS 16, only short-term leases and leases involving low-value assets or intangible assets are included (see Note 9). </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">"Goodwill impairment" in 2024 includes the impairment of goodwill allocated to the cash-generating unit of Peru (226 million euros), Chile (397 million euros), Telef&#243;nica Tech UK &amp; Ireland (192 million euros) and the Be-terna Group (51 million euros).</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">"Goodwill impairment" in 2023 included an impairment of goodwill allocated to the Ecuador cash-generating unit of 58 million euros. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">"Losses on disposal of fixed assets, losses on operations classified as held for sale and sale of assets" in 2024 includes mainly impairment losses on intangible assets and property, plant and equipment in Telef&#243;nica Argentina amounting to 1,274 million euros (see Notes 2, 6 and 8), impairment losses on intangible assets of Telef&#243;nica del Per&#250; amounting to 54 million euros (see Notes 2 and 6), impairment losses on property, plant and equipment of Pangea amounting to 108 million euros (see Note 30) and the impairment of goodwill allocated to the fiber optics business in Peru amounting to 34 million euros (see Note 30). In 2022 included impairment losses on intangible assets and property, plant and equipment of Telef&#243;nica Argentina, for a total amount of 77 million euros.  </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">"Other operating expenses" in 2024 includes a lower expense of 386 million Brazilian Reais (67 million euros at the 2024 average exchange rate) referring to the reversal of regulatory provisions of Telef&#243;nica Brasil after the Concession Migration Agreement signed between Telef&#243;nica Brasil and ANATEL (see notes 24.c and 29.a).</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8220;Taxes other than income tax&#8221; includes the outstanding credits related to the court decisions in favor of Telef&#243;nica Brasil which recognized the right to deduct the ICMS from the calculation base of the PIS and COFINS. In 2024 there has been no impact on "Taxes other than income tax" having an impact of 51 million euros and 73 million euros in 2023 and 2022, respectively.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Purchases and other contractual commitments</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The estimated payment schedule for purchases and other contractual commitments (non-cancelable without penalty cost) is as follows:</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:70.245%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:27.555%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #414b61;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Millions of euros</span></td><td colspan="3" style="border-top:0.25pt solid #414b61;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Purchases and other contractual commitments</span></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Less than 1 year</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4,204&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1 to 3 years</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4,008&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">3 to 5 years</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,441&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">More than 5 years</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,895&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total</span></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">11,548</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The purchases and other contractual commitments in the table above include 1,033 million euros corresponding to power purchase agreements (PPAs), mainly of Telef&#243;nica Spain for the period from 2025 to 2031 and Telef&#243;nica Germany for the period from 2025 to 2035 and 2040 (see Note 29.d). The Group uses these contracts to purchase energy from renewable sources, such as wind and solar, at generally fixed prices (see Note 3.l).</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Commitments for short-term leases and low value leases amounted to 58 million euros as of December 31, 2024. In addition, the Group has lease collection commitments amounting to 5 million euros as of December 31, 2024. </span></div><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Headcount</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The table below presents the breakdown of the Telef&#243;nica Group&#8217;s average number of employees by fully consolidated segment (see Note 4) in 2024, 2023 and 2022, together with total headcount at December 31 each year. </span><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.853%"><tr><td style="width:1.0%"></td><td style="width:33.599%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.588%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.880%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.880%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.588%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.880%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.885%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="6" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2024</span></td><td colspan="6" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2023</span></td><td colspan="6" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2022</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Average</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Year-end</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Average</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Year-end</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Average</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Year-end</span></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Spain</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">19,055&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">18,305&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">21,342&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">21,443&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">21,099&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">20,947&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Germany</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">7,464&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">7,589&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">7,232&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">7,367&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">7,029&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">7,099&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Brazil</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">35,605&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">35,818&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">35,118&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">35,519&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">34,275&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">34,846&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Hispam</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">28,191&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">27,569&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">29,715&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">29,087&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">30,232&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">29,994&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Other companies</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">11,069&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">11,589&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">10,717&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">10,726&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">9,928&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">10,765&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total</span></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">101,384</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">100,870</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">104,124</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">104,142</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">102,563</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">103,651</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">At December&#160;31, 2024, approximately 40% of the final headcount were women (approximately 39% at December&#160;31, 2023). </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">At December&#160;31, 2024, the number of employees with disabilities was 2,700 (2,572 employees at December&#160;31, 2023), of which 487 employees were in Spain (462 employees in 2023). </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Depreciation and amortization</span></div><div style="margin-bottom:9pt;margin-top:9pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The breakdown of &#8220;Depreciation and amortization&#8221; on the consolidated income statement is as follows:</span><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:51.970%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.543%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.543%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:14.544%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Millions of euros</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2024</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2023</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2022</span></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Property, plant and equipment (Note 8)</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4,102&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4,055&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4,133&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Intangible assets (Note 6)</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,462&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,583&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,599&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Rights of use (Note 9)</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,235&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,159&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,064&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total</span></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">8,799</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">8,797</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">8,796</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Earnings per share</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Basic earnings per share amounts are calculated by dividing (a) the profit for the year attributable to equity holders of the parent, adjusted for the net coupon corresponding to the undated deeply subordinated securities (see Note 17.c) by (b) the weighted average number of ordinary shares outstanding during the year. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Diluted earnings per share amounts are calculated by dividing the net profit for the year attributable to ordinary equity holders of the parent, adjusted as described above, by the weighted average number of ordinary shares adjusted as described in the preceding paragraph, plus the weighted average number of ordinary shares that would be issued on the conversion of all the dilutive potential ordinary shares into ordinary shares. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Both basic and diluted earnings per share attributable to equity holders of the parent are calculated based on the following data:</span></div><div style="margin-top:9pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.707%"><tr><td style="width:1.0%"></td><td style="width:47.140%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:16.055%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:16.055%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:16.350%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Millions of euros</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2024</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2023</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2022</span></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(Loss) profit attributable to ordinary equity holders of the parent company</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(49)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(892)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,011&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Adjustment for the coupon corresponding to perpetual subordinated obligations</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(359)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(339)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(279)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Tax effect</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">90&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">85&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">70&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total (loss) profit attributable to ordinary equity holders of the parent for basic and diluted earnings per share </span></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(318)</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(1,146)</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,802</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.707%"><tr><td style="width:1.0%"></td><td style="width:47.140%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:16.055%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:16.055%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:16.350%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Number of shares (thousands)</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2024</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2023</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2022</span></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Weighted average number of ordinary shares for basic earnings per share  (does not include treasury shares)</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">5,635,695&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">5,668,142&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">5,740,105&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica, S.A. plans of rights over shares</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">36,575&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">47,435&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">23,096&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Weighted average number of ordinary shares outstanding for diluted earnings per share (excluding treasury shares)</span></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">5,672,270&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">5,715,577&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">5,763,201&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">For the purposes of calculating the earnings per share (basic and diluted) attributable to equity holders of the parent, the weighted average number of shares outstanding is retrospectively adjusted for transactions that have changed the number of shares outstanding without a corresponding change in resources, as if such transactions had occurred at the beginning of the earliest period presented. Such is the case of the bonus share issues carried out to meet the </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">scrip dividend</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> (see Note 17.b).</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Thus, basic and diluted (loss) earnings per share attributable to equity holders of the parent are as follows:</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.707%"><tr><td style="width:1.0%"></td><td style="width:47.140%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:16.055%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:16.055%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:16.350%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(Loss) earnings per share (euros)</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2024</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2023</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2022</span></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Basic</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(0.06)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(0.20)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">0.31&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Diluted</span></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(0.06)</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(0.20)</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">0.31&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><span></span>
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<span style="display: none;">v3.25.0.1</span><table class="report" border="0" cellspacing="2" id="idm45294662673440">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Long-term incentive plans based on Telef&#243;nica, S.A. shares<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2024</div></th></tr>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_tef_ShareBasedPaymentArrangementsAbstract', window );"><strong>Share-Based Payment Arrangements [Abstract]</strong></a></td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfSharebasedPaymentArrangementsExplanatory', window );">Long-term incentive plans based on Telef&#243;nica, S.A. shares</a></td>
<td class="text">Long-term incentive plans based on Telef&#243;nica, S.A. shares<div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Long-term incentive plan based on Telef&#243;nica, S.A. shares: Performance Share Plan 2021-2025 </span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">At the General Shareholders&#8217; Meeting held on April 23, 2021, a long-term incentive plan was approved, consisting of the delivery of shares of Telef&#243;nica, S.A. aimed at senior executive officers of the Telef&#243;nica Group, including the Executive Directors of Telef&#243;nica, S.A. The plan consists of the delivery to the participants of a certain number of shares of Telef&#243;nica, S.A. based on compliance with the objectives established for each of the cycles into which the plan is divided. </span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The number of shares to be delivered depends (i) 50% on achievement of the total shareholder return ("TSR") objective for shares of Telef&#243;nica, S.A. with regard to the TSRs of a comparison group made up of companies of the telecommunication sector, weighted by its relevance for Telef&#243;nica, (ii) 40% on the generation of Free Cash Flow of Telef&#243;nica Group ("FCF"), and (iii) 10% on CO2 Emission Neutralization, in line with the goal set by the Company.   </span></div><div style="margin-bottom:9pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The plan has a duration of five years and is divided into three cycles of three years each. Performance assesment is carried out on the basis of the evolution of the share price, as well as the audited results of the Company, prior to their validation by the Nominating, Compensation and Corporate Governance Committee.</span></div><div style="margin-bottom:9pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">The first cycle commenced on</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> January 1, 2021 and ended on December 31, 2023. The maximum number of shares assigned to this cycle of the plan was 19,425,499 and the outstanding shares at December 31, 2023 were 17,728,523, with the following breakdown: </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.415%"><tr><td style="width:1.0%"></td><td style="width:46.105%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:18.311%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:18.164%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.020%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">First cycle</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">No. of shares assigned</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Outstanding shares at 12/31/2023</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Unit fair value (euros)</span></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">TSR Objective</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">9,712,749&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">8,864,262&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2.64&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">FCF Objective</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">7,770,200&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">7,091,409&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3.15&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">CO2 E.N. Objective</span></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,942,550&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,772,852&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3.15&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-bottom:9pt;padding-left:36pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">After considering the levels of performance during the measurement period, a weighted achievement coefficient of 89.45% was reached.</span></div><div style="margin-bottom:9pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">The second cycle commenced on</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> January 1, 2022 and ended on December 31, 2024. The maximum number of shares assigned to this cycle of the plan was 15,069,650 and the outstanding shares at December 31, 2024 were 13,851,509, with the following breakdown: </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.415%"><tr><td style="width:1.0%"></td><td style="width:46.105%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:18.311%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:18.164%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.020%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Second cycle</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">No. of shares assigned</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Outstanding shares at 12/31/2024</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Unit fair value (euros)</span></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">TSR Objective</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">7,534,825&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">6,925,755&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2.43&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">FCF Objective</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">6,027,860&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">5,540,604&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2.95&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">CO2 E.N. Objective</span></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,506,965&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,385,150&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2.95&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-bottom:9pt;padding-left:36pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">After considering the levels of performance during the measurement period, a weighted achievement coefficient of 100% was reached.</span></div><div style="margin-bottom:9pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">The third cycle commenced on</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> January 1, 2023 and will end on December 31, 2025. The maximum number of shares assigned to this cycle of the plan was 16,618,564 and the outstanding shares at December 31,<br/>2024 were 15,856,658, with the following breakdown: </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.415%"><tr><td style="width:1.0%"></td><td style="width:46.105%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:18.311%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:18.164%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.020%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Third cycle</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">No. of shares assigned</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Outstanding shares at 12/31/2024</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Unit fair value (euros)</span></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">TSR Objective</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">8,309,282&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">7,928,329&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1.77&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">FCF Objective</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">6,647,426&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">6,342,664&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2.81&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">CO2 E.N. Objective</span></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,661,856&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,585,665&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2.81&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Long-term incentive plan in Telef&#243;nica, S.A. shares: Performance Share Plan 2024-2028 </span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">T</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">he General Shareholders' Meeting of Telef&#243;nica, S.A. held on April 12, 2024 approved a long-term incentive plan consisting of the delivery of Telef&#243;nica, S.A. shares to executives of the Telef&#243;nica Group, including the Executive Directors of Telef&#243;nica, S.A. The plan consists of the delivery of a certain number of Telef&#243;nica, S.A. shares based on the fulfillment of the objectives established for each of the cycles into which the plan is divided. </span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The number of shares to be delivered depends on (i) 50% on the total shareholder return ("TSR") objective of Telef&#243;nica, S.A. shares being met; with respect to the TSRs of a comparison group of companies in the telecommunications sector weighted according to their relevance to Telef&#243;nica, (ii) 40% on the Telef&#243;nica Group's free cash flow generation (the "FCF"), (iii) 5% on the Neutralization of CO2 Emissions and (iv) 5% on the number of women in executive positions, in line with the objective set by the Company.</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The plan has a total duration of five years and is divided into three cycles of <span style="-sec-ix-hidden:f-6800">three</span> years each. The assessment of the degree of compliance is carried out on the basis of the evolution of the share price, as well as the results audited by the Company's internal and external auditor, prior to their validation by the Nominating, Compensation and Corporate Governance Committee.</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The first cycle of the plan began on January 1, 2024 and will end on December 31, 2026. The maximum number of shares assigned in this first cycle was 15,353,759, of which 15,317,175 remained outstanding as of December 31, 2024, with the following breakdown:</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.415%"><tr><td style="width:1.0%"></td><td style="width:46.105%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:18.311%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:18.164%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.020%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">First cycle</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">No. of shares assigned</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Outstanding shares at 12/31/2024</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Unit fair value (euros)</span></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">TSR Objective</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">7,676,879&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">7,658,587&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2.85&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">FCF Objective</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">6,141,504&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">6,126,870&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3.42&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">CO2 E.N. Objective</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">767,688&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">765,859&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3.42&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Women in executive positions</span></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">767,688&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">765,859&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3.42&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Long-term incentive plan based on Telef&#243;nica, S.A. shares: Talent for the Future Share Plan 2021-2025 (TFSP) </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">At its meeting on March 17, 2021, the Telef&#243;nica, S.A.'s Board of Directors agreed to launch a new installment of the long-term incentive plan </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Talent for the Future Share Plan</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The term of this plan was also five years and it is divided into three cycles. As in the case of the </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Performance Share Plan</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> 2021-2025 described above, the number of shares to deliver will depend (i) 50% on achievement of the total shareholder return ("TSR") objective for shares of Telef&#243;nica, S.A. with regard to the TSRs of a comparison group  made up of companies of the telecommunication sector, weighted by its relevance for Telef&#243;nica, (ii) 40% on the generation of Free Cash Flow of Telef&#243;nica Group ("FCF"), and (iii) 10% on CO2 Emission Neutralization, in line with the goal set by the Company. </span></div><div style="margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">The first cycle commenced on January 1, 2021 and ended on December 31, 2023. The maximum number of shares assigned to this cycle of the plan was 1,751,500 and the outstanding shares at December 31, 2023 were 1,557,000, with the following breakdown: </span></div><div style="margin-bottom:6pt;margin-top:9pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.415%"><tr><td style="width:1.0%"></td><td style="width:46.105%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:18.311%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:18.164%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.020%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">First cycle</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">No. of shares assigned</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Outstanding shares at 12/31/2023</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Unit fair value (euros)</span></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">TSR Objective</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">875,750&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">778,500&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2.64&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">FCF Objective</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">700,600&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">622,800&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3.15&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">CO2 E.N. Objective</span></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">175,150&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">155,700&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3.15&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-bottom:9pt;padding-left:36pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">After considering the levels of performance during the measurement period, a weighted achievement coefficient of 89.45% was reached.</span></div><div style="margin-bottom:9pt;margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">The second cycle commenced on January 1, 2022 and ended on December 31, 2024. The maximum number of shares assigned to this cycle of the plan was 1,646,500 and the outstanding shares at December 31, 2024 was 1,458,000, with the following breakdown: </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.415%"><tr><td style="width:1.0%"></td><td style="width:46.105%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:18.311%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:18.164%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.020%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Second cycle</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">No. of shares assigned</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Outstanding shares at 12/31/2024</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Unit fair value (euros)</span></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">TSR Objective</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">823,250&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">729,000&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2.43&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">FCF Objective</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">658,600&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">583,200&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2.95&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">CO2 E.N. Objective</span></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">164,650&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">145,800&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2.95&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-bottom:9pt;margin-top:9pt;padding-left:36pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">After considering the levels of performance during the measurement period, a weighted achievement coefficient of 100% was reached.</span></div><div style="margin-bottom:6pt;margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">The third cycle commenced on January 1, 2023 and will end on December 31, 2025. The maximum number of shares assigned to this cycle of the plan was 1,771,500 and the outstanding shares at December 31, 2024 was 1,663,000, with the following breakdown: </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.415%"><tr><td style="width:1.0%"></td><td style="width:46.105%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:18.311%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:18.164%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.020%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Third cycle</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">No. of shares assigned</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Outstanding shares at 12/31/2024</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Unit fair value (euros)</span></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">TSR Objective</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">885,750&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">831,500&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1.77&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">FCF Objective</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">708,600&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">665,200&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2.81&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">CO2 E.N. Objective</span></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">177,150&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">166,300&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2.81&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Long-term incentive plan in shares of Telef&#243;nica, S.A.: Talent for the Future Share Plan 2024-2028 (TFSP)</span></div><div style="margin-bottom:9pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">At its meeting on April 12, 2024,the Telef&#243;nica, S.A.'s Board of Directors agreed to launch a new installment of the long-term incentive plan "Talent for the Future Share Plan". </span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The term of this plan is also <span style="-sec-ix-hidden:f-6855">five</span> years and it is divided into three cycles. As in the case of the Performance Share Plan 2024-2028 described above, the number of shares to be delivered depends on (i) 50% on the total shareholder return ("TSR") target of Telef&#243;nica, S.A. shares being met; with respect to the TSRs of a comparison group of companies in the telecommunications sector weighted according to their relevance to Telef&#243;nica, (ii) 40% on the Telef&#243;nica group's free cash flow generation (the "FCF"), (iii) 5% on the Neutralization of CO2 Emissions and (iv) 5% on the number of women in executive positions, in line with the objective set by the Company.</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The plan has a duration of five years and is divided into three cycles of three years. Performance assessment has been carried out based on the evolution of the stock price and on the audited results of the Company (audited both by internal and external audit teams) prior to the approval by the Nominating, Compensation and Corporate Governance Committee.</span></div><div style="margin-bottom:9pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The first cycle of the plan began on January 1, 2024 and will end on December 31, 2026. The maximum number of shares assigned in this first cycle was 1,530,500 and the outstanding shares at December 31, 2024 was 1,513,500, with the following breakdown:</span></div><div style="margin-bottom:9pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.415%"><tr><td style="width:1.0%"></td><td style="width:46.105%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:18.311%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:18.164%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.020%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">First cycle</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">No. of shares assigned</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Outstanding shares at 12/31/2024</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Unit fair value (euros)</span></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">TSR Objective</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">765,250&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">756,750&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2.85&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">FCF Objective</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">612,200&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">605,400&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3.42&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">CO2 E.N. Objective</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">76,525&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">75,675&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3.42&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Women in executive positions</span></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">76,525&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">75,675&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3.42&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Incentivized purchases of Telef&#243;nica, S.A. shares for employees </span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Telef&#243;nica, S.A. Ordinary General Shareholders&#8217; meeting on April 8, 2022 approved a voluntary plan for incentivized purchases of shares of Telef&#243;nica, S.A. for the employees of the Group. Under this Plan, employees were offered the option to acquire Telef&#243;nica, S.A. shares during a twelve-month period, with the company undertaking to deliver a certain number of free shares to participants, subject to certain requirements. The maximum amount that each employee could invest was limited to 1,800 euros. The total number of free shares to be delivered for the whole plan may never exceed 0.38% of the share capital of Telef&#243;nica, S.A. at the date of approval of the plan at the General Shareholders' Meeting.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The purchase period commenced in October 2022 and ended in September 2023. In March 2024 the vesting period of the plan will end. The plan's holding period ended in March 2024 and 10,255,044 shares were delivered to the Group's employees.</span></div><span></span>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for share-based payment arrangements.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 2<br> -IssueDate 2024-01-01<br> -Paragraph 44<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=2&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_44&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Share-Based Payment Arrangements [Abstract]</p></div>
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<span style="display: none;">v3.25.0.1</span><table class="report" border="0" cellspacing="2" id="idm45294661654912">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Cash Flow Detail<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<td class="text">Cash flow detail<div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Net cash flow provided by operating activities</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The detail of net cash flow provided by operating activities is the following: </span></div><div style="margin-top:9pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:67.759%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.280%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.280%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.281%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Millions of euros</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2024</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2023</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2022</span></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Cash received from operations</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">48,856</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">47,314</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">46,925</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Cash paid from operations</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(36,134)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(34,646)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(34,778)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 30.25pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Cash paid to suppliers</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(30,360)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(29,188)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(29,509)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 30.25pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Cash paid to employees</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(4,773)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(4,604)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(4,416)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 30.25pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Payments related to cancellation of commitments</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(1,001)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(854)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(853)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Net payments of interest and other financial expenses net of dividends received</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(1,060)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(565)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(292)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 30.25pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Net interest and other financial expenses paid</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(1,620)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(1,811)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(1,236)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 30.25pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Dividends received</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">560&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,246&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">944&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Taxes  (payments)/proceeds</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(668)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(454)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(92)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Net cash flow provided by operating activities</span></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">10,994</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">11,649</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">11,763</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In 2024, dividends amounting to 425 million pounds were received from VMED O2 UK Limited (see Note 10) equivalent to 512 million euros (1,000 million pounds, equivalent to 1,154 million euros in 2023 and 800 million pounds, equivalent to 909 million euros in 2022).</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In 2024, no payments have been made on account of the Corporate Tax of the Tax Group of Telef&#243;nica, S.A. (198&#160;million euros in 2023). In December 2024, after executing a credit assignment contract signed with a financial institution, 211&#160;million euros were collected corresponding to the 2023 installment (285&#160;million euros in 2023 corresponding to the 2022 installment).</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Net cash flow used in investing activities</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The following is a detail of the items comprising the net cash flow used in investing activities.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.853%"><tr><td style="width:1.0%"></td><td style="width:68.738%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.295%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.295%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.272%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Millions of euros</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2024</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2023</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2022</span></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Proceeds from the sale in property, plant and equipment and intangible assets</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">269&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">310&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">842&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Payments on investments in property, plant and equipment and intangible assets</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(5,790)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(6,161)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(6,350)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(Payments on investments)/proceeds from the sale in property, plant and equipment and intangible assets</span></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(5,521)</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(5,851)</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(5,508)</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Payments for non-financed spectrum in 2024 amounted to 46 million euros, mainly due to the payment of 23 million euros for Telef&#243;nica M&#243;viles Uruguay and 21 million euros for Otecel.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Payments for non-financed spectrum in 2023 amounted to 128 million euros, mainly due to the payment of 97 million euros for Telef&#243;nica M&#243;viles Argentina and 20 million euros for Telef&#243;nica M&#243;viles Espa&#241;a.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Payments for non-financed spectrum in 2022 amounted to 27 million euros, mainly due to the payment of 11 million euros for Telef&#243;nica M&#243;viles Argentina and 8 million euros for Telef&#243;nica M&#243;viles Espa&#241;a.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:98.538%"><tr><td style="width:1.0%"></td><td style="width:66.110%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.027%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.730%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.733%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Millions of euros</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2024</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2023</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2022</span></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Tax associated with the sale of the tower division of Telxius</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">876&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Constitution of VMO2</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(256)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Sale of Telecommunications towers divisions of Telxius</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">48&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">90&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Tax associated with the sale of InfraCo</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(124)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Sale of Telef&#243;nica M&#243;viles El Salvador</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">116&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Sale of fiber assets of Colombia Telecomunicaciones</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">8&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">55&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Deferred collection sale of T. Ireland</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">35&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Sale of China Unicom shares (Note 12)</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">147&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Others</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">17&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">38&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">57&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Proceeds/(payments) on disposals of companies, net of cash and cash equivalents disposed</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">220</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,004</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(115)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Oi mobile assets acquisition (Note 2)</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(3)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(986)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Incremental acquisition (Note 5)</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(178)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">BE-terna acquisition (Note 5)</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(5)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(328)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">IPNET acquisition (Note 5)</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(10)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Capital increase of UGG TopCo (Note 10)</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(91)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(73)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(50)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Capital increase of InfraCo Chile (Note 10)</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(6)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(46)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Loan to InfraCo Chile (Note 12)</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(46)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Capital increase of nexfibre (Note 10)</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(38)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(33)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Others</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(44)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(46)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(86)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Payments on investments in companies, net of cash and cash equivalents acquired</span></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(189)</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(252)</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(1,628)</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-bottom:9pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.122%"><tr><td style="width:1.0%"></td><td style="width:65.714%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.961%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.961%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.964%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Millions of euros</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2024</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2023</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2022</span></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Collateral guarantees on derivatives</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,292&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,088&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,891&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Bond sales in Argentina</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">91&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">9&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Legal deposits</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">12&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">31&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Long-term financial instruments of Pegaso PCS (Note 12)</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">287&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Others</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">18&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">17&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">73&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Proceeds on financial investments not included under cash equivalents</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,413</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,432</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2,967</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Legal deposits</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(10)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(16)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(4)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Collateral guarantees on derivatives</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(987)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(1,402)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(2,195)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Bond purchases in Argentina</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(170)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(42)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Long-term financial instruments of Pegaso PCS</span></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="background-color:#ffffff;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(260)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Others</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(29)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(15)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(116)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Payments on financial investments not included under cash equivalents</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(1,196)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(1,475)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(2,575)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Net proceeds/(payments) for temporary financial investments</span></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">50</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">856</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,532</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Net proceeds/(payments) for temporary financial investments mainly includes placements of treasury surpluses not included in cash equivalents.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Net cash flow used in financing activities</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The following is a detail of the items comprising the net cash flow used in financing activities.</span></div><div style="margin-bottom:9pt;margin-top:9pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.269%"><tr><td style="width:1.0%"></td><td style="width:65.615%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.945%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.092%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.948%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Millions of euros</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2024</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2023</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2022</span></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Dividends paid to the shareholders of Telef&#243;nica, S.A. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(*)</span></div></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(1,720)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(1,701)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(959)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Payments to non-controlling interests of Telef&#244;nica Brasil, S.A.</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(113)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(189)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(268)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Payments to non-controlling interests of Telef&#243;nica Deutschland Holding, A.G.</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(17)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(157)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(161)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Payments to non-controlling interests of Telxius Telecom, S.A.</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(76)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Others</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(37)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(16)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(9)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Dividends paid (see Note 17)</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(1,887)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(2,139)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(1,397)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Share capital increase Pontel, S.L. (see Note 17.i)</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">111&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:9pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Establishment of Bluevia Fibra (see notes 2 and 17.i)</span></div></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,021&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Share capital decrease Telef&#244;nica Brasil, S.A. (see Note 17.i)</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(57)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Others</span></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="background-color:#ffffff;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2&#160;</span></td><td style="background-color:#ffffff;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="background-color:#ffffff;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1&#160;</span></td><td style="background-color:#ffffff;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(Payments)/proceeds from share capital decrease/increase with minority interests</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(57)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">113</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,022</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Acquisition of 40% Telxius Telecom, S.A. from KKR (see Note 17.i)</span></div></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(224)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Payment to KKR related to 2021 Income Tax of Telxius (Note 17.i)</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(351)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Payment to Pontegadea related to 2021 Income Tax of Telxius (Note 17.i)</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(88)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Own shares purchase of Telef&#243;nica Brasil</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(224)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(92)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(111)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Shares purchase of Telef&#243;nica Deutschland (Note 2 and 17.i)</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(1,019)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(816)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(48)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Transactions carried out by Telef&#243;nica, S.A. (see Note 17.i)</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(58)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(223)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(365)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Centroam&#233;rica Inversiones, S.L. share premium (ECPN.) refund related to the sale of T. Guatemala, T. Nicaragua and T. Panama</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(44)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Others</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">23&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">13&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(Payments)/proceeds of treasury shares and other operations with shareholders and with minority interests</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(1,301)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(1,771)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(555)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Issuance of undated deeply subordinated securities (Note 17.c)</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,300&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,750&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">750&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Acquisition and payment of undated deeply subordinated securities (Note 17.c)</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(1,300)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(1,750)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(750)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Payment of the coupon related to the issuances of undated deeply&#160;subordinated securities issued (see Note 17.c)</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(346)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(329)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(268)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Operations with other equity holders</span></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(346)</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(329)</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(268)</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table><span style="color:#000000;font-family:'Arial',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline">(*)</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%"> This amount differs from that indicated in Note 17 because of withholding taxes deducted in the payment to certain major shareholders in accordance with current legislation.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#222222;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%"> </span><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.707%"><tr><td style="width:1.0%"></td><td style="width:66.495%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.897%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.897%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.311%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Millions of euros</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2024</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2023</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2022</span></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Issued under the EMTN program of Telef&#243;nica Emisiones, S.A.U.&#160;(see Appendix III)</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,750&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">850&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,100&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Issuance of Telef&#243;nica M&#243;viles Chile, S.A. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(*)</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> (see Appendix III)</span></div></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">37&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">114&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Issuance of Telef&#243;nica Brasil, S.A. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(*)</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></div></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">628&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Others</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">18&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Proceeds on issue of debentures and bonds, and other debts</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,787</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">967</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,746</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Disposal bilateral loans of Telef&#243;nica, S.A. (see Note 18)</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">390&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">275&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">150&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Syndicated provision of Telxius Telecom, S.A.</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">100&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">100&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Disposal bilateral loan of Telef&#243;nica Brasil, S.A. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(*)</span></div></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">199&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Syndicated provision of Bluevia Fibra S.L. (see Note 18)</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">75&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">10&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">245&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Settlement of nominal value of gross debt hedging derivatives</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">385&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">20&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">89&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">New promissory note debt (see Note 18)</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">478&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">504&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">7&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Others</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">432&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">798&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">49&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Proceeds on loans, borrowings and promissory notes (see Appendix V)</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,760</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,707</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">839</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Repayments of debentures and bonds, and other debts</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(1,140)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(1,910)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(3,541)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Amortization bilateral loans of Colombia Telecomunicaciones, S.A. ESP BIC </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(*)</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%"> </span></div></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(117)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Syndicated amortization by Telxius Telecom, S.A. </span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(70)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Settlement of nominal value of amortized debt hedging derivatives</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(20)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">33&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(715)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Others</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(1,103)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(1,498)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(2,175)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Repayments of loans, borrowings and promissory notes</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(1,123)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(1,465)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(3,077)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Lease principal payments (Note 20)</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(2,143)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(2,114)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(1,996)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Financed spectrum licenses payments (Note 21)</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(90)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(133)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(549)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Payments for investments in spectrum use licenses financed without explicit interest<br/>(Notes 2 and 21)</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(120)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(112)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(108)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#222222;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Other financed operational payments (Note 18)</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(12)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(41)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Financed operating payments and investments in property, plant and equipment and intangible assets payments </span></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(222)</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(245)</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(698)</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline">(*)</span><span style="color:#006476;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%"> </span><span style="color:#222222;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">Data</span><span style="color:#006476;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%"> </span><span style="color:#222222;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">converted at the exchange rate at the end of each of the corresponding periods. The impact of the exchange rate with respect to the date of the transaction is included in the "Others" line within the same sub-heading.</span></div><span></span>
</td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for a statement of cash flows.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IAS<br> -Number 7<br> -IssueDate 2024-01-01<br> -Section Presentation of a statement of cash flows<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=7&amp;code=ifrs-tx-2024-en-r&amp;doctype=Standard&amp;dita_xref=IAS07_g10-17_TI<br> -URIDate 2024-03-27<br></p></div>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Cash Flow Statement [Abstract]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<span style="display: none;">v3.25.0.1</span><table class="report" border="0" cellspacing="2" id="idm45294665734096">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Other Information<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2024</div></th></tr>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_AdditionalInformationAbstract', window );"><strong>Additional information [abstract]</strong></a></td>
<td class="text">&#160;<span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfAdditionalInformationExplanatory', window );">Other Information</a></td>
<td class="text">Other information<div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">a) Litigation and arbitration</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Telef&#243;nica and its Group companies are party to several legal proceedings which are currently in progress in the courts of law and the arbitration bodies of the various countries in which we are present.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Based on the advice of our legal counsel it is reasonable to assume that these legal proceedings will not materially affect the financial condition or solvency of the Telef&#243;nica Group.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The contingencies arising from the litigation and commitments described below were evaluated (see Note 3.n) when the consolidated financial statements for the year ended December 31, 2024 were prepared. The provisions recorded in respect of the commitments taken as a whole are not material.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The following unresolved legal proceedings or those underway in 2024 are highlighted (see Note 25 for details of tax-related cases):</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Appeal against the Decision by Agencia Nacional de Telecomunica&#231;&#245;es (&#8220;ANATEL&#8221;) regarding the inclusion of interconnection and network usage revenues in the Fundo de Universaliza&#231;&#227;o de Servi&#231;os de Telecomunica&#231;&#245;es (&#8220;FUST&#8221;) </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Vivo Group operators (currently Telef&#244;nica Brasil, S.A.), together with other cellular operators, appealed ANATEL&#8217;s Decision of December 16, 2005, to include interconnection and network usage revenues and expenses in the calculation of the amounts payable into the FUST (Fundo de Universaliza&#231;&#227;o de Servi&#231;os de Telecomunica&#231;&#245;es) &#8211;a fund which pays for the obligations to provide Universal Service&#8211; with retroactive application from 2000. On March 13, 2006, Brasilia Federal Regional Court of the 1st Region granted a precautionary measure which stopped the application of ANATEL&#8217;s decision. On March 6, 2007, a ruling in favor of the wireless operators was issued, stating that it was not appropriate to include the revenues received by transfer from other operators in the taxable income for the FUST&#8217;s calculation and rejecting the retroactive application of ANATEL&#8217;s decision. On January 26, 2016, ANATEL filed an appeal to overturn this Decision with Brasilia Federal Regional Court of the 1st Region, which was also dismissed. On May 10, 2017 ANATEL appealed to the higher courts on the merits of the case. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">At the same time, Telef&#244;nica Brasil and Telef&#243;nica Empresas, S.A., together with other wireline operators through ABRAFIX (Associa&#231;&#227;o Brasileira de Concession&#225;rias de Servi&#231;o Telefonico Fixo Comutado) appealed ANATEL&#8217;s Decision of December 16, 2005, also obtaining the precautionary measures requested. On June 21, 2007, Brasilia Federal Regional Court of the 1st Region ruled that it was not appropriate to include the interconnection and network usage revenues in the FUST&#8217;s taxable income and rejected the retroactive application of ANATEL&#8217;s Decision. ANATEL filed an appeal to overturn this ruling on April 29, 2008, before Brasilia Federal Regional Court of the 1st Region, which was dismissed on May 10, 2016. ANATEL filed an appeal against this dismissal.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The fixed operators filed an appeal to clarify that revenues obtained through interconnection and dedicated line operation should not be included in the calculation of the amounts payable to the FUST. In addition, the court was also requested to rule on two grounds which had not been analyzed in the initial Decision: (i) that the FUST has become obsolete, among other reasons, by the advance of mobile telephony; and (ii) that amounts collected are not applied to the purpose for which the FUST was created, since only a very low percentage of the revenues collected by the FUST is used to finance fixed telephony. Although the petition for clarification was dismissed on August 23, 2016, the court noted that the FUST should not be funded with revenues from interconnection and dedicated line operation. ABRAFIX appealed to the higher courts on these two elements that had not been analyzed. ANATEL appealed all the holdings of the ruling to the higher courts. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The amount of the claim is quantified at 1% of the interconnection revenues. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Decision by the High Court regarding the acquisition by Telef&#243;nica of shares in &#268;esk&#253; Telecom by way of a tender offer </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Venten Management Limited ("Venten") and Lexburg Enterprises Limited ("Lexburg") were non-controlling shareholders of &#268;esk&#253; Telecom. In September 2005, both companies sold their shares to Telef&#243;nica in a mandatory tender offer. Subsequently, Venten and Lexburg, in 2006 and 2009, respectively, filed actions against Telef&#243;nica claiming a higher price than the price for which they sold their shares in the mandatory tender offer.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On August 5, 2016, the hearing before the High Court in Prague took place in order to decide the appeal against the second decision of the Municipal Court, which had been favorable to Telef&#243;nica's position (as was also the case with the first decision of the Municipal Court). At the end of the hearing, the High Court announced the second appellate decision by which it reversed the second decision of the Municipal Court and ordered Telef&#243;nica to pay 644 million Czech korunas (approximately 23 million euros) to Venten and 227 million Czech korunas (approximately 8 million euros) to Lexburg, in each case plus interest.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On December 28, 2016, the decision was notified to Telef&#243;nica. Telef&#243;nica filed an extraordinary appeal, requesting the suspension of the effects of the decision.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In March 2017, Telef&#243;nica was notified of the decision of the Supreme Court, which ordered the suspension of the effects of the unfavorable decision to Telef&#243;nica issued by the High Court.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Venten and Lexburg filed with the Supreme Court a motion to partially abolish the suspension of enforceability of the Decision of the High Court in Prague. On January 17, 2018, Telef&#243;nica filed its response seeking dismissal of such motion for lack of legal basis. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On February 14, 2019,&#160;notification was given to Telef&#243;nica of the resolution of the Supreme Court which, based on the extraordinary appeal filed by Telef&#243;nica, abolished the decision of the High Court in Prague dated August 5, 2016 and remanded the case back to the High Court.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In December 2021, the High Court of Prague confirmed its appointment of an expert in order to produce a new expert report to assess the reliability of market-based price criteria used in the mandatory tender offer and further technical issues discussed in this litigation, including a new discounted cashflow valuation of the shares of &#268;esk&#253; Telecom in 2005.</span></div><div style="margin-top:9pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">After receiving the expert report, Telef&#243;nica challenged its findings on April 30, 2023. Hearings with respect to this challenge were held in the High Court of Prague in November and December 2023. </span></div><div style="margin-top:9pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On February 20, 2025 a hearing of closing arguments was held before the High Court of Prague. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Appeal against the resolution of ANATEL to sanction Telef&#244;nica Brasil for breaches of the Fixed Telephony Regulation</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In May 2018, Telef&#244;nica Brasil filed a judicial action for annulment against a resolution issued by ANATEL (the National Telecommunications Agency of Brazil) in March 2018 concluding the administrative process for determination of non-compliance with obligations (</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Processo Administrativo para Apura&#231;&#227;o de Descumprimento de Obriga&#231;&#245;es</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> or "PADO") investigating alleged infractions of the Fixed Telephony Regulation by Telef&#244;nica Brasil.     </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">This PADO investigation had been suspended during the negotiations of the conduct adjustment term (</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Termo de Ajustamento de Conduta</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> or "TAC") between Telef&#244;nica Brasil and ANATEL relating to this and certain other PADO investigations. Since the negotiations concluded without agreement, the suspended PADO sanctioning procedures were reactivated and finalized.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In its resolution of March 2018, ANATEL considered that Telef&#244;nica Brasil committed several infractions, specifically those related to the inadequate notice of suspension of services to defaulting users, the terms of reactivation of services after payment of outstanding amounts by defaulting users and the disagreement with the terms of refunds claimed by users of the services.</span></div><div style="margin-top:9pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The fine i</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">mposed by ANATEL and appealed by Telef&#244;nica Brasil is approximately 211 million Brazilian reals (approximately 33 million euros based on the exchange rate as of December 31, 2024), which amounted to approximately 663 million Brazilian reals after currency value updates and accrued interest as of December 31, 2024 (approximately 103 million e</span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">uros based on the exchange rate as of December 31, 2024).</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Telef&#244;nica Brasil appealed the fine imposed by ANATEL based, fundamentally, on the following arguments: (i) ANATEL should have considered a smaller universe of users to determine the fine and (ii) the calculation of the fine is disproportionate and based on insufficient grounds.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In December 2024, Telef&#244;nica Brasil, ANATEL, the Brazilian Federal Court of Accounts and the Brazilian Ministry of Communications signed an agreement on the terms and conditions for the adaptation of the switched fixed telephone service concession contracts to an authorization instrument (the Self-Composition Agreement). Once the </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Self-Composition Agreement is validated by the relevant court, the matter is expected to be closed without payment of a fine by Telef&#244;nica Brasil.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">ICSID Arbitration Telef&#243;nica, S.A. vs. Republic of Colombia</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In the local arbitration brought by Colombia against Colombia Telecomunicaciones, on July 25, 2017, the local arbitration tribunal ordered Colombia Telecomunicaciones to pay 470 million euros as economic compensation for the reversion of assets related to voice services in relation to the concession granted between 1994 and 2013. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On August 29, 2017, Colombia Telecomunicaciones&#8217;s share capital was increased in order to make the payment ordered by the local arbitral award; Telef&#243;nica, S.A. contributed and disbursed an amount equivalent to 67.5% of the award&#8217;s amount (317 million euros) and the Colombian Government contributed an amount equivalent to the remaining 32.5% (153 million euros).</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On February 1, 2018, Telef&#243;nica, S.A. filed a Request for Arbitration against Colombia at the International Centre for Settlement of Investment Disputes ("ICSID"), which was formally registered on February 20, 2018. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The ICSID tribunal was constituted on February 26, 2019.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Colombia filed Preliminary Objections on Jurisdiction on August 5, 2019. Telef&#243;nica, S.A. responded to Colombia&#8217;s objections in its Claimant&#8217;s Memorial on September 23, 2019, in which it also requested that Colombia pay compensation for damages caused to Telef&#243;nica, S.A.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On October 23, 2019, Colombia submitted its Complementary Objections on Jurisdiction as well as a request for Bifurcation, to which Telef&#243;nica, S.A. responded on November 29, 2019. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On January 24, 2020, the tribunal dismissed the request for Bifurcation presented by Colombia, ordering the continuation of the proceeding. A decision on the merits of Telef&#243;nica, S.A.&#8217;s claim is pending. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On July 3, 2020, Colombia filed its reply to the claim filed by Telef&#243;nica before the ICSID.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On November 2, 2020, Telef&#243;nica presented its response to Colombia's reply.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">After the hearing held in April 2021, on July 27, 2021 the hearing of closing arguments was held.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On November 12, 2024, the tribunal issued an arbitration award favorable to the interests of Telef&#243;nica, determining that Colombia failed to comply with its obligation to grant fair and equitable treatment to Telef&#243;nica's investments under the applicable investment treaty and ordering Colombia to pay the amount of 380 million U.S. dollars (approximately 358 million euros at the exchange rate of November 12, 2024) plus compound interest at a rate of 5% per year as compensation for the damages caused (i.e., the entire principal amount and interest sought by Telef&#243;nica in the dispute). In addition, the tribunal ordered Colombia to pay Telef&#243;nica&#8217;s attorneys&#8217; fees with respect to the arbitration proceedings, together with the corresponding interest.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On November 27, 2024, the Republic of Colombia filed a request with the ICSID to annul and suspend the award. According to ICSID procedures, the request for a stay of enforcement in the annulment proceeding provisionally suspends the enforcement of the award until the new tribunal decides on the request within a maximum period of 30 days from its constitution. As of the date of preparation of this Annual Report, the new tribunal has not been constituted. The account receivable associated with this award, amounting to 544&#160;million U.S. dollars (523&#160;million euros </span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">based on the exchange rate as of December 31, 2024</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">), is recorded under "Short-term credits".  (see note 15).</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Telef&#243;nica's lawsuit against Millicom International Cellular for default in the sale of Telef&#243;nica de Costa Rica</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Telef&#243;nica, S.A. (Telef&#243;nica) and Millicom International Cellular, S.A. (Millicom) reached an agreement on February 20, 2019 for the purchase and sale of the entire capital stock of Telef&#243;nica de Costa Rica TC, S.A.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In March 2020, Telef&#243;nica informed Millicom that, once the pertinent regulatory authorizations had been obtained and all the other conditions established in the aforementioned agreement for the execution of the sale had been completed, the execution of the contract and the closing of the transaction should be in April 2020.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Millicom expressed its refusal to proceed with the closing, arguing that the competent Costa Rican administrative authorities had not issued the appropriate authorization.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On May 25, 2020, Telef&#243;nica filed a lawsuit against Millicom before the New York Supreme Court, considering that Millicom had breached the terms and conditions established in the sale contract, demanding compliance with the provisions of the aforementioned agreement, and compensation for all damages that this unjustified breach could cause to Telef&#243;nica.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On June 29, 2020, Millicom filed a Motion to Dismiss, to which Telef&#243;nica replied on July 8, 2020.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On August 3, 2020, Telef&#243;nica submitted an amendment to the lawsuit, removing the requirement to comply with the provisions of the sale and purchase contract and requesting only compensation for all damages that the unjustified breach of said agreement could cause to Telef&#243;nica.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On January 5, 2021, the Motion to Dismiss filed by Millicom in June 2020 was dismissed by the New York Supreme Court.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On February 24, 2023, both parties filed a "motion for summary judgment" once the discovery period had ended</span><span style="color:#2b3447;font-family:'Telefonica Sans',sans-serif;font-size:9.5pt;font-weight:400;line-height:120%">.</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:115%">On February 13, 2024, the New York Supreme Court issued a decision granting Telef&#243;nica&#8217;s motion for partial summary judgment, concluding that Telef&#243;nica is entitled to compensatory damages and prejudgment interest (approximately 140 million U.S. dollars) from Millicom.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:115%">On August 5, 2024, Millicom filed its appellate brief with the Appellate Division of the New York Supreme Court, and Telef&#243;nica filed its response on September 4, 2024. </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:115%">On December 17, 2024, the Appellate Division issued a decision and order upholding Telef&#243;nica&#8217;s entitlement to summary judgment, but decided that the Supreme Court had calculated the prejudgment interest incorrectly and reduced the amount to be awarded to Telef&#243;nica accordingly.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:115%">On January 21, 2025, Telef&#243;nica filed an appeal against the decision of the Appellate Division of the New York Supreme Court.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">ICSID Arbitration Telef&#243;nica, S.A. vs. Republic of Peru</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On February 5, 2021, Telef&#243;nica filed a request for arbitration against the Republic of Peru at the ICSID, which was formally registered on March 12, 2021.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Telef&#243;nica bases its claims on the Agreement for the Promotion and Reciprocal Protection of Investments between the Kingdom of Spain and the Republic of Peru ("APRPI") signed on November 17, 1994. Telef&#243;nica argues that the Peruvian tax administration (called Superintendencia Nacional de Aduanas y de Administraci&#243;n Tributaria, known as "SUNAT") and other state bodies have failed to comply with the obligations established in the APRPI, including by adopting arbitrary and discriminatory actions.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">It is requested that the defendant be ordered to fully compensate Telef&#243;nica for all damages suffered.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Once the Tribunal was constituted, on February 9, 2023, Telef&#243;nica filed a request for urgent injunctive relief together with a request for injunctive relief, requesting the suspension of the administrative litigation (</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">acci&#243;n contencioso-administrativa or ACA</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">) related to the income tax for the years 1998, 2000 and 2001, as well as the extension of the deadline for submission by Telef&#243;nica of the memorial or claim. Following response of Peru, on February 16, 2023, the Tribunal ruled to dismiss Telef&#243;nica's request for urgent injunctive relief, to establish the procedural calendar to process the request for injunctive relief and to grant Telef&#243;nica two additional weeks to file the memorial or claim.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On March 2, 2023, Telef&#243;nica filed a memorial on the merits. On that date, the Republic of Peru filed observations on the claimant's request for provisional measures submitted by Telef&#243;nica on February 9, 2023.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On March 24, 2023, the Tribunal held a hearing on the claimant's request for provisional measures.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On May 11, 2023, the Tribunal issued Procedural Order No. 5 concerning the defendant's request to address the objections to jurisdiction as a preliminary question. As a result, the objections to jurisdiction were joined to the merits of the dispute.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On September 18, 2023, the defendant filed a counter-memorial on the merits and a memorial on jurisdiction.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On December 22, 2023, the Tribunal issued Procedural Order No. 6 concerning production of documents.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On March 29, 2024, Telef&#243;nica filed a reply on the merits, and on June 28, 2024, the Republic of Peru filed a rejoinder on the merits and a reply on jurisdiction.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On July 16, 2024, following the resignation of the arbitrator appointed by Peru, the Acting Secretary-General notified the parties of the vacancy on the Tribunal and the proceeding was temporarily suspended pursuant to ICSID Arbitration Rule 10 (2).</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On August 12, 2024, the proceedings resumed under ICSID Arbitration Rule 12, following the appointment of the new arbitrator by the Republic of Peru.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On August 20, 2024, the defendant filed a submission on quantum. </span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:112%">The final hearing was held in the last weeks of February 2025. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Appeal against the ANATEL resolution on the calculation of amounts for the renewal of radio frequencies in Brazil associated with the provision of the personal mobile services (filed in 2013) </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In 2013, Telef&#243;nica Brasil filed a lawsuit against the resolution of ANATEL which sets forth the calculation of the amount to be paid by Telef&#243;nica Brasil for the renewal of radio frequencies associated with the provision of personal mobile services, which has been granted to Telef&#243;nica Brasil for a period of fifteen years.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">According to ANATEL the renewals, which must be carried out every two years, should be accompanied by a payment equivalent to 2% of all income derived from the provision of personal mobile services, while Telef&#243;nica Brasil believes that the calculation must be made with respect to the income derived from voice services only, which would exclude data services and interconnection revenues.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In February 2020, Telef&#243;nica Brasil filed an appeal before the Regional Federal Court of Brasilia after obtaining an unfavorable ruling in the Court of First Instance, which considered that the criteria defended by ANATEL was the one to be followed.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">As of December 31, 2024, the amount under litigation was 896&#160;million Brazilian reais (139 million euros based on the exchange rate of such date), resulting from the method of calculation of ANATEL that has been appealed.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Appeal against the ANATEL resolution on the calculation of amounts for the renewal of radio frequencies in Brazil associated with the provision of the personal mobile services (filed in 2015)</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In 2015, Telef&#243;nica Brasil filed a lawsuit against the resolution of ANATEL which sets forth the calculation of the amount to be paid by Telef&#243;nica Brasil for the renewal of radio frequencies associated with the provision of personal mobile services, which has been granted to Telef&#243;nica Brasil for a period of fifteen years .</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">According to ANATEL the renewals, which must be carried out every two years, should be accompanied by a payment equivalent to 2% of all income derived from the provision of personal mobile services, while Telef&#243;nica Brasil believes that the calculation must be made with respect to the income derived from voice services only, which would exclude data services and interconnection revenues.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In August 2016, Telef&#243;nica Brasil filed an appeal before the Regional Federal Court of Brasilia after obtaining an unfavorable ruling in the Court of First Instance, which considered that the criteria defended by ANATEL was the one to be followed. The parties are currently waiting for a judgment on the appeal.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">As of December 31, 2024, the amount under litigation was 229&#160;million Brazilian reais (36&#160;million  euros based on the exchange rate of such date), resulting from the method of calculation of ANATEL that has been appealed.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">UK High Court claim by Phones 4 U Limited against various mobile network operators and other companies, among others, Telef&#243;nica, S.A., Telefonica O2 Holdings Limited and Telefonica UK Limited </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In late 2018, Phones 4U Limited (in administration) (&#8220;P4U&#8221;) commenced a claim in the English High Court in London against various mobile network operators: Everything Everywhere, Deutsche Telekom, Orange, Vodafone, Telef&#243;nica, S.A., Telefonica O2 Holdings Limited and Telefonica UK Limited (together the &#8220;Defendants&#8221;).  </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">P4U carried on a business of selling mobile phones and connections to the public, such connections being supplied by mobile network operators including the Defendants.  In 2013 and 2014, the Defendants declined to extend and / or terminated their contracts to supply connections to P4U. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">P4U went into administration in September 2014. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">P4U alleges that the Defendants ceased to supply connections because they had colluded between themselves in contravention of the United Kingdom and the European Union competition laws and asserts that it has a basis to claim damages for breach of competition law by all the Defendants. The Defendants deny all P4U&#8217;s allegations.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The claim commenced on December 18, 2018 by P4U. The Defendants filed their initial defenses in the course of April and May 2019, with P4U filing replies on October 18, 2019. The first case management conference took place on March 2, 2020. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The trial was held between May and July 2022. On November 10, 2023 the court issued a judgment, concluding that none of the Defendants was in breach of either UK or EU competition law. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On April 10, 2024, P4U filed an appeal, and the Defendants filed a response on June 28, 2024.</span></div><div style="margin-top:9pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The oral argument for the appeal is scheduled for May 2025.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">b) Other proceeding</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In October 2024, Telef&#243;nica Venezolana, C.A., Telef&#243;nica, S.A. and the United States Department of Justice (&#8220;DOJ&#8221;) entered into a Deferred Prosecution Agreement (&#8220;DPA&#8221;) to resolve a single charge of conspiracy to violate the anti-bribery provisions of the FCPA. The charge, made against Telef&#243;nica Venezolana, C.A., concerns conduct in and around 2014 and 2015 related to a Venezuelan government-sponsored currency auction.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Telef&#243;nica, S.A., is not a defendant in the matter but as parent company of the Telef&#243;nica Group has agreed to certain terms and conditions under the DPA. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The terms of the DPA include, among other things, requirements concerning a corporate compliance program, annual reports concerning that program during the term of the DPA and a monetary penalty of 85,260,000 U.S. dollars (approximately 81 million euros at payment date). The DOJ has agreed that if all the obligations under the DPA are fully complied with, then DOJ will seek dismissal with prejudice of the charge described above after the DPA concludes.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">c) Commitments</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Investment Framework Agreement between the shareholders of Colombia Telecomunicaciones, S.A. ESP BIC - Sale of shares</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Pursuant to the Framework Investment Agreement entered into between the shareholders of Colombia Telecomunicaciones, S.A. ESP BIC: (a) if Telef&#243;nica decides to dispose or transfer of all or part of its shareholding in Colombia Telecomunicaciones, S.A. ESP BIC to third parties, Telef&#243;nica commits that: (i) the acquirer or transferee will be obliged to adhere to the Framework Investment Agreement; and (ii) that the acquirer or transferee will be obliged to present an offer to purchase all of the shares in Colombia Telecomunicaciones, S.A. ESP BIC held by the Colombian Government (that amounts to 32.5% of the share capital) at the same price and under the same terms and conditions negotiated with Telef&#243;nica and through the procedure established by Law 226 of 1995 for the disposal of shares held by public entities and, (b) if the Colombian Government transfers its shares in Colombia Telecomunicaciones, S.A. ESP BIC under certain circumstances, the Strategic Partner shall subscribe with the acquirer of the shares a new shareholders agreement which will have to be then negotiated by the parties and which, as the case may be, will include some of the rights currently held by the Colombian Government under the Framework Investment Agreement currently in force.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Agreement for the sale of the shares of Telef&#243;nica Gesti&#243;n de Servicios Compartidos Espa&#241;a, S.A.U., Telef&#243;nica Gesti&#243;n de Servicios Compartidos Argentina, S.A. and T-Gestiona Servicios Contables y Capital Humano, S.A.C.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On March 1, 2016, a share purchase agreement between, on one hand, Telef&#243;nica, S.A., Telef&#243;nica Servicios Globales, S.L.U. and Telef&#243;nica Gesti&#243;n de Servicios Compartidos Per&#250;, S.A.C. (as sellers), and, on the other hand, IBM Global Services Espa&#241;a, S.A., IBM del Per&#250;, S.A.C., IBM Canada Limited and IBM Americas Holding, LLC (as purchasers) for the sale of the companies Telef&#243;nica Gesti&#243;n de Servicios Compartidos Espa&#241;a, S.A.U., Telef&#243;nica Gesti&#243;n de Servicios Compartidos Argentina, S.A. and T-Gestiona Servicios Contables y Capital Humano, S.A.C., for a total price of approximately 22 million euros, was ratified before Notary Public. This share purchase agreement was subscribed on December 31, 2015.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Following the aforementioned share purchase agreement and in connection with the latter transaction, also, on December 31, 2015, Telef&#243;nica subscribed a master services agreement with IBM for the outsourcing of economic-financial and HR activities and functions to be provided to the Telef&#243;nica Group for an initial duration of ten years and a total amount of approximately 450 million euros. Most of the Telef&#243;nica Group&#8217;s subsidiary companies adhered to that master services agreement.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The master service agreement has been amended on several occasions (on March 31, 2021, March 31, 2022, July 29, 2022 and August 31, 2023). The most relevant changes have affected the scope of services and extended the term of the agreement. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On June 28, 2024, an additional amendment to the master service agreement was signed. As a result of the various amendments, the term of the master service agreement may be extended up to 2031 for adhering companies in Latin America or up to 2034 for adhering companies in Spain. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Commitments derived from the agreements reached for the acquisition of football (soccer) related rights between Telef&#243;nica (through its affiliate Telef&#243;nica Audiovisual Digital, S.L.U.) and LaLiga, UEFA and RFEF </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On July 2, 2020 Telef&#243;nica signed an agreement for acquiring the exclusive media rights in Spain of UEFA Champions League and UEFA Europa League, as well as the UEFA Europa Conference League (a new competition to be separated from the UEFA Europa League) and UEFA Youth League, for the cycle comprising seasons 2021/2022, 2022/2023 and 2023/2024, (ending June 30, 2024). </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The agreement guaranteed Telef&#243;nica all media rights with respect to the main European football competitions for all its customers, both residential and non-residential (hotels, restaurants, cafes, etc.).</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The direct acquisition from UEFA of this "premium" content allowed Telef&#243;nica to continue designing and selling its own produced channels and content with the best European football that could be, likewise, accessible to other operators in the market interested in this content.  </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The total award price for all competitions amounted to 975 million euros (i.e. 325 million euros for each of the seasons 2021/2022, 2022/2023 and 2023/2024) which amount is less than the license fees paid for the previous cycle and without any year-to-year increase.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On December 13, 2021, Telef&#243;nica was provisionally awarded the exclusive broadcasting rights of 5 matches per matchday of the Spanish First Division Football League National Championship (&#8220;LaLiga&#8221;), for pay television in the residential market, in Spain. Telef&#243;nica received the first pick on 18 matchdays of each season and second pick on 17 matchdays, including the second match of the season between Real Madrid and Barcelona (Option D bis, Lot D.1 bis).</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Likewise, Telef&#243;nica was awarded the exclusive broadcasting rights of three matchdays, which contain 10 matches each matchday, including matches of Real Madrid C.F., F.C. Barcelona and Club Atl&#233;tico de Madrid against the six first classified of the previous season; and Valencia C.F., Athletic Club de Bilbao or Real Betis Balompi&#233;, if they were not among the aforementioned first classified (Option D bis, Lot D.3 bis).</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The award initially included all seasons between the cycle 2022/2023 and 2026/2027 although the 2025/2026 and 2026/2027 seasons were subject to the CNMC lifting or modifying a resolution that limited the maximum duration of the contracts signed by Telef&#243;nica for the acquisition of sports rights (Expte. VC/0612/14).</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The award was made at a price of 520&#160;million euros for each of the seasons. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The award was subject to the execution of an agreement between Telef&#243;nica and LaLiga with the remaining terms and requirements established in the LaLiga tender, which agreement was signed on January 19, 2022. This agreement was modified to adjust its duration to the CNMC Competition Directorate&#8217;s interpretation of the maximum length of contracts for the acquisition of exclusive sports rights (three years from signature) within the above referenced procedure (Expte. VC/0612/14). In this regard, LaLiga issued on December 29, 2023, a new tender regarding those same packages for seasons 2024/2025 (from January 20, 2025) and 2025/2026 and 2026/2027.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On January 19, 2024, Telef&#243;nica Audiovisual Digital, S.L.U. was awarded exclusive broadcasting rights for five matches per matchday of the Spanish First Division Football League National Championship for pay television in the residential market in Spain. Telef&#243;nica Audiovisual will have first pick on 18 matchdays and second pick on 17 matchdays (or the applicable portion for the 2024/2025 season), including the second match of the season between Real Madrid and Barcelona. In addition, it has been awarded exclusive broadcasting rights of one matchday for the </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">2024/2025 season and three matchdays in the remaining seasons. The award covers the 2024/2025 season, beginning January 20, 2025, as well as the 2025/2026 and 2026/2027 seasons. The price has been set at 250 million euros for the 2024/2025 season and 520 million euros for each of the 2025/2026 and 2026/2027 seasons. The corresponding agreement between Telef&#243;nica Audiovisual Digital, S.L.U. and LaLiga was signed on June 2, 2024.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On March 28, 2022, Telef&#243;nica entered into an agreement with the company DAZN for the distribution of the so-called DAZN LaLiga Package. Such package includes the remaining five football matches per match-weekend of the Spanish First Division Football League National Championship, in 35 out of 38 match-weekends for exploitation on pay television for residential subscribers in Spain (Option D bis, Package D.2 bis).</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">This is a non-exclusive agreement for five seasons, from 2022/2023 to 2026/2027. The agreed value amounts to 280&#160;million euros for each of the seasons.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In addition, on July 29, 2022, Telef&#243;nica signed a new contract with LaLiga for the non-exclusive broadcasting of the channel that broadcasts matches of the Second Division of National Football Championship League for seasons 2022/2023, 2023/2024 and 2024/2025, with Telef&#243;nica&#8217;s unilateral option to extend for two additional seasons, with a variable cost that amounts to approximately 16&#160;million euros per season. On February 28, 2024, Telef&#243;nica exercised an option to extend, and the agreement was extended for seasons 2025/2026 and 2026/2027.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Similarly, on August 4, 2022, a contract was formalized with LaLiga for the non-exclusive broadcast of the LaLiga TV Bar Channel for non-residential subscribers for the 2022/2023 season with a minimum guarantee of 29 million euros, being the final price variable. Likewise, the contract for the 2023/2024 season was signed on July 30, 2023, with a minimum guaranteed consideration of approximately 29 million euros. The contract for the 2024/2025 season was signed on July 28, 2024, with a similar minimum guaranteed consideration of 29.7 million euros.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On November 2, 2022, Telef&#243;nica was also awarded by Real Federaci&#243;n Espa&#241;ola de f&#250;tbol (RFEF) exclusive pay television rights of Copa del Rey Competiton and Supercopa de Espa&#241;a for seasons 2022/2023, 2023/2024 and 2024/2025.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On June 13, 2023, Telef&#243;nica submitted its offer for the acquisition of the audiovisual rights of the UEFA Champions League and UEFA Europa League, as well as the UEFA Europa Conference League and the UEFA Youth League ("UEFA Competitions") for the 2024/2025, 2025/2026 and 2026/2027 seasons, upon expiration of the current contract. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">UEFA awarded Telef&#243;nica on August 1, 2023, with exclusive media rights in Spain of UEFA Competitions for residential subscribers during seasons 2024/2025, 2025/2026 and 2026/2027. The corresponding agreements were signed on November 3, 2023.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The total award price for all competitions covered by these agreements with UEFA amounted to 960 million euros (i.e. 320 million euros for each of the seasons 2024/2025, 2025/2026 and 2026/2027)</span><span style="color:#2b3447;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Wholesale Access Services Agreement with AT&amp;T Mexico</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On November 21, 2019, Pegaso PCS, S.A. de C.V. (&#8220;Telef&#243;nica M&#233;xico&#8221;) and AT&amp;T Comunicaciones Digitales, S. de R.L. de C.V. (&#8220;AT&amp;T Mexico&#8221;) entered into a Wholesale Access Services Agreement (&#8220;Wholesale Agreement&#8221;), under which AT&amp;T Mexico agreed to provide wholesale wireless access to Telef&#243;nica M&#233;xico on 3G, 4G and any other future technology available in Mexico.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Wholesale Agreement has a minimum duration of eight years, renewable for additional consecutive periods of three years. Such Wholesale Agreement establishes a gradual migration of Telef&#243;nica M&#233;xico&#8217;s traffic to AT&amp;T Mexico's access network over the first three years of the agreement.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">As set forth in the Wholesale Agreement such migration was completed during the first half of 2022. As a result, Telef&#243;nica M&#233;xico&#8217;s wireless access infrastructure was turned off and Telef&#243;nica M&#233;xico no longer uses the licensed spectrum that it used in the past to operate its network.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On April 24, 2024, Telef&#243;nica M&#233;xico and AT&amp;T Mexico entered into an Amended and Restated Wholesale Access Services Agreement (&#8220;Amended Wholesale Agreement&#8221;). Under the Amended Wholesale Agreement, the term of the Wholesale Agreement was extended and AT&amp;T Mexico agreed to continue providing wholesale wireless access to Telef&#243;nica M&#233;xico with respect to  3G, 4G, 5G and any other future technology available in Mexico.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Amended Wholesale Agreement has a minimum duration of <span style="-sec-ix-hidden:f-7256">three</span> years, expiring on  November 20, 2027, and may be renewed for additional consecutive periods of <span style="-sec-ix-hidden:f-7257">three</span> years. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Contracts for the provision of IT services with Nabiax </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In 2019 Telef&#243;nica, S.A. signed an agreement for the sale of a portfolio of eleven data center businesses to a company (hereinafter "Nabiax") controlled by Asterion Industrial Partners SGEIC, S.A. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">At the same time as this sale, agreements were entered into with Nabiax to provide housing services to the Telef&#243;nica Group, allowing Telef&#243;nica to continue providing housing services to its customers, in accordance with its previous commitments.&#160;Such service provision agreements have an initial term of ten years and include minimum consumption commitments in terms of capacity. These commitments are consistent with the Group's expected consumption volumes, while prices are subject to review mechanisms based on inflation and market reality. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On May 7, 2021, Asterion Industrial Partners SGEIC, S.A. ("Asterion") and Telef&#243;nica Infra (T. Infra), the infrastructure unit of the Telef&#243;nica Group, reached an agreement for the contribution to Nabiax of four additional data centers owned by the Telef&#243;nica Group (two of them located in Spain and two in Chile). In exchange for the contribution of these four data centers, T. Infra received a 20% equity stake in Nabiax. Once the relevant authorizations and other conditions precedent to the contribution of the two data centers located in Spain were obtained, the partial closing of the transaction took place as of July 21, 2021, whereby Telef&#243;nica Group contributed those data centers to Nabiax, with T. Infra receiving in exchange a 13.94% stake in Nabiax at this stage. The agreement was complemented by the signing of a contract for the provision to Telef&#243;nica of housing services from those two data centers under terms and conditions equivalent to those established in the transaction executed in 2019, for an initial period of ten years.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Once the conditions related to the contribution of the two data centers located in Chile were fulfilled, on May 24, 2022, the complete closing of the transaction took place, and T. Infra reached a 20% stake in Nabiax (see Note 10). The agreement was complemented by the signing of a contract for the provision to Telef&#243;nica of housing services from those two data centers under terms and conditions equivalent to those established in the transaction executed in 2019, for an initial period ending in 2031.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On June 13, 2023, the data centers owned by Nabiax located in the Americas were sold to the investment fund Actis. T. Infra owns a 20% stake in Nabiax. After this transaction, Nabiax only owns data centers in Spain.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The data centers sold to Actis continue to provide housing services to the Telef&#243;nica Group under the terms of the contracts signed in 2019, as Telef&#243;nica, S.A. waived its right to terminate the housing services contracts upon the sale of the data centers.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On June 10, 2024, Telef&#243;nica de Espa&#241;a, S.A.U. and Nabiax&#8217;s subsidiary Digital DHF Iberia S.L signed an addendum to the agreement for the provision of housing services in Spain to, among other things, extend the validity of the agreement until July 2034, but only with respect to a data center in Alcal&#225; de Henares.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In June 2024, Asterion began a process to sell its 80% stake in Nabiax. In accordance with the rights held by Asterion under the Nabiax Shareholders Agreement, Asterion negotiated the conditions of the sale and also exercised its drag-along right over the 20% stake in Nabiax owned by T. Infra. On November 7, 2024, a purchase and sale agreement for 100% of the share capital of Nabiax was signed with the investment fund Aermont Capital. The closing of the transaction is subject to obtaining regulatory approval and is expected to be completed in the first quarter of 2025, with Nabiax continuing to provide housing services to the Telef&#243;nica Group under the terms of the contracts signed in 2019.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">50:50 joint venture with Liberty Global for the combination of both groups' businesses in the United Kingdom</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On May 7, 2020, Telef&#243;nica agreed to enter into a joint venture with Liberty Global plc ("Liberty Global") pursuant to a contribution agreement (as amended from time to time, the "Contribution Agreement") between Telef&#243;nica, Telefonica O2 Holdings Limited, Liberty Global, Liberty Global Europe 2 Limited and a newly formed entity of which, after closing, each of Telef&#243;nica and Liberty Global would hold 50% of its share capital named VMED O2 UK Limited.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">After having obtained the clearance from the Competition and Market Authority (the antitrust authority in the UK) to complete this transaction and having fulfilled all the other pre-closing conditions included in the Contribution Agreement, the transaction was completed on June 1, 2021. From such date, Telef&#243;nica and Liberty Global each </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">hold an equal number of shares in VMED O2 UK Limited; after: (i) Telef&#243;nica having contributed to VMED O2 UK Limited its O2 mobile business in the United Kingdom and (ii) Liberty Global having contributed its Virgin Media business in the United Kingdom to VMED O2 UK Limited.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The corporate governance of VMED O2 UK Limited is regulated by a shareholders' agreement, which was entered into by the parties to the Contribution Agreement on June 1, 2021  and was amended on November 15, 2023 (as amended from time to time, (the "Shareholders' Agreement").</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On the date of closing of the transaction, Telef&#243;nica, Liberty Global, and certain companies belonging to each shareholder&#8217;s corporate group entered into certain services, reverse services, licensing and data protection agreements with VMED O2 UK Limited and certain entities belonging to the VMED O2 UK Limited group. In particular, Telef&#243;nica and Liberty Global agreed that each shareholder&#8217;s group would provide certain services, either on a transitional or ongoing basis, to VMED O2 UK Limited and its group. Finally, VMED O2 UK Limited and its group would also provide certain services to specific companies belonging to the corporate group of each of its shareholders.</span></div><div style="margin-top:9pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Pursuant to the terms of the above referred services agreements, the transitional services that are to be provided by the Telef&#243;nica Group to VMED O2 UK Limited would be provided for terms initially ranging from 7 to 24 months (subsequently extended in some cases to terms up to 40 months) while the ongoing services that are to be provided by the Telef&#243;nica Group to VMED O2 UK Limited would be provided for periods of <span style="-sec-ix-hidden:f-7281">two</span> to six years, depending on the service. The services provided by the Telef&#243;nica Group to VMED O2 UK Limited, under the agreements as amended, consist primarily of technology and telecommunication services that will be used by or will otherwise benefit VMED O2 UK Limited. In addition to providing VMED O2 UK Limited with such services, the mobile operators of the Telef&#243;nica Group and VMED O2 UK Limited will maintain their roaming commercial relationships in order to reciprocally provide roaming services for their respective customers. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Likewise, as of closing of the transaction Telef&#243;nica granted certain trademark license agreements to VMED O2 UK Limited (the &#8220;VMED O2 UK Limited Trademark Licenses&#8221;). Pursuant to the VMED O2 UK Limited Trademark Licenses, Telef&#243;nica Group licensed the use of Telef&#243;nica and O2 brand rights to VMED O2 UK Limited.   </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Investment Agreement with Allianz and Telef&#243;nica Germany</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On October 29, 2020, Telef&#243;nica Infra Germany GmbH (&#8220;TEF Infra Germany&#8221;, a subsidiary indirectly wholly-owned by Telef&#243;nica through Telef&#243;nica Infra, S.L.U.) entered into an investment agreement (and related contracts, including a partners&#8217; agreement which sets forth the principles of corporate governance of the joint venture) with several entities belonging to the Allianz Group ("Allianz") and Telef&#243;nica Germany 1. Beteiligungsgesellschaft mbH (a subsidiary wholly-owned by Telef&#243;nica Germany GmbH &amp; Co. OHG) (&#8220;TEF Germany&#8221;) for the creation of a joint venture to deploy Fiber-to-the-Home (FTTH) in Germany, pursuant to which TEF Infra Germany and TEF Germany conditionally agreed to invest up to 500 million euros equity in total (400 million euros by TEF Infra Germany and 100 million euros by TEF Germany) and Allianz conditionally agreed to invest up to 1,000 million euros through different sources of funding over a six year period.&#160;&#160;&#160;&#160;</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The closing of the transaction and the acquisition of the joint control took place on December 18, 2020. The registration of Allianz and TEF Germany as limited partners of the joint venture in the German commercial registry occurred on January 21, 2021. After the closing of the transaction, the Allianz Group and the Telef&#243;nica Group each holds 50% in the joint venture under a co-control governance model. Telef&#243;nica Group&#8217;s ownership is held through TEF Infra Germany holding 40% and TEF Germany holding a 10% stake.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">New long-term master services agreement in the United Kingdom</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On January 7, 2021, each of Telef&#243;nica U.K. and Vodafone U.K. entered into new Master Services Agreements with Cornerstone Telecommunications Infrastructure Limited (&#8220;CTIL&#8221;), their passive tower network infrastructure partnership which was initially 50:50 jointly owned and operated by the two operators. The new agreements came into effect on January 1, 2021, with initial terms of 8 years, with three additional 8-year renewal periods.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">CTIL was formed in 2012 through the consolidation of both Telef&#243;nica U.K. and Vodafone U.K.&#8217;s existing basic network infrastructure, including towers and masts, which were transferred to the joint operation. CTIL currently operates 14,200 macro sites with a 2.0x tenancy ratio (including active sharing) and 1,400 micro sites. CTIL also provides management services for the anchor tenants for a further 5,100 third party sites where their active equipment is deployed. Telef&#243;nica's stake in CTIL is currently held through VMED O2 UK Limited (see Note 10), the joint venture between Telef&#243;nica and Liberty Global plc in the United Kingdom, which on November 15, 2023 transferred an indirect 16.67% minority stake in CTIL to the UK-based infrastructure fund GLIL Infrastructure LLP, </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">and on November 27, 2024 further transferred an additional indirect 8.33% minority stake in CTIL to Equitix Investment Management Limited.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The new agreements do not materially impact existing network agreements and will continue to allow CTIL to primarily serve its shareholders as well as some third parties.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Transaction between Colombia Telecomunicaciones S.A. ESP BIC and Kohlberg Kravis Roberts (&#8220;KKR&#8221;)</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On July 16, 2021, Colombia Telecomunicaciones S.A. ESP BIC and KKR entered into an agreement to sign the following contracts:</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(i) An assets purchase agreement for the fiber optic assets owned by Colombia Telecomunicaciones S.A. ESP BIC with a Colombian company controlled by KKR (InfraCo, SpA), in consideration for an initial payment of 320&#160;million U.S. dollars, which may be subject to post-closing adjustments under usual conditions for this type of operation. As well as a subsequent payment, consisting of the possibility of receiving a higher consideration from its result in network deployment activities, for an amount of up to an additional 100&#160;million U.S. dollars.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(ii) A contract through which Colombia Telecomunicaciones S.A. ESP BIC will acquire a 40% stake in a Spanish company controlled by KKR, which it holds the remaining 60%. The Colombia Telecomunicaciones S.A. ESP BIC&#180;s contribution would be a portion of the consideration received from assets purchase agreement for the fiber optic assets.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(iii) Several commercial contracts between Colombia Telecomunicaciones S.A. ESP BIC and InfraCo, SpA for the provision of wholesale connectivity services by InfraCo, SpA to Colombia Telecomunicaciones S.A. ESP BIC, deployment of fiber optic network and other related services.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The signing of the contracts of numerals (i) and (iii), as well as the execution of the aforementioned operations contracts, was subject to the respective contractual provisions and to the obtaining of the necessary regulatory authorizations.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On January 11, 2022, after obtaining the necessary regulatory authorizations and meeting certain agreed conditions, the transaction was executed. Therefore, Colombia Telecomunicaciones S.A. ESP BIC executed the sale of fiber optic assets to Onnet Fibra Colombia S.A.S. (&#8220;Onnet&#8221;), a company with which it also entered into a series of commercial contracts by virtue of which (i) Onnet will provide wholesale connectivity services to Colombia Telecomunicaciones S.A. ESP BIC, and (ii) Colombia Telecomunicaciones S.A. ESP BIC will provide to Onnet fiber optic network deployment services and other related services. Simultaneously, Colombia Telecomunicaciones S.A. ESP BIC acquired shares equivalent to a 40% in Alamo HoldCo S.L., a Spanish company that owns 100% of Onnet's shares (see Note 10).</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Agreement reached between Telef&#243;nica Espa&#241;a Filiales, S.A.U. (Telef&#243;nica Espa&#241;a Filiales), T. Infra, Vauban and Cr&#233;dit Agricole Assurances for the establishment of Bluevia Fibra</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On July 25, 2022, Telef&#243;nica Espa&#241;a Filiales S.A.U, Telef&#243;nica Infra S.L.U. (T. Infra) and the consortium formed by Vauban Infrastructure Partners ("Vauban") and Cr&#233;dit Agricole Assurances ("CAA") reached an agreement for the establishment of a company, Bluevia Fibra, S.L. ("Bluevia"), whose corporate purpose is the deployment and commercialization of a fiber-to-the-home (FTTH) network mainly in rural areas in Spain. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Once the relevant regulatory authorizations were obtained, the closing of the transaction took place on December 20, 2022. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">After closing, the Telef&#243;nica Group holds 55% of the capital of Bluevia (30% through Telef&#243;nica Espa&#241;a Filiales and 25% through T. Infra), with Vauban/CAA holding the remaining 45%.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> At closing, Bluevia purchased from Telef&#243;nica Espa&#241;a 3.9&#160;million already passed real estate units, and agreed to deploy 1.1&#160;million additional units over the following two years after closing, reaching a total footprint of 5&#160;million passed real estate units. The 3.9&#160;million already passed real estate units acquired by Bluevia at closing represented 14% of Telef&#243;nica's FTTH network in Spain, with Telef&#243;nica Espa&#241;a retaining ownership of the remainder of the network. In addition, as part of the transaction, the Telef&#243;nica Group entered into a series of service provision agreements with Bluevia which entail the mutual provision and receipt of services by/to Telef&#243;nica Group and Bluevia. As part of the transaction Telef&#243;nica Group contributed equity funds to Bluevia in the amount of approximately 1,247&#160;million euros and the Vauban/CAA consortium acquired 45% of Bluevia from Telef&#243;nica Espa&#241;a for 1,021&#160;million euros in cash (see Note 2). </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Agreement reached by T. Infra, Liberty Global and InfraVia for the establishment of a fiber-to-the-home (FTTH) joint venture in the United Kingdom</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On July 29, 2022, T. Infra, Liberty Global plc ("Liberty Global") and InfraVia Capital Partners ("InfraVia") reached an agreement for the establishment of a joint venture, "nexfibre", for the deployment of fiber-to-the-home (FTTH) to 5&#160;million homes in the United Kingdom not reached by VMED O2 UK Limited's (VMO2) network, with potential for expansion to an additional 2&#160;million homes. The fiber network will offer wholesale FTTH access to telecommunications service providers, with VMO2 acting as the lead customer, as well as providing a range of technical services.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Once the relevant regulatory authorizations were obtained and the other conditions were fulfilled, the closing of the transaction took place on December 15, 2022. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">After closing, Liberty Global and T. Infra participate by halves in a joint vehicle that holds a 50% interest in nexfibre, with InfraVia owning the remaining 50%. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The business plan for the initial rollout to 5&#160;million homes envisages an investment of approximately 4,500&#160;million pounds sterling (approximately 5,426 million euros at the exchange rate at December 31, 2024). The three partners have funded their pro-rata share of equity funding for the construction, totaling up to 1,400&#160;million pounds sterling (approximately 1,688 million euros at the exchange rate at December 31, 2024). In addition, nexfibre has entered into a facilities agreement with a consortium of banks for an amount of up to 3,300&#160;million pounds sterling (approximately 3,979 million euros at the exchange rate at December 31, 2024). </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">As part of the transaction, InfraVia has made and will continue to make certain payments to Liberty Global and T. Infra, a portion of which will be linked to the progress of the construction of the network.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In support of its obligations to nexfibre, VMO2 continues to extend network build contracts with various providers.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Agreements between Telef&#243;nica de Espa&#241;a, S.A.U. ("TdE"), Telef&#243;nica M&#243;viles Espa&#241;a, S.A.U. ("TME") and Telef&#243;nica Soluciones de Inform&#225;tica y Comunicaciones de Espa&#241;a, S.A.U. ("TSOL" and jointly with TdE and TME the "Telef&#243;nica Espa&#241;a Companies") with Capgemini Espa&#241;a, S.L., Inetum Espa&#241;a, S.A., Indra Soluciones Tecnolog&#237;as de la Informaci&#243;n S.L.U. and UTE "Indra Soluciones Tecnolog&#237;as de la Informaci&#243;n S.L.U., Inetum Espa&#241;a S.A., Uni&#243;n Temporal de Empresas Ley 18/1982 de 26 de mayo".</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In March 2024, the Telef&#243;nica Espa&#241;a Companies entered into separate contracts with each of (i) Capgemini Espa&#241;a, S.L., (ii) Inetum Espa&#241;a, S.A., (iii) Indra Soluciones Tecnolog&#237;as de la Informaci&#243;n S.L.U. and (iv) UTE "Indra Soluciones Tecnolog&#237;as de la informaci&#243;n S.L.U., Inetum Espa&#241;a S.A., Uni&#243;n Temporal de Empresas Ley 18/1982 de 26 de mayo" for the provision to the Telef&#243;nica Espa&#241;a Companies of an IT transformation  service (development, maintenance and operation of applications, and infrastructure engineering services, maintenance, and IT operations infrastructure), for aggregate consideration of 582 million euros. The counterparties&#8217; obligations to Telef&#243;nica consist of application and infrastructure development and maintenance, as well as application and infrastructure operation regarding the IT transformation service. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The agreements each have a duration of <span style="-sec-ix-hidden:f-7334">seven</span> years and will be automatically extended up to a maximum of <span style="-sec-ix-hidden:f-7335">two</span> additional years, absent prior notice by any of the parties).</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Agreement reached by Telef&#243;nica Espa&#241;a Filiales and Vodafone ONO to incorporate a joint company for the commercialization of a fiber-to-the-home (FTTH) network </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On November 7, 2024, Telef&#243;nica Espa&#241;a Filiales, S.A.U. (Telef&#243;nica Espa&#241;a Filiales) reached an agreement with Vodafone ONO, S.A.U. (Vodafone Espa&#241;a) to incorporate a joint company, whose main activity is the commercialization of a fiber to the home (FTTH) network for its shareholders, Telef&#243;nica Espa&#241;a Filiales and Vodafone Espa&#241;a, so that they can in turn provide retail and wholesale broadband access services. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The joint company is expected to cover approximately 3.6 million premises, with assets that are currently part of Telef&#243;nica de Espa&#241;a&#8217;s FTTH network and that represent approximately 12% of its national network. It is estimated that the joint company will initially have around 1.4 million clients, which implies a penetration level of approximately 40%. As part of the transaction, the agreements required to be executed are the following: i) an investment agreement and transfer agreements, all of them already signed on November 7, 2024, and ii) a shareholders agreement, master service agreements, systems, monitoring and maintenance services agreement, and a corporate service agreement which regulates certain services of a diverse nature, all of which will be entered into on the closing date.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">After the closing of the transaction, Telef&#243;nica Espa&#241;a Filiales will hold a 63% in the joint company and Vodafone Espa&#241;a the remaining 37%. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">d) Environmental and climate change matters</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Environmental management of the Group</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Commitment to protect the environment is part of the Company's general strategy and is the responsibility of the Board of Directors. The performance in this area is regularly supervised by the Sustainability and Regulation Committee as well as by the Global Sustainability (ESG) Office in coordination with the global areas responsible for executing this strategy alongside the business units.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Group has a Global Environment and Energy Policy, and externally certified environmental management systems in accordance with ISO 14001 in the Group operators. The environment is a cross-cutting issue throughout the Company, involving both operational and management areas as well as business and innovation areas.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Telef&#243;nica Group has contracted, both locally and globally, several insurance programs in order to mitigate the possible occurrence of an incident stemming from the risks of environmental liability and/or natural disasters.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Managing environmental impact and energy consumption is a strategic priority and carbon reduction targets are part of the variable remuneration of the Company employees, including the Executive Committee. In addition, Telef&#243;nica, S.A.'s long-term share-based incentive plans 2021-2025 and 2024-2028 (see Note 27) include CO2 Emission Neutralization targets.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Climate change and energy</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In managing climate change, Telef&#243;nica identifies adaptation and mitigation measures and new opportunities for growth and development. To analyze climate risks, the guidelines established in the Corporate Sustainability Reporting Directive (CSRD) are followed. In this way, the risks (physical and transition) and potentially material climate opportunities for the Company have been identified, considering various scenarios and time horizons.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Telef&#243;nica integrates the risks and opportunities identified in its business model through the Climate Action Plan, which defines the roadmap to achieve net zero emissions by 2040.</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:112%">For Telef&#243;nica, it is a priority to keep energy consumption stable despite the sharp increase in the digitalization of society and, therefore, in data traffic transmitted through the networks. The Group's Energy Efficiency Plan therefore includes initiatives such as network modernization, with investments in fiber optics (more efficient) that replace the copper network, or 5G.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company's decarbonization requires not only maximum efficiency in the use of energy, but also that it comes from renewable sources. Telef&#243;nica's Renewable Energy Plan contemplates different solutions such as self-generation, the purchase of renewable electricity with a guarantee of origin and long-term power purchase agreements (PPAs, see Note 26), and prioritizes renewable electricity sources, defines the strategy that allows us to reduce operating costs and reduces exposure to fluctuations in electricity prices. Currently, most of the electricity consumption in Telef&#243;nica&#8217;s facilities comes from renewable sources.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Financing linked to sustainability criteria</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Telef&#243;nica's Sustainable Financing Framework is aligned with the International Capital Markets Association (ICMA) Green, Social and Sustainable Bond Principles, as well as the Green Lending Principles and the Social Loans of the LMA (Loan Market Association), the APLMA (Asian Pacific Loan Market Association) and the LSTA (Loan Syndications and Trading Association), and it is linked to the United Nations Sustainable Development Goals.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In addition to senior </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">green</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> bonds and hybrid instruments, the Group uses other sustainable banking financing tools, such as loans and credits linked to sustainability objectives, such as emissions reduction or gender equality. The Group's main syndicated loan is also linked to the performance of sustainability indicators.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In 2024, the Company has maintained an active presence in the capital market with several issues, successfully raising a total of 3,050 million euros of debt in green format throughout the year (2,600 million euros in 2023). In January 2024, Telef&#243;nica launched an issuance split into two tranches, for an aggregate amount of 1,750 million euros (see Appendix III). In March 2024, a green hybrid instrument was issued for an amount of 1,100 million euros (Note 17.c). In September 2024, a reopening of the 750 million euros hybrid bond issued in September 2023 took place for an amount of 200 million euros.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In terms of bank financing, Telef&#243;nica has an undrawn syndicated loan linked to sustainability indicators, signed at the beginning of 2022, amounting to 5,500 million euros (see Note 18 and Annex V).</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In addition, the Group has committed lines and bilateral financing with numerous financial entities, reaching a total volume of 4,343 million euros at the end of 2024, the interest applied to which is also linked to the fulfillment of sustainability objectives. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Overall, as at December 31, 2024, the Group's sustainable financing amounts to 21,447 million euros (18,796 million euros as at December 31, 2023), broken down as follows:</span></div><div style="margin-top:9pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:61.326%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:36.474%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Millions of euros</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Financial liabilities</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">4,804</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Senior sustainable bond of Telef&#243;nica Emisiones 2022 (Appendix III)</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,000&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Senior green bond of Telef&#243;nica Emisiones 2023 (Appendix III)</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">850&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Senior sustainable bond of Telef&#243;nica Emisiones 2024 (Appendix III)</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,000&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Senior sustainable bond of Telef&#243;nica Emisiones 2024 (Appendix III)</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">750&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Sustainability linked bonds of Telef&#243;nica Brazil (Appendix III)</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">544&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Sustainability linked facilities of Colombia Telecomunicaciones</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">270&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Sustainability linked facilities of Telef&#243;nica, S.A.</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">390&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Undated deeply subordinated securities (hybrid instruments) (Note 17.c)</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">6,050</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Undrawn facilities at December 31, 2024 (Note 18)</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">10,593</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Sustainability linked facility of Telef&#243;nica, S.A.</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">5,500&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Sustainability linked facility of Telefonica Germany</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">750&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Sustainability linked bilateral facilities</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4,343&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #86888c;border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total financing linked to sustainability criteria</span></td><td colspan="2" style="border-bottom:1pt solid #86888c;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">21,447</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:1pt solid #86888c;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr></table></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">e) Auditors&#8217; fees</span></div><div style="margin-bottom:9pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The services entrusted to the auditors comply with the independence requirements established by the Spanish Audit Law 22/2015 of July 20, as well as with the rules of the Securities and Exchange Commission (SEC) and the Public Company Accounting Oversight Board (PCAOB), both of the United States of America.</span></div><div style="margin-bottom:9pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The expenses accrued by the Group, in respect of the fees for services rendered to the various member firms of the PwC network, of which PricewaterhouseCoopers Auditores, S.L. ("PwC Auditores, S.L."), the auditors of Telef&#243;nica, S.A., forms part, amounted to 22.11 million euros and 20.02 million euros in 2024 and 2023, respectively.  </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The detail of these amounts is as follows: </span></div><div style="margin-top:9pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.853%"><tr><td style="width:1.0%"></td><td style="width:35.942%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.295%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.588%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.295%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.295%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.588%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.297%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:0.25pt solid #414b61;padding:0 1pt"></td><td colspan="9" style="border-top:0.25pt solid #414b61;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2024</span></td><td colspan="9" style="border-top:0.25pt solid #414b61;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2023</span></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Millions of euros</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">PwC Auditores, S.L.</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Other companies PwC  network</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">PwC Auditores, S.L.</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Other companies PwC network</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total</span></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Audit services</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">8.47&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">11.91&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">20.38&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">8.13&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">10.48&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">18.61&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Audit-related services</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1.33&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">0.40&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1.73&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1.01&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">0.40&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1.41&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total</span></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">9.80</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">12.31</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">22.11</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">9.14</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">10.88</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">20.02</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Audit services include audit fees with respect to the individual and consolidated financial statements of Telef&#243;nica, S.A. and its subsidiaries, as well as the review of interim financial statements. These Audit services also include the integrated audit of the financial statements for the annual report on Form 20-F filed with the US SEC for those entities currently required, including therefore, the audit of the internal control over financial reporting to comply with the requirements of the Sarbanes-Oxley Act of 2002 (Section 404). It also includes audit work related to legal and regulatory requirements that the auditor is required to perform as part of its role.</span></div><div style="margin-bottom:9pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The main items included in Audit-related services relate to the verification of the Consolidated Statement of Non-Financial Information and Sustainability information, the review of financial information required by regulators, the issuance of agreed-upon procedures reports on financial reporting, the issuance of comfort letters, the review of </span></div><div style="margin-bottom:9pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">allocation and impact reports of green finance instruments, the special European report on the Solvency and Financial Condition Review under the Solvency II regulatory framework and the reasonable assurance report on the system of Internal Control over Financial Reporting (ICFR).</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In 2024 and 2023, the Principal Auditor has performed services other than those mentioned above for a total amount of 0.004 and 0.002 million euros, respectively. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:112%">PwC Auditores, S.L., has provided the following services to the Group in 2024 and 2023: the individual and consolidated financial statements audit, the review of interim financial statements, the integrated audit of the financial statements for the annual report on Form 20-F filed with the US SEC, the audit of the internal control over financial reporting in order to comply with the requirements of the Sarbanes-Oxley Act of 2002 (Section 404), t</span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:112%">he verification of the Consolidated Statement of Non-Financial Information and Sustainability information,</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:112%"> the issuance of comfort letters, the issuance of agreed upon procedures reports on financial reporting, the review of allocation and impact reports of green finance instruments, the special European report on the Solvency and Financial Condition Review under the Solvency II regulatory framework and the reasonable assurance report on the system of Internal Control over Financial Reporting (ICFR).</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:112%">The expenses accrued to other audit firms, which are not part of the international PwC network and which have provided audit services to the companies included in the consolidation of the Group for the year 2024 have amounted to a total of 1.61 million euros (1.77 million euros in 2023), the details of the audit services correspond to 1.01 million euros (0.94 million euros in 2023).</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">f) Trade and other guarantees</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company is required to issue trade guarantees and deposits for concession and spectrum tender bids (see Note 19) and in the ordinary course of its business. No significant additional liabilities in the accompanying consolidated financial statements are expected to arise from guarantees and deposits issued.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">g) Directors&#8217; and Senior Executives&#8217; compensation and other benefits</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The compensation of the members of Telef&#243;nica&#8217;s Board of Directors is governed by article 35 of the Company&#8217;s By-Laws, which provides that the annual amount of the compensation to be paid thereby to all of the Directors in their capacity as such, i.e., as members of the Board of Directors and for the performance of the duty of supervision and collective decision-making inherent in such body, shall be fixed by the shareholders at the General Shareholders' Meeting. The Board of Directors shall determine the exact amount to be paid within such limit and the distribution thereof among the Directors, taking into account the duties and responsibilities assigned to each Director, their membership on Committees within the Board of Directors and other objective circumstances that it deems relevant. Furthermore, Executive Directors shall receive such compensation as the Board determines for the performance of executive duties delegated or entrusted to them by the Board of Directors. Such compensation shall conform to the Director compensation policy approved by the shareholders at the General Shareholders&#8217; Meeting. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In accordance with the foregoing, the shareholders, acting at the Ordinary General Shareholders&#8217; Meeting held on April 11, 2003, set at 6&#160;million euros the maximum amount of annual gross compensation to be received by the Board of Directors as a fixed allotment and as attendance fees for attending the meetings of the Advisory or Control Committees of the Board of Directors. Thus, as regards fiscal year 2024, the total amount of compensation accrued by the Directors of Telef&#243;nica, in their capacity as such, </span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">was 2,732,667</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> euros for the fixed allocation and for attendance fees.  </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The compensation of the Directors of Telef&#243;nica in their capacity as members of the Board of Directors, of the Executive Commission and/or of the Advisory or Control Committees, consists of a fixed amount payable monthly, and of attendance fees for attending the meetings of the Advisory or Control Committees. </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The amounts established in fiscal year 2024 as fixed amounts for belonging to the Board of Directors, the Executive Commission and the Advisory or Control Committees of Telef&#243;nica, and the attendance fees for attending meetings of the Advisory or Control Committees of the Board of Directors, are indicated below: </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Compensation of the Board of Directors and of the Committees thereof</span></div><div style="margin-top:9pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.707%"><tr><td style="width:1.0%"></td><td style="width:24.706%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:26.026%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:22.360%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:22.508%"></td><td style="width:0.1%"></td></tr><tr><td colspan="12" style="border-top:1pt solid #acacac;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Amounts in euros</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #acacac;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Position</span></td><td colspan="3" style="border-top:1pt solid #acacac;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Board of Directors</span></td><td colspan="3" style="border-top:1pt solid #acacac;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Executive Commission</span></td><td colspan="3" style="border-top:1pt solid #acacac;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Advisory or Control Committees </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:5.2pt;font-weight:700;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(*)</span></div></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Chairman</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">240,000&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">80,000&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">22,400&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #acacac;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Vice chairman</span></td><td colspan="2" style="border-top:1pt solid #acacac;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">200,000&#160;</span></td><td style="border-top:1pt solid #acacac;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #acacac;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">80,000&#160;</span></td><td style="border-top:1pt solid #acacac;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #acacac;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #acacac;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #acacac;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Executive Member</span></td><td colspan="2" style="border-top:1pt solid #acacac;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #acacac;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #acacac;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #acacac;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #acacac;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #acacac;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #acacac;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Proprietary Member</span></td><td colspan="2" style="border-top:1pt solid #acacac;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">120,000&#160;</span></td><td style="border-top:1pt solid #acacac;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #acacac;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">80,000&#160;</span></td><td style="border-top:1pt solid #acacac;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #acacac;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">11,200&#160;</span></td><td style="border-top:1pt solid #acacac;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #acacac;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Independent Member</span></td><td colspan="2" style="border-top:1pt solid #acacac;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">120,000&#160;</span></td><td style="border-top:1pt solid #acacac;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #acacac;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">80,000&#160;</span></td><td style="border-top:1pt solid #acacac;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #acacac;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">11,200&#160;</span></td><td style="border-top:1pt solid #acacac;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #acacac;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Other external</span></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #acacac;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">120,000&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #acacac;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #acacac;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">80,000&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #acacac;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #acacac;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">11,200&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #acacac;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:4.55pt;font-weight:400;line-height:120%;position:relative;top:-2.44pt;vertical-align:baseline">(*)</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:120%"> In addition, the amount of the attendance fee for each of the meetings of the Advisory or Control Committees is 1,000 euros.</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In this regard, it is noted that Mr. Jos&#233; Mar&#237;a &#193;lvarez-Pallete L&#243;pez (Executive Chairman until January 18, 2025), waived the receipt of the above amounts (i.e., 240,000 euros as Chairman of the Board of Directors and 80,000 euros as Chairman of the Executive Commission). </span></div><div style="margin-top:9pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Likewise, the fixed remuneration of 1,923,100 euros established for the 2024 financial year related to executive roles carried out by Mr. Jos&#233; Mar&#237;a &#193;lvarez-Pallete L&#243;pez was equal to that received in the previous eight years (i.e. 2023, 2022, 2021, 2020, 2019, 2018, 2017 and 2016), which was set in his capacity as Chief Operating Officer, remaining invariably after his appointment as Chairman in 2016. </span></div><div style="margin-top:9pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The fixed remuneration, for his executive roles, of 1,600,000 euros that the Chief Operating Officer (C.O.O.), Mr. &#193;ngel Vil&#225; Boix, has established for the 2024 financial year is equal to the one received in the years 2023, 2022, 2021, 2020 and 2019.  </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Individualized description</span></div>Appendix II provides an individual breakdown by item of the compensation and benefits that the members of the Board of Directors of the Company have accrued and/or received from Telef&#243;nica, S.A., and from other companies of the Telef&#243;nica Group during fiscal year 2024. Likewise, the compensation and benefits accrued and/or received, during such year, by the members of the Company's Senior Management are broken down.<span></span>
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Operations Classified as Held for Sale<br></strong></div></th>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory', window );">Operations Classified as Held for Sale</a></td>
<td class="text">Operations classified as held for sale<div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The breakdown of non-current assets and disposal groups held for sale and liabilities associated at December&#160;31, 2024 and December&#160;31, 2023 is as follows:</span></div><div style="margin-bottom:9pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:52.993%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:21.853%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:21.854%"></td><td style="width:0.1%"></td></tr><tr style="height:3pt"><td colspan="9" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Millions of euros</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">12/31/2024</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">12/31/2023</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Fiber optic assets in Peru </span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">77</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">273</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 13pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Goodwill (Note 7)</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">34</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 13pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Property, plant and equipment (Note 8)</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">33</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">198</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 13pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Others</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">44</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">41</span></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Investment in Nabiax</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">58</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Other assets</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;</span></td></tr><tr><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Non-current assets and disposal groups held for sale</span></td><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">138</span></td><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">273</span></td></tr></table></div><div style="margin-bottom:9pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:52.993%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:21.853%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:21.854%"></td><td style="width:0.1%"></td></tr><tr style="height:3pt"><td colspan="9" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Millions of euros</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">12/31/2024</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">12/31/2023</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Liabilities associated with Fiber optic assets in Peru</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">33</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">37</span></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Liabilities associated with non-current assets <br/>and disposal groups held for sale</span></td><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">33</span></td><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 7pt 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">37</span></td></tr></table></div><div style="width:100.000%"><div style="display:inline-block;vertical-align:top;width:46.491%"><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Fiber optic business in Peru</span></div></div><div style="display:inline-block;max-width:7.017%;min-width:6.017%;vertical-align:top"></div><div style="display:inline-block;vertical-align:top;width:46.492%"></div></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On July 6, 2023, Telef&#243;nica Hispanoam&#233;rica, S.A.U. entered into share subscription agreements with a subsidiary of KKR and Entel Per&#250; for the entry of both companies, with 54% and 10% respectively, into the share capital of Pangea, the wholesale fiber optic company in Peru. After the admittance of the regulatory authorizations with conditions by the regulator in September 2024, the closing of the transaction is pending of the final agreement between the parties.</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Following the analysis of recoverability of Pangea's assets at the end of 2024, an impairment loss of tangible fixed assets amounting to 108 million euros has been recorded (see Note 26), as well as a reversal of deferred tax assets amounting to 13 million euros.</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Also in July 2023, Telef&#243;nica del Per&#250;, S.A.A. and Entel agreed to sell certain assets of their fiber-to-the-home infrastructure to Pangea. In 2024, the scope of this agreement was redefined, ruling out the contribution of fiber assets by Telef&#243;nica del Per&#250;, S.A.A., which resulted in the reclassification of 118 million euros to Property, plant and equipment (see Note 8).</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">As a result of the goodwill impairment test, an impairment of 34 million euros was recorded in 2024 (see Note 26), corresponding to the goodwill allocated to the business subject to the previous agreement.</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:112%">Investment in Nabiax</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On November 8, 2024, Nabiax's majority shareholder, Asterion (80% stake), reached an agreement with the Aermont Group to sell its shares in Nabiax. In compliance with the provisions of the original shareholders' agreement between Asterion and Telef&#243;nica Infra, S.L. (which owns the remaining 20%), Asterion has notified this transaction to Telef&#243;nica Infra, S.L. and has required it to adhere to the aforementioned sale agreement (see Note 10).</span></div><span></span>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The disclosure of non-current assets or disposal groups classified as held for sale. [Refer: Non-current assets or disposal groups classified as held for sale]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2024-01-01<br> -Paragraph 10<br> -Subparagraph e<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_10_e&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
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<span style="display: none;">v3.25.0.1</span><table class="report" border="0" cellspacing="2" id="idm45294736714928">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Events after the Reporting Period<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2024</div></th></tr>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_tef_EventsAfterReportingPeriodAbstract', window );"><strong>Events After Reporting Period [Abstract]</strong></a></td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfEventsAfterReportingPeriodExplanatory', window );">Events after the Reporting Period</a></td>
<td class="text">Events after the reporting period<div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The following events regarding the Telef&#243;nica Group took place between December&#160;31, 2024 and the date of authorization for issue of the accompanying consolidated financial statements: </span></div><div style="margin-bottom:9pt;margin-top:9pt;padding-left:18pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:112%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:112%;padding-left:28pt">On January 10, 2025, Telef&#243;nica Germany GmbH &amp; Co. OHG completed the early termination of its 750 million euros sustainability-linked syndicated credit facility signed on December 17, 2019 and originally scheduled to mature in 2026.</span></div><div style="margin-top:9pt;padding-left:18pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:112%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:112%;padding-left:28pt">On January 13, 2025, Telef&#243;nica, S.A. signed an extension with respect to its sustainability-linked syndicated credit facility for up to 5,500 million euros for an additional year (extending the maturity date to January 13, 2030). Additionally, Telef&#243;nica signed 2 extension options for 1 additional year each, permitting Telef&#243;nica, S.A.,to extend the maturity date of the credit facility to January 13, 2032.</span></div><div style="margin-top:9pt;padding-left:18pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:112%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:112%;padding-left:28pt">On January 15, 2025, Telef&#243;nica, S.A. signed a bilateral loan in the amount of 125 million euros maturing on January 15, 2035. As of the date, there was no outstanding amount under this bilateral loan. </span></div><div style="margin-bottom:9pt;margin-top:9pt;padding-left:18pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:112%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:112%;padding-left:28pt">On January 16, 2025, Telef&#243;nica, S.A. through its wholly-owned subsidiary Telef&#243;nica Emisiones, S.A.U., launched in the Euro market under its EMTN Programme an issuance of Notes guaranteed by Telef&#243;nica, S.A. in a principal amount of 1,000 million euros. This issue, due on January 23, 2034, pays an annual coupon of 3.724% and was issued at par. The settlement of the issuance took place on January 23, 2025.</span></div><div style="margin-bottom:9pt;margin-top:9pt;padding-left:18pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:112%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:112%;padding-left:28pt">On January 17, 2025, Telef&#243;nica Emisiones, S.A.U. redeemed 1,250 million euros of its notes issued on January 17, 2017. These notes were guaranteed by Telef&#243;nica, S.A. </span></div><div style="margin-bottom:9pt;margin-top:9pt;padding-left:18pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:112%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:112%;padding-left:28pt">On January 18, 2025, Telef&#243;nica, S.A. in view of its new shareholding structure and that some of its relevant shareholders expressed the convenience of embarking on a new stage in the executive chairmanship, Telef&#243;nica&#8217;s Board of Directors, which met on the aforementioned date to assess the situation, under the chairmanship of Mr. Jos&#233; Mar&#237;a &#193;lvarez-Pallete, adopted, following a favorable report from the Nominating, Compensation and Corporate Governance Committee, the following resolutions:</span></div><div style="margin-bottom:9pt;margin-top:9pt;padding-left:54pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:112%">&#9702;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:112%;padding-left:27.96pt"> To agree on the orderly renewal of the Company's chairmanship, in order to adapt it to its new shareholding structure.</span></div><div style="margin-bottom:9pt;margin-top:9pt;padding-left:54pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:112%">&#9702;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:112%;padding-left:27.96pt">To approve the termination of the contract signed with Mr. Jos&#233; Mar&#237;a &#193;lvarez-Pallete as Executive Chairman of Telef&#243;nica&#8217;s Board of Directors, and to request from him, in accordance with the provisions of Article 12.2.a) of the Regulations of the Board of Directors, his resignation from his position as Director. Mr. &#193;lvarez-Pallete, in response to said request, tendered his resignation as a Director, which was accepted by the Board of Directors.</span></div><div style="margin-bottom:9pt;margin-top:9pt;padding-left:54pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:112%">&#9702;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:112%;padding-left:27.96pt">In order to guarantee an adequate replacement in the executive chairmanship of the Company, to approve the appointment by co-optation of Mr. Marc Thomas Murtra Millar, as Executive Director of the Company, also appointing him as Executive Chairman of the Board of Directors and delegating to him all the powers that may be delegated by the Board of Directors, to be exercised jointly and severally. Mr. Murtra accepted his appointment as Executive Chairman of Telef&#243;nica, on this same date. </span></div><div style="margin-bottom:9pt;margin-top:9pt;padding-left:18pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:112%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:112%;padding-left:28pt">On January 29, 2025, the Board of Directors of Telef&#243;nica, S.A., resolved with the abstention of the Executive Directors and upon proposal of the Nominating, Compensation and Corporate Governance Committee, to appoint Mr. Peter L&#246;scher as Lead Independent Director. On the same date, the Audit and Control Committee resolved  to appoint the Independent Director Ms. Mar&#237;a Luisa Garc&#237;a Blanco as Chairwoman of that Committee.</span></div><div style="margin-bottom:9pt;margin-top:9pt;padding-left:18pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:112%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:112%;padding-left:28pt">On February 14, 2025 the Board of Directors of Telef&#243;nica del Per&#250;, S.A.A. (&#8220;Telef&#243;nica del Per&#250;&#8221;), with the aim of achieving an orderly restructuring of the liabilities of said company, resolved to invoke the Ordinary Insolvency Procedure, established under the Peruvian law (</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:112%">Ley General del Sistema Concursal</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:112%">) with respect to Telef&#243;nica del Per&#250;. The invocation of said insolvency procedure is focused on the financial and operational restructuring within the framework of the applicable insolvency law. Thus, the protection of the insolvency framework, established by the</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:112%"> Ley General del Sistema Concursa</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:112%">l, will allow Telef&#243;nica del Per&#250; for an orderly restructuring of liabilities with the arrangement of its creditors. In order to facilitate the invocation of the Ordinary Insolvency Procedure, Telef&#243;nica Hispanoam&#233;rica has granted a credit facility of up to 1,549&#160;million Peruvian soles (approximately 394&#160;million euros at an estimated average rate of 3.93 Peruvian soles per euro), subject to strict conditionality and with a maturity of 18 months, to meet exclusively operational </span></div><div style="margin-bottom:9pt;margin-top:9pt;padding-left:18pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:112%">cash requirements of Telef&#243;nica del Per&#250;. The financial situation of Telef&#243;nica del Per&#250; has been very negatively affected by tax contingencies that are more than 20 years old (see Note 25), as well as by administrative decisions that have placed the company in a competitive disadvantage within a particularly challenging market environment. In relation to the abovementioned tax contingencies, Telef&#243;nica is currently in arbitration before the International Centre for Settlement of Investment Disputes (ICSID)(see Note 29.a). As previously informed to the market, Telef&#243;nica reiterated that Telef&#243;nica del Per&#250;&#8217;s liabilities are not guaranteed by any other company of the Telef&#243;nica Group. Telef&#243;nica will continue to explore strategic alternatives with regard to its investment in Telef&#243;nica del Per&#250;.</span></div><div style="margin-bottom:9pt;margin-top:9pt;padding-left:18pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:112%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:112%;padding-left:28pt">On February 24, 2025, Telef&#243;nica's subsidiary TLH Holdco, S.L.U., a company 100% owned by Telef&#243;nica, sold all the shares that it held in Telef&#243;nica M&#243;viles Argentina, S.A. representing  99.999625% of its share capital and of the entire share capital of its operations in Argentina to Telecom Argentina S.A. The total price for 100% of the shares transferred amounts to 1,245&#160;million U.S. dollars (approximately 1,189&#160;million euros at the date of the transaction). The signing and closing of the transaction took place simultaneously.</span></div><div style="margin-bottom:9pt;margin-top:9pt;padding-left:18pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:112%">The carrying amount of Telef&#243;nica M&#243;viles Argentina's net assets as of December 31, 2024 amounted to 1,175 million euros (see Note 2). </span></div><div style="margin-bottom:9pt;margin-top:9pt;padding-left:18pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:112%">As a result of the transaction, the Group will reclassify to 2025 results the accumulated negative translation differences corresponding to Telef&#243;nica M&#243;viles Argentina, which as of December 31, 2024 amounted to 1,107 million euros (Note 17.f).</span></div><span></span>
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Appendix I: Scope of Consolidation<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2024</div></th></tr>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_tef_DisclosureOfConsolidationsAbstract', window );"><strong>Disclosure Of Consolidations [Abstract]</strong></a></td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfBasisOfConsolidationExplanatory', window );">Appendix I: Scope of Consolidation</a></td>
<td class="text"><div style="margin-top:9pt;text-align:center"><span style="color:#a6a6a6;font-family:'Arial',sans-serif;font-size:18pt;font-weight:400;line-height:120%">Appendix I: Scope of consolidation</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">The main companies of the Telef&#243;nica Group</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The table below lists the main companies comprising the Telef&#243;nica Group at December 31, 2024 and the main investments consolidated using the equity method.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Included for each company are the company name, corporate purpose, country, functional currency, share capital (in millions of functional currency units), the Telef&#243;nica Group&#8217;s effective shareholding and the company or companies through which the Group holds a stake.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Parent Company</span></div><div style="margin-bottom:18pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Telef&#243;nica,S.A.</span><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:43.344%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.695%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.525%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.525%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.426%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:16.885%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Name and corporate purpose</span></td><td colspan="3" style="border-bottom:1pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Country</span></td><td colspan="3" style="border-bottom:1pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Currency</span></td><td colspan="3" style="border-bottom:1pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Capital</span></td><td colspan="3" style="border-bottom:1pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">%Telef&#243;nica Group</span></td><td colspan="3" style="border-bottom:1pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Holding Company</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Telef&#243;nica Spain</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica de Espa&#241;a, S.A.U. <br/>Telecommunications service provider</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Spain</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,024&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">100&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica, S.A. </span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica M&#243;viles Espa&#241;a, S.A.U.<br/>Wireless communications services provider</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Spain</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">209&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">100&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica, S.A. </span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Teleinform&#225;tica y Comunicaciones, S.A.U. (Telyco)<br/>Promotion, marketing and distribution of telephone and telematic equipment and services</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Spain</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">8&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">100&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Espa&#241;a Filiales, S.A.U.</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Soluciones de Inform&#225;tica y Com. de Espa&#241;a S.A.U.<br/>Telecommunications systems, networks and infrastructure engineering</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Spain</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">100&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica de Espa&#241;a, S.A.U. </span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Soluciones de Outsourcing, S.A.U.<br/>Promotion and networks management</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Spain</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">100&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Espa&#241;a Filiales, S.A.U.</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Servicios Integrales de Distribuci&#243;n S.A.U.<br/>Logistic service provider</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Spain</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">100&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica de Espa&#241;a, S.A.U. </span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Espa&#241;a Filiales, S.A.U.<br/>Organization and operation of multimedia service-related business</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Spain</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">226&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">100&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica, S.A. </span></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Servicios Audiovisuales, S.A.U.<br/>Provision of all type of audiovisual telecommunications services</span></td><td colspan="3" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Spain</span></td><td colspan="3" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">6&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">100&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Espa&#241;a Filiales, S.A.U.</span></td></tr></table></div><div style="margin-bottom:18pt;margin-top:9pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:43.344%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.695%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.525%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.525%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.426%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:16.885%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Name and corporate purpose</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Country</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Currency</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Capital</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">%Telef&#243;nica Group</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Holding Company</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Telef&#243;nica Spain (cont.)</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Broadcast Services, S.L.U.<br/>DSNG-based transmission and operation services</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Spain</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">100&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Espa&#241;a Filiales, S.A.U.</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica  Audiovisual Digital, S.L.U. <br/>Provision of all type of audiovisual telecommunications services</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Spain</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">46&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">100&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Espa&#241;a Filiales, S.A.U.</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Global Technology, S.A.U.<br/>Global management and operation of IT systems</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Spain</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">16&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">100&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Espa&#241;a Filiales, S.A.U.</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Educaci&#243;n Digital, S.L.U.<br/>Vertical e-learning portal</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Spain</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">100&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Espa&#241;a Filiales, S.A.U.</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Bluevia Fibra, S.L.<br/>Operations and exploitation of FTTH network and other connectivity services.</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Spain</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">68&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">55&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Espa&#241;a Filiales, S.A.U. (30%)</span></div><div style="text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Infra,  S.L.U. (25%)</span></div></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Solar360 Soluciones de Instalacion y Mantenimiento S.L. <br/>Marketing and management in the installation, sale and maintenance of photovoltaic equipment</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Spain</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">51&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica de Espa&#241;a, S.A.U.</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Ingenier&#237;a de Seguridad, S.A.U.<br/>Security services and systems</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Spain</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">5&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">100&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Espa&#241;a Filiales, S.A.U.</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Compa&#241;&#237;a Mayorista de Fibra S.L.<br/>Provision of telecommunications services through FTTH network operation</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Spain</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">100&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Espa&#241;a Filiales, S.A.U.</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Telef&#243;nica Germany</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Deutschland Holding A.G<br/>Holding company</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Germany</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,975&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">96.85&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Germany Holdings Limited (69.22%)</span></div><div style="text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Local Services GmbH  (27.63%)</span></div></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Germany GmbH &amp; Co. OHG<br/>Wireless communications services operator</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Germany</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">51&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">96.85&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Deutschland Holding A.G (96.84%)</span></div><div style="text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">T. Germany Management, GmbH (0.01%)    </span></div></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">E-Plus Service GmbH<br/>Wireless communications services operator</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Germany</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">96.85&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Germany GmbH &amp; Co. OHG</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Germany Business Sales GmbH<br/>Technological and consulting services in Big Data provider</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Germany</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">96.85&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Germany GmbH &amp; Co. OHG</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">O2 Telef&#243;nica Deutschland Finanzierungs GmbH<br/>Integrated cash management, consulting and financial support for Group companies</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Germany</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">96.85&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Germany GmbH &amp; Co. OHG</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Germany 1. Beteiligungsgesellschaft mbH<br/>Holding company</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Germany</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">5&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">96.85&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Germany GmbH &amp; Co. OHG</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Ortel Mobile GmbH<br/>Provision of international mobile communications services</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Germany</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">96.85&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Germany GmbH &amp; Co. OHG</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Germany Retail GmbH <br/>Office machinery, computers, peripheral equipment and software</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Germany</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">96.85&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Germany GmbH &amp; Co. OHG</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">AY YILDIZ Communications GmbH <br/>Telecommunications service provider</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Germany</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">96.85&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Germany GmbH &amp; Co. OHG</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">TCHIBO Mobilfunk GmbH &amp; Co. <br/>Marketing and sales of mobile services</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Germany</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">7&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">48.42&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Germany GmbH &amp; Co. OHG</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Telef&#243;nica Brazil</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#244;nica Brasil, S.A.<br/>Wireline telephony operator </span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Brazil</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">BRL</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">62,071&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">76.49&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Latinoam&#233;rica Holding, S.L.U. (37.34%)</span></div><div style="text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica, S.A. (38.90%)</span></div><div style="text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Chile, S.A. (0.06%)</span></div></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Terra Networks Brasil, Ltda.<br/>ISP and portal</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Brazil</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">BRL</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">317&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">76.49&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#244;nica Brasil, S.A.</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#244;nica Infraestructura e Seguran&#231;a Ltda.<br/>Security services and systems</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Brazil</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">BRL</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">321&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">76.49&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Terra Networks Brasil, Ltda.</span></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Vivo ventures fundo de investimento em participacoes multiestrategia.<br/>Investment funds</span></td><td colspan="3" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Brazil</span></td><td colspan="3" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">BRL</span></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">145&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">76.96&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#244;nica Brasil, S.A. (74.96%)</span></div><div style="text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telefonica Open Innovation S.L.U. (2.00%)</span></div></td></tr></table></div><div style="margin-bottom:18pt;margin-top:9pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:43.344%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.695%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.525%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.525%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.426%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:16.885%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Name and corporate purpose</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Country</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Currency</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Capital</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">%Telef&#243;nica Group</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Holding Company</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Telef&#243;nica Brazil (cont.)</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Vale Sa&#250;de, Administradora de Cart&#245;es Ltda.<br/>Provision of health services</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Brazil</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">BRL</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">7&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">76.49&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">POP Internet Ltda.</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#244;nica Cloud e Tecnologia do Brasil S.A.<br/>Cybersecurity, electronic information security and IT consultancy</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Brazil</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">BRL</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">104&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">88.24&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#244;nica Brasil, S.A. (44.13%)</span></div><div style="text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Cybersecurity &amp; Cloud Tech S.L.  (44.11%)</span></div></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">IPNET Servi&#231;os em Nuvem e Desenvolvimento de Sistemas Ltda<br/>Software and systems resale, professional services and project management</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Brazil</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">BRL</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">31&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">88.24&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#244;nica Cloud e Tecnologia do Brasil S.A.</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">IPNET USA, LLC <br/>Software and systems resale, professional services and project management</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">USA</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">USD</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">88.24&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#244;nica Cloud e Tecnologia do Brasil S.A.</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Telef&#243;nica Hispam</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Hispanoam&#233;rica, S.A.U.<br/>Holding company</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Spain</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">108&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">100&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica, S.A.<br/></span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">TLH Holdco, S.L.U.<br/>Holding company</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Spain</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">87&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">100&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica, S.A.<br/></span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Venezolana, C.A.<br/>Wireless communications operator</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Venezuela</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">VED</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,905&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">100&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Hispanoam&#233;rica, S.A.U. (97.13%)</span></div><div style="text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Comtel Comunicaciones Telef&#243;nicas, S.A. (2.87%)</span></div></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Colombia Telecomunicaciones S.A. ESP BIC<br/>Communications services operator</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Colombia</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">COP</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3,410&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">67.5&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Hispanoam&#233;rica, S.A.U.</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Operaciones Tecnol&#243;gicas y Comerciales S.A.S<br/>Communications services operator</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Colombia</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">COP</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3,330&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">67.5&#160;</span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Colombia Telecomunicaciones S.A. ESP BIC </span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Unired Colombia S.A.S <br/>Service provider related to telecommunications</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Colombia</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">COP</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">12,826&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">33.75&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Colombia Telecomunicaciones S.A. ESP BIC</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Pegaso Pcs S.A. de C.V. <br/>Communications services operator</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Mexico</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">MXN</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3,241&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">100&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Hispanoam&#233;rica, S.A.U. (99.98%)</span></div><div style="text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Celular de Telefon&#237;a S.A. de CV. (0.02%)</span></div></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Celular de Telefon&#237;a S.A. de CV. <br/>Consulting services</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Mexico</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">MXN</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,650&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">100&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Pegaso Pcs S.A. de CV. (67.65%)</span></div><div style="text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Hispanoam&#233;rica, S.A.(32.35%)</span></div></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Terra Networks M&#233;xico, S.A. de C.V.<br/>ISP, portal and real-time financial information services</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Mexico</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">MXN</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">305&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">100&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Hispanoam&#233;rica, S.A.U. </span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Fisatel M&#233;xico, S.A. de C.V. SOFOM E.N.R.<br/>Integrated cash mangement, consulting and financial support for Group companies</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Mexico</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">MXN</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,805&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">100&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Hispanoam&#233;rica, S.A.U. (99.99%)</span></div><div style="text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Pegaso Pcs S.A. de CV. (0.01%)</span></div></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Otecel, S.A.<br/>Wireless communications services provider</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Ecuador</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">USD</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">183&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">100&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Hispanoam&#233;rica, S.A.U.</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica M&#243;viles Argentina, S.A.<br/>Telecommunications service provider</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Argentina</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">ARS</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">188,019&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">100&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">TLH Holdco, S.L.U.</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica M&#243;viles Chile, S.A.<br/>Wireless communications services operator</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Chile</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">CLP</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,631,069&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">100&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Inversiones Telef&#243;nica Internacional Holding SpA. (99.14%)</span></div><div style="text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Hispanoam&#233;rica, S.A.U.  (0.86%)</span></div></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Chile, S.A. <br/>Local and international long distance telephony services provider</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Chile</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">CLP</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">874,773&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">99.39&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica M&#243;viles Chile, S.A.</span></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Chile Holdings, S.L.U.<br/>Holding Company</span></td><td colspan="3" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Spain</span></td><td colspan="3" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">100&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Hispanoam&#233;rica, S.A.U.</span></td></tr></table></div><div style="margin-bottom:18pt;margin-top:9pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:43.344%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.695%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.525%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.525%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.426%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:16.885%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Name and corporate purpose</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Country</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Currency</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Capital</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">%Telef&#243;nica Group</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Holding Company</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Telef&#243;nica Hispam (cont.)</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Empresas Chile S.A.<br/>Provision of voice and data telephone communications services</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Chile</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">CLP</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">103,756&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">99.39&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Chile, S.A.</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Chile Servicios Corporativos Limitada<br/>HUB service provider</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Chile</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">CLP</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">99.69&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Chile, S.A. (49.54%)</span></div><div style="text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Empresas Chile S.A. (1.30%)</span></div><div style="text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica M&#243;viles Chile, S.A. (48.85%)</span></div><div style="text-align:right"><span><br/></span></div></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Inversiones Telef&#243;nica Internacional Holding, SpA.<br/>Holding Company</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Chile</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">CLP</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">511&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">100&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Chile Holdings S.L.</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica del Per&#250;, S.A.A.<br/>Local, domestic and international long distance telephone service provider</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Peru</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">PEN</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">831&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">99.32&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Hispanoam&#233;rica, S.A.</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Media Networks Latin America, S.A.C<br/>Telecommunications research activities and proyects</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Peru</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">PEN</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">158&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">100&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Latinoam&#233;rica Holding, S.L.U.</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Pangeaco, S.A.C <br/>Fibre rollout and capacity service provision</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Peru</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">PEN</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">100&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Hispanoam&#233;rica, S.A.U. (99.99%)</span></div><div style="text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Latinoam&#233;rica Holding, S.L.U. (0.01%)</span></div></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica M&#243;viles del Uruguay, S.A.<br/>Wireless communications and services operator</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Uruguay</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">UYU</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,107&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">100&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Hispanoam&#233;rica, S.A.U.</span></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Other companies</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Infra,  S.L.U. <br/>Holding company</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Spain</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">12&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">100&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica , S.A. </span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Infra Germany GmbH<br/>Broadband telecommunications operator</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Germany</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">100&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Infra,  S.L.U.  </span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica O2 Holdings Ltd.<br/>Holding company</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">United Kingdom</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">GBP</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">9&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">100&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica, S.A.  (99.99%)</span></div><div style="text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Capital S.A.U. (0.01%)</span></div></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">MmO2 Ltd.<br/>Holding company</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">United Kingdom</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">GBP</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">100&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica O2 Holding Ltd.</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Germany Holdings Ltd.<br/>Holding company</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">United Kingdom</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3,463&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">100&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">O2 (Europe) Ltd.</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">O2 (Europe) Ltd.<br/>Holding company</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">United Kingdom</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">6,895&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">100&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica, S.A. </span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica International Holding, B.V<br/>Holding company</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Netherlands</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">100&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Latinoam&#233;rica Holding, S.L.</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Latinoam&#233;rica Holding, S.L.U.<br/>Holding company</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Spain</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">291&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">100&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;&#160;&#160;&#160;&#160;&#160;Telef&#243;nica, S.A.</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Global Solutions, S.L.U. <br/>International service provider</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Spain</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">100&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica, S.A</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telefonica Global Solutions USA, Inc.<br/>Provision of telecommunications services</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">USA</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">USD</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">202&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">100&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Global Solutions, S.L.U. </span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Global Solutions Germany GmbH. <br/>International service provider</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Germany</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">100&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Global Solutions, S.L.U. </span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Global Solutions M&#233;xico, S.A. de C.V.<br/>Carrying out research activities and projects in the field of telecommunications</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Mexico</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">MXN</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">67&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">100&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Global Solutions, S.L.U. </span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Innovaci&#243;n Digital, S.L.U.<br/>Carrying out research activities and services in the field of telecommunications. Holding company</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Spain</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">28&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">100&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica, S.A</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Digital Ltd.<br/>Developer Telco Services</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">United Kingdom</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">GBP</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">45&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">100&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Innovaci&#243;n Digital, S.L.U.</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telefonica Open Innovation S.L.U.<br/>Talent identification and development in ICT.</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Spain</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">100&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Innovaci&#243;n Digital, S.L.U.</span></td></tr><tr><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Wayra Chile Tecnolog&#237;a e Innovaci&#243;n SpA<br/>Technological innovation based business project development</span></td><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Chile</span></td><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">CLP</span></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">29,899&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">100&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telefonica Open Innovation S.L.U.</span></td></tr></table></div><div style="margin-bottom:18pt;margin-top:9pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:43.344%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.695%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.525%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.525%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.426%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:16.885%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Name and corporate purpose</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Country</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Currency</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Capital</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">%Telef&#243;nica Group</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Holding Company</span></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Other companies (cont.)</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Wayra Brasil Desenvolvedora e Apoiadora de Projetos Ltda<br/>Technological innovation based business project development</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Brazil</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">BRL</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">52&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">100&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telefonica Open Innovation S.L.U. (99.99%)</span></div><div style="text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Innovaci&#243;n Digital, S.L.U. (0.01%)</span></div></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">WY Telecom, S.A. de C.V.<br/>Talent identification and development in ICT</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Mexico</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">MXN</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">134&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">100&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telefonica Open Innovation S.L.U. (99.99%)</span></div><div style="text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Innovaci&#243;n Digital, S.L.U. (0.01%)</span></div></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Wayra Argentina, S.A.<br/>Talent identification and development in ICT</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Argentina</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">ARS</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">7,607&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">100&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telefonica Open Innovation S.L.U. (95%)</span></div><div style="text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica, S.A. (5%)</span></div></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Wayra Colombia, S.A.S.<br/>Technological innovation based business project development</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Colombia</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">COP</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,304&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">100&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telefonica Open Innovation S.L.U.</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Proyecto Wayra, C.A.<br/>Commercial, industrial and mercantile activities</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Venezuela</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">VED</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">13&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">100&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Venezolana, C.A. </span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Wayra Per&#250; Aceleradora de Proyectos, S.A.C.<br/>Technological innovation based business project development</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Peru</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">PEN</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">28&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">100&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telefonica Open Innovation S.L.U.</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Wayra UK Ltd.<br/>Technological innovation based business project development</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">United Kingdom</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">GBP</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">100&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telefonica Open Innovation S.L.U.</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Terra Networks Argentina, S.A.<br/>ISP and portal</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Argentina</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">ARS</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">287&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">100&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Latinoam&#233;rica Holding, S.L. (99.99%)</span></div><div style="text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica International Holding, B.V. (0.01%)</span></div></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telfisa Global, B.V.<br/>Integrated cash management, consulting and financial support for Group companies </span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Netherlands</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">100&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica, S.A. </span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Global Activities Holding, B.V.<br/>Holding Company</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Netherlands</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">100&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telfisa Global, B.V. </span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Global Services, GmbH<br/>Purchasing services</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Germany</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">100&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Group 3G UMTS Holding, GmbH</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Global Roaming, GmbH<br/>Optimization of network traffic</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Germany</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">100&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Global Services, GmbH</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Group 3G UMTS Holding GmbH<br/>Holding Company</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Germany</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">250&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">100&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Global Activities Holdings, B.V</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">QUAM GmbH.<br/>IT facilities management activities<br/></span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Germany</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">250&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">100&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Group 3G UMTS Holding GmbH</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Compras Electr&#243;nicas, S.L.U.<br/>Development and provision of information Society services</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Spain</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">100&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Global Services, GmbH </span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telefonica Iot &amp; Big Data Tech S.A.U.<br/>Provision of telemarketing services</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Spain</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">100&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Tech S.L.U. </span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Geprom Software Engineering S.L.U.<br/>Technical engineering services and other consultancy activities</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Spain</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">100&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telefonica Iot &amp; Big Data Tech S.A.U. </span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Geprom Software Engineering  S.A. de C.V. <br/>Technical engineering services and other consultancy activities</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Mexico</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">MXN</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">100&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Geprom Software Engineering S.L.U.</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">TIS Hispanoam&#233;rica, S.L.U.<br/>Security services and systems</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Spain</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">100&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica, S.A. </span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Capital, S.A.U.<br/>Finance company</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Spain</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">7&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">100&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica, S.A. </span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Lotca Servicios Integrales, S.L.U.<br/>Aircraft ownership and operation</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Spain</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">18&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">100&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica, S.A. </span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Fonditel Pensiones, Entidad Gestora de Fondos de Pensiones, S.A<br/>Administration of pension funds</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Spain</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">16&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">70&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Capital, S.A.U. </span></td></tr><tr><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Fonditel Gesti&#243;n, Soc. Gestora de Instituciones de Inversi&#243;n Colectiva, S.A.U.<br/>Administration and representation of collective investment schemes</span></td><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Spain</span></td><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">100&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Capital, S.A.U. </span></td></tr></table></div><div style="margin-bottom:18pt;margin-top:9pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:43.344%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.695%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.525%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.525%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.426%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:16.885%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Name and corporate purpose</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Country</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Currency</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Capital</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">%Telef&#243;nica Group</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Holding Company</span></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Other companies (cont.)</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Luxembourg Holding, S.&#224;.r.L.<br/>Holding company</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Luxembourg</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">100&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica, S.A. </span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Nova Casiopea RE S.A.<br/>Reinsurance</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Luxembourg</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">15&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">100&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Luxembourg Holding, S.&#224;.r.L.</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Seguros y Reaseguros Compa&#241;&#237;a Aseguradora, S.A.U.<br/>Conducting direct insurance business</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Spain</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">24&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">100&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Luxembourg Holding, S.&#224;.r.L. </span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Finanzas, S.A.U.<br/>Integrated cash management, consulting and financial support for Group companies</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Spain</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">100&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica, S.A. </span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Corredur&#237;a de Seguros y Reaseguros Compa&#241;&#237;a de Mediaci&#243;n, S.A.<br/>Distribution, promotion or preparation of insurance contracts<br/></span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Spain</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">100&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Finanzas, S.A.U. (TELFISA) (83.33%)</span></div><div style="text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica, S.A. (16.67%)</span></div></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Europe, B.V.<br/>Fund raising in capital markets</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Netherlands</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">100&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica, S.A. </span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Participaciones, S.A.U.<br/>Financial debt instrument issuer</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Spain</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">100&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica, S.A. </span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Emisiones, S.A.U.<br/>Financial debt instrument issuer</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Spain</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">100&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica, S.A. </span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Alian&#231;a Atl&#226;ntica Holding B.V.<br/>Holding company</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Netherlands</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">40&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">88.24&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica, S.A. (50%)</span></div><div style="text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#244;nica Brasil, S.A. (38.24%)</span></div></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Servi&#231;os Empresariais do BRASIL, Ltda.<br/>Management and administrative services rendered</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Brazil</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">BRL</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">63&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">100&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Servicios Globales, S.L.U.</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Gesti&#243;n Integral de Edificios y Servicios S.L.U. <br/>Management and administrative services rendered</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Spain</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">100&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Servicios Globales, S.L.U.</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">O2 Worldwide Limited<br/>Wireless telecommunications activities</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">United Kingdom</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">GBP</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">100&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica, S.A.</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Servicios Globales, S.L.U.<br/>Holding company</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Spain</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">100&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica, S.A.</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Holding Atticus, B.V.<br/>Holding company</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Netherlands</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">100&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;Telef&#243;nica Latinoam&#233;rica Holding, S.L.U.</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Soluciones de Criptograf&#237;a, S.A.U. <br/>Engineering, research and development</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Spain</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">100&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica, S.A.</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Cryptography &amp; Security Systems S.L.U.<br/>Software programming activities</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Spain</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">100&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Soluciones de Criptograf&#237;a, S.A.U. </span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Centroam&#233;rica Inversiones ,S.L. <br/>Communications services provider</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Spain</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">60&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica, S.A. </span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Tech S.L.U. <br/>Holding company</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Spain</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">67&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">100&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica, S.A.</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Cybersecurity &amp; Cloud Tech S.L.U. <br/>Cybersecurity, electronic information security and IT consultancy</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Spain</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">34&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">100&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Tech S.L.U. </span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Cybersecurity &amp; Cloud Tech Chile SpA.<br/>Cybersecurity, electronic information security and IT consulting</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Chile</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">CLP</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">20,540&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">100&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Cybersecurity &amp; Cloud Tech S.L.U. </span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Tech Inc.<br/>Cybersecurity, electronic information security and IT consulting</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">USA</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">USD</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">7&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">100&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Cybersecurity &amp; Cloud Tech S.L.U. </span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Audertis Audit Services S.L.U.<br/>Provision of audit services in the areas of security, privacy and data protection</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Spain</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">100&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Cybersecurity &amp; Cloud Tech S.L.U. </span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Govertis Advisory Services S.L.U. <br/>Cybersecurity, electronic information security and IT consulting</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Spain</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">100&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Cybersecurity &amp; Cloud Tech S.L.U. </span></td></tr><tr><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telefonica Tech Colombia, SAS<br/>Cybersecurity, electronic information security and IT consulting</span></td><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Colombia</span></td><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">COP</span></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">406&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">100&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Cybersecurity &amp; Cloud Tech S.L.U. </span></td></tr></table></div><div style="margin-bottom:18pt;margin-top:9pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:43.344%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.695%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.525%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.525%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.426%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:16.885%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Name and corporate purpose</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Country</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Currency</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Capital</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">%Telef&#243;nica Group</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Holding Company</span></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Other companies (cont.)</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telefonica Cybersecurity Tech Mexico, S.A de C.V.<br/>Cybersecurity, electronic information security and IT consulting</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Mexico</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">MXN</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">80&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">100&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Cybersecurity &amp; Cloud Tech S.L.U. (60.47%)</span></div><div style="text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telefonica Iot &amp; Big Data Tech S.A. (39.53%)</span></div><div style="text-align:right"><span><br/></span></div></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#244;nica Ciberseguran&#231;a e Tecnolog&#237;a do Brasil Ltda <br/>Cybersecurity, electronic information security and IT consulting</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Brazil</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">BRL</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">26&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">100&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Cybersecurity &amp; Cloud Tech S.L.U. </span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Tech Per&#250; S.A.C.<br/>Cybersecurity, electronic information security and IT consulting</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Peru</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">PEN</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">30&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">100&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Tech S.L.U. </span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Cybersecurity &amp; Cloud Tech Deutschland GmbH <br/>Cybersecurity, electronic information security and IT consulting</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Germany</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">100&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Cybersecurity &amp; Cloud Tech S.L.U. </span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Acens Technologies, S.L.U.<br/>Holding housing and telecommunications solutions Service provider</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Spain</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">100&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Cybersecurity &amp; Cloud Tech S.L.U. </span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Altostratus Solutions, S.L.U. <br/>Provision of IT services</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Spain</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">100&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Cybersecurity &amp; Cloud Tech S.L.U. </span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Tech UK &amp; Ireland, Limited<br/>Holding company</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">United Kingdom</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">GBP</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">14&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">100&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Cybersecurity &amp; Cloud Tech S.L.U. </span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Tech UK Holdings Limited <br/>Holding company</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">United Kingdom</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">GBP</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">100&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Tech UK &amp; Ireland, Limited</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Tech UK TOG Limited  <br/>Headquarters activities</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">United Kingdom</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">GBP</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">100&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Tech UK Holdings Limited </span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Tech UK Managed Services Limited <br/>Information technology, management and IT services consultancy</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">United Kingdom</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">GBP</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">100&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Tech UK TOG Limited </span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Tech UK Limited <br/>Information technology, management and IT services consultancy</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">United Kingdom</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">GBP</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">100&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Tech UK TOG Limited </span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Tech Northern Ireland Holdings Limited <br/>Other computer service activities</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">United Kingdom</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">GBP</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">100&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Tech UK &amp; Ireland, Limited</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Tech Communication &amp; Collaboration Limited<br/>Other computer service activities</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">United Kingdom</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">GBP</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">100&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Tech Northern Ireland Holdings Limited </span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Tech Northern Ireland Limited<br/>Other computer service activities</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">United Kingdom</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">GBP</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">100&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Tech Northern Ireland Holdings Limited  </span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Tech Ireland Limited<br/>Provision of IT services</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Ireland</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">100&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Tech Northern Ireland Holdings Limited </span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Tech Ocean Limited<br/>Holding company</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">United Kingdom</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">GBP</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">100&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Tech UK &amp; Ireland, Limited. </span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Perpetual Topco Limited<br/>Holding company</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">United Kingdom</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">GBP</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">100&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Tech UK &amp; Ireland Limited</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Perpetual Midco Limited<br/>Holding company</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">United Kingdom</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">GBP</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">100&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Perpetual Topco Limited</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Perpetual Bidco Limited<br/>Holding company</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">United Kingdom</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">GBP</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">100&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Perpetual Midco Limited</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Incremental Group Holdings Limited<br/>Holding company</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">United Kingdom</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">GBP</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">100&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Perpetual Bidco Limited</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Redspire Limited<br/>Software development and information technology consultancy activities</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">United Kingdom</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">GBP</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">100&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Incremental Group Holdings Limited</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Tech UK Business Applications Limited <br/>Information technology consultancy activities and other services</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">United Kingdom</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">GBP</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">100&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Incremental Group Holdings Limited</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Adatis Group Limited<br/>Holding company</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">United Kingdom</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">GBP</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">100&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Incremental Group Holdings Limited</span></td></tr><tr><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Tech UK Data &amp; AI Limited<br/>Information technology consultancy activities</span></td><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">United Kingdom</span></td><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">GBP</span></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">100&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Adatis Group Limited</span></td></tr></table></div><div style="margin-bottom:18pt;margin-top:9pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:43.344%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.695%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.525%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.525%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.426%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:16.885%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Name and corporate purpose</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Country</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Currency</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Capital</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">%Telef&#243;nica Group</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Holding Company</span></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Other companies (cont.)</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Tech Bulgaria Limited<br/>Information technology consultancy activities</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Bulgaria</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">BGN</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">100&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Tech UK Data &amp; AI Limited</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Tech India Private Limited <br/>Information technology consultancy activities</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">India</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">INR</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">100&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Tech UK &amp; Ireland, Limited (99.99%)</span></div><div style="text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Tech UK Limited (0.01%)</span></div></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Tech UK Data &amp; AI MS Limited  <br/>Information technology consultancy activities</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">United Kingdom</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">GBP</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">100&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Adatis Group Limited</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">BE-terna Enhancement GmbH<br/>Holding company and provision of marketing, consultancy, implementation and commercialisation services for software and IT technologies</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Germany</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">100&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Cybersecurity &amp; Cloud Tech S.L.U. </span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">BE-terna&#160;Germany GmbH<br/>Holding company</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Germany</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">100&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">BE-terna&#160;Enhancement GmbH</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">BE-terna AB (Sweden)<br/>Technology services</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Sweden</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">SEK</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">100&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">BE-terna&#160;Enhancement GmbH</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">BE-terna Automation AG<br/>Technology services</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Switzerland</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">CHF</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">100&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">BE-terna&#160;Enhancement GmbH</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">BE-terna ApS<br/>Computer programming activities</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Denmark</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">DKK</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">100&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">BE-terna&#160;Enhancement GmbH</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">BE-terna B.V. (Netherlands)<br/>Technology services</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Netherlands</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">100&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">BE-terna ApS</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">BE-terna&#160;GmbH (Leipzig)<br/>Software production, electronic data processing, consultancy, services and project management</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Germany</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">100&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">BE-terna&#160;Germany GmbH</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">BE-terna&#160;Austria GmbH<br/>Holding company</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Austria</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">100&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">BE-terna&#160;Enhancement GmbH</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">BE-terna&#160;GmbH (Innsbruck)<br/>Services in automatic data processing and information technology</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Austria</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">100&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">BE-terna&#160;Austria GmbH</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Pipol A/S<br/>Conduct business with international implementation of business-oriented software solutions</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Denmark</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">DKK</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">100&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">BE-terna&#160;Enhancement GmbH</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">BE-terna&#160;A/S (Norway)<br/>Computer programming activities</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Norway</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">NOK</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">100&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">BE-terna&#160;Enhancement GmbH</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">BE-terna&#160;Business Solutions GmbH<br/>Software development and consulting, distribution of corresponding products, systems and processes</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Germany</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">100&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">BE-terna&#160;GmbH (Innsbruck)</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">BE-terna&#160;Industry Solutions GmbH<br/>Sales, implementation and maintenance of international ERP products</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Germany</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">100&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">BE-terna&#160;GmbH (Innsbruck)</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">BE-terna&#160;AG (Switzerland)<br/>Service provision, analysis and optimisation of business processes, selection of business software and implementation of ERP solutions </span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Switzerland</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">CHF</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">100&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">BE-terna&#160;GmbH (Innsbruck)</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">BE-terna&#160;SRL<br/>Services in automatic data processing and information technology</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Italy</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">100&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">BE-terna&#160;GmbH (Innsbruck)</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">BE-terna&#160;Adriatic d.o.o<br/>Holding company</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Slovenia</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">100&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">BE-terna&#160;Austria GmbH</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">BE-terna d.o.o. (Serbia) <br/>Technology services</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Serbia</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">RSD</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">14&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">100&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">BE-terna&#160;Adriatic d.o.o</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">BE-terna&#160;d.o.o (Slovenia)<br/>Technology services</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Slovenia</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">100&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">BE-terna&#160;Adriatic d.o.o</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">BE-terna&#160;d.o.o (Croatia)<br/>Technology services</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Croatia</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">100&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">BE-terna&#160;Adriatic d.o.o</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telxius Telecom, S.A.<br/>Telecommunications service provider</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Spain</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">260&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">70&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica, S.A.</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telxius Cable Am&#233;rica, S.A.<br/>Provision of high bandwidth communications services</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Uruguay</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">USD</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">291&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">70&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telxius Telecom, S.A.</span></td></tr><tr><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telxius Cable Espa&#241;a, S.L.U.<br/>Establishment and operation of any kind of communications infrastructure and/or network</span></td><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Spain</span></td><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">5&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">70&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telxius Telecom, S.A.</span></td></tr></table></div><div style="margin-bottom:18pt;margin-top:9pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:43.344%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.695%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.525%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.525%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.426%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:16.885%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Name and corporate purpose</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Country</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Currency</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Capital</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">%Telef&#243;nica Group</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Holding Company</span></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Other companies (cont.)</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telxius Cable Rep&#250;blica Dominicana, S.A.S.<br/>Telecommunications service provider</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Dominican Republic</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">USD</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">6&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">70&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telxius Cable Am&#233;rica, S.A. (69.30%)</span></div><div style="text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telxius Cable Espa&#241;a, S.L.U. (0.70%)</span></div></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telxius Cable Argentina, S.A.<br/>Operation and deployment of telecommunications infraestructure</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Argentina</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">USD</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">78&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">70&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telxius Cable Am&#233;rica, S.A. (66.50%)</span></div><div style="text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telxius Cable Espa&#241;a, S.L.U. (3.50%)</span></div></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telxius Cable Panam&#225;, S.A.<br/>Installation and operation of telecommunications networks for wholesalers</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Panama</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">USD</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">10&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">70&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telxius Cable Am&#233;rica, S.A. </span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telxius Cable Puerto Rico, Inc.<br/>High capacity optical fibre network communications services</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Puerto Rico</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">USD</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">14&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">70&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telxius Cable Am&#233;rica, S.A. </span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telxius Cable USA, Inc.<br/>High bandwidth communications services</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">USA</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">USD</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">58&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">70&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telxius Telecom, S.A.</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telxius Cable Ecuador, S.A.<br/>Sale of usage of data transmission capacity via an underwater optical fibre network</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Ecuador</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">USD</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">5&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">70&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telxius Cable Am&#233;rica, S.A.</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telxius Cable Chile, S.A.<br/>Involvement in businesses related to public or private telecommunications services</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Chile</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">USD</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">26&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">70&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telxius Cable Am&#233;rica, S.A. </span></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Other companies (cont.)</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telxius Cable Guatemala, S.A.<br/>Installation and operation of telecommunications networks for wholesalers</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Guatemala</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">USD</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">20&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">70&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telxius Cable Am&#233;rica, S.A. </span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telxius Cable Per&#250;, S.A.C.<br/>Involvement in the operation and deployment of international telecommunications services via underwater cables and others means</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Peru</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">USD</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">20&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">70&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telxius Cable Am&#233;rica, S.A. </span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telxius Cable Colombia, S.A.<br/>Supply of data transmission capacity via underwater cable system</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Colombia</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">USD</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">70&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telxius Cable Am&#233;rica, S.A. (66.49%)</span></div><div style="text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telxius Cable Chile, S.A. (1.17%)</span></div><div style="text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telxius Cable Per&#250;, S.A.C. (1.17%)</span></div><div style="text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telxius Cable Guatemala, S.A. (1.16%)</span></div><div style="text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telxius Cable Argentina, S.A. (0.01%)</span></div></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telxius Cable Brasil Participa&#231;oes, Ltda.<br/>Holding company</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Brazil</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">USD</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">62&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">70&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telxius Cable Am&#233;rica, S.A.</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telxius Cable Brasil, Ltda.<br/>Operation and deployment of telecommunications infrastructures</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Brazil</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">USD</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">74&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">70&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telxius Cable Brasil Participa&#231;oes, Ltda.</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telxius Cable Bolivia, S.A.<br/>Establishment and operation of any kind of communications infrastructure and/or network</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Bolivia</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">USD</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">70&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telxius Cable Am&#233;rica, S.A. (68.9%)</span></div><div style="text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telxius Cable Espa&#241;a, S.L.U. (0.55%)</span></div><div style="text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telxius Cable Argentina, S.A. (0.55%)</span></div></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telxius M&#233;xico, S.R.L. DE C.V<br/>Establishment and operation of any kind of communications infrastructure and/or network</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Mexico</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">USD</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">70&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telxius Cable Am&#233;rica, S.A. (69.98%)</span></div><div style="text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telxius Cable Espa&#241;a, S.L.U. (0.02%)</span></div></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Local Services GmbH<br/>Holding company</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Germany</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">100&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #969696;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica, S.A. </span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Companies accounted for using the equity method</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">VMED O2 UK Limited <br/>Integrated provider of fixed and mobile services</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">United Kingdom</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">GBP</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">50&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica O2 Holdings  Limited</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">FiBrasil Infraestrutura e Fibra &#211;tica S.A.<br/>Fibre wholesale supplier</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Brazil</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">BRL</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">189&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">44.12&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#244;nica Brasil, S.A. (19.12%)</span></div><div style="text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Infra S.L.U. (25%)</span></div></td></tr><tr><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">VivaE Educa&#231;&#227;o Digital S.A. <br/>Training for professional and management development</span></td><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Brazil</span></td><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">BRL</span></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">33&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">38.24&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#244;nica Brasil, S.A.</span></td></tr></table></div><div style="margin-bottom:18pt;margin-top:9pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:43.344%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.695%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.525%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.525%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.426%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:16.885%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Name and corporate purpose</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Country</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Currency</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Capital</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">%Telef&#243;nica Group</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Holding Company</span></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Companies accounted for using the equity method (cont.)</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Gud Comercializadora de Energia S.A.<br/>Energy trading company</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Brazil</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">BRL</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">21&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">38.24&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#244;nica Brasil, S.A.</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">HoldCo InfraCo SpA <br/>Investment in money and/or securities</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Chile</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">CLP</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">135,534&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">39.76&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Chile, S.A.</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Infraco SpA.<br/>Operation of physical fibre optic infrastructure</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Chile</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">CLP</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">246,002&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">39.76&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">HoldCo InfraCo SpA </span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Factoring Espa&#241;a, S.A.<br/>Factoring services provider</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Spain</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">5&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">50&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica, S.A. </span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Factoring Do Brasil, Ltda.<br/>Factoring services provider</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Brazil</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">BRL</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">5&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">50&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica, S.A. (40%)</span></div><div style="text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Factoring Espa&#241;a, S.A. (10%)</span></div></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Factoring Mexico, S.A. de C.V. SOFOM ENR<br/>Factoring services provider</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Mexico</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">MXN</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">50&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica, S.A. (40.50%)</span></div><div style="text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Factoring Espa&#241;a, S.A. (9.50%)</span></div></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Factoring Per&#250;, S.A.C.<br/>Factoring services provider</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Peru</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">PEN</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">6&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">50&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica, S.A. (40.50%)</span></div><div style="text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Factoring Espa&#241;a, S.A. (9.50%)</span></div></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Factoring Colombia, S.A.<br/>Factoring services provider</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Colombia</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">COP</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4,000&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">50&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica, S.A. (40.50%)</span></div><div style="text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Factoring Espa&#241;a, S.A. (9.50%)</span></div></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Factoring Chile, SpA. <br/>Factoring services provider</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Chile</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">CLP</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">547&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">50&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Factoring Espa&#241;a, S.A.</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Consumer Finance, Establecimiento Financiero de Cr&#233;dito, S.A.<br/>Specialised credit institution</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Spain</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">5&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">50&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica, S.A.</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Movistar Consumer Finance Colombia SAS. <br/>Specialised credit institution</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Colombia</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">COP</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">6,000&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">50&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Innovaci&#243;n Digital, S.L.U.</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Alamo Holdco S.L. <br/>Holding company</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Spain</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">27&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Colombia Telecomunicaciones S.A. ESP BIC  </span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">ONNET Fibra Colombia S.A.S.<br/>Fibre wholesale supplier</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Colombia</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">COP</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">56,307&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">27&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Alamo Holdco S.L.</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Internet para todos S.A.C<br/>Telecommunications service provider</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Peru</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">PEN</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">364&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">54.30&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica del Per&#250;, S.A.A.</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Movistar Prosegur Alarmas, S.L.<br/>Private security services</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Spain</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">50&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Espa&#241;a Filiales, S.A.U.</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Prosegur Soluciones S.A.U.<br/>Private security services</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Spain</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">50&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Movistar Prosegur Alarmas, S.L.</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Buend&#237;a Estudios, S.L. <br/>Service provision related to film and video production activities</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Spain</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">50&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica  Audiovisual Digital, S.L.U. </span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Buend&#237;a Estudios Uno, S.L.U.<br/>Service provision related to film and video production activities</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Spain</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">50&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Buend&#237;a Estudios, S.L. </span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Buend&#237;a Estudios Dos, S.L.U.<br/>Service provision related to film and video production activities</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Spain</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">50&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Buend&#237;a Estudios, S.L. </span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Buend&#237;a Estudios Canarias, S.L.U <br/>Service provision related to film and video production activities</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Spain</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">50&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Buend&#237;a Estudios, S.L. </span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Buend&#237;a Estudios Bizkaia, S.L.U.<br/>Service provision related to film and video production activities</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Spain</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">50&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Buend&#237;a Estudios, S.L. </span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Solar360 de Repsol y Movistar S.L. <br/>Development and marketing of photovoltaic self-consumption products and/or services</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Spain</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">50&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica de Espa&#241;a, S.A.U.</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">UGG TopCo/HoldCo General Partner GmbH. <br/>Holding company</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Germany</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">49.68&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Infra Germany GmbH. (40%)</span></div><div style="text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Germany 1. Beteiligungsgesellschaft mbH. (9.68%)</span></div></td></tr><tr><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">UGG TopCo GmbH &amp; Co KG <br/>Holding company</span></td><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Germany</span></td><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">49.68&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Infra Germany GmbH. (40%)</span></div><div style="text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Germany 1. Beteiligungsgesellschaft mbH. (9.68%)</span></div></td></tr></table></div><div style="margin-bottom:18pt;margin-top:9pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:43.344%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.695%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.525%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.525%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.426%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:16.885%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Name and corporate purpose</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Country</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Currency</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Capital</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">%Telef&#243;nica Group</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Holding Company</span></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Companies accounted for using the equity method (cont.)</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">UGG HoldCo GmbH&amp; Co KG <br/>Holding company</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Germany</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">49.68&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">UGG TopCo GmbH &amp; Co KG </span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">UGG General Partner GmbH <br/>Holding company</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Germany</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">49.68&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">UGG HoldCo GmbH&amp; Co KG </span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Unsere Gr&#252;ne Glasfaser GmbH &amp; Co KG <br/>Broadband telecommunications operator</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Germany</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">49.68&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">UGG HoldCo GmbH&amp; Co KG </span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Infrafibre Germany GmbH<br/>B2B technology industry</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Germany</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">49.68&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Unsere Gr&#252;ne Glasfaser GmbH &amp; Co KG </span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Daytona Midco S.L.<br/>Securities transactions</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Spain</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">20&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Infra,  S.L.U.  </span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Digital Data Centre BidCo, SLU.<br/>Management and administration of equity securities</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Spain</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">20&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Daytona Midco S.L.</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Renting, S.A.<br/>Purchase, sale and leasing of all kinds of movable property and provision of services ancillary to the leasing thereof</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Spain</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">50&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica, S.A. </span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Opal Holdco Limited<br/>Holding company</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">United Kingdom</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">GBP</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">50&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Infra, S.L.U.</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Opal Jvco Limited <br/>Holding company</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">United Kingdom</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">GBP</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">25&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Opal Holdco Limited</span></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Utiq, S.A.<br/>Technology solutions for digital advertising</span></td><td colspan="3" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Belgium</span></td><td colspan="3" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">22&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">25&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Innovaci&#243;n Digital, S.L.U.</span></td></tr></table></div><div><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">Main changes in the scope of consolidation for the year 2024</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">Acquisition of new companies</span></div><div style="margin-bottom:9pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:96.491%"><tr><td style="width:1.0%"></td><td style="width:62.536%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.021%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.021%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.022%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Companies/Segment/Subsidiaries</span></td><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Country</span></td><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Date of inclusion</span></td><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">% Acquisition</span></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Telef&#243;nica Brazil</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">IPNET Servi&#231;os em Nuvem e Desenvolvimento de Sistemas Ltda<br/>Software and systems resale, professional services and project management</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Brazil</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">06/30/2024</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">88.24&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">IPNET USA, LLC <br/>Software and systems resale, professional services and project management</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">USA</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">06/30/2024</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">88.24&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Companies accounted for using the equity method</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Infrafibre Germany GmbH<br/>B2B technology industry</span></td><td colspan="3" style="border-bottom:1pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Germany</span></td><td colspan="3" style="border-bottom:1pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">12/31/2024</span></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">49.68&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td></tr></table></div><div style="margin-bottom:9pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">Incorporation of companies&#160;&#160;&#160;&#160;</span></div><div style="margin-bottom:9pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:96.491%"><tr><td style="width:1.0%"></td><td style="width:62.536%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.415%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.021%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.628%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Companies/Segment/Subsidiaries</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Country</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Date of incorporation</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">% Acquisition</span></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Telef&#243;nica Spain</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Compa&#241;&#237;a Mayorista de Fibra S.L.<br/>Provision of telecommunications services through FTTH network operation</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Spain</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">10/31/2024</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">100&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Telef&#243;nica Hispam</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Unired Colombia S.A.S <br/>Service provider related to telecommunications</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Colombia</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">08/31/2024</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">33.75&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Companies accounted for using the equity method</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td></tr><tr><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Gud Comercializadora de Energia S.A.<br/>Energy trading company</span></td><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Brazil</span></td><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">02/29/2024</span></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">38.24&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td></tr></table></div><div style="margin-bottom:9pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">Merged companies</span></div><div style="margin-bottom:9pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:96.491%"><tr><td style="width:1.0%"></td><td style="width:62.536%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.021%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.021%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.022%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Companies/Segment/Subsidiaries</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Country</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Date</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Surviving company</span></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Telef&#243;nica Hispam</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica de Argentina, S.A.<br/>Telecommunications service provider</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Argentina</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">03/31/2024</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica M&#243;viles Argentina, S.A.</span></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Other companies</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">BE-terna Acceleration GmbH<br/>Holding company</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Germany</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">08/31/2024</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">BE-terna Enhancement GmbH (before BE-terna Acceleration Holding GmbH)</span></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">BE-terna&#160;Enhancement GmbH<br/>Holding company</span></td><td colspan="3" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Germany</span></td><td colspan="3" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">08/31/2024</span></td><td colspan="3" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">BE-terna Enhancement GmbH (before BE-terna Acceleration Holding GmbH)</span></td></tr></table></div><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">Liquidated companies</span></div><div style="margin-bottom:9pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:95.760%"><tr><td style="width:1.0%"></td><td style="width:58.136%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.129%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:17.220%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.115%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Companies/Segment/Subsidiaries</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Country</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Deconsolidation date</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">% Shareholding</span></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Telef&#243;nica Spain</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">TBSC Barcelona Producciones, S.L.U. <br/>Provision of audiovisual telecommunications services</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Spain</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">12/31/2024</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">100&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Other companies</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">O2 International Holdings Ltd.<br/>Holding company</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">United Kingdom</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">07/31/2024</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">100&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Terra Networks Per&#250;, S.A.<br/>ISP and portal</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Peru</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">10/31/2024</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">100&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Companies accounted for using the equity method</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Mobile Financial Services Holding SPRL<br/>Financial services</span></td><td colspan="3" style="border-bottom:1pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Belgium</span></td><td colspan="3" style="border-bottom:1pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">06/30/2024</span></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">50&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td></tr></table></div><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">Divestment companies</span></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:95.760%"><tr><td style="width:1.0%"></td><td style="width:58.136%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.129%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:17.220%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.115%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Companies/Segment/Subsidiaries</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Country</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Deconsolidation date</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">% Sold</span></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Companies accounted for using the equity method</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Cornerstone Telecommunications Infrastructure Limited<br/>Mobile phone towers</span></td><td colspan="3" style="border-bottom:1pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">United Kingdom</span></td><td colspan="3" style="border-bottom:1pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">12/31/2024</span></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4.17&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td></tr></table></div><div><span><br/></span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">Main changes in the scope of consolidation for the year 2023</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">Acquisition of new companies</span></div><div style="margin-bottom:9pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:96.491%"><tr><td style="width:1.0%"></td><td style="width:62.536%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.021%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.021%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.022%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Companies/Segment/Subsidiaries</span></td><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Country</span></td><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Date of inclusion</span></td><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">% Acquisition</span></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Telef&#243;nica Brazil</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Vale Sa&#250;de, Administradora de Cart&#245;es Ltda.<br/>Provision of health services</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Brazil</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">03/31/2023</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">75.29&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Other companies</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telxius Telecom, S.A.<br/>Telecommunications service provider</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Spain</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">01/31/2023</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">40&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Cryptography &amp; Security Systems S.L.U. <br/>Software programming activities</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Spain</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">01/31/2023</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">100&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Local Services GmbH<br/>Holding company</span></td><td colspan="3" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Germany</span></td><td colspan="3" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">10/31/2023</span></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">100&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td></tr></table></div><div style="margin-bottom:9pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">Incorporation of companies&#160;&#160;&#160;&#160;</span></div><div style="margin-bottom:9pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:96.491%"><tr><td style="width:1.0%"></td><td style="width:62.536%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.415%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.021%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.628%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Companies/Segment/Subsidiaries</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Country</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Date of incorporation</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">% Acquisition</span></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Other companies</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">BE-terna&#160;SRL<br/>Services in automatic data processing and information technology</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Italy</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">04/30/2023</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">100&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telxius M&#233;xico, S.R.L. DE C.V<br/>Establishment and operation of any kind of communications infrastructure and/or network</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Mexico</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">11/30/2023</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">70&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Companies accounted for using the equity method</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Utiq, S.A.<br/>Technology solutions for digital advertising</span></td><td colspan="3" style="border-bottom:1pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Belgium</span></td><td colspan="3" style="border-bottom:1pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">03/31/2023</span></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">25&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td></tr></table></div><div style="margin-bottom:9pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">Merged companies</span></div><div style="margin-bottom:9pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:96.491%"><tr><td style="width:1.0%"></td><td style="width:62.536%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.021%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.021%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.022%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Companies/Segment/Subsidiaries</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Country</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Date</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Surviving company</span></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Telef&#243;nica Brazil</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Garliava RJ Infraestrutura e Redes de Telecomunicacoes S.A.<br/>Wireline telephony operator </span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Brazil</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">02/28/2023</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#244;nica Brasil, S.A.</span></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Vita IT Com&#233;rcio e Servi&#231;os de Solu&#231;&#245;es em TI Ltda.<br/>Technical support, maintenance and other IT services</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Brazil</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">11/30/2023</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#244;nica Infraestructura e Seguran&#231;a Ltda.</span></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Other companies</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Pontel Participaciones, S.L.<br/>Holding company</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Spain</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">03/31/2023</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telxius Telecom, S.A. </span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Tempotel, Empresa de Trabajo Temporal, S.A.U.<br/>Temporary employment agency</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Spain</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">10/31/2023</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Gesti&#243;n Integral de Edificios y Servicios S.L.U.</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Investigaci&#243;n y Desarrollo, S.A.U.<br/>Telecommunications research activities and projects</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Spain</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">10/31/2023</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telef&#243;nica Innovaci&#243;n Digital, S.L.U.</span></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Companies accounted for using the equity method</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Buend&#237;a Producci&#243;n, S.L. <br/>Service provision related to film and video production activities</span></td><td colspan="3" style="border-bottom:1pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Spain</span></td><td colspan="3" style="border-bottom:1pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">10/31/2023</span></td><td colspan="3" style="border-bottom:1pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Buend&#237;a Estudios, S.L. </span></td></tr></table></div><div style="margin-bottom:9pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">Divestment companies</span></div><div style="margin-bottom:9pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:95.760%"><tr><td style="width:1.0%"></td><td style="width:58.136%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.129%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:17.220%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.115%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Companies/Segment/Subsidiaries</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Country</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Deconsolidation date</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">% Sold</span></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Other companies</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Pontel Participaciones, S.L.<br/>Holding company</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Spain</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">01/31/2023</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">13.35&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Companies accounted for using the equity method</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">The Smart Steps Data Technology Company<br/>Big data services in China</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">China</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">05/31/2023</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">33.75&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td></tr><tr><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Cornerstone Telecommunications Infrastructure Limited<br/>Mobile phone towers</span></td><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">United Kingdom</span></td><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">11/30/2023</span></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">8.33&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td></tr></table></div><div style="margin-bottom:9pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:120%">Liquidated companies</span></div><div style="margin-bottom:9pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:95.760%"><tr><td style="width:1.0%"></td><td style="width:58.136%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.129%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:17.220%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.115%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Companies/Segment/Subsidiaries</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Country</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Deconsolidation date</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">% Shareholding</span></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Other companies</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Kumo Analytics Limited <br/>Information technology consultancy activities</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">United Kingdom</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">01/31/2023</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">100&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">iHackLabs Ltd.<br/>Cybersecurity, electronic information security and IT consulting</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">United Kingdom</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">09/30/2023</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">100&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">O2 (Netherlands ) Holdings BV.<br/>Holding company</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Netherlands</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">11/30/2023</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">100&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Telfin Ireland DAC.<br/>Intragroup financing</span></td><td colspan="3" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Ireland</span></td><td colspan="3" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">11/30/2023</span></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">100&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td></tr></table></div><span></span>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The disclosure of the basis used for consolidation.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2024-01-01<br> -Paragraph 10<br> -Subparagraph e<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_10_e&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Disclosure Of Consolidations [Abstract]</p></div>
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Appendix II: Board and Senior Management Compensation<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2024</div></th></tr>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_tef_DisclosureOfCompensationAbstract', window );"><strong>Disclosure Of Compensation [Abstract]</strong></a></td>
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<td class="text">Appendix II: Board and Senior Management Compensation<div style="margin-top:9pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">TELEF&#211;NICA, S.A.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">(Amounts in euros)</span></div><div style="margin-top:9pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:97.435%"><tr><td style="width:1.0%"></td><td style="width:25.508%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.841%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.818%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.987%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.595%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.765%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.426%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.260%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #929292;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Directors</span></td><td colspan="3" style="border-top:0.5pt solid #929292;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Salary</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:5.2pt;font-weight:700;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">1</span></div></td><td colspan="3" style="border-top:0.5pt solid #929292;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Fixed remunera-tion</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:5.2pt;font-weight:700;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">2</span></div></td><td colspan="3" style="border-top:0.5pt solid #929292;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;Allowances</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:5.2pt;font-weight:700;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">3</span></div></td><td colspan="3" style="border-top:0.5pt solid #929292;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Short-term variable remuneration</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:5.2pt;font-weight:700;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">4</span></div></td><td colspan="3" style="border-top:0.5pt solid #929292;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Remuneration for belonging to the Board Committees</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:5.2pt;font-weight:700;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">5</span></div></td><td colspan="3" style="border-top:0.5pt solid #929292;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Other items</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:5.2pt;font-weight:700;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">6</span></div></td><td colspan="3" style="border-top:0.5pt solid #929292;padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total<br/>&#160;</span></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #929292;padding:2px 1pt;text-align:left;vertical-align:middle"><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Mr. Jos&#233; Mar&#237;a &#193;lvarez-Pallete L&#243;pez </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">7</span></div></td><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,923,100&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3,513,504&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">6,207&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">5,442,811&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #929292;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Mr. Isidro Fain&#233; Casas</span></td><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">200,000&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">80,000&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">280,000&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #929292;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Mr. Jos&#233; Mar&#237;a Abril P&#233;rez</span></td><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">200,000&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">10,000&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">91,200&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">301,200&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #929292;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Mr. &#193;ngel Vil&#225; Boix</span></td><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,600,000&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,436,000&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">27,383&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4,063,383&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #929292;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Ms. Mar&#237;a Luisa Garc&#237;a Blanco</span></td><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">120,000&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">38,000&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">33,600&#160;</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="background-color:#ffffff;border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">191,600&#160;</span></td><td style="background-color:#ffffff;border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #929292;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Mr. Peter L&#246;scher</span></td><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">120,000&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">26,000&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">113,600&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">259,600&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #929292;padding:2px 1pt;text-align:left;vertical-align:middle"><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Mr. Carlos Oca&#241;a Orbis </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">8</span></div></td><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">80,000&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">8,000&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">60,800&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">148,800&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #929292;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Ms. Ver&#243;nica Pascual Bo&#233;</span></td><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">120,000&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">12,000&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">11,200&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">143,200&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #929292;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Mr. Francisco Javier de Paz Mancho</span></td><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">120,000&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">25,000&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">113,600&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">258,600&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #929292;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Mr. Alejandro Reynal Ample</span></td><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">120,000&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">120,000&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #929292;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Mr. Francisco Jos&#233; Riberas Mera</span></td><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">120,000&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">120,000&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #929292;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Ms. Mar&#237;a Rotondo Urcola</span></td><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">120,000&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">25,000&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">22,400&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">167,400&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #929292;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Ms. Claudia Sender Ram&#237;rez</span></td><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">120,000&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,000&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">80,000&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">201,000&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="border-bottom:0.5pt solid #929292;border-top:0.5pt solid #929292;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Ms. Solange Sobral Targa</span></td><td colspan="2" style="border-bottom:0.5pt solid #929292;border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-bottom:0.5pt solid #929292;border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-bottom:0.5pt solid #929292;border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">120,000&#160;</span></td><td style="border-bottom:0.5pt solid #929292;border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-bottom:0.5pt solid #929292;border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">10,000&#160;</span></td><td style="border-bottom:0.5pt solid #929292;border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-bottom:0.5pt solid #929292;border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-bottom:0.5pt solid #929292;border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-bottom:0.5pt solid #929292;border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">11,200&#160;</span></td><td style="border-bottom:0.5pt solid #929292;border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-bottom:0.5pt solid #929292;border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-bottom:0.5pt solid #929292;border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-bottom:0.5pt solid #929292;border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">141,200&#160;</span></td><td style="border-bottom:0.5pt solid #929292;border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr></table></div><div style="text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:4.55pt;font-weight:400;line-height:120%;position:relative;top:-2.44pt;vertical-align:baseline">1</span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:120%">Salary: Regarding Mr Jos&#233; Mar&#237;a &#193;lvarez-Pallete L&#243;pez and Mr &#193;ngel Vil&#225; Boix, the amount includes the non-variable remuneration earned from their executive functions.</span></div><div style="text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:4.55pt;font-weight:400;line-height:120%;position:relative;top:-2.44pt;vertical-align:baseline">2</span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:120%">Fixed remuneration: Amount of the compensation in cash, with a pre-established payment periodicity, whether or not it can be consolidated over time, earned by the member for his/her position on the Board, regardless of the effective attendance of the member to board meetings.</span></div><div style="text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:4.55pt;font-weight:400;line-height:120%;position:relative;top:-2.44pt;vertical-align:baseline">3</span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:120%"> Allowances: Total amount of allowances for attending Advisory or Steering Committee meetings.</span></div><div style="text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:4.55pt;font-weight:400;line-height:120%;position:relative;top:-2.44pt;vertical-align:baseline">4</span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:120%">Short-term variable remuneration (bonuses): Variable amount linked to the performance or achievement of a series of individual or group objectives (quantitative or qualitative) within a period of time equal to or less than a year, corresponding to the year 2024 and to be paid in the year 2025. In reference to the bonus corresponding to 2023, which was paid in 2024, Executive Board Member Mr Jos&#233; Mar&#237;a &#193;lvarez-Pallete L&#243;pez received 3,717,737 euros and Executive Board Member Mr &#193;ngel Vil&#225; Boix received 2,577,600 euros. </span></div><div style="text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:4.55pt;font-weight:400;line-height:120%;position:relative;top:-2.44pt;vertical-align:baseline">5</span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:120%">Remuneration for belonging to the Board Committees: Amount of items other than allowances, which the directors are beneficiaries through their position on the Executive Commission and the Advisory or Steering Committees, regardless of the effective attendance of the board member such Committee meetings. </span></div><div style="text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:4.55pt;font-weight:400;line-height:120%;position:relative;top:-2.44pt;vertical-align:baseline">6</span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:120%">Other concepts: This includes, among others, the amounts received as remuneration in kind (general medical and dental coverage and vehicle insurance), paid by Telef&#243;nica, S.A.                                                                                                                                    </span></div><div style="text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:4.55pt;font-weight:400;line-height:120%;position:relative;top:-2.44pt;vertical-align:baseline">7</span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:120%"> Mr.Jos&#233; Mar&#237;a &#193;lvarez-Pallete L&#243;pez ceased as Executive Chairman and Director of the Company on January 18, 2025. Likewise, on the same date, it was agreed to co-opt Mr. Marc Thomas Murtra Millar as the new Executive Chairman of the Board of Directors of Telef&#243;nica, S.A. </span></div><div style="margin-bottom:9pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:4.55pt;font-weight:400;line-height:120%;position:relative;top:-2.44pt;vertical-align:baseline">8</span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:120%"> Mr. Carlos Oca&#241;a Orbis was appointed Director of the Company on May 8, 2024.  </span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:4.55pt;font-weight:400;line-height:120%;position:relative;top:-2.44pt;vertical-align:baseline"> </span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:120%"> </span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Ms. Carmen Garc&#237;a de Andr&#233;s stood down as Board Member on May 7, 2024. Mr. Jos&#233; Javier Echenique Landir&#237;bar passed away on December 15, 2024.  Payment received and/or accrued by them in 2024 is detailed below: </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">(Amounts in euros)</span></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:97.435%"><tr><td style="width:1.0%"></td><td style="width:25.508%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.841%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.818%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.987%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.595%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.765%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.426%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.260%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #929292;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Directors</span></td><td colspan="3" style="border-top:0.5pt solid #929292;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Salary</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:5.2pt;font-weight:700;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">1</span></div></td><td colspan="3" style="border-top:0.5pt solid #929292;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Fixed remunera-tion</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:5.2pt;font-weight:700;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">2</span></div></td><td colspan="3" style="border-top:0.5pt solid #929292;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;Allowances</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:5.2pt;font-weight:700;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">3</span></div></td><td colspan="3" style="border-top:0.5pt solid #929292;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Short-term variable remuneration</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:5.2pt;font-weight:700;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">4</span></div></td><td colspan="3" style="border-top:0.5pt solid #929292;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Remuneration for belonging to the Board Committees</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:5.2pt;font-weight:700;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">5</span></div></td><td colspan="3" style="border-top:0.5pt solid #929292;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Other items</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:5.2pt;font-weight:700;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">6</span></div></td><td colspan="3" style="border-top:0.5pt solid #929292;padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total<br/>&#160;</span></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #929292;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Mr. Jos&#233; Javier Echenique Landir&#237;bar</span></td><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">200,000&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">27,000&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">113,600&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">340,600&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="border-bottom:0.5pt solid #929292;border-top:0.5pt solid #929292;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Ms. Carmen Garc&#237;a de Andr&#233;s</span></td><td colspan="2" style="border-bottom:0.5pt solid #929292;border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-bottom:0.5pt solid #929292;border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-bottom:0.5pt solid #929292;border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">40,000&#160;</span></td><td style="border-bottom:0.5pt solid #929292;border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-bottom:0.5pt solid #929292;border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">12,000&#160;</span></td><td style="border-bottom:0.5pt solid #929292;border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-bottom:0.5pt solid #929292;border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-bottom:0.5pt solid #929292;border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-bottom:0.5pt solid #929292;border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">7,467&#160;</span></td><td style="border-bottom:0.5pt solid #929292;border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-bottom:0.5pt solid #929292;border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-bottom:0.5pt solid #929292;border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-bottom:0.5pt solid #929292;border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">59,467&#160;</span></td><td style="border-bottom:0.5pt solid #929292;border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr></table></div><div style="margin-bottom:9pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:120%">1 to 6: Definitions of these concepts are those included in the previous table.</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The following table breaks down the amounts accrued and/or received from other companies of the Telef&#243;nica Group other than Telef&#243;nica, S.A. individually, by the Board Members of the Company, by the performance of executive functions or by their membership to the Board of Directors of such companies: </span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">OTHER COMPANIES OF THE TELEF&#211;NICA GROUP</span></div><div style="margin-bottom:9pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">(Amounts in euros) </span><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:97.435%"><tr><td style="width:1.0%"></td><td style="width:29.309%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.063%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.818%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.280%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.034%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.935%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.233%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.528%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #929292;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Directors</span></td><td colspan="3" style="border-top:0.5pt solid #929292;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Salary</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:5.2pt;font-weight:700;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">1</span></div></td><td colspan="3" style="border-top:0.5pt solid #929292;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Fixed remunera-tion</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:5.2pt;font-weight:700;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">2</span></div></td><td colspan="3" style="border-top:0.5pt solid #929292;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Allowances</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:5.2pt;font-weight:700;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">3</span></div></td><td colspan="3" style="border-top:0.5pt solid #929292;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Short-term variable remuneration</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:5.2pt;font-weight:700;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">4</span></div></td><td colspan="3" style="border-top:0.5pt solid #929292;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Remuneration for belonging to the Board Committees</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:5.2pt;font-weight:700;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">5</span></div></td><td colspan="3" style="border-top:0.5pt solid #929292;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Other items</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:5.2pt;font-weight:700;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">6</span></div></td><td colspan="3" style="border-top:0.5pt solid #929292;padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total</span></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #929292;padding:2px 1pt;text-align:left;vertical-align:middle"><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Mr. Jos&#233; Mar&#237;a &#193;lvarez-Pallete L&#243;pez</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline"> 7</span></div></td><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #929292;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Mr. Isidro Fain&#233; Casas</span></td><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #929292;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Mr. Jos&#233; Mar&#237;a Abril P&#233;rez</span></td><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #929292;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Mr. &#193;ngel Vil&#225; Boix</span></td><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #929292;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Ms. Mar&#237;a Luisa Garc&#237;a Blanco</span></td><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">87,500&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">87,500&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #929292;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Mr. Peter L&#246;scher</span></td><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">125,997&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">125,997&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #929292;padding:2px 1pt;text-align:left;vertical-align:middle"><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Mr. Carlos Oca&#241;a Orbis </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">8</span></div></td><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #929292;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Ms. Ver&#243;nica Pascual Bo&#233;</span></td><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">90,000&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">65,000&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">155,000&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #929292;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Mr. Francisco Javier de Paz Mancho</span></td><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">173,159&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">155,000&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">328,159&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #929292;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Mr. Alejandro Reynal Ample</span></td><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #929292;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Mr. Francisco Jos&#233; Riberas Mera</span></td><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #929292;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Ms. Mar&#237;a Rotondo Urcola</span></td><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #929292;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Ms. Claudia Sender Ram&#237;rez</span></td><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">132,500&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">132,500&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="border-bottom:0.5pt solid #929292;border-top:0.5pt solid #929292;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Ms. Solange Sobral Targa</span></td><td colspan="2" style="border-bottom:0.5pt solid #929292;border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-bottom:0.5pt solid #929292;border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-bottom:0.5pt solid #929292;border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">85,659&#160;</span></td><td style="border-bottom:0.5pt solid #929292;border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-bottom:0.5pt solid #929292;border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-bottom:0.5pt solid #929292;border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-bottom:0.5pt solid #929292;border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-bottom:0.5pt solid #929292;border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-bottom:0.5pt solid #929292;border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-bottom:0.5pt solid #929292;border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-bottom:0.5pt solid #929292;border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-bottom:0.5pt solid #929292;border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-bottom:0.5pt solid #929292;border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">85,659&#160;</span></td><td style="border-bottom:0.5pt solid #929292;border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr></table></div><div style="text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:4.55pt;font-weight:400;line-height:120%;position:relative;top:-2.44pt;vertical-align:baseline">1.</span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:120%"> Salary: Amount of non-variable remuneration earned by the Director from other companies of the Telef&#243;nica Group for his/her executive functions.  </span></div><div style="text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:4.55pt;font-weight:400;line-height:120%;position:relative;top:-2.44pt;vertical-align:baseline">2.</span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:120%"> Fixed remuneration: Amount of the compensation in cash, with a pre-established payment periodicity, subject to consolidation over time or not, earned by the member for his/her position on the boards of other companies of the Telef&#243;nica Group. </span></div><div style="text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:4.55pt;font-weight:400;line-height:120%;position:relative;top:-2.44pt;vertical-align:baseline">3.</span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:120%"> Allowances: Total amount of the allowances for attending the board meetings of other companies of the Telef&#243;nica Group.</span></div><div style="text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:4.55pt;font-weight:400;line-height:120%;position:relative;top:-2.44pt;vertical-align:baseline">4.</span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:120%"> Variable short-term remuneration (bonuses): Variable amount linked to the performance or achievement of a series of individual or group objectives (quantitative or qualitative) within a period of time equal to or less than a year, corresponding to the year 2024 and to be paid in the year 2025 by other companies of the Telef&#243;nica Group.</span></div><div style="text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:4.55pt;font-weight:400;line-height:120%;position:relative;top:-2.44pt;vertical-align:baseline">5.</span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:120%"> Remuneration for belonging to the Board Committees of other companies of the Telef&#243;nica Group: Amount of items other than allowances, which the directors are beneficiaries through their position on the Advisory or Steering Committees of other companies of the Telef&#243;nica Group, regardless of the effective attendance of the board member such Committee meetings. </span></div><div style="text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:4.55pt;font-weight:400;line-height:120%;position:relative;top:-2.44pt;vertical-align:baseline">6.</span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:120%"> Other concepts: This includes, among others, the amounts received as remuneration in kind (general medical and dental coverage and vehicle insurance), paid by other companies of the Telef&#243;nica Group. Also included are the amounts received for membership of the Advisory Boards of Telef&#243;nica Espa&#241;a, Telef&#243;nica Hispanoam&#233;rica, Telef&#243;nica Tech and Telef&#243;nica Ingenier&#237;a de Seguridad.</span></div><div style="text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:4.55pt;font-weight:400;line-height:120%;position:relative;top:-2.44pt;vertical-align:baseline">7 </span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:120%">Mr.Jos&#233; Mar&#237;a &#193;lvarez-Pallete L&#243;pez ceased as Executive Chairman and Director of the Company on January 18, 2025. Likewise, on the same date, it was agreed to co-opt Mr. Marc Thomas Murtra Millar as the new Executive Chairman of the Board of Directors of Telef&#243;nica, S.A. </span></div><div style="margin-bottom:9pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:4.55pt;font-weight:400;line-height:120%;position:relative;top:-2.44pt;vertical-align:baseline">8  </span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:120%">Mr. Carlos Oca&#241;a Orbis was appointed Director of the Company on May 8, 2024. </span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> Ms. Carmen Garc&#237;a de Andr&#233;s stood down as Board Member on May 7, 2024. Mr. Jos&#233; Javier Echenique Landir&#237;bar passed away on December 15, 2024. Payment received and/or accrued by them with respect to the other companies of the Telef&#243;nica Group in 2024 is detailed below:</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">(Amounts in euros)</span></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:97.435%"><tr><td style="width:1.0%"></td><td style="width:25.508%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.841%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.818%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.987%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.595%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.765%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.426%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.260%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #929292;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Directors</span></td><td colspan="3" style="border-top:0.5pt solid #929292;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Salary</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:5.2pt;font-weight:700;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">1</span></div></td><td colspan="3" style="border-top:0.5pt solid #929292;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Fixed remunera-tion</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:5.2pt;font-weight:700;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">2</span></div></td><td colspan="3" style="border-top:0.5pt solid #929292;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;Allowances</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:5.2pt;font-weight:700;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">3</span></div></td><td colspan="3" style="border-top:0.5pt solid #929292;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Short-term variable remuneration</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:5.2pt;font-weight:700;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">4</span></div></td><td colspan="3" style="border-top:0.5pt solid #929292;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Remuneration for belonging to the Board Committees</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:5.2pt;font-weight:700;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">5</span></div></td><td colspan="3" style="border-top:0.5pt solid #929292;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Other items</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:5.2pt;font-weight:700;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">6</span></div></td><td colspan="3" style="border-top:0.5pt solid #929292;padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total<br/>&#160;</span></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #929292;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Mr. Jos&#233; Javier Echenique Landir&#237;bar</span></td><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">90,000&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">87,500&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">177,500&#160;</span></td><td style="border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="border-bottom:0.5pt solid #929292;border-top:0.5pt solid #929292;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Ms. Carmen Garc&#237;a de Andr&#233;s</span></td><td colspan="2" style="border-bottom:0.5pt solid #929292;border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-bottom:0.5pt solid #929292;border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-bottom:0.5pt solid #929292;border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-bottom:0.5pt solid #929292;border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-bottom:0.5pt solid #929292;border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-bottom:0.5pt solid #929292;border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-bottom:0.5pt solid #929292;border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-bottom:0.5pt solid #929292;border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-bottom:0.5pt solid #929292;border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-bottom:0.5pt solid #929292;border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-bottom:0.5pt solid #929292;border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-bottom:0.5pt solid #929292;border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-bottom:0.5pt solid #929292;border-top:0.5pt solid #929292;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-bottom:0.5pt solid #929292;border-top:0.5pt solid #929292;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr></table></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:120%">1 to 6: Definitions of these concepts are those included in the previous table.</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Additionally, the Executive Board Members have a series of Assistance Services. Below, the contributions made during 2024 are detailed for the Company to long-term savings systems (Pension Plans and Social Welfare Plan): </span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">LONG-TERM SAVINGS SYSTEMS </span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">(Amounts in euros)</span></div><div style="margin-bottom:9pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:97.435%"><tr><td style="width:1.0%"></td><td style="width:59.864%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:37.936%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Directors</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Contributions for fiscal year 2024</span></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Mr. Jos&#233; Mar&#237;a &#193;lvarez-Pallete L&#243;pez</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%;position:relative;top:-3.5pt;vertical-align:baseline">1</span></div></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">673,085&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Mr. &#193;ngel Vil&#225; Boix </span></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">560,000&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-bottom:9pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:4.55pt;font-weight:400;line-height:120%;position:relative;top:-2.44pt;vertical-align:baseline">1</span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:120%"> Mr.Jos&#233; Mar&#237;a &#193;lvarez-Pallete L&#243;pez ceased as Executive Chairman and Director of the Company on January 18, 2025. Likewise, on the same date, it was agreed to co-opt Mr. Marc Thomas Murtra Millar as the new Executive Chairman of the Board of Directors of Telef&#243;nica, S.A. </span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The breakdown of the long-term saving systems includes contributions to Pension Plans, to the Benefit Plan and to the Unit link-type Insurance, as set out below: </span></div><div style="margin-bottom:9pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">(Amounts in euros) </span><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:97.435%"><tr><td style="width:1.0%"></td><td style="width:44.806%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:15.274%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:17.467%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:18.053%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Directors</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Contribution to Pension Plans</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Contribution to Executive Social Welfare Plan</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:5.2pt;font-weight:700;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">1</span></div></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Contributions to Unit link-type Insurance/Pension Plan Surplus</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%;position:relative;top:-3.5pt;vertical-align:baseline">2</span></div></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:top"><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Mr. Jos&#233; Mar&#237;a &#193;lvarez-Pallete L&#243;pez</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%;position:relative;top:-3.5pt;vertical-align:baseline">3</span></div></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">7,574&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">540,968&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">124,543&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Mr. &#193;ngel Vil&#225; Boix </span></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">6,721&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">487,840&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">65,439&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:4.55pt;font-weight:400;line-height:120%;position:relative;top:-2.44pt;vertical-align:baseline">1.</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:120%"> Contributions to the Executive Social Welfare Plan established in 2006, financed exclusively by the Company, to complement the current Pension Plan, which involves defined contributions equivalent to a certain percentage of the fixed remuneration of the Director, depending on the professional levels in the organization of the Telef&#243;nica Group. </span></div><div style="text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:4.55pt;font-weight:400;line-height:120%;position:relative;top:-2.44pt;vertical-align:baseline">2.</span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:120%"> Contributions to Unit link-type Insurance/Pension Plan Surplus: In 2015 and 2021, applicable law reduced the financial and tax limits of the contributions to Pension Plans; for this reason, in order to compensate for the difference in favor of the Beneficiaries, a Unit-link type group insurance policy was arranged to channel such differences that occur during each fiscal year.  </span></div><div style="text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:120%">This Unit-link type insurance is arranged with the entity Occident GCO, S.A.U. de Seguros y Reaseguros, and covers the same contingencies as those of the &#8220;Pension Plan&#8221; and the same exceptional liquidity events in case of serious illness or long-term unemploymen</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:120%">t. </span></div><div style="margin-bottom:18pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:4.55pt;font-weight:400;line-height:120%;position:relative;top:-2.44pt;vertical-align:baseline">3</span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:120%"> Mr.Jos&#233; Mar&#237;a &#193;lvarez-Pallete L&#243;pez ceased as Executive Chairman and Director of the Company on January 18, 2025. Likewise, on the same date, it was agreed to co-opt Mr. Marc Thomas Murtra Millar as the new Executive Chairman of the Board of Directors of Telef&#243;nica, S.A. </span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">LIFE INSURANCE PREMIUMS </span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The 2024 amounts for life insurance premiums were as follows: </span></div><div style="margin-bottom:9pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">(Amounts in euros)</span></div><div style="margin-bottom:9pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%"> </span><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:97.435%"><tr><td style="width:1.0%"></td><td style="width:70.976%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:26.824%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Directors</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Life insurance premiums</span></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:top"><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Mr. Jos&#233; Mar&#237;a &#193;lvarez-Pallete L&#243;pez</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:6.5pt;font-weight:400;line-height:100%;position:relative;top:-3.5pt;vertical-align:baseline">1</span></div></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">41,708&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Mr. &#193;ngel Vil&#225; Boix</span></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">33,328&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-bottom:9pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:4.55pt;font-weight:400;line-height:120%;position:relative;top:-2.44pt;vertical-align:baseline">1</span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:120%"> Mr.Jos&#233; Mar&#237;a &#193;lvarez-Pallete L&#243;pez ceased as Executive Chairman and Director of the Company on January 18, 2025. Likewise, on the same date, it was agreed to co-opt Mr. Marc Thomas Murtra Millar as the new Executive Chairman of the Board of Directors of Telef&#243;nica, S.A. </span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">REMUNERATION PLANS BASED ON SHARES</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">As regards to remuneration plans based on shares (involving Executive Directors Mr. Jos&#233; Mar&#237;a &#193;lvarez Pallete-L&#243;pez and Mr. &#193;ngel Vil&#225; Boix), the following long-term variable remuneration plans were in existence during the year 2024:</span></div><div style="text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:115%">The so-called Performance Share Plan ("PSP"), made up of: the Long-Term Incentive Plan 2021-2025 (with Second cycle (2022-2024) and Third cycle (2023-2025) active) approved by the General Shareholders' Meeting held on April 23, 2021, and the Long-Term Incentive Plan 2024-2028 (with First cycle (2024-2026) active), approved by the General Shareholders' Meeting held on April 12, 2024.</span></div><div><span><br/></span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Second cycle (2022-2024) of the Long-Term Incentive Plan 2021-2025 started on January 1, 2022 and ended on December 31, 2024. </span></div><div style="margin-bottom:9pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In this cycle, a maximum of 1,740,000 shares were allocated to the Executive Directors on January 1, 2022, with a unit fair value of 2.9515 euros per share for FCF ("Free Cash Flow"), 2.4316 euros for TSR ("Total Shareholder Return") and 2.9515 euros for the CO2 Emission Neutralization and Reduction target</span><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:12pt;font-weight:400;line-height:120%">.</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">At the end of the cycle, Kepler provided the Nominating, Compensation and Corporate Governance Committee with the calculation of Telef&#243;nica's Total Shareholder Return, which was</span><span style="background-color:#ffffff;color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:120%"> </span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">33.6% at the end of the period, ranking fourth in the comparison group, i.e. above the 75th percentile according to the established scale of achievement, and generating a weighted payout ratio of 50% linked to relative TSR.</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">With regard to the Free Cash Flow, after taking into account the partial annual payments for 2022, 2023 and 2024, previously audited and approved by the Telef&#243;nica's Board of Directors at the proposal of the Nominating, Compensation and Corporate Governance Committee, the weighted payout ratio is 40%. The assessment of the level of compliance was based on the results of the audit by the Company&#8217;s external and internal auditors, which were first analyzed by the Audit and Control Committee before being validated by the Nominating, Compensation and Corporate Governance Committee and approved by the Board of Directors. </span></div><div style="margin-bottom:9pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Finally, in relation to the CO2 Emission Neutralization and Reduction target, the Nominating, Compensation and Corporate Governance Committee has regularly monitored the level of CO2 Emissions Neutralization and, after analyzing the report from the Corporate Affairs and Sustainability Department, has determined the level of achievement. The Nominating, Compensation and Corporate Governance Committee was supported in this evaluation function by the Sustainability and Regulation Committee and the Audit and Control Committee. In this respect, the minimum CO2 emission reduction threshold that triggers the possibility of assessing the degree of compliance with the CO2 Neutralization target has been met and therefore the weighted payout ratio linked to CO2 Neutralization was 10%.   </span></div><div style="margin-bottom:9pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Taking into account the Relative TSR, Free Cash Flow and CO2 Neutralization results, the weighted payout ratio increased to 100%. Thus, at the end of the Plan's cycle, the Chief Operating Officer (COO) Mr. &#193;ngel Vil&#225; Boix is entitled to receive 745,000 gross shares.</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In the case of Mr. Jos&#233; Mar&#237;a &#193;lvarez-Pallete L&#243;pez, due to his termination as Executive Chairman, he will not receive the delivery of shares corresponding to this cycle (995,000 gross shares) but will receive an equivalent settlement in cash.</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Similarly, during the 2024 financial year, the Third cycle (2023-2025) of the Long</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">-</span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Term Incentive Plan 2021-2025 and First cycle (2024-2026) of the Long</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">-</span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Term Incentive Plan 2024-2028 were in force, starting on January 1, 2023 and January 1, 2024 respectively and ending on December 31, 2025 and December 31, 2026 respectively.</span></div><div style="text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:112%">In relation to the Third cycle (2023-2025) of the Long</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:112%">-</span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Term Incentive Plan 2021-2025, the number of Telef&#243;nica, S.A. shares that could be delivered to the participants, within the established maximum, is conditioned and determined by the compliance with the established objectives: 50% on the compliance with the Total Shareholder Return (TSR) objective of Telef&#243;nica, S.A. shares, 40% on the Telef&#243;nica Group's Free Cash Flow (FCF) and 10% on the Neutralization and Reduction of CO2 Emissions.</span><span style="background-color:#ffffff;color:#434b61;font-family:'Telefonica Sans',sans-serif;font-size:9.5pt;font-weight:400;line-height:112%"> </span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:112%">On the other hand, in the First Cycle (2024-2026) of the Long-Term Incentive Plan 2024-2028, the weight of CO2 Neutralization and Emission Reduction has been reduced by half, giving room to the target for the number of Women in Executive Positions with a weight of 5%.</span></div><div style="text-align:justify"><span><br/></span></div><div style="margin-bottom:9pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">To determine compliance with the TSR target and calculate the specific number of shares to be delivered for this concept, the performance of the TSR on Telef&#243;nica, S.A.'s shares will be measured during the measurement period of each three-year cycle, in relation to the TSRs experienced by certain companies in the telecommunications sector, weighted according to their relevance to Telef&#243;nica, S.A., which for purposes of the Plan will constitute a comparison group (hereinafter the "Comparison Group"). The companies included in the Comparison Group are listed below: Am&#233;rica M&#243;vil, BT Group, Deutsche Telekom, Orange, Telecom Italia, Vodafone Group, Proximus, Koninklijke KPN, Millicom, Swisscom, Telenor, TeliaSonera, TIM Brasil, and Liberty Global. </span></div><div style="margin-bottom:9pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">With regard to complying with the TSR objective, the number of shares to be delivered associated with meeting this objective will range from 15% of the number of theoretical shares assigned, assuming that the TSR performance of Telef&#243;nica, S.A. shares is at least the median of the comparison group, to 50% if the performance is in the third quartile or above in the comparison group, with the percentage calculated by linear interpolation for cases falling between the median and third quartile.   </span></div><div style="margin-bottom:9pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In order to determine the compliance with the FCF objective and calculate the specific number of shares to be delivered for this concept, the FCF level generated by the Telef&#243;nica Group during each year will be measured and compared to the value set in the budgets approved by the Board of Directors for each financial year.   </span></div><div style="text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:112%">With regard to the FCF, for each of the cycles in force during the financial year 2024, the Board of Directors, at the proposal of the Nominating, Compensation and Corporate Governance Committee, determined a scale of achievement that includes a minimum threshold of 90% compliance, below which no incentive is paid and compliance with which will entail the delivery of 20% of the theoretical shares assigned, and a maximum level of 100% compliance, which will entail the delivery of 40% of the theoretical shares assigned. In the case of the First cycle (2024-2026) of the 2024-2028 Long-Term Incentive Plan, includes a potential upside in case of over achievement that may end in a payout of 60% at the end of the cycle</span><span style="background-color:#ffffff;color:#434b61;font-family:'Telefonica Sans',sans-serif;font-size:9.5pt;font-weight:400;line-height:112%">. </span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:112%">  </span></div><div><span><br/></span></div><div style="text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In order to determine compliance with the CO2 Emission Neutralization and Reduction target and to calculate the specific number of shares to be delivered for this item, the level of CO2 Emissions Neutralization achieved at the end of the cycle will be measured, with the incentive being paid upon reaching a certain level of scope 1 + 2.</span></div><div style="text-align:justify"><span><br/></span></div><div style="margin-bottom:9pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The level of direct and indirect CO2 emissions from our daily activity shall be calculated according to the following:</span></div><div style="text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">CO2 Emission = Activity Data  x Emission Factor, where:</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">-  Activity: Amount of energy, fuel, gas, etc. consumed by the Company.</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">-  Emission Factor: Amount of CO2 emitted to the atmosphere by the consumption of each unit of activity.</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The emission factor provided by official sources (European Union, Ministries, CNMC, International Energy Agenc</span><span style="background-color:#ffffff;color:#000000;font-family:'Calibri',sans-serif;font-size:11pt;font-weight:400;line-height:120%">y,</span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> etc.) is used for electricity and the GHG Protocol emission factors are used for fuels.</span></div><div style="text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">At the beginning of the Third Cycle (2023-2025) of the Long-Term Incentive Plan 2021-2025 and the First Cycle (2024-2026) of the Long-Term Incentive Plan 2024-2028, the Board of Directors of Telef&#243;nica, S.A., at the proposal of the Nominating, Compensation and Corporate Governance Committee, determined a scale of achievement that includes a minimum threshold of 90% compliance, below which no incentive is paid and compliance with which will entail the delivery of 5% of the theoretical shares assigned, and a maximum level of 100% compliance, which will entail the delivery of 10% of the theoretical shares assigned. In addition, a minimum level of emission reductions of Scope 1 + 2 will need to be achieved for the incentive to be paid.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In the case of Women in Executive Positions target for the Long-Term Incentive Plan 2024-2028, the proportion of Women Executives over the total executives population will be measured at December 31, 2026.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In any case, 100% of the shares delivered under the Plan to the Executive Directors and other Participants as determined by the Board of Directors shall be subject to a two-year holding period.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In addition, in accordance with the provisions of the Remuneration Policy for Directors of Telef&#243;nica, SA, the Executive Directors must maintain (directly or indirectly) a number of shares (including those delivered as remuneration) equivalent to two years of their Gross Fixed Remuneration, as long as they continue to belong to the Board of Directors and perform executive functions. Until such time as this requirement is met, the holding period for any shares delivered under the Plan to Executive Directors will be three years.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The maximum number of allocated shares to be delivered in the event of maximum compliance with the TSR (Total Shareholder Return), FCF (Free Cash Flow), CO2 Emission Neutralization Reduction and Women in Executive Positions targets of the active plans, as applicable, is shown below.</span></div><div style="margin-bottom:6pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">PSP 2021-2025 - Third cycle / 2023-2025</span></div><div style="text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:97.435%"><tr><td style="width:1.0%"></td><td style="width:67.321%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:30.479%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Directors</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Maximum number of shares </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%;position:relative;top:-3.5pt;vertical-align:baseline">(*)</span></div></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Mr. Jos&#233; Mar&#237;a &#193;lvarez-Pallete L&#243;pez</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,110,000&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Mr. &#193;ngel Vil&#225; Boix </span></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">831,000&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-bottom:9pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:3.9pt;font-weight:400;line-height:120%;position:relative;top:-2.1pt;vertical-align:baseline">(*)</span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:6pt;font-weight:400;line-height:120%"> Maximum possible number of shares to be received in case of maximum completion of TSR, FCF and Neutralization of CO2 Emissions  target. </span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:120%"> </span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In any case, it is noted that no shares have been delivered to </span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">the Chief Operating Officer (COO) Mr. &#193;ngel Vil&#225; Boix</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> under the Third cycle (2023-2025) of the </span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Long-Term Incentive Plan 2021-2025</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> and that the above table only reflects the number of potentially deliverable shares, without in any way implying that all or part of the shares will actually be delivered.</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In the case of Mr. Jos&#233; Mar&#237;a &#193;lvarez-Pallete L&#243;pez, due to his resignation as Executive Chairman, he will not receive the delivery of shares corresponding to this position but he will receive the equivalent part in cash based on the time he has been with the Company.</span></div><div style="margin-bottom:6pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">PSP 2024-2028 - First cycle / 2024-2026 </span></div><div style="margin-bottom:9pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:97.435%"><tr><td style="width:1.0%"></td><td style="width:67.321%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:30.479%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Directors</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:middle"><div style="text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">Maximum number of shares </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:6.5pt;font-weight:700;line-height:100%;position:relative;top:-3.5pt;vertical-align:baseline">(*)</span></div></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Mr. Jos&#233; Mar&#237;a &#193;lvarez-Pallete L&#243;pez</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,015,000&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td></tr><tr><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Mr. &#193;ngel Vil&#225; Boix </span></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">760,000&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-bottom:9pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:3.9pt;font-weight:400;line-height:120%;position:relative;top:-2.1pt;vertical-align:baseline">(*)</span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:6pt;font-weight:400;line-height:120%"> Maximum possible number of shares to be received in case of maximum completion of TSR, FCF and Neutralization of CO2 Emissions target.</span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:120%">  </span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In any case, it is noted that no shares have been delivered to </span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">the Chief Operating Officer (COO) Mr. &#193;ngel Vil&#225; Boix</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> under the First cycle (2024-2026) of the </span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Long-Term Incentive Plan 2024-2028</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> and that the above table only reflects the number of potentially deliverable shares, without in any way implying that all or part of the shares will actually be delivered.</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In the case of Mr. Jos&#233; Mar&#237;a &#193;lvarez-Pallete L&#243;pez, due to his resignation as Executive Chairman, he will not receive the delivery in shares corresponding to this position but he will receive the equivalent part in cash based on the time he has been with the Company.</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In addition, it should be noted that the external Directors of the Company do not receive and did not receive remuneration during the year 2024 in concept of pensions or life insurance, nor do they participate in compensation plans referenced to the value of the share price.   </span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Furthermore, the Company does not grant nor has granted during the year 2024, an advance, loan or credit in favor of its Board Members or its Senior Management, complying with the requirements of the Sarbanes-Oxley Act published in the United States, which is applicable to Telef&#243;nica as a listed company in this market.   </span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:700;line-height:120%">Remuneration of the Company&#8217;s Senior Management </span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">As for the Directors who made up the Senior Management</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:6.5pt;font-weight:400;line-height:120%;position:relative;top:-3.5pt;vertical-align:baseline">1</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> of the company in the year 2024, excluding those who form an integral part of the Board of Directors, have accrued a total amount o</span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">f </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">8,528,820</span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> e</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">uros during the 2024 fiscal year. </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In addition, and in terms of long-term savings systems, the contributions made by the Telef&#243;nica Group during the year 2024 to the Social Security Plan described in the "Income and expenditure" note with regard to these Directors increased to 947,676 euros; the contributions corresponding to the Pension Plan increased to 212,885 euros; the contributions to the Seguro Unit link-Excess Pension Fund increased to 113,293 euros.  </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Furthermore, the amount related to the remuneration in kind (which includes the fees for life insurance and other insurance, such as the general medical and dental coverage, and vehicle insurance) was 144,788 euros. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On the other hand, regarding share-based remuneration plans, during the year 2024, there were in force the following long-term variable remuneration plans:   </span></div><div style="margin-top:9pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The so-called "Performance Share Plan" ("PSP"), made up of: the Long-Term Incentive Plan 2021-2025 (with Second cycle (2022-2024) and Third cycle (2023-2025) active) approved by the General Shareholders' Meeting held on April 23, 2021, and the Long-Term Incentive Plan 2024-2028 (with First cycle (2024-2026) active), approved by the General Shareholders' Meeting held on April 12, 2024.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The target measurement period of the Second cycle (2022-2024) of the Long-Term Incentive Plan 2021-2025 started on January 1, 2022 and ended on December 31, 2024. The maximum number of shares allocated to be delivered in the event of maximum compliance with the TSR ("Total Shareholder Return"), FCF ("Free Cash Flow") and CO2 Emission </span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Neutralization</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> and Reduction targets set for the this cycle for all the Company's Senior Executives was 1,241,015.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">At the end of the this cycle, Kepler provided </span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">the Nominating, Compensation and Corporate Governance Committee with the calculation of Telef&#243;nica's Total </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Shareholder</span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> Return, which was 33.6% at the end of the period, ranking fourth </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">in the comparison group, i.e. above the 75th percentile according to the established scale of achievement, and generating a weighted payout ratio of 50% linked to relative TSR.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In terms of Free Cash Flow, after taking into account the partial annual payments for 2022, 2023 and 2024, the weighted payout ratio is 40%. The assessment of the level of compliance was based on the results of the audit by the Company&#8217;s external and internal auditors, which were first analyzed by the Audit and Control Committee before being validated by the Nominating, Compensation and Corporate Governance Committee and approved by the Board of Directors.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Finally, in relation to the CO2 Emission Neutralization and Reduction target, the Nominating, Compensation and Corporate Governance Committee has regularly monitored the level of CO2 Emission Neutralization and, after analyzing the report from the Corporate Affairs and Sustainability Department, has determined the level of achievement. The Nominating, Compensation and Corporate Governance Committee was supported in this evaluation function by the Sustainability and Regulation Committee and the Audit and Control Com</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">mittee. In this respect, the minimum CO2 emission reduction threshold that triggers the possibility of assessing the degree of compliance with the CO2 </span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Neutralization</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> target has been met and therefore the weighted payout ratio linked to CO2 </span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Neutralization</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> was 10%.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Taking into account the Relative TSR, Free Cash Flow and CO2 Neutralization results, the weighted payout ratio increased to 100%. Thus, at the end of the first cycle of the Plan, the Company's Senior Executives are entitled to receive 1,241,015 gross shares.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The target measurement period for </span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">the Third cycle (2023-2025) of the Long-Term Incentive Plan 2021-2025 and First cycle (2024-2026) of the Long-Term Incentive Plan</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">2024-2028 </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">started on January 1, 2023 and January 1, 2024 respectively, and will end on December 31, 2025 and December 31, 2026 respectively. The maximum number of shares allocated to be delivered in the event of maximum compliance with the TSR (Total Shareholder Return), FCF (Free Cash Flow), CO2 Emission Neutralization and Reduction and Women in Executive Positions targets set for both cycles, as applicable, for all the Company's Senior Executives is 1,378,418 in the Third cycle (2023-2025) of the Long-Term Incentive Plan 2021-2025 and 1,250,041 in the First cycle (2024-2026) of the Long-Term Incentive Plan 2024-2028.</span></div><span></span>
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Appendix III: Debentures and Bonds<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2024</div></th></tr>
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<td class="text">&#160;<span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfDebtSecuritiesExplanatory', window );">Appendix III: Debentures and Bonds</a></td>
<td class="text"><div style="margin-top:9pt;text-align:center"><span style="color:#a6a6a6;font-family:'Arial',sans-serif;font-size:18pt;font-weight:400;line-height:120%">Appendix III: Debentures and bonds</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The detail and key features of outstanding debentures and bonds at December 31, 2024 are as follows (in millions of euros):</span></div><div style="margin-top:9pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.855%"><tr><td style="width:1.0%"></td><td style="width:30.249%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.753%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.994%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:5.286%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:5.286%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:5.286%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:5.286%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:5.286%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:5.286%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:5.288%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="21" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Maturity (nominal)</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Debentures and bonds</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Currency</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">% Interest rate</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2025</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2026</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2027</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2028</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2029</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Subsequent years</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">T. EUROPE BV SEP_00 BOND GLOBAL D</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">USD</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">8.250&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,203&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,203&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">TEBV FEB_03 EMTN FIXED TRANCHE B</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">5.875&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">500&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">500&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Telef&#243;nica Europe, B.V.</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,703</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,703</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">TELEF. EMISIONES JANUARY 2017</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1.528&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,127&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,127&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">TELEF. EMISIONES SEPTEMBER 2018</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1.495&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">892&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">892&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EMTN 02 GBP</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">GBP</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">5.375&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">603&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">603&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">TELEF. EMISIONES APRIL 2016</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1.460&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,279&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,279&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">TELEF. EMISIONES JANUARY 2018</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1.447&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,000&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,000&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">TELEF. EMISIONES MARCH 2017</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">USD</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4.103&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,202&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,202&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">TELEF. EMISIONES MAY 2020</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1.201&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,250&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,250&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">TELEF. EMISIONES JANUARY 2017</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2.318&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">500&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">500&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">TELEF. EMISIONES SEPTEMBER 2017</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1.715&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,250&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,250&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">TELEF. EMISIONES MARCH 2017</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2.318&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">200&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">200&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">TELEF. EMISIONES MARCH 2019</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1.788&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,000&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,000&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EMTN GBP 10/08/2029 400 GBP</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">GBP</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">5.445&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">482&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">482&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">TELEF. EMISIONES OCTOBER 2014</span></td><td colspan="3" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2.932&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">800&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">800&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr></table></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.855%"><tr><td style="width:1.0%"></td><td style="width:34.894%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.753%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.349%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:5.286%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:5.286%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:5.286%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:5.286%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:5.286%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:5.286%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:5.288%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="21" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Maturity (nominal)</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Debentures and bonds</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Currency</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">% Interest rate</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2025</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2026</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2027</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2028</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2029</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Subsequent years</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">TELEF. EMISIONES FEBRUARY 2020</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">0.664&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,000&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,000&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">TELEF. EMISIONES MAY 2022 (2)</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2.592&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,000&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,000&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">TELEF. EMISIONES OCTOBER 2016</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1.930&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">750&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">750&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">TELEF. EMISIONES MAY 2020</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1.807&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">750&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">750&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">TELEF. EMISIONES JUNE 06 TRANCHE D</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">USD</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">7.045&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,924&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,924&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">TELEF. EMISIONES APRIL 2017</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">USD</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4.900&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">192&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">192&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">TELEF. EMISIONES MARCH 2018</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">USD</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4.665&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">481&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">481&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">TELEF. EMISIONES JULY 2019</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1.957&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">500&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">500&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">TELEF. EMISIONES JULY 2020</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1.864&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">500&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">500&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">TELEF. EMISIONES APRIL 2022</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1.864&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">100&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">100&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">TELEF. EMISIONES MARCH 2017</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">USD</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">5.213&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,924&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,924&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">TELEF. EMISIONES APRIL 2017</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">USD</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">5.213&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">481&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">481&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">TELEF. EMISIONES MARCH 2018</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">USD</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4.895&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,203&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,203&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">TELEF. EMISIONES MARCH 2019</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">USD</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">5.520&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,203&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,203&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">TELEF. EMISIONES DECEMBER 2016</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4.000&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">150&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">150&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">TELEF. EMISIONES NOVEMBER 2023 (1)</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4.183&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">850&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">850&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">TELEF. EMISIONES JANUARY 2024 (2)</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3.698&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,000&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,000&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">TELEF. EMISIONES JANUARY 2024 (2)</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4.055&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">750&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">750&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Telef&#243;nica Emisiones, S.A.U.&#160;</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2,019</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,882</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">3,452</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,950</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2,282</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">14,758</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">26,343</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:21pt"><td colspan="30" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td></tr></table></div><div style="margin-top:9pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:30.204%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.450%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.928%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:5.276%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:5.276%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:5.276%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:5.276%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:5.276%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.755%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:5.283%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="18" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Maturity</span></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Debentures and bonds</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Currency</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">% Interest rate</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2025</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2026</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2027</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2028</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2029</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Subsequent years</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total</span></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Bond O</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">CLP</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3.500&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">68&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">68&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Bond Q</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">CLP</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3.600&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">87&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">87&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Bond 144 A</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">USD</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3.537&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">396&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">396&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Bond Serie T</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">UFC</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4.200&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">105&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">105&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Bond Serie X</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">UFC</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3.950&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">37&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">37&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Telef&#243;nica M&#243;viles Chile, S.A.</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">68</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">87</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">105</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">37</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">396</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">693</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Bond T. Peru 4th Program (19th Serie A)</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">N. SOL</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">VAC + 3.6250%</span></div></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">28&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">28&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Bond T. Peru 4th Program (19th Serie B)</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">N. SOL</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">VAC + 2.8750%</span></div></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">22&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">22&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Bond T. Peru 4th Program (37th Serie A)</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">N. SOL</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">VAC + 3.1250%</span></div></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">21&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">21&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Bond T. Peru 4th Program (19th Serie C)</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">N. SOL</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">VAC + 3.1875%</span></div></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">9&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">9&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Bond T. Peru 6th Program (17th Serie A)</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">N. SOL</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">VAC + 3.0938%</span></div></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">20&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">20&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Bond T. Peru 6th Program (16th Serie A)</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">N. SOL</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">5.500&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">27&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">27&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Bond T. Peru 1st Private Program (1st Serie A)</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">N. SOL</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">7.281&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">20&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">20&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Bond T. Peru 1st Program International Issue (1sr Serie A)</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">N. SOL</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">7.375&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">145&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">145&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">145&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">435&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Telef&#243;nica del&#160;Per&#250;, S.A.</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">172</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">165</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">173</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">52</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">20</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">582</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Debentures </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(2)</span></div></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">BRL</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">CDI + 1.12%</span></div></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">233&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">233&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Debentures </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(2)</span></div></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">BRL</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">CDI + 1.35%</span></div></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">311&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">311&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Telef&#244;nica Brasil, S.A.</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">233</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">311</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">544</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">BOND R144-A</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">USD</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4.950&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">481&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">481&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Bond C10</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">COP</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">IPC + 3.39%</span></div></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">33&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">33&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Colombia Telecomunicaciones, S.A, ESP</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">33</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">481</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">514</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Bond</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1.750&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">600&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">600&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">O2 Telef&#243;nica Deutschland Finanzierungs, GmbH</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">600</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">600</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total Outstanding Debentures and Bonds</span></td><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">3,092</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2,134</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">3,936</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2,107</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2,352</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">17,358</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">30,979</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table><span style="color:#000000;font-family:'Arial',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline">(1)</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%"> Debentures and green bonds (See Note 29.d)</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline">(2)</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%"> Debentures and sustainable bonds (See Note 29.d)</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The main debentures and bonds issued by the Group in 2024 are as follows:</span></div><div style="margin-top:9pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:27.595%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.479%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.769%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.769%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.479%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.769%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:16.440%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-left:1pt solid #ffffff;border-top:1pt solid #acacac;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="border-left:1pt solid #ffffff;border-top:1pt solid #acacac;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="border-left:1pt solid #ffffff;border-top:1pt solid #acacac;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="9" style="border-left:1pt solid #ffffff;border-top:1pt solid #acacac;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Nominal (millions)</span></td><td colspan="3" style="border-left:1pt solid #ffffff;border-right:1pt solid #ffffff;border-top:1pt solid #acacac;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td></tr><tr><td colspan="3" style="border-left:1pt solid #ffffff;border-top:1pt solid #acacac;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Item</span></td><td colspan="3" style="border-left:1pt solid #ffffff;border-top:1pt solid #acacac;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Date</span></td><td colspan="3" style="border-left:1pt solid #ffffff;border-top:1pt solid #acacac;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Maturity Date</span></td><td colspan="3" style="border-left:1pt solid #ffffff;border-top:1pt solid #acacac;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Currency</span></td><td colspan="3" style="border-left:1pt solid #ffffff;border-top:1pt solid #acacac;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Euros</span></td><td colspan="3" style="border-left:1pt solid #ffffff;border-top:1pt solid #acacac;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Currency of issuance</span></td><td colspan="3" style="border-left:1pt solid #ffffff;border-right:1pt solid #ffffff;border-top:1pt solid #acacac;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Coupon</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Telef&#243;nica Emisiones, S.A.U.</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EMTN bond </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(1)</span></div></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">01/24/2024</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">01/24/2032</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,000&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,000&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3.698&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #bfbfbf;border-top:0.5pt solid #57617a;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EMTN bond </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(1)</span></div></td><td colspan="3" style="border-bottom:1pt solid #bfbfbf;border-top:0.5pt solid #57617a;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">01/24/2024</span></td><td colspan="3" style="border-bottom:1pt solid #bfbfbf;border-top:0.5pt solid #57617a;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">01/24/2036</span></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:0.5pt solid #57617a;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">750&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:0.5pt solid #57617a;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:0.5pt solid #57617a;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">750&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:0.5pt solid #57617a;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-bottom:1pt solid #bfbfbf;border-top:0.5pt solid #57617a;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:0.5pt solid #57617a;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4.055&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:0.5pt solid #57617a;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr></table></div><div style="text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline">(1)</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%"> Sustainable bonds (See Note 29. d)</span></div><div style="margin-top:9pt;text-align:center"><span style="color:#a6a6a6;font-family:'Arial',sans-serif;font-size:18pt;font-weight:400;line-height:120%">Appendix V: Interest-bearing debt</span></div><div style="margin-bottom:9pt;margin-top:9pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The main financing transactions at December 31, 2024 and 2023 and their nominal amounts are as follows:</span><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.707%"><tr><td style="width:1.0%"></td><td style="width:30.131%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.389%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.870%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.017%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.603%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.630%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.660%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="6" style="border-bottom:1pt solid #acacac;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Outstanding principal balance</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">&#160;</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #acacac;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:1pt solid #acacac;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:1pt solid #acacac;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="6" style="border-top:1pt solid #acacac;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(millions of euros)</span></td><td colspan="3" style="border-top:1pt solid #acacac;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:1pt solid #acacac;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">&#160;</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Descriptive name summary</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Current limit (millions)</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Currency</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">12/31/2024</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">12/31/2023</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Arrangement date</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Maturity date</span></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Telef&#243;nica, S.A</span></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:0 1pt"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Structured Financing (*)</span></td><td colspan="2" style="border-top:0.5pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">62&#160;</span></td><td style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">USD</span></td><td colspan="2" style="border-top:0.5pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">59&#160;</span></td><td style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.5pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">136&#160;</span></td><td style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">12/11/2015</span></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">03/11/2026</span></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Structured Financing (*)</span></td><td colspan="2" style="border-top:0.5pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">42&#160;</span></td><td style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-top:0.5pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">42&#160;</span></td><td style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.5pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">101&#160;</span></td><td style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">12/11/2015</span></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">03/11/2026</span></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Sustainable syndicated (1)</span></td><td colspan="2" style="border-top:0.5pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">5,500&#160;</span></td><td style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-top:0.5pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.5pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">03/15/2018</span></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">01/13/2029</span></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Bilateral loan</span></td><td colspan="2" style="border-top:0.5pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-top:0.5pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">150&#160;</span></td><td style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.5pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">150&#160;</span></td><td style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">09/26/2022</span></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">12/15/2032</span></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Bilateral loan</span></td><td colspan="2" style="border-top:0.5pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-top:0.5pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">125&#160;</span></td><td style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.5pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">125&#160;</span></td><td style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">12/23/2022</span></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">06/15/2033</span></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Bilateral loan</span></td><td colspan="2" style="border-top:0.5pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-top:0.5pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">150&#160;</span></td><td style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.5pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">150&#160;</span></td><td style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">02/14/2023</span></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">09/29/2033</span></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Bilateral loan</span></td><td colspan="2" style="border-top:0.5pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-top:0.5pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">150&#160;</span></td><td style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.5pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">03/27/2024</span></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">07/31/2034</span></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Bilateral loan</span></td><td colspan="2" style="border-top:0.5pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-top:0.5pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">140&#160;</span></td><td style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.5pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">10/09/2024</span></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">10/31/2031</span></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Bilateral loan</span></td><td colspan="2" style="border-top:0.5pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-top:0.5pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">100&#160;</span></td><td style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.5pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">11/21/2024</span></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">12/16/2031</span></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Telef&#243;nica Germany GmbH &amp; Co. OHG</span></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:0 1pt"></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EIB Financing</span></td><td colspan="2" style="border-top:0.5pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-top:0.5pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">33&#160;</span></td><td style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.5pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">108&#160;</span></td><td style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">06/13/2016</span></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">06/13/2025</span></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Sustainable syndicated</span></td><td colspan="2" style="border-top:0.5pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">750&#160;</span></td><td style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-top:0.5pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.5pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">12/17/2019</span></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">12/17/2026</span></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EIB Financing (Tranche 1)</span></td><td colspan="2" style="border-top:0.5pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-top:0.5pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">250&#160;</span></td><td style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.5pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">300&#160;</span></td><td style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">12/18/2019</span></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">06/18/2029</span></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EIB Financing (Tranche 2)</span></td><td colspan="2" style="border-top:0.5pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-top:0.5pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">125&#160;</span></td><td style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.5pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">150&#160;</span></td><td style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">01/14/2020</span></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">07/14/2029</span></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Colombia Telecomunicaciones, S.A. E.S.P.</span></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:0 1pt"></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Bilateral loan</span></td><td colspan="2" style="border-top:0.5pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">COP</span></td><td colspan="2" style="border-top:0.5pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">109&#160;</span></td><td style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.5pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">118&#160;</span></td><td style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">07/06/2021</span></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">03/19/2025</span></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Bluevia Fibra S.L.U.</span></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:0 1pt"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Syndicated (2)</span></td><td colspan="2" style="border-top:0.5pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">360&#160;</span></td><td style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-top:0.5pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">325&#160;</span></td><td style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.5pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">250&#160;</span></td><td style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">11/16/2022</span></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">12/20/2029</span></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Telxius Telecom, S.A.</span></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:0 1pt"></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Syndicated (3)</span></td><td colspan="2" style="border-top:0.5pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">145&#160;</span></td><td style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-top:0.5pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">100&#160;</span></td><td style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.5pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">100&#160;</span></td><td style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">12/01/2023</span></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">12/04/2029</span></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Telef&#243;nica M&#243;viles Chile, S.A.</span></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:0 1pt"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-bottom:0.5pt solid #bfbfbf;border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Bilateral loan</span></td><td colspan="2" style="border-bottom:0.5pt solid #bfbfbf;border-top:0.5pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-bottom:0.5pt solid #bfbfbf;border-top:0.5pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-bottom:0.5pt solid #bfbfbf;border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">USD</span></td><td colspan="2" style="border-bottom:0.5pt solid #bfbfbf;border-top:0.5pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">125&#160;</span></td><td style="border-bottom:0.5pt solid #bfbfbf;border-top:0.5pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:0.5pt solid #bfbfbf;border-top:0.5pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">116&#160;</span></td><td style="border-bottom:0.5pt solid #bfbfbf;border-top:0.5pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-bottom:0.5pt solid #bfbfbf;border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">08/22/2023</span></td><td colspan="3" style="border-bottom:0.5pt solid #bfbfbf;border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">08/22/2026</span></td></tr></table></div><div style="text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">(</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:120%">1) The second one-year extension option for the Telef&#243;nica, S.A. sustainability-linked syndicated credit facility for up to 5,500 million euros, was executed on January 13, 2024, extending the maturity date to January 13, 2029.</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:120%">(2) The second one-year extension option of the Bluev&#237;a Fibra S.L.U syndicated facility, for 360 million euros, was executed on December 20, 2024, with a maturity extending the maturity date to December 20, 2029.</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%"> </span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:120%">(3) On December 4, 2024, the first one-year extension option of the Telxius Telecom, S.A, syndicated facility, for 145 million euros, was executed extending the maturity date to December 4, 2029. The facility has two annual extension options at Telxius Telecom, S.A. request with a maturity maximum up to 2030.</span></div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline">(*)</span> Facility with amortization schedule, showing in the column "Current limit" the undrawn amount.<span></span>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The disclosure of debt instruments. [Refer: Debt instruments issued; Debt instruments held]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2024-01-01<br> -Paragraph 10<br> -Subparagraph e<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_10_e&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Appendix III: Debentures and Bonds [Abstract]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Appendix IV: Financial Instruments<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_tef_AppendixIVFinancialInstrumentsAbstract', window );"><strong>Appendix IV: Financial Instruments [Abstract]</strong></a></td>
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<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfFinancialInstrumentsExplanatory', window );">Appendix IV: Financial Instruments</a></td>
<td class="text">Breakdown of financial assets<div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The breakdown of financial assets of the Telef&#243;nica Group at December&#160;31, 2024 is as follows: </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.707%"><tr><td style="width:1.0%"></td><td style="width:14.589%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.378%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:4.911%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.524%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:5.351%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:5.791%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.378%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.430%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.430%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.844%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.671%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:5.503%"></td><td style="width:0.1%"></td></tr><tr><td colspan="36" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">December 31, 2024</span></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="6" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Fair value through profit or loss</span></td><td colspan="6" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;Fair value through other comprehensive income</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="9" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Measurement hierarchy</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Millions of euros</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Held for trading</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Fair value option</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Debt instru-ments</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Equity instru-ments</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Hedges</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Level 1 (Quoted prices)</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Level 2 (Other directly observable market inputs)</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Level 3 (Inputs not based on observable market data)</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Amortized cost</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total carrying amount</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total fair value</span></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Non-current financial assets (Note 12)</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">247</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">218</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">543</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">2,441</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">523</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">2,912</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">14</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">1,890</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">5,339</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">5,339</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Investments</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">42&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">543&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">478&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">107&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">585&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">585&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Credits and other financial assets</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">41&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">18&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">45&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">14&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">543&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">602&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">602&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Deposits and guarantees</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">691&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">691&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">691&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Derivative instruments</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">164&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">2,441&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">2,605&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">2,605&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">2,605&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Trade receivables</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">200&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">200&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">745&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">945&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">839&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Trade receivables for subleases</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">17&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">17&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">17&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Impairment of trade receivables</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">(106)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">(106)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Current financial assets</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">367</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">894</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">371</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">312</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">1,320</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">15,794</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">17,426</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">17,426</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Trade receivables (Note 14)</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">850&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">850&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">9,762&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">10,612&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">7,564&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Impairment of trade receivables (Note 14)</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">(3,048)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">(3,048)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Other current financial assets (Note 15)</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">367&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">44&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">371&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">312&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">470&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">1,018&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">1,800&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">1,800&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Cash and cash equivalents</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">8,062&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">8,062&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">8,062&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total </span></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">614</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">1,112</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">543</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">2,812</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">835</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">4,232</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">14</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">17,684</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">22,765</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">22,765</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-bottom:210pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The calculation of the fair values of the Telef&#243;nica Group's debt instruments required an estimate, for each currency and counterparty, of a credit spread curve using the prices of the Group's bonds and credit derivatives. </span></div><div style="margin-top:9pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The breakdown of financial assets of the Telef&#243;nica Group at December&#160;31, 2023 was as follows: </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.707%"><tr><td style="width:1.0%"></td><td style="width:12.536%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.671%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:4.911%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:5.204%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:5.791%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.378%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.964%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.603%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.603%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.257%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.524%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:5.358%"></td><td style="width:0.1%"></td></tr><tr><td colspan="36" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">December 31, 2023</span></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="6" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Fair value through profit or loss</span></td><td colspan="6" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;Fair value through other comprehensive income</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="9" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Measurement hierarchy</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Millions of euros</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Held for trading</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Fair value option</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Debt instru-ments</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Equity instru-ments</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Hedges</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Level 1 (Quoted prices)</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Level 2 (Other directly observable market inputs)</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Level 3 (Inputs not based on observable market data)</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Amortized cost</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total carrying amount</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total fair value</span></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Non-current financial assets (Note 12)</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">224</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">289</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">578</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">1,785</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">537</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">2,326</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">13</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">2,325</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">5,201</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">5,201</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Investments</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">38&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">578&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">510&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">106&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">616&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">616&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Credits and other financial assets</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">31&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">9&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">27&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">13&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">701&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">741&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">741&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Deposits and guarantees</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">966&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">966&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">966&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Derivative instruments</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">155&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">1,785&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">1,940&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">1,940&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">1,940&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Trade receivables</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">280&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">280&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">769&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">1,049&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">924&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Trade receivables for subleases</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">14&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">14&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">14&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Impairment of trade receivables</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">(125)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">(125)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Current financial assets</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">291</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">945</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">271</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">293</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">1,214</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">14,152</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">15,659</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">15,659</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Trade receivables (Note 14)</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">854&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">854&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">9,568&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">10,422&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">7,430&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Impairment of trade receivables (Note 14)</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">(2,992)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">(2,992)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #d6d6d6;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Other current financial assets (Note 15)</span></td><td colspan="2" style="border-top:1pt solid #d6d6d6;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">291&#160;</span></td><td style="border-top:1pt solid #d6d6d6;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #d6d6d6;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #d6d6d6;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #d6d6d6;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">91&#160;</span></td><td style="border-top:1pt solid #d6d6d6;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #d6d6d6;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #d6d6d6;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1.5pt solid #d6d6d6;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">271&#160;</span></td><td style="border-top:1.5pt solid #d6d6d6;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1.5pt solid #d6d6d6;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">293&#160;</span></td><td style="border-top:1.5pt solid #d6d6d6;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1.5pt solid #d6d6d6;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">360&#160;</span></td><td style="border-top:1.5pt solid #d6d6d6;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1.5pt solid #d6d6d6;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1.5pt solid #d6d6d6;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1.5pt solid #d6d6d6;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">425&#160;</span></td><td style="border-top:1.5pt solid #d6d6d6;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1.5pt solid #d6d6d6;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">1,078&#160;</span></td><td style="border-top:1.5pt solid #d6d6d6;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1.5pt solid #d6d6d6;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">1,078&#160;</span></td><td style="border-top:1.5pt solid #d6d6d6;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Cash and cash equivalents</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">7,151</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">7,151</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">7,151</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total </span></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">515</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">1,234</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">578</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">2,056</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">830</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">3,540</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">13</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">16,477</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">20,860</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:100%">20,860</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-top:9pt;text-align:center"><span style="color:#a6a6a6;font-family:'Arial',sans-serif;font-size:18pt;font-weight:400;line-height:120%">Appendix IV: Financial instruments</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The detail of the net financial debt arranged by the Group (notional amount) by currency and interest rates at December 31, 2024 is as follows:</span></div><div style="margin-top:9pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:14.689%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.648%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.087%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.256%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.087%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.648%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.841%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.648%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.256%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.402%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:5.338%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="9" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Fair value</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Millions of euros</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2025</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2026</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2027</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2028</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2029</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Subsequent years</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Notional</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Underlying debt </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:5.2pt;font-weight:700;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(*)</span></div></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Associated derivatives</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total</span></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Euro</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(5,104)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2,946</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">3,829</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2,216</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2,455</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">15,625</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">21,967</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">15,429</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">7,614</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">23,043</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Floating rate</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,567&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,432&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">228&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">340&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">563&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3,592&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">7,722&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,970&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">9,409&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">11,379&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Spread (%)</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">0.60&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(0.13)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">0.71&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">0.32&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">0.04&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">0.11&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">0.18&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Fixed rate</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(6,671)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,514&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3,601&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,876&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,892&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">12,033&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">14,245&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">13,459&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(1,795)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">11,664&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Interest rate (%)</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2.70&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1.42&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1.16&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1.78&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2.22&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1.95&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2.00&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Rate cap</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Other european currencies</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Instruments in CZK</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(93)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(93)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(92)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(92)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Floating rate</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Spread %</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Fixed rate</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(93)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(93)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(92)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(92)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Interest rate %</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3.70&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3.70&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Rate cap</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Instruments in GBP</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(23)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(2)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(6)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(4)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(35)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">910</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(956)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(46)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Floating rate</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(4)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(2)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Spread %</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Fixed rate</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(25)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(2)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(6)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(4)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(37)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">908&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(952)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(44)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Interest rate %</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4.64&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">5.37&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">0.70&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">0.70&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3.60&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Rate cap</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Instruments in CHF</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(5)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(5)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(14)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(14)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Floating rate</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Spread %</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Fixed rate</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(5)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(5)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(14)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(14)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Interest rate %</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">0.50&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">0.50&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Rate cap</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">America</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Instruments in USD</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(1,284)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(1,391)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">14</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">48</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">14</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,928</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(671)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">11,229</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(12,395)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(1,166)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Floating rate</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(20)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(1,664)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">29&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,924&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">269&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">211&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">33&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">245&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Spread %</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(0.18)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">0.35&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1.00&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">0.17&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Fixed rate</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(1,264)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">273&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">14&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">19&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">14&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(940)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">11,018&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(12,429)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(1,411)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Interest rate %</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2.61&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4.26&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3.25&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">10.17&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">10.17&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3.89&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3.06&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Rate cap</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Instruments in UYU</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">27</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">35</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">63</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">58</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">7</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">65</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Floating rate</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">35&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">35&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">35&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">35&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Spread %</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">0.01&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">0.01&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Fixed rate</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">27&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">28&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">23&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">7&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">30&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Interest rate %</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">0.31&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">8.90&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">8.55&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Rate cap</span></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.853%"><tr><td style="width:1.0%"></td><td style="width:15.737%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.952%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.659%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.513%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.367%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:5.927%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.002%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.513%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.270%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.002%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.958%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="9" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Fair value</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Millions of euros</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2025</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2026</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2027</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2028</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2029</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Subsequent years</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Notional</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Underlying debt</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:5.2pt;font-weight:700;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(*)</span></div></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Associated derivatives</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">TOTAL</span></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Instruments in ARS</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(143)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(143)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(158)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(158)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Floating rate</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Spread %</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Fixed rate</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(143)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(143)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(158)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(158)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Interest rate %</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">33.24&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">33.24&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Rate cap</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Instruments in BRL</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,982</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">813</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">338</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">31</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">44</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">79</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">3,287</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">492</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2,836</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">3,328</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Floating rate</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(803)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">813&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">338&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">31&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">44&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">79&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">502&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">508&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">80&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">588&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Spread %</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">0.92&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">0.04&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1.30&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">0.23&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">0.16&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">0.14&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">0.59&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Fixed rate</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,785&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,785&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(16)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,756&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,740&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Interest rate %</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">9.47&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">9.47&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Rate cap</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Instruments in CLP</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(297)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">317</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">96</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">104</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">37</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">405</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">663</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(70)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">778</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">708</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Floating rate</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(8)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">230&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">48&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">104&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">37&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">255&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">667&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">110&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">578&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">688&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Spread %</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1.46&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1.99&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1.66&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2.13&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(0.52)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">0.81&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Fixed rate</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(289)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">87&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">48&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">150&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(4)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(180)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">200&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">20&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Interest rate %</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">6.72&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">5.47&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3.22&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4.13&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">5.56&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Rate cap</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Instruments in UFC</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">117</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(155)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(38)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Floating rate</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">117&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(155)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(38)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Spread %</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Fixed rate</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Interest rate %</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Rate cap</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Instruments in PEN</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">355</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">167</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">145</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">667</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">247</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">433</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">680</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Floating rate</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Spread %</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Fixed rate</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">355&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">167&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">145&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">667&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">247&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">433&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">680&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Interest rate %</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">5.38&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">7.33&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">7.38&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">6.30&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Rate cap</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Instruments in VAC</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">28</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">51</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">20</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">99</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">100</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">100</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Floating rate</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">28&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">51&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">20&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">99&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">100&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">100&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Spread %</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3.63&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3.03&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3.09&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3.21&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Fixed rate</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Interest rate %</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Rate cap</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Instruments in COP</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">154</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">212</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">105</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">17</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">57</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">470</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,015</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">357</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">710</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,067</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Floating rate</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(417)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">225&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">105&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">17&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">24&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">470&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">424&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">443&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(2)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">441&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Spread %</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">0.37&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2.52&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4.25&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3.32&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3.44&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">0.28&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1.14&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Fixed rate</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">571&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(13)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">33&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">591&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(86)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">712&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">626&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Interest rate %</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4.75&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">9.00&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">8.09&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">5.03&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Rate cap</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Instruments in VEB</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(129)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(129)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(129)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(129)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Floating rate</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Spread %</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Fixed rate</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(129)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(129)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(129)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(129)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Interest rate %</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">55.44&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">55.44&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Rate cap</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:15pt"><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td></tr></table></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:21.853%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.502%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:5.771%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:5.332%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:4.601%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:4.747%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.987%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.087%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.841%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.695%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:5.484%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="9" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Fair value</span></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Millions of euros</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2025</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2026</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2027</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2028</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2029</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Subsequent years</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Notional</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Underlying debt</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:5.2pt;font-weight:700;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(*)</span></div></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Associated derivatives</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">TOTAL</span></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Instruments in MXN</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(189)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">12</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(177)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(405)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">218</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(188)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Floating rate</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Spread %</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1.02&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1.02&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Fixed rate</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(189)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">12&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(177)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(405)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">218&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(188)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Interest rate %</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">10.20&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">8.80&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">10.12&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Rate cap</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">TOTAL</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">26,508</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">28,163</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(1,002)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">27,161</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Floating rate</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">9,720</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">3,496</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">9,939</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">13,435</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Fixed rate</span></td><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:0 1pt"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">16,788</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">24,667</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(10,941)</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">13,726</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr></table></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:4.55pt;font-weight:400;line-height:120%;position:relative;top:-2.44pt;vertical-align:baseline">(*) </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:120%">Includes all net financial debt adjustments</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The table below shows the sensitivity to interest rates originated by our position on interest rate swaps categorized into instruments entered into for trading purposes and instruments entered into for purposes other than trading at December 31, 2024:</span></div><div style="margin-bottom:9pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:29.016%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.940%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.671%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.671%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.648%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.402%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.280%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.648%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.824%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="27" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Interest rate swaps</span></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Millions of euros</span></td><td colspan="21" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Maturity</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Non trading accountant purposes</span></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2025</span></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2026</span></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2027</span></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2028</span></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2029</span></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Subsequent years</span></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Fair value</span></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">EUR</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">167</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Fixed to floating</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">206</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Receiving leg</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(2,583)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(2,583)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(7,143)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Average Interest Rate %</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1.74&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1.74&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Paying leg</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,583&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,583&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">7,349&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Average Spread %</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Floating to fixed</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">19</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Receiving leg</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(1,133)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(1,133)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(2,106)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Average Spread %</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Paying leg</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,133&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,133&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,125&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Average Interest Rate %</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2.67&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2.67&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Floating to floating</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(58)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Receiving leg</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(9,498)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(9,498)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(9,565)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Average Spread %</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Paying leg</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">9,498&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">9,498&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">9,507&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Average Spread %</span></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">0.12&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">0.12&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr></table></div><div style="margin-bottom:9pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:29.016%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.940%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.671%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.671%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.648%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.402%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.280%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.648%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.824%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="27" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Interest rate swaps</span></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Millions of euros</span></td><td colspan="21" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Maturity</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Trading accountant purposes</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2025</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2026</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2027</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2028</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2029</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Subsequent years</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Fair value</span></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">EUR</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(933)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Fixed to floating</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(163)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Receiving leg</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(775)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(100)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(175)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(4,938)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(5,988)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(4,882)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Average Interest Rate %</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">0.05&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">0.76&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">0.69&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2.58&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2.17&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Paying leg</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">775&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">100&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">175&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4,938&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">5,988&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4,719&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Average Spread %</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2.95&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">0.38&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Floating to fixed</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(770)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Receiving leg</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(2,504)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(1,366)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(10,404)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(14,274)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(9,737)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Average Spread %</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2.07&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">0.02&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">0.38&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Paying leg</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,504&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,366&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">10,404&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">14,274&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">8,967&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Average Interest Rate %</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">0.06&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">0.92&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1.72&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1.35&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">USD</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,224</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Fixed to floating</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,224</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Receiving leg</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(434)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(3,858)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(4,473)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(9,550)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(18,316)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(9,972)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Average Interest Rate %</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1.30&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2.79&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1.59&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3.16&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2.65&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Paying leg</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">434&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3,858&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4,473&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">9,550&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">18,316&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">11,196&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Average Spread %</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1.03&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2.78&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">0.97&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">0.85&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">GBP</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">17</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Fixed to floating</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">17</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Receiving leg</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(482)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(482)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(468)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Average Interest Rate %</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3.42&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3.42&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Paying leg</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">482&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">482&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">485&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Average Spread %</span></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr></table></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:29.016%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.940%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.671%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.671%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.648%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.402%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.280%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.648%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.824%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Millions of euros</span></td><td colspan="21" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Maturity</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Trading accountant purposes</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2025</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2026</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2027</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2028</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2029</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Subsequent years</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Fair value</span></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">CLP</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(12)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Floating to fixed</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(13)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Receiving leg</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(150)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(150)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(147)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Average Spread %</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(0.57)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(0.57)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Paying leg</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">150&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">150&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">134&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Average Interest Rate %</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4.13&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4.13&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">COP</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(25)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Fixed to floating</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Receiving leg</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(58)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(58)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(58)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Average Interest Rate %</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">5.77&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">5.77&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Paying leg</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">58&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">58&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">60&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Average Spread %</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1.07&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1.07&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Floating to fixed</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(27)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Receiving leg</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(516)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(33)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(549)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(561)</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Average Spread %</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3.39&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">0.21&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Paying leg</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">516&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">33&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">549&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">534&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Average Interest Rate %</span></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3.18&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">8.09&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3.48&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="display:none"></td></tr></table></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:33.549%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.426%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.426%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.426%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.426%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.426%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.621%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:12pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr></table></div><div style="margin-bottom:9pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.853%"><tr><td style="width:1.0%"></td><td style="width:33.599%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.588%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.880%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.880%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.588%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.880%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.885%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:12pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr></table><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Cash flows receivable or payable on derivative financial instruments to be settled via the swap of nominals, categorized by currency of collection/payment, along with contractual maturities are as follows:</span><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:17.613%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:17.613%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.525%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.671%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.648%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.402%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.525%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.280%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.823%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Millions of euros</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2025</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2026</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2027</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2028</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2029</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Subsequent years</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total</span></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Currency swaps</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Receive</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">BRL</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">33&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">33&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Pay</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">BRL</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(105)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(7)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(112)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Receive</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">CLP</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Pay</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">CLP</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(106)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(104)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(37)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(405)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(652)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Receive</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">COP</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">411&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">411&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Pay</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">COP</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(411)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(62)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(411)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(884)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Receive</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">16&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">256&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,549&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,821&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Pay</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(46)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(2,352)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(3,728)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(448)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(6,255)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(12,829)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Receive</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">GBP</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">603&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">482&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,085&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Pay</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">GBP</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Receive</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">JPY</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">92&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">92&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Pay</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">JPY</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Receive</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">UFC</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">111&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">37&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">148&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Pay</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">UFC</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Receive</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">USD</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">621&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2,125&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3,800&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">7,626&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">14,172&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Pay</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">USD</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(514)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(260)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(2,598)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(3,372)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">TOTAL</span></td><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">5</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">204</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">16</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">7</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">34</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">647</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">913</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">The largest volume of cash flows collected in this table falls into the following currency pairs. The average exchange rates to which the settlements have been closed are: EUR/GBP (0.83), EUR/USD (1.12) and USD/COP (3,755.96).</span></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:17.467%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:17.759%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.525%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.671%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.648%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.402%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.525%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.280%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.823%"></td><td style="width:0.1%"></td></tr><tr><td colspan="6" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Millions of euros</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2025</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2026</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2027</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2028</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2029</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Subsequent years</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total</span></td></tr><tr><td colspan="6" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Forwards</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Receive</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">BRL</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">23&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">23&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Pay</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">BRL</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(2,824)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(2,824)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Receive</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">CLP</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Pay</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">CLP</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(75)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(75)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Receive</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">COP</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">49&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">13&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">62&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Pay</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">COP</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(199)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(199)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Receive</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">CZK</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">93&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">93&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Pay</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">CZK</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Receive</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4,350&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">266&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4,616&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Pay</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(841)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(841)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Receive</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">GBP</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">23&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">23&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Pay</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">GBP</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(221)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(221)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Receive</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">MXN</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">13&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">13&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Pay</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">MXN</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(234)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(234)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Receive</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">PEN</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">25&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">25&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Pay</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">PEN</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(461)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(1)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(462)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Receive</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">USD</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,533&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,534&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Pay</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">USD</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(1,236)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(292)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(1,528)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Receive</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">UYU</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">28&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">28&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Pay</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">UYU</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(35)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(35)</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">TOTAL</span></td><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">12</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(13)</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(1)</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">The largest volume of cash flows collected in this table falls into the following currency pairs. The average exchange rates to which the settlements have been closed are: EUR/GBP (0.83), EUR/USD (1.08), USD/COP (4,457.11) and EUR/BRL (6.35).</span></div><span></span>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for financial instruments.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Name IFRS<br> -Number 7<br> -IssueDate 2024-01-01<br> -Section Scope<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&amp;num=7&amp;code=ifrs-tx-2024-en-r&amp;doctype=Standard&amp;dita_xref=IFRS07_g3-5A_TI<br> -URIDate 2024-03-27<br></p></div>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Appendix IV: Financial Instruments [Abstract]</p></div>
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Appendix V: Interest-Bearing Debt<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2024</div></th></tr>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfDebtSecuritiesExplanatory', window );">Appendix V: Interest-Bearing Debt</a></td>
<td class="text"><div style="margin-top:9pt;text-align:center"><span style="color:#a6a6a6;font-family:'Arial',sans-serif;font-size:18pt;font-weight:400;line-height:120%">Appendix III: Debentures and bonds</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The detail and key features of outstanding debentures and bonds at December 31, 2024 are as follows (in millions of euros):</span></div><div style="margin-top:9pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.855%"><tr><td style="width:1.0%"></td><td style="width:30.249%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.753%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.994%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:5.286%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:5.286%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:5.286%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:5.286%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:5.286%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:5.286%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:5.288%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="21" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Maturity (nominal)</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Debentures and bonds</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Currency</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">% Interest rate</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2025</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2026</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2027</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2028</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2029</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Subsequent years</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">T. EUROPE BV SEP_00 BOND GLOBAL D</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">USD</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">8.250&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,203&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,203&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">TEBV FEB_03 EMTN FIXED TRANCHE B</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">5.875&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">500&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">500&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Telef&#243;nica Europe, B.V.</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,703</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,703</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">TELEF. EMISIONES JANUARY 2017</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1.528&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,127&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,127&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">TELEF. EMISIONES SEPTEMBER 2018</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1.495&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">892&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">892&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EMTN 02 GBP</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">GBP</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">5.375&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">603&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">603&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">TELEF. EMISIONES APRIL 2016</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1.460&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,279&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,279&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">TELEF. EMISIONES JANUARY 2018</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1.447&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,000&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,000&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">TELEF. EMISIONES MARCH 2017</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">USD</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4.103&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,202&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,202&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">TELEF. EMISIONES MAY 2020</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1.201&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,250&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,250&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">TELEF. EMISIONES JANUARY 2017</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2.318&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">500&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">500&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">TELEF. EMISIONES SEPTEMBER 2017</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1.715&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,250&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,250&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">TELEF. EMISIONES MARCH 2017</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2.318&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">200&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">200&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">TELEF. EMISIONES MARCH 2019</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1.788&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,000&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,000&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EMTN GBP 10/08/2029 400 GBP</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">GBP</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">5.445&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">482&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">482&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">TELEF. EMISIONES OCTOBER 2014</span></td><td colspan="3" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2.932&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">800&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">800&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr></table></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.855%"><tr><td style="width:1.0%"></td><td style="width:34.894%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.753%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.349%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:5.286%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:5.286%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:5.286%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:5.286%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:5.286%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:5.286%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:5.288%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="21" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Maturity (nominal)</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Debentures and bonds</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Currency</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">% Interest rate</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2025</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2026</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2027</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2028</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2029</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Subsequent years</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">TELEF. EMISIONES FEBRUARY 2020</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">0.664&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,000&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,000&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">TELEF. EMISIONES MAY 2022 (2)</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2.592&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,000&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,000&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">TELEF. EMISIONES OCTOBER 2016</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1.930&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">750&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">750&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">TELEF. EMISIONES MAY 2020</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1.807&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">750&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">750&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">TELEF. EMISIONES JUNE 06 TRANCHE D</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">USD</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">7.045&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,924&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,924&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">TELEF. EMISIONES APRIL 2017</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">USD</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4.900&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">192&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">192&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">TELEF. EMISIONES MARCH 2018</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">USD</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4.665&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">481&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">481&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">TELEF. EMISIONES JULY 2019</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1.957&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">500&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">500&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">TELEF. EMISIONES JULY 2020</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1.864&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">500&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">500&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">TELEF. EMISIONES APRIL 2022</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1.864&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">100&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">100&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">TELEF. EMISIONES MARCH 2017</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">USD</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">5.213&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,924&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,924&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">TELEF. EMISIONES APRIL 2017</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">USD</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">5.213&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">481&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">481&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">TELEF. EMISIONES MARCH 2018</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">USD</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4.895&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,203&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,203&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">TELEF. EMISIONES MARCH 2019</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">USD</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">5.520&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,203&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,203&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">TELEF. EMISIONES DECEMBER 2016</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4.000&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">150&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">150&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">TELEF. EMISIONES NOVEMBER 2023 (1)</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4.183&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">850&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">850&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">TELEF. EMISIONES JANUARY 2024 (2)</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3.698&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,000&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,000&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">TELEF. EMISIONES JANUARY 2024 (2)</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4.055&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">750&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">750&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Telef&#243;nica Emisiones, S.A.U.&#160;</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2,019</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,882</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">3,452</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1,950</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2,282</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">14,758</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">26,343</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr style="height:21pt"><td colspan="30" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td></tr></table></div><div style="margin-top:9pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:30.204%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.450%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.928%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:5.276%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:5.276%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:5.276%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:5.276%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:5.276%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.755%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:5.283%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="18" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Maturity</span></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Debentures and bonds</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Currency</span></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">% Interest rate</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2025</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2026</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2027</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2028</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2029</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Subsequent years</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total</span></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Bond O</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">CLP</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3.500&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">68&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">68&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Bond Q</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">CLP</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3.600&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">87&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">87&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Bond 144 A</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">USD</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3.537&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">396&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">396&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Bond Serie T</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">UFC</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4.200&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">105&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">105&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Bond Serie X</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">UFC</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3.950&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">37&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">37&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Telef&#243;nica M&#243;viles Chile, S.A.</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">68</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">87</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">105</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">37</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">396</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">693</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Bond T. Peru 4th Program (19th Serie A)</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">N. SOL</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">VAC + 3.6250%</span></div></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">28&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">28&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Bond T. Peru 4th Program (19th Serie B)</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">N. SOL</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">VAC + 2.8750%</span></div></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">22&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">22&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Bond T. Peru 4th Program (37th Serie A)</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">N. SOL</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">VAC + 3.1250%</span></div></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">21&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">21&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Bond T. Peru 4th Program (19th Serie C)</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">N. SOL</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">VAC + 3.1875%</span></div></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">9&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">9&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Bond T. Peru 6th Program (17th Serie A)</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">N. SOL</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">VAC + 3.0938%</span></div></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">20&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">20&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Bond T. Peru 6th Program (16th Serie A)</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">N. SOL</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">5.500&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">27&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">27&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Bond T. Peru 1st Private Program (1st Serie A)</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">N. SOL</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">7.281&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">20&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">20&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Bond T. Peru 1st Program International Issue (1sr Serie A)</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">N. SOL</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">7.375&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">145&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">145&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">145&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">435&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Telef&#243;nica del&#160;Per&#250;, S.A.</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">172</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">165</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">173</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">52</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">20</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">582</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Debentures </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(2)</span></div></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">BRL</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">CDI + 1.12%</span></div></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">233&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">233&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Debentures </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(2)</span></div></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">BRL</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">CDI + 1.35%</span></div></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">311&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">311&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Telef&#244;nica Brasil, S.A.</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">233</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">311</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">544</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">BOND R144-A</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">USD</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4.950&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">481&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">481&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Bond C10</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">COP</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">IPC + 3.39%</span></div></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">33&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">33&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Colombia Telecomunicaciones, S.A, ESP</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">33</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">481</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">514</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Bond</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1.750&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">600&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">600&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">O2 Telef&#243;nica Deutschland Finanzierungs, GmbH</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:0 1pt"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">600</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#8212;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">600</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total Outstanding Debentures and Bonds</span></td><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">3,092</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2,134</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">3,936</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2,107</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2,352</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">17,358</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">30,979</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td style="border-bottom:2pt solid #bfbfbf;border-top:2pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table><span style="color:#000000;font-family:'Arial',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline">(1)</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%"> Debentures and green bonds (See Note 29.d)</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline">(2)</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%"> Debentures and sustainable bonds (See Note 29.d)</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The main debentures and bonds issued by the Group in 2024 are as follows:</span></div><div style="margin-top:9pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:27.595%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.479%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.769%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.769%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.479%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.769%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:16.440%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-left:1pt solid #ffffff;border-top:1pt solid #acacac;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="border-left:1pt solid #ffffff;border-top:1pt solid #acacac;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="border-left:1pt solid #ffffff;border-top:1pt solid #acacac;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="9" style="border-left:1pt solid #ffffff;border-top:1pt solid #acacac;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Nominal (millions)</span></td><td colspan="3" style="border-left:1pt solid #ffffff;border-right:1pt solid #ffffff;border-top:1pt solid #acacac;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td></tr><tr><td colspan="3" style="border-left:1pt solid #ffffff;border-top:1pt solid #acacac;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Item</span></td><td colspan="3" style="border-left:1pt solid #ffffff;border-top:1pt solid #acacac;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Date</span></td><td colspan="3" style="border-left:1pt solid #ffffff;border-top:1pt solid #acacac;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Maturity Date</span></td><td colspan="3" style="border-left:1pt solid #ffffff;border-top:1pt solid #acacac;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Currency</span></td><td colspan="3" style="border-left:1pt solid #ffffff;border-top:1pt solid #acacac;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Euros</span></td><td colspan="3" style="border-left:1pt solid #ffffff;border-top:1pt solid #acacac;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Currency of issuance</span></td><td colspan="3" style="border-left:1pt solid #ffffff;border-right:1pt solid #ffffff;border-top:1pt solid #acacac;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Coupon</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Telef&#243;nica Emisiones, S.A.U.</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:0 1pt"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EMTN bond </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(1)</span></div></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">01/24/2024</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">01/24/2032</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,000&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,000&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3.698&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #bfbfbf;border-top:0.5pt solid #57617a;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EMTN bond </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(1)</span></div></td><td colspan="3" style="border-bottom:1pt solid #bfbfbf;border-top:0.5pt solid #57617a;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">01/24/2024</span></td><td colspan="3" style="border-bottom:1pt solid #bfbfbf;border-top:0.5pt solid #57617a;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">01/24/2036</span></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:0.5pt solid #57617a;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">750&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:0.5pt solid #57617a;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:0.5pt solid #57617a;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">750&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:0.5pt solid #57617a;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-bottom:1pt solid #bfbfbf;border-top:0.5pt solid #57617a;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-bottom:1pt solid #bfbfbf;border-top:0.5pt solid #57617a;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4.055&#160;</span></td><td style="border-bottom:1pt solid #bfbfbf;border-top:0.5pt solid #57617a;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr></table></div><div style="text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline">(1)</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%"> Sustainable bonds (See Note 29. d)</span></div><div style="margin-top:9pt;text-align:center"><span style="color:#a6a6a6;font-family:'Arial',sans-serif;font-size:18pt;font-weight:400;line-height:120%">Appendix V: Interest-bearing debt</span></div><div style="margin-bottom:9pt;margin-top:9pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The main financing transactions at December 31, 2024 and 2023 and their nominal amounts are as follows:</span><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.707%"><tr><td style="width:1.0%"></td><td style="width:30.131%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.389%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:8.870%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.017%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.603%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.630%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.660%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="6" style="border-bottom:1pt solid #acacac;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Outstanding principal balance</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">&#160;</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #acacac;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:1pt solid #acacac;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:1pt solid #acacac;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="6" style="border-top:1pt solid #acacac;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(millions of euros)</span></td><td colspan="3" style="border-top:1pt solid #acacac;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:1pt solid #acacac;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:100%">&#160;</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Descriptive name summary</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Current limit (millions)</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Currency</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">12/31/2024</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">12/31/2023</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Arrangement date</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Maturity date</span></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Telef&#243;nica, S.A</span></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:0 1pt"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Structured Financing (*)</span></td><td colspan="2" style="border-top:0.5pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">62&#160;</span></td><td style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">USD</span></td><td colspan="2" style="border-top:0.5pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">59&#160;</span></td><td style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.5pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">136&#160;</span></td><td style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">12/11/2015</span></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">03/11/2026</span></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Structured Financing (*)</span></td><td colspan="2" style="border-top:0.5pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">42&#160;</span></td><td style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-top:0.5pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">42&#160;</span></td><td style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.5pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">101&#160;</span></td><td style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">12/11/2015</span></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">03/11/2026</span></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Sustainable syndicated (1)</span></td><td colspan="2" style="border-top:0.5pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">5,500&#160;</span></td><td style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-top:0.5pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.5pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">03/15/2018</span></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">01/13/2029</span></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Bilateral loan</span></td><td colspan="2" style="border-top:0.5pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-top:0.5pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">150&#160;</span></td><td style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.5pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">150&#160;</span></td><td style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">09/26/2022</span></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">12/15/2032</span></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Bilateral loan</span></td><td colspan="2" style="border-top:0.5pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-top:0.5pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">125&#160;</span></td><td style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.5pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">125&#160;</span></td><td style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">12/23/2022</span></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">06/15/2033</span></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Bilateral loan</span></td><td colspan="2" style="border-top:0.5pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-top:0.5pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">150&#160;</span></td><td style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.5pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">150&#160;</span></td><td style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">02/14/2023</span></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">09/29/2033</span></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Bilateral loan</span></td><td colspan="2" style="border-top:0.5pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-top:0.5pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">150&#160;</span></td><td style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.5pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">03/27/2024</span></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">07/31/2034</span></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Bilateral loan</span></td><td colspan="2" style="border-top:0.5pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-top:0.5pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">140&#160;</span></td><td style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.5pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">10/09/2024</span></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">10/31/2031</span></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Bilateral loan</span></td><td colspan="2" style="border-top:0.5pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-top:0.5pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">100&#160;</span></td><td style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.5pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">11/21/2024</span></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">12/16/2031</span></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Telef&#243;nica Germany GmbH &amp; Co. OHG</span></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:0 1pt"></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EIB Financing</span></td><td colspan="2" style="border-top:0.5pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-top:0.5pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">33&#160;</span></td><td style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.5pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">108&#160;</span></td><td style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">06/13/2016</span></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">06/13/2025</span></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Sustainable syndicated</span></td><td colspan="2" style="border-top:0.5pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">750&#160;</span></td><td style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-top:0.5pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.5pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">12/17/2019</span></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">12/17/2026</span></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EIB Financing (Tranche 1)</span></td><td colspan="2" style="border-top:0.5pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-top:0.5pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">250&#160;</span></td><td style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.5pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">300&#160;</span></td><td style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">12/18/2019</span></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">06/18/2029</span></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EIB Financing (Tranche 2)</span></td><td colspan="2" style="border-top:0.5pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-top:0.5pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">125&#160;</span></td><td style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.5pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">150&#160;</span></td><td style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">01/14/2020</span></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">07/14/2029</span></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Colombia Telecomunicaciones, S.A. E.S.P.</span></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:0 1pt"></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Bilateral loan</span></td><td colspan="2" style="border-top:0.5pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">COP</span></td><td colspan="2" style="border-top:0.5pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">109&#160;</span></td><td style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.5pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">118&#160;</span></td><td style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">07/06/2021</span></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">03/19/2025</span></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Bluevia Fibra S.L.U.</span></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:0 1pt"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Syndicated (2)</span></td><td colspan="2" style="border-top:0.5pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">360&#160;</span></td><td style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-top:0.5pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">325&#160;</span></td><td style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.5pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">250&#160;</span></td><td style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">11/16/2022</span></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">12/20/2029</span></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Telxius Telecom, S.A.</span></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:0 1pt"></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Syndicated (3)</span></td><td colspan="2" style="border-top:0.5pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">145&#160;</span></td><td style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">EUR</span></td><td colspan="2" style="border-top:0.5pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">100&#160;</span></td><td style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-top:0.5pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">100&#160;</span></td><td style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">12/01/2023</span></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">12/04/2029</span></td></tr><tr><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Telef&#243;nica M&#243;viles Chile, S.A.</span></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:0 1pt"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-bottom:0.5pt solid #bfbfbf;border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Bilateral loan</span></td><td colspan="2" style="border-bottom:0.5pt solid #bfbfbf;border-top:0.5pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#8212;&#160;</span></td><td style="border-bottom:0.5pt solid #bfbfbf;border-top:0.5pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-bottom:0.5pt solid #bfbfbf;border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">USD</span></td><td colspan="2" style="border-bottom:0.5pt solid #bfbfbf;border-top:0.5pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">125&#160;</span></td><td style="border-bottom:0.5pt solid #bfbfbf;border-top:0.5pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="2" style="border-bottom:0.5pt solid #bfbfbf;border-top:0.5pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">116&#160;</span></td><td style="border-bottom:0.5pt solid #bfbfbf;border-top:0.5pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-bottom:0.5pt solid #bfbfbf;border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">08/22/2023</span></td><td colspan="3" style="border-bottom:0.5pt solid #bfbfbf;border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">08/22/2026</span></td></tr></table></div><div style="text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%">(</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:120%">1) The second one-year extension option for the Telef&#243;nica, S.A. sustainability-linked syndicated credit facility for up to 5,500 million euros, was executed on January 13, 2024, extending the maturity date to January 13, 2029.</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:120%">(2) The second one-year extension option of the Bluev&#237;a Fibra S.L.U syndicated facility, for 360 million euros, was executed on December 20, 2024, with a maturity extending the maturity date to December 20, 2029.</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:120%"> </span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:120%">(3) On December 4, 2024, the first one-year extension option of the Telxius Telecom, S.A, syndicated facility, for 145 million euros, was executed extending the maturity date to December 4, 2029. The facility has two annual extension options at Telxius Telecom, S.A. request with a maturity maximum up to 2030.</span></div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:5.2pt;font-weight:400;line-height:120%;position:relative;top:-2.8pt;vertical-align:baseline">(*)</span> Facility with amortization schedule, showing in the column "Current limit" the undrawn amount.<span></span>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name IAS<br> -Number 1<br> -IssueDate 2024-01-01<br> -Paragraph 10<br> -Subparagraph e<br> -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&amp;num=1&amp;code=ifrs-tx-2024-en-r&amp;anchor=para_10_e&amp;doctype=Standard<br> -URIDate 2024-03-27<br></p></div>
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Appendix VI: Key Regulatory Issues and Concessions and Licenses Held by the Telefonica Group<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfServiceConcessionArrangementsExplanatory', window );">Appendix VI: Key Regulatory Issues and Concessions and Licenses Held by the Telefonica Group</a></td>
<td class="text"><div style="margin-top:9pt;text-align:center"><span style="color:#a6a6a6;font-family:'Arial',sans-serif;font-size:18pt;font-weight:400;line-height:120%">Appendix VI: Key regulatory issues and concessions and licenses held by the Telef&#243;nica Group </span></div><div style="margin-top:9pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Regulations </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">As a digital telecommunications operator, the Telef&#243;nica Group is subject to sector-specific telecommunications regulations, general competition law and a variety of other regulations, including privacy and security, which can have a direct and material effect on the Group&#8217;s business areas. The extent to which telecommunications regulations apply to the Telef&#243;nica Group depends largely on the nature of its activities in a particular country, with traditional fixed telephony services and fixed broadband usually subject to stricter regulations. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In order to provide services and operate its networks and to use spectrum, the Telef&#243;nica Group must obtain general authorizations, concessions and/or licenses from the pertinent authorities in each country in which the Group operates (hereinafter referred to as national regulatory authorities or NRAs). The Group is also required to obtain radio frequency licenses for its mobile operations. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">This section describes the legislative framework and the recent legislative key developments in the most relevant countries and regions in which the Group has significant interests. Many of the legislative changes and the adoption of regulatory measures by sector-specific regulators which are described in this section are in the process of being adopted and, therefore, have not yet concluded. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Electronic Communication Regulation in the European Union </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">By Directive (EU) 2018/1972, of December 11, 2018, the European Code of Electronic Communications (EECC in its acronym in English) was approved by the European Parliament and the Council. </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Code includes measures to stimulate investment on very high capacity network (VHCN), modernization of the provisions of the Universal Service and certain changes in the regulation of services with the aim of balancing the supply conditions (Level Playing Field) between telecom operators and OTTs. In addition, some improvements are included for the coordination of spectrum management processes throughout the EU as well as a harmonization of licenses duration up to at least 20 years. </span></div><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:112%">The Commission will review the operation of this Directive and send a report to the European Parliament and the Council by December 21, 2025. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In accordance with the provisions of the EECC, the Relevant Market Recommendation (RMR) adopted in December 2020, identifies the relevant markets within the electronic communication sector that are susceptible of ex ante regulation by the NRAs. The NRAs should assess the competitive conditions of these markets and where appropriate, designate operators as having significant market power (SMP) and impose obligations. The markets susceptible to ex ante regulation were reduced from 4 to 2: wholesale local access provided at a fixed location market (m1) and wholesale dedicated capacity market (m2). Nevertheless, NRAs are still able to analyze any other market that according to national circumstances might deemed to be uncompetitive. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In relation to the maximum cap at European level for both fixed and mobile termination rates (FTRs/MTRs), since the adoption of a Delegated Act, by the EC, on December 18, 2020, the maximum rates applicable are those included in the correspondent glide paths per country, with the aim of converging to 0.2 euro cents per minute for mobile termination and to 0.07 euro cents per minute in the case of fixed rates as of January 1, 2024.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Commission, in consultation with BEREC, will review the Delegated Act by December 2025 and review whether EU &#8211; wide tariffs are still necessary. If EU &#8211; wide tariffs are no longer necessary, NRAs will be able to carry out their own market analysis. </span></div><div style="margin-bottom:55pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Additionally, the European Council has approved the Recovery and Resilience Mechanism (RRM), with European funds of 750 billion euros until 2025 as a central pillar of the European Digital Transformation (at least 20% of funds devoted to digitalization) initiatives which can receive support to advance connectivity and the digitalization of society.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Telecom Single Market   </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">EU Regulation 2015/2120 of the EP and of the Council of November 25, 2015, lays down measures basically concerning open Internet access (Net Neutrality) and roaming on public mobile communications networks within the Union.  </span></div><div style="padding-left:36pt;text-indent:22.5pt"><span style="color:#000000;font-family:'Telefonica Sans',sans-serif;font-size:9.5pt;font-weight:400;line-height:112%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:112%;padding-left:9.32pt">Roaming</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:112%">: On April 13, 2022, the new Regulation on international roaming in the European Union was published in the Official Journal of the EU and being directly binding for Member States as it entered into force on July 1, 2022. From this date the new regulation maintains &#8220;Roaming like at Home&#8221; and includes a price cap glide path for maximum wholesale rates for voice, data and SMS. This reviewed regulation also includes new provisions on transparency and Quality of services. This regulation is set to expire in 2032, though it is foreseen review in 2025 to assess market evolution. For this 2025 review, the EC started a process to analyze wholesale roaming costs together with the Euro rate for mobile termination (MTRs). By June 30, 2025, the Commission shall, after consulting the Body of European Regulators for Electronic Communications  (BEREC), submit a report to the European Parliament and the Council, followed, if appropriate, by a legislative proposal to amend the Regulation.</span></div><div style="margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:10pt">Net Neutrality</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">: Under the principle of network neutrality applicable to Internet access services area, network operators are not permitted to establish technical or commercial restrictions regarding the devices that can be connected or the services, or applications and contents that can be accessed or distributed through the Internet by the end user. It also refers to the non-discriminatory behavior (e.g. non-anticompetitive) to be adopted by operators regarding the different types of Internet traffic circulating through their networks.  </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%"> </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">BEREC</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> has updated the Guidelines on the Implementation of the Open Internet Regulation. Reviewed guidelines prohibit non application agnostic price differentiation, resulting in near prohibition of zero rating and sponsored data commercial practices. Telefonica does not expect a commercial impact in current portfolio of services.  </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On April 30, 2023, the EC submitted a report assessing the regulatory implementation of the OIR to the European Parliament and to the Council thereon. The EC concluded the principle based Open Internet Regulation remains relevant and fit for purpose, proposing to keep OIR unchanged. The EC shall deliver a new assessment report in four years&#8217; time, by April 30, 2027, including, needed be, appropriate proposals to amend the Regulation. </span><span style="color:#2b3447;font-family:'Telefonica Sans',sans-serif;font-size:9.5pt;font-weight:400;line-height:120%"> </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Digital Single Market    </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Among the most relevant regulatory initiatives we can find the following:    </span></div><div style="margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Content Package:   </span></div><div style="padding-left:72pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Telefonica Sans',sans-serif;font-size:9.5pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:9.32pt">On November 28, 2018, the </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">audiovisual Directive (AVMS) </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">was published in the Official Journal of the European Union. The text came into force on December 19, and had to be transposed into national law in the EU member States by September 19, 2020. Among the main novelties of the regulation, it includes greater protection of children, limits on advertising and boost to European production. Rules will apply to television channel and also to video-on-demand platforms and distribution of videos, as well as to live broadcasts on these platforms. In particular video sharing platforms will be obliged to reserve at least 30% of European production in their video catalogs on demand. In addition, Member States may impose financing obligations to providers of VOD services established in another Member State but offering services in their countries.  </span></div><div style="margin-top:9pt;padding-left:72pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Telefonica Sans',sans-serif;font-size:9.5pt;font-weight:400;line-height:120%">&#9642;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:10.72pt">The </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Geo-Blocking Regulation</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> forbids any unjustified geographically-based restrictions which undermine online shopping and cross-border sales. Audiovisual  services are excluded from the scope of the Regulation and territorial licenses and legitimate geo-blocking practices are considered justified protection tools for the European audiovisual industry. On December 13, 2023, European Parliament adopted a Resolution on the implementation of the 2018 Geo-blocking Regulation in the Digital Single Market, maintaining that the eventual inclusion of audiovisual services in the scope of the Geo-blocking Regulation would result in a significant loss of revenue, putting investment in new content at risk, while eroding contractual freedom and reducing cultural diversity in content production, distribution, promotion and exhibition. European Commission will present its Second Implementation Report on the application of the Regulation and its overall impact on the Internal Market in 2025.  </span></div><div style="margin-top:9pt;padding-left:72pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#9642;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:9.96pt">European Commission issued a </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Recommendation on combating online piracy of live content on May 4, 2023</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">. The Recommendation acknowledges that sports and other live events such as concerts contribute to a diverse European cultural scene and to economic growth and job </span></div><div style="margin-top:9pt;padding-left:72pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">creation in the EU. The Recommendation proposes some measures (1) to ensure prompt treatment of notices related to unauthorized retransmissions of live sports events during the transmission in order to minimize the harms caused by the illegal streaming, (2)  to encourage the use of dynamic blocking injunctions tailored to live events based on successful experiences in some Member States and (3) to enhance cooperation amongst competent authorities in the fight against piracy, including cross-border cooperation. The Recommendation also sets up a monitoring system by which European Commission and European Observatory on Infringements of Intellectual Property Rights (EUIPO Observatory) will assess the impact of the recommended measures by November 17, 2025 and decide whether additional legislative measures are necessary in view of technological developments.</span></div><div style="margin-bottom:9pt;margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:14.5pt">Regulations on the Digital Services and the Digital Markets: </span></div><div style="margin-bottom:9pt;margin-top:9pt;padding-left:36pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Digital Services Act 2022/2065 of October 19, 2022 and the Digital Markets Act 2022/1925 of September 14, 2022 were adopted and published in the Official Journal of the EU.</span></div><div style="margin-bottom:9pt;margin-top:9pt;padding-left:36pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In relation to the new </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Digital Services </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">regulation, obligations will apply throughout the EU to all digital services that connect consumers to goods, services or content, such as:</span></div><div style="margin-bottom:9pt;margin-top:9pt;padding-left:72pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:10pt">Rules on the removal of illegal goods, services or content online.</span></div><div style="margin-bottom:9pt;margin-top:9pt;padding-left:72pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:10pt">Safeguards for users whose contents have been removed by error by the platforms.</span></div><div style="margin-bottom:9pt;margin-top:9pt;padding-left:72pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:10pt">Obligation for the platforms to adopt measures to avoid the abuse of their systems.</span></div><div style="margin-bottom:9pt;margin-top:9pt;padding-left:72pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:10pt">Transparency measures with a wide scope.</span></div><div style="margin-bottom:9pt;margin-top:9pt;padding-left:72pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:10pt">New powers to control the operation of the platforms.</span></div><div style="margin-bottom:9pt;margin-top:9pt;padding-left:72pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:10pt">New rules on the traceability of companies in online markets.</span></div><div style="margin-bottom:9pt;margin-top:9pt;padding-left:72pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:10pt">Cooperation process between authorities to ensure compliance and adoption of measures.</span></div><div style="margin-bottom:9pt;padding-left:36pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In February 2024, the obligations established for intermediary providers came into force.</span></div><div style="margin-bottom:9pt;margin-top:9pt;padding-left:36pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In November 2024, the European Commission adopted an implementing act setting out the rules and templates for transparency reporting to ensure that all relevant providers provide clear and comparable information on their content moderation practices. Providers will have to start collecting data from July 2025, with the first harmonized reports to be published in 2026</span><span style="color:#434b61;font-family:'Telefonica Sans',sans-serif;font-size:9.5pt;font-weight:400;line-height:120%">.</span></div><div style="margin-bottom:9pt;padding-left:36pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">For its part, the </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Digital Markets</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> regulation, is in force since May 2, 2023, and its main goal is preventing the so called &#8220;gatekeepers&#8221; from imposing unfair conditions on end users and at ensuring the openness of important digital services, its main provisions are:</span></div><div style="margin-bottom:9pt;padding-left:72pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:9.3pt">It will only apply to the main platform providers more prone to incur in unfair practices and ensuring contestability in a set of core platform services.</span></div><div style="margin-bottom:9pt;padding-left:72pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:9.3pt"> It establishes quantitative thresholds for the designation of "gate keepers".</span></div><div style="margin-bottom:9pt;padding-left:72pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:9.3pt">It requires "gate keepers" to take action in a proactive manner.</span></div><div style="margin-bottom:9pt;padding-left:72pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:9.3pt">The regulation foresees mechanisms for the Commission to designate new "gatekeepers" below the thresholds; to add new services and obligations; and to impose structural or behavioral remedies for systematic non-compliance through a market investigation.</span></div><div style="margin-bottom:9pt;padding-left:72pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:10pt">The EC can impose fines of up to 10%of the company's total worldwide annual turnover or 20% in the event of repeated infringements. </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Artificial Intelligence Act. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Regulation (EU) 2024/1689 on AI entered into force on August 1, 2024, and will be fully applicable two years later, with some exceptions: prohibitions will enter into force after six months, governance rules and obligations for general purpose AI models will apply after twelve months, and rules for AI systems- embedded in regulated products- will apply after 36 months. To ease the transition to the new regulatory framework, the Commission has launched the AI Pact, a voluntary initiative that aims to support future implementation and invites developers to comply with the key obligations of the AI Act in advance. Telef&#243;nica has signed the European Pact. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The AI regulation is based on a risk-based approach. The higher the risk of the AI system, the stricter the obligations. There are even use cases that are directly prohibited. For systems that are classified as high-risk and predefined as such in the Law, some obligations are stablished called the &#8220;minimum requirements&#8221; that have to be complied before putting the system into the market and once the system is being commercialized. For other AI systems, which are not classified as high risk, voluntary measures apply. Different types of actors are distinguished in the value chain: AI system suppliers, importers/distributors and system users, each with different responsibilities. The most onerous obligations are imposed on the IA providers.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Providers of generative AI must maintain the technical documentation of the model, provide information to other providers who integrate the model, respect EU copyright law and publish a detailed summary of the content used for training, and cooperate with the Commission and national authorities. Providers of models with systemic risk are also required to conduct assessments according to standardized protocols, assess and mitigate systemic risk at EU level, maintain serious incident reports, conduct adversarial testing and ensure an adequate level of cyber protection. The development of codes of conduct at EU level is encouraged and facilitated to contribute to the proper implementation of the regulation.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In September 2024, Telef&#243;nica signed the AI Pact, committing to start applying the principles of the AI Act ahead of its entry into application, namely 3 core actions: (1) having an AI governance strategy to foster AI uptake, (2) mapping high-risk AI systems and (3) promoting AI literacy and awareness among employees. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Telef&#243;nica is also contributing to the development of the first Code of Practice for general-purpose AI models (GPAI), which will detail the AI Act provisions for providers of general-purpose AI models &amp; general-purpose AI models with systemic risks and will help AI companies to demonstrate compliance with the AI Act. </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Data Protection </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In relation with Data Protection &amp; Privacy, the new General Data Protection Regulation (GDPR) of April 27, 2016, directly applicable in all member States in Europe from May 25, 2018, introduced administrative fines of up to 4% of an undertaking&#8217;s annual global turnover of the preceding financial year for breaching the new data protection rules. Spain, Germany and the United Kingdom have adopted implementing measures of this Regulation.  </span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In April 2024, the European Parliament voted its position on the GDPR Procedural Rules Regulation. In June 2024, the European Council adopted its Common Approach on the proposed Regulation. Trilogue negotiations between both Institutions have followed. The future Regulation aims to improve cross-border cooperation between National Data Protection Authorities (DPAs) with a targeted harmonization of key aspects of the administrative procedures in cross-border cases. The Regulation will complement GDPR, without amending GDPR substantial elements, nor rights of data subjects neither obligations of data controllers and processors. The Regulation will be adopted following Ordinary Legislative Procedure, requiring final agreement between both EU Co-Legislators, European Parliament and Council. </span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In parallel, European Commission issued its Second Report on the application of GDPR in July 2024. The Report states that GDPR continues to ensure strong protection for data subjects and risk-based obligations for controllers and processors. The Report also identifies some priority areas to improve the application of the GDPR (e.g., robust enforcement, cooperation between Data Protection Authorities and coherent application of EU digital rules). The Report refers to the Proposal for a Regulation on e-Privacy &#8220;that has been under negotiation for several years&#8221; and states that reflection is needed on the next steps for this initiative, including its relationship with the GDPR.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On January 10, 2017, the EC put forward its Proposal for a Regulation on ePrivacy, to replace the current Directive 2002/58/EC on privacy in the electronic communications sector and complement the GDPR. The EC proposal also introduces administrative fines of up to 4% of an undertaking&#8217;s annual global turnover of the preceding financial year </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">for breaching new regulation. After lengthy and unsuccessful negotiations, the new Commission is expected to withdraw the proposed Regulation in 2025.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Regarding International Transfers of Data, in July 2023 the European Commission adopted the new EU-US Data Privacy Framework, which established the adequate level of protection to be afforded to personal data transferred from the EU to the US companies signatories of the new EU-US Data Privacy Framework principles. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On October 9, 2024, the European Commission conducted the first review to monitor relevant developments in the U.S. and verify whether all elements of the U.S. legal framework are working effectively in practice. Periodic reviews will be carried out thereafter, at least every four years.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The EU-US Data Privacy Framework is the third try after its predecessors, the 2000 Safe Harbour and the 2016 Privacy Shield, were considered invalid by the European Court of Justice. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The new EU-US Data Privacy Framework is administered by US Department of Commerce, which processes applications for self-certification and monitors whether signatory companies continue to comply with EU-US Data Privacy Framework principles, thus continue to meet the certification requirements as an &#8220;adequate company&#8221;.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Compliance by US signatory companies with their obligations under the EU-US Data Privacy Framework will be enforced by the US Federal Trade Commission. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In December 2024, the European Data Protection Board (EDPB), composed by representatives of the relevant National Data Protection Authorities, published Guidelines about data transfers to third country Authorities (in case of collecting crime evidence, checking financial transactions or approving new medications) and approved a new European Data Protection Seal.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Radio spectrum policy </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The European Electronic Communications Code grants the Radio Spectrum Committee (RSC) the powers to harmonize the use of spectrum bands, for the provision of electronic communications services and lays down the rules governing the process through which Member States authorize those bands to specific users. It also mandates Member States to allow the use of sufficiently large blocks of the 3400-3800 MHz band, and at least 1 GHz in the 24,25-27,5 GHz band, in order to facilitate the roll-out of 5G.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Assignment processes have been completed across our European footprint in the 3400-3800 MHz band, with Telef&#243;nica securing at least 70 MHz in each market (see table at the end for details).</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Regarding the 24,25-27,5 GHz band, it is available in Germany through local licenses awarded on a first-come-first-served basis. In Spain, a competitive tender took place in December 2022 and Telef&#243;nica secured a national license of 1 GHz.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Once the harmonization and assignment of the priority bands for 5G (700 MHz, 3500 MHz and 26 GHz) has been nearly completed, the European institutions are beginning the process to identify new bands that in a 2025-2030 horizon may be available for the provision of wireless broadband services. Among the most relevant bands for Telef&#243;nica are the 470-694 MHz and the 6425-7125 MHz bands, which have been regionally identified at the ITU world conference in 2023, and the 3800-4200 MHz band. As part of that process the RSC approved in December 2024 a mandate to the CEPT with a view to the harmonization of the 6425-7125 MHz band, and CEPT approved in November 2024 the response to the mandate from the RSC on the use of the 3800-4200 MHz band for local low and mid-power networks. </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">EU competition law </span><span style="color:#006476;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%"> </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">European competition provisions have the force of law in the Member States and, therefore, are applicable to our operations in those States. </span><span style="color:#006476;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Treaty on the Functioning of the European Union (TFEU) prohibits &#8220;concerted practices&#8221; and any agreement between companies that may affect trade between Member States and that restricts or has the objective of restricting competition in domestic market. The Treaty also prohibits any abuse of dominant position within the European Union or any considerable part thereof that may affect trade between Member States. </span><span style="color:#006476;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The EU Merger Regulation requires that all mergers, acquisitions and joint ventures involving companies that meet certain turnover thresholds are subject to review by the EC rather than the national competition authorities. In </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">accordance with the amended Community Merger Regulation, market concentrations that significantly impede effective competition in the market will be prohibited. The European Commission has the authority to apply the EU framework for the defense of the competition. </span><span style="color:#006476;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">There are similar competition rules in the legislation of each Member State. Those responsible for ensuring compliance are the national competition authorities.</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In addition, in 2023 the EU on Foreign Subsidies Regulation introduced a notification-based procedure to investigate concentrations and public procurement procedures of very high monetary value involving financial contributions granted by non-EU governments to EU and non-EU companies.  </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Spain  </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">General regulatory framework  </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The legal framework for the regulation of the telecommunications sector in Spain is governed by the General Telecommunications Law (11/2022) of June 28, transposing the implementation of the "EECC" into national law. </span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Delegated Act, approved by the European Commission in December 2020, sets the maximum applicable rates for mobile termination at 0.2 euro cents per minute as of January 1, 2024, and for fixed termination at 0.07 euro cents per minute as of July 1, 2021. </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Market and Competition National Commission, or CNMC, created by the Law 3/2013, assumed in 2013 its role as telecommunications and audiovisual service regulator in Spain. This organism is also the competition authority in Spain and the national regulatory authority for transport, postal services and energy.  </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The main licenses and concessions held by Telef&#243;nica in Spain are listed at the end of this Appendix VI under the title &#8220;Main concessions and licenses held by the Telef&#243;nica Group&#8221;.  </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Market analysis  </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The following are the most relevant markets in which Telef&#243;nica is deemed to have Significant Market Power (SMP).  </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Fixed markets  </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Wholesale fixed access and call origination market  </span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On January 17, 2017, the CNMC approved the definition and the analysis of the market for access and call origination on fixed networks. Considering that Telef&#243;nica has SMP, the CNMC imposed specific obligations to Telef&#243;nica regarding the provision of origination services, preselection and wholesale access service to the telephone line on a cost-oriented bases, and regarding the implementation of an accounting system. Telef&#243;nica was imposed, among others, the obligation of no discrimination, transparency and separation of accounts. In July 2024, the CNMC approved the deregulation of this market.  </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Wholesale (physical) to network infrastructure access and wholesale broadband access  </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On October 7, 2021, CNMC has completed the latest broadband market analysis (1/2020, 3b/2014 markets). The most remarkable aspects stated by CNMC are: </span></div><div style="margin-bottom:9pt;margin-top:9pt;padding-left:18pt;text-align:justify;text-indent:22.5pt"><span style="color:#50535a;font-family:'Arial',sans-serif;font-size:9.5pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:28.18pt">To expand the competitive area in new generation networks, from 66 to 696 municipalities, which represent the 70.5% where the Spanish population lives. In these areas the obligation to offer a wholesale broadband access service (NEBA) will not be imposed on Telef&#243;nica&#8217;s fiber network.</span></div><div style="margin-bottom:9pt;margin-top:9pt;padding-left:18pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:28pt">In the remaining municipalities, CNMC requires Telef&#243;nica to provide other operators with a virtual disaggregated access service (local NEBA) and a wholesale broadband access service (NEBA) on its fiber network.</span></div><div style="margin-bottom:9pt;margin-top:9pt;padding-left:18pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:28pt">Throughout the whole territory, CNMC decided to maintain the obligation by which Telef&#243;nica must provide wholesale access service to its civil infrastructure (ducts, conduits and poles). </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">High-quality wholesale access market in a fixed location</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On March 29, 2022, the CNMC approved the definition and analysis of the market for high quality wholesale access provided at a fixed location considering that Telef&#243;nica has SMP and imposed obligations regarding access to </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">terminal leased lines, business bitstream access, access to civil works infrastructure and economic replicability. It also imposed, among others, the obligation of non-discrimination, transparency and separation of accounts.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In September 2024, the CNMC proposed a modification to the economic replicability methodology of Telef&#243;nica's retail broadband offers. The modifications introduced aim to simplify the methodology by defining a higher level of grouping in the flagship products when determining replicability, and removing restrictions on configuring promotional actions, as well as the obligations for prior notification of the launch of new products and promotions. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The final resolution was approved on February 4, 2025 with its publication in the Official State Gazette (BOE).</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On December 20, 2024 the CNMC has published a public consultation with the market analysis 1/2020 and 3b/2014 proposing the deregulation of Telef&#243;nica&#8217;s fiber network access obligations, as well as associated obligations such as economic replicability. The public consultation period extends until the end of February 2025, and the final resolution is expected to take place at the end of the first half of 2025. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Likewise, on December 20, 2024, the CNMC has also published a public consultation with the analysis of a new relevant market for access to physical infrastructures, maintaining the existing framework of regulated access obligations to Telef&#243;nica&#8217;s civil infrastructures with cost-oriented prices and under transparent and non-discriminatory conditions existing in the scope of the 1/2020 market. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The public consultation period runs until the end of February 2025, and the final decision is expected in the second half of 2025. </span></div><div style="margin-top:9pt;text-align:justify"><span><br/></span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Wholesale access to submarine cable infrastructure</span></div><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:112%">In July 2024, the final resolution of the CNMC's market analysis proposal to deregulate wholesale access to Telef&#243;nica de Espa&#241;a&#8217;s submarine cable infrastructure was approved. As a result, Telef&#243;nica de Espa&#241;a will no longer be considered as an SMP operator with respect to its submarine trunk routes and all current obligations were lifted within 6 months of such approval.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Universal service obligations  </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On February 6, 2023, the Minister for Economic Affairs and Digital Transformation issued the Ministerial Order designating Telef&#243;nica de Espa&#241;a, S.A.U. as the operator responsible for the provision of the services included in Article 37.1 of the General Telecommunications Law: adequate broadband internet access service at a fixed location with a minimum download speed of 10 Mbps as well as voice communications services at a fixed location. The territorial scope of the designation is the entire national territory and the designation is made for a period beginning at zero hours on February 10, 2023 and ending at zero hours on January 1, 2025</span><span style="color:#2b3447;font-family:'Telefonica Sans',sans-serif;font-size:9.5pt;font-weight:400;line-height:120%">.</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">  </span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In December 2024, the Secretary of State for Telecommunications submitted to public consultation the tender specifications for the designation of the operator responsible for providing the services included in the universal service, as well as the possible expression of interest of operators to participate in such a tender. </span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The final designation of the operator responsible for the provision of the above services is expected to take place during the first quarter of 2025. </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Spectrum </span><span style="color:#006476;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%"> </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On February 22, 2021, Telef&#243;nica Espa&#241;a acquired a 10 MHz block in the 3.4-3.8 GHz band for 21 million euros. With this spectrum acquisition, Telef&#243;nica completes 100 MHz which corresponds to the maximum carrier width in the 5G standard. In order for all the operators to have contiguous frequency blocks and ensure a more efficient use of the spectrum to deploy 5G technology and associated services, the Ministry of Economic Affairs and Digital Transformation adopted a resolution for the reorganization of the 3.4-3.8 GHz band. Regarding the 700 MHz band, Telef&#243;nica Espa&#241;a acquired 2x10 MHz for 310&#160;million euros in the spectrum auction which took place in July 2021. </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Additionally, Telef&#243;nica has already extended its administrative concessions in the 3.4-3.6 GHz band (2x20 MHz) and the 2.1 GHz band (2x5 MHz+ 5 MHz) until 2030.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Telef&#243;nica was awarded with 5 blocks of 200 MHz for an amount of 20 million euros in the auction of the 26 GHz band that took place on the December 21, 2022 The licences were formalized in May 2023.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Pursuant to the provisions of the Second Transitory Provision of the General Telecommunications Law, Telef&#243;nica M&#243;viles Espa&#241;a has requested the extension of the spectrum concessions to a total term of 40 years. The Ministry of Economic Affairs and Digital Transformation submitted for public consultation a draft Ministerial Order modifying the duration of the concessions.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Last June 2024, the Ministerial Order was finally approved.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Telef&#243;nica M&#243;viles Espa&#241;a acquired 20 MHz in the 3500 MHz band in the secondary spectrum market after the approval of Orange and M&#225;sM&#243;vil merger process. Approval of the transfer by the Secretary of State for Telecommunications will be effective as of January 1, 2025. </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In addition, Telef&#243;nica M&#243;viles Espa&#241;a and DIGI have agreed to mutualize their spectrum in the 3500 MHz band, giving both operators the right to use 140 MHz of contiguous spectrum. The mutualization agreement between the two operators was approved by the Secretary of State for Telecommunications in December 2024. </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">5G cybersecurity</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Royal Decree-Law 6/2023, of December 19, which approves urgent measures for the execution of the Recovery, Transformation and Resilience Plan, includes in its fifth final provision the modification of Royal Decree-Law 7/2022, of March 29, on requirements to guarantee the security of fifth generation (5G) electronic communications networks and services. </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The main amendments refer to:</span></div><div style="margin-bottom:9pt;margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">The need to request authorization for installation and modifications to the 5G access network in areas identified as "critical".</span></div><div style="margin-bottom:9pt;margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">The obligation to have two suppliers as part of the supply chain diversification strategy is limited exclusively to the radio access network. In any case, the Administration reserves the right to modify the diversification strategy of the operators for security reasons. </span></div><div style="margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">Certain elements, functions and systems of both the core of the network and the control and management systems and support services may be located outside the national territory, provided that the Ministry of Digital Transformation can exercise its powers of inspection and sanctioning regime so that it can carry out a comprehensive verification of the functioning, operability and conditions of use of such critical elements of a 5G network and, if necessary, adopt precautionary or definitive measures on them. </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In addition, on December 21, 2023 the Secretary of State for Telecommunications and Digital Infrastructures submitted for public consultation the draft Royal Decree approving the 5G National Security Scheme (ENS5G), which includes the risk analysis and mitigation strategies. The approval of the ENS5G Royal Decree came into force on May 1, 2024.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Contribution to RTVE funding  </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In August 2009, the Radio and Television Corporation Finance Law (Ley de Financiaci&#243;n de la Corporaci&#243;n de Radio y Television Espa&#241;ola) was approved establishing that: (i) telecommunication operators which operate nationwide or at least in more than one region, have to pay a fixed annual contribution of 0.9% of the invoiced operating income of the year (excluding the revenues of the wholesale reference market), and (ii) the concessionaire companies and providers of TV services which operate nationwide or at least in more than one region have to pay an annual fixed contribution to the RTVE funding as follows: (a) 3% on the gross revenue of the year for open concessionaire companies or TV services providers; and (b) 1.5% on the gross revenue of the year for concessionaire companies to provide Pay TV services. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Contributions made to the funding of RTVE were appealed by Telef&#243;nica Espa&#241;a and Telef&#243;nica M&#243;viles Espa&#241;a. The proceedings are currently on hold waiting for the ruling on (i) a prejudicial question submitted by the National High Court to the Court of Justice of the European Union; and (ii) also on an unconstitutionality question submitted to the Spanish Constitutional Court regarding compliance of the underlying law with the European legislation and the Spanish Constitution. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Audiovisual Communications General Law includes a provision to withdraw the 0.9% of the invoiced operating income contribution to RTVE funding which entered in force by January 1, 2023. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Acquisition of Distribuidora de Televisi&#243;n Digital, S.A. (DTS)  </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Resolution of the CNMC of April 22, 2015 authorized the acquisition of the exclusive control of DTS (Distribuidor Oficial de Televisi&#243;n, S.A.) by Telef&#243;nica de Contenidos, S.A.U. As a result of such authorization, the new entity assumed a set of commitments for a five-year period, which briefly are: i) the obligation to make available a wholesale offer of channels with premium content, that allows the replicability of Telef&#243;nica retail Pay TV offer; ii) the prohibition of including a period of permanence clause in contracts for Pay TV packages; iii) the prohibition of attract DTS customers for a period of two months; iv) the obligation to keep at least three international routes uncongested with three Internet Connectivity Providers; and v) the prohibition of formalizing exclusive contracts exceeding three years with content providers. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:112%">In July 2020, the CNMC agreed to extend for three years most of the commitments to which the authorization of the concentration between Telef&#243;nica and DTS was subordinated in 2015. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Telef&#243;nica Spain appealed the CNMC's extension decision and although the Sixth Section of the Administrative Chamber of the National Court of Appeals issued a dismissal decision, Telef&#243;nica Spain has appealed this decision in cassation before the Supreme Court. This cassation appeal (n&#186; 3655/2023) was admitted for processing on July 13, 2023, and is pending to be scheduled for voting and ruling.</span></div><div style="margin-top:9pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In May 2023, having elapsed such extension of three additional years, the commitments to which the authorization of the merger between Telef&#243;nica Spain and DTS was subordinated in 2015 have definitively expired.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Germany  </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">General regulatory framework  </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The European Union legislative framework was implemented in Germany at the end of June 2004, by the approval of Telecommunications Act (Telekommunikationsgesetz). The Telecommunications Act has been repeatedly amended over the last years, most recently through the transposition of the European Code of Electronic Communications (EECC) into German law with effect from December 1, 2021. The national regulatory authority responsible for regulation of electronic communication networks and services is the Bundesnetzagentur, or BNetzA</span><span style="color:#50535a;font-family:'Telefonica',sans-serif;font-size:9.5pt;font-weight:400;line-height:120%">.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The main licenses and concessions held by Telef&#243;nica in Germany are listed at the end of this Appendix VI under the title &#8220;Main concessions and licenses held by the Telef&#243;nica Group&#8221;. </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Spectrum </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In May 2024, the BNetzA continued the procedure for the provision of frequencies in the 800 MHz, 1,800 MHz and 2,600 MHz ranges with the publication of the consultation draft of a final decision (draft decision) and made this available for consultation until July 8, 2024. The draft decision is based on the BNetzA's framework conditions from September 2023 and the comments received on the same. The draft decision provides for the existing frequency usage rights in the above-mentioned frequency ranges, which expire at the end of 2025, to be extended for a transitional period of five years in an initial action plan.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In a second set of actions, a larger procedural framework is to be established for utilisation from 2031 onwards, including rights of use and new frequency ranges that expire in 2033 or become newly available for mobile communications in the coming years; a decision on this set of actions is planned for 2028.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Telef&#243;nica Deutschland Group commented on the draft decision. A final decision in the frequency provision procedure is expected in the first quarter of 2025.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Regarding the coverage requirements resulting from the 2019 frequency auction, the Telef&#243;nica Deutschland Group notified the BNetzA at the beginning of January 2023 that it had fulfilled the obligations due at the end of 2022 to cover households and major routes, and to commission 1,000 5G base stations and base stations in 500 white spots, respectively, in line with the obligations.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The notification was reviewed by the BNetzA. In September 2023, the BNetzA determined that the Telef&#243;nica Deutschland Group had fulfilled the obligation to supply households and 1,000 5G base stations on time. With regard to the sites along the major routes and in white spots that were not fulfilled on time, the BNetzA sent a further consultation letter to the Telef&#243;nica Deutschland Group regarding their non-fulfilment and subsequent fulfilment. With regard to a few sites where the BNetzA assumes that the Telef&#243;nica Deutschland Group is responsible for the </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">delay, the BNetzA opened a further hearing in September 2023 as part of a fine procedure. Both proceedings are still ongoing.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Regarding the coverage requirements to cover further traffic routes due at the end of 2024, the Telef&#243;nica Deutschland Group notified the BNetzA in January 2025 that it had fulfilled the obligations in line with the obligations. The notification is still being reviewed. </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Regarding the coverage requirements resulting from the 2019 frequency auction, the Telef&#243;nica Deutschland Group, the Deutsche Telekom Group and the Vodafone Group in July 2021 entered into a cooperation for the joint construction of additional radio towers and masts, as well as their technical support and use. The cooperation is designed to meet coverage obligations, especially for transport routes and in rural areas, where frequency holders are allowed to enter into cooperation agreements to fulfil these obligations. </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In November 2021, the Telef&#243;nica Deutschland Group concluded an agreement with the Deutsche Telekom Group on active shared network usage at &#8220;grey spots&#8221;, which are areas in which only one mobile network operator offers mobile network access to its customers. A similar agreement with the Vodafone Group has been concluded on January 25, 2022. In both cooperation agreements, live operations were launched in the third quarter of 2022 with reciprocal access to the first mobile network sites. </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On August 26, 2024, the Cologne Administrative Court ruled that the BNetzA decision of November 26, 2018, was unlawful due to concerns of bias and influence by a federal ministry; this decision was on the allocation and auction rules for the auction conducted in 2019 of the frequencies in the 2 GHz and 3.6 GHz ranges. The BNetzA was obliged by the court to issue a new decision. The grounds for the judgement would allow the BNetzA to reissue the previous decision with a new statement of reasons.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On August 2, 2023, the 1&amp;1 Group publicly disclosed it had concluded a binding preliminary contract for a long-term, exclusive national roaming partnership with Vodafone Group, in which the parties were obligated to conclude a final national roaming cooperation as quickly as possible. This cooperation includes the non-discriminatory provision of national roaming services in areas not yet covered by the new 1&amp;1 mobile network and in particular includes access to the 5G network of Vodafone Group, including mobile communication standards 2G and 4G and future mobile communication standards and technologies.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On August 23, 2024, the 1&amp;1 Group announced the final signing of the national roaming cooperation with the Vodafone Group and the launch of national roaming for new 1&amp;1 customers on the Vodafone Group network in areas not yet served by the 1&amp;1 Group itself starting August 29, 2024. Existing 1&amp;1 customers who previously used the Telef&#243;nica Deutschland Group network are to be migrated to the Vodafone Group network by December 31, 2025. </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Market reviews </span><span style="color:#006476;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%"> </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The EU Commission&#8217;s delegated act on termination rates entered into force on July 1, 2021 and the approved charges have been amended accordingly: </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Mobile termination rates (MTR) </span><span style="color:#006476;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%"> </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Due to the delegated act a charge of 0.20 euro cents per minute applies from January 1, 2024. This charge applies to all German providers of these services. </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Fixed termination rates (FTR) </span><span style="color:#006476;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%"> </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">FTRs have been subject to a charge of 0.07 euro cents per minute since July 1, 2021. This charge applies to all German providers of these services. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">United Kingdom  </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">General legislative framework  </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The EU Regulatory Framework was implemented in the United Kingdom by the Communications Act in 2003. The Office of Communications, or Ofcom, is designated as the NRA responsible for the regulation of electronic communications networks and services. Under the terms of the Withdrawal Agreement, the UK implemented the 2020 Electronic Communications and Wireless Telegraphy Regulation (Amendment) (European Electronic </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Communications Code and EU Exit) which made amendments to the Communications Act, with effect from December 21, 2020, in order to transpose the EECC into UK law.  </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The main licenses and concessions held by Telef&#243;nica in the United Kingdom are listed at the end of this Appendix VI under the title &#8220;Main concessions and licenses held by the Telef&#243;nica Group&#8221;. These licenses are part now of the joint venture with Liberty Global plc (VMED O2 UK Limited) (see Note 2).</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Wholesale price regulation  </span></div><div style="margin-top:9pt"><span style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Mobile termination rates (MTR)</span><span style="color:#50535a;font-family:'Telefonica',sans-serif;font-size:12pt;font-style:italic;font-weight:700;line-height:120%"> </span><span style="color:#50535a;font-family:'Telefonica',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:120%"> </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Following a market review, mobile termination rates for all mobile providers, including the four national mobile communications operators are subject to controls based on the pure long-run incremental cost approach ("pure LRIC"). In its 2021-2026 price control decisions, Ofcom set a charge control, with the prevailing rate as of April 1, 2024 set at 0.468ppm. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">However, termination rates for calls originating outside the UK must be no more than the reciprocal termination rate charged by the relevant international telecoms provider for a call originating in the UK, or the MCT provider&#8217;s domestic rate, whichever is the higher. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">MTR caps will be updated on April 1, 2025 based on inflation (CPI measured for 12 months at December 31, 2024) plus X, with X specified as + 1.5%.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Ofcom is expected to begin consulting on the regulation of these markets for 2026-2031 during the summer of 2025. </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Fixed termination rates (FTR) </span><span style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%"> </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Similar to MTRs Annual indexation to CPI applies to prevailing FTRs, but with no &#8220;X&#8221; adjustment based on the same time period for CPI. VMO2&#8217;s current FTR is 0.0356ppm from April 1, 2024.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The review of fixed termination rates will take place at the same time as MTRs are reviewed.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Spectrum  </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Following an agreement between the Government and industry to provide for a &#8220;Shared Rural Network&#8221;, the mobile operators, including Telefonica United Kingdom, agreed to amend their 900 and 1,800 MHz licenses to provide for 88% geographic coverage by 2024 and 90% geographic coverage by 2026. Telef&#243;nica UK achieved its coverage objective by the mid-2024 target date.    </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Ofcom has announced that it will start the award of 26GHz and 40GHz mmwave spectrum in the third quarter of 2025.</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In December 2024, Ofcom launched a consultation which reviews the annual licence fees paid for 900 MHz, 1800 MHz, and 2100 MHz spectrum. Ofcom&#8217;s initial proposal was a 14.8% reduction in the fees currently paid by Telef&#243;nica UK. </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Brazil  </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">General legislative framework </span><span style="color:#006476;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%"> </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">T</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">he delivery of telecommunications services in Brazil is subject to regulation under the regulatory framework provided in the General Telecommunications Law enacted in July 1997. The National Agency for Telecommunications (Ag&#234;ncia Nacional de Telecomunica&#231;&#245;es or ANATEL), is the principal regulatory authority for the Brazilian telecommunications sector. On October 4, 2019, Law 13.879/2019 was published, introducing significant changes to the telecommunications framework.  </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Brazilian competition regulation is based on Law No. 12529 of November 30, 2011. The Administrative Council for Economic Defense, or CADE, is the agency in charge of enforcing the competition rules. The antitrust law establishes a pre-merger notification regime for concentration transactions, with turnover thresholds (one participant with gross revenue of 750 million Brazilian reals in Brazil and other participant with gross revenue of 75 million Brazilian reals in Brazil) and maximum time length for merger review procedure (240 days, extendable to 330 days).On October 18, 2016, CADE issued the Resolution No 17, which changed the rules concerning the </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">mandatory notification of the so called &#8216;associative agreements&#8217;. The new regulation tends to reduce notifications of associative agreements that do not raise antitrust concerns. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Licenses  </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The main licenses and concessions of spectrum held by Telef&#243;nica in Brazil are listed at the end of this Appendix VI.  </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In the state of S&#227;o Paulo, Telef&#244;nica Brasil provides fixed telephony services (STFC) under the so-called public regime, through a concession agreement which is expected to remain in force until December 31, 2025. On October 4, 2019, Law 13.879/2019 (resulting from PLC 79/2016) was published. This Law introduces changes to the telecommunications regulatory framework by allowing fixed-line concessions operators to migrate from a concession regime for limited time (in which the underlying assets reverts to the government at the end of the concession) to an authorization regime. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On July 5, 2022, and according to the Law, ANATEL presented a methodology with an estimation of the economic value associated with the migration of the concession regime to authorization.This methodology was validated by the Federal Court of Accounts ("TCU" for its acronym in Portuguese) on March 22, 2023, with the consideration that ANATEL should envisage the market value for the valuation of reversible assets.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">ANATEL re-evaluated the service adequacy balance (from concession to authorization) based on the indications presented by the TCU, presenting a new economic value estimate that was approved on July 24, 2023. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Telef&#244;nica Brasil had to validate this value within 120 days. However, given the possibility that in processes involving arbitration and migration an agreement could be reached between ANATEL and Telef&#244;nica Brasil, which should be agreed with the TCU, ANATEL agreed to Telef&#244;nica Brasil's request to suspend the aforementioned 120 days term. Likewise, it sent to the TCU the request for a Consensual Solution for the resolution of the existing conflict between ANATEL and Telef&#244;nica Brasil registered under Process No. 036.366/2023-4.  </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On January 23, 2024, TCU approved ANATEL&#8217;s request for a friendly settlement, which resulted in the creation of negotiating committee. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On December 16, 2024, Telef&#244;nica Brasil, ANATEL, the TCU and the Brazilian Ministry of Communications signed an agreement on the terms and conditions for the adaptation of the STFC concession contracts to an authorization instrument (the Self-Composition Agreement). </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Self-Composition Agreement includes several key conditions: (i) Telef&#244;nica Brasil is required to make specific investments on terms established under the agreement; (ii) Telef&#244;nica Brasil must maintain the provision of fixed-line telephone services in certain locations without adequate competition within the concession area until December 31, 2028; (iii) all pending administrative and judicial proceedings related to the concession at ANATEL or in the courts must be resolved, and Telef&#244;nica Brasil must withdraw any cases filed against the regulator; and (iv) Telef&#244;nica Brasil must commit to fulfilling public interest pledges for up to ten years as part of the adaptation process. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Completion of the migration to the authorization regime is conditioned upon the signing of a Single Term of Authorization with ANATEL, compiling all previous licenses into one single title, which is expected to occur in the first quarter of 2025. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On April 8, 2021, the Ministry of Telecommunications and ANATEL approved the Resolution No. 744, which adopts the Regulation for the Continuity of the Provision of Fixed Commuted Telephony Service for Use by the General Public ("STFC") under the Public Regime - RCON. This Regulation established that at the end of Telef&#244;nica Brasil&#8217;s STFC concession, the assets belonging to its patrimony (which are used for the provision of multiple services including the STFC under the public regime) will be subject to a contract between the company and the new concessionaire or the Federal Government, to transfer their right of use under fair and reasonable economic conditions.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On the other hand, the assets that are indispensable and exclusively used to ensure the continuity of the provision of STFC under the public regime, will have their possession reverted to the Federal Government through compensation and under the terms of the RCON. It should be noted that these assets constitute residual and decreasing assets of the company's assets</span><span style="color:#2b3447;font-family:'Telefonica Sans',sans-serif;font-size:9.5pt;font-weight:400;line-height:120%">. </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In this way, the Concessionaire's assets, at the end of the concession contract on December 31, 2025, will not be susceptible to the reversal of its ownership to the Union. The assignment of the use of shared assets and the </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">possession of exclusive assets of the STFC is now defined by means of specific contracts already provided for in the operational manual of the RCON, approved by Decision No. 269/2021/COUN/SCO. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">After the adoption of Resolution No. 744, the obligation to submit a list of reversible assets ("RBR") to ANATEL is merely informative with the objective of maintaining transparency of the assets used by the Concessionaire in the provision of STFC under the public regime.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Nevertheless, it is important to emphasize that in the scope of administrative proceeding TC n&#186;. 003.342/2022-0, in progress at the TCU, a technical report stated that the RCON should be reviewed, such understanding shall still be submitted to the court&#8217;s ruling. The process was suspended by decision of the minister in charge.</span></div><div style="margin-top:9pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">With the approval of the adjustment term with ANATEL and TCU, Telef&#244;nica Brasil no longer has any reversible assets, so this discussion no longer affects us. However, the TCU can still review the RCON. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In the other Brazilian states, Telef&#244;nica Brasil provides local, international and long-distance STFC, personal mobile service (SMP) and broadband multimedia communication services (which include the provision of fixed broadband connection) and pay TV services, all under the private regime. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On June 17, 2020, the Decree that regulates Law 13,879/2019 was published. The Decree 10,402/2020 allows the renewal of existing licenses. Previously, only a single license renewal was allowed for the same period. Currently, the successive renewals will be made in a competitive process at market price. The renewal amount can be converted, totally or partially, into investment commitments. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Regarding the extension of the 850 MHz band authorizations, if the legal and regulatory requirements are met, ANATEL agreed to extend the current authorizations for the use of radio frequencies in Bands A and B, proposing their approval, on a primary basis, until November 29, 2028. However, specific conditions for renewal, including those related to the economic valuation criteria and obligations, were challenged by the affected service providers (including Telef&#244;nica Brasil). </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">After ANATEL dismissed the appeals filed by the providers, ANATEL referred the case to the federal court of accounts of Brazil (&#8220;TCU&#8221;), and in September 2022, TCU decided that the possibility of successive extensions brought by Law 13.879/19 should be considered as an exception, applicable only when certain requirements are met (art. 167 of Law 13.879/19 and article 12 of decree 10.402/20). Telef&#244;nica Brasil appealed that decision, defending the successive extension of licenses as a rule and not as an exception, in accordance to Law 13.879/19.  </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In addition, on December 8, 2022, ANATEL revoked Telef&#244;nica Brasil&#180;s 450 MHz spectrum authorization (451 - 458 MHz and 461 - 468 MHz) covering the states of Alagoas, Cear&#225;, Minas Gerais, Para&#237;ba, Pernambuco Piau&#237;, Rio Grande do Norte, Sergipe and part of S&#227;o Paulo. The decision was motivated by the fact that Telef&#244;nica Brasil could not provide evidence of service activation in the 450 MHz band as a result of the unavailability of 450 MHz devices ecosystem and of the waiver clause contained in the tender notice, interpreted by ANATEL as meaning that the waiver would operate automatically in case of non-activation of the frequency within the contractual term. Previously, on September 2022, ANATEL revoked authorizations held by other providers. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In 2022, Telef&#244;nica Brasil acquired part of the mobile assets of &#8220;Oi&#8221;, which resulted in additional spectrum authorizations in 900, 1800, and 2100 MHz. These assets were grouped into a Special Purpose Entity called &#8220;Garliava RJ Infraestructura e Redes de Telecomunica&#231;&#245;es S.A.", which was fully incorporated into the company in 2023. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In April 2023, ANATEL determined that the authorizations of the Telef&#244;nica Brasil, in the 900 MHz band should not be extended (with the exception of the region of Minas Gerais and authorizations acquired from "Oi"), alleging that the efficient use of this spectrum had not been properly demonstrated, since the low capacity associated with this band (2.5 + 2.5 MHz) imposes limitations on its effective use. The non-renewal of these 900 MHz licenses, however, does not affect the services currently provided by the company. Also in April 2023, ANATEL decided to renew the 1,800 MHz licenses of the Telef&#244;nica Brasil until 2032.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In August 2023, ANATEL also renewed the 900 MHz and 1800 MHz Telef&#244;nica Brasil licenses in part of the state of Minas Gerais (PGO sector 2) until 2032. The 900 MHz and 1800 MHz Telef&#244;nica Brasil licenses in the rest of the State of Minas Gerais (PGO sector 3), were already renewed by ANATEL in April 2020 and expire in 2035. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In addition, in the same month, ANATEL decided to renew the 2100 MHz Telef&#244;nica Brasil licenses until April 2038. This is the first extension foreseen in the contract and bidding process that originated these authorizations. TCU&#8217;s technical area did not identify any evidence of irrational or inappropriate use of the bands that would ultimately </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">justify refusing to extend the terms of these authorizations. On the other hand, it noted the need to adjust Article 31 of Resolution 757/2022 in order to maintain in the new proposed maximum validity periods. However, the final position of the TCU is still awaited. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In November 2021, ANATEL held the greatest spectrum auction in its history, with 700 MHz, 2.3 GHz, 3.5 GHz and 26 GHz lots. On that occasion, Telef&#244;nica Brasil acquired 3.5 GHz and 26 GHz national licenses (100 MHz and 600 MHz bandwidths, respectively). The company also won regional 2.3 GHz licenses, with 50 MHz bandwidth in Southeast Region (except Sao Paulo state and PGO Sector 3) and 40 MHz bandwidth in Sao Paulo state, North and Midwest Regions (except PGO Sectors 22 and 25). These licenses guarantee the necessary spectrum to provide 5G services and are valid for 20 years, renewable under existing legal conditions at the end of this time.  </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Interconnection, tariffs and prices  </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Interconnection among public networks is mandatory in Brazil. Generally, parties can freely negotiate the terms and conditions about technical points, economic discounts and rights/obligations, of the interconnection agreements. Interconnection rates for fixed network operators identified as operators with significant market power (SMP) (Resolution No. 588/2012) are defined by ANATEL; the interconnection rates for the use of mobile operators' networks (Resolution No. 438/2006), may be agreed between the parties. However, if the parties fail to reach a consensus, particularly regarding charges to fixed operators (Resolution No. 576/2011), ANATEL imposes the rates to be used. The mobile termination market is based on the model of incremental costs and, pursuant to applicable laws, variations in VU-M must be reflected in VC1 (retail price paid by users for local fixed-mobile calls). Regarding VC2 and VC3 (retail price paid by users for national long distance fixed-mobile calls), variations in VU-M no longer need to impact these values, as is still the case of VC1. In March 2020, ANATEL approved Resolution No. 724, which established the Standard for the implementation and monitoring of tariff freedom in the Fixed Telephone Service (STFC) for use by the general public, in the National Long-Distance mode. Since then, the company has been free to determine domestic long-distance fees according to the market. </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Telef&#243;nica Group, including VIVO, has been identified as an operator with SMP in the following markets: (i) fixed network infrastructure access for data transmission in copper pairs or coaxial cables at speeds up to 12 MBps in the region of S&#227;o Paulo; (ii) wholesale fixed network infrastructure to transport local and long distance transmission at speeds up to 34 MBps in the region of S&#227;o Paulo; (iii) passive ducts and trenches infrastructure throughout Brazil; (iv) call termination on mobile network in Brazil; (v) in the fixed call termination market in the region of S&#227;o Paulo; and (vi) national roaming market throughout Brazil.  </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">ANATEL's Resolution no. 694/2018 in July 2018 changed the PGMC, which, besides others changes, recognized a new relevant wholesale market of high capacity data transport services with speeds higher than 34 Mbps, in which Telef&#243;nica Brazil is established as SMP throughout the country.</span><span style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">  </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In addition, operators without SMP are no longer entitled to charge fixed termination fees up to 20% higher than the highest fee adopted by fixed operators with SMP in the same region, since the publication of the Resolution no. 694/2018 in July 2018.  </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Further, ANATEL&#8217;s Resolution No. 694 of July 17, 2018, changed article 41 of the Appendix II of the General Plan of Competition Goals (PGMC), and established the Bill and Keep between SMP and the non-SMP operators as 50/50%, from February 24, 2018. Accordingly, the VU-M values (in Brazilian reals) for 2024 applicable to Telef&#243;nica Brazil are the following: (i) Region I: 0,01472; (ii) Region 2: 0,01599; and (iii) Region 3: 0,01738, nevertheless Telef&#243;nica Brazil can reach an agreement for higher values with other operators.</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Since the publication of the Public Consultation 64 on the 6th of November, 2023, PGMC is under a revision process carried out by ANATEL, who is proposing inclusions of new relevant wholesale markets, alterations in the others and updating of SMP operators. The consultation period ended in April 2024, and the approval of the new PGMC is scheduled for the second half of 2025.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Regulation on Universal Service </span><span style="color:#006476;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%"> </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Currently, only Fixed Switched Telephony Services are subject to universalization obligations. These obligations are established in the General Plan of Universalization Targets (PGMU) and can be reviewed every five years. </span><span style="color:#006476;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Mexico  </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">General regulatory framework  </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In Mexico, telecommunication services are regulated by the Constitution, the Federal Telecommunication and Broadcasting Law (LFT y R), and the promulgated Federal Law of Economic Competition, in addition to specific regulations issued by the Federal Telecommunications Institute (IFT). This agency has played a role in the regulation, supervision, and promotion of these sectors, as well as in the implementation of asymmetric measures to prevent anti-competitive practices.  These measures include the framework interconnection agreement and a set of reference offers for: MVNOs, roaming and local loop unbundling. In 2014, Telef&#243;nica M&#233;xico used some reference offers. </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On December 20, 2024, a constitutional reform was published, which reorganizes the federal public administration by eliminating 16 autonomous bodies, including the IFT, whose powers will be assumed by agencies of the Federal Executive. Telecommunications and broadcasting regulation will be managed by a new agency &#8211; the Digital Transformation and Telecommunications Agency &#8211; while economic competition will be assigned to an antitrust authority. In addition, key functions such as the granting and revocation of concessions will be concentrated in the executive branch. Although the IFT's previous asymmetrical policies and regulations will remain in force until the new authority modifies them, this reform represents a significant structural change that poses regulatory and operational challenges. </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Notwithstanding the above, the issuance of the secondary legislation that will define the new agencies and their organizational structure is still pending. Under the terms of the reform, the abolition of the IFT will not take effect until 180 days after the publication of such legislation.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Licenses  </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Pegaso PCS, S.A. de C.V. (Pegaso PCS) has a Single Concessions which allows to provide any telecommunication services technically feasible.  </span></div><div style="margin-top:9pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Wholesale Agreement.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Telef&#243;nica M&#233;xico has extended until 2030 the term of the  "Wholesale Access Services Agreement" signed in 2019, through which AT&amp;T M&#233;xico provides Telef&#243;nica with access to its 3G, 4G, and 5G networks. Since the beginning of the traffic migration in 2020, Telef&#243;nica M&#233;xico&#8217;s customers have had access to AT&amp;T&#8217;s network, guaranteeing quality of service and data privacy. Notwithstanding the foregoing, Telef&#243;nica M&#233;xico continues to operate all other elements of its network, such as the transport and core network, which integrates all other platforms necessary to provide services to its customers in a completely independent and unrestricted manner.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Prices and tariffs </span><span style="color:#006476;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%"> </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Tariffs charged to customers are not regulated. They are set by companies and must be registered with the IFT, in order to be enforced. </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Interconnection </span><span style="color:#006476;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%"> </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On November 14, 2023, the NRA published the mobile termination rates (MTRs) that it will use to resolve MTR disputes for the years 2024, 2025 and 2026. For 2024, these were established for the Preponderant Economic Agent (Radiom&#243;vil Dipsa, S.A. de C.V.- Telcel-) at 0.013900 pesos per minute, while for mobile non-preponderants it will be 0.044972 pesos per minute. These rates were calculated using the cost model developed with the same pure cost methodology previously used, but with new criteria and variables.</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Foreign ownership/restrictions on transfer of ownership </span><span style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%"> </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Since the amendments to the Constitution published in June 2013 foreign investment (FDI) up to one hundred percent in telecommunications is allowed.</span><span style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Chile </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">General regulatory framework    </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The General Telecommunications Law No. 18168 of 1982, as amended, establishes the legal framework for the provision of telecommunications services in Chile. The main regulatory authority in Chile is SUBTEL (the Under-Secretary of Telecommunications). </span><span style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The principal regulation concerning competition in Chile is Decree No. 211 of 1973, whose current text was established in Law Decree No. 1 of 2005 (Ministerio of Econom&#237;a, Fomento y Reconstrucci&#243;n). The Competition Court follows and determines infringements of competition law. Law N&#186;. 20.945 was published on August 30, 2016 increasing the administrative fines up to 30% of the sales relating to the product line or services associated with the infringement during the period in which the alleged infringement took place, or up to the double of the economic profit reached by the infringement.  </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Other relevant laws that have an impact on the operation are Law No. 20,808, which protects the free choice of users in cable, Internet or telephony services, Law No. 21,046 that establishes the obligation of a guaranteed minimum speed of Internet access; Law No. 21,245, that establishes the obligation to provide the Automatic National Roaming service in certain areas; Law No. 19.496 concerning consumer data protection; Law No. 19,628 on the protection of personal data, and Law No. 21,542 allowing the protection of critical infrastructure by the Army in case of serious or imminent danger.  </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Licenses   </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#2c2c2c;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The main licenses and concessions to use spectrum are shown in the table at the end of this Annex.   </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Additionally, Telef&#243;nica Chile has been granted licenses of public local phone services, Voice Over Internet Protocol services, concessions of international long distance and concessions to install and exploit the national fiber optic network and mobile satellite. 2.6 GHz and 700 MHz concessions established an obligation for Telef&#243;nica M&#243;viles Chile to provide a wholesale service to MVNOs, under a non-discriminatory and complete reference offer (including prices). This same obligation extends to the new 5G technology recently deployed.  </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On December 5, 2019, the TDLC notified resolution 59 through which it modified the 60 MHz spectrum cap, establishing percentage caps by macrobands. Against this resolution, claims were filed by some operators and Conadecus, which were partially accepted by the Supreme Court on July 13, 2020, in the sense of: i) maintaining the percentage caps set by the TDLC, with the exception of the low macroband (up to 1 GHz) which went from 32% to 30%, and ii) establishing certain complementary measures to the Mobile Network Operators such as, national mandatory and temporary roaming; or keeping an offer of facilities and resale plans for MVNOs permanently available and updated, among others.  </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On February 16, 2021, the auction for the 3.5GHz band, initiated in 2020, was completed and Telef&#243;nica M&#243;viles Chile has been awarded 50MHz. On October 2, 2021, the decree granting the concession to Telef&#243;nica M&#243;viles Chile in the 3.35-3.40 GHz band was published in the Chilean Official Gazette. From that date, the terms conferred started as follows: (i) 30 years period of the concession and (ii) implementation of the terms for the start of service of the 5G project (12 months for stage 1, 24 months for stage 2, and 36 months for stage 3). Telef&#243;nica M&#243;viles Chile completed the deployment of all base stations corresponding to phase 1, 2 and 3 of the 5G project.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In October 2023, Subtel called for a second 5G tender to award 50 MHz in the 3,400 - 3,600 MHz band. The award was made at the end of June 2024, in favor of Claro de Chile SpA.</span></div><div style="margin-top:9pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Prices and tariffs </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Public telecommunication services prices and prices for intermediate telecommunication services are freely established by operators, unless there is an express resolution by Chile's Competition Court on existing conditions in the market confirming that there is not enough competition. Additionally, maximum prices for interconnection services (access charges for network use, mainly) are subject to tariff regulation for all operators, being set by stipulated procedures.  </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In June 2023, Subtel requested the Tribunal de Defensa de la Libre Competencia to review the services subject to tariff regulation and its resolution is still pending. Ministries set maximum tariffs under efficient operator model basis.  </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Maximum interconnection tariffs for telephony services are set every five years jointly by the Ministry of Transport and Telecommunications and the Ministry of Economy. </span><span style="color:#006476;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Interconnection </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Interconnection is obligatory for all license holders with the same type of public telecommunications services and between telephony public services and intermediate services that provide international long distance services. Every five years, SUBTEL sets the applicable tariffs for services provided through the interconnected networks. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On May 9, 2019, a Tariff Decree regarding fixed termination rate (Decree N&#186; 115/2019), was adopted for the 2019-2024 period. The tariff decree for the period 2019-2024, entered into force retroactively in May 2019 and represents a 65% drop from the previous value to reach a value of 1.3 CLP per minute during normal business hours. The current fixed decree remains in force by virtue of the provisions of Law No. 21.637, which establishes that a new single tariff process must be carried out for groups of fixed concessionaires. Subtel has already initiated this new single tariff process for groups of fixed concessionaires. Subtel has already initiated this new single tariff process for groups of fixed companies, corresponding to Group 1, which is formed by Telef&#243;nica Chile, and VTR/ Claro. The definitive technical bases for this new process were issued by Subtel on June 17, 2024. The companies submitted their tariff studies on November 4, 2024, and are awaiting the regulator's response on March 4, 2025. In the meantime, during the duration of this new process, Telef&#243;nica Chile must continue to apply the same rates, duly indexed, applicable under the current tariff decree, without having to apply them retroactively. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Regarding mobile termination rates, in 2019 a decree was issued, which will be applicable for the next 5 years, The average tariff which will apply until 2024 was 1.8 CLP per minute (0.0024 euros, without VAT, based on the exchange rate as of February 6, 2019, to be charged on a per second basis). The validity of the new tariff decree starts on January 26, 2019.  A new tariff decree is in the process of being approved by the Comptroller&#8217;s Office, whose tariffs, once published, will be retroactive to January 27, 2024, and will be in effect for the entire five-year period 2024-2029.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Argentina  </span><span style="color:#006476;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%"> </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">General regulatory framework  </span><span style="color:#006476;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%"> </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The basic legal framework for the provision of telecommunications services in Argentina is set forth in the Law &#8220;Argentina Digital&#8221; No. 27078 issued on January 7, 2015. This legal framework declared of public interest the development and regulation of information technology, communications and its associated resources (ICT's). Thus, this law became the specific regulatory regime for the free market, including rules on interconnection, universal service and radio spectrum, and setting out the principles of network neutrality and giving to the technological, informational and communicational companies the possibility of providing broadcasting services (except satellite infrastructure), and setting a single license system. </span><span style="color:#006476;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Additionally, the Government approved the Decree No. 267/2015, published in the Official Gazette on January 4, 2016, which amended the Argentina Digital Act creating the National Communication Agency (ENACOM), which is the continuation of the Federal Authority for ICTs (Autoridad Federal de Tecnolog&#237;as de la Informaci&#243;n y las Comunicaciones).  </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">By the Decree of Need and Urgency No. 690/2020 ("DNU 690/2020"), it was resolved to amend Law 27078, establishing that Information and Communication Technology Services and Access to telecommunications networks for and among licensees are essential and strategic public services. At the same time, it determined that the prices of ICT essential and strategic public services will be regulated by the authority. Finally, it incorporated mobile communication services as public services. In connection with DNU 690/2020, Telef&#243;nica de Argentina, S.A. and Telef&#243;nica M&#243;viles Argentina, S.A. (collectively, &#8220;Telef&#243;nica&#8221;) were forced to file a lawsuit against the Argentine State, in connection with a series of contracts for licenses to provide services and spectrum use authorizations entered into between Telef&#243;nica and the Argentine State, including the licenses resulting from the 2014 spectrum auction.  </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Finally, DNU 302/24 repealed DNU 690/2020 and amended the following articles of Law 27078: Article 48, which eliminated price regulation; Article 54, which was amended to leave only the basic telephone service as a public service; and finally, Article 15 of the Law, which was repealed. Finally, in August 2023, the injunction was again extended until February 2, 2024. The lawsuit initiated by Telef&#243;nica Argentina is ongoing as of the date of this Annual Report.   </span><span style="color:#006476;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Licenses </span><span style="color:#006476;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%"> </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The main licenses and concessions to use spectrum are shown in the table at the end of this Annex. </span><span style="color:#006476;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Additionally, Telef&#243;nica de Argentina has licenses for an indefinite period of time for the provision of communications services; local telephone services; long-distance national and international, telex, international communication and data transfer services; national and international value-added services, and other telecommunication services provided by the different license agreements entered into with the National State, and administrative acts entered into with the National State. </span><span style="color:#006476;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">  </span></div><div style="margin-bottom:9pt;margin-top:9pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Roaming</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">By means of Law 27.497 (BO 10/01/2019) the Economic Complementation Agreement No.35 between the States part of Mercosur and the Republic of Chile was approved, which includes the Commercial Agreement between the Republic of Chile and the Republic of Argentina by which these countries are obligated to implement the international roaming services in the territory of the other party with the same tariffs or prices they charge for the mobile services in their own country. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Finally, by means of Resolution ENACOM 927/2020, the International Roaming Regime between the Republic of Argentina and the Republic of Chile was approved, establishing as from August 29, 2020, the price for international roaming service between the two countries as a local service. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Law 27.740 (BO 02/05/2024) approved the Agreement for the Elimination of International Roaming Charges for End Users of Mercosur- Argentina, Brazil, Uruguay, and Paraguay, signed on July 17, 2019. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">This agreement establishes, among other things, that mobile service providers must apply to their end users the same prices they charge in their own country, according to the modality and plan contracted by each one. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The technical implementing regulations are still pending, so the agreement can be effectively implemented. </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Prices and tariffs </span><span style="color:#006476;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%"> </span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">With the enactment of DNU 302/ 2024, which supersedes DNU 690/ 2020, licensees are now able to freely set their own prices, on fair and reasonable, terms to cover exploitation costs and aim to an efficient provision and a reasonable operation margin. In this sense, the Authority of Application no longer has to authorize them.  </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On December 21, 2020, the BO published the ENACOM Resolution No. 1467/2020, which regulates the Mandatory Universal Basic Provision (PBU) for fixed and mobile telephone services, internet services and radio broadcasting by subscription through physical or radio links. Both the PBU benefits and the prices are established by the control authority. Only a certain group of persons who are covered by the cases set by the regulation (social plans beneficiaries, unemployed, etc.) may have access to the PBU. Although DNU 690/ 2020 has repealed the requirement for the establishment of the PBU, Resolution ENACOM 1467/ 2020 on the establishment of the PBU has not been repealed to date.  </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Interconnection </span><span style="color:#006476;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%"> </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The National Entity of Communications (ENACOM) has the power to control interconnection prices and tariffs, and also to set them in order to the general costs or other compensation mechanism. </span><span style="color:#006476;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Ministry of Modernization issued resolution 286/2018 establishing a new interconnection regulation. Based on this, ENACOM set a local origination or termination rate in the Fixed Telephony Service's networks equivalent to 0.0045 dollars per minute, for the local transit service an interim rate equivalent 0.0010 dollars per minute and for the service of long distance transport an interim rate equivalent to 0.0027 dollars per minute. A rate of 0.0108 dollars per minute applies to local origination or termination services in mobile networks. For all cases, the second was set as the appraisal unit of measurement. </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Colombia </span><span style="color:#006476;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%"> </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">General regulatory framework </span><span style="color:#006476;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%"> </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In Colombia there are different agencies responsible for decision-making in the Information Technology and Communications sector (ICT), among them are the Ministry of Information and Communication Technologies (MinTIC), the Communications Regulation Commission (CRC), the National Spectrum Agency (ANE), the Superintendence of Industry and Commerce (SIC). </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Through Law 1341 of July 30, 2009, principles and concepts applicable to Information societies and the Organization of Information and Communications Technologies -ICT- are defined, the National Spectrum Agency is </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">created and other provisions are issued and establishes the general framework for the formulation of public policies in the Information Technology and Communications sector. This Law was amended by Law 1978 of 2019, ICT sector is modernized, the competences are distributed and a single regulator is created, with the purpose of encouraging investment in the sector and focus on connectivity, creating more and better services, as well as unifying the regulatory framework and strengthening public television and radio. </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Likewise, article 10 of Law 1341 of 2009 establishes the general rating regime for the provision of telecommunications networks and services, this rating is understood to be formally assorted, when the interested party is registered in the ICT register, provided by Article 15 of the abovementioned Law, in the same way. With the reform of this Law carried out with the Law 1978 of 2019, the subscription television service is included as provision of telecommunications networks and services and by virtue of the provisions of the transition regime established by such last mentioned regulation, the operators that to date of its publication, had concession contracts for the provision of television can qualify for general authorization and provide services in an environment of technological neutrality. In addition, telecommunication services continue to be public services in charge of the State, and Internet access has been declared an essential public service by Law 2108 of 2021. </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Also, in accordance with the provisions of Article 11 of the Law 1341 of 2009, the use of the spectrum requires prior, express and granted permission by the MinTIC. As of 2019, with the amendment of Article 8 of the Law 1978, the validity of the use permit is extended of spectrum and its renewal from 10 to 20 years. The regulation provides that the granting or renewal of the permit to use a segment of the radio spectrum will result in payment, in favor of the Information and Communications Technology Fund and in charge of the permit holder. With the amendment of 2019, this consideration may be partially paid, up to 60% of the total amount, through the execution of obligations to do, to expand the quality, capacity and coverage of the service, which benefits the poor and vulnerable population, or in remote areas, in public schools located in rural areas and other official institutions such as health centers and public libraries, as well as providing emergency networks. </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On the other hand, the Colombian competition law is included in Law No. 155/1959, Decree No. 2153/1992 and Law No. 1340/2009 on restrictive trade practices.  </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Licenses </span><span style="color:#006476;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%"> </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The main concessions and licenses for spectrum use are reflected in the table, at the end of the Annex. </span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Telefonica applied in 2021 for the renewal of the permit for 15 MHz of spectrum in the 1900 MHz band, which was valid until October 18, 2021. For the renewal, on October 19, 2021 the MinTIC issued the resolution 2803 setting the price of renewal for 20 years .Telef&#243;nica appealed this resolution and the Ministry resolved, through Resolution 2143 of 2022, to decrease the renewal cost and eliminate the technological update obligations considered in the resolution of October 2021. Telef&#243;nica filed a request for direct revocation of the Resolution 2143, which was denied through Resolution 4454 of 2022. </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On the other hand, the company has processed in June 2023, the renewal of the permit for 30 MHz in the AWS band that was assigned in resolutions 2625 and 4121 of 2013. Likewise, in September 2023, it processed the renewal of the permits for 25 MHz in the 850 MHz band and 15 MHz in the 1900 band that were assigned through resolution 597 of 2014. The national norm allows that while the definitive conditions of these renewals are closed, the spectrum is used normally. For the AWS band, MinTIC renewed the license by Resolution No. 01053 of April 2024, and resolved the appeal filed by Resolution No. 3046 of August 2024. For the 850 and 1900 MHz bands, by Resolution No. 2657 of July 2024, MinTIC renewed the authorization for 18 months, from March 29, 2024, to September 28, 2025, for 132,437 million Colombian pesos (approximately 29 million euros at the exchange rate of December 31, 2024). </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In 2022, the MinTIC determined the maximum spectrum caps per provider of telecommunications networks and services for use in terrestrial mobile services (IMT) setting them at: 50 MHz for the low bands (below 1 GHz), 100 MHz for the medium bands (between 1 GHz and below 3 GHz), and 100 MHz for the medium-high bands (between 3 GHz and 6 GHz). In 2023, the MinTIC established that the calculation of the caps includes companies belonging to the same group of companies. </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Then, through MinTIC Resolutions 3947, 4138 and 4185 of 2023, it was declared open and established the requirements, conditions and procedure for the objective selection process through the auction mechanism, to grant permits for the use of the radio spectrum at national level, in the 700 MHz, 1900 MHz, extended AWS, 2500 MHz and 3500 MHz bands. The spectrum available was: 10 MHz in the 700 MHz and 1900 MHz bands, 30 MHz in the 2500 MHz and extended AWS bands, and 320 MHz in the 3500 MHz band.  </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In the auction conditions, the MinTIC accepted a recommendation from the competition authority not to allow Claro, as the dominant operator, to choose its location within the 3.5GHz band, so the Ministry defined it after the other participants chose their location.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The MinTIC held the auction on December 20, 2023 and Telef&#243;nica participated and acquired, in joint venture with Tigo (Colombia M&#243;vil S.A. E.S.P.), a block of 80 MHz in the 3.5 GHz band for the reserve value of 318&#160;billion pesos, which includes the amount to be recognized for obligations to do. The acquired block has coverage obligations in primary and secondary roads, as well as to connect educational institutions through optical fiber, which must be executed within a maximum term of 18 months, extendable to 24 months in some cases. The maximum value to be recognized by the Ministry for the execution of these obligations is 69&#160;billion pesos. The other 3 blocks were assigned to Claro, WOM and Telecall, the new operator, and also include obligations to perform</span><span style="color:#2b3447;font-family:'Telefonica Sans',sans-serif;font-size:9.5pt;font-weight:400;line-height:120%">.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">By Resolution No. 497 of February 2024, the MinTIC granted UT Movistar Tigo the authorization to use the frequency spectrum. The teams of both companies are working to fulfill the obligations of the authorization.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On the other hand, Tigo and Telef&#243;nica created the Temporary Union UNIRED, which will manage the spectrum use permits to be used by the single mobile access network company. MinTIC, through Resolution No. 5194 of December 13, 2024, approved the assignment of the spectrum use permit held by Tigo in the 700 MHz band.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Interconnection </span><span style="color:#006476;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%"> </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Mobile and fixed operators in Colombia have the right to interconnect to other operators&#8217; networks. Before the intervention of regulatory authorities, operators must attempt direct negotiations. Interconnection must assure compliance with the objectives of non-discriminatory treatment, transparency, prices based on costs plus a reasonable profit and promotion of competition. </span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The conditions for access, use and interconnection of telecommunication networks are defined by the CRC in Resolution 6522 of 2022. This standard defines the signaling conditions that include the mandatory use of the SIP protocol in at least one node of the network;  access conditions on the part of content and application providers (PCA) or Technology Integrators for the provision of content. This resolution modifies some articles of user protection regime, in relation to the sending SMS and USSD for commercial and advertising purposes, while establishing new obligations for assignees of short codes, and modifying the content of the Basic Interconnection Offer (OBI) was also changed with regards to the guarantees, establishing the option of prepayment and the obligation to update them.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In addition, the remuneration conditions for mobile services are in accordance with CRC 7007 of 2022. The charges for termination in mobile networks, termination of text messages, and the remuneration of National Automatic Roaming and OMVs are reduced.  Bill and Keep will apply on remuneration of termination in mobile networks and SMS from May 1, 2025; it does not apply to the use of mobile networks by technology integrators, PCAs and international long-distance providers.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Prices and tariffs </span><span style="color:#006476;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%"> </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Technologies of Information and Communications Law provides for a free pricing system for communication services, unless there are market failures or quality problems. From 2016 retail tariffs for fix to mobile calls are no longer regulated except for TIGO (one of the commercial names under which Colombia Movil operates) which still holds concession for the provision of personal communication services (PCS's). </span><span style="color:#006476;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Peru </span><span style="color:#006476;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%"> </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">General regulatory framework </span><span style="color:#006476;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%"> </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The provision of telecommunications services in Peru is governed by the Telecommunications Law, its General Regulation and related regulations. In July 2012, the Peruvian Congress approved the Law of Promotion of the Broad Band and Construction of the National Fiber Optic Backbone, Law No. 29904. This Law declared both (i) the construction of a National Fiber Optic Backbone available to the government to make possible the connectivity by the broad band; and (ii) the access and use of the infrastructure associated with the public services of energy and hydrocarbon to facilitate the display of the telecommunication network for the provision of the broad band of public necessity. In addition, Law No. 29904 implied that operators of electric, transport and hydrocarbon infrastructure projects would have to install fiber optic that would be available to the government and given in concession to telecommunication operators. Also, this law established that a percentage of the capacity of the National Fiber Optic Backbone would be reserved to the government to satisfy its necessities. Additionally, this Law incorporated the </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">obligation of the Internet services providers to comply with the Net Neutrality regulations. In this sense, the NRA, the Organismo Supervisor de las Telecomunicaciones (OSIPTEL), adopted regulations aimed at providing clear guidelines on the implementation of the net neutrality regime adopted in Peru in 2012 that are in force since January 1, 2017. </span><span style="color:#006476;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Law No. 30083 was approved in September 2013, which seeks to strengthen competition in the public mobile market service by introducing MVNOs and mobile rural infrastructure operators (MRIO). Regulations developing the Act were published in August 2015. </span><span style="color:#006476;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In June 2023, Law 31809, Law for the Promotion of a Connected Peru, was approved, which seeks to establish measures to implement technological renovation and reduce the digital gap. The Law provides for a comprehensive review of the regulatory framework by OSIPTEL, with a view to its simplification, among other measures.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The general competition framework in Peru is based on the Legislative Decree No. 1034. This Law it is applied, in the telecommunication sector, by OSIPTEL. </span><span style="color:#006476;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In November 2019, the government approved the Prior Control of Business Concentration Operations, applicable for those mergers, acquisitions, constitution of joint ventures or the acquisition of productive assets of economic agents that produce effects that restrict competition in the National territory. This regulation entered into force in March 2021.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In compliance with such regulatory framework, on September 28, 2023, the request for approval of the share subscription agreements for the entry of a subsidiary of Kohlberg Kravis Roberts - KKR &amp; Co, Inc. and Entel Per&#250; S.A. in the capital stock of Pangeaco S.A.C., the Peruvian fiber optic wholesale company incorporated on March 4, 2020, was filed before INDECOPI. The application was admitted with conditions for processing by INDECOPI in September 2024.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Licenses </span><span style="color:#006476;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%"> </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The main licenses and concessions to use spectrum are shown in the table at the end of this Annex. </span><span style="color:#006476;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Telef&#243;nica del Per&#250; S.A.A faces six concession renewal processes which correspond to requests made between 2014 and 2020, all of them are pending of decisions on the part of the Ministry of Transportation and Communications (&#8220;MTC&#8221;). These concessions, according with Peruvian legislation, remain valid while the proceedings are still ongoing.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">One of these renewal processes corresponds to the fourth gradual renewal of the concessions for the provision of fixed telephony services, which must be reevaluated as Telef&#243;nica del Per&#250; S.A.A won the arbitration process against the MTC's decision to deny this renewal.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The cable distribution broadcasting service concessions were renewed in May 2016 until March 2032 and 2033, respectively.  </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On November 2020, the Ministry of Transportation and Communications granted Pangeaco, S.A.C. concession for the provision of telecommunications public services for a 20-year term, renewable. This Group company was created in March 2020 in order to provide all kind of telecommunications services, as well as to acquire, have and exploit telecommunications infrastructure. The company signed on January 15, 2021 the respective concession contract.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">With regards to 5G, in August 2024, the Peruvian government approved Legislative Decree 1627 which allows a special mechanism for the direct allocation of 5G spectrum without the need for a public tender in exchange for investment commitments, as long as the demand does not exceed the available spectrum. To this end, the MTC will make calls for interested parties to submit their expressions of interest. The MTC has hired the consultant in charge of the recovery of the band 3.5 GHz and published the draft regulation of the legislative decree in December 2024. It is estimated that in the first half of 2025 the MTC will carry out the special allocation mechanism for the 3.5 GHz spectrum. Operators with assigned spectrum in this band that submit an Expression of Interest, will surrender this spectrum which is valued in order to discount it from the commitments to be assumed for the new spectrum. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Wholesale regulation for Major Suppliers </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">OSIPTEL reviews the markets identified as priority (fixed Internet, mobile, pay TV and circuits) every 3 years in order to determine the existence of major suppliers (companies with market power) in such markets and to impose </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">obligations such as infrastructure sharing and services resale. On June 17, 2021, OSIPTEL resolved to declare Telef&#243;nica del Per&#250; S.A.A. and its Economic Group in the country as an important provider in the wholesale Pay TV market in 10 regional markets. Telef&#243;nica del Per&#250; S.A.A. won an appeal for reconsideration against this decision, eliminating the obligation of sharing/reselling content. Currently, the review of the process of determination of important suppliers in the fixed Internet market is in progress, market in which Telef&#243;nica del Per&#250; S.A.A. and its economic Group in the country have been declared important suppliers in fixed Internet via xDSL and/or HFC technologies for speeds lower than 50 Mbps at national level in the last review carried out in 2019. In November 2024, OSIPTEL published a draft resolution concluding that there would be no major providers in the fixed fiber internet market.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Prices and tariffs </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Tariffs for fixed local telephony and long distance services are adjusted every three months considering services baskets, pursuant to a price cap formula from inflation and a productivity and must be approved by OSIPTEL in accordance with a price cap formula based on a productivity factor. For the period from September 2022 to August 2025, the productivity factor applicable to the tariff adjustments corresponding to the quarters September - November, December - February and March - May of each year would be equal to inflation (no tariff adjustments will be made).  Likewise, for the tariff adjustment corresponding to the June - August quarter, a reference productivity factor equivalent to -2.95% is considered; in this case, only if the annual variation of inflation is higher or lower than the absolute value of the reference factor +/- 1% will the respective tariff adjustment be made. OSIPTEL has started a new process of setting the productivity factor for the period from September 2025 to August 2028.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Rates charged by mobile providers to their customers have been subject to a free tariff regime supervised by OSIPTEL. Tariffs must be reported to OSIPTEL prior to implementation. On 2011, OSIPTEL approved a new price cap system by which the operators of fixed services determine the rates of the local fixed-mobile calls. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Such tariff is adjusted periodically for Telef&#243;nica del Per&#250; S.A.A. each time the mobile interconnection charge is adjusted. In June 2024, OSIPTEL published the adjustment of this cap rate, deciding to hold its value in 0.0004 PEN per second without VAT. Likewise, pursuant to the provisions of Law 31487, OSIPTEL initiated a process to set and/or review the cap rates for service reconnection and those derived from the rules of conditions of use. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In October 2024, it set the maximum rate for reconnection of the service at 3.88 PEN, excluding VAT. OSIPTEL has suspended the application of said tariff until February 14, 2025, while it is evaluating appeals filed by Telef&#243;nica del Per&#250; S.A.A. and other operators on this decision.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Interconnection </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On May 2022, OSIPTEL published the amendment of the MTR, at 0.00129 U.S. dollars per minute rated at the second, which is applicable as of May 4, 2022 and applies to all mobile service operators. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In June 2023, OSIPTEL, after 4 years since the last revision, published the rule that established the new value for 5 interconnection charges: (i) fixed interconnection charge; (ii) local switched transport; (iii) national long distance switched transport; (iv) interconnection links and; (v) network adequacy. These charges became effective as of June 5, 2022 and are applicable to all operators that provide interconnection services.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Main concessions and licenses held by the Telef&#243;nica Group </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The following tables list the concessions and licenses as of December 31, 2024 to use spectrum for mobile services and selected other applications in each country. </span></div><div style="margin-top:9pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:33.402%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.818%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.671%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:15.274%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:2.554%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:23.315%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:2.266%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #7c877c;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">EUROPE</span></td><td colspan="3" style="border-top:1pt solid #7c877c;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Frequency</span></td><td colspan="3" style="border-top:1pt solid #7c877c;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #7c877c;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Bandwidth (MHz)</span></td><td colspan="3" style="border-top:1pt solid #7c877c;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:1pt solid #7c877c;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Year of Exp. Date</span></td><td colspan="3" style="border-top:1pt solid #7c877c;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">&#160;</span></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #7c877c;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Spain</span></td><td colspan="2" style="border-top:1pt solid #7c877c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">700&#160;</span></td><td style="border-top:1pt solid #7c877c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:1pt solid #7c877c;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">MHz</span></td><td colspan="2" style="border-top:1pt solid #7c877c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">20&#160;</span></td><td style="border-top:1pt solid #7c877c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:1pt solid #7c877c;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #7c877c;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2041</span></td><td colspan="3" style="border-top:1pt solid #7c877c;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:2pt"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(1)</span></div></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="border-top:0.25pt solid #7c877c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">800&#160;</span></td><td style="border-top:0.25pt solid #7c877c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">MHz</span></td><td colspan="2" style="border-top:0.25pt solid #7c877c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">20&#160;</span></td><td style="border-top:0.25pt solid #7c877c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:0 1pt"></td><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2041</span></td><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:2pt"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(2)</span></div></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td colspan="2" style="border-top:0.25pt solid #7c877c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">900&#160;</span></td><td style="border-top:0.25pt solid #7c877c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">MHz</span></td><td colspan="2" style="border-top:0.25pt solid #7c877c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">29.6&#160;</span></td><td style="border-top:0.25pt solid #7c877c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:0 1pt"></td><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2040</span></td><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:2pt"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(2)</span></div></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1800</span></td><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">MHz</span></td><td colspan="2" style="border-top:0.25pt solid #7c877c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">40&#160;</span></td><td style="border-top:0.25pt solid #7c877c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:0 1pt"></td><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2038</span></td><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:2pt"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(2)</span></div></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1900</span></td><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">MHz (TDD)</span></td><td colspan="2" style="border-top:0.25pt solid #7c877c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">5&#160;</span></td><td style="border-top:0.25pt solid #7c877c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:0 1pt"></td><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2040</span></td><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:2pt"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(2)</span></div></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2100</span></td><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">MHz</span></td><td colspan="2" style="border-top:0.25pt solid #7c877c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">29.6&#160;</span></td><td style="border-top:0.25pt solid #7c877c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:0 1pt"></td><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2040</span></td><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:2pt"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(2)</span></div></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2600</span></td><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">MHz</span></td><td colspan="2" style="border-top:0.25pt solid #7c877c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">40&#160;</span></td><td style="border-top:0.25pt solid #7c877c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:0 1pt"></td><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2040</span></td><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:2pt"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(2)</span></div></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2600</span></td><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">MHz</span></td><td colspan="2" style="border-top:0.25pt solid #7c877c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">20&#160;</span></td><td style="border-top:0.25pt solid #7c877c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:2pt"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(3)</span></div></td><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2040</span></td><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:2pt"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(2)</span></div></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2600</span></td><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">MHz (TDD)</span></td><td colspan="2" style="border-top:0.25pt solid #7c877c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">10&#160;</span></td><td style="border-top:0.25pt solid #7c877c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:2pt"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(4)</span></div></td><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2040</span></td><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:2pt"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(2)</span></div></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3.5</span></td><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">GHz (TDD)</span></td><td colspan="2" style="border-top:0.25pt solid #7c877c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">40&#160;</span></td><td style="border-top:0.25pt solid #7c877c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:0 1pt"></td><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2040</span></td><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:2pt"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(2)</span></div></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3.5</span></td><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">GHz (TDD)</span></td><td colspan="2" style="border-top:0.25pt solid #7c877c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">10&#160;</span></td><td style="border-top:0.25pt solid #7c877c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:0 1pt"></td><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2048</span></td><td colspan="3" style="border-top:1pt solid #969696;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:2pt"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(2)</span></div></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3.5</span></td><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">GHz (TDD)</span></td><td colspan="2" style="border-top:0.25pt solid #7c877c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">50&#160;</span></td><td style="border-top:0.25pt solid #7c877c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:0 1pt"></td><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2048</span></td><td colspan="3" style="border-top:1pt solid #969696;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:2pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(2)</span></div></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">26</span></td><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">GHz (TDD)</span></td><td colspan="2" style="border-top:0.25pt solid #7c877c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1,000&#160;</span></td><td style="border-top:0.25pt solid #7c877c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:0 1pt"></td><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2043</span></td><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:2pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(1)</span></div></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #7c877c;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">United Kingdom (5)</span></td><td colspan="2" style="border-top:1pt solid #7c877c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">700&#160;</span></td><td style="border-top:1pt solid #7c877c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:1pt solid #7c877c;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">MHz</span></td><td colspan="2" style="border-top:1pt solid #7c877c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">20&#160;</span></td><td style="border-top:1pt solid #7c877c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:1pt solid #7c877c;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #7c877c;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Indefinite</span></td><td colspan="3" style="border-top:1pt solid #7c877c;padding:0 1pt"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">800</span></td><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">MHz</span></td><td colspan="2" style="border-top:0.25pt solid #7c877c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">20&#160;</span></td><td style="border-top:0.25pt solid #7c877c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:0 1pt"></td><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Indefinite</span></td><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:0 1pt"><div style="margin-bottom:2pt"><span><br/></span></div></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td colspan="2" style="border-top:0.25pt solid #7c877c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">900&#160;</span></td><td style="border-top:0.25pt solid #7c877c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">MHz</span></td><td colspan="2" style="border-top:0.25pt solid #7c877c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">34.8&#160;</span></td><td style="border-top:0.25pt solid #7c877c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:0 1pt"></td><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Indefinite</span></td><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:0 1pt"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1800</span></td><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">MHz</span></td><td colspan="2" style="border-top:0.25pt solid #7c877c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">11.6&#160;</span></td><td style="border-top:0.25pt solid #7c877c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:0 1pt"></td><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Indefinite</span></td><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:0 1pt"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1900</span></td><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">MHz (TDD)</span></td><td colspan="2" style="border-top:0.25pt solid #7c877c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">5&#160;</span></td><td style="border-top:0.25pt solid #7c877c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:0 1pt"></td><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2029</span></td><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:2pt"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(6)</span></div></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2100</span></td><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">MHz</span></td><td colspan="2" style="border-top:0.25pt solid #7c877c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">20&#160;</span></td><td style="border-top:0.25pt solid #7c877c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:0 1pt"></td><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Indefinite</span></td><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:0 1pt"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2300</span></td><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">MHz (TDD)</span></td><td colspan="2" style="border-top:1pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">40&#160;</span></td><td style="border-top:1pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:0 1pt"></td><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Indefinite</span></td><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:0 1pt"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2600</span></td><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">MHz (TDD)</span></td><td colspan="2" style="border-top:0.25pt solid #7c877c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">25&#160;</span></td><td style="border-top:0.25pt solid #7c877c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:0 1pt"></td><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Indefinite</span></td><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:0 1pt"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3.5</span></td><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">GHz (TDD)</span></td><td colspan="2" style="border-top:0.25pt solid #7c877c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">40&#160;</span></td><td style="border-top:0.25pt solid #7c877c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:0 1pt"></td><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Indefinite</span></td><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:0 1pt"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3.5</span></td><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">GHz (TDD)</span></td><td colspan="2" style="border-top:0.25pt solid #7c877c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">40&#160;</span></td><td style="border-top:0.25pt solid #7c877c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:0 1pt"></td><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Indefinite</span></td><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:0 1pt"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #7c877c;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Germany</span></td><td colspan="2" style="border-top:1pt solid #7c877c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">700&#160;</span></td><td style="border-top:1pt solid #7c877c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:1pt solid #7c877c;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">MHz</span></td><td colspan="2" style="border-top:1pt solid #7c877c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">20&#160;</span></td><td style="border-top:1pt solid #7c877c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:1pt solid #7c877c;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #7c877c;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2033</span></td><td colspan="3" style="border-top:1pt solid #7c877c;padding:0 1pt"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td colspan="2" style="border-top:0.25pt solid #7c877c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">800&#160;</span></td><td style="border-top:0.25pt solid #7c877c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">MHz</span></td><td colspan="2" style="border-top:0.25pt solid #7c877c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">20&#160;</span></td><td style="border-top:0.25pt solid #7c877c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:0 1pt"></td><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2025</span></td><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:0 1pt"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td colspan="2" style="border-top:0.25pt solid #7c877c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">900&#160;</span></td><td style="border-top:0.25pt solid #7c877c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">MHz</span></td><td colspan="2" style="border-top:0.25pt solid #7c877c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">20&#160;</span></td><td style="border-top:0.25pt solid #7c877c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:0 1pt"></td><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2033</span></td><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:0 1pt"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1800</span></td><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">MHz</span></td><td colspan="2" style="border-top:0.25pt solid #7c877c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">20&#160;</span></td><td style="border-top:0.25pt solid #7c877c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:0 1pt"></td><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2033</span></td><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:0 1pt"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1800</span></td><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">MHz</span></td><td colspan="2" style="border-top:0.25pt solid #7c877c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">20&#160;</span></td><td style="border-top:0.25pt solid #7c877c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:0 1pt"></td><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2025</span></td><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:0 1pt"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1900</span></td><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">MHz (TDD)</span></td><td colspan="2" style="border-top:0.25pt solid #7c877c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">5&#160;</span></td><td style="border-top:0.25pt solid #7c877c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:0 1pt"></td><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2025</span></td><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:0 1pt"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2100</span></td><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">MHz (TDD)</span></td><td colspan="2" style="border-top:0.25pt solid #7c877c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">14.2&#160;</span></td><td style="border-top:0.25pt solid #7c877c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:0 1pt"></td><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2025</span></td><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:0 1pt"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2100</span></td><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">MHz</span></td><td colspan="2" style="border-top:0.25pt solid #7c877c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">10&#160;</span></td><td style="border-top:0.25pt solid #7c877c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:0 1pt"></td><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2040</span></td><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:0 1pt"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2100</span></td><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">MHz</span></td><td colspan="2" style="border-top:0.25pt solid #7c877c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">30&#160;</span></td><td style="border-top:0.25pt solid #7c877c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:0 1pt"></td><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2025</span></td><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:0 1pt"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2600</span></td><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">MHz</span></td><td colspan="2" style="border-top:0.25pt solid #7c877c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">60&#160;</span></td><td style="border-top:0.25pt solid #7c877c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:0 1pt"></td><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2025</span></td><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:0 1pt"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2600</span></td><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">MHz (TDD)</span></td><td colspan="2" style="border-top:0.25pt solid #7c877c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">20&#160;</span></td><td style="border-top:0.25pt solid #7c877c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:0 1pt"></td><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2025</span></td><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:0 1pt"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #7c877c;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td colspan="2" style="border-bottom:1pt solid #7c877c;border-top:0.25pt solid #7c877c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3.5&#160;</span></td><td style="border-bottom:1pt solid #7c877c;border-top:0.25pt solid #7c877c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-bottom:1pt solid #7c877c;border-top:0.25pt solid #7c877c;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">GHz (TDD)</span></td><td colspan="2" style="border-bottom:1pt solid #7c877c;border-top:0.25pt solid #7c877c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">70&#160;</span></td><td style="border-bottom:1pt solid #7c877c;border-top:0.25pt solid #7c877c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-bottom:1pt solid #7c877c;border-top:0.25pt solid #7c877c;padding:0 1pt"></td><td colspan="3" style="border-bottom:1pt solid #7c877c;border-top:0.25pt solid #7c877c;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2040</span></td><td colspan="3" style="border-bottom:1pt solid #7c877c;border-top:0.25pt solid #7c877c;padding:0 1pt"></td><td colspan="3" style="display:none"></td></tr></table></div><div style="text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:4.55pt;font-weight:400;line-height:120%;position:relative;top:-2.44pt;vertical-align:baseline">(1)</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:120%"> Initial term can be extended for 20 additional years. </span></div><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:4.55pt;font-weight:400;line-height:112%;position:relative;top:-2.44pt;vertical-align:baseline">(2)</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:112%"> License extended 10 additional years by Ministerial Order of 20th June 2024. </span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:4.55pt;font-weight:400;line-height:120%;position:relative;top:-2.44pt;vertical-align:baseline">(3)</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:120%"> Regional licenses in Madrid and Melilla. </span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:4.55pt;font-weight:400;line-height:120%;position:relative;top:-2.44pt;vertical-align:baseline">(4)</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:120%"> National license excluding 2 regions (Madrid and Melilla). </span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:4.55pt;font-weight:400;line-height:120%;position:relative;top:-2.44pt;vertical-align:baseline">(5)</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:120%"> These licenses are part of the joint venture with Liberty Global plc (VMED O2 UK Limited).</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:4.55pt;font-weight:400;line-height:120%;position:relative;top:-2.44pt;vertical-align:baseline">(6) </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:120%">It will expire in April 2029 after the 2024 announcement. This band has not been implemented for mobile use and will be allocated to other applications in accordance with ECC Decision (20)02.</span></div><div style="text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:31.063%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.964%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.964%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:15.420%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:2.554%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:24.777%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:2.558%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #7c877c;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">BRAZIL </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:5.2pt;font-weight:700;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(1)</span></div></td><td colspan="3" style="border-top:1pt solid #7c877c;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Frequency</span></td><td colspan="3" style="border-top:1pt solid #7c877c;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #7c877c;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Bandwidth (MHz)</span></td><td colspan="3" style="border-top:1pt solid #7c877c;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:1pt solid #7c877c;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Year of Exp. Date</span></td><td colspan="3" style="border-top:1pt solid #7c877c;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #7c877c;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:1pt solid #7c877c;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">700</span></td><td colspan="3" style="border-top:1pt solid #7c877c;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">MHz</span></td><td colspan="2" style="border-top:1pt solid #7c877c;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">20&#160;</span></td><td style="border-top:1pt solid #7c877c;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="border-top:1pt solid #7c877c;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #7c877c;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2029</span></td><td colspan="3" style="border-top:1pt solid #7c877c;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">850</span></td><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">MHz</span></td><td colspan="2" style="border-top:0.25pt solid #7c877c;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">25&#160;</span></td><td style="border-top:0.25pt solid #7c877c;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:2pt"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(2)</span></div></td><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2028</span></td><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:2pt"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(3)</span></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">900</span></td><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">MHz</span></td><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">5-10</span></div></td><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:2pt"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(4)</span></div></td><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2032-2035</span></td><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:2pt"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(5)</span></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1800</span></td><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">MHz</span></td><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">20-80</span></div></td><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:2pt"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(6)</span></div></td><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2032-2035</span></td><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:2pt"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(5)</span></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2100</span></td><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">MHz</span></td><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">30-60</span></div></td><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:2pt"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(6)</span></div></td><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2038</span></td><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:0 1pt"><div style="margin-bottom:2pt"><span><br/></span></div></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2300</span></td><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">MHz (TDD)</span></td><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:right"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">40-50</span></div></td><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:2pt"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(7)</span></div></td><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2041</span></td><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2500</span></td><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">MHz</span></td><td colspan="2" style="border-top:0.25pt solid #7c877c;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">40&#160;</span></td><td style="border-top:0.25pt solid #7c877c;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:2pt"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(8)</span></div></td><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2027-2031</span></td><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:2pt"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(9)</span></div></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3.5</span></td><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">GHz (TDD)</span></td><td colspan="2" style="border-top:0.25pt solid #7c877c;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">100&#160;</span></td><td style="border-top:0.25pt solid #7c877c;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:0 1pt"></td><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2041</span></td><td colspan="3" style="border-top:0.25pt solid #7c877c;padding:0 1pt"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #7c877c;padding:0 1pt"></td><td colspan="3" style="border-bottom:1pt solid #7c877c;border-top:0.25pt solid #7c877c;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">26</span></td><td colspan="3" style="border-bottom:1pt solid #7c877c;border-top:0.25pt solid #7c877c;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">GHZ</span></td><td colspan="2" style="border-bottom:1pt solid #7c877c;border-top:0.25pt solid #7c877c;padding:2px 0 2px 1pt;text-align:right;vertical-align:top"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">600&#160;</span></td><td style="border-bottom:1pt solid #7c877c;border-top:0.25pt solid #7c877c;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="border-bottom:1pt solid #7c877c;border-top:0.25pt solid #7c877c;padding:0 1pt"></td><td colspan="3" style="border-bottom:1pt solid #7c877c;border-top:0.25pt solid #7c877c;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2041</span></td><td colspan="3" style="border-bottom:1pt solid #7c877c;border-top:0.25pt solid #7c877c;padding:0 1pt"></td></tr></table></div><div style="text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:4.55pt;font-weight:400;line-height:120%;position:relative;top:-2.44pt;vertical-align:baseline">(1)</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:120%"> Telef&#244;nica Brasil uses high and low frequency spectrum in all regions of Brazil. </span></div><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:4.55pt;font-weight:400;line-height:120%;position:relative;top:-2.44pt;vertical-align:baseline">(2)</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:120%"> States of AC, AM, AP, BA, DF, ES, GO, MA, MG, MS, MT, PA, PR, RJ, RO, RR, RS, SC, SE, SP and TO - except for sectors PGO 3, 22, 25, 30 and 33</span></div><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:4.55pt;font-weight:400;line-height:120%;position:relative;top:-2.44pt;vertical-align:baseline">(3)</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:120%"> Current licenses expire in 2028. ANATEL decided to limit their renewal until 2028, due to a future mandatory refarming process. </span></div><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:4.55pt;font-weight:400;line-height:120%;position:relative;top:-2.44pt;vertical-align:baseline">(4)</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:120%"> 10 MHz in the State of MG; 5 MHz in the States of AM, RR, AP, PA, MA, BA, SE and SP - except for municipalities with CN 11.</span></div><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:4.55pt;font-weight:400;line-height:120%;position:relative;top:-2.44pt;vertical-align:baseline">(5)</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:120%">Regional licenses: expiration and renewal dates depend on the region.</span></div><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:4.55pt;font-weight:400;line-height:120%;position:relative;top:-2.44pt;vertical-align:baseline">(6)</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:120%"> Bandwidth varies by region.</span></div><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:4.55pt;font-weight:400;line-height:120%;position:relative;top:-2.44pt;vertical-align:baseline">(7)</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:120%"> 50 MHz in the southeastern region of Brazil (except the state of SP and Sector 3 of PGO); 40 MHz in the state of SP (except Sector 33 of PGO), and in the northern and central-western regions of Brazil (except Sectors 22 and 25 of PGO).</span></div><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:4.55pt;font-weight:400;line-height:120%;position:relative;top:-2.44pt;vertical-align:baseline">(8)</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:120%"> 40 MHz is the most common bandwidth but may increase up to 60 MHz in some regions.</span></div><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:4.55pt;font-weight:400;line-height:120%;position:relative;top:-2.44pt;vertical-align:baseline">(9)</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:120%"> The initial term of Band X will expire in 2027 and Band P in 2031.</span></div><div><span><br/></span></div><div style="text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:24.923%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:19.075%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:19.806%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:15.128%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.204%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:2.264%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:1pt solid #7c877c;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">HISPANOAM&#201;RICA</span></td><td colspan="3" style="border-top:1pt solid #7c877c;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Frequency</span></td><td colspan="3" style="border-top:1pt solid #7c877c;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #7c877c;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Bandwidth (MHz)</span></td><td colspan="3" style="border-top:1pt solid #7c877c;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Year of Exp. Date</span></td><td colspan="3" style="border-top:1pt solid #7c877c;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #7c877c;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Argentina</span></td><td colspan="2" style="border-top:1pt solid #7c877c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">700&#160;</span></td><td style="border-top:1pt solid #7c877c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:1pt solid #7c877c;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">MHz</span></td><td colspan="2" style="border-top:1pt solid #7c877c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">20&#160;</span></td><td style="border-top:1pt solid #7c877c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:1pt solid #7c877c;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2033</span></td><td colspan="3" style="border-top:1pt solid #7c877c;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td colspan="2" style="border-top:0.5pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">850&#160;</span></td><td style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">MHz (AMBA)</span></td><td colspan="2" style="border-top:0.5pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">30&#160;</span></td><td style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Indefinite</span></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td colspan="2" style="border-top:0.5pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">850&#160;</span></td><td style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">MHz (Sur)</span></td><td colspan="2" style="border-top:0.5pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">25&#160;</span></td><td style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Indefinite</span></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1900</span></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">MHz (AMBA)</span></td><td colspan="2" style="border-top:0.5pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">20&#160;</span></td><td style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Indefinite</span></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1900</span></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">MHz (Norte)</span></td><td colspan="2" style="border-top:0.5pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">50&#160;</span></td><td style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Indefinite</span></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1900</span></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">MHz (Sur)</span></td><td colspan="2" style="border-top:0.5pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">25&#160;</span></td><td style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Indefinite</span></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1700</span></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">MHz/2100 MHz </span></td><td colspan="2" style="border-top:0.5pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">20&#160;</span></td><td style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2033</span></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:0 1pt"><div style="margin-bottom:2pt"><span><br/></span></div></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2600</span></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">MHz</span></td><td colspan="2" style="border-top:0.5pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">30&#160;</span></td><td style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2035</span></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:2pt"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(1)</span></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3.5</span></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">GHz (TDD)</span></td><td colspan="2" style="border-top:0.5pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">50&#160;</span></td><td style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2043</span></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:0 1pt"><div style="margin-bottom:2pt"><span><br/></span></div></td></tr><tr><td colspan="3" style="border-top:1pt solid #7c877c;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Chile</span></td><td colspan="2" style="border-top:1pt solid #7c877c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">700&#160;</span></td><td style="border-top:1pt solid #7c877c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:1pt solid #7c877c;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">MHz</span></td><td colspan="2" style="border-top:1pt solid #7c877c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">20&#160;</span></td><td style="border-top:1pt solid #7c877c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:1pt solid #7c877c;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2045</span></td><td colspan="3" style="border-top:1pt solid #7c877c;padding:0 1pt"><div style="margin-bottom:2pt"><span><br/></span></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td colspan="2" style="border-top:0.5pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">850&#160;</span></td><td style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">MHz</span></td><td colspan="2" style="border-top:0.5pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">25&#160;</span></td><td style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Indefinite</span></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1900</span></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">MHz</span></td><td colspan="2" style="border-top:0.5pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">20&#160;</span></td><td style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2032</span></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:2pt"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(2)</span></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2600</span></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">MHz</span></td><td colspan="2" style="border-top:0.5pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">40&#160;</span></td><td style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2043</span></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2600</span></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">MHz (TDD)</span></td><td colspan="2" style="border-top:0.5pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">12&#160;</span></td><td style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2038</span></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:2pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(3)</span></div></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3.5</span></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">GHz</span></td><td colspan="2" style="border-top:0.5pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">50&#160;</span></td><td style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2051</span></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:0 1pt"></td></tr><tr><td colspan="3" style="border-top:1pt solid #7c877c;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Colombia</span></td><td colspan="2" style="border-top:1pt solid #7c877c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">700&#160;</span></td><td style="border-top:1pt solid #7c877c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:1pt solid #7c877c;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">MHz</span></td><td colspan="2" style="border-top:1pt solid #7c877c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">20&#160;</span></td><td style="border-top:1pt solid #7c877c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:1pt solid #7c877c;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2040</span></td><td colspan="3" style="border-top:1pt solid #7c877c;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:2pt"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(4')</span></div></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">850</span></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">MHz</span></td><td colspan="2" style="border-top:0.5pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">25&#160;</span></td><td style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2025</span></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:2pt"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(4)</span></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1700</span></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">MHz/2100 MHz</span></td><td colspan="2" style="border-top:0.5pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">30&#160;</span></td><td style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2025</span></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:2pt"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(4)</span></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1900</span></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">MHz</span></td><td colspan="2" style="border-top:0.5pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">15&#160;</span></td><td style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2025</span></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:2pt"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(4)</span></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1900</span></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">MHz</span></td><td colspan="2" style="border-top:0.5pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">15&#160;</span></td><td style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2041</span></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:2pt"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(5)</span></div></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3.5</span></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">GHz (TDD)</span></td><td colspan="2" style="border-top:0.5pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">80&#160;</span></td><td style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2044</span></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:2pt"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(4')</span></div></td></tr><tr><td colspan="3" style="border-top:1pt solid #7c877c;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Ecuador</span></td><td colspan="2" style="border-top:1pt solid #7c877c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">850&#160;</span></td><td style="border-top:1pt solid #7c877c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:1pt solid #7c877c;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">MHz</span></td><td colspan="2" style="border-top:1pt solid #7c877c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">25&#160;</span></td><td style="border-top:1pt solid #7c877c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:1pt solid #7c877c;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2025</span></td><td colspan="3" style="border-top:1pt solid #7c877c;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:2pt"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(5')</span></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:0.25pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1900</span></td><td colspan="3" style="border-top:0.25pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">MHz</span></td><td colspan="2" style="border-top:0.25pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">60&#160;</span></td><td style="border-top:0.25pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:0.25pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2025</span></td><td colspan="3" style="border-top:0.25pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:2pt"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(5')</span></div></td></tr><tr><td colspan="3" style="border-top:1pt solid #7c877c;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Peru</span></td><td colspan="2" style="border-top:1pt solid #7c877c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">450&#160;</span></td><td style="border-top:1pt solid #7c877c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:1pt solid #7c877c;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">MHz (Lima and Callao)</span></td><td colspan="2" style="border-top:1pt solid #7c877c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">10&#160;</span></td><td style="border-top:1pt solid #7c877c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:1pt solid #7c877c;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2028</span></td><td colspan="3" style="border-top:1pt solid #7c877c;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:2pt"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(6)</span></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td colspan="2" style="border-top:0.5pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">700&#160;</span></td><td style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">MHz</span></td><td colspan="2" style="border-top:0.5pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">30&#160;</span></td><td style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2036</span></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td colspan="2" style="border-top:0.5pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">850&#160;</span></td><td style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">MHz</span></td><td colspan="2" style="border-top:0.5pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">25&#160;</span></td><td style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2030</span></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:2pt"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(6')</span></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td colspan="2" style="border-top:0.5pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">900&#160;</span></td><td style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">MHz (Lima and Callao)</span></td><td colspan="2" style="border-top:0.5pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">10&#160;</span></td><td style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2028</span></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td colspan="2" style="border-top:0.5pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">900&#160;</span></td><td style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">MHz (Rest of provinces)</span></td><td colspan="2" style="border-top:0.5pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">16&#160;</span></td><td style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2028</span></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:0 1pt"><div style="margin-bottom:2pt"><span><br/></span></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1700</span></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">MHz/2100 MHz </span></td><td colspan="2" style="border-top:0.5pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">40&#160;</span></td><td style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2033</span></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1900</span></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">MHz (Lima and Callao)</span></td><td colspan="2" style="border-top:0.5pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">25&#160;</span></td><td style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2030</span></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1900</span></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">MHz (Rest of provinces)</span></td><td colspan="2" style="border-top:0.5pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">25&#160;</span></td><td style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2018</span></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:2pt"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(7)</span></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td colspan="2" style="border-top:0.5pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3.5&#160;</span></td><td style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">GHz</span></td><td colspan="2" style="border-top:0.5pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">50&#160;</span></td><td style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2027</span></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:0 1pt"><div style="margin-bottom:2pt"><span><br/></span></div></td></tr><tr><td colspan="3" style="border-top:1pt solid #7c877c;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Uruguay</span></td><td colspan="2" style="border-top:1pt solid #7c877c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">700&#160;</span></td><td style="border-top:1pt solid #7c877c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:1pt solid #7c877c;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">MHz</span></td><td colspan="2" style="border-top:1pt solid #7c877c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">30&#160;</span></td><td style="border-top:1pt solid #7c877c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:1pt solid #7c877c;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2037</span></td><td colspan="3" style="border-top:1pt solid #7c877c;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">850</span></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">MHz</span></td><td colspan="2" style="border-top:0.5pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">25&#160;</span></td><td style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2044</span></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:2pt"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(8)</span></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1900</span></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">MHz</span></td><td colspan="2" style="border-top:0.5pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">20&#160;</span></td><td style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2042/2044</span></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:2pt"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(8')</span></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1900</span></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">MHz</span></td><td colspan="2" style="border-top:0.5pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">40&#160;</span></td><td style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2033</span></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2600</span></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">MHz</span></td><td colspan="2" style="border-top:0.5pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">40&#160;</span></td><td style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2045</span></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3.5</span></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">GHz (TDD)</span></td><td colspan="2" style="border-top:0.5pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">100&#160;</span></td><td style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2048</span></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:0 1pt"></td></tr><tr><td colspan="3" style="border-top:1pt solid #7c877c;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Venezuela</span></td><td colspan="2" style="border-top:1pt solid #7c877c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">850&#160;</span></td><td style="border-top:1pt solid #7c877c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:1pt solid #7c877c;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">MHz</span></td><td colspan="2" style="border-top:1pt solid #7c877c;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">25&#160;</span></td><td style="border-top:1pt solid #7c877c;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:1pt solid #7c877c;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2027</span></td><td colspan="3" style="border-top:1pt solid #7c877c;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:2pt"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(9)</span></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1900</span></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">MHz</span></td><td colspan="2" style="border-top:0.5pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">50&#160;</span></td><td style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2027</span></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:2pt"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(9)</span></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1700</span></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">MHz/2100 MHz </span></td><td colspan="2" style="border-top:0.5pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">20&#160;</span></td><td style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2027</span></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:2pt"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(9)</span></div></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2600</span></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">MHz </span></td><td colspan="2" style="border-top:0.5pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">40&#160;</span></td><td style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2029</span></td><td colspan="3" style="border-top:0.5pt solid #bfbfbf;padding:0 1pt"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #7c877c;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">&#160;</span></td><td colspan="3" style="border-bottom:1pt solid #7c877c;border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">3.5</span></td><td colspan="3" style="border-bottom:1pt solid #7c877c;border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">GHz</span></td><td colspan="2" style="border-bottom:1pt solid #7c877c;border-top:0.5pt solid #bfbfbf;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">50&#160;</span></td><td style="border-bottom:1pt solid #7c877c;border-top:0.5pt solid #bfbfbf;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="border-bottom:1pt solid #7c877c;border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2026</span></td><td colspan="3" style="border-bottom:1pt solid #7c877c;border-top:0.5pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="margin-bottom:2pt"><span style="color:#000000;font-family:'Calibri',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(10)</span></div></td></tr></table></div><div style="text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:4.55pt;font-weight:400;line-height:120%;position:relative;top:-2.44pt;vertical-align:baseline">(1)</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:120%"> Covering 65% of the population.  </span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:4.55pt;font-weight:400;line-height:120%;position:relative;top:-2.44pt;vertical-align:baseline">(2)</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:120%"> 10MHz sold in 2021 as a result of the &#8216;Subtel&#8217; (Chilean National Regulator) proposal to comply with the High Court resolution (June 2018) that mandates operators to return certain amount of spectrum they acquired in the 700MHz auction in 2014. </span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:4.55pt;font-weight:400;line-height:120%;position:relative;top:-2.44pt;vertical-align:baseline">(3)</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:120%"> Only in Metropolitan Region. </span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:4.55pt;font-weight:400;line-height:120%;position:relative;top:-2.44pt;vertical-align:baseline">(4)</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:120%"> Spectrum licenses extended until September 2025.</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:4.55pt;font-weight:400;line-height:120%;position:relative;top:-2.44pt;vertical-align:baseline">(4')</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:120%"> Spectrum licenses part of the UTE with Tigo Colombia.</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:4.55pt;font-weight:400;line-height:120%;position:relative;top:-2.44pt;vertical-align:baseline">(5)</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:120%"> Renewed for 20 years.</span></div><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:4.55pt;font-weight:400;line-height:112%;position:relative;top:-2.44pt;vertical-align:baseline">(5')</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%"> </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:112%">Concesion extended until February 2025. Pending final renewal conditions.</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:4.55pt;font-weight:400;line-height:120%;position:relative;top:-2.44pt;vertical-align:baseline">(6)</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:120%"> Spectrum returned except in the Provinces of Lima and Callao</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:4.55pt;font-weight:400;line-height:120%;position:relative;top:-2.44pt;vertical-align:baseline">(6')</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:120%"> Provinces of Lima and Callao: expiration date of March 2030; rest of provinces in December 2030. </span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:4.55pt;font-weight:400;line-height:120%;position:relative;top:-2.44pt;vertical-align:baseline">(7)</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:120%"> In process of renewal. Extension requested on May 30, 2016. According to the regulation, the license maintains its validity until the Ministry of Transport and Communications decides over the request presented. </span></div><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:4.55pt;font-weight:400;line-height:112%;position:relative;top:-2.44pt;vertical-align:baseline">(8) </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:112%">25 MHz has been renewed for 20 years until 2044. </span></div><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:4.55pt;font-weight:400;line-height:112%;position:relative;top:-2.44pt;vertical-align:baseline">(8')</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:112%">10 MHz has been renewed for 20 years until  2044; 10 MHz has been renewed for 20 years until in 2042. </span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:4.55pt;font-weight:400;line-height:120%;position:relative;top:-2.44pt;vertical-align:baseline">(9)</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:120%"> Renewed for 5 years. </span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:4.55pt;font-weight:400;line-height:120%;position:relative;top:-2.44pt;vertical-align:baseline">(10)</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:120%"> Available for Fixed Wireless Access licenses.</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Telef&#243;nica seeks&#160;to use its spectrum in the most efficient way, implementing 5G and LTE-Advanced where possible. </span></div>Besides the spectrum assets included in the above tables, Telef&#243;nica owns other assets of spectrum used for other services in higher frequency ranges (above 6 GHz), including access transport.<span></span>
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<span style="display: none;">v3.25.0.1</span><table class="report" border="0" cellspacing="2" id="idm45294741067104">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Annex 1<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2024</div></th></tr>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_tef_Annex1Abstract', window );"><strong>Annex 1 [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ifrs-full_DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory', window );">Annex 1</a></td>
<td class="text">Basis of presentation of the consolidated financial statements<div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The accompanying consolidated financial statements were prepared from the accounting records of Telef&#243;nica, S.A. and each of the companies comprising the Telef&#243;nica Group, whose separate financial statements were prepared in accordance with the generally accepted accounting principles applicable in the various countries in which they are located, and for the purposes of these consolidated financial statements are presented in accordance with the International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB). These consolidated financial statements present fairly, in all material respects, the consolidated equity and financial position at December 31, 2024, and of the consolidated results of operations, changes in consolidated equity and the consolidated cash flows obtained and used in the year then ended.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The euro is the Group&#8217;s reporting currency.&#160;The figures in these consolidated financial statements are expressed in million euros, unless indicated otherwise, and may therefore be rounded. </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Note 3 contains a detailed description of the most significant accounting policies used to prepare these consolidated financial statements.</span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Materiality criteria </span></div><div style="margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">These consolidated financial statements do not include certain information or disclosures that, not having to be presented due to their qualitative significance, were deemed to be immaterial or of no relevance pursuant to the concepts of materiality or relevance defined in the IFRS conceptual framework, insofar as the Telef&#243;nica Group&#8217;s consolidated financial statements, taken as a whole, are concerned.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Comparative information and main changes in the consolidation scope </span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">For comparative purposes, the accompanying consolidated financial statements for 2024 include the figures for 2023, and the consolidated income statement, the consolidated statement of comprehensive income, the consolidated statement of changes in equity and the consolidated statement of cash flows, and the notes thereto for the year then ended, they also include those of 2022.</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The main events and changes in the consolidation scope affecting comparability of the consolidated information (see Appendix I for a detailed description of the consolidation scope and the changes during the year) are as listed below.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Exchange rates evolution</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:32.233%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:32.233%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:32.234%"></td><td style="width:0.1%"></td></tr><tr><td colspan="9" style="border-top:1pt solid #b6b6b6;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Variation of average exchange rate vs euro</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #b6b6b6;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #b6b6b6;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2024 vs 2023</span></td><td colspan="3" style="border-top:1pt solid #b6b6b6;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2023 vs 2022</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #b6b6b6;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Brazilian real</span></td><td colspan="2" style="border-top:1pt solid #b6b6b6;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(7.0&#160;</span></td><td style="border-top:1pt solid #b6b6b6;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%)</span></td><td colspan="2" style="border-top:1pt solid #b6b6b6;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">0.3&#160;</span></td><td style="border-top:1pt solid #b6b6b6;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #b6b6b6;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Pound sterling</span></td><td colspan="2" style="border-top:1pt solid #b6b6b6;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2.7&#160;</span></td><td style="border-top:1pt solid #b6b6b6;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="border-top:1pt solid #b6b6b6;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(2.0&#160;</span></td><td style="border-top:1pt solid #b6b6b6;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%)</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #b6b6b6;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">New peruvian sol</span></td><td colspan="2" style="border-top:1pt solid #b6b6b6;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(0.3&#160;</span></td><td style="border-top:1pt solid #b6b6b6;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%)</span></td><td colspan="2" style="border-top:1pt solid #b6b6b6;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(0.4&#160;</span></td><td style="border-top:1pt solid #b6b6b6;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%)</span></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #b6b6b6;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Chilean peso</span></td><td colspan="2" style="border-top:1pt solid #b6b6b6;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(11.2&#160;</span></td><td style="border-top:1pt solid #b6b6b6;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%)</span></td><td colspan="2" style="border-top:1pt solid #b6b6b6;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">1.1&#160;</span></td><td style="border-top:1pt solid #b6b6b6;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #b6b6b6;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Colombian peso</span></td><td colspan="2" style="border-top:1pt solid #b6b6b6;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">5.8&#160;</span></td><td style="border-top:1pt solid #b6b6b6;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="border-top:1pt solid #b6b6b6;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(4.3&#160;</span></td><td style="border-top:1pt solid #b6b6b6;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%)</span></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #b6b6b6;border-top:1pt solid #b6b6b6;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Mexican peso</span></td><td colspan="2" style="border-bottom:1pt solid #b6b6b6;border-top:1pt solid #b6b6b6;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(2.8&#160;</span></td><td style="border-bottom:1pt solid #b6b6b6;border-top:1pt solid #b6b6b6;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%)</span></td><td colspan="2" style="border-bottom:1pt solid #b6b6b6;border-top:1pt solid #b6b6b6;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">10.3&#160;</span></td><td style="border-bottom:1pt solid #b6b6b6;border-top:1pt solid #b6b6b6;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td></tr></table></div><div style="margin-bottom:9pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:32.233%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:32.233%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:32.234%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="9" style="border-top:1pt solid #b6b6b6;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Variation of closing exchange rate vs euro</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #b6b6b6;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #b6b6b6;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2024 vs 2023</span></td><td colspan="3" style="border-top:1pt solid #b6b6b6;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2023 vs 2022</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #b6b6b6;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Brazilian real</span></td><td colspan="2" style="border-top:1pt solid #b6b6b6;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(16.9&#160;</span></td><td style="border-top:1pt solid #b6b6b6;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%)</span></td><td colspan="2" style="border-top:1pt solid #b6b6b6;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4.1&#160;</span></td><td style="border-top:1pt solid #b6b6b6;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #b6b6b6;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Pound sterling</span></td><td colspan="2" style="border-top:1pt solid #b6b6b6;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4.8&#160;</span></td><td style="border-top:1pt solid #b6b6b6;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="border-top:1pt solid #b6b6b6;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">2.1&#160;</span></td><td style="border-top:1pt solid #b6b6b6;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #b6b6b6;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">New peruvian sol</span></td><td colspan="2" style="border-top:1pt solid #b6b6b6;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">4.8&#160;</span></td><td style="border-top:1pt solid #b6b6b6;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="2" style="border-top:1pt solid #b6b6b6;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(0.7&#160;</span></td><td style="border-top:1pt solid #b6b6b6;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%)</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #b6b6b6;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Argentine peso</span></td><td colspan="2" style="border-top:1pt solid #b6b6b6;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(16.7&#160;</span></td><td style="border-top:1pt solid #b6b6b6;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%)</span></td><td colspan="2" style="border-top:1pt solid #b6b6b6;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(78.8&#160;</span></td><td style="border-top:1pt solid #b6b6b6;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%)</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #b6b6b6;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Chilean peso</span></td><td colspan="2" style="border-top:1pt solid #b6b6b6;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(6.4&#160;</span></td><td style="border-top:1pt solid #b6b6b6;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%)</span></td><td colspan="2" style="border-top:1pt solid #b6b6b6;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(5.7&#160;</span></td><td style="border-top:1pt solid #b6b6b6;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%)</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-top:1pt solid #b6b6b6;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Colombian peso</span></td><td colspan="2" style="border-top:1pt solid #b6b6b6;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(7.8&#160;</span></td><td style="border-top:1pt solid #b6b6b6;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%)</span></td><td colspan="2" style="border-top:1pt solid #b6b6b6;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">21.6&#160;</span></td><td style="border-top:1pt solid #b6b6b6;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="border-bottom:1pt solid #b6b6b6;border-top:1pt solid #b6b6b6;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Mexican peso</span></td><td colspan="2" style="border-bottom:1pt solid #b6b6b6;border-top:1pt solid #b6b6b6;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">(13.5&#160;</span></td><td style="border-bottom:1pt solid #b6b6b6;border-top:1pt solid #b6b6b6;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%)</span></td><td colspan="2" style="border-bottom:1pt solid #b6b6b6;border-top:1pt solid #b6b6b6;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">11.2&#160;</span></td><td style="border-bottom:1pt solid #b6b6b6;border-top:1pt solid #b6b6b6;padding:2px 1pt 2px 0;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr></table></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In 2024, there was a negative impact on Equity attributable to equity holders of the Parent Company for translation differences amounting to 2,174 million euros (positive impact of 419 million euros in 2023) mainly due to the depreciation of the Brazilian real (see Note 17.f).</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Valuation of non-current assets of Telef&#243;nica M&#243;viles Argentina, S.A. (Telef&#243;nica Argentina)</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In 2018 Argentina became a hyperinflationary economy. The annual inflation rates for 2024 and 2023 in Argentina were 117.8% and 211.4%, respectively (see Note 3.a).</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The exchange rate used to translate inflation-adjusted items denominated in Argentine pesos in the 2024 financial statements is the official exchange rate as of December 31, 2024 which was 1,073.18 Argentine pesos per euro, compared to 893.45 Argentine pesos per euro at December&#160;31, 2023 (a depreciation of around 17% per year). The Equity attributable to equity holders of the Parent Company increased by 899 million euros in 2024 due to the translation differences of the financial statements of Telef&#243;nica Argentina (see Note 17.f).</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In 2024, Telef&#243;nica Argentina achieved the business plans in force during the year. However, high levels of inflation generated a very significant increase in the carrying amount of non-current assets, with an appreciation of the Argentine peso in real terms during 2024 of more than 80%. Thus, the inflation adjustment of intangible assets and tangible fixed assets of Telef&#243;nica Argentina in 2024 was 1,279 million euros (see notes 6 and 8).</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">For this reason, the Group has calculated the recoverable value of these assets as of December 31, 2024, with the following valuation assumptions:</span></div><div style="margin-bottom:9pt;margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">Revenue growth (average over business plan period): 8.8%</span></div><div style="margin-bottom:9pt;margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">Operating margin (average over business plan period): 20.4%</span></div><div style="margin-bottom:9pt;margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">CapEx to sales ratio (average over business plan period): 10.9%</span></div><div style="margin-bottom:9pt;margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">Discount rate (WACC): 17% (25% before tax)</span></div><div style="margin-bottom:9pt;margin-top:9pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8226;</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">Perpetuity growth rate: 3%</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">As a result of this analysis, Telef&#243;nica's management has estimated that the recoverable value of the assets assigned to the cash-generating unit would be lower than their carrying amount as of December 31, 2024. The Group has recorded an impairment loss on intangible assets and property, plant and equipment, proportional to their net carrying amount, amounting to 436 million euros and 838 million euros, respectively (see notes 6 and 8).</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The tax effect of the impairment losses recorded is a lower deferred tax expense due to the variation in temporary differences associated with these assets, amounting to 446 million euros (see Note 25).</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Following the recording of these impairment losses, the carrying amount of Telef&#243;nica Argentina's net assets as of December 31, 2024 amounts to 1,175 million euros (1,149 million euros as of December 31, 2023).</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The contribution of Telef&#243;nica Argentina to the consolidated revenues for 2024, after its conversion to euros, has been 2,226 million euros (1,237 million euros in 2023) and the contribution to the operating income, before the impairment losses described above, has been a loss of 84 million euros (a loss of 199 million euros in 2023). </span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On February 24, 2025, Telef&#243;nica sold all the shares that it held in Telef&#243;nica M&#243;viles Argentina, S.A. (see Note 31). </span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">ICSID Arbitration Telef&#243;nica, S.A. vs. Republic of Colombia</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On November 12, 2024 Telef&#243;nica obtained a favorable award regarding the investment dispute with the Republic of Colombia submitted to the International Centre for Settlement of Investment Disputes (&#8220;ICSID&#8221;)  (see Note 29.a). </span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Court has stated that the Republic of Colombia failed to comply with its obligation to grant fair and equitable treatment to Telef&#243;nica's investments under Article 2(3) of the APPRI, and has ordered it to pay the amount of 380 million U.S. dollars (approximately 358 million euros recorded in Other income, see Note 26) plus compound interest at a rate of 5% per year as compensation for the damages caused. Accrued interest as of December 31, 2024 amounts to 154 million euros (Note 19).</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On November 27, 2024, the Republic of Colombia submitted to the ICSID an application for annulment and a request for suspension of enforcement of the award. In accordance with ICSID procedures, in these situations, enforcement of the award is provisionally suspended until a new court decides on the request, within a maximum period of 30 days since its constitution. At the date of preparation of these financial statements, the court has not been constituted, although its constitution is expected in the short term.</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Following the legal analysis carried out, Telef&#243;nica's management considers that the award represents a firm right to collection, and therefore it has been recorded in the financial statements as of December 31, 2024.The amount owed by the Republic of Colombia as of that date is recorded in "Short-term credits" (see Note 15) of the consolidated statement of financial position.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:120%">VMED O2 UK joint venture </span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On June 1, 2021, the joint venture in the United Kingdom (see Note 10) owned 50% by Telef&#243;nica and Liberty Global plc called VMED O2 UK Limited ("VMO2"), was established.</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Telef&#243;nica received dividends from VMO2 amounting to 425 million pounds sterling (approximately 512 million euros), 1,000 million pounds sterling (approximately 1,154 million euros), and 800 million pounds sterling (909 million euros) in 2024, 2023 and 2022, respectively (see Note 28).</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The share of (loss) income of VMO2 accounted for by the equity method in the consolidated income statements of the Telef&#243;nica Group amounted to an income of 89 million euros in 2024, a loss of 2,030 million euros in 2023, and an income of 292 million euros in 2022 (see Note 10). The loss in 2023 included the effect of the impairment of goodwill recorded by VMO2 in the amount of 3,572 million euros with an impact of 1,786 million euros on the consolidated income statement of the Telef&#243;nica Group (see Note 10).</span></div><div style="margin-bottom:9pt;margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:110%">Acquisition of mobile assets of Oi Group</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On April 20, 2022, the closing of the transaction related to the Purchase Agreement for Acquisition of Unidade Produtiva Isolada (UPI) Mobile Assets of Oi Group took place, and Telef&#243;nica Brasil acquired, on such date, all the shares of the company Garliava RJ Infraestrutura e Redes de Telecomunica&#231;&#245;es S.A. (Garliava), to which the mobile assets of Oi Group assigned to Telef&#243;nica Brazil had been contributed, under the segregation plan stated in the Oi Agreement.</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Telef&#243;nica Brasil thus acquired its share of mobile assets of the Oi Group for an amount, which was subject to adjustments, of 5,373 million Brazilian reais (approximately 1,063 million euros at the exchange rate at such date). A payment of 4,885 million Brazilian reais (approximately 972 million euros) was made at closing of the transaction. The remaining amount, equivalent to 10% of the payment made on that date, is withheld subject to certain price adjustments and potential indemnification obligations contained in the purchase agreement for the acquisition of mobile assets of the Oi Group. </span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The total consideration also included 110 million Brazilian reais subject to the fulfilment of certain targets, and other costs amounting to 8 million Brazilian reais. Thus, the total consideration transferred amounted to 5,492 million Brazilian reais (1,093 million euros at the date of the closing of the transaction). </span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On the date of approval of the consolidated financial statements for the year 2022, the Company had concluded the report for the allocation of the purchase price. The fair value assigned to Oi's licenses amounted to 520 million euros. The goodwill amounted to 676 million euros (see Note 5).</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In October 2023, the arbitration proceeding between the parties ended (see Note 29.c), resulting on a final price the for the UPI Mobile Assets assigned to Telef&#243;nica Brasil of 5,129 million Brazilian reais as of the closing date (compared to the 5,373 million Brazilian reais of the initial price). As a result, 50% of the retained amount (488 million reais), plus applicable interest was offset against the amount allocated as debt and the other 50%, in the updated amount of 277 million reais (51 million euros at such date), was withdrawn by Telef&#243;nica Brasil before the Arbitration Chamber (see Note 5).</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Agreement between Telef&#243;nica de Espa&#241;a and Telef&#243;nica Infra with Vauban Infrastructure Partners and Credit Agricole Assurance for the establishment of Bluevia</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In July 2022, an agreement was reached between Telef&#243;nica de Espa&#241;a and Telef&#243;nica Infra with the consortium formed by Vauban Infrastructure Partners (Vauban) and Cr&#233;dit Agricole Assurances (CAA) for the establishment of a company, Bluevia Fibra, S.L. for the deployment and commercialization of a fiber to the home network mainly in rural areas in Spain.</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On December 20, 2022 once the regulatory authorizations were obtained and after the fulfillment of the remaining agreed conditions, the transaction was completed.</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The consortium formed by CAA and Vauban has acquired 45% of the Company for a total amount of 1,021 million euros in cash, paid on the closing of the agreement (see Note 28). The transaction had no impact on the consolidated income statements of the Telef&#243;nica Group as it consisted on the sale of minority interest, with Telef&#243;nica retaining control over Bluevia. The impact of this transaction in equity attributable to equity holders of the parent was an increase of 986 million euros in "Retained earnings". In addition, there was in increase in equity attributable to non-controlling interest amounting to 23 million euros (see Note 17).</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The difference between the tax value of the assets transferred to Bluevia and their carrying amount in the Group's consolidated annual accounts generated a deferred tax asset for deductible temporary differences amounting to 548 million euros (see Note 25).</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Collective Bargaining Agreement and Collective Redundancies Plan </span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On December 28, 2023, certain subsidiaries of Telef&#243;nica Spain and the most representative Trade Union Organizations reached an agreement to sign the III Collective Bargaining Agreement valid until December 31, 2026 and can be extended for a further year, with the aim of moving towards a more digital, flexible company prepared for future challenges in a highly competitive context. These agreements were endorsed on January 3, 2024.</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In addition, and in parallel, these subsidiaries agreed to execute the Collective Redundancies Plan, which provided for collective redundancies affecting up to a total of 3,420 employees. Employees who turned 56 years or older in 2024 and with a seniority of more than 15 years were able to adhere to the Collective Redundancies Plan. However, targets were established that resulted in limits on joining in critical areas or additional redundancies based on business reasons.</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In "Personnel expenses" of the consolidated income statement for the year 2023, a provision of 1,320 million euros before taxes (see Note 24) corresponding to Telef&#243;nica Spain, based on the present value of the estimated payment flows resulting from the Collective Redundancies Plan.</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Public Offers for the Acquisition of Shares of Telef&#243;nica Deutschland</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On November 7, 2023, Telef&#243;nica, through its subsidiary Telef&#243;nica Local Services GmbH, launched a partial voluntary public tender offer for shares of Telef&#243;nica Deutschland Holding AG (&#8220;Telef&#243;nica Deutschland&#8221;). The Offer acceptance period began on December 5, 2023 and ended on January 17, 2024 (both inclusive).</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">At the date of the Offer announcement, Telef&#243;nica was the owner, directly or indirectly, of 71.81% of the share capital and voting rights of Telef&#243;nica Deutschland and, consequently, the Offer was announced on shares representing approximately 28.19% remaining.</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On December 31, 2023, Telef&#243;nica owned 82.43% of the share capital of Telef&#243;nica Deutschland (70.58% as of December 31, 2022), having made direct purchases on the market for an amount of 816 million euros (see Note 27.h y 28).</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">These purchases made in 2023 produced an increase of 46 million euros in the equity attributed to the parent company and a decrease of 866 million euros in the equity attributed to minority interests (see Note 17 h).</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Offer was settled on January 26, 2024 reaching 94.12% of the share capital, including acquisitions through the Offer and acquisitions in the market until that date (See Note 31).</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On March 20, 2024, a public tender offer was launched with the aim of acquiring the shares of Telef&#243;nica Deutschland that were not directly or indirectly owned by Telef&#243;nica at that time (the &#8220;Tender Offer&#8221;). The consideration offered to Telef&#243;nica Deutschland shareholders was 2.35 euros in cash per share. The offer closed on April 18, 2024.</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Once the tender offer was completed, and also combined with direct purchases on the market, Telef&#243;nica held 96.85% of the share capital and voting rights of Telef&#243;nica Deutschland.</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">These purchases made in 2024 have resulted in an increase of 28 million euros in the equity attributed to the parent company and a decrease of 1,057 million euros in the equity attributed to minority interests (see Note 17).</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Impairment of Telef&#243;nica's assets in Peru and Ordinary Insolvency Procedure.</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In 2024, an impairment loss of the entire remaining goodwill assigned to the cash-generating unit in Per&#250; amounting to 226 million euros was recorded (see Note 7), as well as 34 million euros allocated to the fiber optics business in Peru (see Note 30). Additionally, until the carrying amount and the recoverable amount of the CGU are equal, an impairment loss of intangible assets has been recorded amounting to 54 million euros (see Note 6).</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Likewise, in 2024, Telef&#243;nica del Per&#250; has reversed deferred tax assets for loss carryforwards amounting to 91 million euros (see Note 25).</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">As a result of the above, as of December 31, 2024, the carrying amount of Telef&#243;nica del Per&#250;'s net assets amounts to 124 million euros.</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Additionally, following the analysis of the recoverability of the assets of Pangea (the wholesale fiber optic company in Peru) at the end of 2024, an impairment of property, plant and equipment amounting to 108 million euros has been recorded, as well as a reversal of deferred tax assets amounting to 13 million euros (see Note 30).</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On February 14, 2025 the Board of Directors of Telef&#243;nica del Per&#250; S.A.A. with the aim of achieving an orderly restructuring liabilities of said company, resolved to invoke the Ordinary Insolvency Procedure of Telef&#243;nica del Per&#250;, established under the Peruvian regulation (see Note 31). In order to facilitate the invocation, Telef&#243;nica Hispanoam&#233;rica has granted a credit facility of up to 1,549 million Peruvian soles (approximately 394 million euros), subject to strict conditionality and with a maturity of eighteen months, to meet exclusively operational cash requirements of Telef&#243;nica del Per&#250;. The financial situation of Telef&#243;nica del Per&#250; has been very negatively affected by tax contingencies that are more than 20 years old (see Tax litigation in Telef&#243;nica del Per&#250; in Note 25), as well as by administrative decisions which have placed the company in a competitive disadvantage within a particularly challenging market environment. In relation to the abovementioned tax contingencies, Telef&#243;nica is currently in arbitration before the ICSID (see Note 29.a). </span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Telef&#243;nica del Per&#250;&#8217;s liabilities are not guaranteed by any other company of the Telef&#243;nica Group. </span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Impairment of goodwill assigned to the Chilean CGU</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In the Telef&#243;nica Hispam segment, an impairment of goodwill assigned to the cash-generating unit in Chile amounting to 397 million euros was recorded in 2024 (see Note 7).</span></div><div style="margin-top:9pt"><span style="color:#1f497d;font-family:'Arial',sans-serif;font-size:11pt;font-weight:700;line-height:120%">ANNEX 1</span><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.853%"><tr><td style="width:1.0%"></td><td style="width:33.453%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:64.347%"></td><td style="width:0.1%"></td></tr><tr><td colspan="6" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">BRAZIL'S SPECTRUM PORTFOLIO: MEANING OF THE STATES, REGIONS AND SECTORS ACRONYMS</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Acronym</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">State</span></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">AC</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Acre</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">AL</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Alagoas</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">AP</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Amap&#225;</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">AM</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Amazonas</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">BA</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Bahia</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">CE</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Ceara</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">DF</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Distrito Federal</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">ES</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Esp&#237;rito Santo</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">GO</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Goi&#225;s</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">MA</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Maranh&#227;o</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">MT</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Mato Grosso</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">MS</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Mato Grosso do Sul</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">MG</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Minas Gerais</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">PA</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Par&#225;</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">PB</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Para&#237;ba</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">PR</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Paran&#225;</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">PE</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Pernambuco</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">PI</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Piau&#237;</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">RJ</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Rio de Janeiro</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">RN</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Rio Grande do Norte</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">RS</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Rio Grande do Sul</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">RO</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Rond&#244;nia</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">RR</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Roraima</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">SC</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Santa Catarina</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">SP</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">S&#227;o Paulo</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">SE</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Sergipe</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">TO</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Tocantins</span></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:100%">&#160;</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:100%">&#160;</span></td></tr></table></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.853%"><tr><td style="width:1.0%"></td><td style="width:33.453%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:64.347%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Regions</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">States &amp; towns<br/>included in the regions</span></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">SP (City)</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">SP (Interior)</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2'</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">SP -&#160;&#160;towns of sector 33 of the GPLG</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">3</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">RJ and ES</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">4</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">MG</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">4'</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">MG -&#160;&#160;towns of sector 3 of the GPLG</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">5</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">PR and SC</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">5'</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">PR - towns of sector 20 of the GPLG</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">6</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">RS</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">6'</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">RS - towns of sector 30 of the GPLG</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">7</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">AC, DF, GO, MS, MT, RO and TO</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">7'</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">GO - towns of sector 25 of the GPLG</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">7''</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">MS - towns of sector 22 of the GPLG</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">8</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">AM, AP, MA, PA and RR</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">9</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">BA and SE</span></td></tr><tr><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">10</span></td><td colspan="3" style="border-bottom:2pt solid #bfbfbf;border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">AL, CE, PB, PE, PI and RN</span></td></tr></table></div><div style="margin-bottom:9pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.853%"><tr><td style="width:1.0%"></td><td style="width:33.453%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:64.347%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Sectors</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">GPLG -&#160;&#160;general plan of the licenses granted&#160;&#160;(geographic areas that correspond to the sectors)</span></td></tr><tr><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">1</span></td><td colspan="3" style="border-top:2pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">RJ</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2</span></td><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:8pt;font-weight:400;line-height:100%">MG - except towns included in sector 3</span></td></tr><tr><td colspan="3" style="border-top:1pt solid #bfbfbf;padding:2px 1pt;text-align:left;vertical-align:middle"><span style="color:#000000;font-family:'Arial',sans-serif;